Document:

First Supplement Indenture

 Exhibit 4.3 
 FIRST SUPPLEMENTAL INDENTURE 
 (TO CONVERTIBLE INDENTURE) 

THIS FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) is dated as of April 9, 2012, and has been
entered into by and between Horizon Lines, Inc., a Delaware corporation, having its principal office at 4046 Colony Road, Suite 200, Charlotte, North Carolina 28211 (the “Company”), the guarantors listed on the signature pages
hereto (the “Guarantors”) and U.S. Bank National Association, as trustee (the “Trustee”) and collateral agent. 
 RECITALS 
 WHEREAS, the Company, the Guarantors and the Trustee
previously entered into that certain indenture dated as of October 5, 2011 (the “Indenture”), providing for the issuance of the Company’s 6.00% Series A Convertible Senior Secured Notes due 2017 (the “Series A
Notes”) and 6.00% Series B Mandatorily Convertible Senior Secured Notes (the “Series B Notes” and, together with the Series A Notes, the “Notes”); 

WHEREAS, Series A Notes in the aggregate principal amount of $178,781,456 and Series B Notes in the aggregate principal amount of
$49,661,522 are currently outstanding under the Indenture; 
 WHEREAS, Section 11.02 of the Indenture provides that
the Company may enter into an indenture or indentures supplemental to the Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or modifying in any manner the rights of
the Holders of Notes under the Indenture, in certain cases, with written consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Notes, by the act of such Holders delivered to the Company and the Trustee;

 WHEREAS, the Company conducted a consent solicitation (the “Consent Solicitation”), pursuant to which
$197,084,866 in aggregate principal amount of Notes, representing 86.27% of the outstanding Notes, which were treated as a single class for the purposes of the Consent Solicitation, consented to the Proposed Amendments (as defined in the Consent
Solicitation and Exchange Statement with respect to the Notes, dated March 29, 2012 (the “Statement”)) to certain terms and provisions in the Indenture; 
 WHEREAS, such consents have been delivered to the Information and Tabulation Agent, as identified in the Statement, and were not validly withdrawn; 

WHEREAS, pursuant to the Statement, Series A Notes held by Holders who gave their consent to the Proposed Amendments (as definite
in the Statement), will trade under a new CUSIP number to reflect the PIK Interest Amendment (as defined in the Statement) (the “Series A PIK Amended Notes”) and Series B Notes held by Holders who gave their consent to the Proposed
Amendments will trade under a new CUSIP number to reflect the PIK Interest Amendment (the “Series B PIK Amended Notes” and, together with the Series A PIK Amended Notes, the “PIK Amended Notes”); 

WHEREAS, the Company has been authorized by Board Resolution to enter into this Supplemental Indenture; 

WHEREAS, the Company desires to amend certain provisions of the Indenture, as set forth in Article I of this Supplemental
Indenture to effect the Proposed Amendments; 
 WHEREAS, all acts and requirements necessary to make this Supplemental
Indenture the legal, valid and binding obligation of the Company and the Guarantors have been done; and 
 WHEREAS, the
Company has received and delivered to the Trustee the requisite consents to effect the Proposed Amendments under the Indenture. 

 AGREEMENT 
 NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, and for other good and valuable consideration the receipt of which is hereby acknowledged,
and for the equal and proportionate benefit of the Holders of the Notes, the Company and the Trustee hereby agree as follows: 

ARTICLE I 

AMENDMENTS TO INDENTURE 
 Section 1.01 PIK Amended Notes. The PIK Amended Notes issued to holders of Notes who gave their consent to the Proposed Amendments will be substantially in the form of Exhibit A and Exhibit B
hereto, as applicable. 
 Section 1.02 Amendments to the Indenture. 

(a) The definition of “Conversion Date” in Section 1.01 of the Indenture is hereby amended and
restated in its entirety to read as follows: 
 “Conversion Date” means (i) in the case of
the Series A Notes, the date on which a Holder satisfies all of the applicable requirements for conversion set forth in Section 14.02 and (ii) in the case of the Series B Notes, the date such Notes are converted in accordance with
Section 14.04 or the date that the Holder satisfies all of the applicable requirements for conversion set forth in Section 14.02. 
 (b) Clause (39) of the definition of Permitted Liens in Section 1.01 of the Indenture is hereby amended and restated in its entirety to read as follows: 

(39) Liens (whose priority shall be governed by the Intercreditor Agreement) held by the Collateral Agent securing
(i) the First-Lien Notes issued on the Issue Date (and the guarantees by the guarantors in respect thereof) and all related obligations, (ii) the Second-Lien Notes issued on the Issue Date (and the guarantees by the guarantors in respect
thereof) and additional Second-Lien Notes (and the guarantees by the guarantors in respect thereof) issued after the Issue Date as “PIK Interest” (as defined in the Second-Lien Notes Indenture in effect on the Issue Date) on such
Second-Lien Notes or on any Second-Lien Notes issued as such “PIK Interest” and all related obligations; and 
 (c) Section 1.01 of the Indenture is hereby amended to add the following definitions immediately after the definition of “Person”: 

“PIK Interest” has the meaning set forth in Exhibit A and Exhibit B attached to the Supplemental
Indenture, dated as of April 9, 2012. 
 “PIK Notes” means Additional Notes or Series B
Notes, as the case may be, issued under this Indenture on the same terms and conditions as the Notes in connection with a PIK Payment. For purposes of this Indenture, all references to “PIK Notes” shall include the Related PIK Notes.

 “PIK Payment” means an interest payment with respect to the Notes made by increasing the
outstanding principal amount of the Notes or issuing PIK Notes. 
 (d) Section 1.01 of the Indenture
is hereby amended to add the following definitions immediately after the definition of “Registration Rights Agreement”: 
 “Related PIK Notes” means, with respect to a Note, (i) each PIK Note issued in connection with a PIK Payment on such Note and (ii) each additional PIK Note issued in connection
with a PIK Payment on a Related PIK Note with respect to such Note. 

  
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 (e) Section 2.04 of the Indenture is hereby amended to add the
following paragraphs immediately following the last paragraph: 
 At any time, and from time to time, the Trustee
shall, upon receipt of a Company Order, authenticate and deliver any Additional Notes or PIK Notes (or increases in the principal amount of any Notes) as a result of a PIK Payment, for an aggregate principal amount specified in such Company Order
for such Additional Notes or PIK Notes (or increases in the principal amount of such Notes). Such Company Order shall specify the amount of the Notes to be authenticated and, in the case of any issuance of Additional Notes, shall certify that such
issuance is in compliance with Section 4.11 hereof. 
 On any Interest Payment Date on which the Issuer pays
PIK Interest with respect to a Global Note, the Trustee, upon receipt of a Company Order, shall increase the principal amount of such Global Note by an amount equal to the interest payable, rounded up to the nearest $1.00, for the relevant interest
period on the principal amount of such Global Note as of the relevant Record Date, for such Interest Payment Date, to the credit of the Holders on such Record Date, pro rata in accordance with their interests, and an adjustment shall be made on the
books and records of the Trustee (if it is then the Custodian for such Global Note) with respect to such Global Note, by the Trustee or the Custodian, to reflect such increase. On any Interest Payment Date on which the Issuer pays PIK Interest by
issuing definitive PIK Notes, the principal amount of any such PIK Notes issued to any Holder, for the relevant interest period as of the relevant Interest Record Date for such Interest Payment Date, shall be rounded up to the nearest $1.00.

 (f) Section 2.10 of the Indenture is hereby amended to add the following paragraph immediately
following the last paragraph: 
 In connection with the payment of PIK Interest, the Issuer may, without the
consent of the Holders (and without regard to any restrictions or limitations set forth in Section 4.11 hereof), increase the outstanding principal amount of the Notes or issue PIK Notes. The Notes offered by the Issuer, the PIK Notes and any
Additional Notes subsequently issued under this Indenture will be treated as a single class for all purposes under this Indenture, including, among other things, waivers, amendments, redemptions and offers to purchase. Unless the context requires
otherwise, references to “Notes” for all purposes under this Indenture include any PIK Notes and Additional Notes that are actually issued, and references to “principal amount” of the Notes includes any increases in the principal
amount of the outstanding Notes as a result of a PIK Payment. 
 (g) Section 4.01 of the Indenture is
hereby amended to add the following sentence immediately following the last sentence: 
 PIK Interest shall be
considered paid on the date due if the Trustee is directed on or prior to such date to issue PIK Notes or increase the principal amount of the applicable Notes, in each case in an amount equal to the amount of the applicable PIK Interest.

 (h) Clause (5) of Section 4.11(b) of the Indenture is hereby amended and restated in its
entirety to read as follows: 
 (5) the incurrence by the Company or any of its Restricted Subsidiaries of
Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to extend, renew, refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany Indebtedness) that was permitted to be incurred
under Section 4.11(a) or clause (2), (3), (4), (5), (19) or (23) of this Section 4.11(b); 

  
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 (i) The second sentence of clause (d) of Section 4.11 of
the Indenture is hereby amended and restated in its entirety to read as follows: 
 The accrual of interest, the
accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, including PIK Interest, the reclassification of preferred stock as Indebtedness due to a
change in accounting principles, and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock
for purposes of this covenant; provided, in each such case, that the amount of any such accrual, accretion or payment is included in Fixed Charges of the Company as accrued. 

(j) Section 4.20 of the Indenture is hereby amended and restated in its entirety to read as follows:

 Except for Liens permitted by clauses (1)(ii) and (35) of the definition of “Permitted
Liens,” the Company and the Guarantors may not create any Lien on any of the Collateral with a priority that is lower than that of any ABL Lien, First-Lien Note Lien, Second-Lien Note Lien or Convertible Note Lien yet also higher than that of
any ABL Lien, First-Lien Note Lien, Second-Lien Note Lien or Convertible Note Lien (other than an ABL Lien, a First-Lien Note Lien, a Second-Lien Note Lien or Convertible Note Lien). 

(k) Section 14.01 and Section 14.02 of the Indenture are hereby amended and restated in their
entirety to read as follows: 
 Section 14.01 Right to Convert Series A Notes and Series B Notes 

(a) Subject to and upon compliance with the provisions of this Indenture, each Holder shall have the right, at such
Holder’s option, to convert the principal amount of any Series A Notes at the Series A Conversion Rate then in effect and any Series B Notes at the Series B Conversion Rate then in effect, any time prior to the close of business on the third
Scheduled Trading Day immediately preceding the Maturity Date. 
 (b) Series A Notes and Series B Notes may not
be converted after the close of business on the third Scheduled Trading Day immediately preceding the Maturity Date. 
 (c) A Holder may convert fewer than all of such Holder’s Series A Notes or Series B Notes so long as the principal amount of Series A Notes or Series B Notes, as applicable, to be converted is an
integral multiple of $1.00 and all Series A Notes and Series B Notes, as applicable, remaining that are held by such Holder are in a minimum denomination of $1.00. 

(d) If Series A Notes or Series B Notes are converted after the close of business on an Interest Record Date, holders of
such Notes at the close of business on such Interest Record Date will receive the interest and Supplementary Interest, if any, payable on such Series A Notes or Series B Notes, as applicable, on the corresponding Interest Payment Date
notwithstanding the conversion. 
 Section 14.02 Conversion Procedures for Series A Notes and Series B Notes.

 (a) Each Series A Note and Series B Note shall be convertible at the office of the Conversion Agent and, if
applicable, in accordance with the procedures of the Depositary. 

  
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 (b) In order to exercise the conversion privilege with respect to any
interest in a Global Note, the Holder must comply with the Depositary’s procedures for converting a beneficial interest in a Global Note and, if required, pay all transfer taxes pursuant to Section 14.10, if any. In order to exercise the
conversion privilege with respect to any certificated Notes, the Holder of any such Notes to be converted, in whole or in part, shall: 
 (i) complete and manually sign the conversion notice on the back of the Note, which may be amended by the Holder to be conditional upon certain events being satisfied (the “Conversion
Notice”), or facsimile of the Conversion Notice and deliver such notice, which is irrevocable, to the Conversion Agent; 
 (ii) surrender the Note to the Conversion Agent; 
 (iii) if required, furnish
appropriate endorsements and transfer documents; and 
 (iv) if required, pay all transfer or similar taxes. 

The Trustee will, as promptly as possible, provide the Company with notice of any conversion exercised by Holders of which
a Responsible Officer becomes aware. 
 Once a Note is converted in accordance with this Section 14.02, such
Note shall no longer have the benefit of any security interest in the Collateral. 
 (c) Each Conversion Notice
shall state the name or names (with address or addresses) in which any certificate or certificates for shares of Common Stock or Warrants which shall be issuable on such conversion shall be issued. All Notes surrendered for conversion shall, unless
any shares of Common Stock issuable on conversion are to be issued in the same name as the registration of such Notes, be duly endorsed by, or be accompanied by instruments of transfer in form satisfactory to the Company duly executed by, the Holder
or his duly authorized attorney. 
 (d) In case any Notes shall be surrendered for partial conversion, the
Company shall execute and the Trustee shall, upon receipt of a Company Order, authenticate and deliver to the Holder of the Notes so surrendered, without charge to such Holder, new Notes in authorized denominations in an aggregate principal amount
equal to the unconverted portion of the surrendered Notes. 
 (e) Each conversion shall be deemed to have been
effected as to any Notes (or portion thereof) surrendered for conversion on the relevant Conversion Date, and with respect to any shares of Common Stock or Warrants that are issuable upon such conversion, the Person in whose name the certificate or
certificates for such shares of Common Stock will be registered, shall become the holder of record of such shares or Warrants as of the close of business on the Conversion Date. 

(f) Upon the conversion of an interest in Global Notes, the Trustee (or other Conversion Agent appointed by the Company)
shall make a notation on such Global Notes as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any conversions of Notes effected through any Conversion Agent other than the Trustee.

 (g) If a Holder has submitted any Notes for purchase pursuant to Section 4.16, such Notes may be
converted only if the Holder submits a withdrawal notice in accordance with Section 4.16(e) prior to the Change of Control Purchase Expiration Time. 
 (l) Clause (c) of Section 14.05 of the Indenture is hereby amended and restated in its entirety to read as follows: 

(c) Upon conversion, Holders shall receive a separate cash payment or PIK Interest, as the case may be, for accrued and
unpaid interest (including any Supplementary Interest, if any), to the Conversion Date, subject to Section 14.01(d) in the case of the Series A Notes, and to Section 14.04(e) in the case of the Series B Notes. 

  
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 (m) Clause (b) of Section 14.05 of the Indenture is hereby
amended and restated in its entirety to read as follows: 
 (b) Except for conversions upon a Fundamental Change
as provided in Section 14.08, the Company shall deliver such cash and shares of Common Stock or Warrants, if applicable, on or before the third Business Day following the Conversion Date. 

(n) Section 16.10 of the Indenture is hereby amended and restated in its entirety to read as follows:

 The Issuer and the Guarantors will furnish to the Collateral Agent and the Trustee (x) immediately prior
to the Issue Date and (y) on April 15 of each year, so long as any of the Notes are outstanding (unless defeased in accordance with Article 14), beginning with April 15, 2012, an Opinion of Counsel, dated as of such date, stating
that, in the opinion of such counsel, all such action has been taken with respect to the recording, filing, re-recording and refiling of Liens under the Security Documents on Article 9 Collateral, on collateral consisting of Vessels with respect to
which Liens are perfected by recording a mortgage with the National Vessel Documentation Center of the United States Coast Guard, and on collateral with respect to which Liens are perfected by filings with the United States Patent and Trademark
Office and the United States Copyright Office, as is necessary to maintain the perfection of such Liens, and reciting the details of such action, or stating that in the opinion of such counsel no such action is required to maintain the perfection of
such Liens. For purposes of the foregoing, the term “Article 9 Collateral” shall mean Collateral with respect to which a Lien thereon may be perfected by the filing of a UCC-1 financing statement pursuant to the Uniform Commercial Code as
adopted in the jurisdiction of organization of the Issuer or the applicable Guarantor. 
 ARTICLE II 

MISCELLANEOUS 
 Section 2.01 Instruments To Be Read Together. This Supplemental Indenture is executed as and shall constitute an indenture supplemental to and in implementation of the Indenture, and the
Indenture and this Supplemental Indenture shall henceforth be read together. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes shall be bound hereby and thereby. 

Section 2.02 Confirmation. The Indenture as amended and supplemented by this Supplemental Indenture is in all respects
confirmed and preserved. 
 Section 2.03 Terms Defined. Capitalized terms used in this Supplemental Indenture and
not otherwise defined herein shall have the meanings assigned to such terms in the Indenture. 
 Section 2.04 Trust
Indenture Act Controls. If any provision of this Supplemental Indenture limits, qualifies or conflicts with another provision that is required to be included in this Supplemental Indenture or the Indenture by the Trust Indenture Act of 1939, as
amended, as in force at the date that this Supplemental Indenture is executed, the provisions required by the Trust Indenture Act of 1939 shall control. 
 Section 2.05 Headings. The headings of the Articles and Sections of this Supplemental Indenture have been inserted for convenience of reference only, and are not to be considered a part hereof
and shall in no way modify or restrict any of the terms and provisions hereof. 

  
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 Section 2.06 Governing Law. The internal law of the State of New York shall
govern this Supplemental Indenture without giving effect to applicable principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby. 

Section 2.07 Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 Section 2.08 Effectiveness; Termination. The provisions of this Supplemental Indenture will become effective immediately upon its execution by the Trustee in accordance with the provisions of
Section 11.03 of the Indenture; provided, that the amendments to the Indenture set forth in Section 1.01 of this Supplemental Indenture shall become operative as specified in Section 1.01 hereof. 

Section 2.09 Acceptance by Trustee. The Trustee accepts the amendments to the Indenture effected by this Supplemental
Indenture and agrees to execute the trusts created by the Indenture as hereby amended, but only upon the terms and conditions set forth in the Indenture. 
 Section 2.10 Responsibility of Trustee. The recitals contained herein shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The
Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be
duly executed, all as of the date first written above. 
  

			
	HORIZON LINES, INC.
		
	By:	 	  

	Name:	 	Michael F. Zendan II
	Title:	 	Senior Vice President, General Counsel and Secretary
	
	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:	 	Michael F. Zendan II
	Title:	 	Secretary

 [Signature Page to Supplemental Indenture (Convertible Indenture)] 

 
			
	U.S. BANK NATIONAL ASSOCIATION,
	as Trustee and Collateral Agent
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 [Signature Page to Supplemental Indenture (Convertible Indenture)] 

 EXHIBIT A 

 EXHIBIT BWarrant Agreement

 Exhibit 4.4 

 
  

 
 WARRANT AGREEMENT 

Dated as of 

April 9, 2012 
 between 
 HORIZON LINES, INC., 

and 
 THE BANK OF
NEW YORK MELLON TRUST COMPANY, N.A. 
 as Warrant Agent 

 
  

Warrants for 

Common Stock 
  

 
  

 
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  
	
	DEFINITIONS	  
			
	Section 1.01.	 	 Definitions.
	  	 	1	  
	 Section 1.02.
	 	 Rules of Construction.
	  	 	3	  
	
	ARTICLE II	  
	
	WARRANTS	  
			
	 Section 2.01.
	 	 Form.
	  	 	3	  
	 Section 2.02.
	 	 Execution and Countersignature.
	  	 	4	  
	 Section 2.03.
	 	 Registry.
	  	 	5	  
	 Section 2.04.
	 	 Transfer and Exchange.
	  	 	5	  
	 Section 2.05.
	 	 Definitive Warrants.
	  	 	7	  
	 Section 2.06.
	 	 Replacement Certificates.
	  	 	8	  
	 Section 2.07.
	 	 Outstanding Warrants.
	  	 	9	  
	 Section 2.08.
	 	 Cancellation.
	  	 	9	  
	 Section 2.09.
	 	 CUSIP Numbers.
	  	 	9	  
	
	ARTICLE III	  
	
	EXERCISE TERMS	  
			
	 Section 3.01.
	 	 Exercise.
	  	 	9	  
	 Section 3.02.
	 	 Manner of Exercise and Issuance of Shares.
	  	 	10	  
	 Section 3.03.
	 	 Jones Act Restrictions.
	  	 	10	  
	 Section 3.04.
	 	 Covenant to Make Stock Certificates Available.
	  	 	11	  
	
	ARTICLE IV	  
	
	ANTIDILUTION PROVISIONS	  
			
	 Section 4.01.
	 	 Antidilution Adjustments; Notice of Adjustment.
	  	 	11	  
	 Section 4.02.
	 	 Adjustment to Warrant Certificate.
	  	 	12	  
	
	ARTICLE V	  
	
	WARRANT AGENT	  
			
	 Section 5.01.
	 	 Appointment of Warrant Agent.
	  	 	12	  
	 Section 5.02.
	 	 Rights and Duties of Warrant Agent.
	  	 	12	  
	 Section 5.03.
	 	 Individual Rights of Warrant Agent.
	  	 	13	  
	Section 5.04.	 	 Warrant Agent’s Disclaimer.
	  	 	14	  
	 Section 5.05.
	 	 Compensation and Indemnity.
	  	 	14	  

  
 i 

							
	 Section 5.06.
	 	 Successor Warrant Agent.
	  	 	14	  
	 Section 5.07.
	 	 Representations of the Company.
	  	 	16	  
	
	ARTICLE VI	  
	
	MISCELLANEOUS	  
			
	 Section 6.01.
	 	 Persons Benefitting.
	  	 	17	  
	 Section 6.02.
	 	 Amendment.
	  	 	17	  
	 Section 6.03.
	 	 Notices.
	  	 	18	  
	 Section 6.04.
	 	 Governing Law.
	  	 	18	  
	 Section 6.05.
	 	 Successors.
	  	 	18	  
	 Section 6.06.
	 	 Multiple Originals.
	  	 	19	  
	 Section 6.07.
	 	 Inspection of Agreement.
	  	 	19	  
	 Section 6.08.
	 	 Table of Contents.
	  	 	19	  
	 Section 6.09.
	 	 Severability.
	  	 	19	  
	 Section 6.10.
	 	 Waiver of Jury Trial.
	  	 	19	  
	 Section 6.11.
	 	 Force Majeure.
	  	 	19	  
			
	 EXHIBIT A
	 	 Form of Warrant
	  			

  
 ii 

 WARRANT AGREEMENT dated as of April 9, 2012 (this “Agreement”),
between Horizon Lines, Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., as warrant agent (the “Warrant Agent”). 

Each of the warrants described herein (each, a “Warrant” and collectively, the “Warrants”) entitles the
registered Warrantholder (as defined below) thereof to purchase one share of Common Stock, subject to the provisions of this Agreement and the relevant Warrant Certificate. Each Warrant Certificate (including any Global Warrant) shall evidence such
number of Warrants as is set forth therein, subject to adjustment pursuant to the provisions of the Warrant Certificate. 
 The
Company desires the Warrant Agent to act on behalf of the Company in connection with the registration, transfer, exchange, redemption, exercise and cancellation of the Warrants as provided herein and the Warrant Agent is willing to so act.

 The Warrants and the shares of Common Stock issuable upon exercise of the Warrants have not been registered with the
Securities and Exchange Commission pursuant to the Registration Statement and will not be freely transferable. 
 Each party
agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Warrantholders: 
 ARTICLE I

 DEFINITIONS 
 Section 1.01. Definitions. 
 “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. 
 “Agent Members” means the securities
brokers and dealers, banks and trust companies, clearing organizations and certain other organizations that are participants in the Depositary’s system. 
 “Charter” means, with respect to any Person, its certificate or articles of incorporation, articles of association, or similar organizational document. 

“Common Stock” means the common stock, par value $0.01 per share, of the Company. 

“Conversion Right” has the meaning set forth in Section 2 of the form of Warrant Certificate attached as Exhibit A
hereto. 

 “Definitive Warrant” means a Warrant Certificate in definitive form that is
not deposited with the Depositary or with the Warrant Agent as custodian for the Depositary. 
 “Depositary”
means The Depository Trust Company, its nominees and their respective successors. 
 “Excess Shares” has the
meaning set forth in the Company’s Charter. 
 “Exercise Price” has the meaning set forth in the form of
Warrant Certificate attached as Exhibit A hereto. 
 “Expiration Date” has the meaning set forth in the form of
Warrant Certificate attached as Exhibit A hereto. 
 “Global Warrant” has the meaning set forth in
Section 2.01(a) hereof. 
 “Jones Act” has the meaning set forth in Section 3.03 hereof. 

“Maritime Laws” has the meaning set forth in the Company’s Charter. 

“Non-U.S. Citizen” has the meaning set forth in the Company’s Charter. 

“Officer” means the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the
Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Company. 
 “Officers’
Certificate” means a certificate signed by two Officers. 
 “Opinion of Counsel” means a written
opinion reasonably acceptable to the Warrant Agent from legal counsel. Such counsel may be an employee of or counsel to the Company or the Warrant Agent. 
 “Person” means an individual, corporation, partnership, joint venture, association, joint-stock company, limited liability company, limited liability partnership, trust, unincorporated
organization, or government or any agency or political subdivision thereof or any other entity. 
 “Registry”
has the meaning set forth in Section 2.03 hereof. 
 “Required Warrantholders” means holders of a majority
of the aggregate number of the Warrrants at the time outstanding. 
 “Shares” has the meaning set forth in the
form of Warrant Certificate attached as Exhibit A hereto. 
 “Transfer Agent” has the meaning set forth in the
form of Warrant Certificate attached as Exhibit A hereto. 
 “U.S. Citizen” has the meaning set forth in the
Company’s Charter. 

  
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 “Warrant Certificate” means any fully registered certificate (including a
Global Warrant) issued by the Company and authenticated by the Warrant Agent under this Agreement evidencing Warrants, in the form attached as Exhibit A hereto. 
 “Warrantholder” means a registered owner of Warrants as set forth in the Registry. 
 “Warrant Share Number” has the meaning set forth in the form of Warrant Certificate attached as Exhibit A hereto. 
 Section 1.02. Rules of Construction. 
 Unless the text otherwise
requires: 
 (i) “or” is not exclusive; 

(ii) “including” means including, without limitation; and 

(iii) words in the singular include the plural and words in the plural include the singular. 

ARTICLE II 

WARRANTS 

Section 2.01. Form. 
 (a) Global Warrants. Subject to Section 2.04 or 2.05, Warrants may be issued in the form of one or more permanent global Warrants in fully registered form with the global securities legend set
forth in Exhibit A hereto (each, a “Global Warrant”), which shall be deposited on behalf of the Company with the Warrant Agent, as custodian for the Depositary (or with such other custodian as the Depositary may direct), and
registered in the name of the Depositary or a nominee of the Depositary, duly executed by the Company and countersigned by the Warrant Agent as hereinafter provided. 
 (b) Book-Entry Provisions. The following provisions of this Section 2.01(b) shall apply only to a Global Warrant deposited with or on behalf of the Depositary: 

(i) The Company shall execute and the Warrant Agent shall, in accordance with Section 2.02, countersign, by either
manual or facsimile signature, one or more Global Warrants that shall be registered in the name of the Depositary or the nominee of the Depositary. The Warrant Agent shall deliver the Global Warrants to the Depositary or pursuant to the
Depositary’s instructions or held by the Warrant Agent as custodian for the Depositary. Each Global Warrant shall be dated the date of its countersignature by the Warrant Agent. 

(ii) Agent Members shall have no rights under this Agreement with respect to any Global Warrant held on their behalf by
the Depositary or by the Warrant 

  
 3 

 
Agent as the custodian of the Depositary or under such Global Warrant except to the extent set forth herein or in a Warrant Certificate, and the Depositary may be treated by the Company, the
Warrant Agent and any agent of the Company or the Warrant Agent as the absolute owner of such Global Warrant for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall (A) prevent the Company, the Warrant Agent or any
agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization furnished by the Depositary or (B) impair, as between the Depositary and the Agent Members, the operation of customary
practices of the Depositary governing the exercise of the rights of a holder of a beneficial interest in any Warrant. The rights of beneficial owners in a Global Warrant shall be exercised through the Depositary subject to the applicable procedures
of the Depositary except to the extent set forth herein or in a Warrant Certificate. 
 (c) Definitive Securities.
Warrants may be issued in the form of one or more Definitive Warrants, with any legends necessary or desirable for the purposes of United States securities laws. 
 (d) Warrant Certificates. Warrant Certificates shall be in substantially the form attached as Exhibit A hereto and shall be typed, printed, lithographed or engraved or produced by any combination
of such methods or produced in any other manner permitted by the rules of any securities exchange on which the Warrants may be listed, all as determined by the Officer or Officers executing such Warrant Certificates, as evidenced by their execution
thereof. Any Warrant Certificate shall have such insertions as are appropriate or required or permitted by this Agreement and may have such letters, numbers or other marks of identification and such legends and endorsements, stamped, printed,
lithographed or engraved thereon, (i) as the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement, (ii) as may be required to comply with this Agreement, any law or any rule of any securities
exchange on which the Warrants may be listed, and (iii) as may be necessary to conform to customary usage. 

Section 2.02. Execution and Countersignature. 
 At least one Officer shall sign the Warrant Certificates for the Company by manual or facsimile signature. 
 If an Officer whose signature is on a Warrant Certificate no longer holds that office at the time the Warrant Agent countersigns the Warrant Certificate, the Warrants evidenced by such Warrant Certificate
shall be valid nevertheless. 
 The Warrant Agent shall initially countersign, by either manual or facsimile signature, and
deliver Warrant Certificates entitling the Warrantholders thereof to purchase in the aggregate such number of shares of Common Stock as shall be set forth on such Warrant Certificates (subject to adjustment as provided in such Warrant Certificates)
upon a written order of the Company signed by one Officer of the Company. Each Warrant Certificate shall be dated the date of its countersignature by the Warrant Agent. 
 At any time and from time to time after the execution of this Agreement, the Warrant Agent shall upon receipt of a written order of the Company signed by an Officer of the

  
 4 

 
Company countersign, by either manual or facsimile signature, for issue a Warrant Certificate evidencing the number of Warrants specified in such order; provided, however, that the
Warrant Agent shall be entitled to receive an Officers’ Certificate and an Opinion of Counsel of the Company containing such representations and opinions as it may reasonably request in connection with such countersignature of Warrants. Such
order shall specify the number of Warrants to be evidenced on the Warrant Certificate to be countersigned, the date on which such Warrant Certificate is to be countersigned and the number of Warrants then authorized. 

The Warrants evidenced by a Warrant Certificate shall not be valid until an authorized signatory of the Warrant Agent countersigns the
Warrant Certificate either manually or by facsimile signature. Such signature shall be solely for the purpose of authenticating the Warrant Certificate and shall be conclusive evidence that the Warrant Certificate so countersigned has been duly
authenticated and issued under this Agreement. 
 Section 2.03. Registry. 

The Warrants shall be issued in registered form only. The Warrant Agent shall keep a registry (the “Registry”) of the
Warrant Certificates and of their transfer and exchange. The Registry shall show the names and addresses of the respective Warrantholders and the date and number of Warrants evidenced on the face of each of the Warrant Certificates. The
Warrantholder of any Global Warrant will be the Depositary or a nominee of the Depositary in whose name the Global Warrant is registered. The Warrant holdings of Agent Members will be recorded on the books of the Depositary. The beneficial interests
in the Global Warrant held by customers of Agent Members will be reflected on the books and records of such Agent Members and will not be known to the Warrant Agent, the Company or to the Depositary. 

Except as otherwise provided herein or in the Warrant Certificate, the Company and the Warrant Agent may deem and treat any Person in
whose name a Warrant Certificate is registered in the Registry as the absolute owner of such Warrant Certificate for all purposes whatsoever and neither the Company nor the Warrant Agent shall be affected by notice to the contrary. 

Section 2.04. Transfer and Exchange. 
 (a) Transfer and Exchange of Global Warrants. 
 (i)
Registration of the transfer and exchange of Global Warrants or beneficial interests therein shall be effected through the book-entry system maintained by the Depositary, in accordance with this Agreement and the Warrant Certificates and the
procedures of the Depositary therefor. A transferor of a beneficial interest in a Global Warrant (or the relevant Agent Member on behalf of such transferor) shall deliver to the Warrant Agent (x) a written order given in accordance with the
Depositary’s procedures containing information regarding the account of the Agent Member to be credited with a beneficial interest in the Global Warrant and (y) a written instruction of transfer in form satisfactory to the Warrant Agent,
duly executed by the Warrantholder thereof or by his attorney, duly authorized in writing. Additionally, prior to the Warrantholder registering the transfer or making the exchange as requested, the requirements for such transfer or

  
 5 

 
exchange to be issued in a name other than the registered Warrantholder shall be met. Such requirements include, inter alia, a signature guarantee from an eligible guarantor institution
participating in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence of authority that may be required by the Warrant Agent. Upon satisfaction of the conditions in this Clause (i), the
Warrant Agent shall, in accordance with such instructions, instruct the Depositary to credit to the account of the Agent Member specified in such instructions a beneficial interest in the Global Warrant and to debit the account of the Agent Member
making the transfer of the beneficial interest in the Warrant being transferred. 
 (ii) Notwithstanding any
other provisions of this Agreement (other than the provisions set forth in Section 2.05), a Global Warrant may only be transferred as a whole, and not in part, and only by (i) the Depositary, to a nominee of the Depositary, (ii) a
nominee of the Depositary, to the Depositary or another nominee of the Depositary, or (iii) the Depositary or any such nominee to a successor Depositary or its nominee. 

(iii) In the event that a Global Warrant is exchanged and transferred for Definitive Warrants pursuant to
Section 2.05, such Warrants may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of this Section 2.04 and the requirements of any Warrant Certificate and such other procedures as may
from time to time be adopted by the Company that are not inconsistent with the terms of this Agreement or of any Warrant Certificate. 
 (b) Cancellation or Adjustment of Global Warrant. At such time as all beneficial interests in a Global Warrant have been exchanged for Definitive Warrants, redeemed, repurchased or canceled, such
Global Warrant shall be returned to the Depositary for cancellation or retained and canceled by the Warrant Agent. At any time prior to such cancellation, if any beneficial interest in a Global Warrant is transferred or exchanged for Definitive
Warrants, redeemed, repurchased or canceled, the number of Warrants represented by such Global Warrant shall be reduced and an adjustment shall be made on the books and records of the Warrant Agent to reflect such reduction. 

(c) Obligations with Respect to Transfers and Exchanges of Warrants. 

(i) To permit registrations of transfers and exchanges, the Company shall execute and the Warrant Agent shall countersign,
by either manual or facsimile signature, Global Warrants and Definitive Warrants as required pursuant to the provisions of Section 2.02 and this Section 2.04. 

(ii) No service charge shall be made to a Warrantholder for any registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith. 
 (iii) All Warrants issued upon any registration of transfer or exchange pursuant to the terms of this Agreement shall be the valid obligations of the Company, entitled to the same benefits under this
Agreement as the Warrants surrendered upon such registration for transfer or exchange. 

  
 6 

 (d) No Obligation of the Warrant Agent. 

(i) The Warrant Agent shall have no responsibility or obligation to any beneficial owner of a Global Warrant, any Agent
Member or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Warrants or with respect to the delivery to any Agent Member,
beneficial owner or other Person (other than the Depositary) of any notice or the payment of any amount, under or with respect to such Warrants. All notices and communications to be given to the Warrantholders and all payments to be made to
Warrantholders under the Warrants shall be given or made only to or upon the order of the registered Warrantholders (which shall be the Depositary or its nominee in the case of a Global Warrant). The rights of beneficial owners in any Global Warrant
shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Warrant Agent may conclusively rely and shall be fully protected in relying upon information furnished by the Depositary with
respect to its members, participants and any beneficial owners. 
 (ii) The Warrant Agent shall have no
obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Agreement or under applicable law with respect to any transfer of any interest in any Warrant (including any transfer between
or among the Agent Members or beneficial owners in any Global Warrant) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of
this Agreement, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

Section 2.05. Definitive Warrants. 
 (a) Except as provided for in Section 2.01(c), beneficial interests in a Global Warrant deposited with the Depositary or with the Warrant Agent as custodian for the Depositary pursuant to
Section 2.01 shall be transferred to each beneficial owner thereof in the form of Definitive Warrants evidencing a number of Warrants equivalent to such owner’s beneficial interest in such Global Warrant, in exchange for such Global
Warrant, only if such transfer complies with Section 2.04 and (i) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Warrant or if at any time the Depositary ceases to be a
“clearing agency” registered under the Securities Exchange Act of 1934, as amended, and, in each such case, a successor Depositary is not appointed by the Company within 90 days of such notice, (ii) the Company, in its sole
discretion, notifies the Warrant Agent in writing that it elects to cause the issuance of Definitive Warrants under this Agreement, or (iii) the Company shall be adjudged a bankrupt or insolvent or makes an assignment for the benefit of its
creditors or institutes proceedings to be adjudicated a bankrupt or shall consent to the filing of a bankruptcy proceeding against it, or shall file a petition or answer or consent seeking reorganization under Federal bankruptcy laws or any other
similar applicable Federal or State law, or shall consent to the filing of any such petition, or shall consent to the appointment of a 

  
 7 

 
receiver or custodian of all or any substantial part of its property, or shall admit in writing its inability to pay or meet its debts as they mature, or if a receiver or custodian of it or all
or any substantial part of its property shall be appointed, or if a public officer shall have taken charge or control of the Company or of its property or affairs, for the purpose of rehabilitation, conservation or liquidation. 

(b) Any Global Warrant that is transferable to the beneficial owners thereof in the form of Definitive Warrants pursuant to this
Section 2.05 shall be surrendered by the Depositary to the Warrant Agent, to be so transferred, in whole or from time to time in part, without charge, and the Warrant Agent shall countersign, by either manual or facsimile signature, and deliver
to each beneficial owner in the name of such beneficial owner, upon such transfer of each portion of such Global Warrant, Definitive Warrants evidencing a number of Warrants equivalent to such beneficial owner’s beneficial interest in the
Global Warrant. The Warrant Agent shall register such transfer in the Registry, and upon such transfer the surrendered Global Warrant shall be cancelled by the Warrant Agent. 
 (c) All Definitive Warrants issued upon registration of transfer pursuant to this Section 2.05 shall be the valid obligations of the Company, evidencing the same obligations of the Company and
entitled to the same benefits under this Agreement and the Global Warrant surrendered for registration of such transfer. 
 (d)
Subject to the provisions of Section 2.05(b), the registered Warrantholder of a Global Warrant may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any
action that a Warrantholder is entitled to take under this Agreement or the Warrants. 
 (e) In the event of the occurrence of
any of the events specified in Section 2.05(a), the Company will promptly make available to the Warrant Agent a reasonable supply of Definitive Warrants in definitive, fully registered form. 

(f) Neither the Company nor the Warrant Agent will be liable or responsible for any registration or transfer of any Warrants that are
registered or to be registered in the name of a fiduciary or the nominee of a fiduciary. 
 Section 2.06. Replacement
Certificates. 
 If a mutilated Warrant Certificate is surrendered to the Warrant Agent or if the Warrantholder of a Warrant
Certificate provides proof reasonably satisfactory to the Company and the Warrant Agent that the Warrant Certificate has been lost, destroyed or wrongfully taken, the Company shall issue and the Warrant Agent shall countersign, by either manual or
facsimile signature, a replacement Warrant Certificate of like tenor and representing an equivalent number of Warrants, if the reasonable requirements of the Warrant Agent and of Section 8-405 of the Uniform Commercial Code as in effect in the
State of New York are met. If required by the Warrant Agent or the Company, such Warrantholder shall furnish an indemnity bond sufficient in the reasonable judgment of the Company and the Warrant Agent to protect the Company and the Warrant Agent
from any loss that either of them may suffer if a Warrant Certificate is replaced. The Company and the Warrant Agent may charge the Warrantholder for their expenses in replacing a Warrant Certificate. Every replacement Warrant Certificate evidences
an additional obligation of the Company. 

  
 8 

 Section 2.07. Outstanding Warrants. 

The Warrants outstanding at any time are all Warrants evidenced on all Warrant Certificates authenticated by the Warrant Agent except for
those canceled by it and those delivered to it for cancellation. A Warrant ceases to be outstanding if the Company or an Affiliate of the Company holds the Warrant. 
 If a Warrant Certificate is replaced pursuant to Section 2.06, the Warrants evidenced thereby cease to be outstanding unless the Warrant Agent and the Company receive proof satisfactory to them that
the replaced Warrant Certificate is held by a bona fide purchaser. 
 Section 2.08. Cancellation. 

In the event the Company shall purchase or otherwise acquire Definitive Warrants, the same shall thereupon be delivered to the Warrant
Agent for cancellation. 
 The Warrant Agent and no one else shall cancel and dispose of all Warrant Certificates surrendered
for registration of transfer, exchange, replacement, exercise or cancellation in its customary manner and deliver a certificate of such disposal to the Company upon its request therefor unless the Company directs the Warrant Agent to deliver
canceled Warrant Certificates to the Company. The Company may not issue new Warrant Certificates to replace Warrant Certificates to the extent they evidence Warrants that have been exercised or Warrants that the Company has purchased or otherwise
acquired. 
 Section 2.09. CUSIP Numbers. 
 The Company in issuing the Warrants may use “CUSIP” numbers (if then generally in use) and, if so, the Warrant Agent shall use “CUSIP” numbers in notices as a convenience to
Warrantholders; provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Warrant Certificates or as contained in any notice and that reliance may be
placed only on the other identification numbers printed on the Warrant Certificates. 
 ARTICLE III 

EXERCISE TERMS 
 Section 3.01. Exercise. 
 The Exercise Price of each Warrant, the
Warrant Share Number and the number of Warrants evidenced by any Warrant Certificate and the Expiration Date of each Warrant shall be set forth in the related Warrant Certificate. The Warrant Share Number is subject to adjustment pursuant to the
terms set forth in the Warrant Certificate. 

  
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 Section 3.02. Manner of Exercise and Issuance of Shares. 

Warrants may be exercised in the manner set forth in Section 3 of the Warrant Certificate, and upon any such exercise, Shares shall
be issued in the manner set forth in Section 4 of the Warrant Certificate. In connection with any exercise of any Warrant, each Warrantholder may exercise its Conversion Right with respect to such Warrant in the manner set forth in
Section 2 of the Warrant Certificate. 
 Section 3.03. Jones Act Restrictions. 

Notwithstanding the other provisions of this Warrant Agreement, in order to facilitate the Company’s compliance with the provisions
of 46 U.S.C. § 55102 and the regulations promulgated thereunder, commonly referred to as the “Jones Act,” and related Maritime Laws concerning the ownership of the Common Stock by Non-U.S. Citizens, with regard to its operation
of vessels in the coastwise trade of the United States and with certain contractual obligations of the Company with the United States Government: 
 (a) In connection with any exercise or conversion of the Warrant, a Warrantholder (or, if not the Warrantholder, the Person that the Warrantholder has designated to receive the Common Stock issuable upon
exercise or conversion of the Warrants) shall advise the Company whether or not it satisfies the requirements to be a U.S. Citizen. Under its Charter, the Company may require a Warrantholder (or, if not the Warrantholder, the Person that the
Warrantholder has designated to receive the Common Stock issuable upon exercise or conversion of the Warrants) to provide it with such documents and other information as it may request as reasonable proof of that the Warrantholder (or, if not the
Warrantholder, such other Person that the Warrantholder has designated to receive the Common Stock issuable upon exercise or conversion of the Warrants) satisfies the requirements to be a U.S. Citizen. 

(b) No Warrantholder who cannot establish to the Company’s reasonable satisfaction that it (or, if not the Warrantholder, the Person
that the Warrantholder has designated to receive the Common Stock issuable upon exercise or conversion of the Warrants) is a U.S. Citizen for purposes of Jones Act compliance may exercise or convert any Warrants to the extent the receipt of the
Common Stock deliverable upon exercise or conversion of the Warrants would cause such Person or any Person whose ownership position would be aggregated with that of such Person to exceed 4.9% of the aggregate number of shares of Common Stock
outstanding at such time (excluding, for purposes of this Section 3.03(b), shares of Common Stock issuable upon exercise or conversion of all outstanding Warrants and Notes). 

(c) No Warrantholder who cannot establish to the Company’s reasonable satisfaction that it (or, if not the Warrantholder, the Person
that the Warrantholder has designated to receive the stock issuable upon exercise or conversion of the Warrants) is a U.S. Citizen for purposes of Jones Act compliance may exercise or convert any Warrants to the extent the shares of Common Stock
deliverable upon exercise or conversion of the Warrants would constitute Excess Shares if they were issued, which shall be determined by the Company in its sole discretion at the time of any proposed exercise or conversion of a Warrant. 

  
 10 

 (d) Any sale, transfer or other disposition of a Warrant by any Warrantholder that is a
Non-U.S. Citizen to a Person who is a U.S. Citizen must be a complete transfer of such Warrantholder’s interests to such Person in the Warrant and the Common Stock issuable upon exercise or conversion thereof with no ability to direct or
control such Person. The foregoing restriction shall also apply to any Person that the Warrantholder has designated to receive the Common Stock issuable upon exercise or conversion of the Warrants. 

Section 3.04. Covenant to Make Stock Certificates Available. 

(a) The Warrant Agent is hereby authorized to requisition from time to time from any stock transfer agents of the Company stock
certificates required to honor outstanding Warrants upon exercise or conversion thereof in accordance with the terms of this Agreement, and the Company agrees to authorize and direct such transfer agents to comply with all such requests of the
Warrant Agent. The Company shall supply such transfer agents with duly executed stock certificates for such purposes and shall provide or otherwise make available any cash or scrip that may be payable upon exercise or conversion of Warrants as
provided herein and in each Warrant Certificate. 
 (b) The Warrant Agent is hereby authorized and directed to create a special
account for the reserve of shares of Common Stock to be issued upon exercise or conversion of the Warrants. 
 (c) In connection
with the shares of Common Stock to be issued upon exercise, the Company shall provide an Opinion of Counsel, stating that all such shares, when issued, will be: 
 (i) registered, or subject to a valid exemption from registration, under the Securities Act of 1933, as amended, and all material and necessary State securities law filings will have been made with
respect to such shares; and 
 (ii) validly issued, fully paid and non-assessable. 

ARTICLE IV 

ANTIDILUTION PROVISIONS 
 Section 4.01. Antidilution Adjustments; Notice of Adjustment. 
 The
Warrant Share Number shall be subject to adjustment from time to time as provided in Section 12 of the Warrant Certificate. Whenever the Warrant Share Number is so adjusted or is proposed to be adjusted as provided in Section 12 of the
Warrant Certificate, the Company shall deliver to the Warrant Agent the notices or statements, and shall cause a copy of such notices or statements to be sent or communicated to each Warrantholder pursuant to Section 6.03, as provided in
Section 12(I) of the Warrant Certificate. 

  
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 Section 4.02. Adjustment to Warrant Certificate. 

The form of Warrant Certificate need not be changed because of any adjustment made pursuant to the Warrant Certificate, and Warrant
Certificates issued after such adjustment may state the same Exercise Price and the same Warrant Share Number as are stated in the Warrant Certificates initially issued pursuant to this Agreement. 

The Company, however, may at any time in its sole discretion make any change in the form of Warrant Certificate that it may deem
appropriate to give effect to such adjustments and that does not affect the substance of the Warrant Certificate, and any Warrant Certificate thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant
Certificate or otherwise, may be in the form as so changed. 
 ARTICLE V 

WARRANT AGENT 
 Section 5.01. Appointment of Warrant Agent. 
 The Company hereby
appoints the Warrant Agent to act as agent for the Company in accordance with the provisions of this Agreement and the Warrant Agent hereby accepts such appointment. The Warrant Agent shall not be liable for anything that it may do or refrain from
doing in connection with this Agreement, except in the case of a final judicial determination of its own gross negligence or willful misconduct. 
 Section 5.02. Rights and Duties of Warrant Agent. 
 (a) Agent for
the Company. In acting under this Warrant Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligation or relationship of agency or trust for or with any
of the holders of Warrant Certificates or beneficial owners of Warrants. 
 (b) Counsel. The Warrant Agent may consult
with counsel of its own selection (who may be counsel to the Company), and the advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in
accordance with the advice of such counsel. 
 (c) Documents. The Warrant Agent shall be fully protected, may
conclusively rely upon and shall incur no liability for or in respect of any action taken or thing suffered by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document
reasonably believed by it to be genuine and to have been presented or signed by the proper parties. 
 (d) No Implied
Obligations. The Warrant Agent shall be obligated to perform only such duties as are specifically set forth herein and in the Warrant Certificates, and no implied duties or obligations of the Warrant Agent shall be read into this Agreement or
the Warrant Certificates against the Warrant Agent. 
 The Warrant Agent shall not be under any obligation to take any action
hereunder that may involve it in any expense or liability for which it does not receive indemnity satisfactory 

  
 12 

 
to it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates countersigned by the Warrant Agent and
delivered by it to the Warrantholders or on behalf of the Warrantholders pursuant to this Agreement or for the application by the Company of the proceeds of the Warrants. The Warrant Agent shall have no duty or responsibility in case of any default
by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written demand from a Warrantholder with respect to such default, including any duty or
responsibility to initiate or attempt to initiate any proceedings at law or otherwise. 
 The Warrant Agent may execute any of
the powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Warrant Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by
it hereunder. The Warrant Agent shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this
agreement. In no event shall the Warrant Agent be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Warrant Agent has been
advised of the likelihood of such loss or damage and regardless of the form of action. 
 (e) Not Responsible for Adjustments
or Validity of Stock. 
 The Warrant Agent shall not at any time be under any duty or responsibility to any Warrantholder to
determine whether any facts exist that may require an adjustment of the Warrant Share Number, or with respect to the nature or extent of any adjustment when made, or with respect to the method employed, or herein or in any supplemental agreement
provided to be employed, in making the same. The Warrant Agent shall not be accountable with respect to the validity or value of any Shares or of any securities or property that may at any time be issued or delivered upon the exercise of any Warrant
or upon any adjustment pursuant to Section 12 of the Warrant Certificate, and it makes no representation with respect thereto. The Warrant Agent shall not be responsible for any failure of the Company to make any cash payment or to issue,
transfer or deliver any Shares or stock certificates upon the surrender of any Warrant Certificate for the purpose of exercise or upon any adjustment pursuant to Section 12 of the Warrant Certificate, or to comply with any of the covenants of
the Company contained in the Warrant Certificate. 
 (f) Notices to the Company. If the Warrant Agent shall receive any
written notice or demand (other than Notice of Exercise of Warrants) addressed to the Company by the Warrantholder of a Warrant, the Warrant Agent shall promptly forward such notice or demand to the Company. 

Section 5.03. Individual Rights of Warrant Agent. 
 The Warrant Agent and any stockholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities of the Company or its affiliates or become
pecuniarily interested in transactions in which the Company or its 

  
 13 

 
affiliates may be interested, or contract with or lend money to the Company or its affiliates or otherwise act as fully and freely as though it were not the Warrant Agent under this Agreement.
Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. 
 Section 5.04. Warrant Agent’s Disclaimer. 
 The Warrant Agent
shall not be responsible for, and makes no representation as to the validity or adequacy of, this Agreement (except the due and valid authorized execution and delivery of this Agreement by the Warrant Agent) or the Warrant Certificates (except the
due countersignature of the Warrant Certificate(s) by the Warrant Agent) and it shall not be responsible for any statement in this Agreement or the Warrant Certificates other than its countersignature thereon. 

Section 5.05. Compensation and Indemnity. 
 (a) The Company agrees to pay the Warrant Agent from time to time reasonable compensation for its services as agreed and to reimburse the Warrant Agent upon request for all out-of-pocket expenses incurred
by it, including the reasonable compensation and expenses of the Warrant Agent’s agents and counsel as agreed. The Company shall indemnify the Warrant Agent, its officers, directors, agents and counsel against any loss, liability or expense
(including reasonable agents’ and attorneys’ fees and expenses) incurred by it without gross negligence or willful misconduct on its part arising out of or in connection with the acceptance or performance of its duties under this
Agreement. The Warrant Agent shall notify the Company promptly of any claim for which it may seek indemnity. The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Warrant Agent through its own willful
misconduct or gross negligence. The Company’s payment obligations pursuant to this Section shall survive the termination of this Agreement. 
 To secure the Company’s payment obligations under this Agreement, the Warrant Agent shall have a lien prior to the Warrantholders on all money or property held or collected by the Warrant Agent.

 Section 5.06. Successor Warrant Agent. 
 (a) Company to Provide and Maintain Warrant Agent. The Company agrees for the benefit of the Warrantholders that there shall at all times be a Warrant Agent hereunder until all the Warrants have
been exercised or cancelled or are no longer exercisable. 
 (b) Resignation and Removal. The Warrant Agent may at any
time resign by giving written notice to the Company of such intention on its part, specifying the date on which its desired resignation shall become effective; provided, however, that such date shall not be less than 60 days after the
date on which such notice is given unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of the Company or the Required Warrantholders and
specifying such removal and the date when it shall become effective, which date shall not be less than 60 days after such notice is given unless the Warrant Agent otherwise agrees. Any removal under this Section shall take effect upon the
appointment by the Company or the Required 

  
 14 

 
Warrantholders as hereinafter provided of a successor Warrant Agent (which shall be (i) a bank or trust company, (ii) organized under the laws of the United States of America or one of
the states thereof, (iii) authorized under the laws of the jurisdiction of its organization to exercise corporate trust powers, (iv) having a combined capital and surplus of at least $50,000,000 (as set forth in its most recent reports of
condition published pursuant to law or to the requirements of any United States federal or state regulatory or supervisory authority) and (v) having an office in the Borough of Manhattan, The City of New York) and the acceptance of such
appointment by such successor Warrant Agent. The obligations of the Company under Section 5.05 shall continue to the extent set forth herein notwithstanding the resignation or removal of the Warrant Agent. 

The Warrant Agent may execute any of the powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Warrant Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. The Warrant Agent shall not be liable for any action taken, suffered, or omitted
to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this agreement. In no event shall the Warrant Agent be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Warrant Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(c) Company to Appoint Successor. In the event that at any time the Warrant Agent shall resign, or shall be removed, or shall
become incapable of acting, or shall be adjudged bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or under any other applicable Federal or State bankruptcy, insolvency or
similar law or shall consent to the appointment of or taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or its property or affairs, or shall make an assignment
for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a decree or order for relief by a court having jurisdiction in
the premises shall have been entered in respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or State bankruptcy, insolvency or similar law, or a
decree or order by a court having jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the Warrant Agent or of its property or
affairs, or any public officer shall take charge or control of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant Agent, qualified as aforesaid, shall be
appointed by the Company by an instrument in writing, filed with the successor Warrant Agent. In the event that a successor Warrant Agent is not appointed by the Company, a successor Warrant Agent, qualified as aforesaid, may be appointed by the
Warrant Agent or the Required Warrantholders or the Warrant Agent or the Required Warrantholders may petition a court to appoint a successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the
successor Warrant Agent of such appointment, the Warrant Agent shall cease to be Warrant Agent hereunder; provided, however, that in the event of the resignation of the Warrant Agent under this subsection (c), such resignation shall be
effective on the earlier of (i) the date specified in the Warrant Agent’s notice of resignation and (ii) the appointment and acceptance of a successor Warrant Agent hereunder. 

  
 15 

 (d) Successor to Expressly Assume Duties. Any successor Warrant Agent appointed
hereunder shall execute, acknowledge and deliver to its predecessor and to the Company an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become vested
with all the rights and obligations of such predecessor with like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to
transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as Warrant Agent hereunder. 

(e) Successor by Merger. Any entity into which the Warrant Agent hereunder may be merged or consolidated, or any entity resulting
from any merger or consolidation to which the Warrant Agent shall be a party, or any entity to which the Warrant Agent shall sell or otherwise transfer all or substantially all of its assets and business, shall be the successor Warrant Agent under
this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided, however, that it shall be qualified as aforesaid. 

Section 5.07. Representations of the Company. 
 The Company represents and warrants to the Warrant Agent that: 
 (a) the Company
has been duly organized and is validly existing under the laws of the jurisdiction of its incorporation; 
 (b) this Agreement
has been duly authorized, executed and delivered by the Company and is enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting the
enforcement of creditors’ rights generally; and 
 (c) the execution and delivery of this Agreement does not, and the
issuance of the Warrants in accordance with the terms of this Agreement and the Warrant Certificate will not, (i) violate the Company’s Charter or by-laws, (ii) violate any law or regulation applicable to the Company or order or
decree of any court or public authority having jurisdiction over the Company, or (iii) result in a breach of any mortgage, indenture, contract, agreement or undertaking to which the Company is a party or by which it is bound, except in the case
of (ii) and (iii) for any violations or breaches that could not reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole. 

  
 16 

 ARTICLE VI 
 MISCELLANEOUS 
 Section 6.01. Persons Benefitting. 

Nothing in this Agreement is intended or shall be construed to confer upon any Person other than the Company, the Warrant Agent and the
Warrantholders any right, remedy or claim under or by reason of this Agreement or any part hereof. 
 Section 6.02.
Amendment. 
 This Agreement and the Warrants may be amended by the parties hereto without the consent of any
Warrantholder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or therein or adding or changing any other provisions with respect to matters or questions arising under this
Agreement or the Warrants as the Company and the Warrant Agent may deem necessary or desirable; provided, however, that such action shall not adversely affect the rights of any of the Warrantholders in any material respect. This
Agreement and the Warrants may be amended or supplemented at any time with the written consent of the Required Warrantholders; provided that the consent of each Warrantholder affected thereby shall be required for any amendment pursuant to
which (i) the Warrant Share Number would be decreased (in each case, other than pursuant to adjustments provided for in Section 12 of the Warrant Certificate), (ii) the time period during which the Warrants are exercisable would be
shortened or (iii) any change adverse to the Warrantholder would be made to the anti-dilution provisions set forth in Article IV of this Agreement or Section 12 of the Warrant Certificate. In determining whether the Required Warrantholders
have concurred in any direction, waiver or consent, Warrants owned by the Company or by any Affiliate of the Company shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Warrant Agent shall
be protected in relying on any such direction, waiver or consent, only Warrants that the Warrant Agent knows are so owned shall be so disregarded. Also, subject to the foregoing, only Warrants outstanding at the time shall be considered in any such
determination. The Warrant Agent shall have no duty to determine whether any such amendment would have an effect on the rights or interests of the holders of the Warrants. Upon receipt by the Warrant Agent of an Officer’s Certificate and an
Opinion of Counsel, each stating that all conditions precedent to the execution of the amendment have been complied with and such execution is permitted by this Agreement and the Warrant Certificate, the Warrant Agent shall join in the execution of
such amendment; provided, that the Warrant Agent may, but shall not be obligated to, execute any amendment or supplement which affects the rights or changes or increases the duties or obligations of the Warrant Agent. 

  
 17 

 Section 6.03. Notices. 

Any notice or communication shall be in writing and delivered in person or mailed by first-class mail addressed as follows: 

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 
 if to the Warrant Agent: 
 The Bank of New York Mellon Trust Company, N.A.

 10161 Centurion Parkway 
 Jacksonville, FL 
 Facsimile: (904) 645-1921 

Attention: Corporate Trust Administration 
 The Company or the Warrant Agent by notice to the other may designate additional or different addresses for subsequent notices or communications. 

Unless the Warrant is a Global Warrant, any notice or communication mailed to a Warrantholder shall be mailed to the Warrantholder at the
Warrantholder’s address as it appears on the Registry and shall be sufficiently given if so mailed within the time prescribed. Any notice to the owners of a beneficial interest in a Global Warrant shall be distributed through the Depositary in
accordance with the procedures of the Depositary. Communications to such Warrantholder shall be deemed to be effective at the time of dispatch to the Depositary. 
 Failure to provide a notice or communication to a Warrantholder or any defect in it shall not affect its sufficiency with respect to other Warrantholders. 

If a notice or communication is provided in the manner provided above, it is duly given, whether or not the intended recipient actually
receives it. 
 Section 6.04. Governing Law. 

This Agreement will be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and
to be performed entirely within such State. 
 Section 6.05. Successors. 

All agreements of the Company in this Agreement and the Warrants shall bind its successors. All agreements of the Warrant Agent in this
Agreement shall bind its successors. 

  
 18 

 Section 6.06. Multiple Originals. 

The parties may sign any number of copies of this Agreement. Each signed copy shall be an original, but all of them together represent
the same agreement. One signed copy shall be sufficient to prove this Agreement. 
 Section 6.07. Inspection of
Agreement. 
 A copy of this Agreement shall be made available at all reasonable times for inspection by any registered
Warrantholder or owner of a beneficial interest in a Global Warrant at the principal office of the Warrant Agent (or successor warrant agent). 
 Section 6.08. Table of Contents. 
 The table of contents and headings
of the Articles and Sections of this Agreement have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

Section 6.09. Severability. 
 The provisions of this Agreement are severable, and if any clause or provision shall be held invalid, illegal or unenforceable in whole or in part in any jurisdiction, then such invalidity or
unenforceability shall affect in that jurisdiction only such clause or provision, or part thereof, and shall not in any manner affect such clause or provision in any other jurisdiction or any other clause or provision of this Agreement in any
jurisdiction. 
 Section 6.10. Waiver of Jury Trial. 

Each of the Company and the Warrant Agent hereby irrevocably waives, 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, the Warrants, the Notes or the transactions contemplated hereby. 
 Section 6.11. Force Majeure. 
 In no event shall the Warrant Agent be
responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of
war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Warrant
Agent shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

  
 19 

 IN WITNESS WHEREOF, the parties have caused this Warrant Agreement to be duly executed as of
the date first written above. 
  

			
	HORIZON LINES, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
	as Warrant Agent,
		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT A 
 FORM OF WARRANT 
 [Global Securities Legend, if needed] 

Unless this Global Warrant is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), New York, New York, to the Company or its agent for registration of transfer, exchange or payment, and any Warrant Certificate issued is registered in the name of Cede & Co. or such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), any transfer, pledge or other use hereof for value or otherwise by or to any person is
wrongful inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 Transfers of this
Global Warrant shall be limited to transfers in whole, but not in part, to nominees of DTC or to a successor thereof or such successor’s nominee and transfers of portions of this Global Warrant shall be limited to transfers made in accordance
with the restrictions set forth in the Warrant Agreement referred to on the reverse hereof. 

 [GLOBAL/DEFINITIVE] WARRANT 

representing 
 WARRANTS 
 to purchase 

Shares of 

Common Stock 

of 

HORIZON LINES, INC. 
  

			
	No. [    ]	  	CUSIP No:                    
		
	Amount: [            ]	  	

 This Warrant Certificate is issued under and in accordance with a Warrant Agreement dated as of
April 9, 2012 (the “Warrant Agreement”), among Horizon Lines, Inc. (the “Company”) and The Bank of New York Mellon Trust Company, N.A., as warrant agent (the “Warrant Agent”), and is subject to
the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the beneficial owners of the Warrants and the Warrantholders consent by acceptance hereof. 

1. Definitions. Unless the context otherwise requires, when used herein the following terms shall have the meanings indicated. Any
capitalized terms used but not defined in this Warrant Certificate shall have the meanings given to such terms in the Warrant Agreement. 
 “Board of Directors” means the board of directors of the Company, including any duly authorized committee thereof. 

“Capital Stock” means (A) with respect to any Person that is a corporation or company, any and all shares,
interests, participations or other equivalents (however designated) of capital or capital stock of such Person and (B) with respect to any Person that is not a corporation or company, any and all partnership or other equity interests of such
Person. 
 “Common Stock” means the common stock, par value $0.01 per share, of the Company. 

“Common Stock Equivalent” means any security or obligation which by its terms is, directly or indirectly, convertible
into, or exchangeable or exercisable for, shares of Common Stock, including, without limitation, any preferred stock and any option, warrant or other subscription or purchase right with respect to Common Stock or any Common Stock Equivalent.

 “Current Market Price” means, as of any date, (a) the average of the daily Market Price of the Common
Stock during the immediately preceding 30 trading days ending on such date or (b) if the Common Stock is not then listed or admitted to trading on any national securities exchange, the Market Price on that date. 

 “Excess Shares” has the meaning set forth in the Company’s Charter.

 “Excluded Transaction” means any issuance of any shares of Common Stock or Common Stock Equivalents
(a) pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock under any such plan,
(b) pursuant to any present or future employee, director or consultant benefit plan or program of or assumed by the Company or any of its subsidiaries, (c) pursuant to any option, warrant, right or exercisable, exchangeable or convertible
security not described in (b) above and outstanding as of the date of the Warrant Agreement, or (d) in order to redeem Common Stock (or issued pursuant to Common Stock Equivalents that are issued to redeem such Common Stock) that
constitute Excess Shares under the Company’s Charter as amended from time to time. 
 “Exercise Price”
means $0.01. 
 “Expiration Date” means the twenty-fifth anniversary of the date of the Warrant Agreement.

 “Fair Market Value” means, with respect to any security or other property, the fair market value of such
security or other property as determined by in good faith by the Board of Directors in reliance on an opinion of a nationally recognized independent investment banking corporation retained by the Company for this purpose. 

“Maritime Laws” has the meaning set forth in the Company’s Charter. 

“Market Price” means, with respect to a particular security, the per-share volume weighted average price of such
security for a period of 30 consecutive trading days, as calculated on Bloomberg (or, if such volume weighted average price is unavailable via Bloomberg, the average market value of one share of such security over such 30 trading day period
determined, using a volume weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company), or if such security is not listed or admitted to trading on any national securities
exchange, the average of the closing bid and ask prices as furnished by two members of the Financial Industry Regulatory Authority, Inc. selected from time to time by the Company for that purpose. “Market Price” shall be determined without
reference to after hours or extended hours trading. If such security is not listed and traded in a manner that the quotations referred to above are available for the period required hereunder, the Market Price per share of Common Stock shall be
deemed to be the fair market value per share of such security as determined in good faith by the Board of Directors in reliance on an opinion of a nationally recognized independent investment banking corporation retained by the Company for this
purpose; provided that if any such security is listed or traded on a non-U.S. market, such fair market value shall be determined by reference to the closing price of such security as of the end of the most recently ended Business Day in such
market prior to the date of determination; and further, provided that if making such determination requires the conversion of any currency other than U.S. dollars into U.S. dollars, such conversion shall be done in accordance with

  
 A-2

 
customary procedures based on the rate for conversion of such currency into U.S. dollars displayed on the relevant page by Bloomberg L.P. (or any successor or replacement service) on or by 4:00
p.m., New York City time, on such exercise date. For the purposes of determining the Market Price of the Common Stock on the “trading day” preceding, on or following the occurrence of an event, (i) that trading day shall be deemed to
commence immediately after the regular scheduled closing time of trading on the New York Stock Exchange or, if trading is closed at an earlier time, such earlier time and (ii) that trading day shall end at the next regular scheduled closing
time, or if trading is closed at an earlier time, such earlier time (for the avoidance of doubt, and as an example, if the Market Price is to be determined as of the last trading day preceding a specified event and the closing time of trading on a
particular day is 4:00 p.m. and the specified event occurs at 5:00 p.m. on that day, the Market Price would be determined by reference to such 4:00 p.m. closing price). 
 “New Issuance” has the meaning set forth in Section 12(B). 

“Non-U.S. Citizen” has the meaning set forth in the Company’s Charter. 

“Relevant Date” has the meaning set forth in Section 12(B). 

“Shares” has the meaning set forth in Section 2. 

“Significant Transaction” means: 
 (a) any reorganization, reclassification or other change of outstanding shares of Common Stock (other than a change in par value, or from par value to no par value, or from no par value to par value);

 (b) any voluntary sale, conveyance, exchange or transfer by the Company to any other Person of all or a material portion of
the assets of the Company or any material subsidiary thereof; 
 (c) any voluntary sale, conveyance, exchange or transfer by the
stockholders of the Company to any Person of the Capital Stock of the Company if, immediately after giving effect to such sale, conveyance, exchange or transfer, the stockholders of the Company immediately prior to such sale, conveyance, exchange or
transfer do not hold Capital Stock of the Company representing at least a majority of the voting power of the Company; and 

(d) any merger, consolidation or other business combination of the Company with any other Person (including by way of a tender offer) if,
immediately after giving effect to such merger, consolidation or other business combination, the stockholders of the Company immediately prior to such merger, consolidation or other business combination do not hold Capital Stock of the surviving
Person representing at least a majority of the voting power of the surviving Person. 
 “trading day” means
(A) if the shares of Common Stock are not traded on any national or regional securities exchange or association or over-the-counter market, a Business Day or (B) if the shares of Common Stock are traded on any national or regional
securities exchange or association or over-the-counter market, a Business Day on which such relevant 

  
 A-3

 
exchange or quotation system is scheduled to be open for business and on which the shares of Common Stock (i) are not suspended from trading on any national or regional securities exchange
or association or over-the-counter market for any period or periods aggregating one half hour or longer; and (ii) have traded at least once on the national or regional securities exchange or association or over-the-counter market that is the
primary market for the trading of the shares of Common Stock. The term “trading day” with respect to any security other than the Common Stock shall have a correlative meaning based on the primary exchange or quotation system on which such
security is listed or traded. 
 “Transfer Agent” means American Stock Transfer & Trust Company, as
transfer agent of the Company, and any successor transfer agent. 
 “U.S. Citizen” has the meaning set forth in
the Company’s Charter. 
 “Warrant” means a right to purchase a number of shares of the Company’s
Common Stock equal to the Warrant Share Number as provided herein. References herein to “Warrant” shall include the Global Warrant where the context requires. 
 “Warrant Share Number” means one share of Common Stock, as subsequently adjusted pursuant to the terms of this Warrant and the Warrant Agreement. 

2. Number of Shares; Exercise Price. This certifies that, for value received, SFL Container Holdings Limited, a Bermuda
corporation, and any of its registered assigns, is the registered owner of the number of Warrants set forth on Schedule A hereto, each of which entitles the Warrantholder to purchase from the Company, upon the terms and subject to the conditions
hereinafter set forth, a number of fully paid and nonassessable shares of Common Stock (each a “Share” and collectively the “Shares”) equal to the Warrant Share Number at a purchase price per share equal to the
Exercise Price. In lieu of payment of the aggregate Exercise Price, the Warrantholder shall have the right (but not the obligation) to require the Company to convert the Warrants (the “Conversion Right”), upon the terms and subject
to the conditions hereafter set forth, into a number of Shares equal to the Warrant Share Number without any required payment. The Warrant Share Number is subject to adjustment as provided herein, and all references to “Warrant Share
Number” herein shall be deemed to include any such adjustment or series of adjustments. 
 3. Exercise of Warrant;
Term. Subject to Section 2 and Section 17, to the extent permitted by applicable laws and regulations, all or a portion of the Warrants evidenced by this Warrant Certificate are exercisable or convertible by the Warrantholder, at any
time or from time to time after the execution and delivery of this Warrant Certificate by the Company on the date hereof, but in no event later than 5:00 p.m., New York City time, on the Expiration Date, by (A) delivery to the Warrant Agent of
a Notice of Exercise, in the form annexed hereto, duly completed and executed (or to the Company or to such other office or agency of the Company in the United States as the Company may designate by notice in writing to the Warrantholders pursuant
to Section 18), and (B) if applicable, payment of the Exercise Price for the Shares thereby purchased by having the Company withhold, from the shares of Common Stock that would otherwise be delivered to such Warrantholder upon such
exercise, Shares issuable upon exercise of the Warrants so exercised equal in value to the aggregate Exercise Price as to such 

  
 A-4

 
Shares, based on the Market Price of the Common Stock on the trading day on which such Warrants are exercised and the Notice of Exercise is delivered to the Warrant Agent pursuant to this
Section 3. For the avoidance of doubt, if Warrants are exercised such that the Exercise Price would exceed the value of the Shares issuable upon exercise, no amount shall be due and payable by the Warrantholder to the Company. In the case of a
Global Warrant, any person with a beneficial interest in such Global Warrant shall effect compliance with the requirements in clauses (A) and (B) above through the relevant Agent Member in accordance with procedures of the Depositary.

 In the case of a Global Warrant, whenever some but not all of the Warrants represented by such Global Warrant are exercised
in accordance with the terms thereof and of the Warrant Agreement, such Global Warrant shall be surrendered by the Warrantholder to the Warrant Agent, which shall cause an adjustment to be made to Schedule A to such Global Warrant so that the number
of Warrants represented thereby will be equal to the number of Warrants theretofor represented by such Global Warrant less the number of Warrants then exercised. The Warrant Agent shall thereafter promptly return such Global Warrant to the
Warrantholder or its nominee or custodian. In the case of a Definitive Warrant, whenever some but not all of the Warrants represented by such Definitive Warrant are exercised in accordance with the terms thereof and of the Warrant Agreement, the
Warrantholder shall be entitled, at the request of such Warrantholder, to receive from the Company within a reasonable time, not to exceed three business days, a new Definitive Warrant in substantially identical form for the number of Warrants equal
to the number of Warrants theretofor represented by such Definitive Warrant less the number of Warrants then exercised. 
 If
this Warrant Certificate shall have been exercised in full, the Warrant Agent shall promptly cancel such certificate following its receipt from the Warrantholder or the Depositary, as applicable. 

Notwithstanding anything in this Warrant Certificate to the contrary, in the case of Warrants evidenced by a Global Warrant, any Agent
Member may, without the consent of the Warrant Agent or any other person, on its own behalf and on behalf of any beneficial owner for which it is acting, enforce, and may institute and maintain, any suit, action or proceeding against the Company
suitable to enforce, or otherwise in respect of, its right to exercise, and to receive Shares for, its Warrants as provided in the Global Warrant, and to enforce the Warrant Agreement. 

4. Issuance of Shares; Authorization; Listing. Shares issued upon exercise or conversion of Warrants evidenced by this Warrant
Certificate shall be (i) issued in such name or names as the exercising Warrantholder may designate and (ii) delivered by the Transfer Agent to such Warrantholder or its nominee or nominees (A) via book-entry transfer crediting the
account of such Warrantholder (or the relevant Agent Member for the benefit of such Warrantholder) through the Depositary’s DWAC system (if the Transfer Agent participates in such system), or (B) otherwise in certificated form by physical
delivery to the address specified by the Warrantholder in the Notice of Exercise. The Company shall use its commercially reasonable efforts to cause its Transfer Agent to be a participant in the Depositary’s DWAC system. The Company shall cause
the number of full Shares to which such Warrantholder shall be entitled to be so delivered by the Transfer Agent within a reasonable time, not to exceed three Business Days after the date on which Warrants evidenced by this Warrant Certificate have
been duly exercised or converted in accordance with the terms hereof. 

  
 A-5

 The Company hereby represents and warrants that any Shares issued upon the exercise or
conversion of Warrants evidenced by this Warrant Certificate in accordance with the provisions of Section 3 will be duly and validly authorized and issued, fully paid and nonassessable and free from all taxes, liens and charges (other than
liens or charges created by a Warrantholder, income and franchise taxes incurred in connection with the exercise of the Warrant or taxes in respect of any transfer occurring contemporaneously therewith). The Company agrees that the Shares so issued
will be deemed to have been issued to a Warrantholder as of the close of business on the date on which Warrants evidenced by this Warrant Certificate have been duly exercised or converted, notwithstanding that the stock transfer books of the Company
may then be closed or certificates representing such Shares may not be actually delivered on such date. The Company will at all times reserve and keep available, out of its authorized but unissued Common Stock, solely for the purpose of providing
for the exercise of Warrants evidenced by this Warrant Certificate, the aggregate number of shares of Common Stock then issuable upon exercise hereof at any time. The Company will (A) procure, at its sole expense, the listing of the Shares
issuable upon exercise hereof at any time, subject to issuance or notice of issuance, on all principal stock exchanges on which the Common Stock is then listed or traded and (B) maintain such listings of such Shares at all times after issuance.
The Company will use reasonable best efforts to ensure that the Shares may be issued without violation of any applicable law or regulation or of any requirement of any securities exchange on which the Shares are listed or traded. 

5. No Fractional Shares or Scrip. No fractional Shares or scrip representing fractional Shares shall be issued upon any exercise
of Warrants evidenced by this Warrant Certificate. In lieu of any fractional Share that would otherwise be issued to a Warrantholder upon the exercise of any Warrants, the Company shall round up to the nearest whole number the number of Shares to be
issued to such Warrantholder, provided, that if one or more Warrants are presented by any holder for exercise at the same time, the number of shares of Common Stock which shall be issuable upon exercise thereof shall be computed on the basis of the
aggregate number of shares of Common Stock issuable upon the exercise of all such Warrants. 
 6. No Rights as Stockholders;
Transfer Books. Warrants evidenced by this Warrant Certificate do not entitle the Warrantholder or the owner of any beneficial interest in such Warrants to any voting rights or other rights as a stockholder of the Company prior to the date of
exercise or conversion hereof. The Company shall at no time close its transfer books against transfer of Warrants in any manner which interferes with the timely exercise hereof. 

7. Charges, Taxes and Expenses. Issuance of Shares in certificated or book-entry form to the Warrantholder upon the exercise or
conversion of Warrants evidenced by this Warrant Certificate shall be made without charge to the Warrantholder for any issue or transfer tax or other incidental expense in respect of the issuance of such Shares (other than liens or charges created
by a Warrantholder, income and franchise taxes incurred in connection with the exercise or conversion of the Warrant or taxes in respect of any transfer occurring contemporaneously therewith), all of which taxes and expenses shall be paid by the
Company. 

  
 A-6

 8. Transfer/Assignment. This Warrant Certificate and all rights hereunder are
transferable, in whole or in part, upon the books of the Company (or an agent duly appointed by the Company) by the registered holder hereof in person or by duly authorized attorney, and one or more new Warrant Certificates shall be made and
delivered by the Company, of the same tenor and date as this Warrant Certificate but registered in the name of one or more transferees, upon surrender of this Warrant Certificate, duly endorsed, to the office or agency of the Company described in
Section 3; provided that if this Warrant Certificate is a Global Warrant registered in the name of the Depositary, transfers of such Global Warrant may only be made as a whole, and not in part, and only by (i) the Depositary to a
nominee of the Depositary, (ii) a nominee of the Depositary to the Depositary or another nominee of the Depositary or (iii) the Depositary or any such nominee to a successor Depositary or its nominee. All expenses (other than stock
transfer taxes) and other charges payable in connection with the preparation, execution and delivery of the new Warrant Certificates pursuant to this Section 8 shall be paid by the Company. 

If this Warrant Certificate is a Global Warrant, then so long as the Global Warrant is registered in the name of the Depositary, the
holders of beneficial interests in the Warrants evidenced thereby shall have no rights under this Warrant Certificate with respect to the Global Warrant held on their behalf by the Depositary or the Warrant Agent as its custodian, and the Depositary
may be treated by the Company, the Warrant Agent and any agent of the Company or the Warrant Agent as the absolute owner of the Global Warrant for all purposes whatsoever except to the extent set forth herein. Accordingly, any such owner’s
beneficial interest in the Global Warrant will be shown only on, and the transfer of such interest shall be effected only through, records maintained by the Depositary or the Agent Members, and neither the Company nor the Warrant Agent shall have
any responsibility with respect to such records maintained by the Depositary or the Agent Members. Notwithstanding the foregoing, nothing herein shall (i) prevent the Company, the Warrant Agent or any agent of the Company or the Warrant Agent
from giving effect to any written certification, proxy or other authorization furnished by the Depositary or (ii) impair, as between the Depositary and the Agent Members, the operation of customary practices governing the exercise of the rights
of a holder of a beneficial interest in any Warrant. Except as may otherwise be provided in this Warrant Certificate or the Warrant Agreement, the rights of beneficial owners in a Global Warrant shall be exercised through the Depositary subject to
the applicable procedures of the Depositary. Any holder of the Global Warrant shall, by acceptance of the Global Warrant, agree that transfers of beneficial interests in the Global Warrant may be effected only through a book-entry system maintained
by the Depositary, and that ownership of a beneficial interest in the Warrants represented thereby shall be required to be reflected in book-entry form. 
 A Global Warrant shall be exchanged for Definitive Warrants, and Definitive Warrants may be transferred or exchanged for a beneficial interest in a Global Warrant, only at such times and in the manner
specified in the Warrant Agreement. Subject to the provisions of the Warrant Agreement, the holder of a Global Warrant may grant proxies and otherwise authorize any person, including Agent Members and persons that may hold beneficial interests in
such Global Warrant through Agent Members, to take any action that a Warrantholder is entitled to take under a Warrant or the Warrant Agreement. 

  
 A-7

 9. Exchange and Registry of Warrants. This Warrant Certificate is exchangeable, upon
the surrender hereof by the Warrantholder to the Company, for a new Warrant Certificate or Warrant Certificates of like tenor and representing the same aggregate number of Warrants. The Company or an agent duly appointed by the Company (which
initially shall be the Warrant Agent) shall maintain a Registry showing the name and address of the Warrantholder as the registered holder of this Warrant Certificate. This Warrant Certificate may be surrendered for exchange or exercise in
accordance with its terms, at the office of the Company or any such agent, and the Company shall be entitled to rely in all respects, prior to written notice to the contrary, upon such Registry. 

10. Loss, Theft, Destruction or Mutilation of Warrant Certificate. Upon receipt by the Company of proof reasonably satisfactory to
it of the loss, theft, destruction or mutilation of this Warrant Certificate, and in the case of any such loss, theft or destruction, upon receipt of a bond, indemnity or security reasonably satisfactory to the Company and the Warrant Agent, or, in
the case of any such mutilation, upon surrender and cancellation of this Warrant Certificate, the Company shall make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant Certificate of like tenor and
representing the same aggregate number of Warrants as provided for in such lost, stolen, destroyed or mutilated Warrant Certificate. 
 11. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a business day, then such
action may be taken or such right may be exercised on the next succeeding day that is a business day. 
 12. Adjustments and
Other Rights. The Warrant Share Number shall be subject to adjustment from time to time as follows; provided that if more than one subsection of this Section 12 is applicable to a single event, the subsection shall be applied that
produces the largest adjustment and no single event shall cause an adjustment under more than one subsection of this Section 12 so as to result in duplication: 
 (A) Dividend, Subdivision, Combination or Reclassification of Common Stock. In the event that the Company shall at any time or from time to time, after the issuance of this Warrant but prior to the
exercise or conversion hereof, (a) make a dividend or distribution on the outstanding shares of Common Stock payable in shares of Common Stock, (b) subdivide the outstanding shares of Common Stock into a larger number of shares,
(c) combine the outstanding shares of Common Stock into a smaller number of shares or (d) issue any shares of its Capital Stock in a reclassification of the Common Stock (other than any such event for which an adjustment is made pursuant
to another provision of this Section 12), then, and in each such case, the Warrant Share Number immediately prior to such event shall be adjusted (and any other appropriate actions shall be taken by the Company) so that the Warrantholder shall
be entitled to receive upon the exercise or conversion of this Warrant the number of shares of Common Stock or other securities of the Company that the Warrantholder would have owned or would have been entitled to receive upon or by reason of any
event described above, had this Warrant been exercised or converted immediately prior to the occurrence of such event. Any adjustment made pursuant to this Section 12(A) shall become effective retroactively (i) in the case of any such
dividend or distribution, to the date immediately following the close of business on the record 

  
 A-8

 
date for the determination of holders of shares of Common Stock entitled to receive such dividend or distribution or (ii) in the case of any such subdivision, combination or
reclassification, to the close of business on the date on which such corporate action becomes effective. 
 (B) Issuance of
Common Stock or Common Stock Equivalents Below Current Market Price. 
 (a) Adjustment of Warrant Share
Number. Subject to Section 12(B)(d), if, at any time or from time to time after the issuance of this Warrant but prior to the exercise or conversion hereof, the Company shall issue or sell any shares of Common Stock or Common Stock
Equivalents (each such issuance or sale, a “New Issuance”) at a new issue price that is less than the Current Market Price as of the record date or issuance date, as the case may be, for such New Issuance (the “Relevant
Date”), then, and in each such case, the Warrant Share Number shall be increased to a number equal to the product of (x) the Warrant Share Number immediately prior to the Relevant Date multiplied by (y) the quotient of:

 (i) the sum of (A) the number of shares of Common Stock (determined on a fully-diluted basis)
outstanding on the Relevant Date, plus (B) the number of additional shares of Common Stock (determined on a fully-diluted basis) issued or to be issued in such New Issuance (including the maximum number of shares of Common Stock into
which the Common Stock Equivalents issued or to be issued in such New Issuance initially are convertible, exchangeable or exercisable); divided by 
 (ii) the sum of (A) the number of shares of Common Stock (determined on a fully-diluted basis) outstanding on the Relevant Date, plus (B) the number of shares of Common Stock which the
aggregate consideration, before the deduction of any underwriting or placement agency fees, discounts, commissions and expenses, for the number of such additional shares of Common Stock (determined on a fully-diluted basis) issued or to be issued in
such New Issuance (including the maximum number of shares of Common Stock into which the Common Stock Equivalents issued or to be issued in such New Issuance initially are convertible, exchangeable or exercisable) would purchase at the Current
Market Price on the Relevant Date, plus (C) the number of shares of Common Stock which the aggregate amount of any additional consideration initially payable upon conversion, exchange or exercise of any Common Stock Equivalents issued or
to be issued in such New Issuance would purchase at the Current Market Price on the Relevant Date. 
 Such adjustment shall be
made whenever such shares of Common Stock or Common Stock Equivalents are issued, and shall become effective retroactively (1) in the case of any issuance to the stockholders of the Company, as such, to the date immediately following the close
of business on the record date for the determination of the stockholders of the Company entitled to receive such shares of Common Stock or Common Stock Equivalents and (2) in all other cases, on the date of such issuance of

  
 A-9

 
such shares of Common Stock or Common Stock Equivalents; provided, however, that the determination as to whether an adjustment is required to be made pursuant to this
Section 12(B) shall be made only upon the issuance of such shares of Common Stock or Common Stock Equivalents, and not upon the issuance of any security that is issued upon the conversion, exchange or exercise of such Common Stock Equivalents.
Solely for purposes of this Section 12(B)(a): (y) the term “Common Stock” shall include the Common Stock and each other class of Capital Stock of the Company that does not have a preference over any other class of Capital Stock
of the Company as to dividends or upon liquidation, dissolution or winding up of the Company and, in each case, shall include any other class of Capital Stock of the Company into which such stock is reclassified or reconstituted; and (z) if the
provisions of any Common Stock Equivalents or any rights or options to purchase any shares of Common Stock or Common Stock Equivalents are amended after the date of issuance so as to reduce the applicable conversion price, exchange price or exercise
price, such amendment shall be deemed to be a new issuance of such Common Stock Equivalents. 
 (b) Amount of
Consideration. If the Company shall issue or sell any shares of Common Stock or Common Stock Equivalents or any rights or options to purchase any shares of Common Stock or Common Stock Equivalents for cash, then the consideration received
therefor shall be deemed to be the amount of cash received by the Company therefor, without deduction therefrom of any expenses incurred or any underwriting commissions or concessions or discounts paid or allowed by the Company in connection
therewith. If the Company shall issue or sell any shares of Common Stock or Common Stock Equivalents or any rights or options to purchase any Common Stock or Common Stock Equivalents for any consideration other than cash, then the amount of such
non-cash consideration received by the Company shall be deemed to be the Fair Market Value of such non-cash consideration, without deduction therefrom of any expenses incurred or any underwriting commissions or concessions or discounts paid or
allowed by the Company in connection therewith, as such Fair Market Value shall determined in good faith by a majority of the Board of Directors; provided, however, that in the case of any such issuance or sale to an Affiliate of the
Company, such Fair Market Value shall be determined by a nationally recognized investment banking firm chosen by the Board of Directors with the consent of a majority of the Board of Directors. 

(c) Readjustment of Warrant Share Number upon Expiration of Common Stock Equivalents. If any Common Stock
Equivalents (or any portions thereof) which shall have given rise to an adjustment pursuant to this Section 12(B) shall have expired or terminated without the conversion, exchange or exercise thereof and/or if by reason of the terms of such
Common Stock Equivalents there shall have been an increase or increases, with the passage of time or otherwise, in the price payable upon the conversion, exchange or exercise thereof, then the Warrant Share Number shall be readjusted (but to no
greater extent than originally adjusted) in order to (a) eliminate from the computation any additional shares of Common Stock corresponding to such Common Stock Equivalents as shall have expired or terminated, (b) treat the additional
shares of Common Stock, if any, actually issued or issuable pursuant to any previous conversions, exchanges or exercises of such Common Stock Equivalents as having been issued for the consideration actually received and receivable therefor and
(c) treat any 

  
 A-10

 
such Common Stock Equivalents which remain outstanding as being subject to conversion, exchange or exercise on the basis of such conversion, exchange or exercise price as shall be in effect at
the time. 
 (d) Excluded Transactions. Notwithstanding anything to the contrary in this Warrant, the
provisions of this Section 12(B) shall not apply to (a) any New Issuance for which an adjustment is made pursuant to another provision of this Section 12, (b) any New Issuance in connection with an Excluded Transaction or
(c) a change in the par value of the Common Stock. 
 (C) Certain Distributions. If, at any time or from time to
time after the issuance of this Warrant but prior to the exercise or conversion hereof, the Company shall distribute to all holders of shares of Common Stock (including any such distribution made in connection with a merger or consolidation in which
the Company is the resulting or surviving Person and shares of Common Stock are not changed or exchanged) cash, evidences of indebtedness of the Company or another issuer, securities of the Company or another issuer or other assets (excluding
(a) any dividend or other distribution payable in shares of Common Stock for which adjustment is made under Section 12(A) and (b) any distribution in connection with an Excluded Transaction) or rights or warrants to subscribe for or
purchase any of the foregoing, then, and in each such case, the Warrant Share Number shall be increased to a number equal to the product of (i) the Warrant Share Number immediately prior to the record date for the distribution of such cash,
evidences of indebtedness, securities, other assets or rights or warrants multiplied by (ii) the quotient of: 
 (a) the Current Market Price immediately prior to the record date for the distribution of such cash, evidences of indebtedness, securities or other assets or rights or warrants; divided by

 (b) the total (which total shall be greater than zero) of (x) the Current Market Price immediately prior
to the record date for the distribution of such cash, evidences of indebtedness, securities or other assets or rights or warrants minus (y) the Fair Market Value per share of Common Stock (as determined by a nationally recognized
investment banking firm chosen by the Board of Directors with the consent of a majority of the Board of Directors) of such cash, evidences of indebtedness, securities or other assets or rights or warrants. 

Such adjustment shall be made whenever any such distribution is made and shall become effective retroactively to the date immediately
following the close of business on the record date for the determination of stockholders of the Company entitled to receive such distribution. 
 (D) Other Changes. If, at any time or from time to time after the issuance of this Warrant but prior to the exercise or conversion hereof, (a) the Company shall take any action which
(i) affects the Common Stock and (ii) is similar to, or has an effect similar to, any of the actions described in any of Sections 12(A), 12(B), 12(C) or 12(H) (but not including any action described in any such Section) and (b) the
Board of Directors in good faith determines that it would be equitable under such circumstances to adjust the Warrant Share Number as a result of 

  
 A-11

 
such action, then, and in each such case, the Warrant Share Number shall be adjusted in such manner and at such time as the Board of Directors in good faith determines would be equitable under
such circumstances, which determination shall be evidenced in a resolution of the Board of Directors, a certified copy of which shall be mailed by the Company to the Warrantholder. 

(E) No Adjustment. Notwithstanding anything herein to the contrary, no adjustment under this Section 12 shall be made to the
Warrant Share Number if the Company receives written notice from the Warrantholder that no such adjustment is required. Notwithstanding the foregoing, if an adjustment to the Warrant Share Number in respect of the issuance or sale of a Common Stock
Equivalent has been previously made, the exercise of such Common Stock Equivalent in accordance with its terms existing at the time such adjustment was made shall not result in a further adjustment. If an adjustment to the Warrant Share Number in
respect of the issuance or sale of a Common Stock Equivalent was not required, the exercise of such Common stock Equivalent in accordance with its terms existing at the time of issuance shall not result in an adjustment pursuant thereto. 

(F) Abandonment. If the Company (a) shall take a record of the holders of shares of Common Stock for the purpose of entitling
them to receive a dividend or other distribution and (b) shall, before paying or delivering such dividend or distribution to the stockholders of the Company, legally abandon its plan to pay or deliver such dividend or distribution, then no
adjustment in the Warrant Share Number shall be required by reason of the taking of such record. 
 (G) Certificate as to
Adjustments. Upon any adjustment in the Warrant Share Number, the Company shall, within 20 days following the event requiring such adjustment, deliver to the Warrantholder a certificate, signed by the Chief Financial Officer of the Company,
which (a) sets forth in reasonable detail (i) the event requiring such adjustment and (ii) the method by which such adjustment was calculated and (b) specifies the adjusted Warrant Share Number in effect following such
adjustment. 
 (H) Spin-off; Significant Transaction. 

(a) Spin-off. If, at any time after the issuance of this Warrant but prior to the exercise or conversion hereof,
the Company shall spin-off another Person, then the Company (a) shall issue to the Warrantholder a new warrant to purchase, at the Exercise Price, or convert its new warrant into, the number of shares of common stock or other proprietary
interest in the spin-off entity that the Warrantholder would have owned had the Warrantholder exercised or converted this Warrant immediately prior to the consummation of such spin-off and (b) shall make provision therefor in the agreement, if
any, relating to such spin-off. Such new warrant shall provide for rights and obligations which shall be as nearly equivalent as may be practicable to the rights and obligations provided for in this Warrant. The provisions of this
Section 12(H)(a) (and any equivalent thereof in any such new warrant) shall apply to successive transactions. 

  
 A-12

 (b) Significant Transaction. If, at any time after the issuance of
this Warrant but prior to the exercise or conversion hereof, any Significant Transaction shall occur, then, at least 10 days prior to the consummation of such Significant Transaction, the Company: 

(i) shall execute and deliver to the Warrantholder a certificate stating that from and after the consummation of such
Significant Transaction: 
 (x) the Warrantholder shall, upon the surrender of this Warrant to the Surviving
Person in such Significant Transaction, have the right to receive the kind and amount of shares of stock or other securities, property or cash receivable upon the consummation of such Significant Transaction by a holder of the number of shares of
Common Stock into which this Warrant could have been exercised or converted immediately prior to the consummation of such Significant Transaction; and 
 (y) this Warrant shall be deemed to have been cancelled; and 

(ii) the Company shall make provision therefor in the agreement, if any, relating to such Significant Transaction.

 (I) Notices. If, at any time or from time to time: 

(a) the Company shall declare a divided or other distribution on the Common Stock; 

(b) the Company shall authorize the granting to the holders of shares of Common Stock any rights or warrants to subscribe
for or purchase any shares of Capital Stock or any other rights or warrants; or 
 (c) there shall occur a
spin-off or a Significant Transaction; 
 then, at least 10 days prior to the applicable date specified below, the Company shall
mail to the Warrantholder a notice stating: (i) the date on which a record is to be taken for the purpose of such dividend, distribution or granting of rights or warrants or, if a record is not to be taken, the date as of which the holders of
Common Stock of record to be entitled to such dividend, distribution or granting of rights or warrants are to be determined; or (ii) the date on which such spin-off or Significant Transaction is expected to be consummated and the date as of
which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for shares of stock or other securities or property or cash deliverable upon the consummation of such spin-off or Significant Transaction.
Notwithstanding the foregoing, in the case of any Significant Transaction, the Company shall also deliver to the Warrantholder the certificate described in such Section 12(H)(b) to the Warrantholder at least 10 days prior to consummating such
Significant Transaction. 
 13. No Impairment. The Company will not, by amendment of its Charter or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of 

  
 A-13

 
securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in
good faith assist in the carrying out of all the provisions of this Warrant Certificate and in taking of all such action as may be necessary or appropriate in order to protect the rights of the Warrantholder. 

14. Governing Law. This Warrant Certificate and the Warrants evidenced hereby shall be governed by and construed in accordance
with the laws of the State of New York applicable to contracts made and to be performed entirely within such State. 
 15.
Binding Effect; Countersignature by Warrant Agent. This Warrant Certificate shall be binding upon any successors or assigns of the Company. This Warrant Certificate shall not be valid until an authorized signatory of the Warrant Agent (as
defined below) or its agent as provided in the Warrant Agreement (as defined below) countersigns this Warrant Certificate. Such signature shall be solely for the purpose of authenticating this Warrant Certificate and shall be conclusive evidence
that this Warrant Certificate has been countersigned under the Warrant Agreement. 
 16. Warrant Agreement; Amendments.
The Warrant Agreement is hereby incorporated herein by reference and made a part hereof. Reference is hereby made to the Warrant Agreement for a statement of the respective rights, limitations of rights, duties and obligations of the Company, the
Warrant Agent and the Warrantholders and beneficial owners of the Warrants. A copy of the Warrant Agreement may be obtained for inspection by the Warrantholders or beneficial owners of the Warrants upon request to the Warrant Agent at the address of
the Warrant Agent (or successor warrant agent) set forth in the Warrant Agreement. The Warrant Agreement and this Warrant Certificate may be amended and the observance of any term of the Warrant Agreement or this Warrant Certificate may be waived
only to the extent provided in the Warrant Agreement. 
 17. Jones Act Restrictions. Notwithstanding the other provisions
of this Warrant Agreement, in order to facilitate the Company’s compliance with the provisions of 46 U.S.C. § 55102 and the regulations promulgated thereunder, commonly referred to as the “Jones Act,” and related Maritime
Laws concerning the ownership of the Common Stock by Non-U.S. Citizens, with regard to its operation of vessels in the coastwise trade of the United States and with certain contractual obligations of the Company with the United States Government:

 (A) In connection with any exercise or conversion of the Warrant, Warrantholder (or, if not the Warrantholder, the Person
that the Warrantholder has designated to receive the Common Stock issuable upon exercise or conversion of the Warrants) shall advise the Company whether or not it satisfies the requirements to be a U.S. Citizen. Under its Charter, the Company may
require a Warrantholder (or, if not the Warrantholder, the Person that the Warrantholder has designated to receive the Common Stock issuable upon exercise or conversion of the Warrants) to provide it with such documents and other information as it
may request as reasonable proof of that the Warrantholder (or, if not the Warrantholder, such other Person that the Warrantholder has designated to receive the Common Stock issuable upon exercise or conversion of the Warrants) satisfies the
requirements to be a U.S. Citizen. 

  
 A-14

 (B) No Warrantholder who cannot establish to the Company’s reasonable satisfaction that
it (or, if not the Warrantholder, the Person that the Warrantholder has designated to receive the Common Stock issuable upon exercise or conversion of the Warrants) is a U.S. Citizen for purposes of Jones Act compliance may exercise or convert any
Warrants to the extent the receipt of the Common Stock deliverable upon exercise or conversion of the Warrants would cause such Person or any Person whose ownership position would be aggregated with that of such Person to exceed 4.9% of the
aggregate number of shares of Common Stock outstanding at such time (excluding, for purposes of this Section 17(B), shares of Common Stock issuable upon exercise or conversion of all outstanding Warrants and Notes). 

(C) No Warrantholder who cannot establish to the Company’s reasonable satisfaction that it (or, if not the Warrantholder, the Person
that the Warrantholder has designated to receive the stock issuable upon exercise or conversion of the Warrants) is a U.S. Citizen for purposes of Jones Act compliance may exercise or convert any Warrants to the extent the shares of Common Stock
deliverable upon exercise or conversion of the Warrants would constitute Excess Shares if they were issued, which shall be determined by the Company in its sole discretion at the time of any proposed exercise or conversion of a Warrant. 

(D) Any sale, transfer or other disposition of a Warrant by any Warrantholder that is a Non-U.S. Citizen to a Person who is a U.S.
Citizen must be a complete transfer of such Warrantholder’s interests to such Person in the Warrant and the Common Stock issuable upon exercise or conversion thereof with no ability to direct or control such Person. The foregoing restriction
shall also apply to any Person that the Warrantholder has designated to receive the Common Stock issuable upon exercise or conversion of the Warrants. 
 18. Notices. Unless this Warrant Certificate is a Global Warrant, any notice or communication mailed to the Warrantholder shall be mailed to the Warrantholder at the Warrantholder’s address as
it appears in the Registry and shall be sufficiently given if so mailed within the time prescribed. Any notice to holders of a beneficial interest in a Global Warrant shall be distributed through the Depositary in accordance with the procedures of
the Depositary. Communications to such holders shall be deemed to be effective at the time of dispatch to the Depositary. 

[Remainder of page intentionally left blank] 

  
 A-15

 IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly executed by a
duly authorized officer. This Warrant Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Warrant Agent. 
 Dated:                      

 

			
	HORIZON LINES, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

							
	Countersigned:
	
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
 as Warrant Agent

		
	By:	 	  

		 	Authorized Signatory

 [Schedule A to Global Warrant] 

The initial number of Warrants represented by the Global Warrant is
                    . 
 The
following decreases in the number of Warrants represented by this Global Warrant have been made as a result of the exercise of certain Warrants represented by this Global Warrant: 

 

							
	Date of Exercise
of
Warrants	 	Number of
Warrants
Exercised	 	Total Number of
Warrants Represented
Hereby Following Such
Exercise	 	Notation Made
by Warrant 
Agent
		 		 		 	
		 		 		 	

 Form of Notice of Exercise 

(to be executed only upon exercise of Warrants) 
 Date:                      

 

	TO:	Horizon Lines, Inc. (the “Company”) 

  

	RE:	Election to Purchase Common Stock 

 The undersigned registered holder of [                    ] Warrants irrevocably elects to exercise the
number of Warrants set forth below represented by the Global Warrant (or, in the case of a Definitive Warrant, the Warrant Certificate enclosed herewith), and surrenders all right, title and interest in the number of Warrants exercised hereby to the
Company, and directs that the shares of Common Stock or other securities or property delivered upon exercise of such Warrants, and any interests in the Global Warrant or Definitive Warrant representing unexercised Warrants, be registered or placed
in the name and at the address specified below and delivered thereto. 
 Number of
Warrants                    
                                         
                    
  ̈ Check if Warrantholder elects to exercise its Conversion Right in lieu of the payment of the aggregate Exercise Price pursuant to the terms and conditions set forth in the Warrants. 

 ̈ Check if Warrantholder believes it satisfies the requirements to be a U.S. Citizen (additional
information may be required by Company to confirm that Warrantholder is a U.S. Citizen). 
  ̈
Check if Warrantholder believes it is a Non-U.S. Citizen. 
  

			
	Warrantholder:	 	  

 

			
	By:	 	  

	Name:	 	  

	Title:	 	  

 Signature guaranteed by (if a guarantee is required): 

	
	
	  

					
	Securities to be issued to:	 	
	
	 If in book-entry form through the Depositary:

			
		  	 Depositary Account Number:
	 	  

			
		  	 Name of Agent Member:
	 	  

		
	 If in definitive form:
	 	
			
		  	Social Security Number or Other Identifying Number:	 	  

			
		  	 Name:
	 	  

			
		  	 Street Address:
	 	  

			
		  	 City, State and Zip Code:
	 	  

 Any unexercised Warrants evidenced by the exercising Warrantholder’s interest in the Global Warrant or Definitive
Warrant, as the case may be, to be issued to: 
  

					
	 If in book-entry form through the Depositary:

			
		  	 Depositary Account Number:
	  	  

			
		  	 Name of Agent Member:
	  	  

		
	 If in definitive form:
	  	
			
		  	Social Security Number or Other Identifying Number:	  	  

			
		  	 Name:
	  	  

			
		  	 Street Address:
	  	  

			
		  	 City, State and Zip Code:
	  	  

 Form of Assignment 

For value received, the undersigned registered Warrantholder of the within Warrant Certificate hereby sells, assigns and transfers unto
the Assignee(s) named below (including the undersigned with respect to any Warrants constituting a part of the Warrants evidenced by the within Warrant Certificate not being assigned hereby) all of the right, title and interest of the undersigned
under the within Warrant Certificate with respect to the number of Warrants set forth below. 
  

							
	 Name of Assignees
	 	Address	 	Number of Warrants	 	Social Security
Number or other
Identifying Number
		 		 		 	
		 		 		 	

 and does irrevocably constitute and appoint
[                    ], the undersigned’s attorney, to make such transfer on the books of the Company maintained for the purpose, with full
power of substitution in the premises. 
 Dated: 

 

			
	Warrantholder:	 	  

 
			
	By:	 	  

	Name:	 	  

	Title:	 	  

 Signature guaranteed by (if a guarantee is required):

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