Exhibit 10.1
FIRST AMENDMENT TO RESTRUCTURING SUPPORT AGREEMENT
This FIRST AMENDMENT TO RESTRUCTURING SUPPORT AGREEMENT (this “Amendment”), dated as
of June 10, 2011, is by and between Horizon Lines, Inc. (the “Parent”), a corporation duly
organized and existing under the laws of the State of Delaware, and all of its subsidiaries and any
successors thereto (collectively with the Parent, the “Company”) and the holder set forth
on the signature page (the “Exchanging Holder”) to the Amendment (as hereinafter defined)
of the 4.25% convertible senior notes due 2012 (the “Notes”) issued under the Indenture,
dated as of August 8, 2007 (as amended, supplemented, or modified from time to time, the
“Indenture”), by and between the Parent, as issuer, and The Bank of New York Trust Company,
N.A., as Trustee, in the aggregate principal amount of $330,000,000.00. The Exchanging Holder, the
Company, and each other person that becomes a party hereto in accordance with the terms hereof
shall be referred to herein individually as a “Party” and, collectively, as the
“Parties.” Capitalized terms not herein defined shall have the meanings set forth in the
RSA (as defined below). References herein to percentage of Exchanging Holders refer to the
principal amount of the Notes held by such Exchanging Holders.
RECITALS
WHEREAS, the Company and the Exchanging Holder are parties to that certain Restructuring
Support Agreement dated as of June 1, 2011 (as amended modified, or supplemented from time to time,
the “RSA”); and
WHEREAS, the Parties have agreed to amend the RSA in accordance with and subject to the terms
and conditions set forth herein.
AGREEMENT
NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties
hereto agree as follows:
1. Amendments to the RSA.
1.1 Section 3(b)(i) of the RSA is hereby amended by deleting the reference to “June 10, 2011”
and inserting in lieu thereof the reference to “June 17, 2011.”
1.2 The last paragraph of Section 3 of the RSA is hereby amended by deleting the reference to
“June 10, 2011” and inserting in lieu thereof the reference to “June 17, 2011.”
1.3 Section 4(b) of the RSA is hereby amended by deleting the reference to “June 10, 2011” and
inserting in lieu thereof the reference to “June 17, 2011.”
1.4 Section 5.1(d) of the RSA is hereby amended by deleting the reference to “June 10, 2011”
and inserting in lieu thereof the reference to “June 17, 2011.”
1.5 Section 5.2(b) of the RSA is hereby amended by deleting the reference to “June 10, 2011”
and inserting in lieu thereof the reference to “June 17, 2011.”
2. Effectiveness. This Amendment will be effective and binding upon the Company and the
undersigned Exchanging Holder as of the date (the “Amendment Effective Date”) on which: (i)
the Company shall have executed and delivered counterpart signature pages of this Amendment to
counsel to the Exchanging Holder and (ii) at least two-thirds of the Exchanging Holders shall have
executed and delivered counterpart signature pages of this Amendment to counsel to the Company.
3. Representations and Warranties. Each Party hereby represents and warrants that as of
the Amendment Effective Date, the representations and warranties contained in Section 8 of the RSA
are true and current in all material respects on and as of Amendment Effective Date (and after
giving pro forma effect to the Transactions) to the same extent as though made on and as of that
date, except to the extent such representations and warranties specifically relate to an earlier
date, in which case such representations and warranties shall have been true and correct in all
material respects on and as of such earlier date.
4. Effect Upon RSA. Except as specifically set forth herein, the RSA shall remain in full
force and effect and is hereby ratified and confirmed. The Parties hereto specifically acknowledge
and agree that the RSA, as hereby amended, is in full force and effect in accordance with its
respective terms and has not been modified, except pursuant to this Amendment. This Amendment shall
be deemed to be Definitive Documentation for all purposes under and in connection with the RSA and
the other Definitive Documentation and shall be binding upon and inure to the benefit of each of
the parties hereto and their respective successors and assigns. All references to the “RSA” in the
Definitive Documentation shall mean and refer to the RSA, as modified by this Amendment.
5. Counterparts. This Amendment may be executed in one or more counterparts, each of
which, when so executed, shall constitute the same instrument and the counterparts may be delivered
by facsimile transmission or by electronic mail in portable document format (.pdf).
6. Headings. The headings of the sections, paragraphs and subsections of this Amendment
are inserted for convenience only and shall not affect the interpretation hereof.
7. Governing Law. This Amendment shall be governed by, and construed in accordance with,
the laws of the State of New York, without regard to such state’s choice of law provisions which
would require the application of the law of any other jurisdiction.
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