Exhibit 10.1



 EXHIBIT 10.1 
 PHI, INC. 
 LONG-TERM INCENTIVE PLAN 

1. Purpose. The purpose of the PHI, Inc. Long-Term Incentive Plan (the “Plan”) is to increase stockholder value
and to advance the interests PHI, Inc. (“PHI”) and its subsidiaries (collectively with PHI, the “Company”) by furnishing equity-based economic incentives (the “Incentives”) designed to attract,
retain, reward, and motivate key employees, officers, and directors of the Company and consultants and advisors to the Company and to strengthen the mutuality of interests between service providers and PHI’s shareholders. Incentives consist of
opportunities to purchase or receive shares of PHI non-voting common stock, $0.10 par value per share (the “Non-Voting Stock”) or cash valued in relation to Non-Voting Stock, on terms determined under the Plan. As used in the Plan,
the term “subsidiary” means any corporation, limited liability company or other entity, of which PHI owns (directly or indirectly) within the meaning of section 424(f) of the Internal Revenue Code of 1986, as amended (the
“Code”), 50% or more of the total combined voting power of all classes of stock, membership interests or other equity interests issued thereby. 
 2. Administration. 
 2.1 Composition. The Plan shall generally be
administered by the Compensation Committee or a subcommittee thereof (the “Committee”) of the Board of Directors of PHI (the “Board”). The Committee shall consist of not fewer than two members of the Board, each of
whom shall (a) qualify as a “non-employee director” under Rule 16b-3 under the Securities Exchange Act of 1934 (the “1934 Act”) or any successor rule and (b) qualify as an “outside director” under
Section 162(m) of the Code (“Section 162(m)”). 
 2.2 Authority. The Committee shall have plenary
authority to award Incentives under the Plan, to determine the terms and conditions of the Incentives and to enter into agreements with or provide notices to participants as to the terms of the Incentives (the “Incentive
Agreements”). The Committee shall have the general authority to interpret the Plan, modify or waive the terms and conditions of previously granted Incentives (including accelerating exercisability or vesting and waiving performance
criteria), establish any rules or regulations relating to the Plan that it determines to be appropriate, and to make any other determination that it believes necessary or advisable for the proper administration of the Plan. Committee decisions in
matters relating to the Plan shall be final and conclusive on the Company, participants, and all other interested parties. The Committee may delegate its authority hereunder to the extent provided in Section 3. 

3. Eligible Participants. 
 3.1 Eligibility. Key employees, officers, and directors of the Company and persons providing services as consultants or advisors to the Company shall become eligible to receive Incentives under the
Plan when designated by the Committee. 
 3.2 Delegation of Authority. With respect to participants not subject to either
Section 16 of the 1934 Act or Section 162(m) of the Code, the Committee may delegate to appropriate officers of the Company its authority to designate participants, to determine the size








 
and type of Incentives to be received by those participants, and to set and modify the terms of such Incentives; provided, however, that the resolution so authorizing any such officer shall
specify the total number of Incentives such officer may so award and such actions shall be treated for all purposes as if taken by the Committee, and provided further that the per share exercise price of any options granted by an officer, rather
than by the Committee, shall be equal to the Fair Market Value (as defined in Section 13.10) of a share of Non-Voting Stock on the later of the date the officer approves such grant or the date the participant’s employment with or
service to the Company commences. 
 4. Types of Incentives. Incentives may be granted under the Plan to eligible
participants in the forms of (a) incentive stock options, (b) non-qualified stock options, (c) stock appreciation rights (“SARs”), (d) restricted stock, (e) restricted stock units (“RSUs”),
and (f) Other Stock-Based Awards (as defined in Section 10). 
 5. Shares Subject to the Plan.

 5.1 Number of Shares. Subject to adjustment as provided in Section 13.5, the maximum number of shares of
Non-Voting Stock that may be delivered to participants and their permitted transferees under the Plan shall be 750,000 shares. 

5.2 Share Counting. To the extent any shares of Non-Voting Stock covered by a stock option or SAR are not delivered to a
participant or permitted transferee because the Incentive is forfeited or canceled, or shares of Non-Voting Stock are not delivered because an Incentive is paid or settled in cash, such shares shall not be deemed to have been delivered for purposes
of determining the maximum number of shares of Non-Voting Stock available for delivery under this Plan. In the event that shares of Non-Voting Stock are issued as an Incentive and thereafter are forfeited or reacquired by the Company pursuant to
rights reserved upon issuance thereof, such forfeited and reacquired Shares may again be issued under the Plan. With respect to SARs, if the SAR is payable in shares of Non-Voting Stock, all shares to which the SARs relate are counted against the
Plan limits, rather than the net number of shares delivered upon exercise of the SAR. 
 5.3 Limitations on Awards.
Subject to adjustment as provided in Section 13.5, the following additional limitations are imposed under the Plan: 

(a) The maximum number of shares of Non-Voting Stock that may be issued upon exercise of stock options intended to qualify as incentive
stock options under Section 422 of the Code shall be 25,000 shares. 
 (b) The maximum number of shares of Non-Voting
Stock that may be covered by Incentives granted under the Plan to any one individual during any one fiscal-year period shall be 100,000. 
 (c) The maximum value of an Other Stock-Based Award that is valued in dollars (whether or not paid in Non-Voting Stock) scheduled to be paid out to any one participant in any fiscal year shall be
$900,000. 

  
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 5.4 Type of Non-Voting Stock. Non-Voting Stock issued under the Plan may be
authorized and unissued shares or issued shares held as treasury shares. 
 6. Stock Options. A stock option is a right
to purchase shares of Non-Voting Stock from PHI. Stock options granted under the Plan may be incentive stock options (as such term is defined in Section 422 of the Code) or non-qualified stock options. Any option that is designated as a
non-qualified stock option shall not be treated as an incentive stock option. Each stock option granted by the Committee under this Plan shall be subject to the following terms and conditions: 

6.1 Price. The exercise price per share shall be determined by the Committee, subject to adjustment under Section 13.5;
provided that in no event shall the exercise price be less than the Fair Market Value (as defined in Section 13.10) of a share of Non-Voting Stock on the date of grant, except in the case of a stock option granted in assumption of or
substitution for an outstanding award of a company acquired by the Company or with which the Company combines. In the event that an option grant is approved by the Committee, but is to take effect on a later date, such as when employment or service
commences, such later date shall be the date of grant. 
 6.2 Number. The number of shares of Non-Voting Stock subject to
the option shall be determined by the Committee, subject to Section 5 and subject to adjustment as provided in Section 13.5. 
 6.3 Duration and Time for Exercise. The term of each stock option shall be determined by the Committee, but shall not exceed a maximum term of ten years. Each stock option shall become exercisable
at such time or times during its term as shall be determined by the Committee. Notwithstanding the foregoing, the Committee may accelerate the exercisability of any stock option at any time, in addition to the automatic acceleration of stock options
under Section 12. 
 6.4 Repurchase. Upon approval of the Committee, the Company may repurchase a previously
granted stock option from a participant by mutual agreement before such option has been exercised by payment to the participant of the amount per share by which: (a) the Fair Market Value of the Non-Voting Stock subject to the option on the
business day immediately preceding the date of purchase exceeds (b) the exercise price, or by payment of such other mutually agreed upon amount; provided, however, that no such repurchase shall be permitted if prohibited by
Section 6.6. 
 6.5 Manner of Exercise. A stock option may be exercised, in whole or in part, by giving
written notice to the Company, specifying the number of shares of Non-Voting Stock to be purchased. The exercise notice shall be accompanied by the full purchase price for such shares. The option price shall be payable in United States dollars and
may be paid (a) in cash; (b) by check; (c) by delivery of or attestation of ownership of shares of Non-Voting Stock, which shares shall be valued for this purpose at the Fair Market Value on the business day immediately preceding the
date such option is exercised; (d) by delivery of irrevocable written instructions to a broker approved by the Company (with a copy to the Company) to immediately sell a portion of the shares, issuable under the option and to deliver promptly
to the Company the amount of 

  
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sale proceeds (or loan proceeds if the broker lends funds to the participant for delivery to the Company) to pay the exercise price; (e) if approved by the Committee, through a net exercise
procedure whereby the optionee surrenders the option in exchange for that number of shares of Non-Voting Stock with an aggregate Fair Market Value equal to the difference between the aggregate exercise price of the options being surrendered and the
aggregate Fair Market Value of the shares of Non-Voting Stock subject to the option; or (f) in such other manner as may be authorized from time to time by the Committee. 
 6.6 Repricing. Except for adjustments pursuant to Section 13.5 or actions permitted to be taken by the Committee under Section 12 in the event of a Change of Control, unless
approved by the stockholders of the Company, (a) the exercise or base price for any outstanding option or SAR granted under this Plan may not be decreased after the date of grant; and (b) an outstanding option or SAR that has been granted
under this Plan may not, as of any date that such option or SAR has a per share exercise price that is greater than the then current Fair Market Value of a share of Non-Voting Stock, be surrendered to the Company as consideration for the grant of a
new option or SAR with a lower exercise price, shares of restricted stock, restricted stock units, an Other Stock-Based Award, a cash payment, or Non-Voting Stock. 
 6.7 Incentive Stock Options. Notwithstanding anything in the Plan to the contrary, the following additional provisions shall apply to the grant of stock options that are intended to qualify as
incentive stock options (as such term is defined in Section 422 of the Code): 
 (a) Any incentive stock option agreement
authorized under the Plan shall contain such other provisions as the Committee shall deem advisable, but shall in all events be consistent with and contain or be deemed to contain all provisions required in order to qualify the options as incentive
stock options. 
 (b) All incentive stock options must be granted within ten years from the date on which this Plan is adopted
by the Board of Directors. 
 (c) No incentive stock options shall be granted to any non-employee or to any participant who, at
the time such option is granted, would own (within the meaning of Section 422 of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the employer corporation or of its parent or subsidiary
corporation. 
 (d) The aggregate Fair Market Value (determined with respect to each incentive stock option as of the time such
incentive stock option is granted) of the Non-Voting Stock with respect to which incentive stock options are exercisable for the first time by a participant during any calendar year (under the Plan or any other plan of PHI or any of its
subsidiaries) shall not exceed $100,000. To the extent that such limitation is exceeded, the excess options shall be treated as non-qualified stock options for federal income tax purposes. 

  
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 7. Stock Appreciation Rights. 

7.1 Grant of Stock Appreciation Rights. A stock appreciation right, or SAR, is a right to receive, without payment to the Company,
a number of shares of Non-Voting Stock, cash, or any combination thereof, the number or amount of which is determined pursuant to the formula set forth in Section 7.5. Each SAR granted by the Committee under the Plan shall be subject to
the terms and conditions of the Plan and the applicable Incentive Agreement. 
 7.2 Number. Each SAR granted to any
participant shall relate to such number of shares of Non-Voting Stock as shall be determined by the Committee, subject to adjustment as provided in Section 13.5. 
 7.3 Duration and Time for Exercise. The term of each SAR shall be determined by the Committee, but shall not exceed a maximum term of ten years. Each SAR shall become exercisable at such time or
times during its term as shall be determined by the Committee. Notwithstanding the foregoing, the Committee may accelerate the exercisability of any SAR at any time in its discretion in addition to the automatic acceleration of SARs under
Section 12. 
 7.4 Exercise. A SAR may be exercised, in whole or in part, by giving written notice to the
Company, specifying the number of SARs that the holder wishes to exercise. The date that the Company receives such written notice shall be referred to herein as the “Exercise Date.” The Company shall, within 30 days of an Exercise
Date, deliver to the exercising holder certificates for, or other evidence of ownership of, the shares of Non-Voting Stock to which the holder is entitled pursuant to Section 7.5 or cash or both, as provided in the Incentive Agreement.

 7.5 Payment. 
 (a) The number of shares of Non-Voting Stock which shall be issuable upon the exercise of a SAR payable in Non-Voting Stock shall be determined by dividing: 

(i) the number of shares of Non-Voting Stock as to which the SAR is exercised, multiplied by the amount of the
appreciation in each such share (for this purpose, the “appreciation” shall be the amount by which the Fair Market Value (as defined in Section 13.10) of a share of Non-Voting Stock subject to the SAR on the trading day prior
to the Exercise Date exceeds the “Base Price,” which is an amount, not less than the Fair Market Value of a share of Non-Voting Stock on the date of grant, which shall be determined by the Committee at the time of grant, subject to
adjustment under Section 13.5); by 
 (ii) the Fair Market Value of a share of Non-Voting Stock on
the Exercise Date. 
 (b) No fractional shares of Non-Voting Stock shall be issued upon the exercise of a SAR; instead, the
holder of a SAR shall be entitled to purchase the portion necessary to make a whole share at its Fair Market Value on the Exercise Date. 
 (c) If so provided in the Incentive Agreement, a SAR may be exercised for cash equal to the Fair Market Value of the shares of Non-Voting Stock that would be issuable under this Section 7.5,
if the exercise had been for Non-Voting Stock. 
 8. Restricted Stock. 

  
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 8.1 Grant of Restricted Stock. The Committee may award shares of restricted stock to
such eligible participants as determined pursuant to the terms of Section 3. An award of restricted stock shall be subject to such restrictions on transfer and forfeitability provisions and such other terms and conditions, including the
attainment of specified performance goals, as the Committee may determine, subject to the provisions of the Plan. To the extent restricted stock is intended to qualify as “performance-based compensation” under Section 162(m), it must
be granted subject to the attainment of performance goals as described in Section 11 below and meet the additional requirements imposed by Section 162(m). 
 8.2 The Restricted Period. At the time an award of restricted stock is made, the Committee shall establish a period of time during which the transfer of the shares of restricted stock shall be
restricted and after which the shares of restricted stock shall be vested (the “Restricted Period”). Each award of restricted stock may have a different Restricted Period. 

8.3 Escrow. The participant receiving restricted stock shall enter into an Incentive Agreement with the Company setting forth the
conditions of the grant. Any certificates representing shares of restricted stock shall be registered in the name of the participant and deposited with the Company, together with a stock power endorsed in blank by the participant. Each such
certificate shall bear a legend in substantially the following form: 
 The transferability of this certificate and the shares of
non-voting common stock represented by it are subject to the terms and conditions (including conditions of forfeiture) contained in the PHI, Inc. Long-Term Incentive Plan (the “Plan”), and an agreement entered into between the
registered owner and PHI, Inc. thereunder. Copies of the Plan and the agreement are on file at the principal office of PHI, Inc. 
 Alternatively, in the discretion of the Company, ownership of the shares of restricted stock and the appropriate restrictions shall be reflected in the records of the Company’s transfer agent and no
physical certificates shall be issued prior to vesting. 
 8.4 Dividends on Restricted Stock. Any and all cash and stock
dividends paid with respect to the shares of restricted stock shall be subject to any restrictions on transfer, forfeitability provisions or reinvestment requirements as the Committee may, in its discretion, prescribe in the Incentive Agreement.

 8.5 Forfeiture. In the event of the forfeiture of any shares of restricted stock under the terms provided in the
Incentive Agreement (including any additional shares of restricted stock that may result from the reinvestment of cash and stock dividends, if so provided in the Incentive Agreement), such forfeited shares shall be surrendered and any certificates
cancelled. The participants shall have the same rights and privileges, and be subject to the same forfeiture provisions, with respect to any additional shares received pursuant to Section 13.5 due to a recapitalization or other change in
capitalization. 
 8.6 Expiration of Restricted Period. Upon the expiration or termination of the Restricted Period and
the satisfaction of any other conditions prescribed by the Committee, the restrictions applicable to the restricted stock shall lapse and, unless otherwise instructed by the 

  
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participant, a stock certificate for the number of shares of restricted stock with respect to which the restrictions have lapsed shall be delivered, free of all such restrictions and legends,
except any that may be imposed by law, to the participant or the participant’s estate, as the case may be. 
 8.7 Rights
as a Stockholder. Subject to the terms and conditions of the Plan and subject to any restrictions on the receipt of dividends that may be imposed in the Incentive Agreement, each participant receiving restricted stock shall have all the rights
of a holder of Non-Voting Stock with respect to such shares during the Restricted Period. 
 9. Restricted Stock Units.

 9.1 Grant of Restricted Stock Units. A restricted stock unit, or RSU, represents the right to receive from the Company
on the respective scheduled vesting or payment date for such RSU, one share of Non-Voting Stock. An award of RSUs may be subject to the attainment of specified performance goals or targets, forfeitability provisions and such other terms and
conditions as the Committee may determine, subject to the provisions of the Plan. To the extent an award of RSUs is intended to qualify as performance-based compensation under Section 162(m), it must be granted subject to the attainment of
performance goals as described in Section 11 and meet the additional requirements imposed by Section 162(m). 

9.2 Vesting Period. At the time an award of RSUs is made, the Committee shall establish a period of time during which the
restricted stock units shall vest (the “Vesting Period”). Each award of RSUs may have a different Vesting Period. 
 9.3 Dividend Equivalent Accounts. Subject to the terms and conditions of this Plan and the applicable Incentive Agreement, as well as any procedures established by the Committee, the Committee may
determine to pay dividend equivalent rights with respect to RSUs, in which case, unless determined by the Committee to be paid currently, the Company shall establish an account for the participant and reflect in that account any securities, cash or
other property comprising any dividend or property distribution with respect to the share of Non-Voting Stock underlying each RSU. The participant shall have rights to the amounts or other property credited to such account, subject to any
restrictions contained in this Plan and the applicable Incentive Agreement. 
 9.4 Rights as a Stockholder. Subject to the
restrictions imposed under the terms and conditions of this Plan and subject to any other restrictions that may be imposed in the Incentive Agreement, each participant receiving restricted stock units shall have no rights as a stockholder with
respect to such restricted stock units until such time as shares of Non-Voting Stock are issued to the participant. 
 10.
Other Stock-Based Awards. 
 10.1 Grant of Other Stock-Based Awards. Subject to the limitations described in
Section 10.2 hereof, the Committee may grant to eligible participants “Other Stock-Based Awards,” which shall consist of awards (other than options, SARs, restricted stock, or RSUs described in Sections 6 through
9 hereof) paid out in shares of Non-Voting Stock or the value of which is based in whole or in part on the value of shares of Non-Voting Stock. Other Stock-Based Awards may be awards of shares of Non-Voting Stock, awards of phantom stock, or
may 

  
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be denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, shares of, or appreciation in the value of, Non-Voting Stock (including, without
limitation, securities convertible or exchangeable into or exercisable for shares of Non-Voting Stock), as deemed by the Committee consistent with the purposes of this Plan. The Committee shall determine the terms and conditions of any Other
Stock-Based Award (including which rights of a stockholder, if any, the recipient shall have with respect to Non-Voting Stock associated with any such award) and may provide that such award is payable in whole or in part in cash. An Other
Stock-Based Award may be subject to the attainment of such specified performance goals or targets as the Committee may determine, subject to the provisions of this Plan. To the extent that an Other Stock-Based Award is intended to qualify as
“performance-based compensation” under Section 162(m), it must be granted subject to the attainment of performance goals as described in Section 11 below and meet the additional requirements imposed by Section 162(m).

 10.2 Limitations. An acceleration of the expiration of an applicable vesting period shall occur (i) as provided
under Section 13.3 in the event of termination of employment under the circumstances provided in the Incentive Agreement and (ii) as described in Section 12 in the event of a Change of Control of the Company. 

11. Performance Goals for Section 162(m) Awards. To the extent that shares of restricted stock, RSUs, or Other Stock-Based
Awards granted under the Plan are intended to qualify as “performance-based compensation” under Section 162(m), the vesting, grant, or payment of such awards shall be conditioned on the achievement of one or more performance goals and
must satisfy the other requirements of Section 162(m). The performance goals pursuant to which such awards shall vest, be granted, or be paid out shall be any or a combination of the following performance measures applied to the Company, PHI, a
division, segment, department, business unit, or a subsidiary: earnings per share; earnings or earnings before interest, taxes, depreciation, and amortization (“EBITDA”); EBITDA divided by revenues; earnings before interest, taxes,
depreciation, and amortization and rentals (“EBITDAR”); EBITDAR divided by revenues; an economic value-added measure; stock price; shareholder return; return on shareholder equity; return on assets; return on capital employed; return on
total capital; return on assets or net assets; revenue; reduction of expenses; free cash flow; operating cash flow; income, pre-tax income, or net income; operating income or net operating income; gross profit; operating profit or net operating
profit; operating margin or profit margin; return on operating revenue; return on invested capital; market segment share; safety performance; achievement of business or operational goals such as market share, customer growth, customer satisfaction,
new product or services revenue, or business development; or strategic business criteria, consisting of one or more objectives based on meeting specified revenue, market share, market penetration, or geographic business expansion goals,
objectively-identified project milestones, cost targets, and goals relating to acquisitions or divestitures. For any performance period, such performance objectives may be measured on an absolute basis or relative to a group of peer companies
selected by the Committee, relative to internal goals or relative to levels attained in prior years. The performance goals may be subject to such adjustments as are specified in advance by the Committee in accordance with Section 162(m).

 12. Change of Control. 

  
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 12.1 Definitions. As used in this Section 12, the following words or
terms shall have the meanings indicated: 
 (a) Approval Date shall mean the date of the Board’s approval of this
Plan. 
 (b) Beneficial Owner (and variants thereof), with respect to a security shall mean a Person who, directly or
indirectly (through any contract, understanding, relationship, or otherwise), has or shares (i) the power to vote, or direct the voting of, the security, and/or (ii) the power to dispose of, or to direct the disposition of, the security.

 (c) Business Combination shall mean the consummation of a reorganization, merger, or consolidation (including a merger
or consolidation of the Company or any direct or indirect subsidiary of the Company), or sale or other disposition of all or substantially all of the assets of PHI. 
 (d) Change of Control Value shall equal the amount determined by whichever of the following items is applicable: 

(i) the per share price to be paid to holders of Non-Voting Stock in any such merger, consolidation, or other
reorganization; 
 (ii) the price per share offered to holders of Non-Voting Stock in any tender offer or
exchange offer whereby a Change of Control takes place; 
 (iii) in all other events, the Fair Market Value per
share of Non-Voting Stock into which such options or SARs being converted are exercisable or right to receive Non-Voting Stock is to be settled, as determined by the Committee as of the date determined by the Committee to be the date of conversion
of such options; or 
 (iv) in the event that the consideration offered to holders of Non-Voting Stock in any
transaction described in this Section 12 consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration offered that is other than cash. 

(e) Incumbent Board shall mean the individuals who, as of the Approval Date, constitute the Board. 

(f) Person shall mean a natural person or company, and shall also mean the group or syndicate created when two or more Persons act
as a syndicate or other group (including, without limitation, a partnership or limited partnership) for the purpose of acquiring, holding, or disposing of a security, except that Person shall not include an underwriter temporarily holding a security
pursuant to an offering of the security. 
 (g) Post-Transaction Corporation. 

  
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 (i) Unless a Change of Control includes a Business Combination,
Post-Transaction Corporation shall mean PHI after the Change of Control. 
 (ii) If a Change of Control includes
a Business Combination, Post-Transaction Corporation shall mean the corporation resulting from such Business Combination, including a corporation which as a result of such transaction owns PHI or all or substantially all of PHI’s assets either
directly or through one or more subsidiaries. 
 12.2 Change of Control Defined. Unless otherwise provided in an Incentive
Agreement, Change of Control shall mean: 
 (a) the acquisition by any Person of Beneficial Ownership of more than 50 percent of
the outstanding shares of PHI voting common stock, $0.10 par value per share (the “Voting Stock”); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change of Control:

 (i) any acquisition of Voting Stock directly from PHI, 

(ii) any acquisition of Voting Stock by PHI, 

(iii) any acquisition of Voting Stock by any employee benefit plan, including without limitation an employee stock
ownership plan (or related trust) sponsored or maintained by PHI or any corporation controlled by PHI, or 
 (iv)
any acquisition of Voting Stock by any corporation or entity pursuant to a transaction that does not constitute a Change of Control under Section 12.2(b); or 
 (b) a Business Combination, in each case, unless, following such Business Combination, all or substantially all of the Persons who were the Beneficial Owners of PHI’s outstanding common stock
(“Common Stock,” including but not limited to Non-Voting Stock and Voting Stock) and PHI’s voting securities entitled to vote generally in the election of directors immediately prior to such Business Combination have direct or
indirect Beneficial Ownership, respectively, of more than 50 percent of the then-outstanding shares of Common Stock, and more than 50 percent of the combined voting power of the then-outstanding voting securities entitled to vote generally in the
election of directors, of the Post-Transaction Corporation; or 
 (c) approval by the shareholders of PHI of a plan of complete
liquidation or dissolution of PHI. 
 12.3 Effect of a Change of Control. 

(a) Unless otherwise provided in the applicable Incentive Agreement, immediately prior to the consummation of any Change of Control, all
outstanding Incentives granted pursuant to the Plan shall automatically become fully vested and exercisable, all restrictions or limitations on any Incentives shall lapse and all performance criteria and other conditions relating to the payment of
Incentives shall be deemed to be achieved or waived by PHI without the necessity of action by any Person. 

  
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 (b) As used in this Section 12.3, “immediately prior” to the Change
of Control shall mean sufficiently in advance of the Change of Control to permit the grantee to take all steps reasonably necessary (i) to exercise any option or SAR fully, and (ii) to deal with the shares purchased or acquired under any
Incentive so that all such shares may be treated in the same manner in connection with the Change of Control as the shares of Non-Voting Stock of other shareholders. 
 12.4 Committee Discretion to Set Terms of Exercise or Exchange. No later than 30 days after the approval by the Board of a Change of Control of the types described in subsections (b) or
(c) of Section 12.2 and no later than 30 days after a Change of Control of the type described in subsection (a) of Section 12.2, the Committee (as the Committee was composed immediately prior to such Change of
Control and notwithstanding any removal or attempted removal of some or all of the members thereof as directors or Committee members), acting in its sole discretion without the consent or approval of any participant, may act to effect one or more of
the alternatives listed below and such act by the Committee may not be revoked or rescinded by persons not members of the Committee immediately prior to the Change of Control: 
 (a) accelerate the vesting of any Incentives which did not automatically accelerate under the terms of this Plan and/or the applicable Incentive Agreement; 

(b) require that all outstanding options and SARs be exercised on or before a specified date (before or after such Change of Control)
fixed by the Committee, after which specified date all unexercised options and SARs shall terminate, 
 (c) make such equitable
adjustments to Incentives then-outstanding as the Committee deems appropriate to reflect such Change of Control (provided, however, that the Committee may determine in its sole discretion that no adjustment is necessary), 

(d) provide for mandatory conversion of some or all of the outstanding options, SARs, or rights to received Non-Voting Stock granted
under the Plan held by some or all participants as of a date, before or after such Change of Control, specified by the Committee, in which event such options, SARs and rights shall be deemed automatically cancelled and the Company shall pay, or
cause to be paid, to each such participant an amount of cash per share equal to the excess, if any, of the Change of Control Value of the shares subject to such option, SAR, or right, as defined and calculated above, over the exercise price(s) of
such options, SARs, or rights, if any, or, in lieu of such cash payment, the issuance of Non-Voting Stock or securities of an acquiring entity having a Fair Market Value equal to such excess, or 

(e) provide that thereafter, upon any exercise of an option or SAR or the settlement of any other right to receive Non-Voting Stock, the
participant shall be entitled to purchase under such option or SAR, or receive in settlement of such right, in lieu of the number of shares of Non-Voting Stock then covered by such option, SAR, or right, the number and class


  
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of shares of stock or other securities or property (including, without limitation, cash) to which the participant would have been entitled pursuant to the terms of the agreement providing for the
reorganization, merger, consolidation, or asset sale, if, immediately prior to such Change of Control, the participant had been the holder of record of the number of shares of Non-Voting Stock then covered by such options, SARs, and rights.

 13. General. 
 13.1 Duration. No Incentives may be granted under the Plan after May 4, 2022; provided, however, that subject to Section 13.9, the Plan shall remain in effect after such date with
respect to Incentives granted prior to that date, until all such Incentives have either been satisfied by the issuance of shares of Non-Voting Stock or otherwise been terminated under the terms of the Plan and all restrictions imposed on shares of
Non-Voting Stock in connection with their issuance under the Plan have lapsed. 
 13.2 Transferability. No Incentives
granted hereunder may be transferred, pledged, assigned or otherwise encumbered by a participant except: (a) by will; (b) by the laws of descent and distribution; (c) if permitted by the Committee and so provided in the Incentive
Agreement or an amendment thereto, pursuant to a domestic relations order, as defined in the Code; or (d) as to options only, if permitted by the Committee and so provided in the Incentive Agreement or an amendment thereto, (i) to
Immediate Family Members, (ii) to a partnership in which the participant and/or Immediate Family Members, or entities in which the participant and/or Immediate Family Members are the sole owners, members or beneficiaries, as appropriate, are
the sole partners, (iii) to a limited liability company in which the participant and/or Immediate Family Members, or entities in which the participant and/or Immediate Family Members are the sole owners, members or beneficiaries, as
appropriate, are the sole members, or (iv) to a trust for the sole benefit of the participant and/or Immediate Family Members. “Immediate Family Members” shall be defined as the spouse and natural or adopted children or
grandchildren of the participant and their spouses. To the extent that an incentive stock option is permitted to be transferred during the lifetime of the participant, it shall be treated thereafter as a nonqualified stock option. Any attempted
assignment, transfer, pledge, hypothecation or other disposition of Incentives, or levy of attachment or similar process upon Incentives not specifically permitted herein, shall be null and void and without effect. 

13.3 Effect of Termination of Employment or Death. In the event that a participant ceases to be an employee of the Company or to
provide services to the Company for any reason, including death, disability, early retirement or normal retirement, any Incentives may be exercised, shall vest or shall expire at such times as may be determined by the Committee and provided in the
Incentive Agreement. 
 13.4 Additional Conditions. Anything in this Plan to the contrary notwithstanding: (a) the
Company may, if it shall determine it necessary or desirable for any reason, at the time of award of any Incentive or the issuance of any shares of Non-Voting Stock pursuant to any Incentive, require the recipient of the Incentive, as a condition to
the receipt thereof or to the receipt of shares of Non-Voting Stock issued pursuant thereto, to deliver to the Company a written representation of present intention to acquire the Incentive or the shares of Non-Voting Stock issued pursuant thereto
for his own account for investment and not for 

  
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distribution; and (b) if at any time the Company further determines, in its sole discretion, that the listing, registration or qualification (or any updating of any such document) of any
Incentive or the shares of Non-Voting Stock issuable pursuant thereto is necessary on any securities exchange or under any federal or state securities or blue sky law, or that the consent or approval of any governmental regulatory body is necessary
or desirable as a condition of, or in connection with the award of any Incentive, the issuance of shares of Non-Voting Stock pursuant thereto, or the removal of any restrictions imposed on such shares, such Incentive shall not be awarded or such
shares of Non-Voting Stock shall not be issued or such restrictions shall not be removed, as the case may be, in whole or in part, unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any
conditions not acceptable to the Company. 
 13.5 Adjustment. In the event of any recapitalization, reclassification,
stock dividend, stock split, combination of shares or other similar change in the Non-Voting Stock, the number of shares of Non-Voting Stock then subject to the Plan, including shares subject to outstanding Incentives, and any and all other
limitations provided in the Plan limiting the number of shares of Non-Voting Stock that may be issued hereunder, shall be adjusted in proportion to the change in outstanding shares of Non-Voting Stock. In the event of any such adjustments, the price
of any option, the Base Price of any SAR and the performance objectives of any Incentive shall also be adjusted to provide participants with the same relative rights before and after such adjustment. No substitution or adjustment shall require the
Company to issue a fractional share under the Plan and the substitution or adjustment shall be limited by deleting any fractional share. 
 13.6 Withholding. 
 (a) The Company shall have the right to withhold from
any payments made or stock issued under the Plan or to collect as a condition of payment, issuance or vesting, any taxes required by law to be withheld. At any time that a participant is required to pay to the Company an amount required to be
withheld under applicable income tax laws in connection with an Incentive, the participant may, with the prior approval of the Committee, subject to Section 13.6(b) below, satisfy this obligation in whole or in part by electing (the
“Election”) to deliver currently owned shares of Non-Voting Stock or to have the Company withhold shares of Non-Voting Stock, in each case having a value equal to the minimum statutory amount required to be withheld under federal,
state and local law. The value of the shares to be delivered or withheld shall be based on the Fair Market Value of the Non-Voting Stock on the date that the amount of tax to be withheld shall be determined (“Tax Date”). 

(b) Each Election must be made prior to the Tax Date. If a participant makes an election under Section 83(b) of the Code with
respect to shares of restricted stock, an Election to have shares withheld to satisfy withholding taxes is not permitted to be made. 
 13.7 No Continued Employment. No participant under the Plan shall have any right, because of his or her participation, to continue in the employ of the Company for any period of time or to any
right to continue his or her present or any other rate of compensation. 

  
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 13.8 Deferral Permitted. Payment of an Incentive may be deferred at the option of the
participant if permitted in the Incentive Agreement. Any deferral arrangements shall comply with Section 409A of the Code. 

13.9 Amendments to or Termination of the Plan. The Board may amend or discontinue this Plan at any time; provided, however, that no
such amendment may: 
 (a) amend Section 6.6 to permit repricing of options or SARs without the approval of
stockholders; 
 (b) materially impair, without the consent of the recipient, an Incentive previously granted, except that the
Company retains all of its rights under Section 12; or 
 (c) materially revise the Plan without the approval of
the stockholders. A material revision of the Plan includes (i) except for adjustments permitted herein, a material increase to the maximum number of shares of Non-Voting Stock that may be issued through the Plan, (ii) a material increase
to the benefits accruing to participants under the Plan, (iii) a material expansion of the classes of persons eligible to participate in the Plan, (iv) an expansion of the types of awards available for grant under the Plan, (v) a
material extension of the term of the Plan and (vi) a material change that reduces the price at which shares of Non-Voting Stock may be offered through the Plan. 
 13.10 Definition of Fair Market Value. Whenever “Fair Market Value” of Non-Voting Stock shall be determined for purposes of this Plan, except as provided below in connection with a
cashless exercise through a broker, it shall be determined as follows: (i) if the Non-Voting Stock is listed on an established stock exchange or any automated quotation system that provides sale quotations, the closing sale price for a share of
the Non-Voting Stock on such exchange or quotation system on the date as of which fair market value is to be determined, (ii) if the Non-Voting Stock is not listed on any exchange or quotation system, but bid and asked prices are quoted and
published, the mean between the quoted bid and asked prices on the date as of which fair market value is to be determined, and if bid and asked prices are not available on such day, on the next preceding day on which such prices were available; and
(iii) if the Non-Voting Stock is not regularly quoted, the fair market value of a share of Non-Voting Stock on the date as of which fair market value is to be determined, as established by the Committee in good faith. In the context of a
cashless exercise through a broker, the “Fair Market Value” shall be the price at which the Non-Voting Stock subject to the stock option is actually sold in the market to pay the option exercise price. 

  
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