Document:

EXHIBIT 10.1

 

REYNOLDS AMERICAN INC.

LONG-TERM INCENTIVE PROGRAM

_________________________________________

 

PERFORMANCE SHARE AGREEMENT

________________________________________

 

DATE OF GRANT:  [[GRANT DATE]]

 

1.    Grant.  Pursuant to the provisions of the Reynolds American Inc. Amended and Restated 2009 Omnibus Incentive Compensation Plan (the “Plan”), Reynolds American Inc. (the “Company”) on the date set forth above, has granted to

 

[[FIRST NAME]] [[LAST NAME]] (the “Grantee”),

 

subject to the terms and conditions which follow and the terms and conditions of the Plan, an initial grant (the “Target Number”) of

 

[[SHARES GRANTED]]  Performance Shares.

 

A copy of the Plan has been provided to the Grantee and is made part of this Performance Share Agreement (this “Agreement”) with the same force and effect as if set forth in this Agreement itself.  All capitalized terms used in this Agreement shall have the meaning set forth in the Plan, unless otherwise defined in this Agreement.

 

2.Value.  Each Performance Share shall be equal in value to one share of common stock, par value $0.0001 per share, of the Company or any security or other consideration into which such share may be changed by reason of any transaction or event of the type referred to in Section 11 of the Plan (each, a “Share”).

 

3.    Scoring.  (a) Subject to the terms and conditions of this Agreement, the Performance Shares shall have a three-year performance period, consisting of the Company’s fiscal years 2015, 2016 and 2017 (the “Performance Period”), after which the number of Performance Shares earned (the “Earned Number”) will be determined as provided below, and when vested, will be paid in Shares.

 

       (b)  If the Company fails to pay to its shareholders cumulative dividends of at least $8.04 per Share (the “Dividend Threshold”) for the Performance Period (which would exclude the dividend paid on January 2, 2015, but would include the dividend paid on January 2, 2018), then the Target Number shall be reduced by an amount equal to three times the percentage of the dividend underpayment for the Performance Period, up to a maximum Target Number reduction of 50% (the “Revised Target Number”).

      

(c)  At the end of the Performance Period, after determining if the Dividend Threshold has been met, the Earned Number shall be determined by multiplying the Target Number, or Revised Target Number if the Dividend Threshold has not been met, by the average score for the Company under the Reynolds American Inc. Annual Incentive Award Program (such program, and any successor plan or program thereto, “AIAP”) for fiscal years 2015, 2016 and 2017; provided, however, that such three-year average score shall in no event be greater than 

 

 

150%; and provided, further, that the value of the Earned Number of Performance Shares that vest as provided in Section 4 of this Agreement, and are paid as provided in Section 5 of this Agreement, shall not exceed any maximum limits set by the Board of Directors pursuant to its resolutions adopted on February 5, 2015, or otherwise contained in the Plan.

 

     (d)Notwithstanding anything in Section 3 of this Agreement to the contrary, in the event of a Change of Control prior to the end of the Performance Period, the Earned Number shall be equal to the product of (i) the Target Number and (ii) the average of the following:  (x) the score for the Company under the AIAP for each fiscal year of the Performance Period ending prior to the date of such Change of Control, and (y) a score of 100% for each fiscal year of the Performance Period ending after the date of such Change of Control (the “Change of Control Earned Number”).

 

4.    Vesting.  (a) Subject to the terms and conditions of this Agreement, the Earned Number of Performance Shares shall vest on March 2, 2018 (the “Normal Vesting Date”), if the Grantee remains employed by the Company or a subsidiary of the Company on such date.

 

       (b)  Notwithstanding anything in Section 4(a) of this Agreement to the contrary but subject to the other terms of this Agreement, in the event of (i) the Grantee’s Retirement (as such term is defined below) or (ii) the Grantee’s involuntary Termination of Employment where the Grantee is eligible for and accepts severance benefits under a Company-sponsored severance plan or agreement with the Company (with eligibility for severance benefits to be determined in the sole discretion of the Company), in either case, prior to the Normal Vesting Date, the number of Performance Shares that will vest on the Normal Vesting Date shall be equal to the product of (x) the Earned Number and (y) a fraction, the numerator of which shall be the number of days between the Date of Grant and the date of the Grantee’s Retirement or involuntary Termination of Employment, as applicable, and the denominator of which shall be the number of days between the Date of Grant and the Normal Vesting Date, and the remaining Performance Shares will be forfeited and cancelled on the Normal Vesting Date.  For purposes of this Agreement, the term “Retirement” shall mean the Grantee’s voluntary Termination on or after his or her 65th birthday, on or after his or her 55th birthday with 10 or more years of service with the Company or a subsidiary of the Company, or on or after his or her 50th birthday with 20 or more years of service with the Company or a subsidiary of the Company.

 

(c)  Notwithstanding anything in Section 4(a) of this Agreement to the contrary but subject to the other terms of this Agreement, in the event of (i) the Grantee’s death or (ii) the Grantee’s Permanent Disability (as such term is defined in the Company’s Long-Term Disability Plan), in either case, prior to the Normal Vesting Date and while the Grantee is an active employee of the Company or a subsidiary of the Company, the number of Performance Shares that will vest on the date of the Grantee’s death or Permanent Disability, as applicable, shall be equal to the product of (x) the Target Number and (y) a fraction, the numerator of which shall be the number of days between the Date of Grant and the date of the Grantee’s death or Permanent Disability, as applicable, and the denominator of which shall be the number of days between the Date of Grant and the Normal Vesting Date, and the remaining Performance Shares will be forfeited and cancelled on the date of the Grantee’s death or Permanent Disability, as applicable.

 

(d)  Notwithstanding anything in Section 4(a) of this Agreement to the contrary but subject to the other terms of this Agreement, in the event of a Change of Control prior to the Normal Vesting Date and while the Grantee is an active employee of the Company or a 

 

 

subsidiary of the Company, the number of Performance Shares that will vest on the date of such Change of Control shall be equal to the product of (i) the higher of (x) the Target Number and (y) the Change of Control Earned Number, and (ii) a fraction, the numerator of which shall be the number of days between the Date of Grant and the date of the Change of Control, and the denominator of which shall be the number of days between the Date of Grant and the Normal Vesting Date, and the remaining Performance Shares will be forfeited and cancelled on the date of such Change of Control.

 

(e)  Notwithstanding anything in Section 4 of this Agreement to the contrary but subject to the other terms of this Agreement, in the event of the Grantee’s (i) voluntary Termination of Employment (other than at Retirement), (ii) involuntary Termination of Employment where the Grantee is not eligible for severance benefits under a Company-sponsored severance plan or agreement with the Company (including, without limitation, a Termination of Employment for Cause, as such term is defined in the relevant severance plan or agreement) or (iii) involuntary Termination of Employment where the Grantee is eligible for but does not accept the severance benefits under the relevant Company-sponsored severance plan or agreement with the Company, in each case, prior to the Normal Vesting Date, the Performance Shares shall be immediately forfeited and cancelled.

 

5.Payment.  (a)  Payment of vested Performance Shares shall be made only in Shares.  At the Company’s sole discretion, such Shares may be issued in certificated or book-entry form.

 

(b)  Except as set forth in Section 5(c) of this Agreement, or except under such other circumstances as the Committee deems appropriate if the Grantee is not a “Covered Employee” within the meaning of Section 162(m) of the Internal Revenue Code, no payment of vested Performance Shares shall be made to the Grantee prior to the Normal Vesting Date.  Except as otherwise provided by this Agreement, payment of vested Performance Shares shall be made as soon as practicable following the Normal Vesting Date, and in any event no later than March 15, 2019.

 

(c)  In the event of a Change of Control, the Grantee’s death or the Grantee’s Permanent Disability, in each case prior to the Normal Vesting Date and while the Grantee is an active employee of the Company or a subsidiary of the Company, the payment of vested Performance Shares shall be made as soon as practicable after such event occurs, and in any case no later than March 15 after the end of the year in which such event occurs.

 

(d)  In the event of the death of the Grantee while the Grantee is an active employee of the Company or a subsidiary of the Company, any payment to which the Grantee is entitled under this Agreement shall be made to the beneficiary designated by the Grantee to receive the proceeds of any noncontributory group life insurance coverage provided for the Grantee by the Company or a subsidiary of the Company (such life insurance coverage, “Group Life Insurance Coverage,” and such beneficiary, a “Designated Beneficiary”).  If no designation of beneficiary has been made by the Grantee under the Group Life Insurance Coverage, distribution upon the Grantee’s death shall be made in accordance with the provisions of the Group Life Insurance Coverage.  

 

       (e) In the event of the death of the Grantee while the Grantee is no longer an active employee of the Company or a subsidiary of the Company, but at a time while the Grantee continues to have Group Life Insurance Coverage, any payment to which the Grantee is entitled 

 

 

under this Agreement shall be made to the Designated Beneficiary.  If no designation of beneficiary has been made by the Grantee under the Group Life Insurance Coverage, distribution shall be made in accordance with the provisions of the Group Life Insurance Coverage.  In the event of the death of the Grantee while the Grantee is no longer an active employee of the Company or a subsidiary of the Company, and at a time while the Grantee no longer has Group Life Insurance Coverage, distribution shall be made to the Grantee’s estate.

 

(f)  For purposes of Sections 5(d) and 5(e), (i) if the Designated Beneficiary predeceases the Grantee, distribution shall be made in accordance with the provisions of the Group Life Insurance Coverage, and (ii) if the Designated Beneficiary survives the Grantee but dies before payment is made, distribution shall be made to the Designated Beneficiary’s estate.  

 

6.Termination of Employment.  For purposes of this Agreement, the term “Termination of Employment” shall mean termination from active employment with the Company or a subsidiary of the Company; it does not mean the termination of pay and benefits at the end of a period of salary continuation (or other form of severance pay or pay in lieu of salary).

7.Dividend Equivalent Payment.  At the time of the payment of any vested Performance Shares, the Grantee shall receive a cash dividend equivalent payment in an amount equal to the product of (a) the Earned Number and (b) the aggregate amount of dividends per share declared and paid to the Company’s shareholders on Shares during the period from the Date of Grant through the date of the payment of the Performance Shares, without interest (the “Actual Dividends Paid”); provided, however, that in the event that Section 4(b), 4(c) or 4(d) applies, the amount of the dividend equivalent payment to the Grantee shall be equal to the product of (i) the number of Performance Shares in which the Grantee becomes vested pursuant to Section 4(b), 4(c) or 4(d) of this Agreement, as applicable, and (ii) the Actual Dividends Paid.  Notwithstanding anything in Section 7 of this Agreement to the contrary, to the extent the payment of the vested Performance Shares occurs after both the date a dividend has been declared by the Company and the record date for such dividend, but prior to the dividend payment date related thereto, the amount of the Actual Dividend Paid also shall include such dividend.  In the case of a dividend payment to be paid in property, the dividend payment shall be deemed to be the fair market value of the property at the time of distribution of the dividend payment to the Grantee, as determined by the Committee.

 

8.Rights as a Shareholder.  The Grantee shall not be, nor have any of the rights or privileges of, a shareholder of the Company with respect to the Performance Shares unless and until, and to the extent, the Performance Shares vest and Shares have been paid to the Grantee in accordance with Section 5 of this Agreement.

 

9.Transferability.  Other than as specifically provided in this Agreement with regard to the death of the Grantee, this Agreement and any benefit provided or accruing hereunder shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge; and any attempt to do so shall be void.  No such benefit shall, prior to receipt thereof by the Grantee, be in any manner liable for or subject to the debts, contracts, liabilities, engagements or torts of the Grantee.

10.No Right to Employment.  Neither the execution and delivery of this Agreement nor the granting of the Performance Shares evidenced by this Agreement shall constitute any 

 

 

agreement or understanding, express or implied, on the part of the Company or its subsidiaries to employ the Grantee for any specific period or in any specific capacity or shall prevent the Company or its subsidiaries from terminating the Grantee’s employment at any time with or without cause.

 

11.Application of Laws.  The granting of Performance Shares under this Agreement shall be subject to all applicable laws, rules and regulations and to such approvals of any governmental agencies as may be required.

 

12.Notices.  Any notices required to be given hereunder to the Company shall be addressed to the Corporate Secretary, Reynolds American Inc., Post Office Box 2990, Winston-Salem, NC 27102-2990, and any notice required to be given hereunder to the Grantee shall be sent to the Grantee’s address as shown on the records of the Company.

 

13.Taxes.  Any taxes required by federal, state or local laws to be withheld by the Company in respect of the grant of Performance Shares or payment of vested Performance Shares hereunder shall be paid to the Company by the Grantee by the time such taxes are required to be paid or deposited by the Company.  The Grantee hereby authorizes the necessary withholding of Performance Shares by the Company to satisfy the minimum statutory tax withholding amount prior to delivery of the vested Performance Shares.

 

14.Administration and Interpretation.  In consideration of the grant of Performance Shares hereunder, the Grantee specifically agrees that the Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan and Agreement as are consistent therewith and to interpret or revoke any such rules.  All actions taken and all interpretations and determinations made by the Committee shall be final, conclusive, and binding upon the Grantee, the Company and all other interested persons.  No member of the Committee shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement.  The Committee may delegate its interpretive authority as permitted by the provisions of the Plan.

 

15.Compliance with Section 409A of the Code.  This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended, and shall be construed and interpreted in accordance with such intent.

 

16.Amendment.  This Agreement is subject to the Plan, a copy of which has been provided to the Grantee.  The Board of Directors and the Committee, as applicable, may amend the Plan, and the Committee may amend this Agreement, at any time in any way, except that, other than as otherwise provided by the Plan, any amendment of the Plan or this Agreement that would impair the Grantee’s rights under this Agreement may not be made without the Grantee’s written consent.

 

17.Litigation Assistance.  (a) In addition to any other obligations of the Grantee under law or any other agreement with any Related Company, in consideration of the grant of Performance Shares hereunder, the Grantee specifically agrees that  the Grantee:

 

(i)    if requested by the Company, will personally provide reasonable assistance and cooperation to the Related Companies in activities related to the prosecution or defense of 

 

 

any pending or future lawsuits or claims involving any Related Company (with the Company reimbursing the Grantee for reasonable and necessary out-of-pocket costs and expenses incurred in connection therewith);

 

(ii)   will promptly notify the Company’s General Counsel, in writing, upon receipt of any requests from anyone other than an employee or agent of one of the Related Companies for information regarding any Related Company which could reasonably be construed as being proprietary, non-public or confidential, or if the Grantee becomes aware of any potential claim or proposed litigation against any Related Company; 

 

(iii)   will refrain from providing any information related to any claim or potential litigation against any Related Company to any person who is not a representative of the Company without the Company’s prior written permission, unless required to provide information pursuant to legal process;

 

(iv)   will not disclose or misuse any confidential information or material concerning any Related Company; and

 

(v)    will not engage in any activity detrimental to the interests of any Related Company, including an act of dishonesty, moral turpitude or other misconduct that has or could have a detrimental impact on the business or reputation of any Related Company.

 

(b)  In further consideration of the grant of Performance Shares hereunder, the Grantee specifically agrees that, if required by law to provide sworn testimony regarding any matter related to any Related Company:  the Grantee will consult with and have Company designated legal counsel present for such testimony (with the Company being responsible for the costs of such designated counsel); the Grantee will cooperate with the Company’s attorneys to assist their efforts, especially on matters the Grantee has been privy to, holding all privileged attorney-client matters in strictest confidence.

 

18.Noncompetition and Other Prohibited Activities.  (a)  In addition to any other obligations of the Grantee under law or any other agreement with any Related Company, in consideration of the grant of Performance Shares hereunder, the Grantee, during the continuation of his or her employment by any Related Company and during the one-year period commencing upon his or her Termination of Employment for any reason (or, if the Grantee is receiving benefits under a severance plan or agreement, the period of time set forth in the non-competition agreement entered into by the Grantee in connection with the receipt of such severance benefits), will not, directly or indirectly:

 

(i)     be employed, or retained as an independent contractor, or otherwise provide advisory or consulting services (in each case, whether compensated or not compensated), in a sales-related capacity, marketing role, strategic planning role, financial role, or in a product research and development role for any Competitive Business;

 

(ii)    be employed by, or retained as an independent contractor by, or otherwise provide advisory or consulting services to (in each case, whether compensated or not compensated), any Competitive Business in any sort of position or capacity involving the performance of services that are the same as, or substantially similar to, the services the Grantee performed while an employee of any Related Company;

 

 

 

(iii)   serve (whether compensated or not compensated) as an officer or director of any Competitive Business;

 

(iv)  organize, own (other than owning up to 5% of the outstanding stock of a publicly traded company) or operate any Competitive Business;

 

(v) (w) be employed, or retained as an independent contractor (in each case, whether compensated or not compensated) by, (x) provide advisory or consulting services (in each case, whether compensated or not compensated) to, (y) organize or operate or (z) serve as a director or official of (in each case, whether compensated or not-compensated) any Anti-Tobacco Organization; 

 

(vi) (x) be employed, or retained as an independent contractor (in each case, whether compensated or not compensated) by, (y) provide advisory or consulting services (in each case, whether compensated or not compensated) to or (z) serve as a director or official of (in each case, whether compensated or non-compensated) any Regulator; or 

 

(vii) solicit, offer employment to, or hire any employee, independent contractor or any other individual providing services to any Related Company (other than secretarial and clerical personnel), who was employed by, or provided services to, any Related Company, at the time of the Grantee’s Termination of Employment, or who was employed by, or provided services to, any Related Company during the 90-day period preceding such date, to become employed by or otherwise provide services to, any person, firm, entity or corporation, or approach any such person for any of the foregoing reasons.

 

As used in this Agreement, the term “including,” or variations thereof, shall not be a term of limitation, but rather shall be deemed to be followed by the words “without limitation.”

 

(b)For purposes of Section 17 and Section 18 of this Agreement, the terms set forth below have the following definitions:

 

(i)   “Anti-Tobacco Organization” means any firm, organization, entity, group, or sole proprietorship, the activities or purposes of which include opposing, advocating or lobbying against, or seeking the imposition of restrictions or prohibitions with respect to, any of the Related Companies’ Businesses or the use or consumption of any of the Products.

 

(ii)   “Competitive Business” means any corporation, limited liability company, partnership, person, firm, organization, entity, enterprise, business or activity that is engaged in any of the Related Companies’ Businesses in the Territory or seeking to engage in any of the Related Companies’ Businesses in the Territory.

 

(iii)  “Governmental Authority” means the government of the United States of America, any other nation or political subdivision thereof, whether state or local, and any agency, authority, administration, instrumentality, regulatory body, court or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

 

 

 

(iv)  “Regulator” means: (x) the U.S. Food and Drug Administration (the “FDA”), the Center for Tobacco Products established within the FDA (the “CTP”), the Tobacco Products Scientific Advisory Committee established within the CTP, or any other office, division, branch, committee, department or other body (collectively, an “Organizational Body”) established by the FDA or by an Organizational Body; or (y) any other Governmental Authority having the authority to regulate, or make recommendations regarding any proposed regulations affecting, any part of any of the Related Companies’ Businesses. 

 

(v)  “Related Companies’ Businesses” means the businesses of manufacturing, distributing, advertising, promoting, marketing or selling any of the following products (collectively, “Products”):  (w) any cigarette, cigar, little cigar, “roll-your-own” tobacco, smokeless or smoke-free tobacco product (including moist snuff, dry snuff, snus, loose leaf, plug and twist tobacco and any other smokeless or smoke-free tobacco, including dissolvable products, that may be invented through the date of Grantee’s Termination of Employment); (x) any nicotine replacement therapy products, including nicotine gum, mouth spray and pouches, and any products otherwise marketed or intended to be used as part of a smoking cessation program; (y) any product commonly referred to as an “e-cigarette”; and (z) any other product, including any tobacco or cigarette substitute, that any Related Company invents, develops and/or markets through the date of the Grantee’s Termination of Employment.

 

(vi)  “Related Company” means, at any time, individually, the Company and each of its subsidiaries; and “Related Companies” means, at any time, collectively, the Company and all of its subsidiaries, and, in any case, each and all of their respective subsidiaries, parents, affiliates (including partnerships and joint ventures in which any Related Company is a partner or joint venturer), successors and assigns.

 

(vii)  “Territory” means (v) the United States of America, its territories, commonwealths and possessions (including duty-free stores or outlets located anywhere in any of the foregoing places); (w) U.S. military installations located anywhere in the world; (x) Western Europe; (y) Japan; and (z) any other location in which any Related Company conducts any of the Related Companies’ Businesses through the date of the Grantee’s Termination of Employment.

 

(c)Notwithstanding anything to the contrary contained in this Agreement, Section 18 of this Agreement will not prohibit a Grantee from engaging in the authorized practice of law, whether for a firm, corporation or otherwise, in any jurisdiction that prohibits agreements restricting the right of an individual to engage in such practice; provided, however, a Grantee will continue to be bound by any and all applicable professional and ethical rules of conduct that govern the use for disclosure of confidential information obtained during the course of any representation of the Company or any of its subsidiaries; and, provided further, this Agreement does prohibit a Grantee from engaging in any of the activities outlined in Section 18(a) of this Agreement in a non-legal, business role.

 

(d)The Grantee understands and agrees that:

 

(i)the purpose of this Section 18 is solely to protect the Related Companies’ legitimate business interests, including, but not limited to, the Related Companies’ confidential information, customer relationships and goodwill, all of which contribute to the Related 

 

 

Companies’ competitive advantage in operating the Related Companies’ Businesses in the Territory;

 

(ii)the Related Companies manufacture, distribute, advertise, promote, market and sell Products in the Territory, and the restrictive covenants contained in this Agreement are necessary to protect the Related Companies’ legitimate business assets and interests, and they are reasonable in time, territory, and scope, and in all other respects;

 

(iii)the restrictive covenants contained in this Agreement constitute a material inducement to the Company entering this Agreement, without which the Company would not have entered into this Agreement; and

 

(iv)the covenants set forth in this Section 18 are essential elements of this Agreement and shall be construed as agreements independent of any other provision in this Agreement, and the existence of any claim or cause of action of the Grantee against the Company or any other Related Company, whether predicated on this Agreement or otherwise, shall not excuse the Grantee’s breach, or constitute a defense to the enforcement by the Related Companies, of these restrictive covenants.  The Company and the Grantee have had the opportunity to independently consult with their respective counsel for advice in all respects concerning the reasonableness and propriety of such covenants, with specific regard to the nature of the businesses conducted by the Related Companies.

 

(e)The Grantee agrees that any breach of the covenants contained in Section 18 of this Agreement would irreparably injure the Related Companies and that their remedies at law would be inadequate.  Accordingly, in the event of any breach or threatened breach of Section 18 of this Agreement, the Related Companies, in addition to any other rights and remedies available at law or in equity, shall be entitled to an injunction (and/or other equitable relief), restraining such breach or threatened breach, and be entitled to the reimbursement of court costs, attorneys’ fees and other costs and expenses incurred in connection with enforcing this Agreement.  The existence of any claim or cause of action on the part of the Grantee against any Related Company shall not constitute a defense to the enforcement of these provisions.  This Agreement shall be enforceable by any Related Company, either alone or together with any other Related Company or Related Companies.  The rights and remedies hereunder provided to the Related Companies shall be cumulative and shall be in addition to any other rights or remedies available at law, in equity or under this Agreement.

 

(f)If any of the provisions of Section 18 of this Agreement are determined by a court of law to be excessively broad, whether as to geographical area, time, scope or otherwise, such provision shall be reduced to whatever extent is reasonable and shall be enforced as so modified.  Any provisions of Section 18 of this Agreement not so modified shall remain in full force and effect.

 

 19.Recoupment Provisions.  (a)  Subject to the clawback provisions of the Sarbanes-Oxley Act of 2002, the Committee may, in its sole discretion, direct that the Company recoup, and upon demand by the Company the Grantee agrees to return to the Company, all or a portion of any Shares paid to the Grantee hereunder computed using financial information or performance metrics later found to be materially inaccurate.  The number of Shares to be recovered shall be equal to the excess of the number of Shares paid out over the number of 

 

 

Shares that would have been paid out had such financial information or performance metric been fairly stated at the time the payout was made.

 

(b)The Committee may direct recoupment of Shares pursuant to Section 19(a) of this Agreement whether or not it directs recoupment of related AIAP payouts.  The Committee also may amend a yearly AIAP payout percent for purposes of recoupment of Shares under this Agreement without directing recoupment of related AIAP payouts.

 

(c)If the Company reasonably determines that the Grantee has materially violated any of the Grantee’s obligations under Section 17 or 18 of this Agreement, then effective the date on which such violation began, (i) any Performance Shares that have not yet vested and been paid to the Grantee under this Agreement shall be forfeited and cancelled, and (ii) the Company may, in its sole discretion, recoup any and all of the Shares previously paid to the Grantee under this Agreement.

 

(d)If, after a demand for recoupment of Shares under Section 19 of this Agreement, the Grantee fails to return such Shares to the Company, the Grantee acknowledges that the Company (or the Company through the actions of any of its subsidiaries employing the Grantee, if applicable) has the right to effect the recovery of the then current value of such Shares and the amount of its court costs, attorneys’ fees and other costs and expenses incurred in connection with enforcing this Agreement by (i) deducting (subject to applicable law and the terms and conditions of the Plan) from any amounts the Company (and if applicable, any subsidiary of the  Company employing the Grantee) owes to the Grantee (including, but not limited to, wages or other compensation), except with respect to any non-qualified deferred compensation under Section 409A of the Code, (ii) withholding, except with respect to any non-qualified deferred compensation under Section 409A of the Code, payment of future increases in compensation (including the payment of any discretionary bonus amount) or grants of compensatory awards that  otherwise would have been made in accordance with the Company’s or any of its subsidiaries’ otherwise applicable compensation practices, or (iii) any combination of the foregoing.  The right of recoupment set forth in the preceding sentence shall not be the exclusive remedy of the Company, and the Company may exercise each and every other remedy available to it under applicable law.

 

20.  Qualified Performance-Based Awards.  If the Grantee is a Covered Employee, the grant of Performance Shares evidenced by this Agreement shall be considered a Qualified Performance-Based Award.  In furtherance thereof, and notwithstanding anything in this Agreement or the Plan to the contrary, the Earned Number of Performance Shares that the Grantee may earn for the Performance Period pursuant to the grant evidenced by this Agreement (the “Earned Shares”) shall be determined by the Committee based on, and must have a value (the “Earned Shares Value”) that in no event exceeds a value equal to, the percentage of the Company’s cumulative Cash Net Income (as defined below) for the Performance Period previously established by the Board of Directors of the Company in resolutions adopted on February 5, 2015 to apply with respect to the Grantee for the Performance Period (the “Award Pool Value”).  Notwithstanding the prior sentence, the Committee shall have the power and authority, in its sole and absolute exercise of negative discretion, to reduce the Earned Shares such that the Earned Shares Value will be less than the Award Pool Value, which reduction may be made by taking into account the factors described above under Section 3 of this Agreement or any other criteria the Committee deems appropriate.  The reductions in Earned Shares Value, if any, shall not result in any increases in the value of performance shares earned by any other 

 

 

Participant.  For purposes of this Agreement, the term “Cash Net Income” shall mean the Company’s net income from continuing operations in the consolidated statement of income adjusted for the impact of non-cash items, such as depreciation, amortization, unrealized gains and losses, intangible asset impairments and other non-cash gains/losses included in net income (as reported in the Company’s annual reports for 2015, 2016 and 2017, respectively).

 

21.Electronic Signature.   This Agreement is delivered electronically.  The Grantee consents to using an electronic signature to sign this Agreement and be legally bound to his or her acceptance or rejection of the grant.  By electronically signing the Agreement, the Grantee also consents to entering into this Agreement in electronic form.  The Grantee acknowledges that his or her electronic signature will have the same legal force and effect as a handwritten signature.  The Grantee’s electronic signature, including date and time of signing will be stored electronically with the Performance Share grant record.

 

22.GOVERNING LAWS.  THE LAWS OF THE STATE OF NORTH CAROLINA SHALL GOVERN THE INTERPRETATION, VALIDITY AND PERFORMANCE OF THE TERMS OF THIS AGREEMENT, REGARDLESS OF THE LAW THAT MIGHT BE APPLIED UNDER PRINCIPLES OF CONFLICTS OF LAWS.  EXCEPT AS OTHERWISE PROVIDED IN THIS SECTION 22, ANY CONTROVERSY OR DISPUTE ARISING OUT OF OR RELATED TO THIS AGREEMENT SHALL BE SETTLED EXCLUSIVELY IN THE COURTS (FEDERAL AND STATE) SITUATED IN THE STATE OF NORTH CAROLINA, FORSYTH COUNTY.  THE GRANTEE CONSENTS TO PERSONAL JURISDICTION IN THE STATE OF NORTH CAROLINA AND IN THE COURTS THEREOF FOR THE ENFORCEMENT OF THIS AGREEMENT, AND WAIVES ANY RIGHTS THE GRANTEE OTHERWISE MAY HAVE UNDER THE LAWS OF ANY JURISDICTION TO OBJECT ON ANY BASIS TO JURISDICTION OR VENUE WITHIN THE STATE OF NORTH CAROLINA TO ENFORCE THIS AGREEMENT.  IN ADDITION, AND NOTWITHSTANDING THE FOREGOING, THE COMPANY MAY ELECT, IN ITS DISCRETION, TO SEEK A TEMPORARY RESTRAINING ORDER OR PRELIMINARY OR PERMANENT INJUNCTIVE (OR SIMILAR) RELIEF TO ENFORCE ITS RIGHTS UNDER SECTIONS 17 AND 18 OF THIS AGREEMENT IN ANY JURISDICTION OR COURT ANYWHERE IN THE WORLD THAT THE COMPANY DETERMINES TO BE APPROPRIATE, AND THE GRANTEE HEREBY CONSENTS TO VENUE IN ANY SUCH JURISDICTION OR COURT IN SUCH EVENT.

 

IN WITNESS WHEREOF, the Company, by its duly authorized officer, and the Grantee have executed this Agreement as of the Date of Grant first above written.

 

REYNOLDS AMERICAN INC.

 

           By:                                      

                                                                        Authorized Signature

 

___________________________________

Grantee’s Signature

 

Print Name:______________________________EX-10.1

 Exhibit 10.1 

Execution Version 

FIFTH AMENDMENT TO AMENDED AND RESTATED 

REVOLVING CREDIT AND TERM LOAN AGREEMENT 

THIS FIFTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT (this “Amendment”), is
made and entered into as of April 17, 2015, by and among BRISTOW GROUP INC., a Delaware corporation (the “Borrower”), the Lenders party hereto and SUNTRUST BANK, in its capacity as Administrative Agent for the Lenders
(the “Administrative Agent”). 
 W I T N E S S E T
H: 
 WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to a certain Amended and Restated Revolving
Credit and Term Loan Agreement, dated as of November 22, 2010 (as amended by that certain First Amendment to Amended and Restated Revolving Credit and Term Loan Agreement, dated as of December 22, 2011, as further amended by that certain
Second Amendment to Amended and Restated Revolving Credit and Term Loan Agreement, dated as of October 1, 2012, as further amended by that certain Third Amendment to Amended and Restated Revolving Credit and Term Loan Agreement, dated as of
April 29, 2013, as further amended by that certain Fourth Amendment to Amended and Restated Revolving Credit and Term Loan Agreement, dated as of March 14, 2014, and as further amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement), pursuant to which the Lenders have made certain financial
accommodations available to the Borrower; 
 WHEREAS, Borrower has requested that the Lenders identified on Annex A attached hereto
as (i) Increasing Lenders with Revolving Commitment increases (the “Increasing Revolving Lenders”) or new Lenders providing new Revolving Commitments (the “New Revolving Lenders”) provide such
increased or new Revolving Commitments such that the Aggregate Revolving Commitment Amount is increased by $50,000,000 (such increase being referred to herein as the “Revolving Commitment Increase”), and (ii) Increasing
Lenders with Term Loan Commitment increases (the “Increasing Term Loan Lenders”; and collectively with the Increasing Revolving Lenders, the “Increasing Lenders”) provide additional Term Loan
Commitments or new Lenders providing new Term Loan Commitments (the “New Term Loan Lenders”; and collectively with the New Revolving Lenders, the “New Lenders”; and the New Lenders, collectively with
the Increasing Lenders, the “Incremental Lenders”) provide new Term Loan Commitments such that the Aggregate Term Loan Commitment Amount is increased by $127,377,687.52 (such increase being referred to herein as the
“Term Loan Commitment Increase”; and collectively with the Revolving Commitment Increase, the “Commitment Increase”), and subject to the terms and conditions hereof, the Incremental Lenders are willing
to do so as hereinafter set forth; 
 WHEREAS, the Borrower has requested the ability to enter into a 364-day term loan facility in an
aggregate principal amount of up to $115,000,000 (the “364-Day Credit Facility”), the proceeds of which will be used by the Borrower to refinance, redeem, repurchase or replace the 2038 Senior Convertible Notes (the
“2038 Note Refinancing”) and to pay costs and expenses incurred in connection therewith, and the obligations in respect of which will be guaranteed by the Guarantors and secured by the Collateral on a pari passu basis with
the Secured Obligations (as defined in the Security Agreement); 

 WHEREAS, the Borrower has requested that the Lenders (i) amend certain provisions of the
Credit Agreement in order to permit the 2038 Note Refinancing and the entry into the 364-Day Credit Facility and (ii) amend certain other provisions of the Credit Agreement, and the Lenders party hereto are willing, subject to the terms and
conditions set forth herein, to amend the Credit Agreement as provided for herein; 
 NOW, THEREFORE, for good and valuable consideration,
the sufficiency and receipt of all of which are acknowledged, the parties hereto agree as follows: 
 1. Defined Terms.
Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement. 
 2.
Amendments to the Credit Agreement. 
 (a) Section 1.1 of the Credit Agreement is hereby amended by replacing the
definitions of “Aggregate Revolving Commitment Amount”, “Aggregate Term Loan Commitment Amount”, “Consolidated EBITDA”, “Consolidated Net Income”, “Eurocurrency Rate”, “Excluded Taxes”,
“Indebtedness”, “Investment Grade Rating Event”, “Loan Documents”, “Reference Banks”, “Senior Secured Debt”, “Term Loan Commitment” and “2008 Indenture” in their entirety with the
following definitions: 
 “Aggregate Revolving Commitment Amount” shall mean the aggregate principal amount
of the Aggregate Revolving Commitments from time to time. On the Fifth Amendment Effective Date, the Aggregate Revolving Commitment Amount is $400,000,000. 

“Aggregate Term Loan Commitment Amount” shall mean the aggregate principal amount of the Aggregate Term Loan
Commitments made by Lenders on and after the Closing Date, whether expired or outstanding. On the Fifth Amendment Effective Date, the Aggregate Term Loan Commitment Amount is $350,000,000. 

“Consolidated EBITDA” shall mean, for the Borrower and its Subsidiaries for any period, and without
duplication an amount equal to the sum of (a) Consolidated Net Income for such period plus (b) to the extent deducted in determining Consolidated Net Income for such period, (i) Consolidated Interest Expense, (ii) income tax
expense, (iii) depreciation and amortization and (iv) without duplication, cash dividends received from unconsolidated affiliates that are accounted for by the equity accounting method, but excluding, in the case of the foregoing clauses
(a) and (b), any net income or net loss and expenses and charges of any SPVs, in all cases determined on a consolidated basis in accordance with GAAP in each case for such period. For purposes of this Agreement, Consolidated EBITDA shall be
calculated on a Pro Forma Basis. 
 “Consolidated Net Income” shall mean, for the Borrower and its
Subsidiaries for any period, the net income (or loss) of the Borrower and its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP, but excluding therefrom (to the extent otherwise included therein) (i) any
extraordinary or non-recurring gains or losses, (ii) any gains or losses attributable to write-ups or write-downs of assets, (iii) any equity interest of the Borrower or any Subsidiary of the Borrower in the unremitted earnings of any

  
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Person that is not a Subsidiary, (iv) any unremitted earnings of any Subsidiary that is subject to restrictions as to the payment of dividends or distributions, (v) any income (or loss)
of any Person accrued prior to the date it becomes a Subsidiary or is merged into or consolidated with the Borrower or any Subsidiary on the date that such Person’s assets are acquired by the Borrower or any Subsidiary and (vi) any
non-cash foreign exchange rate gains or losses. 
 “Eurocurrency Rate” means, for any Interest Period for
each Eurocurrency Rate Loan comprising part of the same Borrowing, the higher of (x) 0.00% per annum and (y) an interest rate per annum equal to the rate per annum obtained by dividing (a)(i) in the case of any Borrowing denominated in
Dollars or any Alternate Currency other than Euro, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Reuters Screen LIBOR01 Page (or any successor page) as the London interbank offered rate for deposits in
Dollars or the Applicable Alternate Currency at approximately 11:00 a.m. (London, England time), two (2) Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period or, if for any reason such rate
is not available, LIBOR shall be, for any Interest Period, the rate per annum reasonably determined by the Administrative Agent as the rate of interest at which deposits in Dollars or the applicable Alternate Currency in the approximate amount of
the Eurodollar Loan comprising part of such Borrowing would be offered by the Administrative Agent to major banks in the London interbank Eurodollar market at their request at or about 10:00 a.m. (New York, New York time) two (2) Business Days
prior to the first day of such Interest Period for a term comparable to such Interest Period, or (ii) in the case of any Borrowing denominated in Euros, the EURIBO Rate by (b) a percentage equal to 100% minus the Eurocurrency Rate Reserve
Percentage for such Interest Period. 
 “Excluded Taxes” shall mean with respect to the Administrative
Agent, any Lender, the Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of
America, or by the jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its Applicable Lending Office is located, (b) any branch profits taxes
imposed by the United States of America or any similar tax imposed by any other jurisdiction in which any Lender is located, (c) in the case of a Lender, any withholding tax that (i) is imposed on amounts payable to such Lender at the time
such Lender becomes a party to this Agreement, (ii) is imposed on amounts payable to such Lender at any time that such Lender designates a new lending office, other than taxes that have accrued prior to the designation of such lending office
that are otherwise not Excluded Taxes, or (iii) is attributable to such Lender’s failure to comply with Section 2.20(e), Section 2.20(f) or Section 2.20(g), and (d) any United States federal
withholding Taxes imposed under FATCA. 
 “Indebtedness” of any Person shall mean, without duplication
(i) obligations of such Person for borrowed money, (ii) obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) obligations of such Person in respect of the deferred purchase price of
property or services (other than trade payables incurred in the ordinary course of business on 

  
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terms customary in the trade) that are treated as debt in accordance with GAAP; (iv) obligations of such Person under any conditional sale or other title retention agreement(s) relating to
property acquired by such Person, (v) all Capital Lease Obligations for borrowed money of such Person treated as debt in accordance with GAAP, (vi) all obligations, contingent or otherwise, of such Person in respect of letters of credit,
acceptances or similar extensions of credit, (vii) Guarantees of such Person of the type of Indebtedness described in clauses (i) through (vi) above, (viii) Indebtedness of a third party secured by any Lien on property owned by
such Person, whether or not such Indebtedness has been assumed by such Person, (ix) Disqualified Stock of such Person, (x) Off-Balance Sheet Liabilities and (xi) all Hedging Obligations. 

“Investment Grade Rating Event” means the first day on which the
6 1⁄4% Senior Notes or any Permitted Refinancing Indebtedness in respect thereof in the form of unsecured Indebtedness evidenced by bonds, debentures, notes or
similar instruments are assigned an Investment Grade Rating. 
 “Loan Documents” shall mean, collectively,
this Agreement, the Notes (if any), the LC Documents, the Fee Letter, the Commitment Increase Fee Letter, the Fourth Amendment Fee Letter, the Fifth Amendment Fee Letter, the Subsidiary Guaranty Agreement, the Security Documents, all Notices of
Borrowing, all Notices of Conversion/Continuation, all Compliance Certificates, all landlord waivers and consents, bailee agreements and any and all other instruments, and agreements, executed in connection with any of the foregoing. 

“Reference Banks” means JPMorgan Chase Bank, National Association, Bank of America, N.A. and SunTrust Bank or
if any such Lender assigns all of its Commitment, such other Lender as may be designated by the Administrative Agent, provided, such other Lender expressly consents to the Administrative Agent to being designated a “Reference Bank”
hereunder. 
 “Senior Secured Debt” shall mean the aggregate principal amount of all Indebtedness under the
Loan Documents and the 364-Day Term Loan Credit Documents. 
 “Term Loan Commitment” shall mean, with
respect to each Lender, (i) as of the Closing Date, the obligation of such Lender to make a Term Loan hereunder pursuant to Section 2.5(a), in a principal amount not exceeding the amount set forth with respect to such Lender on
Schedule II as in effect on the Closing Date, which Term Loan Commitments expired in accordance with Section 2.8(a) on the date that Term Loans were made under such Term Loan Commitments, (ii) as of the First Amendment Date, the
obligation of such Lender to make a Term Loan hereunder pursuant to Section 2.5(c), in a principal amount not exceeding the amount set forth with respect to such Lender under the caption “First Amendment Additional Term Loan
Commitment” on Schedule II as in effect on the First Amendment Date (each such Lender’s “First Amendment Additional Term Loan Commitment”), which First Amendment Additional Term Loan Commitments shall expire in
accordance with Section 2.8(a) on the date that Term Loans are made under such First Amendment Additional Term Loan Commitments, (iii) as of the Fifth Amendment Effective Date, the obligation of

  
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such Lender to make a Term Loan hereunder pursuant to Section 2.5(d), in a principal amount not exceeding the amount set forth with respect to such Lender under the caption
“Fifth Amendment Additional Term Loan Commitment” on Schedule II as in effect on the Fifth Amendment Effective Date (each such Lender’s “Fifth Amendment Additional Term Loan Commitment”), which Fifth Amendment
Additional Term Loan Commitments shall expire in accordance with Section 2.8(a) on the date that Term Loans are made under such Fifth Amendment Additional Term Loan Commitments and (iv) thereafter, the obligation of such Lender (if
any) to make a Term Loan hereunder pursuant to any increase in the Aggregate Term Loan Commitments effected in accordance with Section 2.23; provided, in each case, that each Lender’s Term Loan Commitment shall be
proportional to such Lender’s Revolving Commitment. 
 “2008 Indenture” shall mean the indenture, dated
as of June 17, 2008 (as amended, supplemented or otherwise modified from time to time), among the Borrower, the guarantors signatory thereto, and U.S. Bank National Association, as trustee, pursuant to which the Borrower has issued its 3%
senior convertible notes due 2038 and its 6 1⁄4% Senior Notes. 

(b) Section 1.1 of the Credit Agreement is hereby amended by amending the definition of “Permitted Liens” by replacing clause
(x) thereof in its entirety as follows: 
 (x) Liens on real or personal property or assets of the Borrower or a
Subsidiary securing Indebtedness incurred for the purpose of financing all or any part of the purchase price of such property or assets or financing all or any part of the construction or improvement of any such property or assets, provided that
such lien shall attach at the time of or within 180 days after the later of (x) such acquisition, (y) completion of such construction or improvement or (z) commercial operation of such property or other asset and such Lien
shall not extend to any other property or assets of the Borrower and its Subsidiaries (other than associated accounts, contracts and insurance proceeds, proceeds thereof, accessions thereto, upgrades thereof and improvements thereto); 

(c) Section 1.1 of the Credit Agreement is hereby amended by amending the definition of “Permitted Liens” by replacing clause
(xiv) thereof in its entirety as follows: 
 (xiv) Liens securing the obligations under the 364-Day Term Loan Credit Documents; and 

(d) Section 1.1 of the Credit Agreement is hereby amended by adding the following definitions to such section in the appropriate
alphabetical order: 
 “Existing Term Loans” shall mean the Term Loans made by Lenders to the Borrower and
outstanding immediately prior to the Fifth Amendment Effective Date. 
 “FATCA” shall mean Sections 1471
through 1474 of the Code, as of the Fifth Amendment Effective Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, any applicable intergovernmental agreements with respect thereto and any fiscal or regulatory legislation, rules or practices adopted pursuant to such
intergovernmental agreements 

  
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 “Fifth Amendment” shall mean that certain Fifth Amendment to
Amended and Restated Revolving Credit and Term Loan Agreement, dated as of April 17, 2015. 
 “Fifth Amendment
Additional Term Loan Commitment” shall have the meaning assigned to such term in the definition of Term Loan Commitment. 

“Fifth Amendment Fee Letter” shall mean that certain Fee Letter, dated as of March 31, 2015, among the
Administrative Agent, SunTrust Robinson Humphrey, Inc. and the Borrower. 
 “Fifth Amendment Effective Date”
shall mean April 17, 2015. 
 “Intercreditor Agreement” shall mean an intercreditor agreement between
(a) the Administrative Agent and (b) the administrative agent for the lenders under the 364-Day Term Loan Credit Agreement, to be entered into in connection with entry into the 364-Day Term Loan Credit Documents, in form and substance
reasonably satisfactory to the Administrative Agent. 
 “Pro Forma Basis” shall mean, for purposes of
calculating Consolidated EBITDA with respect to any period during which the Borrower or any of its Subsidiaries has consummated (i) an acquisition of all or substantially all of the business or a line of business, unit or division (whether by
the acquisition of Capital Stock, asset or any combination thereof) of any other Person, including the acquisition of Capital Stock of any other Person such that such Person becomes a Subsidiary of the Borrower as a result of such acquisition or, in
the event that the Borrower or any Subsidiary of the Borrower owns Capital Stock in such Person that constitutes a non-Wholly Owned Subsidiary prior to such acquisition, the acquisition of all or substantially all of the shares of other Capital
Stock (other than director’s qualifying shares) in such Person not owned by the Borrower or any Subsidiary of the Borrower at the time of such acquisition or (ii) a sale, transfer or other disposition of all or substantially all of the
business or a line of business, unit or division (whether by the disposition of Capital Stock, asset or any combination thereof) of any Subsidiary of the Borrower, including the disposition of Capital Stock of any Subsidiary of the Borrower such
that such Person is no longer a Subsidiary of the Borrower as a result of such disposition, such acquisition or disposition (and all other such acquisitions or dispositions that have been consummated during the applicable period) shall be deemed to
have been consummated on the first day of the applicable period, and all income statement items (whether positive or negative) attributable to the assets or Person or property so acquired shall be included and all income statement items
(whether positive or negative) attributable to the assets or Person or property so disposed of shall be excluded; provided that the foregoing pro forma adjustments may be applied to any definition, test or financial covenant solely to the extent
that such adjustments (i) are determined in good faith by the chief financial officer, treasurer or controller of the Borrower and are set forth in reasonable detail on a certificate of such officer delivered to the Administrative Agent and
(ii) based on historical results accounted for in accordance with GAAP. 

  
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 “6 1⁄4% Senior Notes” shall mean those certain 6 1⁄4% senior notes due 2022 issued by the Borrower pursuant to the 2008
Indenture. 
 “364-Day Term Loan Credit Agreement” shall mean the 364-day term loan credit agreement to be
entered into by and among, inter alios, the Borrower, certain lenders, and the administrative agent thereto, in form and substance reasonably satisfactory to the Administrative Agent. 

“364-Day Term Loan Credit Documents” shall mean the 364-Day Term Loan Credit Agreement and all “Loan
Documents” or such similar term (as defined in the 364-Day Term Loan Credit Agreement). 
 “364-Day Term Loan
Debt” shall mean the 364-Day Term Loans, the Guarantees by the Guarantors of the obligations in respect thereof and any other Indebtedness under the 364-Day Term Loan Credit Documents, which will be secured by the Collateral on a pari passu
basis with the Secured Obligations (as defined in the Security Agreement). 
 “364-Day Term Loan Lenders”
shall have the meaning given to it in Section 2.12(a). 
 “364-Day Term Loan Secured Parties”
shall mean the secured parties in respect of the 364-Day Term Loan Credit Documents. 
 “364-Day Term Loans”
shall mean the term loans in a principal amount not to exceed $115,000,000 in the aggregate under the 364-Day Term Loan Credit Agreement, the proceeds of which shall be used to refinance, redeem, or replace, in whole or in part, the 2038 Senior
Convertible Notes. 
 (e) Section 2.5 of the Credit Agreement is hereby amended by adding the following new clause (d) at the end
thereof: 
 (d) On the Fifth Amendment Effective Date, each Lender with a Fifth Amendment Additional Term Loan Commitment
severally agrees to make a single Term Loan to the Borrower in a principal amount equal to the Fifth Amendment Additional Term Loan Commitment of such Lender. Such Term Loans may be, from time to time, Base Rate Loans or Eurocurrency Rate Loans or a
combination thereof; provided that on the Fifth Amendment Effective Date, such Term Loans shall be Eurocurrency Rate Loans with an Interest Period set in accordance with the agreements set forth in Section 4(b) of the Fifth Amendment. 

(f) Section 2.8(a) of the Credit Agreement is hereby amended by adding the following sentence at the end thereof: 

The Fifth Amendment Additional Term Loan Commitments shall terminate upon the making of the Term Loans pursuant to Section 2.5(d)
on the Fifth Amendment Effective Date. 

  
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 (g) Section 2.12(a) of the Credit Agreement is hereby amended by replacing such Section in
its entirety with the following: 
 (a) The Borrower shall prepay the Term Loans held by the Lenders electing to receive a
prepayment of the Term Loans from the proceeds of any sale or disposition by the Borrower or such Subsidiary of any of the Collateral (excluding (i) sales of inventory in the ordinary course of business, (ii) Designated Asset Sales and
(iii) sales or dispositions among the Borrower and its Subsidiaries), to the extent required under this Section 2.12(a). To the extent that the Borrower or any of its Subsidiaries applies the cash proceeds from such asset sale (or a
portion thereof) (net of commissions and other reasonable and customary transaction costs, fees, reserves and expenses properly attributable to such transaction and payable by such Borrower in connection therewith (in each case, if paid to an
Affiliate, subject to Section 7.7) or under the clauses first and second of Section 2.12(b)) within 300 days of receipt of such net cash proceeds to purchase replacement or other fixed assets for use in the operations of the Borrower or
any of its Subsidiaries, then no prepayment shall be required in respect of the net cash proceeds (or portion thereof so applied) from such asset sale. In the event that the Borrower or any of its Subsidiaries has not applied the cash proceeds from
such asset sale in accordance with the preceding sentence (the amount of such unapplied cash proceeds being the “Excess Proceeds”), the Borrower shall, within 10 days after the end of the applicable 300-day period, make an offer
(i) to each Lender to prepay the Term Loans of such Lender and (ii) to the extent the 364-Day Term Loan Credit Agreement is then in effect and requires such a prepayment, to each lender party to the 364-Day Term Loan Credit Agreement (the
“364-Day Term Loan Lenders”) to prepay the 364-Day Term Loans, on a pro rata basis based on the principal amount of the Term Loans and the 364-Day Term Loans then outstanding, in an aggregate principal amount for all the Lenders and
364-Day Term Loan Lenders equal to the amount of such Excess Proceeds. Each such prepayment offer shall be in writing and shall specify the aggregate amount of Excess Proceeds. Each Lender electing to receive such prepayment shall notify the
Borrower of its election in writing within 5 days after its receipt of Borrower’s prepayment offer. The Borrower shall pay each Lender and each 364-Day Term Loan Lender that has accepted such offer of prepayment its pro rata share of such
Excess Proceeds on the 20th day after the end of the applicable 300-day period. In the event that any Lender or any 364-Day Term Loan Lender elects not to receive a prepayment so offered by the Borrower, the Borrower or applicable Subsidiary shall
retain such net proceeds that was offered to such non-electing Lender or non-electing 364-Day Term Loan Lender, as applicable. Any such prepayment on account of the Term Loans shall be applied in accordance with paragraph (b) below. 

(h) Section 2.20 of the Credit Agreement is hereby amended by inserting new clauses (f), (g) and (h) after clause
(e) thereof as follows: 
 (f) If a payment made to a Lender (including, solely for purposes of
Section 2.20(e), Section 2.20(g) and this Section 2.20 (f), any Issuing Bank and the Administrative Agent) under any Loan Document would be subject to United States federal withholding tax imposed by FATCA if such
Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender 

  
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shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such
documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower
and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for
purposes of the preceding sentence, “FATCA” shall include any amendments made to FATCA after the Fifth Amendment Effective Date. 

(g) Any Lender that is a United States person under Section 7701(a)(30) of the Code shall deliver to the Borrower and
the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), properly completed and executed
copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax. Each Lender agrees that if any form or certification it previously delivered pursuant to Section 2.20(e), (f) or
(g) expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(h) For purposes of this Section 2.20, the term “applicable law” includes FATCA. 

(i) Section 2.21(a) of the Credit Agreement is hereby amended by replacing “counterclaim, or withholding or deduction of taxes”
in the first sentence with “or counterclaim”. 
 (j) Section 2.23(a) of the Credit Agreement is hereby amended by replacing
the reference to “100,000,000” therein with “200,000,000”. 
 (k) Section 4.4 of the Credit Agreement is hereby
amended by replacing each reference to “March 31, 2010” therein with “March 31, 2014”. 
 (l) Section 4.19 of the
Credit Agreement is hereby deleted in its entirety. 
 (m) Section 5.3 of the Credit Agreement is hereby amended by replacing such
Section in its entirety with the following: 
 Section 5.3 Existence; Conduct of Business. The Borrower
will, and will cause each of its Subsidiaries to do, or cause to be done all things necessary to preserve, renew and maintain in full force and effect its legal existence and its respective rights, licenses, permits, privileges, franchises, patents,
copyrights, trademarks and trade names material to the conduct of its business and will continue to engage in the business of providing helicopter services or such other businesses or services (including other aircraft services) that are reasonably
related to the foregoing; provided, that nothing in this Section 5.3 shall prohibit any merger, consolidation, liquidation or dissolution permitted under Section 7.3 or not subject to restriction under
Section 7.3. 

  
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 (n) Section 7.1 of the Credit Agreement is hereby amended by replacing clause (b) of
such Section in its entirety with the following: 
 (b) Indebtedness set forth on Schedule 7.1 and existing on
December 31, 2014 (the “Existing Indebtedness”) and Permitted Refinancing Indebtedness in respect thereof; 
 (o)
Section 7.1 of the Credit Agreement is hereby amended by replacing clause (e) of such Section in its entirety with the following: 

(e) the 364-Day Term Loan Debt and Permitted Refinancing Indebtedness in respect thereof; and 

(p) Section 7.3 of the Credit Agreement is hereby amended by replacing clause (b) of such Section in its entirety with the following:

 (b) The Borrower will not, and will not permit any of its Subsidiaries to, engage in any type of business other than
helicopter services and such other businesses or services (including other aircraft services) that are reasonably related thereto. 
 (q)
Section 7.4 of the Credit Agreement is hereby amended by replacing clause (f) of such Section in its entirety with the following: 

(f) Investments set forth on Schedule 7.4 and existing on December 31, 2014 in an aggregate amount equal to the
amount outstanding on December 31, 2014 as shown on such Schedule 7.4; and 
 (r) Section 7.8 of the Credit Agreement is
hereby amended by replacing clause (i) of the initial proviso of such Section in its entirety with the following: 
 (i) the foregoing
shall not apply to restrictions or conditions imposed by law or by (A) this Agreement or any other Loan Document or (B) any agreements governing or evidencing the Existing Indebtedness, the 364-Day Term Loan Debt or any Indebtedness issued
in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund any of the foregoing; provided that the restrictions and conditions imposed by any agreement governing or evidencing such new Indebtedness
are not materially more restrictive, taken as a whole, than the restrictions and conditions imposed by the agreements governing or evidencing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded, as reasonably
determined by the Borrower, 
 (s) Section 7.8 of the Credit Agreement is hereby amended by deleting the word “and”
immediately preceding clause (vi) of the initial proviso of such Section and replacing the “.” at the end of clause (vi) with “; and”, and inserting a new clause (vii) thereafter as follows: 

(vii) the foregoing shall not apply to restrictions or conditions in any agreement in effect at the time any Person becomes a
Subsidiary of the Borrower, which agreement was not entered into in contemplation of such Person becoming a Subsidiary of the Borrower, and on the condition that such restrictions or conditions are not applicable to any Person, or the properties or
assets of any 

  
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Person, other than the Person, or the property or assets of the Person, so acquired, and any amendments, modifications, restatements, renewals, extensions, supplements, refundings, replacements
or refinancing thereof; provided, that the amendments, modifications, restatements, renewals, extensions, supplements, refundings, replacements or refinancings are not materially more restrictive, taken as a whole, with respect to such conditions or
restrictions than the agreements in effect at the time such Person becomes a Subsidiary of the Borrower. 
 (t) Section 8.2 of the
Credit Agreement is hereby amended by: 
 (i) amending clause (a) by replacing such clause in its entirety with the
following: 
 (a) So long as the Intercreditor Agreement is in effect, following an “Enforcement” or such similar
term (as defined in the Intercreditor Agreement), all proceeds from each sale of, or other realization upon, all or any part of the Collateral by any Secured Party shall be applied as set forth therein. 

(ii) amending clause (b) by replacing the lead-in of such clause in its entirety with the following: 

(b) At all times when the Intercreditor Agreement is not in effect, all proceeds from each sale of, or other realization upon,
all or any part of the Collateral by any Secured Party after the occurrence of and during the continuation of an Event of Default arises shall be applied as follows: 

(iii) amending clause (v) of clause (b) by replacing such clause in its entirety with the following: 

(v) fifth, to the Secured Parties in an amount equal to the sum of all outstanding principal amounts of the Obligations
(including, without limitation, any Cash Collateralization requirements in connection with any Letter of Credit), any unpaid interest accrued on the Obligations, and any Hedging Obligations, pro rata in proportion to the aggregate amounts thereof
owing to each Secured Party; and 
 (u) The Credit Agreement is hereby amended by adding at the end thereof the following new
Section 10.17: 
 Section 10.17 Intercreditor Agreement. The Lenders, the Swingline Lender and the
Issuing Bank acknowledge that the obligations of the Borrower and the Guarantors in respect of the 364-Day Term Loan Debt will be secured by Liens on the Collateral on a pari passu basis with the Secured Obligations. In connection with the
incurrence of the 364-Day Term Loan Debt, the Administrative Agent shall, enter into the Intercreditor Agreement establishing the relative rights of the Secured Parties and the 364-Day Term Loan Secured Parties with respect to the Collateral and
certain related matters. The Lenders, the Swingline Lender and the Issuing Bank hereby irrevocably (i) consent to such pari passu treatment of Liens to be provided for under the 364-Day Term Loan Credit Documents and the Intercreditor
Agreement, (ii)

  
 11 

 
authorize the Administrative Agent to execute and deliver the Intercreditor Agreement and any documents relating thereto, in each case on behalf of, and without any further consent, authorization
or other action by, any Lender, the Swingline Lender or the Issuing Bank, (iii) agree that, upon the execution and delivery thereof and so long as it is in effect, the Lenders, the Swingline Lender and the Issuing Bank will be bound by the
provisions of the Intercreditor Agreement as if it were a signatory thereto and will take no actions contrary to the provisions of the Intercreditor Agreement and (iv) agree that none of the Lenders, the Swingline Lender or the Issuing Bank
shall have any right of action whatsoever against the Administrative Agent as a result of any action taken by the Administrative Agent pursuant to this Section 10.17 or in accordance with the terms of the Intercreditor Agreement. The
Lenders, the Swingline Lender and the Issuing Bank hereby further irrevocably authorize the Administrative Agent to enter into such amendments, supplements or other modifications to the Intercreditor Agreement in connection with any extension,
renewal or refinancing of any Loans, any amendment, restatement, supplement or other modification of the 364-Day Term Loan Credit Documents or any Permitted Refinancing Indebtedness in respect of the 364-Day Term Loan Debt as are reasonably
acceptable to the Administrative Agent, in its sole discretion, to give effect thereto, in each case on behalf of, and without any further consent, authorization or other action by, any Lender, the Swingline Lender or the Issuing Bank. The
Administrative Agent shall have the benefit of the provisions of Article IX with respect to all actions referred to in this Section 10.17 and all actions taken or omitted to be taken by it in accordance with the terms of the
Intercreditor Agreement to the full extent thereof. 
 (v) Schedule II to the Credit Agreement is hereby amended by replacing such Schedule
in its entirety with Schedule II set forth on Exhibit A attached hereto. 
 (w) Schedule 2.9 to the Credit Agreement is hereby amended
by replacing such Schedule in its entirety with the Schedule 2.9 set forth on Exhibit B attached hereto. 
 (x) Schedule 7.1 to the
Credit Agreement is hereby amended by replacing such Schedule in its entirety with the Schedule 7.1 set forth on Exhibit C attached hereto. 

(y) Schedule 7.4 to the Credit Agreement is hereby amended by replacing such Schedule in its entirety with the Schedule 7.4 set forth on
Exhibit D attached hereto. 
 3. Commitment Increase; New Commitments. 

(a) Each Increasing Lender hereby agrees to increase the amount of its (i) Revolving Commitment under the Credit Agreement by the amount
shown as its “Revolving Commitment Increase” on Annex A attached hereto and (ii) Term Loan Commitment under the Credit Agreement by the amount shown as its “Term Loan Commitment Increase” on Annex A attached
hereto. 
 (b) Each New Lender hereby agrees to provide (i) a Revolving Commitment under the Credit Agreement in the amount shown as its
“New Revolving Commitment” on Annex A attached hereto and (ii) a Term Loan Commitment under the Credit Agreement in the amount shown as its “New Term Loan Commitment” on Annex A attached hereto. 

  
 12 

 (c) Each Incremental Lender acknowledges and agrees that the respective Revolving
Commitments and Term Loan Commitments of such Lender and the other Lenders under the Credit Agreement are several and not joint commitments and obligations of such Lenders. Each Incremental Lender further acknowledges and agrees that Schedule II of
the Credit Agreement as set forth on Exhibit A hereto sets forth for such Lender its Revolving Commitment and its Term Loan Commitment under the Credit Agreement immediately after to giving effect to this Amendment. 

(d) Upon this Amendment becoming effective (x) with respect to the Existing Term Loans and the Revolving Loans outstanding under the
Credit Agreement immediately prior to this Amendment becoming effective, the Increasing Lenders that are providing Commitment Increases such that after giving effect to this Amendment their ratable portion of the Commitments shall be less than their
ratable portions immediately prior to this Amendment (the “Non-Pro Rata Increasing Lenders”) shall assign to each Increasing Lender that is providing a Commitment Increase such that after giving effect to this Amendments its ratable
portion of the Commitments shall be greater than its ratable portion immediately prior to this Amendment (the “Incremental Increasing Lenders”), and each of the Incremental Increasing Lenders shall purchase from the Non-Pro
Rata Increasing Lenders, at the principal amount thereof (together with accrued interest), such interest in the Existing Term Loans and such outstanding Revolving Loans as shall be necessary in order that after giving effect to all such assignments
and purchases, the Lenders shall hold the Existing Term Loans and such outstanding Revolving Loans ratably in proportion to their respective Fifth Amendment Additional Term Loan Commitments and Revolving Commitments, as applicable, as set forth
on Schedule II of the Credit Agreement as set forth on Exhibit A hereto after giving effect to this Amendment and (y) the amount of the participations held by each Lender in each Letter of Credit and each Swingline Loan then outstanding
shall be adjusted automatically such that, after giving effect to such adjustments, the Lenders shall hold participations in each such Letter of Credit and Swingline Loan in proportion to their respective Revolving Commitments as set forth on
Schedule II of the Credit Agreement as set forth on Exhibit A hereto after giving effect to this Amendment. 
 (e) On the date hereof,
each Lender shall make a Term Loan to the Borrower in a principal amount equal to the Fifth Amendment Additional Term Loan Commitment of such Lender. The Lenders hereby waive any Notice of Term Borrowing that the Borrower may be required to deliver
under Section 2.5 of the Credit Agreement or any other provision thereof with regard to the Term Loan to be made on the date hereof. 

(f) Immediately after this Amendment becomes effective, certain assignments will be made among the Lenders so that the final
allocations of each Lender after giving effect to such assignments will be as set forth on Annex B to this Amendment. 
 4.
Certain Other Agreements. 
 (a) The Lenders party hereto, the Swingline Lender and the Issuing Bank, acknowledge that the
obligations of the Borrower and the Guarantors in respect of the 364-Day Term Loan Debt will be secured by Liens on the Collateral on a pari passu basis with the Secured Obligations and make such further acknowledgments, agreements, authorizations
and directions as are set forth in Section 10.17 of the Credit Agreement, as amended in accordance with this Amendment. 
 (b) Each of
the Lenders party hereto and the Borrower hereby agree that, notwithstanding the requirement in the definition of “Interest Period” in the Credit Agreement that the period for Eurocurrency Rate Loans be one, two, three or six months, the
initial Interest 

  
 13 

 
Period for the Term Loans made on the Fifth Amendment Effective Date shall be comprised of one or more periods shorter than one month (as the Administrative Agent and the Borrower shall mutually
agree) (collectively, the “Short-Term Interest Period”). The Short-Term Interest Period shall commence on the the Fifth Amendment Effective Date and end on the earlier of (i) the date on which the Interest Period in existence
on the Fifth Amendment Effective Date for the Existing Term Loans ends and (ii) the date on which the principal amount of all outstanding Term Loans have been declared or automatically have become due and payable (whether by acceleration or
otherwise). Upon termination of the Short-Term Interest Period (unless such termination is because of clause (ii) above), the Term Loans made on the Fifth Amendment Effective Date shall be deemed part of the same Borrowing as the Existing Term
Loans and the Interest Period for such Term Loans and the Existing Term Loans shall be determined as set forth in the definition of “Interest Period” in the Credit Agreement. 

5. Conditions to Effectiveness of this Amendment. It is understood and agreed that this Amendment shall become effective on the
date (the “Effective Date”) when the Administrative Agent shall have received (i) such fees as the Borrower has previously agreed to pay on or prior to the date that this Amendment becomes effective to the Administrative
Agent or any of its affiliates in connection with this Amendment, including without limitation the fees payable pursuant to the Fifth Amendment Fee Letter (including without limitation fees payable thereunder to the Administrative Agent for the
account of each Incremental Lender), (ii) reimbursement or payment of its reasonable out-of-pocket costs and expenses incurred in connection with this Amendment or the Credit Agreement (including reasonable fees, charges and disbursements of
King & Spalding LLP, counsel to the Administrative Agent) for which invoices (including estimated expenses) have been presented to the Borrower at least two (2) days before the Effective Date unless otherwise agreed by the Borrower and
the Administrative Agent, and (iii) each of the following documents: 
 (a) executed counterparts to this Amendment from the Borrower
and each Lender; 
 (b) an instrument, executed by each Loan Party, pursuant to which such Loan Party reaffirms its obligations under the
Security Agreement, the Subsidiary Guaranty Agreement and the Pledge Agreement; 
 (c) a certificate of the Secretary or Assistant Secretary
of the Borrower, attaching and certifying copies of its bylaws and of the resolutions of its board of directors or any duly authorized committee thereof, authorizing the execution, delivery and performance of this Amendment, and certifying the name,
title and true signature of each officer of the Borrower executing the Amendment on behalf of the Borrower; 
 (d) a certified copy of the
certificate of incorporation of the Borrower, together with certificates of good standing or existence, as may be available from the Secretary of State of the jurisdiction of organization of the Borrower and each other jurisdiction where the
Borrower is required to be qualified to do business as a foreign corporation where the failure to be so qualified could reasonably be expected to have a Material Adverse Effect; 

(e) a certificate, dated the Fifth Amendment Effective Date and signed by the chief financial officer, treasurer or controller of the Borrower,
certifying that (w) no Default or Event of Default exists, (x) after giving effect to the execution and delivery of the Amendment and the funding of the Term Loans on the Fifth Amendment Effective Date, neither the Borrower nor its
Subsidiaries, taken as a whole, will be “insolvent”, within the meaning of such term as defined in § 101 of Title 11 of the United States Code, as amended from time to time, or be unable to pay its

  
 14 

 
debts generally as such debts become due, or have an unreasonably small capital to engage in any business or transaction, whether current or contemplated, (y) all other representations and
warranties of each Loan Party set forth in the Loan Documents are true and correct in all material respects, except to the extent that such representations and warranties specifically refer to an earlier date and (z) since March 31, 2014,
there shall have been no change which has had or could reasonably be expected to have a Material Adverse Effect; 
 (f) a favorable written
opinion of Baker Botts L.L.P., counsel to the Borrower, addressed to the Administrative Agent and each of the Lenders, and covering such matters relating to the Borrower, the Amendment and the transactions contemplated therein as the Administrative
Agent or the Required Lenders shall reasonably request; and 
 (g) certified copies of all consents, approvals, authorizations, registrations
and filings and orders required or advisable to be made or obtained under any Requirement of Law, or by any Contractual Obligation of each Loan Party, in connection with the execution, delivery, performance, validity and enforceability of this
Amendment or any of the transactions contemplated thereby, and such consents, approvals, authorizations, registrations, filings and orders shall be in full force and effect and all applicable waiting periods shall have expired, and no investigation
or inquiry by any governmental authority regarding the Amendment shall be ongoing. 
 6. Representations and Warranties. To
induce the Lenders to enter into this Amendment, the Borrower hereby represents and warrants to the Lenders as follows: 
 (a) The execution
and delivery by the Borrower of this Amendment are within the Borrower’s organizational powers and have been duly authorized by all necessary organizational action; 

(b) The execution, delivery and performance by the Borrower of this Amendment (i) do not require any consent or approval of, registration
or filing with, or any action by, any Governmental Authority, except those as have been obtained or made and are in full force and effect, (ii) will not violate any Requirements of Law applicable to the Borrower or any of its Subsidiaries or
any judgment, order or ruling of any Governmental Authority, (iii) will not violate or result in a default under any indenture, material agreement or other material instrument binding on the Borrower or any of its Subsidiaries or any of its
assets or give rise to a right thereunder to require any payment to be made by the Borrower or any of its Subsidiaries and (iv) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries
prohibited under the Loan Documents; 
 (c) This Amendment has been duly executed and delivered for the benefit of the Borrower and
constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms except as the enforceability hereof may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws
affecting creditors’ rights and remedies in general; and 
 (d) After giving effect to this Amendment, the representations and
warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects, except to the extent that such representations and warranties specifically refer to an earlier date, and no Default or Event of
Default has occurred and is continuing as of the date hereof. 

  
 15 

 (e) Since March 31, 2014, there has not occurred any event that has had or could reasonably
be expected to have, a Material Adverse Effect. 
 7. New Lender Joinder. 

(a) Joinder. By its signature to this Amendment, each New Lender hereby joins the Credit Agreement as a “Lender”, and
establishes a new Revolving Commitment and/or Term Loan Commitment as set forth beside such New Lender’s name on Annex A attached hereto and set forth on Schedule II of the Credit Agreement as set forth on Exhibit A. Each New
Lender shall be a party to, and bound by, the Credit Agreement as a “Lender” thereunder as of the Fifth Amendment Effective Date. 

(b) Representations and Warranties. Each New Lender represents and warrants to the Administrative Agent and the Borrower that
this Amendment has been duly authorized, executed and delivered by each of them and that the Credit Agreement, as modified by this Amendment, constitutes the legal, valid and binding obligation of such New Lender, enforceable against it in
accordance with its terms. 
 (c) Lack of Reliance on the Administrative Agent. Each New Lender acknowledges that it has,
independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Amendment and become a
“Lender” under the Credit Agreement. Each New Lender acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate,
continue to make its own decisions in taking or not taking any action under the Credit Agreement or any other Loan Document. 
 (d) Tax
Forms. Each New Lender certifies that it has delivered to the Borrower and the Administrative Agent all applicable forms and documentation, duly completed and executed, and performed all other actions required under Section 2.20 of the
Credit Agreement. 
 (e) Appointment of Administrative Agent. Each New Lender hereby irrevocably designates and appoints the
Administrative Agent as the agent of such New Lender under the Credit Agreement and the other Loan Documents, and such New Lender irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the
provisions of the Credit Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of the Credit Agreement and the other Loan Documents, together
with such other powers as are reasonably incidental thereto. 
 (f) Notice Address. The address for each New Lender for
purposes of all notices and other communications is as set forth on an Administrative Questionnaire delivered by such New Lender to the Administrative Agent. 

8. Effect of Amendment. Except as set forth expressly herein, all terms of the Credit Agreement, as amended hereby, and the
other Loan Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of the Borrower (to the extent that the Borrower is a party thereto) to the Lenders and the Administrative
Agent. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Lenders under the Credit Agreement, nor constitute a waiver of any provision
of the Credit Agreement. This Amendment shall constitute a Loan Document for all purposes of the Credit Agreement. 

  
 16 

 9. Governing Law. This Amendment shall be governed by, and construed in accordance
with, the internal laws of the State of New York and all applicable federal laws of the United States of America. 
 10. No
Novation. This Amendment is not intended by the parties to be, and shall not be construed to be, a novation of the Credit Agreement or an accord and satisfaction in regard thereto. 

11. Costs and Expenses. The Borrower agrees to pay on demand all reasonable, out-of-pocket costs and expenses of the
Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the reasonable fees and out-of-pocket expenses of outside counsel for the Administrative Agent with respect thereto.

 12. Counterparts. This Amendment may be executed by one or more of the parties hereto in any number of separate
counterparts, each of which shall be deemed an original and all of which, taken together, shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of this Amendment by facsimile transmission or by electronic
mail in .pdf form shall be as effective as delivery of a manually executed counterpart hereof. 
 13. Binding Nature. This
Amendment shall be binding upon and inure to the benefit of the parties hereto, their respective successors, successors-in-titles, and assigns. 

14. Entire Understanding. This Amendment sets forth the entire understanding of the parties with respect to the matters set
forth herein, and shall supersede any prior negotiations or agreements, whether written or oral, with respect thereto. 
 [Signature Pages
To Follow] 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed, under seal
in the case of the Borrower, by their respective authorized officers as of the day and year first above written. 
  

			
	BORROWER:
	
	BRISTOW GROUP INC.
		
	By:		 /s/ Joseph A. Baj

			Name: Joseph A. Baj
			Title: Vice President and Treasurer

  
 [Signature Page to Fifth
Amendment to Amended and Restated Revolving Credit and Term Loan Agreement] 

 
			
	LENDERS:
	
	SUNTRUST BANK, individually and as Administrative Agent, Swingline Lender and Issuing Bank
		
	By:		 /s/ Shannon Juhan

	Name: Shannon Juhan
	Title: Director

  
 [Signature Page to Fifth
Amendment to Amended and Restated Revolving Credit and Term Loan Agreement] 

 
			
	BANK OF AMERICA, N.A.
		
	By:		 /s/ David McCauley

	Name: David McCauley
	Title: Senior Vice President

  
 [Signature Page to Fifth
Amendment to Amended and Restated Revolving Credit and Term Loan Agreement] 

 
			
	BRANCH BANKING AND TRUST COMPANY
		
	By:		 /s/ DeVon J. Lang

	Name: DeVon J. Lang
	Title: Senior Vice President

  
 [Signature Page to Fifth
Amendment to Amended and Restated Revolving Credit and Term Loan Agreement] 

 
			
	The BANK OF TOKYO-MITSUBISHI UFJ, Ltd.
		
	By:		 /s/ Kevin Sparks

	Name: Kevin Sparks
	Title: Vice President

  
 [Signature Page to Fifth
Amendment to Amended and Restated Revolving Credit and Term Loan Agreement] 

 
			
	BARCLAYS BANK
		
	By:		 /s/ Samuel Coward

	Name: Samuel Coward
	Title: Vice President

  
 [Signature Page to Fifth
Amendment to Amended and Restated Revolving Credit and Term Loan Agreement] 

 
			
	CITIBANK, N.A.
		
	By:		 /s/ Peter Kardos

	Name: Peter Kardos
	Title: Vice President

  
 [Signature Page to Fifth
Amendment to Amended and Restated Revolving Credit and Term Loan Agreement] 

 
			
	COMPASS BANK
		
	By:		 /s/ Jason Sheppard

	Name: Jason Sheppard
	Title: Vice President

  
 [Signature Page to Fifth
Amendment to Amended and Restated Revolving Credit and Term Loan Agreement] 

 
			
	 CREDIT SUISSE AG, CAYMAN

ISLANDS BRANCH

		
	By:		 /s/ Nupur Kumar

	Name: Nupur Kumar
	Title: Authorized Signatory
		
	By:		 /s/ Karim Rahimtoola

	Name: Karim Rahimtoola
	Title: Authorized Signatory

  
 [Signature Page to Fifth
Amendment to Amended and Restated Revolving Credit and Term Loan Agreement] 

 
			
	FIFTH THIRD BANK
		
	By:		 /s/ Quoc Tran

	Name: Quoc Tran
	Title: Vice President

  
 [Signature Page to Fifth
Amendment to Amended and Restated Revolving Credit and Term Loan Agreement] 

 
			
	HSBC BANK USA, N.A.
		
	By:		 /s/ Sarah S Knudsen

	Name: Sarah S Knudsen
	Title: Vice President

  
 [Signature Page to Fifth
Amendment to Amended and Restated Revolving Credit and Term Loan Agreement] 

 
			
	JPMORGAN CHASE BANK, N.A.
		
	By:		 /s/ Thomas Okamoto

	Name: Thomas Okamoto
	Title: Authorized Officer

  
 [Signature Page to Fifth
Amendment to Amended and Restated Revolving Credit and Term Loan Agreement] 

 
			
	PNC BANK, NATIONAL ASSOCIATION
		
	By:		 /s/ Christopher Keenan

	Name: Christopher Keenan
	Title: Assistant Vice President

  
 [Signature Page to Fifth
Amendment to Amended and Restated Revolving Credit and Term Loan Agreement] 

 
			
	REGIONS BANK
		
	By:		 /s/ Scott J. Sarrat

	Name: Scott J. Sarrat
	Title: Senior Vice President

  
 [Signature Page to Fifth
Amendment to Amended and Restated Revolving Credit and Term Loan Agreement] 

 
			
	TRUSTMARK NATIONAL BANK
		
	By:		 /s/ Jeff Deutsch

	Name: Jeff Deutsch
	Title: Senior Vice President

  
 [Signature Page to Fifth
Amendment to Amended and Restated Revolving Credit and Term Loan Agreement] 

 
			
	U.S. BANK NATIONAL ASSOCIATION,
as a Lender
		
	By:		 /s/ Steven Dixon

	Name: Steven Dixon
	Title: Vice President

  
 [Signature Page to Fifth
Amendment to Amended and Restated Revolving Credit and Term Loan Agreement] 

 
			
	WELLS FARGO BANK, N.A.
		
	By:		 /s/ Chris Kim

	Name: Chris Kim
	Title: Assistant Vice President

  
 [Signature Page to Fifth
Amendment to Amended and Restated Revolving Credit and Term Loan Agreement] 

 
			
	 WHITNEY BANK,
 individually
and as Issuing Bank

		
	By:		 /s/ Gregory J. Zaunbrecher

	Name: Gregory J. Zaunbrecher
	Title: Vice President

  
 [Signature Page to Fifth
Amendment to Amended and Restated Revolving Credit and Term Loan Agreement] 

 Annex A 
  

											
	 Lender
	 	Type of Lender	 	Term Loan
Commitment
Increase	 	New Term
Loan
Commitment	 	Revolving
Commitment
Increase	 	New
Revolving
Commitment
	 SunTrust Bank
	 	Increasing Lender	 	$1,527,095.10	 	N/A	 	$0.00	 	N/A
	 Bank of America, N.A.
	 	Increasing Lender	 	$0.00	 	N/A	 	$0.00	 	N/A
	 Compass Bank
	 	Increasing Lender	 	$0.00	 	N/A	 	$0.00	 	N/A
	 Credit Suisse AG, Cayman Islands Branch
	 	Increasing Lender	 	$8,471,204.52	 	N/A	 	$0.00	 	N/A
	 JPMorgan Chase Bank, National Association
	 	Increasing Lender	 	$5,584,554.61	 	N/A	 	$0.00	 	N/A
	 Wells Fargo Bank, National Association
	 	Increasing Lender	 	$5,222,567.13	 	N/A	 	$0.00	 	N/A
	 Regions Bank
	 	Increasing Lender	 	$2,007,591.36	 	N/A	 	$0.00	 	N/A
	 HSBC Bank USA, N.A.
	 	Increasing Lender	 	$3,363,736.60	 	N/A	 	$0.00	 	N/A
	 Whitney Bank
	 	Increasing Lender	 	$3,363,736.60	 	N/A	 	$0.00	 	N/A
	 Branch Banking and Trust Company
	 	Increasing Lender	 	$7,769,070.97	 	N/A	 	$0.00	 	N/A
	 Citibank, N.A.
	 	Increasing Lender	 	$8,374,492.93	 	N/A	 	$0.00	 	N/A
	 PNC Bank, National Association
	 	Increasing Lender	 	$6,410,158.06	 	N/A	 	$0.00	 	N/A
	 U.S. Bank National Association
	 	Increasing Lender	 	$4,655,472.18	 	N/A	 	$0.00	 	N/A
	 Trustmark National Bank
	 	Increasing Lender	 	$5,294,674.12	 	N/A	 	$0.00	 	N/A
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	 	New Lender	 	N/A	 	$23,333,333.34	 	N/A	 	$25,000,000.00
	 Barclays Bank plc
	 	New Lender	 	N/A	 	$23,333,333.34	 	N/A	 	$25,000,000.00
	 Fifth Third Bank
	 	New Lender	 	N/A	 	$18,666,666.66	 	N/A	 	$0.00
		 		 	  
	 	  

	 TOTAL:
				$127,377,687.52		$50,000,000.00
		 		 	  
	 	  

 Exhibit A 

Schedule II to Credit Agreement 

COMMITMENT AMOUNTS 
  

									
	 Lender
	  	Fifth Amendment
Additional Term
Loan Commitment	 	  	Revolving Loan
Commitment	 
	 SunTrust Bank
	  	$	1,527,095.10	  	  	$	27,068,397.90	  
	 Bank of America, N.A.
	  	$	0.00	  	  	$	26,666,666.66	  
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	  	$	23,333,333.34	  	  	$	26,666,666.66	  
	 Barclays Bank plc
	  	$	23,333,333.34	  	  	$	26,666,666.66	  
	 Compass Bank
	  	$	0.00	  	  	$	26,666,666.66	  
	 Credit Suisse AG, Cayman Islands Branch
	  	$	8,471,204.52	  	  	$	26,666,666.66	  
	 JPMorgan Chase Bank, National Association
	  	$	5,584,554.61	  	  	$	26,666,666.66	  
	 Wells Fargo Bank, National Association
	  	$	5,222,567.13	  	  	$	26,666,666.66	  
	 Regions Bank
	  	$	2,007,591.36	  	  	$	22,992,408.64	  
	 HSBC Bank USA, N.A.
	  	$	3,363,736.60	  	  	$	21,636,263.40	  
	 Whitney Bank
	  	$	3,363,736.60	  	  	$	21,636,263.40	  
	 Branch Banking and Trust Company
	  	$	7,769,070.97	  	  	$	21,333,333.34	  
	 Citibank, N.A.
	  	$	8,374,492.93	  	  	$	21,333,333.34	  
	 Fifth Third Bank
	  	$	18,666,666.66	  	  	$	21,333,333.34	  
	 PNC Bank, National Association
	  	$	6,410,158.06	  	  	$	21,333,333.34	  
	 U.S. Bank National Association
	  	$	4,655,472.18	  	  	$	21,333,333.34	  
	 Trustmark National Bank
	  	$	5,294,674.12	  	  	$	13,333,333.34	  
		  	  
	  
	 	  	  
	  
	 
	 TOTAL:
		$	127,377,687.52	  		$	400,000,000.00	  
		  	  
	  
	 	  	  
	  
	 

 Exhibit B 

Schedule 2.9 to Credit Agreement 

TERM LOAN AMORTIZATION 
  

					
	 Payment Date
	  	Amount	 
	 June 30, 2014
	  	$	1,135,828.13	  
	 September 30, 2014
	  	$	1,135,828.13	  
	 December 31, 2014
	  	$	1,135,828.13	  
	 March 31, 2015
	  	$	1,135,828.13	  
	 June 30, 2015
	  	$	3,500,000.00	  
	 September 30, 2015
	  	$	3,500,000.00	  
	 December 31, 2015
	  	$	3,500,000.00	  
	 March 31, 2016
	  	$	3,500,000.00	  
	 June 30, 2016
	  	$	7,000,000.00	  
	 September 30, 2016
	  	$	7,000,000.00	  
	 December 31, 2016
	  	$	7,000,000.00	  
	 March 31, 2017
	  	$	7,000,000.00	  
	 June 30, 2017
	  	$	8,750,000.00	  
	 September 30, 2017
	  	$	8,750,000.00	  
	 December 31, 2017
	  	$	8,750,000.00	  
	 March 31, 2018
	  	$	8,750,000.00	  
	 June 30, 2018
	  	$	10,937,500.00	  
	 September 30, 2018
	  	$	10,937,500.00	  
	 December 31, 2018
	  	$	10,937,500.00	  
	 March 31, 2019
	  	$	10,937,500.00	  
	 April 29, 2019
	  	$	229,250,000.00	  

 Exhibit C 

Schedule 7.1 to Credit Agreement 

EXISTING INDEBTEDNESS 

($ in thousands) 
  

					
	 Type
	  	Outstanding
Principal Amount as of
December 31, 2014	 
	 6 1⁄4% Senior Notes due 2022
	  	$	401,535	  
	 3% Convertible Senior Notes due 2038
	  	$	113,025	  
	 Eastern Airways International Limited and subsidiaries debt
	  	$	21,840	  
	 Letters of Credit
	  	$	2,014	  
	 Sale and Leaseback Financing involving 31 helicopters with various entities of Milestone Aviation Group LLC each as Lessor
[off-balance sheet debt – present value]
	  	$	302,352	  
	 Sale and Leaseback Financing involving 9 helicopters with HeliFleet 2013-01, LLC as
Lessor
[off-balance sheet debt – present value]
	  	$	28,966	  
	 Sale and Leaseback Financing involving 3 helicopters with Capital One Equipment Finance Corp. as Lessor [off-balance sheet debt – present value]
	  	$	15,797	  
	 Sale and Leaseback Financing involving 3 helicopters with PNC Bank, National Association, solely as owner trustee, as Lessor
[off-balance sheet debt – present value]
	  	$	13,371	  
	 Sale and Leaseback Financing involving 2 helicopters with various entities of Waypoint Leasing as Lessor [off-balance sheet debt –present value]
	  	$	13,819	  
	 Sale and Leaseback Financing involving 2 helicopters with Huntington National Bank as Lessor
[off-balance sheet debt –present value]
	  	$	12,408	  
	 Sale and Leaseback Financing involving 1 helicopter with BTMU Capital Leasing & Finance, Inc. as Lessor [off-balance sheet debt –present value]
	  	$	8,998	  
	 Sale and Leaseback Financing involving 1 helicopter with an entity of Bank of America Merrill Lynch as Lessor [off-balance sheet
debt –present value]
	  	$	3,334	  

 Exhibit D 

Schedule 7.4 to Credit Agreement 

EXISTING INVESTMENTS 

as of December 31, 2014 

($ in thousands) 
  

													
	 Asset
	  	Borrower	 	  	Guarantors	 	  	Non-Guarantors	 
	 Intercompany Investment [eliminate on consolidation]
	  	$	1,275,114	  	  	$	111,435	  	  	$	 —  	  
	 Investment in Unconsolidated Affiliates
	  	$	 —  	  	  	$	 —  	  	  	$	255,267	  
	 Intercompany Notes Receivable [eliminate on consolidation]
	  	$	1,329,124	  	  	$	 —  	  	  	$	 —  	  

 ANNEX B 

COMMITMENT AMOUNTS 
  

									
	 Lender
	  	Term Loan
Commitment	 	  	Revolving
Commitment	 
	 SunTrust Bank
	  	$	23,684,848.13	  	  	$	27,068,397.90	  
	 Bank of America, N.A.
	  	$	23,333,333.34	  	  	$	26,666,666.66	  
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	  	$	23,333,333.34	  	  	$	26,666,666.66	  
	 Barclays Bank plc
	  	$	23,333,333.34	  	  	$	26,666,666.66	  
	 Compass Bank
	  	$	23,333,333.34	  	  	$	26,666,666.66	  
	 Credit Suisse AG, Cayman Islands Branch
	  	$	23,333,333.34	  	  	$	26,666,666.66	  
	 JPMorgan Chase Bank, National Association
	  	$	23,333,333.34	  	  	$	26,666,666.66	  
	 Wells Fargo Bank, National Association
	  	$	23,333,333.34	  	  	$	26,666,666.66	  
	 Regions Bank
	  	$	20,118,357.57	  	  	$	22,992,408.64	  
	 HSBC Bank USA, N.A.
	  	$	18,931,730.48	  	  	$	21,636,263.40	  
	 Whitney Bank
	  	$	18,931,730.48	  	  	$	21,636,263.40	  
	 Branch Banking and Trust Company
	  	$	18,666,666.66	  	  	$	21,333,333.34	  
	 Citibank, N.A.
	  	$	18,666,666.66	  	  	$	21,333,333.34	  
	 Fifth Third Bank
	  	$	18,666,666.66	  	  	$	21,333,333.34	  
	 PNC Bank, National Association
	  	$	18,666,666.66	  	  	$	21,333,333.34	  
	 U.S. Bank National Association
	  	$	18,666,666.66	  	  	$	21,333,333.34	  
	 Trustmark National Bank
	  	$	11,666,666.66	  	  	$	13,333,333.34	  
		  	  
	  
	 	  	  
	  
	 
	 TOTAL:
		$	350,000,000.00	  		$	400,000,000.00

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