Document:

ex10w4-060608.htm

     

    EXHIBIT
10.4

    

    BRISTOW
GROUP INC.

    

    FY
2009 Annual Incentive Compensation Plan

    

    Plan
Provisions

    June
5, 2008

    

    PURPOSE

    

    To
provide certain corporate officers and managers, subsidiary Presidents,
Directors and managers the opportunity to share in the performance of the
company by achieving specific financial and safety goals and key individual
objectives.

    

    Participants
will be required to uphold and certify their performance of the Company’s legal
and ethical standards as described in the Code of Business Integrity and the
policies that support the Code; and shall use the Company’s statement of Core
Values and the Leadership Charter as guidelines for the conduct of business and
working relationships.

    

    ELIGIBILITY

    

    
      	
              ·  

            	
              Certain
      Corporate Officers, Directors and Managers, and participating subsidiary
      Presidents, Directors, and Managers may be eligible to participate in the
      plan.  Participants are recommended by the CEO and approved by
      the Compensation Committee. In order to be eligible an employee must be
      actively employed in a bonus eligible position for a minimum of three
      months.

            

    

    

    
      	
              ·  

            	
              Employees
      who are employed after the commencement of the Plan year will be eligible
      to participate in the plan on a pro-rata basis for such plan
      year.

            

    

    

    
      	
              ·  

            	
              Executive
      Officers will be assigned to a specific eligibility level set as a
      percentage of actual base salary designated by the Compensation
      Committee.  Other participants will be assigned to a specific
      eligibility level designated by management.  The Entry, Expected
      and Maximum incentive award opportunity as a percent of actual base salary
      will range as follows:

            

    

    

    
      	
              Salary
      Grade

            	
              Entry
      Award

            	
              Expected
      Award

            	
              Maximum
      Award

            
	
              10

            	
              18%

            	
              45%

            	
              90%

            
	
              9

            	
              16%

            	
              40%

            	
              80%

            
	
              8

            	
              14%

            	
              35%

            	
              70%

            
	
              7

            	
              12%

            	
              30%

            	
              60%

            
	
              6

            	
              10%

            	
              25%

            	
              50%

            
	
              5

            	
              8%

            	
              20%

            	
              40%

            
	
              3-4

            	
              6%

            	
              15%

            	
              30%

            
	
              1-2

            	
              4%

            	
              10%

            	
              20%

            

    

    

    

    

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    KEY
PERFORMANCE INDICATORS (KPI’S) AND WEIGHTS

    

    
      	
              ·  

            	
              KPI’s
      are selected and weighted to give emphasis to performance for which
      participants have the most direct control.  KPI’s may vary among
      participants and may change from year to
year.

            

    

    

    
      	
              ·  

            	
              The
      Compensation Committee approves the KPI’s and weights
      annually.

            

    

    

    
      	
              ·  

            	
              All
      participants will be assigned safety and financial performance measures at
      the consolidated corporate level. Achievement of the safety measure is
      subject to the fatality qualifier described
  below.

            

    

    

    
      	
              ·  

            	
              All
      participants will share in the overall performance of the company as
      measure at the consolidated corporate
level.

            

    

    

    
      	
              ·  

            	
              Each
      participant will have a discretionary “individual performance” component,
      and will be evaluated based on specific individual objectives (scorecard)
      and an overall performance evaluation of their contribution to the
      organization as well as the performance of the Country, Business Unit
      and/or Division in which they are
employed.

            

    

    

    
      	
              ·  

            	
              The
      performance measures and their weightings for Fiscal Year 2009 will be
      ROCE (25%), EPS (25%), TRIR (10%), AAR (15%) and Individual Performance
      (25%). Awards will be based upon actual results for the fiscal year as
      compared to the FY 2009 budget.

            

    

    

    
      	
              ·  

            	
              Each
      participant will receive an individual Incentive Award Determination
      Worksheet that contains his or her specific incentive award opportunity,
      KPI’s, and performance goals.

            

    

    

    
      	
              ·  

            	
              Attachment
      I summarizes the KPI’s for the FY09 Incentive
  Plan.

            

    

    

    

    

    KPI
DEFINITIONS

    

    The
following definitions will determine the calculation of each KPI.

    

    Safety TRIR – Bristow Group
consolidated Total Recordable Incident Rate for the fiscal year, meaning the
total number of recordable safety incidents per 200,000 man hours.

    

    Safety AAR – Bristow Group
consolidated Air Accident Rate for the fiscal year meaning the number of Air
Accidents per 100,000 flight hours as defined by the International Civil
Aviation Organizations (ICAO) Annex 13 in compliance with the NTSB and CAA
definitions.

    

    Fatality – If during the
fiscal year, there is a fatality in administrative, ground or air operations to
an employee, passenger, bystander or anyone involved in operations at hand, the
award for the safety performance component will be zero for all participants in
the Country where the fatality took place, then in a direct line up through the
organization to include participants in the related Business Unit headquarters,
Division headquarters and Corporate headquarters.

    

    ROCE – Bristow Group
consolidated Return on Capital Employed for the fiscal year meaning Earnings
before Interest, Taxes, Depreciation and Amortization (EBITDA) divided by
Bristow Group consolidated Capital Employed for the same period.

    

    Capital Employed – Bristow
Group consolidated Capital Employed meaning
the value of all assets and investments used to generate EBITDA including but
not limited to aircraft and working capital.  Capital Employed is
measured at the end of each quarter and the Capital Employed used in calculating
ROCE is the average of Capital Employed at the beginning of a period and each
measurement date during that period (i.e. Capital Employed for FY 2009 is the
average of Capital Employed at 3/31/08, 6/30/08, 9/30/08, 12/31/08 and 3/31/09).
Fair market value for a particular aircraft model is set annually during the
Annual Business Plan cycle and then held constant through the following fiscal
year. Net Book Value is used to value all non-aircraft assets.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    EPS – Bristow Group
consolidated Fully
Diluted Earning per Share for the fiscal year, determined in accordance with
U.S. generally accepted accounting principles.

    

    Individual Performance -
Individual performance may relate specifically to the individual and/or
pre-established Country, Business Unit or Division objective goals approved by
the Sr. Vice President for the applicable Division. Each individual participant
should be evaluated on individual objectives that have been defined at the
beginning of the plan year and an overall performance evaluation of the
individual’s contributions during the year.  The total amount to all
participants for the discretionary component is set as a multiple of the
“expected” level ranging from 0 to 200% recommended by Senior Management and
approved by the Compensation Committee.

    

    PERFORMANCE
GOALS

    

    
      	
              ·  

            	
              For
      each non discretionary performance measure, goals for the Entry, Expected,
      and Maximum levels of performance are set forth in Attachment
      I.

            

    

    

    
      	
              ·  

            	
              Financial
      performance goals are based on the Board approved FY2009 operating
      budget.

            

    

    

    
      	
              ·  

            	
              The
      Compensation Committee reserves the right to adjust performance goals (up
      or down) for significant acquisitions, divestitures or events that were
      not contemplated when the performance goals were initially
      set.

            

    

    

    DETERMINING
THE ANNUAL INCENTIVE AWARD

    

    
      	
              ·  

            	
              Once
      the FY 2009 plan year has been completed, the safety and financial
      performance of the corporation will be determined.  For each
      financial performance measure the performance level will be determined
      based on the standards established at the beginning of the plan
      year.  Interpolation will be used between Entry, Expected and
      Maximum.

            

    

    

    
      	
              ·  

            	
              The
      actual incentive award earned by each participant will be the sum of the
      incentive award earned for each KPI including Individual
      Performance.

            

    

    

    
      	
              ·  

            	
              Incentive
      Awards will be paid as soon as practical after the end of the plan year
      and completion and certification of the outside audit of financial
      results.  Awards will be made no later than 75 days after the
      end of the fiscal year.  A participant must be employed on the
      date awards are paid in order to receive an
  award.

            

    

    

    
      	
              ·  

            	
              An
      individual will not receive his/her incentive award until they have signed
      a certification of performance under the Code of Business Integrity. The
      Company may recover the incentive award if it is found that the
      certification was signed with the knowledge of, or participation in, a
      prohibited act.

            

    

    

    ADMINISTRATION
OF PLAN

    

    
      	
              ·  

            	
              The
      Compensation Committee approves the plan, with day-to-day responsibility
      for administration delegated to management.  The Committee will
      interpret the plan and make appropriate adjustments as
      necessary.  All interpretations made by the Committee are
      final.

            

    

    

    
      	
              ·  

            	
              The
      Compensation Committee will certify the performance results of the company
      and the total incentive awards paid at the end of the plan
      year.

            

    

    

    
      	
              ·  

            	
              The
      incentive awards for the year will be accrued and charged as an expense,
      before determining the financial performance under the
    plan.

            

    

    

    
      	
              ·  

            	
              Participants
      whose employment is terminated for any reason other than death, disability
      or normal retirement prior to payment of incentive awards will not be
      eligible to receive an award.

            

    

    

    
      	
              ·
        

            	
              Participants
      whose employment is terminated for reason of death, disability or normal
      retirement may be eligible for a pro-rated award at the recommendation of
      management, and approval by the Compensation
  Committee.

            

    

    

    
      	
              ·
       

            	
              The
      Committee, in its sole discretion, may make special incentive awards to
      any individual in order to recognize special performance or
      contributions.

            

    

    

    
      	
              ·   

            	
              This
      plan is adopted pursuant to the Bristow Group Inc. 2007 Long Term
      Incentive Plan and will be administered by the Compensation Committee in
      accordance with the provisions

            

    

    

    
      
         

      

      
        3exv4w3

EXHIBIT 4.3

AMENDMENT NO. 2 TO RIGHTS AGREEMENT

This AMENDMENT NO. 2 to the Rights Agreement (this “Amendment”), is entered into by and between
Valeant Pharmaceuticals International, a Delaware corporation (the “Corporation”), and American
Stock Transfer & Trust Company, as Right Agent (the “Rights Agent”).

     WHEREAS, the Corporation and the Rights Agent are parties to that certain Rights Agreement
dated as of November 2, 1994, as amended by Amendment No. 1 to the Rights Agreement dated as of
October 5, 2004 (“Amendment No. 1” and as so amended by Amendment No. 1, the “Rights Agreement”)

     WHEREAS, the Rights Agreement contains terms defining an Acquiring Person;

     WHEREAS, the Board of Directors of the Corporation has determined that it is in the best
interest of the Corporation and it stockholders to amend the Rights Agreement to change such terms
as set forth herein and the Rights Agent has agreed to such amendment;

     WHEREAS, the Board of Directors of the Corporation has authorized and adopted this Amendment
at a meeting of directors duly called and held;

     WHEREAS, pursuant to Section 26 of the Rights Agreement, the Rights Agreement may be amended
as set forth herein without the approval of the Rights Agent and the Rights Agent shall execute
such an amendment upon receipt of a certificate from an appropriate officer of the Corporation that
states that such amendment is in compliance with Section 26;

     WHEREAS, unless otherwise defined in this Amendment, capitalized terms used herein shall have
the meanings given to them in the Rights Agreement.

     NOW, THEREFORE, in consideration of the premises and mutual agreements set forth in the Rights
Agreement and this Amendment, the parties hereby agree as follows:

1. Section 1(a) of the Rights Agreement is amended so that each reference to “the Beneficial Owner
of 15% or more of the then outstanding shares of Common Stock” in the definition of “Acquiring
Person” shall read “the Beneficial Owner of 15% or more (or if such Person is an Institutional
Investor, 20% or more) of the then outstanding shares of Common Stock”.

2. Section 1 is amended so as to add the following definition of “Exchange Act” as Section 1(i)
after “Distribution Date”, and renumbering the definitions that follow the definition of “Exchange
Act”:

“(i) Exchange Act shall mean the Securities Exchange Act of 1934, as amended.”

1

 

3. Section 1 is amended so as to add the following definition of “Institutional Investor” as
Section 1(k) after the definition of “Final Expiration Date”, and renumbering the definitions that
follow the definition of “Institutional Investor”:

“(k) Institutional Investor shall mean a Person who is principally engaged in the business of
managing investment funds and is the Beneficial Owner of shares of Common Stock acquired pursuant
to investment activities undertaken in the ordinary course of such Person’s business, so long as
such Person, without the prior approval of the Board of Directors of the Corporation, does not (i)
make or in any way participate in any “solicitation” of “proxies” (as such terms are used in the
rules of the Securities and Exchange Commission) to vote, or attempt to advise or influence any
person with respect to the voting of, any voting securities of the Corporation, or publicly
announce any intention with respect to any of the foregoing, (ii) make any public announcement with
respect to a proposal for, or offer of any merger, business combination, tender offer, exchange
offer, recapitalization, reorganization, purchase of a material portion of the assets or properties
of the Corporation or other similar extraordinary transaction involving the Corporation or its
securities, or (iii) form, join or in any way participate in a “group” (as defined in Section
13(d)(3) of the Exchange Act) with respect to any securities of the Corporation or otherwise in
connection with any of the foregoing.”

4. Clause (y) of Section 23(a)(ii) is amended and restated in its entirety as follows:

“(y)(aa) if and for so long as the Acquiring Person is not thereafter the Beneficial Owner of 15%
(or in the case of an Institutional Investor, 20%) of the shares of Common Stock and (bb) at the
time of redemption no other Persons are Acquiring Persons.”

5. The term “Agreement” as used in the Rights Agreement shall be deemed to refer to the Rights
Agreement as previously amended by Amendment No. 1 and as amended hereby.

6. Except as modified by this Amendment, the Rights Agreement, as previously amended by Amendment
No. 1, shall remain in full force and effect without any modification. This Amendment shall be
deemed an amendment to the Rights Agreement and shall become effective when executed and delivered
by the Corporation and the Rights Agent.

7. Except as and to the extent expressly modified by this Amendment, the Rights Agreement, as
previously amended by Amendment No. 1, and the exhibits thereto, shall remain in full force and
effect in all respects. In the event of a conflict or inconsistency between this Amendment and the
Rights Agreement, as previously amended by Amendment No. 1, and the exhibits thereto, the
provisions of this Amendment shall govern.

8. This Amendment may be executed in several counterparts, each of which shall constitute an
original and all of which, when taken together, shall constitute one agreement.

9. The Corporation certifies to the Rights Agent that this Amendment is in compliance with the
terms of Section 26 of the Rights Agreement, and that the Rights Agent is entitled to rely upon
such certification.

2

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the day
and year first above written.

VALEANT PHARMACEUTICALS INTERNATIONAL

	 	 	 	 	 	 	 
	By:
	 	 	 	 /s/  J. Michael Pearson	 	 
	 

	 	Name:	 	  J. Michael Pearson
	 	 
	 

	 	Title:	 	 Chairman and Chief Executive Officer	 	 

AMERICAN
STOCK TRANSFER & TRUST COMPANY

	 	 	 	 	 	 	 
	By:
	 	 	 	  /s/ Herbert J. Lemmer	 	 
	 

	 	Name:	 	  Herbert J. Lemmer
	 	 
	 

	 	Title:	 	 Vice President	 	 

3

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