Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
  

 
  

BACKSTOP COMMITMENT AGREEMENT 

AMONG 
 BRISTOW GROUP INC. 

AND 
 THE COMMITMENT PARTIES PARTY
HERETO 
 Dated as of July 24, 2019 
  

 
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	2	 
	 Section 1.1
	 	Definitions	  	 	2	 
	 Section 1.2
	 	Construction	  	 	23	 
		
	 ARTICLE II BACKSTOP COMMITMENT
	  	 	24	 
	 Section 2.1
	 	The Rights Offering; Subscription Rights	  	 	24	 
	 Section 2.2
	 	The Backstop Commitment	  	 	24	 
	 Section 2.3
	 	Commitment Party Default	  	 	25	 
	 Section 2.4
	 	Escrow Account Funding	  	 	28	 
	 Section 2.5
	 	Closing	  	 	29	 
	 Section 2.6
	 	Designation and Assignment Rights	  	 	30	 
	 Section 2.7
	 	Conversion of Common Shares	  	 	32	 
		
	 ARTICLE III BACKSTOP COMMITMENT FEE AND EXPENSE REIMBURSEMENT
	  	 	33	 
	 Section 3.1
	 	Commitment Fee Payable by the Company	  	 	33	 
	 Section 3.2
	 	Payment of Backstop Commitment Fee	  	 	33	 
	 Section 3.3
	 	Expense Reimbursement	  	 	34	 
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	 	35	 
	 Section 4.1
	 	Organization and Qualification	  	 	35	 
	 Section 4.2
	 	Corporate Power and Authority	  	 	36	 
	 Section 4.3
	 	Execution and Delivery; Enforceability	  	 	36	 
	 Section 4.4
	 	Authorized and Issued Equity Interests	  	 	37	 
	 Section 4.5
	 	No Conflict	  	 	37	 
	 Section 4.6
	 	Consents and Approvals	  	 	38	 
	 Section 4.7
	 	Company SEC Documents and Disclosure Statement	  	 	38	 
	 Section 4.8
	 	Absence of Certain Changes	  	 	39	 
	 Section 4.9
	 	No Violation; Compliance with Laws	  	 	39	 
	 Section 4.10
	 	Legal Proceedings	  	 	39	 
	 Section 4.11
	 	Labor Relations	  	 	39	 
	 Section 4.12
	 	Intellectual Property	  	 	39	 
	 Section 4.13
	 	Title to Real and Personal Property	  	 	40	 
	 Section 4.14
	 	No Undisclosed Relationships	  	 	40	 
	 Section 4.15
	 	Licenses and Permits	  	 	41	 
	 Section 4.16
	 	Environmental	  	 	41	 
	 Section 4.17
	 	Tax Returns	  	 	42	 
	 Section 4.18
	 	Employee Benefit Plans	  	 	42	 
	 Section 4.19
	 	Internal Control Over Financial Reporting	  	 	44	 
	 Section 4.20
	 	Disclosure Controls and Procedures	  	 	44	 
	 Section 4.21
	 	Material Contracts	  	 	44	 
	 Section 4.22
	 	No Unlawful Payments	  	 	45	 
	 Section 4.23
	 	Compliance with Money Laundering Laws and Ex-Im Laws	  	 	45	 
	 Section 4.24
	 	Compliance with Sanctions Laws	  	 	45	 
	 Section 4.25
	 	No Broker’s Fees	  	 	45	 

  
 i 

 TABLE OF CONTENTS (cont’d) 

 

							
	 	 	 	  	Page	 
	 Section 4.26
	 	Investment Company Act	  	 	46	 
	 Section 4.27
	 	Insurance	  	 	46	 
	 Section 4.28
	 	Aircraft Owned and Related Leases; Expected Purchases	  	 	46	 
	 Section 4.29
	 	Arm’s Length	  	 	47	 
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES OF THE COMMITMENT PARTIES
	  	 	48	 
	 Section 5.1
	 	Organization	  	 	48	 
	 Section 5.2
	 	Organizational Power and Authority	  	 	48	 
	 Section 5.3
	 	Execution and Delivery	  	 	48	 
	 Section 5.4
	 	No Conflict	  	 	48	 
	 Section 5.5
	 	Consents and Approvals	  	 	48	 
	 Section 5.6
	 	No Registration	  	 	49	 
	 Section 5.7
	 	Purchasing Intent	  	 	49	 
	 Section 5.8
	 	Sophistication; Investigation	  	 	49	 
	 Section 5.9
	 	No Broker’s Fees	  	 	49	 
	 Section 5.10
	 	Sufficient Funds	  	 	49	 
		
	 ARTICLE VI ADDITIONAL COVENANTS
	  	 	50	 
	 Section 6.1
	 	Orders Generally	  	 	50	 
	 Section 6.2
	 	Confirmation Order; Plan and Disclosure Statement	  	 	50	 
	 Section 6.3
	 	Conduct of Business	  	 	51	 
	 Section 6.4
	 	Access to Information; Confidentiality	  	 	53	 
	 Section 6.5
	 	Financial Information	  	 	54	 
	 Section 6.6
	 	Commercially Reasonable Efforts	  	 	54	 
	 Section 6.7
	 	Blue Sky	  	 	56	 
	 Section 6.8
	 	DTC Eligibility	  	 	56	 
	 Section 6.9
	 	Use of Proceeds	  	 	56	 
	 Section 6.10
	 	Share Legend	  	 	56	 
	 Section 6.11
	 	Regulatory Approval	  	 	57	 
	 Section 6.12
	 	Alternative Transactions	  	 	58	 
	 Section 6.13
	 	Hedging Arrangements	  	 	59	 
	 Section 6.14
	 	Reorganized Company	  	 	59	 
	 Section 6.15
	 	Registration Rights Agreement	  	 	60	 
		
	 ARTICLE VII CONDITIONS TO THE OBLIGATIONS OF THE PARTIES
	  	 	60	 
	 Section 7.1
	 	Conditions to the Obligations of the Commitment Parties	  	 	60	 
	 Section 7.2
	 	Waiver of Conditions to Obligations of Commitment Parties	  	 	63	 
	 Section 7.3
	 	Conditions to the Obligations of the Debtors	  	 	63	 
		
	 ARTICLE VIII INDEMNIFICATION AND CONTRIBUTION
	  	 	64	 
	 Section 8.1
	 	Indemnification Obligations	  	 	64	 
	 Section 8.2
	 	Indemnification Procedure	  	 	65	 
	 Section 8.3
	 	Settlement of Indemnified Claims	  	 	66	 
	 Section 8.4
	 	Contribution	  	 	66	 
	 Section 8.5
	 	Treatment of Indemnification Payments	  	 	67	 

  
 ii 

 TABLE OF CONTENTS (cont’d) 

 

							
	 	 	 	  	Page	 
	 Section 8.6
	 	No Survival	  	 	67	 
		
	 ARTICLE IX TERMINATION
	  	 	67	 
	 Section 9.1
	 	Consensual Termination	  	 	67	 
	 Section 9.2
	 	Automatic Termination	  	 	67	 
	 Section 9.3
	 	Termination by the Company	  	 	69	 
	 Section 9.4
	 	Effect of Termination	  	 	70	 
		
	 ARTICLE X GENERAL PROVISIONS
	  	 	71	 
	 Section 10.1
	 	Notices	  	 	71	 
	 Section 10.2
	 	Assignment; Third-Party Beneficiaries	  	 	72	 
	 Section 10.3
	 	Prior Negotiations; Entire Agreement	  	 	72	 
	 Section 10.4
	 	Governing Law; Venue	  	 	73	 
	 Section 10.5
	 	Waiver of Jury Trial	  	 	73	 
	 Section 10.6
	 	Counterparts	  	 	73	 
	 Section 10.7
	 	Waivers and Amendments; Rights Cumulative; Consent	  	 	74	 
	 Section 10.8
	 	Headings	  	 	75	 
	 Section 10.9
	 	Specific Performance	  	 	75	 
	 Section 10.10
	 	Damages	  	 	75	 
	 Section 10.11
	 	No Reliance	  	 	75	 
	 Section 10.12
	 	Publicity	  	 	75	 
	 Section 10.13
	 	Settlement Discussions	  	 	76	 
	 Section 10.14
	 	No Recourse	  	 	76	 
	 Section 10.15
	 	Relationship Among Parties	  	 	76	 
	 Section 10.16
	 	Company Fiduciary Duties	  	 	77	 

 SCHEDULES 
  

			
	Schedule 1A	  	Unsecured Backstop Commitment Schedule
	Schedule 1B	  	Secured Backstop Commitment Schedule
	Schedule 2	  	Company Group Member Knowledge Parties

 EXHIBITS 
  

			
	Exhibit A	  	Form of Transfer Notice
	Exhibit B	  	Form of Joinder Agreement
	Exhibit C	  	Form of Restructuring Support Agreement Transfer Agreement
	Exhibit D	  	Corporate Governance Term Sheet
	Exhibit E	  	Preferred Equity Term Sheet
	Exhibit F	  	Aggregate Shares

  

  
 iii 

 BACKSTOP COMMITMENT AGREEMENT 

THIS BACKSTOP COMMITMENT AGREEMENT (this “Agreement”), dated as of July 24, 2019, is made by and among Bristow
Group Inc., a Delaware corporation and the ultimate parent of each of the other Debtors (as the debtor in possession and a reorganized debtor, as applicable, the “Company”), on behalf of itself and each of the other Debtors
(as defined below), on the one hand, and each Commitment Party (as defined below), on the other hand. The Company and each Commitment Party are referred to herein, individually, as a “Party” and, collectively, as the
“Parties”. Capitalized terms that are used but not otherwise defined in this Agreement shall have the meanings given to them in Section 1.1 hereof or, if not defined therein, shall have the meanings
given to them in the Plan. 
 RECITALS 

WHEREAS, the Company, the Commitment Parties, the Supporting Secured Noteholders (as defined in the Restructuring Support Agreement) and the
Supporting Unsecured Noteholders (as defined in the Restructuring Support Agreement) have entered into a Second Amended and Restated Restructuring Support Agreement, dated as of July 24, 2019 (including the terms and conditions set forth in the
Restructuring Term Sheet attached as Exhibit A to the Restructuring Support Agreement (the “Restructuring Term Sheet” and collectively, including all the exhibits thereto, as may be amended, supplemented or otherwise modified
from time to time, the “Restructuring Support Agreement”)), which (a) provides for the restructuring of the Debtors’ capital structure and financial obligations pursuant to a plan of reorganization to be filed in
the Debtors’ jointly administered cases (the “Chapter 11 Cases”) under Title 11 of the United States Code, 11 U.S.C. §§ 101-1532 (as it may be amended from time to time,
the “Bankruptcy Code”), currently pending in the United States Bankruptcy Court for Southern District of Texas (the “Bankruptcy Court”), implementing the terms and conditions of the Restructuring
Transactions and (b) requires that the Plan be consistent with the Restructuring Support Agreement; 
 WHEREAS, the Debtors plan to
file with the Bankruptcy Court, in accordance with the terms of the Restructuring Support Agreement, motions seeking entry of (a) the Plan Solicitation Order, (b) a final Order authorizing debtor-in-possession financing on terms consistent with the DIP Credit Agreement (the “DIP Order”) and (c) the Confirmation Order; 

WHEREAS, pursuant to the Plan, the Restructuring Support Agreement and this Agreement, and in accordance with the Rights Offering Procedures,
(a) the Company, on behalf of the Reorganized Company, will conduct (i) a rights offering for the Unsecured Rights Offering Shares (excluding the Common Shares and Preferred Shares to be issued pursuant to the Unsecured Equity Component)
at an aggregate purchase price equal to the Unsecured Rights Offering Amount and a per-Common Share purchase price equal to the Per Common Share Equity Rights Offering Price and a per-Preferred Share purchase price equal to the Per Preferred Share Equity Rights Offering Price, with 91.825% of the Unsecured Rights Offering Amount offered being comprised of Common Shares and 8.175% being
comprised of Preferred Shares, and (ii) a rights offering for the Secured Rights Offering Shares (excluding the Common Shares and Preferred Shares to be issued pursuant to the Secured Equity Component) at an aggregate purchase price equal to
the Secured Rights Offering Amount and a per-Common Share purchase price equal to the Per 

  
 1 

 
Common Share Equity Rights Offering Price and a per-Preferred Share purchase price equal to the Per Preferred Share Equity Rights Offering Price, with
91.825% of the Secured Rights Offering Amount offered being comprised of Common Shares and 8.175% being comprised of Preferred Shares, and, (b) on the Effective Date and following its formation, the Reorganized Company shall assume and perform
any remaining obligations with respect to the Rights Offerings and issue the Rights Offering Shares; 
 WHEREAS, subject to the terms and
conditions contained in this Agreement and in accordance with the Restructuring Term Sheet, (a) each Unsecured Commitment Party has agreed to purchase (on a several and not joint basis) its Unsecured Backstop Commitment Percentage of the
Unsecured Unsubscribed Shares, if any, and (b) each Secured Commitment Party has agreed to purchase (on a several and not joint basis) its Secured Backstop Commitment Percentage of the Secured Unsubscribed Shares, if any; 

NOW, THEREFORE, in consideration of the mutual promises, agreements, representations, warranties and covenants contained herein, the Company
(on behalf of itself and each other Debtor) and each of the Commitment Parties hereby agrees as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Definitions. Except as otherwise expressly provided in this Agreement, whenever used in this Agreement (including any
Exhibits and Schedules hereto), the following terms shall have the respective meanings specified therefor below or in the Plan, as applicable: 

“Act” has the meaning set forth in Section 6.10. 

“Ad Hoc Group of Secured Noteholders” means that certain ad hoc group of holders of Secured Notes party to the
Restructuring Support Agreement represented by DPW and PJT Partners LP, or any of such ad hoc group’s members or their Affiliates. 

“Ad Hoc Group of Unsecured Noteholders” means that certain ad hoc group of holders of Unsecured Notes party to the
Restructuring Support Agreement represented by Kirkland and Ducera Partners LLC, or any of such ad hoc group’s members or their Affiliates. 

“Ad Hoc Groups” means the Ad Hoc Group of Unsecured Noteholders and the Ad Hoc Group of Secured Noteholders. 

“Additional Commitment Party” means a Person that becomes a Commitment Party pursuant to
Section 2.6(c) of this Agreement. 
 “Affiliate” means, with respect to any Person, any
other Person directly or indirectly controlling, controlled by, or under common control with, such Person as of the date on which, or at any time during the period for which, the determination of affiliation is being made (including any Affiliated
Funds of such Person); provided, however, that for purposes of this Agreement, no Commitment Party shall be deemed an Affiliate of any Company Group Member. “Affiliated” has a correlative meaning. 

  
 2 

 “Affiliated Fund” means any investment fund or any managed account,
the primary investment advisor to or manager of which is a Commitment Party or an Affiliate thereof. 
 “Aggregate Common
Shares” means the total number of Common Shares outstanding as of the Effective Date after giving effect to the Plan (but excluding all Common Shares issued or issuable under the MIP). 

“Aggregate Preferred Shares” means the total number of Preferred Shares outstanding as of the Effective Date after
giving effect to the Plan (but excluding all Preferred Shares issued or issuable under the MIP). 
 “Aggregate
Shares” means, in the aggregate, the Aggregate Common Shares and the Aggregate Preferred Shares. 

“Agreement” has the meaning set forth in the Preamble. 

“Aircraft” means either collectively or individually, as applicable, the rotary or fixed-wing aircraft, comprised of
an Airframe, together with the Engines, Rotor Blades and Rotor Components associated with such Airframe, and Manuals and Technical Records associated therewith. 

“Aircraft Lease” has the meaning set forth in Section 4.28(a)(i). 

“Airframe” means, at any time, the airframe which is part of the relevant Aircraft at such time, together with all
Parts relating to such airframe. 
 “Alternative Transaction” means (x) any dissolution, winding up,
liquidation, reorganization, assignment for the benefit of creditors, merger, consolidation, business combination, joint venture, partnership, financing (debt or equity), or restructuring of the Company, the Debtors or any other Company Group
Members, as applicable, or (y) sale of a material amount of the assets of the Company Group Members, on a consolidated basis (in the case of each of (x) and (y), other than the Restructuring Transactions). 

“Antitrust Authorities” means the United States Federal Trade Commission, the Antitrust Division of the United States
Department of Justice, the attorneys general of the several states of the United States and any other Governmental Entity, whether domestic or foreign, having jurisdiction pursuant to the Antitrust Laws, and “Antitrust
Authority” means any of them. 
 “Antitrust Laws” means the Sherman Act, the Clayton Act, the HSR Act,
the Federal Trade Commission Act, and any other Law, whether domestic or foreign, governing agreements in restraint of trade, monopolization, pre-merger notification, the lessening of competition through
merger or acquisition or anti-competitive conduct, and any foreign investment Laws. 
 “Applicable Consent” has the
meaning set forth in Section 4.6. 

  
 3 

 “Available Shares” means all of the Unsecured Available Shares and
the Secured Available Shares. 
 “Aviation Authority” means, in respect of an Aircraft, the aviation authority of
the Jurisdiction of Registration of that Aircraft and any successors thereto or other Governmental Entity which shall have control or supervision of civil aviation in the Jurisdiction of Registration or have jurisdiction over the registration,
airworthiness or operation of, or other matters relating to, that Aircraft. 
 “Backstop Commitment” means the
Secured Backstop Commitment and/or the Unsecured Backstop Commitment, as applicable. 
 “Backstop Commitment Fee”
has the meaning set forth in Section 3.1. 
 “Backstop Commitment Percentage” means the
Secured Backstop Commitment Percentage and/or the Unsecured Backstop Commitment Percentage, as applicable. 
 “Backstop
Commitment Schedules” means Schedule 1A and Schedule 1B to this Agreement, as each may be amended, supplemented or otherwise modified from time to time in accordance with this Agreement. 

“Bankruptcy Code” has the meaning set forth in the Recitals. 

“Bankruptcy Court” has the meaning set forth in the Recitals. 

“Bankruptcy Rules” means the Federal Rules of Bankruptcy Procedure as promulgated by the United States Supreme Court
under section 2075 of title 28 of the United States Code, 28 U.S.C. § 2075, as applicable to the Chapter 11 Cases and the general, local, and chambers rules of the Bankruptcy Court. 

“BCA Approval Obligations” means the obligations of the Company and the other Debtors under this Agreement and the BCA
Approval Order, as applicable. 
 “BCA Approval Order” means an Order of the Bankruptcy Court that is not subject to
stay under Bankruptcy Rule 6004(h) or otherwise, which Order shall be the Confirmation Order, that (a) authorizes the Company (on behalf of itself and the other Debtors) to execute and deliver this Agreement, including all exhibits and other
attachments hereto, pursuant to section 365 of the Bankruptcy Code and (b) provides that the Backstop Commitment Fee, Expense Reimbursement and the indemnification provisions contained herein shall constitute allowed administrative expenses of
the Debtors’ estates under sections 503(b) and 507 of the Bankruptcy Code and shall be payable by the Debtors as provided in this Agreement without further Order of the Bankruptcy Court. 

“Bristow Termination Event” has the meaning set forth in Section 9.3. 

“Business Day” means any day, other than a Saturday, Sunday or legal holiday, as defined in Bankruptcy Rule 9006(a).

  
 4 

 “Bylaws” means the bylaws of the Reorganized Company, which shall
become effective as of the Effective Date, and which shall be consistent with the terms set forth in the Restructuring Support Agreement, the Plan, the Corporate Governance Term Sheet and the Preferred Equity Term Sheet, and otherwise be in form and
substance reasonably satisfactory to the Requisite Commitment Parties and the Company. In the event of any inconsistency between the Corporate Governance Term Sheet, the Preferred Equity Term Sheet or the Restructuring Support Agreement, the
Restructuring Support Agreement shall govern. 
 “Certificate of Incorporation” means the certificate of
incorporation of the Reorganized Company as in effect on the Effective Date, which shall be consistent with the terms set forth in the Restructuring Support Agreement (including the Restructuring Term Sheet), the Corporate Governance Term Sheet and
the Preferred Equity Term Sheet and the Plan, and otherwise be in form and substance reasonably satisfactory to the Requisite Commitment Parties and the Company. In the event of any inconsistency between the Corporate Governance Term Sheet, the
Preferred Equity Term Sheet or the Restructuring Support Agreement, the Restructuring Support Agreement shall govern. 
 “Chapter
11 Cases” has the meaning set forth in the Recitals. 
 “Claim” has the meaning set forth in section
101(5) of the Bankruptcy Code. 
 “Closing” has the meaning set forth in Section 2.5(a).

 “Closing Date” has the meaning set forth in Section 2.5(a). 

“Code” means the Internal Revenue Code of 1986. 

“Commitment Party” means an Initial Commitment Party. 

“Commitment Party Default” means an Unsecured Commitment Party Default or a Secured Commitment Party Default. 

“Commitment Party Replacement” has the meaning set forth in Section 2.3(b). 

“Commitment Party Replacement Period” has the meaning set forth in Section 2.3(b). 

“Common Shares” means the shares of common stock that constitute Equity Interests in the Reorganized Company, having
all of the rights set forth in respect thereof in the Certificate of Incorporation. 
 “Company” has the meaning set
forth in the Preamble. 
 “Company Disclosure Schedules” means the disclosure schedules delivered by the Company to
the Commitment Parties on the date of this Agreement. 

  
 5 

 “Company Group Member” means, collectively, Bristow Group Inc., a
Delaware corporation, and all of its direct and indirect Subsidiaries; provided, that, except for the purposes of Article IV (and any related definitions to the extent used in Article IV), the definition of “Company Group
Member” shall not include the entities set forth in Section 1.1(a) of the Company Disclosure Schedules. 
 “Company
Plan” means any employee pension benefit plan, as such term is defined in Section 3(2) of ERISA, (other than a Multiemployer Plan), subject to the provisions of Title IV of ERISA or Section 412 or 430 of the Code or
Section 302 of ERISA, and (i) sponsored or maintained (at the time of determination or at any time within the six years prior thereto) by any of the Company Group Members or any ERISA Affiliate, or with respect to which any such entity has
any actual or contingent liability or obligation or (ii) in respect of which any of the Company Group Members or any ERISA Affiliate is (or, if such plan were terminated, could under Section 4069 of ERISA be deemed to be) an
“employer” as defined in Section 3(5) of ERISA. 
 “Company SEC Documents” means all of the reports,
schedules, forms, statements and other documents (including exhibits and other information incorporated therein) filed with the SEC by the Company. 

“Company Specified Entities” has the meaning set forth in Section 7.1(r). 

“Confirmation Hearing” means the hearing before the Bankruptcy Court pursuant to section 1128 of the Bankruptcy Code
at which the Debtors will seek entry of the Confirmation Order. 
 “Confirmation Order” means a Final Order of the
Bankruptcy Court confirming the Plan pursuant to section 1129 of the Bankruptcy Code and approving the Rights Offering Procedures, which Order may also include the BCA Approval Order. 

“Consenting Noteholders” means each Noteholder that is party to the Restructuring Support Agreement, solely in its
capacity as such. 
 “Contract” means any agreement, contract or instrument, including any loan, note, bond,
mortgage, indenture, guarantee, deed of trust, license, franchise, commitment, lease, franchise agreement, letter of intent, memorandum of understanding or other enforceable arrangement or obligation, and any amendments thereto, whether written or
oral, but excluding the Plan. 
 “Control” means, with respect to any Person, the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or by Contract or agency or otherwise. The terms “controlling”, “controlled
by” or “under common control with” each have a correlative meaning. 
 “Corporate Governance Term
Sheet” means that term sheet presenting certain material terms relating to the corporate governance of the Reorganized Company, attached as Exhibit D hereto; provided, that, notwithstanding anything in this Agreement to
the contrary, the consent of the Company shall not be required to amend the Corporate Governance Term Sheet to the extent that any such amendment (a) is not inconsistent with the Restructuring Support Agreement and (b) is not inconsistent
with any Law applicable to the Reorganized Company. 

  
 6 

 “Debtors” means, collectively, Bristow Group Inc., a Delaware
corporation, and its direct and indirect Subsidiaries set forth in Section 1.1(b) of the Company Disclosure Schedule, as debtors in possession and reorganized debtors, as applicable, in the Chapter 11 Cases. 

“Defaulting Commitment Party” means, at any time, any Commitment Party that caused a Commitment Party Default that is
continuing at such time. 
 “Definitive Documentation” means the definitive documents and agreements governing the
Restructuring Transactions as set forth in the Restructuring Support Agreement. 
 “Designated Commitment Parties”
has the meaning set forth on Section 1.1(b) of the Company Disclosure Schedules. 
 “Designated Jurisdiction”
means any country or territory to the extent that such country or territory itself is the subject of comprehensive Sanctions (i.e., Cuba, Iran, North Korea, Syria, or the Crimea region of Ukraine). 

“DIP Agent” means Ankura Trust Company, LLC. 

“DIP Credit Agreement” means that certain senior secured debtor-in-possession credit agreement in respect of the DIP Facility, to be entered into as amended, restated, modified, supplemented, or replaced from time to time in accordance with its terms, by and among
the Debtors, the DIP Lenders and the DIP Agent. 
 “DIP Facility” means that certain senior secured debtor-in-possession credit facility in the aggregate principal amount of $150 million (including any oversubscription amounts with respect thereto) provided by the DIP
Lenders pursuant to the DIP Credit Agreement and the DIP Order. 
 “DIP Lenders” means certain lenders that have
agreed to provide the DIP Facility, solely in their capacity as such. 
 “DIP Order” has the meaning set forth in
the Recitals. 
 “Disclosure Statement” means the disclosure statement with respect to the Plan. 

“DPW” means Davis Polk & Wardwell LLP. 

“Effective Date” means the date upon which (a) no stay of the Confirmation Order is in effect, (b) all
conditions precedent to the effectiveness of the Plan (or each respective Plan, if separate) have been satisfied or are expressly waived in accordance with the terms thereof, as the case may be, and (c) the Restructuring and the other
transactions to occur on the Effective Date pursuant to the Plan become effective or are consummated. 
 “Engine”
means, with respect to any Airframe, any of the engines that are included as part of the related Aircraft and any and all related Parts. 

  
 7 

 “Environmental Laws” means all applicable laws (including common
law), rules, regulations, codes, ordinances, Orders, decrees, treaties, directives, judgments or legally binding agreements promulgated or entered into by or with any Governmental Entity, relating in any way to the environment, the generation,
management, Release or threatened Release of, or exposure to, any Hazardous Material, including, without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. § 9601 et seq.; the Oil Pollution
Act of 1990, 33 U.S.C. § 2701 et seq.; the Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; the Hazardous Material Transportation Act, 49 U.S.C. § 1801 et seq.; the Occupational Safety and Health Act, 29 U.S.C. §
651 et seq. (to the extent it regulates occupational exposure to Hazardous Materials); the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq.; Regulation (EC) No 1907/2006 of the European Parliament and of the Council of 18 December
2006 concerning the Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH); and any state and local or foreign counterparts or equivalents, in each case as amended from time to time. 

“Equity Component” means the Secured Equity Component and/or the Unsecured Equity Component. 

“Equity Interests” means with respect to any Person, all of the units, membership interests or shares of capital stock
of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, and all
of the other ownership or profit interests in such Person (including partnership, member or trust interests therein). 

“ERISA” means the Employee Retirement Income Security Act of 1974. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with any of the Company
Group Members, is, or at any relevant time during the past six years was, treated as a single employer under any provision of Section 414 of the Code. 

“ERISA Event” means (a) any Reportable Event or the requirements of Section 4043(b) of ERISA apply with
respect to a Company Plan; (b) any failure by any Company Plan to satisfy the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Company Plan, whether or not waived;
(c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Company Plan, the failure to make by its due date a required
installment under Section 430(j) of the Code with respect to any Company Plan or the failure to make any required contribution to a Multiemployer Plan; (d) the incurrence by any of the Company Group Members or any ERISA Affiliate of any
liability under Title IV of ERISA with respect to the termination of any Company Plan, including the imposition of any Lien in favor of the PBGC or any Company Plan or Multiemployer Plan; (e) a determination that any Company Plan is, or is
expected to be, in “at-risk” status (within the meaning of Section 303 of ERISA or Section 430 of the Code); (f) the receipt by any of the Company Group Members or any ERISA Affiliate from
the PBGC or a plan administrator of any notice relating to an intention to terminate any Company Plan or to appoint a trustee to administer any Company Plan under Section 4042 of ERISA; (g) the incurrence by any of the Company Group
Members or any ERISA Affiliate of any 

  
 8 

 
liability with respect to the withdrawal or partial withdrawal from any Company Plan or Multiemployer Plan; (h) the receipt by any of the Company Group Members or any ERISA Affiliate of any
notice, or the receipt by any Multiemployer Plan from any of the Company Group Members or any ERISA Affiliate of any notice, concerning the impending imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected
to be, “insolvent” (within the meaning of Section 4245 of ERISA), or in “endangered” or “critical status” (within the meaning of Section 305 of ERISA or Section 432 of the Code); (i) the conditions for
imposition of a Lien under Section 303(k) of ERISA or Section 430(k) of the Code shall have been met with respect to any Company Plan; (j) the adoption of an amendment to a Company Plan requiring the provision of security to such
Company Plan pursuant to Section 307 of ERISA; (k) the assertion of a material claim (other than routine claims for benefits) against any Company Plan or the assets thereof, or against any of the Company Group Members or any of the ERISA
Affiliates in connection with any Company Plan; or (l) receipt from the IRS of notice of the failure of any Company Plan (or any other employee benefit plan intended to be qualified under Section 401(a) of the Code) to qualify under
Section 401(a) of the Code, or the failure of any trust forming part of any Company Plan to qualify for exemption from taxation under Section 501(a) of the Code. 

“Escrow Account” has the meaning set forth in Section 2.4(a). 

“Escrow Account Funding Date” has the meaning set forth in Section 2.4(b). 

“Event” means any event, development, occurrence, circumstance, effect, condition, result, state of facts or change.

 “Ex-Im Laws” means all U.S. and applicable
non-U.S. Laws relating to export, reexport, transfer, and import controls, including, without limitation, the Export Administration Regulations, the International Traffic in Arms Regulations, and the customs
and import Laws administered by U.S. Customs and Border Protection. 
 “Exchange Act” means the Securities Exchange
Act of 1934, as amended. 
 “Exit Facility” means a senior secured or unsecured revolving, term loan or notes
facility in an aggregate principal amount of at least $75 million to be arranged and provided by one or more commercial lending institutions or other financial institutions or sources of financing. 

“Exit Facility Documents” means the credit agreement or indenture in respect of the Exit Facility, as applicable, and
all other agreements, documents, instruments, and amendments related thereto, including any guaranty agreements, pledge and collateral agreements, UCC financing statements or other perfection documents, intercreditor agreements, subordination
agreements, fee letters, and other security agreements. 
 “Expense Reimbursement” has the meaning set forth in
Section 3.3(a). 
 “FAA” means the Federal Aviation Administration. 

“Filing Party” has the meaning set forth in Section 6.11(b). 

  
 9 

 “Final Order” means, as applicable, an Order of the Bankruptcy Court
or other court of competent jurisdiction with respect to the relevant subject matter that has not been reversed, stayed, modified, or amended, and as to which the time to appeal or seek certiorari has expired and no appeal or petition for certiorari
has been timely taken, or as to which any appeal that has been taken or any petition for certiorari that has been or may be filed has been resolved by the highest court to which the Order could be appealed or from which certiorari could be sought or
the new trial, reargument, or rehearing shall have been denied, resulted in no modification of such Order, or has otherwise been dismissed with prejudice. 

“Financial Reports” has the meaning set forth in Section 6.5. 

“Foreign Benefit Plan” has the meaning in Section 4.18(b). 

“Foreign Government Scheme or Arrangement” has the meaning in Section 4.18(b). 

“Funding Notice” has the meaning set forth in Section 2.4(a). 

“Funding Notice Date” has the meaning set forth in Section 2.4(a). 

“GAAP” means generally accepted accounting principles in the United States. 

“Governmental Entity” means any U.S. or non-U.S. international, regional,
federal, state, municipal or local governmental, judicial, administrative, legislative or regulatory authority, entity, instrumentality, agency, department, commission, court, or tribunal of competent jurisdiction (including any branch, department
or official thereof); excluding, however, any Person engaged in the oil and gas extraction or services business that is owned in whole or in part by any such U.S. or non-U.S. international, regional, federal,
state, municipal or local governmental, judicial, administrative, legislative or regulatory authority, entity, instrumentality, agency, department, commission, court, or tribunal of competent jurisdiction (including any branch, department or
official thereof). 
 “Hazardous Materials” means: (a) any petroleum or petroleum products, radioactive
materials, asbestos in any form that is or could become friable, urea formaldehyde foam insulation, polychlorinated biphenyls, and radon gas; (b) any chemicals, materials, wastes or substances defined as or included in the definition of
“hazardous substances,” “hazardous waste,” “hazardous materials,” “extremely hazardous substances,” “restricted hazardous waste,” “toxic substances,” “toxic pollutants,”
“contaminants,” or “pollutants,” under any applicable Environmental Law; and (c) any other chemical, material, waste or substance, for which liability or standards of conduct may be imposed, or exposure to which is
prohibited, limited or regulated by any Governmental Entity, in each case, under Environmental Laws, due to its dangerous or deleterious properties. 

“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended from time to time. 

“Indemnified Claim” has the meaning set forth in Section 8.2. 

  
 10 

 “Indemnified Person” has the meaning set forth in
Section 8.1. 
 “Indemnifying Party” has the meaning set forth in
Section 8.1. 
 “Indenture Trustees” means collectively, the Secured Notes Trustee and the
Unsecured Notes Trustee. 
 “Initial Commitment Party” means each Initial Secured Commitment Party and each Initial
Unsecured Commitment Party. 
 “Initial MIP Amount” means a portion of the MIP in the amount equal to four (4%)
percent of Equity Interests in the Reorganized Company, on a fully diluted basis, which shall be implemented and effective as of the Effective Date on terms and conditions agreed upon by the compensation committee and board of directors of the
Company, the Required Supporting Unsecured Noteholders, the Required Supporting Secured Noteholders and the Requisite Commitment Parties. 

“Initial Option Issuance” means the initial issuance of options to purchase Common Shares or Preferred Shares to
management in an amount equal to forty (40%) percent of the Initial MIP Amount. 
 “Initial RSU Issuance” means the
initial issuance of restricted stock units to management in amount equal to sixty (60%) percent of the Initial MIP Amount. 

“Initial Secured Commitment Party” means the Supporting Secured Noteholders (as defined in the Restructuring Support
Agreement). 
 “Initial Unsecured Commitment Party” means the Supporting Unsecured Noteholders (as defined in the
Restructuring Support Agreement). 
 “Intellectual Property Rights” means all U.S. or foreign intellectual or
industrial property or proprietary rights, including any: (a) trademarks, service marks, trade dress, domain names, social media identifiers, corporate and trade names, logos and all other indicia of source or origin, together with all
associated goodwill, (b) patents, inventions, invention disclosures, technology, know-how, processes and methods, (c) copyrights and copyrighted works, (including software, applications, source and
object code, databases and compilations, online, advertising and promotional materials, mobile and social media content and documentation), (d) trade secrets and confidential or proprietary information or content, and (e) all registrations,
applications, renewals, re-issues, continuations, continuations-in-part, divisions, extensions,
re-examinations and foreign counterparts of any of the foregoing. 
 “IRS”
means the United States Internal Revenue Service. 
 “Joinder Agreement” has the meaning set forth in
Section 2.6(b). 
 “Joint Filing Party” has the meaning set forth in
Section 6.11(c). 

  
 11 

 “Jurisdiction of Registration” means the jurisdiction in which the
applicable Aircraft is registered as of the relevant date of determination. 
 “KEIP” means the Company’s
Fiscal Year 2020 Performance Incentive Plan and Fiscal Year 2020 Non-Executive Incentive Plan as approved by the Bankruptcy Court. 

“Kirkland” means Kirkland & Ellis LLP. 

“Knowledge of the Company Group Members” means the actual knowledge, after reasonable inquiry of their direct reports,
of the individuals listed on Schedule 2 hereof. As used herein, “actual knowledge” means information that is personally known by the listed individual(s). 

“Law” means any law (statutory or common), statute, regulation, rule, code or ordinance enacted, adopted, issued or
promulgated by any Governmental Entity. 
 “Legal Proceedings” has the meaning set forth in
Section 4.10. 
 “Legend” has the meaning set forth in
Section 6.10. 
 “Lien” means any lien (statutory, judicial or other), adverse claim,
charge, option, right of first refusal, servitude, security interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, deed of trust, easement, right of way, encumbrance, charge, restriction on transfer, conditional sale or other
title retention agreement, defect in title, other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever, any financing lease having substantially the same economic effect as any of the
foregoing or other restrictions of a similar kind. 
 “Losses” has the meaning set forth in
Section 8.1. 
 “Manual and Technical Records” means, with respect to any Aircraft,
Engine, Rotor Blade, Rotor Component or Part, all books, logs, manuals and data, and inspection, maintenance, modification and overhaul records (including all job cards) and any certificates or documents as are required to be maintained with respect
to such Aircraft, Engine, Rotor Blade, Rotor Component or Part under applicable rules and regulations and owned by the applicable Company Group Member. 

“Material Adverse Effect” means any Event, which individually, or together with all other Events, has had or would
reasonably be expected to have a material and adverse effect on (a) the business, assets, liabilities, finances, properties, results of operations or condition (financial or otherwise) of the Company Group Members, taken as a whole, or
(b) the ability of the Debtors, taken as a whole, to perform their obligations under, or to consummate the transactions contemplated by, the Transaction Agreements, including the Rights Offerings, as applicable, in each case, except to the
extent such Event results from, arises out of, or is attributable to, the following (either alone or in combination): (i) any change after the date hereof in global, national or regional political conditions (including hostilities, acts of war,
sabotage, terrorism or military actions, or any escalation or material worsening of any such hostilities, acts of war, sabotage, terrorism or military actions existing or underway) or in the general business, market, financial or

  
 12 

 
economic conditions affecting the industries, regions and markets in which the Company Group Members operate, including any change in the United States or applicable foreign economies or
securities, commodities or financial markets, or force majeure events or “acts of God”; (ii) any changes after the date hereof in applicable Law or GAAP, or in the interpretation or enforcement thereof; (iii) the execution,
announcement, disclosure or performance of this Agreement or the other Transaction Agreements, the transactions contemplated hereby or thereby or any related transactions (including any act or omission of the Company Group Members expressly required
or prohibited, as applicable, by this Agreement or the other Transaction Agreements, or consented to by the Requisite Commitment Parties in writing); (iv) the filing or pendency of the Chapter 11 Cases or any reasonably anticipated effects thereof;
(v) any matters expressly disclosed in the Disclosure Statement or the Company Disclosure Schedules as delivered on the date hereof; (vi) the effect of any action taken by the Commitment Parties or their Affiliates with respect to the DIP
Facility; (vii) the occurrence of a Commitment Party Default; (viii) any change in the market price or trading volume of any security of a Company Group Member (but not the underlying facts giving rise to such changes unless such facts are
otherwise excluded pursuant to the clauses contained in this definition); (ix) any failure, in and of itself, of the Company Group Members to meet, with respect to any period or periods, any internal or industry analyst projections, forecasts,
estimates of earnings or revenues or business plans (but not the facts giving rise to such failure unless such facts are otherwise excluded pursuant to the clauses in this definition); (x) the departure, in and of itself, of officers or directors of
any of the Company Group Members not in contravention of the terms and conditions of this Agreement; or (xi) declarations of national emergencies in the United States or natural disasters in the United States; provided, that the
exceptions set forth in clauses (i) and (ii) shall not apply to the extent that such Event is disproportionately adverse to the Company Group Members, taken as a whole, as compared to other companies in the industries in which the Company Group
Members operate. 
 “Material Contracts” means all “plans of acquisition, reorganization, arrangement,
liquidation or succession” and “material contracts” (as such terms are defined in Items 601(b)(2) and 601(b)(10) of Regulation S-K under the Exchange Act) to which any of the Company Group
Members is a party. 
 “MIP” means a management incentive plan to be adopted by the Reorganized Company in
accordance with the terms of the Restructuring Support Agreement (including the Restructuring Term Sheet), with such terms and conditions as are agreed upon by the compensation committee and board of directors of the Company, the Required Supporting
Unsecured Noteholders, the Required Supporting Secured Noteholders and the Requisite Commitment Parties. 
 “Money Laundering
Laws” has the meaning set forth in Section 4.23. 
 “Multiemployer Plan”
means a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which any of the Company Group Members or any ERISA Affiliate is making or accruing an obligation to make contributions, has within any of the preceding six plan years made
or accrued an obligation to make contributions, or each such plan with respect to which any such entity has any actual or contingent liability or obligation. 

  
 13 

 “Note Claims” means all claims against the Debtors arising on
account of the Notes and the indentures pursuant to which they were issued. 
 “Noteholders” means all Secured
Noteholders and all Unsecured Noteholders. 
 “Notes” means, collectively, the Secured Notes and the Unsecured
Notes. 
 “Order” means any judgment, order, award, injunction, writ, permit, license or decree of any Governmental
Entity or arbitrator of applicable jurisdiction. 
 “Outside Date” has the meaning set forth in the Restructuring
Support Agreement. 
 “Owned Aircraft” has the meaning set forth in Section 4.28(a)(i).

 “Part” means, with respect to an Airframe, Engine, Rotor Blade or Rotor Component, any auxiliary power unit,
avionics, appliance, part, instrument, appurtenance, accessory, furnishing or other item of equipment of whatever nature (other than an Engine, Rotor Blade or Rotor Component) which may from time to time be incorporated or installed in or attached
to the relevant Airframe or Engine and to which the Company Group Member that owns such Airframe or Engine has title. 

“Party” has the meaning set forth in the Preamble. 

“PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Section 4002 of ERISA, or any
successor thereto. 
 “Per Common Share Equity Rights Offering Price” means $36.37 per Common Share. 

“Per Equity Share Purchase Price” means the Per Common Share Equity Rights Offering Price for each Common Share and/or
the Per Preferred Share Equity Rights Offering Price for each Preferred Share, as applicable. 
 “Per Preferred Share Equity
Rights Offering Price” means $36.37 per Preferred Share. 
 “Permitted Liens” means (a) Liens for
Taxes that (i) are not yet delinquent or (ii) are being contested in good faith by appropriate proceedings and for which adequate reserves have been made with respect thereto; (b) landlord’s, operator’s, vendors’,
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other similar Liens for labor, materials or supplies provided with respect to any Real Property or personal property incurred in the ordinary course of
business consistent with past practice; (c) zoning, building codes and other land use Laws regulating the use or occupancy of any Real Property or the activities conducted thereon that are imposed by any Governmental Entity having jurisdiction
over such Real Property; provided, that no such zoning, building codes and other land use Laws prohibit the use or occupancy of such Real Property; (d) easements, covenants, conditions, minor encroachments, restrictions on transfer and
other similar matters affecting title to any Real Property (including any title retention agreement) and other title defects and encumbrances that do not or would not 

  
 14 

 
materially impair the ownership, use or occupancy of such Real Property or the operation of the Company Group Members’ business; (e) Liens granted under any Contracts, in each case, to
the extent the same are ordinary and customary in the business of the Company Group Members and do not or would not materially impair the ownership, use or occupancy of any Real Property or the operation of the Company Group Members’ business;
(f) from and after the occurrence of the Effective Date, Liens granted in connection with the Exit Facility; (g) Liens that, pursuant to the Plan and the Confirmation Order, will be discharged and released on the Effective Date and
(h) Liens granted under the DIP Credit Agreement and the DIP Order, and Liens that constitute “Permitted Liens” under the DIP Credit Agreement and the schedules thereto. 

“Person” means an individual, firm, corporation (including any non-profit
corporation), partnership, limited liability company, joint venture, association, trust, Governmental Entity or other entity or organization. 

“Plan” means the Joint Chapter 11 Plan of Reorganization of Bristow Group Inc. and Its Debtor Affiliates, filed
with the Bankruptcy Court consistent with the Restructuring Support Agreement (as may be amended, supplemented, or modified from time to time in accordance with its terms and the terms of the Restructuring Support Agreement), including all exhibits,
supplements, appendices, and schedules thereto. 
 “Plan Solicitation Order” means an Order, in form and substance
reasonably acceptable to the Requisite Commitment Parties and the Company, approving the Disclosure Statement with respect to the Plan, the Record Date (as defined in the Restructuring Support Agreement) for the Rights Offerings, and the
solicitation with respect to the Plan, which are in form and substance reasonably acceptable to the relevant parties as specified in the Restructuring Support Agreement. 

“Plan Supplement” means the compilation of documents and forms of documents, schedules, and exhibits to the Plan (as
amended, supplemented, or modified from time to time in accordance with the Plan, the Bankruptcy Code, the Bankruptcy Rules, and the Restructuring Support Agreement), including, without limitation, disclosure required under section 1129(a)(5) of the
Bankruptcy Code, to be filed by the Debtors no later than fourteen (14) days before the Confirmation Hearing, and additional documents or amendments to previously filed documents, filed before the Effective Date as amendments to the Plan
Supplement, including the following, as applicable: (a) the Exit Facility Documents; (b) the Reorganized Company Organizational Documents; (c) a list of retained Causes of Action; (d) the Restructuring Transactions Memorandum;
(e) the Registration Rights Agreement; (f) the Schedule of Assumed Executory Contracts and Unexpired Leases (as defined in the Plan); (g) the Schedule of Rejected Executory Contracts and Unexpired Leases (as defined in the Plan); (h) the
Agreement; and (i) any and all other documentation necessary to effectuate the Restructuring Transactions or that is contemplated by the Plan. The Debtors shall have the right to amend the documents contained in, and exhibits to, the Plan
Supplement through the Effective Date consistent with and subject to the Restructuring Support Agreement. 
 “Pre-Closing Period” has the meaning set forth in Section 6.3. 

  
 15 

 “Preferred Equity Term Sheet” means that term sheet presenting
certain material terms relating to the Preferred Shares of the Reorganized Company, attached as Exhibit E hereto; provided, that, notwithstanding anything in this Agreement to the contrary, the consent of the Company shall not be
required to amend the Preferred Equity Term Sheet to the extent that any such amendment (a) is not inconsistent with the Restructuring Support Agreement and (b) is not inconsistent with any Law applicable to the Reorganized Company. 

“Preferred Shares” means the shares of Series A Convertible Preferred stock that constitute Equity Interests in the
Reorganized Company, having all of the rights in respect thereof set forth in the Certificate of Incorporation. 
 “Real
Property” means, collectively, all right, title and interest (including any leasehold estate) in and to any and all parcels of or interests in real property owned in fee or leased by any of the Company Group Members, together with, in
each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures incidental to the ownership or lease thereof. 

“Registration Rights Agreement” has the meaning set forth in Section 6.15(a). 

“Related Party” means, with respect to any Person, (a) any former, current or future director, officer, agent,
Affiliate, employee, general or limited partner, member, manager or stockholder of such Person and (b) any former, current or future director, officer, agent, Affiliate, employee, general or limited partner, member, manager or stockholder of
any of the foregoing. 
 “Related Party Transactions” has the meaning set forth in
Section 4.14. 
 “Related Purchaser” has the meaning set forth in
Section 2.6(a). 
 “Release” means any spilling, leaking, seepage, pumping, pouring,
emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing, depositing, emanating, or migrating in, into, onto or through the environment. “Released” has a correlative meaning. 

“Reorganized Company” means the Company as reorganized pursuant to the Plan. 

“Reorganized Company Organizational Documents” means, collectively, the Bylaws and the Certificate of Incorporation.

 “Replacing Commitment Parties” has the meaning set forth in Section 2.3(b). 

“Reportable Event” means any reportable event as defined in Section 4043(c) of ERISA or the regulations issued
thereunder, other than those events as to which the thirty (30) day notice period referred to in Section 4043(c) of ERISA has been waived, with respect to a Company Plan. 

“Representatives” means, with respect to any Person, such Person’s directors, officers, members, partners,
managers, employees, agents, investment bankers, attorneys, accountants, advisors and other representatives. 

  
 16 

 “Required Supporting Secured Noteholders” has the meaning set
forth in the Restructuring Support Agreement. 
 “Required Supporting Unsecured Noteholders” has the meaning set
forth in the Restructuring Support Agreement. 
 “Requisite Commitment Parties” means the “Required Backstop
Parties” (as defined in the Restructuring Support Agreement). 
 “Restructuring” has the meaning set forth in
the Restructuring Support Agreement. 
 “Restructuring Support Agreement” has the meaning set forth in the Recitals.

 “Restructuring Term Sheet” has the meaning set forth in the Recitals. 

“Restructuring Transactions” means, collectively, the transactions contemplated by the Restructuring Support
Agreement. 
 “Restructuring Transactions Memorandum” means that certain memorandum describing the steps to be
carried out to effectuate the Restructuring Transactions. 
 “Rights Offering Expiration Time” means the time and
the date on which the rights offering subscription forms must be duly delivered to the Rights Offering Subscription Agent in accordance with the Rights Offering Procedures, together with the applicable aggregate Per Equity Share Purchase Price, if
applicable. 
 “Rights Offering Participants” means all of the Secured Rights Offering Participants and the
Unsecured Rights Offering Participants. 
 “Rights Offering Procedures” means the procedures with respect to the
Rights Offerings that are approved by the Bankruptcy Court pursuant to the Confirmation Order, which procedures shall be attached as an Exhibit to the Plan, as may be modified in a manner in accordance with the Restructuring Support Agreement. 

“Rights Offering Shares” means all of the Unsecured Rights Offering Shares and the Secured Rights Offering Shares,
which shall in all events be an aggregate number equal to 58.22% of the Aggregate Shares. 
 “Rights Offering Subscription
Agent” means the subscription agent appointed by the Company and satisfactory to the Requisite Commitment Parties. 

“Rights Offerings” means the Unsecured Rights Offering and the Secured Rights Offering. 

“Rotor Blade” means, with respect to any Airframe, each of the rotor blades associated with the related Aircraft,
which may from time to time be installed on the relevant Airframe and to which the Company Group Member that owns such Airframe has title, or after removal therefrom, so long as title thereto shall remain vested in the related Company Group Member,
or any rotor blade that may be supplied as a substitute in accordance with the relevant Aircraft Lease, together with any and all Rotor Components and Parts. 

  
 17 

 “Rotor Component” means each of the main rotor gear boxes, tail
rotor gear boxes, combining gearboxes, transmissions, servos, main and tail rotor head components and other rotor components installed on an Airframe which may from time to time be installed on the relevant Airframe and to which the Company Group
Member that owns such Airframe has title or, after removal therefrom, so long as title thereto shall remain vested in the related Company Group Member, or any rotor components that may be supplied as a substitute in accordance with the relevant
Aircraft Lease, together with any and all Parts. 
 “Sanctions” means any sanctions administered or enforced by the
United States government (including, without limitation, the U.S. Department of the Treasury’s Office of Foreign Assets Control or the U.S. Department of State), the United Nations Security Council, the European Union or other applicable
jurisdictions. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Secured Available Shares” means the Secured Unsubscribed Shares that any Secured Commitment Party fails to purchase
as a result of a Secured Commitment Party Default by such Secured Commitment Party. 
 “Secured Backstop Commitment”
has the meaning set forth in Section 2.2. 
 “Secured Backstop Commitment Percentage”
means, with respect to any Secured Commitment Party, such Secured Commitment Party’s percentage of the Secured Backstop Commitment as set forth opposite such Secured Commitment Party’s name under the column titled “Secured Backstop
Commitment Percentage” on Schedule 1B to this Agreement. Any reference to “Secured Backstop Commitment Percentage” in this Agreement means the Secured Backstop Commitment Percentage in effect at the time of the relevant
determination. 
 “Secured Commitment Parties” means all Commitment Parties that are also Secured Noteholders,
acting in their capacity as such and including each of their permitted successors and assigns. 
 “Secured Commitment Party
Default” means the failure by any Secured Commitment Party to (a) deliver and pay the aggregate Per Equity Share Purchase Price for such Secured Commitment Party’s Backstop Commitment Percentage of any Secured Unsubscribed
Shares by the Escrow Account Funding Date in accordance with Section 2.4(b) or (b) fully exercise all Secured Subscription Rights that are issued to it (or its Affiliated Funds) pursuant to the Secured Rights Offering
and duly purchase all Secured Rights Offering Shares issuable to it pursuant to such exercise, in accordance with this Agreement and the Plan. 

“Secured Commitment Party Replacement” has the meaning set forth in Section 2.3(b). 

  
 18 

 “Secured Commitment Party Replacement Period” has the meaning set
forth in Section 2.3(b). 
 “Secured Commitment Premium” has the meaning set forth in
Section 3.1. 
 “Secured Equity Component” means the portion of the Secured Commitment
Premium that is payable in the form of Common Shares or Preferred Shares pursuant to Section 3.2. 

“Secured Noteholders” means all holders of the Secured Notes. 

“Secured Notes” means the 8.75% Senior Secured Notes due 2023 issued by the Company pursuant to that certain
Indenture, dated as of March 6, 2018, as amended, among the Company, the Secured Notes Trustee, and the guarantors party thereto. 

“Secured Notes Trustee” means U.S. Bank National Association, as trustee to the Secured Notes. 

“Secured Replacing Commitment Parties” has the meaning set forth in Section 2.3(b). 

“Secured Rights Offering” means the rights offering that is backstopped by the Secured Commitment Parties for the
Secured Rights Offering Amount in connection with the Restructuring Transactions substantially on the terms reflected in the Restructuring Support Agreement and this Agreement, and in accordance with the Rights Offering Procedures. 

“Secured Rights Offering Amount” means an amount equal to $37,500,000. 

“Secured Rights Offering Participants” means those Persons who duly subscribe for Secured Rights Offering Shares in
accordance with the Rights Offering Procedures. 
 “Secured Rights Offering Shares” means the Common Shares and
Preferred Shares (including all Secured Unsubscribed Shares purchased by the Secured Commitment Parties pursuant to this Agreement) distributed pursuant to and in accordance with the Rights Offering Procedures in the Secured Rights Offering, which,
for the avoidance of doubt, shall be comprised 91.825% of Common Shares and 8.175% of Preferred Shares and which shall be issued, and any rights in connection therewith shall be exercisable, solely as “strips” in the foregoing proportions
except to the extent expressly set forth herein. 
 “Secured Subscription Rights” means the subscription rights to
purchase Secured Rights Offering Shares. 
 “Secured Termination Commitment Premium” has the meaning set forth in
Section 3.1. 

  
 19 

 “Secured Unsubscribed Shares” means the Secured Rights Offering
Shares that have not been duly purchased in the Secured Rights Offering by Secured Noteholders that are not Secured Commitment Parties in accordance with the Rights Offering Procedures and the Plan, including, for purposes of calculating the number
of Secured Unsubscribed Shares to be purchased pursuant to the Secured Backstop Commitment, any additional Common Shares and Preferred Shares issued and sold to the Secured Commitment Parties on account of such Secured Unsubscribed Shares pursuant
to this Agreement to account for the Per Equity Share Purchase Price at which Secured Unsubscribed Shares will be sold. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Specified Contract” has the meaning set forth in Section 6.3. 

“Subscription Rights” means all of the Unsecured Subscription Rights and the Secured Subscription Rights. 

“Subsidiary” means, with respect to any Person, any corporation, partnership, joint venture or other legal entity as
to which such Person (either alone or through or together with any other subsidiary), (a) owns, directly or indirectly, more than fifty (50%) percent of the stock or other Equity Interests, (b) has the power to elect a majority of the board of
directors or similar governing body, or (c) has the power to direct the business and policies. 
 “Taxes” means
all taxes, assessments, duties, levies or other mandatory governmental charges paid to a Governmental Entity, including all federal, state, local, foreign and other income, franchise, profits, gross receipts, capital gains, capital stock, transfer,
property, sales, use, value-added, occupation, excise, severance, windfall profits, stamp, payroll, social security, withholding and other taxes, assessments, duties, levies or other mandatory governmental charges of any kind whatsoever paid to a
Governmental Entity (whether payable directly or by withholding and whether or not requiring the filing of a return), all estimated taxes, deficiency assessments, additions to tax, penalties and interest thereon and shall include any liability for
such amounts as a result of being a member of a combined, consolidated, unitary or affiliated group. For the avoidance of doubt, such term shall exclude any tax, penalties or interest thereon that result or have resulted from the non-payment of royalties. 
 “Termination Commitment Premium” has the meaning set
forth in Section 3.1. 
 “Transaction Agreements” has the meaning set forth in
Section 4.2(a). 
 “Transfer” means to sell, transfer, assign, pledge, hypothecate,
participate, donate or otherwise encumber or dispose of, directly or indirectly (including through derivatives, options, swaps, pledges, forward sales or other transactions in which any Person receives the right to own or acquire any current or
future interest in a Subscription Right, a Note Claim, a Rights Offering Share, Common Share or Preferred Share). “Transfer” used as a noun has a correlative meaning. 

“Ultimate Purchaser” has the meaning set forth in Section 2.6(b). 

“Unfunded Pension Liability” means the excess of a Company Plan’s benefit liabilities under
Section 4001(a)(16) of ERISA, over the current value of that Company Plan’s assets, determined in accordance with the assumptions used for funding the Company Plan pursuant to Section 412 of the Code for the applicable plan year. 

  
 20 

 “Unlegended Shares” has the meaning set forth in
Section 6.8. 
 “Unsecured Available Shares” means the Unsecured Unsubscribed Shares that
any Unsecured Commitment Party fails to purchase as a result of a Unsecured Commitment Party Default by such Unsecured Commitment Party. 

“Unsecured Backstop Commitment” has the meaning set forth in Section 2.2. 

“Unsecured Backstop Commitment Percentage” means, with respect to any Unsecured Commitment Party, such Unsecured
Commitment Party’s percentage of the Unsecured Backstop Commitment as set forth opposite such Unsecured Commitment Party’s name under the column titled “Unsecured Backstop Commitment Percentage” on Schedule 1A to this
Agreement. Any reference to “Unsecured Backstop Commitment Percentage” in this Agreement means the Unsecured Backstop Commitment Percentage in effect at the time of the relevant determination. 

“Unsecured Commitment Parties” means all Commitment Parties that are also Unsecured Noteholders, acting in their
capacity as such and including each of their permitted successors and assigns. 
 “Unsecured Commitment Party
Default” means the failure by any Unsecured Commitment Party to (a) deliver and pay the aggregate Per Equity Share Purchase Price for such Unsecured Commitment Party’s Backstop Commitment Percentage of any Unsecured
Unsubscribed Shares by the Escrow Account Funding Date in accordance with Section 2.4(b) or (b) fully exercise all Unsecured Subscription Rights that are issued to it (or its Affiliated Funds) pursuant to the Unsecured
Rights Offering and duly purchase all Unsecured Rights Offering Shares issuable to it pursuant to such exercise, in accordance with this Agreement and the Plan. 

“Unsecured Commitment Party Replacement” has the meaning set forth in Section 2.3(a). 

“Unsecured Commitment Party Replacement Period” has the meaning set forth in Section 2.3(a).

 “Unsecured Commitment Premium” has the meaning set forth in Section 3.1. 

“Unsecured Equity Component” means the portion of the Unsecured Commitment Premium that is payable in the form of
Common Shares or Preferred Shares pursuant to Section 3.2. 
 “Unsecured Noteholders”
means all holders of the Unsecured Notes. 
 “Unsecured Notes” means (i) the 6.25% Senior Unsecured Notes due
2022 issued by the Company pursuant to that certain Third Supplemental Indenture, dated as of October 12, 2012, among the Company, the Unsecured Trustee and the guarantors party thereto and/or (ii) the 4.50% Convertible Notes due 2023
issued by the Company pursuant to that certain Sixth Supplemental Indenture, dated as of December 18, 2017, among the Company, the Unsecured Trustee and the guarantors party thereto. 

  
 21 

 “Unsecured Notes Trustee” means U.S. Bank National Association, as
trustee to the Unsecured Notes. 
 “Unsecured Replacing Commitment Parties” has the meaning set forth in
Section 2.3(a). 
 “Unsecured Rights Offering” means the rights offering that is
backstopped by the Unsecured Commitment Parties for the Unsecured Rights Offering Amount in connection with the Restructuring Transactions substantially on the terms reflected in the Restructuring Support Agreement and this Agreement, and in
accordance with the Rights Offering Procedures. 
 “Unsecured Rights Offering Amount” means an amount equal to
$347,500,000. 
 “Unsecured Rights Offering Participants” means those Persons who duly subscribe for Unsecured
Rights Offering Shares in accordance with the Rights Offering Procedures. 
 “Unsecured Rights Offering Shares”
means the Common Shares and Preferred Shares (including all Unsecured Unsubscribed Shares purchased by the Unsecured Commitment Parties pursuant to this Agreement) distributed pursuant to and in accordance with the Rights Offering Procedures in the
Unsecured Rights Offering, which, for the avoidance of doubt, shall be comprised 91.825% of Common Shares and 8.175% of Preferred Shares and which shall be issued, and any rights in connection therewith shall be exercisable, solely as
“strips” in the foregoing proportions except to the extent expressly set forth herein. 
 “Unsecured Subscription
Rights” means the subscription rights to purchase Unsecured Rights Offering Shares. 
 “Unsecured Termination
Commitment Premium” has the meaning set forth in Section 3.1. 
 “Unsecured Unsubscribed
Shares” means the Unsecured Rights Offering Shares that have not been duly purchased in the Unsecured Rights Offering by Unsecured Noteholders that are not Unsecured Commitment Parties in accordance with the Rights Offering Procedures
and the Plan, including, for purposes of calculating the number of Unsecured Unsubscribed Shares to be purchased pursuant to the Unsecured Backstop Commitment, any additional Common Shares or Preferred Shares issued and sold to the Unsecured
Commitment Parties on account of such Unsecured Unsubscribed Shares pursuant to this Agreement to account for the Per Equity Share Purchase Price at which Unsecured Unsubscribed Shares will be sold. 

“Unsubscribed Shares” means all of the Unsecured Unsubscribed Shares and the Secured Unsubscribed Shares. 

“willful or intentional breach” has the meaning set forth in Section 9.4(a). 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from
such Multiemployer Plan, as such terms are defined in Section 4203 of ERISA. 

  
 22 

 Section 1.2 Construction. In this Agreement, unless the context otherwise
requires: 
 (a) references to Articles, Sections, Exhibits and Schedules are references to the articles and sections or subsections of, and
the exhibits and schedules attached to, this Agreement; 
 (b) descriptive headings of the Articles and Sections of this Agreement are
inserted for convenience only, do not constitute a part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement; 

(c) references in this Agreement to “writing” or comparable expressions include a reference to a written document transmitted by
means of electronic mail in portable document format (pdf), facsimile transmission or comparable means of communication; 
 (d) words
expressed in the singular number shall include the plural and vice versa; words expressed in the masculine shall include the feminine and neuter gender and vice versa; 

(e) the words “hereof”, “herein”, “hereto” and “hereunder”, and words of similar import, when used in
this Agreement, shall refer to this Agreement as a whole, including all Exhibits and Schedules attached to this Agreement, and not to any provision of this Agreement; 

(f) the term “this Agreement” shall be construed as a reference to this Agreement as the same may have been, or may from time to time
be, amended, modified, varied, novated or supplemented; 
 (g) “include”, “includes” and “including” are deemed
to be followed by “without limitation” whether or not they are in fact followed by such words; 
 (h) references to “day”
or “days” are to calendar days; 
 (i) references to “the date hereof” means the date of this Agreement; 

(j) unless otherwise specified, references to a statute means such statute as amended from time to time and includes any successor legislation
thereto and any rules, regulations, procedures or guidance promulgated thereunder in effect from time to time; and 
 (k) references to
“dollars” or “$” refer to currency of the United States of America, unless otherwise expressly provided. 

  
 23 

 ARTICLE II 

BACKSTOP COMMITMENT 

Section 2.1 The Rights Offering; Subscription Rights. On and subject to the terms and conditions hereof, including entry of the
BCA Approval Order, the Company, on behalf of the Reorganized Company, shall conduct the Rights Offerings pursuant to and in accordance with the Rights Offering Procedures and the Confirmation Order. If reasonably requested by the Commitment Parties
satisfying the definition of the “Required Supporting Unsecured Noteholders” set forth in the Restructuring Support Agreement, from time to time prior to the Rights Offering Expiration Time (and any extensions thereto), the Company shall
notify, or cause the Rights Offering Subscription Agent to notify, within forty-eight (48) hours of receipt of such request by the Company, the Unsecured Commitment Parties of the aggregate number of Unsecured Subscription Rights known by the
Company or the Rights Offering Subscription Agent to have been exercised pursuant to the Unsecured Rights Offering as of the most recent practicable time before such request. If reasonably requested by either the Requisite Commitment Parties or the
Commitment Parties satisfying the definition of the “Required Supporting Secured Noteholders” set forth in the Restructuring Support Agreement, from time to time prior to the Rights Offering Expiration Time (and any extensions thereto),
the Company shall notify, or cause the Rights Offering Subscription Agent to notify, within forty-eight (48) hours of receipt of such request by the Company, the Commitment Parties of the aggregate number of Secured Subscription Rights known by
the Company or the Rights Offering Subscription Agent to have been exercised pursuant to the Secured Rights Offering as of the most recent practicable time before such request. The Rights Offerings will be conducted on a pro rata basis in reliance
upon one or more exemptions from registration under the Securities Act, which will include the exemption provided in Section 1145 of the Bankruptcy Code to the fullest extent available and, to the extent such exemption is not available (and
with respect to the Common Shares, only in the proportion required to preserve the availability of such exemption under Section 1145 of the Bankruptcy Code), the exemption from registration set forth in Section 4(a)(2) of the Securities
Act and/or Regulation D promulgated thereunder or another available exemption from registration under the Securities Act, and the Disclosure Statement shall include an appropriate statement to such effect. The offer and sale of the Unsubscribed
Shares purchased by the Commitment Parties pursuant to this Agreement will be made in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act or another available exemption from registration under the
Securities Act, and the Disclosure Statement shall include a statement to such effect. 
 Section 2.2 The Backstop Commitment.
On and subject to the terms and conditions hereof, including entry of the BCA Approval Order, each Unsecured Commitment Party and each Secured Commitment Party agrees, severally and not jointly, to fully exercise (or to cause certain of its and its
Affiliated Funds to fully exercise) all Subscription Rights that are issued to it pursuant to the Unsecured Rights Offering and Secured Rights Offering, respectively, and duly and timely purchase all Rights Offering Shares issuable to it pursuant to
such exercise, in accordance with the Rights Offering Procedures and the Plan; provided that any Defaulting Commitment Party shall be liable to each non-Defaulting Commitment Party, the Company and the
Reorganized Company as a result of any breach of its obligations hereunder; provided, further that, for the avoidance of doubt, to the extent any Commitment Party does not fully exercise (or cause certain of its and its Affiliated
Funds to fully exercise) all Subscription Rights that are issued to it pursuant to the Rights Offerings and duly and timely purchase all Rights Offering Shares issuable to it pursuant to such exercise, such Commitment Party shall not be permitted to
elect that any Unsubscribed Shares or Available Shares purchased by such Commitment Party be issued as Preferred Shares pursuant to this Section 2.2 and Section 2.3. On and subject to the terms and
conditions hereof, including entry of the Confirmation Order, (a) each Unsecured Commitment Party agrees, severally and not jointly, to purchase (or to cause certain of its Affiliated Funds to purchase), and the Reorganized Company shall sell
to such Unsecured Commitment Party (or such 

  
 24 

 
Affiliated Funds), on the Closing Date for the applicable aggregate Per Equity Share Purchase Price the number of Unsecured Unsubscribed Shares equal to (x) such Unsecured Commitment
Party’s Unsecured Backstop Commitment Percentage multiplied by (y) the aggregate number of Unsecured Unsubscribed Shares (such obligation to purchase, the “Unsecured Backstop Commitment”), rounded among the
Unsecured Commitment Parties solely to avoid fractional shares as the Required Supporting Unsecured Noteholders may determine in their sole discretion (provided that in no event shall such rounding reduce the aggregate commitment of such Unsecured
Commitment Parties); provided, that, notwithstanding the foregoing, the Unsecured Commitment Parties purchasing such Unsecured Unsubscribed Shares shall be able to elect, in each Unsecured Commitment Party’s sole discretion, that such
Unsecured Unsubscribed Shares be issued as either Common Shares or Preferred Shares (or some combination of each) and (b) each Secured Commitment Party agrees, severally and not jointly, to purchase (or to cause certain of its Affiliated Funds
to purchase), and the Reorganized Company shall sell to such Secured Commitment Party (or such Affiliated Funds), on the Closing Date for the applicable aggregate Per Equity Share Purchase Price the number of Secured Unsubscribed Shares equal to
(x) such Secured Commitment Party’s Secured Backstop Commitment Percentage multiplied by (y) the aggregate number of Secured Unsubscribed Shares (such obligation to purchase, the “Secured Backstop Commitment”),
rounded among the Secured Commitment Parties solely to avoid fractional shares as the Required Supporting Secured Noteholders may determine in their sole discretion (provided that in no event shall such rounding reduce the aggregate commitment of
such Secured Commitment Parties); provided, that, notwithstanding the foregoing, the Secured Commitment Parties purchasing such Secured Unsubscribed Shares shall be able to elect, in each Secured Commitment Party’s sole discretion, that
such Secured Unsubscribed Shares be issued as either Common Shares or Preferred Shares (or some combination of each). 
 Section 2.3
Commitment Party Default. 
 (a) Upon the occurrence of an Unsecured Commitment Party Default, the Unsecured Commitment Parties that
are, or are Affiliated with, an Initial Unsecured Commitment Party (other than any Defaulting Commitment Party) shall have the right, but not the obligation, within five (5) Business Days after receipt of written notice from the Company to all
Unsecured Commitment Parties of such Unsecured Commitment Party Default, which notice shall be given promptly following the occurrence of such Unsecured Commitment Party Default and to all Unsecured Commitment Parties concurrently (such five
(5) Business Day period, the “Unsecured Commitment Party Replacement Period”), to make arrangements for one or more of the Unsecured Commitment Parties that is, or is Affiliated with, an Initial Unsecured Commitment
Party (other than any Defaulting Commitment Party) to purchase all or any portion of the Unsecured Available Shares (any such purchase, and any purchase by Secured Commitment Parties pursuant to the last sentence of this paragraph, an
“Unsecured Commitment Party Replacement”) on the terms and subject to the conditions set forth in this Agreement and in such amounts as may be agreed upon by all of the Unsecured Commitment Parties electing to purchase all or
any portion of the Unsecured Available Shares, or, if no such agreement is reached, based upon the relative applicable Unsecured Backstop Commitment Percentages of any such Unsecured Commitment Parties that are, or are Affiliated with, an Initial
Unsecured Commitment Party (other than any Defaulting Commitment Party) (such Commitment Parties, and any Secured Commitment Parties that purchase Unsecured Available Shares pursuant to the last sentence of this paragraph, the “Unsecured
Replacing Commitment Parties”); provided, that, 

  
 25 

 
notwithstanding the foregoing, the Unsecured Commitment Parties purchasing such Unsecured Available Shares shall be able to elect, in each Unsecured Commitment Party’s sole discretion, that
such Unsecured Available Shares be issued as either Common Shares or Preferred Shares (or some combination of each). In the event the Unsecured Commitment Parties do not elect to purchase all of the Unsecured Available Shares pursuant to the
foregoing provisions of this paragraph, the Company shall give prompt written notice thereof to each of the Secured Commitment Parties that have the right to purchase Secured Available Shares pursuant to Section 2.3(b), and
such Secured Commitment Parties shall have the right, but not the obligation, to purchase all or any portion of the remaining Unsecured Available Shares on the same terms and conditions as if they were Secured Available Shares under
Section 2.3(b) within five (5) Business Days of receiving notice from the Company. 
 (b) Upon the occurrence
of a Secured Commitment Party Default, the Secured Commitment Parties that are, or are Affiliated with, an Initial Secured Commitment Party (other than any Defaulting Commitment Party) shall have the right, but not the obligation, within five
(5) Business Days after receipt of written notice from the Company to all Secured Commitment Parties of such Secured Commitment Party Default, which notice shall be given promptly following the occurrence of such Secured Commitment Party
Default and to all Secured Commitment Parties concurrently (such five (5) Business Day period, the “Secured Commitment Party Replacement Period” and, together with the Unsecured Commitment Party Replacement Period, the
“Commitment Party Replacement Period”), to make arrangements for one or more of the Secured Commitment Parties that is, or is Affiliated with, an Initial Secured Commitment Party (other than any Defaulting Commitment Party)
to purchase all or any portion of the Secured Available Shares (any such purchase, and any purchase by Unsecured Commitment Parties pursuant to the last sentence of this paragraph, a “Secured Commitment Party Replacement”
and, together with the Unsecured Commitment Party Replacement and any purchase of Available Shares pursuant to Section 2.3(a), the “Commitment Party Replacement”) on the terms and subject to the
conditions set forth in this Agreement and in such amounts as may be agreed upon by all of the Secured Commitment Parties electing to purchase all or any portion of the Secured Available Shares, or, if no such agreement is reached, based upon the
relative applicable Secured Backstop Commitment Percentages of any such Secured Commitment Parties that are, or are Affiliated with, an Initial Secured Commitment Party (other than the Defaulting Commitment Party) (such Commitment Parties, and any
Unsecured Commitment Parties that purchase Secured Available Shares pursuant to the last sentence of this paragraph, the “Secured Replacing Commitment Parties” and, together with the Unsecured Replacing Commitment Parties and
any Commitment Party that purchases Available Shares pursuant to Section 2.3(a), the “Replacing Commitment Parties”); provided, that, notwithstanding the foregoing, the Secured Commitment
Parties purchasing such Secured Available Shares shall be able to elect, in each Secured Commitment Party’s sole discretion, that such Secured Available Shares be issued as either Common Shares or Preferred Shares (or some combination of each).
In the event the Secured Commitment Parties do not elect to purchase all of the Secured Available Shares pursuant to the foregoing provisions of this paragraph, the Company shall give prompt written notice thereof to each of the Unsecured Commitment
Parties that have the right to purchase Unsecured Available Shares pursuant to Section 2.3(a), and such Unsecured Commitment Parties shall have the right, but not the obligation, to purchase all or any portion of the
remaining Secured Available Shares on the same terms and conditions as if they were Unsecured Available Shares under Section 2.3(a) within five (5) Business Days of receiving notice from the Company. 

  
 26 

 (c) In the event the Unsecured Commitment Parties and the Secured Commitment Parties do not
elect to purchase all of the Unsecured Available Shares pursuant to Section 2.3(a) and all of the Secured Available Shares pursuant to Section 2.3(b), the Company shall give prompt written notice
thereof to each of the Commitment Parties, and each Commitment Party (other than any Defaulting Commitment Party) shall have the right, but not the obligation, within five (5) Business Days after receipt of such notice to make arrangements for
one or more of the Commitment Parties (other than any Defaulting Commitment Party) to purchase all or any portion of the remaining Available Shares on the terms and subject to the conditions set forth in this Agreement and in such amounts as may be
agreed upon by all of the Commitment Parties electing to purchase all or any portion of such Available Shares, or, if no such agreement is reached, based upon the relative applicable Backstop Commitment Percentages of any such Commitment Parties.
For the avoidance of doubt, nothing in this Section 2.3 shall relieve any Commitment Party of its obligation to fulfill its Backstop Commitment. 

(d) In the event that any Available Shares are available for purchase pursuant to Section 2.3(a) and the Commitment
Parties do not elect to purchase all such Available Shares pursuant to the provisions thereof, the Company may, in its sole discretion, elect to utilize the Cover Transaction Period to consummate a Cover Transaction. As used herein,
“Cover Transaction” means a circumstance in which the Company, in its sole discretion, arranges for the sale of all or any portion of the Available Shares to any other Person, on terms and conditions substantially similar to
the Backstop Commitment and the other terms and conditions applicable to the Commitment Parties in their obligation to purchase Available Shares pursuant to this Agreement, during the Cover Transaction Period, and “Cover Transaction
Period” means the ten (10) Business Day period following expiration of the five (5) Business Day period specified in Section 2.3(a); provided, that, notwithstanding the foregoing, the Outside
Date shall not be extended automatically as a result of the existence of a Cover Transaction Period and, subject to the final sentence of the following Section 2.3(e), the Cover Transaction Period shall expire on or before
the Outside Date. For the avoidance of doubt, the Company’s election to pursue a Cover Transaction, whether or not consummated, shall not relieve any Commitment Party of its obligation to fulfill its Backstop Commitment. 

(e) Any Available Shares purchased by a Replacing Commitment Party (and any commitment and applicable aggregate Per Equity Share Purchase Price
associated therewith) shall be included, among other things, in the determination of (x) the Unsecured Unsubscribed Shares or Secured Unsubscribed Shares of such Unsecured Replacing Commitment Party or Secured Replacing Commitment Party,
respectively, for all purposes hereunder, (y) the Backstop Commitment Percentage of such Replacing Commitment Party for purposes of Section 2.3(g), Section 2.4(b),
Section 3.1 and Section 3.2 and (z) the Backstop Commitment of such Replacing Commitment Party for purposes of the definition of “Requisite Commitment Parties”. If a Commitment Party
Default occurs, the Outside Date shall be delayed only to the extent necessary to allow for (i) the Commitment Party Replacement to be completed within the Commitment Party Replacement Period and/or (ii), if applicable, the Cover Transaction to
be completed within the Cover Transaction Period. 

  
 27 

 (f) If a Commitment Party is a Defaulting Commitment Party, it shall not be entitled to, and
shall be deemed to have irrevocably forfeited its rights to, (i) purchase or otherwise receive any of the Available Shares and (ii) receive any of the Backstop Commitment Fee or Termination Commitment Premium hereunder, as applicable. Any
portion of the Backstop Commitment Fee or Termination Commitment Premium, as applicable, otherwise payable to any Defaulting Commitment Party except for such Commitment Party Default shall be paid pro rata to any Replacing Commitment Party. 

(g) Except as set forth in this Agreement, no Commitment Party shall have any liability for the Backstop Commitment of any other Commitment
Party or for any breach or default of any other Commitment Party hereunder. Nothing in this Agreement shall be deemed to require a Commitment Party to purchase more than its Backstop Commitment Percentage of the Unsubscribed Shares. 

(h) For the avoidance of doubt, notwithstanding anything to the contrary set forth in Section 9.4 but subject to
Section 10.10, no provision of this Agreement shall relieve any Defaulting Commitment Party from liability hereunder, or limit the availability of the remedies set forth in Section 10.9, in
connection with any such Defaulting Commitment Party’s Commitment Party Default. 
 Section 2.4 Escrow Account Funding.

 (a) Funding Notice. No later than the seventh (7th) Business Day following the Rights Offering Expiration Time, the Rights Offering
Subscription Agent shall, on behalf of the Company, deliver to each Commitment Party a written notice (the “Funding Notice,” and the date of such delivery, the “Funding Notice Date”) setting forth
(i) the number of Unsecured Rights Offering Shares and the number of Secured Rights Offering Shares elected to be purchased by the Rights Offering Participants, and the aggregate Per Equity Share Purchase Price therefor in each case;
(ii) the aggregate number of Unsecured Unsubscribed Shares and the aggregate number of Secured Unsubscribed Shares, if any, and the aggregate Per Equity Share Purchase Price therefor in each case; (iii) the aggregate number of Unsecured
Rights Offering Shares and/or Secured Rights Offering Shares, as applicable (based upon such Commitment Party’s Unsecured Backstop Commitment Percentage and/or Secured Backstop Commitment Percentage, as applicable) to be issued and sold by the
Reorganized Company to such Commitment Party on account of any Unsecured Unsubscribed Shares and/or Secured Unsubscribed Shares, as applicable, and the aggregate Per Equity Share Purchase Price therefor; (iv) if applicable, the number of
Unsecured Rights Offering Shares and/or Secured Rights Offering Shares, as applicable, such Commitment Party is subscribed for in the Rights Offerings and for which such Commitment Party had not yet paid to the Rights Offering Subscription Agent the
aggregate Per Equity Share Purchase Price therefor; and (v) subject to the last sentence of Section 2.4(b), the escrow account designated in escrow agreements satisfactory to the Requisite Commitment Parties and the
Company, each acting reasonably, to which such Commitment Party shall deliver and pay the aggregate Per Equity Share Purchase Price for such Commitment Party’s Unsecured Backstop Commitment Percentage and/or Secured Backstop Commitment
Percentage of the Unsecured Unsubscribed Shares and/or Secured Unsubscribed Shares, as applicable, and, if applicable, the aggregate Per Equity Share Purchase Price for the Unsecured Rights Offering Shares and/or Secured Rights Offering Shares such
Commitment Party has subscribed for in the Rights Offerings (the “Escrow Account”). The Company shall promptly direct the Rights Offering Subscription Agent to promptly provide any written backup, information and
documentation relating to the information contained in the applicable Funding Notice as any Commitment Party may reasonably request. 

  
 28 

 (b) Escrow Account Funding. On the date agreed with the Requisite Commitment Parties
pursuant to escrow agreements satisfactory to the Requisite Commitment Parties and the Company, each acting reasonably (the “Escrow Account Funding Date”), each Commitment Party shall deliver and pay an amount equal to the
sum of (i) the aggregate Per Equity Share Purchase Price for such Commitment Party’s Unsecured Backstop Commitment Percentage and/or Secured Backstop Commitment Percentage of the Unsecured Unsubscribed Shares and/or Secured Unsubscribed
Shares, as applicable, plus (ii) the aggregate Per Common Share Equity Rights Offering Price for the Common Shares and Per Preferred Share Equity Rights Offering Price for the Preferred Shares issuable pursuant to such Commitment
Party’s exercise of all the Subscription Rights issued to it (or its Affiliated Funds) in the Rights Offerings, by wire transfer of immediately available funds in U.S. dollars into the Escrow Account in satisfaction of such Commitment
Party’s Backstop Commitment and its obligation to fully exercise its Subscription Rights; provided, that in no event shall the Escrow Account Funding Date be less than four (4) Business Days after the Funding Notice Date or more
than five (5) Business Days prior to the Effective Date. Notwithstanding the foregoing, all payments contemplated to be made by any Commitment Party to the Escrow Account pursuant to this Section 2.4 may instead be
made, at the option of such Commitment Party, to a segregated bank account of the Rights Offering Subscription Agent designated by the Rights Offering Subscription Agent in the Funding Notice and shall be delivered and paid to such account on the
Escrow Account Funding Date. For the avoidance of doubt, any Commitment Party that fails to fulfill its obligation to fully deliver and pay the aggregate Per Equity Share Purchase Price for such Commitment Party’s Unsecured Backstop Commitment
Percentage and/or Secured Backstop Commitment Percentage of any Unsecured Unsubscribed Shares and/or Secured Unsubscribed Shares, as applicable, or fully exercise such Commitment Party’s Subscription Rights and duly purchase all of the Common
Shares and Preferred Shares issuable to it pursuant to such exercise on the Escrow Account Funding Date, as applicable, shall be deemed a Defaulting Commitment Party. 

Section 2.5 Closing. 

(a) Subject to Article VII and Article IX, unless otherwise mutually agreed in writing between the Company and the Requisite
Commitment Parties, the closing of the Backstop Commitments (the “Closing”) shall take place at the offices of Wachtell, Lipton, Rosen & Katz, at 9:00 a.m., New York City time, on the date on which all of the
conditions set forth in Article VII shall have been satisfied or waived in accordance with this Agreement (other than conditions that by their terms are to be satisfied at the Closing, but subject to the satisfaction or waiver of such
conditions). The date on which the Closing actually occurs shall be referred to herein as the “Closing Date”. 
 (b)
At the Closing, the funds held in the Escrow Account (and any amounts paid to a Rights Offering Subscription Agent bank account pursuant to the last sentence of Section 2.4(b)) shall, as applicable, be released and utilized
in accordance with the Plan. 
 (c) At the Closing, issuance of the Unsubscribed Shares (including, for the avoidance of doubt, the Available
Shares purchased by a Replacing Commitment Party) will be made by the Reorganized Company to each Commitment Party (or to its designee in accordance with Section 2.6(a)) against payment of the aggregate Per Equity Share
Purchase Price for the Unsubscribed Shares (including, for the avoidance of doubt, the Available Shares purchased by a 

  
 29 

 
Replacing Commitment Party) purchased by such Commitment Party, in satisfaction of such Commitment Party’s Backstop Commitment. Unless a Commitment Party requests delivery of a physical
stock certificate, the entry of any Unsubscribed Shares (including, for the avoidance of doubt, the Available Shares purchased by a Replacing Commitment Party) to be delivered pursuant to this Section 2.5(c) into the
account of a Commitment Party pursuant to the Reorganized Company’s book entry procedures and delivery to such Commitment Party of an account statement reflecting the book entry of such Unsubscribed Shares (including, for the avoidance of
doubt, the Available Shares purchased by a Replacing Commitment Party) shall be deemed delivery of such Unsubscribed Shares for purposes of this Agreement. Notwithstanding anything to the contrary in this Agreement, all Unsubscribed Shares
(including, for the avoidance of doubt, the Available Shares purchased by a Replacing Commitment Party) will be delivered with all issue, stamp, transfer, sales and use, or similar transfer Taxes or duties that are due and payable (if any) in
connection with such delivery duly paid by the Company on behalf of the Reorganized Company. 
 Section 2.6 Designation and
Assignment Rights. 
 (a) Each Commitment Party shall have the right to designate by written notice to the Company no later than two
(2) Business Days prior to the Closing Date that some or all of the Unsubscribed Shares that it is obligated to purchase hereunder be issued in the name of, and delivered to, one or more of its Affiliates or Affiliated Funds (other than any
portfolio company of such Commitment Party or its Affiliates) (each, a “Related Purchaser”) upon receipt by the Company of payment therefor in accordance with the terms hereof, which notice of designation shall (i) be
addressed to the Company and signed by such Commitment Party and each such Related Purchaser, (ii) specify the number of Unsubscribed Shares to be delivered to or issued in the name of such Related Purchaser and (iii) contain a
confirmation by each such Related Purchaser of the accuracy of the representations and warranties set forth in Sections 5.6 through 5.9 as if such Related Purchaser was a Commitment Party; provided, that no such designation
pursuant to this Section 2.6(a) shall relieve such Commitment Party from its obligations under this Agreement or any other Transaction Agreement. 

(b) No Commitment Party shall be entitled to Transfer all or any portion of its Backstop Commitment except as expressly provided in this
Section 2.6(b) or Section 2.6(c). Each Commitment Party shall have the right to Transfer all or any portion of its Backstop Commitment to (i) an Affiliated Fund of the transferring Commitment
Party, (ii) one or more Commitment Parties or one or more Affiliated Funds of any such Commitment Parties (including any Additional Commitment Party or any Affiliated Fund thereof); provided, that any such transferee Commitment Party (or
if an Affiliated Fund, then such Affiliated Fund) shall be party to and fully bound by, and subject to, this Agreement at the time of such Transfer; and provided, further, that such Transfer could not in good faith reasonably be
expected (as reasonably determined by the Company in consultation with its outside counsel) to materially delay or jeopardize the consummation of the transactions contemplated by this Agreement, or (iii) one or more special purpose vehicles
that are wholly owned by one or more of such Commitment Parties and its Affiliated Funds or any other Commitment Party and its Affiliated Funds, in either case created for the purpose of holding such Backstop Commitment or holding debt or equity of
the Debtors, provided, that such Transfer could not in good faith reasonably be expected (as reasonably determined by the Company in consultation with its outside counsel) to materially delay or jeopardize the consummation of the transactions
contemplated by this Agreement and provided, 

  
 30 

 
further, that such Commitment Party or, in the case of a transfer to a special purpose vehicle wholly owned by another Commitment Party or any of its Affiliated Funds, such other
Commitment Party or its Affiliated Funds, as applicable, either (A) shall have provided an adequate equity support letter or a guarantee of such special purpose vehicle’s Backstop Commitment, in form and substance reasonably acceptable to
the Company or (B) shall remain or, in the case of a transfer to a special purpose vehicle wholly owned by another Commitment Party or any of its Affiliated Funds, such other Commitment Party or its Affiliated Funds, as applicable, shall become
fully obligated to fund such Backstop Commitment; provided, further that such special purpose vehicle shall not be related to or Affiliated with any portfolio company of such Commitment Party or any of its Affiliates or Affiliated
Funds (other than solely by virtue of its affiliation with such Commitment Party) and the equity of such special purpose vehicle shall not be directly or indirectly transferable other than to such Persons described in clauses (i) or (iii) of
this Section 2.6(b), and in such manner as such Commitment Party’s Backstop Commitment is transferable pursuant to this Section 2.6(b) (each of the Persons referred to in clauses (i), (ii) and
(iii), an “Ultimate Purchaser”). In each case of a Commitment Party’s Transfer of all or any portion of its Backstop Commitment pursuant to this Section 2.6(b), (1) the Ultimate Purchaser shall
have provided a written agreement to the Company under which it (x) confirms the accuracy of the representations set forth in Article V as applied to such Ultimate Purchaser, (y) agrees to purchase such portion of such Commitment
Party’s Backstop Commitment and (z) agrees to be fully bound by, and subject to, this Agreement as a Commitment Party hereto pursuant to a joinder agreement in substantially the form attached as Exhibit B hereto or otherwise in form
and substance reasonably acceptable to the Company (a “Joinder Agreement”), and (2) the transferring Commitment Party and the Ultimate Purchaser shall have duly executed and delivered to the Company, Kirkland and DPW (at
the addresses set forth in Section 10.1) written notice of such Transfer; provided, however, that no such Transfer shall relieve the transferring Commitment Party from any of its obligations under this
Agreement or any other Transaction Agreement, including, for the avoidance of doubt, that the transferring Commitment Party shall remain fully obligated to fund its Backstop Commitment. Other than as set forth in this
Section 2.6(b) and Section 2.6(c), no Commitment Party shall be permitted to Transfer all or any portion of its Backstop Commitment without the prior written consent of the Company, which shall not
be unreasonably withheld, conditioned or delayed. 
 (c) In addition to Transfers pursuant to Section 2.6(b), each
Commitment Party shall have the right to Transfer, directly or indirectly, all or any portion of its Backstop Commitment to any other Person; provided, that such transferee and the transferring Commitment Party shall have duly executed and
delivered to the Company written notice of such Transfer in substantially the form attached as Exhibit A hereto, and the Company shall have delivered countersigned copies of such notice to such transferee and the transferring Commitment Party
and to Kirkland and DPW (at the addresses set forth in Section 10.1), and (i) with respect any Transfer of a Backstop Commitment to a single transferee, the amount of such Backstop Commitment is no less than (a) 0.2%,
as compared to the aggregate Backstop Commitment of all Commitment Parties (the “Aggregate Backstop Commitment Percentage”), or (b) all of the Backstop Commitment of such Commitment Party or the Backstop Commitment of
any fund or account on behalf of which such Commitment Party is acting (if such Commitment Party, fund or account holds a Backstop Commitment representing less than 0.2% of the Aggregate Backstop Commitment Percentage of all Commitment Parties) and
(ii) with respect to any transferee that is not a Commitment Party, such transferee agrees, (x) pursuant to a Joinder Agreement, to be bound by the obligations of such 

  
 31 

 
Commitment Party under this Agreement and (y) pursuant to an agreement in substantially the form attached as Exhibit C hereto, to be bound by the obligations under the Restructuring
Support Agreement with respect to all Notes held by such transferee after giving effect to such Transfer, and provided, further, that such transferee and the transferring Commitment Party shall have provided evidence to the Company
(which evidence is reasonably satisfactory to the Company) that such transferee is reasonably capable of fulfilling such obligations, or, alternatively, the proposed transferee shall have deposited with an agent of the Company or into an escrow
account under arrangements satisfactory to the Company funds sufficient, in the reasonable determination of the Company, to satisfy such proposed transferee’s Backstop Commitment; and provided, further, that such Transfer could
not in good faith reasonably be expected (as reasonably determined by the Company in consultation with its outside counsel) to materially delay or jeopardize the consummation of the transactions contemplated by this Agreement. Upon compliance with
this Section 2.6(c), the transferring Commitment Party shall be deemed to relinquish its rights (and be released from its obligations, except for any claim for breach of this Agreement that occurs prior to such Transfer) under this Agreement to
the extent of such transferred rights and obligations, and the transferee shall become an Additional Commitment Party and be fully bound as a Commitment Party hereunder for all purposes of this Agreement. 

(d) Any Transfer made in violation of this Agreement shall be deemed null and void ab initio and of no force or effect, regardless of any prior
notice provided to the Parties or any Commitment Party, and shall not create any obligation or liability of any Company Group Member or any other Commitment Party to the purported transferee. Upon the effectiveness of any Transfer of a Backstop
Commitment pursuant to this Agreement, the Company shall update Schedule 1A or Schedule 1B, as applicable, to reflect such Transfer, and such updates shall not constitute an amendment to this Agreement or otherwise be subject to any
provision of this Agreement that applies to amendments of this Agreement. Each Commitment Party, severally and not jointly, agrees that it will not Transfer, at any time prior to the Closing Date or the earlier termination of this Agreement in
accordance with its terms, any of its rights and obligations under this Agreement to any Person other than in accordance with this Section 2.6. After the Closing Date, nothing in this Agreement shall limit or restrict in
any way the ability of any Commitment Party (or any permitted transferee thereof) to Transfer any of the Common Shares or Preferred Shares or any interest therein; provided, that any such Transfer shall be made pursuant to an effective
registration statement under the Securities Act or an exemption from the registration requirements thereunder and pursuant to applicable securities Laws. For the avoidance of doubt, notwithstanding anything to the contrary in this Agreement, nothing
contained in this Agreement shall prohibit or restrict the ability of any Commitment Party to Transfer its Notes at any time to any person; provided, however, that any Transfer of Notes by a Commitment Party shall be in accordance with
the terms of the Restructuring Support Agreement. 
 Section 2.7 Conversion of Common Shares. Notwithstanding anything in this
Agreement to the contrary, after giving effect to the transactions contemplated by the Transaction Agreements, (i) if the Secured Commitment Parties, collectively, will be issued a higher proportion of Preferred Shares to Common Shares than the
Unsecured Commitment Parties, collectively, then a pro rata proportion of each Unsecured Commitment Party’s Common Shares will be converted to Preferred Shares so that the Unsecured Commitment Parties, collectively, will be issued the same
proportion of Preferred Shares to Common Shares as the Secured Commitment Parties, collectively, and (ii) if the Unsecured Commitment Parties, collectively, will be issued a 

  
 32 

 
higher proportion of Preferred Shares to Common Shares than the Secured Commitment Parties, collectively, then a pro rata proportion of each Secured Commitment Party’s Common Shares will be
converted to Preferred Shares so that the Secured Commitment Parties, collectively, will be issued the same proportion of Preferred Shares to Common Shares as the Unsecured Commitment Parties, collectively; provided, that, for the avoidance
of doubt, any such conversion pursuant to this sentence shall be one Preferred Share for each Common Share converted; provided, further, that notwithstanding the foregoing, a Commitment Party may elect, at such Commitment Party’s
sole discretion, to decline such conversion and keep such Commitment Party’s Common Shares. 
 ARTICLE III 

BACKSTOP COMMITMENT FEE AND EXPENSE REIMBURSEMENT 

Section 3.1 Commitment Fee Payable by the Company. Subject to Section 3.2, in consideration for the
Backstop Commitment and the other agreements of the Commitment Parties in this Agreement, the Debtors shall pay or cause to be paid a nonrefundable aggregate premium equal to ten (10%) percent of the aggregate amount of the Rights Offerings,
excluding any oversubscription amounts, to the Commitment Parties in the following amounts: (a) an amount in, at the election of the Unsecured Commitment Parties, Common Shares or Preferred Shares equal to ten (10%) percent of the Unsecured
Rights Offering Amount, payable in accordance with Section 3.2, to the Unsecured Commitment Parties (including any Unsecured Replacing Commitment Party, but excluding any Defaulting Commitment Party) or their designees
based upon their respective Unsecured Backstop Commitment Percentages at the time such payment is made (the “Unsecured Commitment Premium”) and (b) an amount in, at the election of the Secured Commitment Parties, Common
Stock or Preferred Stock equal to ten (10%) percent of the Secured Rights Offering Amount, excluding any oversubscription amounts, payable in accordance with Section 3.2, to the Secured Commitment Parties (including any
Secured Replacing Commitment Party, but excluding any Defaulting Commitment Party) or their designees based upon their respective Secured Backstop Commitment Percentages at the time such payment is made (the “Secured Commitment
Premium” and, together with the Unsecured Commitment Premium, the “Backstop Commitment Fee”); provided, however, notwithstanding the foregoing, if the Backstop Commitment Fee becomes payable
pursuant to Section 9.4(b) prior to the Effective Date, (x) the Unsecured Commitment Premium shall be reduced to an amount in cash equal to five (5%) percent of the Unsecured Rights Offering Amount, including any
oversubscription amounts (“Unsecured Termination Commitment Premium”), and (y) the Secured Commitment Premium shall be reduced to an amount in cash equal to five (5%) percent of the Secured Rights Offering Amount,
including any oversubscription amounts (the “Secured Termination Commitment Premium” and, together with the Unsecured Commitment Premium, the “Termination Commitment Premium”). The provisions for the
payment of the Backstop Commitment Fee and Expense Reimbursement, and the indemnification provided herein, are an integral part of the transactions contemplated by this Agreement and without these provisions the Commitment Parties would not have
entered into this Agreement. 
 Section 3.2 Payment of Backstop Commitment Fee. The Backstop Commitment Fee shall
be fully earned, nonrefundable and non-avoidable upon entry of the BCA Approval Order, and shall be paid by the Debtors, free and clear of any withholding or deduction for any applicable Taxes, on the earlier
of the Effective Date or the valid termination of this 

  
 33 

 
Agreement pursuant to Article IX, or, if the Backstop Commitment Fee becomes payable pursuant to Section 9.4(b), within the time specified therein. Except for the
Termination Commitment Premium, which shall be paid in cash, the Company (or the Reorganized Company, in the case of an issuance of Common Shares or Preferred Shares pursuant to this Section 3.2) shall satisfy its
obligation to pay the Backstop Commitment Fee by delivering to each: 
 (a) Unsecured Commitment Party (including any Unsecured Replacing
Commitment Party, but excluding any Defaulting Commitment Party) or its designee, at or prior to the applicable payment deadline, its ratable share of the following, in each case based on the Unsecured Commitment Parties’ respective Unsecured
Backstop Commitment Percentages on the date of such payment, in lieu of any cash payments, by issuing, at the election of each such Unsecured Commitment Party or Unsecured Replacing Commitment Party, the number of additional Common Shares or
Preferred Shares (rounding down to the nearest whole share solely to avoid fractional shares) that is required to be issued so that each such Unsecured Commitment Party, Unsecured Replacing Commitment Party or such designee receives an amount of
Common Shares or Preferred Shares as is economically equivalent to their respective Unsecured Commitment Premiums based upon their respective Unsecured Backstop Commitment Percentages at the time such payment is made, with the effective price per
Common Share being equal to the Per Common Share Equity Rights Offering Price and with the effective price per Preferred Share being equal to the Per Preferred Share Equity Rights Offering Price and the composition of issued shares being at the
election of the Unsecured Commitment Party or Unsecured Replacing Commitment Party; and 
 (b) Secured Commitment Party (including any
Secured Replacing Commitment Party, but excluding any Defaulting Commitment Party) or its designee, at or prior to the applicable payment deadline, its ratable share of the following, in each case based on the Secured Commitment Parties’
respective Secured Backstop Commitment Percentages on the date of such payment, in lieu of any cash payments, by issuing, at the election of each such Secured Commitment Party or Secured Replacing Commitment Party, the number of additional Common
Shares or Preferred Shares (rounding down to the nearest whole share solely to avoid fractional shares) that is required to be issued so that each such Secured Commitment Party, Secured Replacing Commitment Party or such designee receives such
number of Common Shares or Preferred Shares as is economically equivalent to their respective Secured Commitment Premiums based upon their respective Secured Backstop Commitment Percentages at the time such payment is made, with the effective price
per Common Share being equal to the Per Common Share Equity Rights Offering Price and with the effective price per Preferred Share being equal to the Per Preferred Share Equity Rights Offering Price and the composition of issued shares being at the
election of the Secured Commitment Party or Secured Replacing Commitment Party. 
 Section 3.3 Expense Reimbursement. 

(a) In accordance with and subject to the BCA Approval Order, the Debtors agree to pay, in accordance with
Section 3.3(b) below, all reasonably incurred and documented out-of-pocket fees, costs and expenses of all of the attorneys, accountants, other
professionals, advisors, and consultants incurred on behalf of the Ad Hoc Groups, whether incurred directly by the relevant Noteholders or on behalf of the Noteholders through the Indenture Trustees, including, for the avoidance of doubt, DPW,
Kramer Levin Naftalis & Frankel LLP, Kirkland, Haynes Boone 

  
 34 

 
LLP, any local (including foreign) counsel in any relevant jurisdiction, as appropriate, PJT Partners LP, Ducera Partners LLC and Seabury Corporate Advisors LLC (such payment obligations, the
“Expense Reimbursement”). The Expense Reimbursement shall, pursuant to the BCA Approval Order, constitute allowed administrative expenses against each of the Debtors’ estates under sections 503(b) and 507 of the
Bankruptcy Code, which, for the avoidance of doubt, shall be pari passu with all other administrative expenses of the Debtors’ estate. 

(b) The Expense Reimbursement described in Section 3.3(a) shall be paid in cash in accordance with the Restructuring
Support Agreement. The Expense Reimbursement accrued through the date on which the BCA Approval Order is entered shall be paid in accordance with the BCA Approval Order and the DIP Order upon its entry by the Bankruptcy Court and as promptly as
reasonably practicable after the date of the entry of the BCA Approval Order. The Expense Reimbursement shall thereafter be payable on a monthly basis by the Debtors in accordance with the BCA Approval Order and the DIP Order. The Commitment Parties
shall promptly provide summary copies of all invoices (redacted as necessary to protect privileges) to the Debtors and to the Indenture Trustees. Unless otherwise ordered by the Bankruptcy Court, no recipient of any payment hereunder shall be
required to file with respect thereto any interim or final fee application with the Bankruptcy Court. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

Except (i) as set forth in the Company Disclosure Schedules, (ii) as disclosed in the Company SEC Documents filed with the SEC on or
after December 31, 2017 and publicly available on the SEC’s Electronic Data-Gathering, Analysis and Retrieval system prior to the date hereof (excluding any disclosures to the extent such disclosures are primarily cautionary, speculative
or forward-looking in nature), or (iii) as disclosed in any first day affidavits filed by the Debtors with respect to the Chapter 11 Cases, the Company, on behalf of itself and each of the other Debtors, hereby represents and warrants to the
Commitment Parties as set forth below. 
 Section 4.1 Organization and Qualification. Other than as a result of the Chapter 11
Cases, each of the Company Group Members (a) is a duly organized and validly existing corporation, company, partnership, exempted company, limited partnership or limited liability company or foreign legal entity, as the case may be, and, if
applicable, in good standing (or the equivalent thereof) under the Laws of the jurisdiction of its incorporation or organization, (b) has, subject to the entry of the BCA Approval Order and the Confirmation Order and the terms thereof, all
requisite power and authority to own its property and assets and to transact the business in which it is currently engaged and (c) is duly qualified, is authorized and is licensed (as applicable) to do business, and is in good standing, in each
jurisdiction where such qualification is required, in each case, except where a failure to be so qualified would not be expected to have a Material Adverse Effect. Each of the Company Group Members and their respective legal entity forms and
jurisdictions of incorporation or organization and registration are listed in Section 4.1 of the Company Disclosure Schedules. 

  
 35 

 Section 4.2 Corporate Power and Authority.  
 (a) The Company has the requisite corporate power and authority (i) (A) subject to
entry of the BCA Approval Order and the Confirmation Order and the terms thereof, to enter into, execute and deliver this Agreement and to perform the BCA Approval Obligations and (B) subject to entry of the BCA Approval Order and the
Confirmation Order and the terms thereof, to perform each of its other obligations hereunder and (ii) subject to entry of the BCA Approval Order, the Plan Solicitation Order, the Confirmation Order and the DIP Order and the terms thereof, to
consummate the transactions contemplated herein and in the Plan, to enter into, execute and deliver all agreements to which it will be a party as contemplated by this Agreement and the Plan (this Agreement, the Plan, the Disclosure Statement, the
Restructuring Support Agreement, the DIP Credit Agreement, the Exit Facility, and such other agreements and any Plan supplements or documents referred to herein or therein or hereunder or thereunder, collectively, the “Transaction
Agreements”) and to perform its obligations under each of the Transaction Agreements (other than this Agreement). Subject to the receipt of the foregoing Orders, as applicable, the execution and delivery of this Agreement and each of
the other Transaction Agreements and the consummation of the transactions contemplated hereby and thereby have been or will be duly authorized by all requisite corporate action on behalf of the Company. 

(b) Subject to entry of the BCA Approval Order, the Plan Solicitation Order, the Confirmation Order and the DIP Order and the terms thereof,
each of the other Debtors has the requisite power and authority (corporate or otherwise) to enter into, execute and deliver each Transaction Agreement to which such other Debtor is a party and to perform its obligations thereunder. Subject to entry
of the BCA Approval Order, the Plan Solicitation Order, the Confirmation Order and the DIP Order and the terms thereof, the execution and delivery of this Agreement and each of the other Transaction Agreements and the consummation of the
transactions contemplated hereby and thereby have been or will be duly authorized by all requisite action (corporate or otherwise) on behalf of each other Debtor party thereto. 

Section 4.3 Execution and Delivery; Enforceability. Subject to entry of the BCA Approval Order and the terms thereof, this
Agreement will have been, and subject to the entry of the BCA Approval Order, the Plan Solicitation Order, the Confirmation Order and the DIP Order and the terms thereof, each other Transaction Agreement will be, duly executed and delivered by the
Company and each of the other Debtors party thereto, as applicable. Upon entry of the BCA Approval Order and assuming due and valid execution and delivery hereof by the Commitment Parties, the BCA Approval Obligations will constitute the valid and
legally binding obligations of the Company and, to the extent applicable, the other Debtors, enforceable against the Company and, to the extent applicable, the other Debtors in accordance with their respective terms, subject to bankruptcy,
insolvency, reorganization, moratorium and other similar Laws now or hereafter in effect relating to creditor’s rights generally and subject to general principles of equity. Upon entry of the BCA Approval Order and assuming due and valid
execution and delivery of this Agreement and the other Transaction Agreements by the Commitment Parties and, to the extent applicable, any other parties hereof and thereof, each of the obligations of the Company and, to the extent applicable, the
other Debtors hereunder and thereunder will constitute the valid and legally binding obligations of the Company and, to the extent applicable, the other Debtors, enforceable against the Company and, to the extent applicable, the other Debtors, in
accordance with their respective terms, subject to bankruptcy, insolvency, reorganization, moratorium and other similar Laws now or hereafter in effect relating to creditor’s rights generally and subject to general principles of equity. 

  
 36 

 Section 4.4 Authorized and Issued Equity Interests. 

(a) On the Effective Date, (i) the outstanding Equity Interests in the Company will consist solely of the Aggregate Common Shares,
Aggregate Preferred Shares, the Common Shares and Preferred Shares issued under the Rights Offerings, the Common Shares and Preferred Shares issued as the Equity Component and the Common Shares and Preferred Shares issued under the MIP pursuant to
the Initial RSU Issuance, (ii) no Common Shares or Preferred Shares will be held by the Company in its treasury, and, (iii) except with respect to the Initial Option Issuance and as may otherwise be provided under the MIP, no Common Shares
or Preferred Shares will be reserved for issuance upon exercise of options and other rights to purchase or acquire Common Shares and Preferred Shares. 

(b) As of the Effective Date, all issued and outstanding Common Shares and Preferred Shares will have been duly authorized and validly issued,
and shall be fully paid and non-assessable, free and clear of all Taxes, Liens (other than Transfer restrictions imposed hereunder or under the Reorganized Company Organizational Documents or by applicable
Law) and will not be subject to any preemptive rights, subscription rights or similar rights (other than rights set forth in the Reorganized Company Organizational Documents or the Registration Rights Agreement). 

(c) Except as set forth in this Section 4.4, as of the Effective Date, no shares or other Equity Interests or voting
interests in the Company will have been issued, reserved for issuance or be outstanding. 
 (d) Except as set forth in this Agreement, as of
the Closing Date, none of the Company Group Members will be party to or otherwise bound by or subject to any outstanding option, warrant, call, right, security, commitment, Contract, arrangement or undertaking (including any preemptive right) that
(i) obligates any of the Company Group Members to issue, deliver, sell or transfer, or repurchase, redeem or otherwise acquire, or cause to be issued, delivered, sold or transferred, or repurchased, redeemed or otherwise acquired, any units or
shares of capital stock of, or other Equity Interests or voting interests in, any of the Company Group Members or any security convertible or exercisable for or exchangeable into any units or shares of capital stock of, or other Equity Interests or
voting interests in, any of the Company Group Members, (ii) obligates any of the Company Group Members to issue, grant, extend or enter into any such option, warrant, call, right, security, commitment, Contract, arrangement or undertaking,
(iii) restricts the Transfer of any units or shares of capital stock of, or other Equity Interests in, any of the Company Group Members or (iv) relates to the voting of any units or other Equity Interests in any of the Company Group
Members. 
 Section 4.5 No Conflict. Assuming the consents described in clauses (a) through (g) of
Section 4.6 are obtained, the execution and delivery by the Company and, if applicable, any other Debtor, of this Agreement, the Plan and the other Transaction Agreements, the compliance by the Company and, if applicable,
any other Debtor, with the provisions hereof and thereof and the consummation of the transactions contemplated herein and therein will not (a) 

  
 37 

 
conflict with, or result in a breach, modification or violation of, any of the terms or provisions of, or constitute a default under (with or without notice or lapse of time, or both), or result,
except to the extent specified in the Plan, in the acceleration of, or the creation of any Lien under, or cause any payment or consent to be required under any Material Contract or Specified Contract to which any Company Group Member will be bound
as of the Closing Date after giving effect to the Plan or to which any of the property or assets of any Company Group Member will be subject as of the Closing Date after giving effect to the Plan, (b) result in any violation of the provisions
of any of the Company Group Members’ organizational documents (other than, for the avoidance of doubt, a breach or default that would be triggered as a result of the Chapter 11 Cases or the Company’s or any Company Group Member’s
undertaking to implement the Restructuring Transactions through the Chapter 11 Cases), or (c) result in any violation of any Law or Order applicable to any Company Group Member or any of their properties, except in each of the cases described
in clause (a) or (c) for any conflict, breach, modification, violation, default, acceleration or Lien which would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 4.6 Consents and Approvals. Assuming the accuracy of the Commitment Parties’ representations and warranties in
Article V, no consent, approval, authorization, Order, registration or qualification of or with any Governmental Entity having jurisdiction over any of the Company Group Members or any of their properties (each, an “Applicable
Consent”) is required for the execution and delivery by the Company and, to the extent relevant, the other Debtors, of this Agreement, the Plan and the other Transaction Agreements, the compliance by the Company and, to the extent
relevant, the other Debtors, with the provisions hereof and thereof and the consummation of the transactions contemplated herein and therein, except for (a) the entry of the BCA Approval Order authorizing the Company to assume this Agreement
and perform the BCA Approval Obligations, (b) entry of the Plan Solicitation Order, (c) entry by the Bankruptcy Court, or any other court of competent jurisdiction, of Orders as may be necessary in the Chapter 11 Cases from time-to-time, (d) the entry of the Confirmation Order, (e) filings, notifications, authorizations, approvals, consents, clearances or termination or expiration of
all applicable waiting periods under any Antitrust Laws in connection with the transactions contemplated by this Agreement, (f) such consents, approvals, authorizations, registrations or qualifications as may be required under state securities
or “Blue Sky” Laws in connection with the purchase of the Unsubscribed Shares by the Commitment Parties, the issuance of the Subscription Rights, the issuance of the Rights Offering Shares pursuant to the exercise of the Subscription
Rights, the issuance of Common Shares or Preferred Shares as payment of the Backstop Commitment Fee, and (g) any Applicable Consents that, if not made or obtained, would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect. 
 Section 4.7 Company SEC Documents and Disclosure Statement. Since December 31, 2017, the
Company has filed all required Company SEC Documents with the SEC. No Company SEC Document that has been filed prior to the date this representation has been made, after giving effect to any amendments or supplements thereto and to any subsequently
filed Company SEC Documents, in each case filed prior to the date this representation is made, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading. The Disclosure Statement as approved by the Bankruptcy Court will contain “adequate information,” as such term in defined in section 1125 of the Bankruptcy
Code, and will otherwise comply in all material respects with section 1125 of the Bankruptcy Code. 

  
 38 

 Section 4.8 Absence of Certain Changes. Since December 31, 2018 to the date
of this Agreement, no Event has occurred or, to the Knowledge of the Company Group Members, exists that constitutes, individually or in the aggregate, a Material Adverse Effect. 

Section 4.9 No Violation; Compliance with Laws. Other than the Chapter 11 Cases and any adversary proceedings or contested motions
commenced in connection therewith, (i) the Company is not in violation of its charter or bylaws, and (ii) no other Company Group Member is in violation of its respective charter or bylaws, certificate of formation or limited liability
company operating agreement, partnership agreement or similar organizational document in any material respect. Other than the Chapter 11 Cases and any adversary proceedings or contested motions commenced in connection therewith, to the Knowledge of
the Company Group Members, none of the Company Group Members is or has been at any time since January 1, 2017 in violation of any Law or Order, except for any such violations that have not had and would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect. 
 Section 4.10 Legal Proceedings. Other than the Chapter 11 Cases
and any adversary proceedings or contested motions commenced in connection therewith there are no material legal, governmental, administrative, judicial or regulatory investigations, audits, actions, suits, claims, arbitrations, demands, demand
letters, claims, notices of noncompliance or violations, or proceedings (“Legal Proceedings”) pending or, to the Knowledge of the Company Group Members, threatened to which any of the Company Group Members is a party or, to
the Knowledge of the Company Group Members, to which any property of any of the Company Group Members is the subject, in each case (a) that, as of the date hereof, seeks to challenge the validity or enforceability of this Agreement, the Plan or
the other Transaction Agreements or (b) that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 4.11 Labor Relations. Except as would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect, there are (a) no labor disputes against any Company Group Member, or, to the Knowledge of the Company Group Members, threatened against or affecting any Company Group Member, and (b) no claims of unfair labor practices,
charges or grievances pending against any Company Group Member, or to the Knowledge of the Company Group Members, threatened against any of them before any Governmental Entity. 

Section 4.12 Intellectual Property. Except as would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect, (a) each of the Company Group Members owns, or possesses the right to use, all of the Intellectual Property Rights that are reasonably necessary for the operation of their respective businesses, without conflict with
the rights of any other Person, (b) none of the Company Group Members nor any Intellectual Property Right, proprietary right, product, process, method, substance, part, or other material now employed, sold or offered by or contemplated to be
employed, sold or offered by such Person, is interfering with, infringing upon, misappropriating or otherwise violating any valid Intellectual Property Rights of any Person, and (c) to the Knowledge of the Company Group

  
 39 

 
Members, no claim has been asserted or threatened and is pending by any Person challenging or questioning any Company Group Member’s use of any such Intellectual Property Right or the
validity or effectiveness of any such Intellectual Property Right, nor to the Knowledge of the Company Group Members is there any valid basis for any such claim. To the Knowledge of the Company Group Members, none of the Company Group Members
interferes with, infringes upon, misappropriates or otherwise violates any Intellectual Property Right of any Person in any material respect. 

Section 4.13 Title to Real and Personal Property. 

(a) Owned Real Property. Each of the Company Group Members has good and defensible title to its respective owned Real Properties, in
each case, except for Permitted Liens and except for defects in title that do not materially interfere with its ability to conduct its business as currently conducted, and except where the failure (or failures) to have such title would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. To the Knowledge of the Company Group Members, all such Real Properties are free and clear of Liens, except for Permitted Liens, and except for such Liens
as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 (b) Leased Real Property.
Each of the Company Group Members is in compliance with all obligations under all leases pertaining to Real Property to which it is a party that have not been rejected in the Chapter 11 Cases, except where the failure to comply would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect, and all such leases are in full force and effect, except leases in respect of which the failure to be in full force and effect would not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect. Each of the Company Group Members enjoys peaceful and undisturbed possession under all such leases, other than leases in respect of which the failure to enjoy peaceful and
undisturbed possession would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 (c)
Personal Property. Each of the Company Group Members owns or possesses the right to use all personal property and assets material to the conduct of their businesses, except for Permitted Liens and except for defects in title that do not
materially interfere with its ability to conduct its business as currently conducted, and except where the failure (or failures) to have such ownership or right to use would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect. 
 Section 4.14 No Undisclosed Relationships. To the actual knowledge of the individuals listed on
Schedule 2 hereof, other than Contracts or other direct or indirect relationships between or among any of the Company Group Members, there are no Contracts or other direct or indirect relationships existing as of the date hereof between or
among any of the Company Group Members, on the one hand, and any director, officer or greater than five (5%) percent stockholder of any of the Company Group Members, on the other hand, that is required by the Exchange Act to be described in the
Company’s filings with the SEC (“Related Party Transactions”) and that is not so described, except for the transactions contemplated by this Agreement. Any Contract existing as of the date hereof between or among any of
the Company Group Members, on the one hand, and any director, officer or greater than five (5%) percent 

  
 40 

 
stockholder of any of the Company Group Members, on the other hand, that is required by the Exchange Act to have been described in the Company’s filings with the SEC prior to the date hereof
is filed as an exhibit to, or incorporated by reference as indicated in, the Annual Report on Form 10-K for the year ended March 31, 2018 (as amended on Form
10-K/A). The Company has listed in Section 4.14 of the Company Disclosure Schedules all Related Party Transactions identified prior to the signing of this Agreement as part of the Company’s ongoing
review process in connection with the preparation of its Annual Report on Form 10-K for the fiscal year ended March 31, 2019. 

Section 4.15 Licenses and Permits. The Company Group Members possess all licenses, certificates, permits and other authorizations
issued by, have made all declarations and filings with and have maintained all financial assurances required by, the appropriate Governmental Entities that are necessary for the ownership or lease of their respective properties and assets
(including, without limitation, all Owned Aircraft and leased Aircraft) and the conduct of the business, except where the failure to possess, make or give the same would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect. None of the Company Group Members (i) has received notice of any revocation or modification of any such license, certificate, permit or authorization or (ii) has any reason to believe that any such license,
certificate, permit or authorization will not be renewed in the ordinary course, except to the extent that any of the foregoing would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. No Owned
Aircraft or leased Aircraft or other material asset of any Company Group Member is, or will within six (6) months of the date hereof, be or become subject to material customs duties or charges, whether as a result of remaining in, or departing
from, the jurisdiction in which such asset is located as of the date hereof, except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; provided, that, for the purposes of determining
whether any conditions have been satisfied pursuant to Section 7.1(l), the representations and warranties contained in this Section 4.15 shall not be deemed to be incorrect or breached if the
Company takes any action, or causes action to be taken, in respect of the activities described in this Section 4.15 and the consent of the Requisite Commitment Parties has been obtained in writing prior to the Company
taking such action. 
 Section 4.16 Environmental. Except as to matters that would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect: (a) no written notice, claim, demand, request for information, Order, complaint, or penalty has been received by any of the Company Group Members, and there are no Legal Proceedings
pending or, to the Knowledge of the Company Group Members, threatened which allege a violation of or liability under any Environmental Laws, in each case relating to any of the Company Group Members, (b) each Company Group Member has received
(including timely application for renewal of the same), and maintained in full force and effect, all environmental permits, licenses and other approvals, and has maintained all financial assurances, in each case to the extent necessary for its
operations to comply with all applicable Environmental Laws and is, and since January 1, 2017, has been, in compliance with the terms of such permits, licenses and other approvals and with all applicable Environmental Laws, (c) no
Hazardous Material is or, to the Knowledge of the Company Group Members, was located at, on or under any property currently or formerly owned, operated or leased by any of the Company Group Members that would reasonably be expected to give rise to
any cost, liability or obligation of any of the Company Group Members under any Environmental Laws, (d) no Hazardous Material has been Released, 

  
 41 

 
generated, owned, treated, stored or handled by any of the Company Group Members, and no Hazardous Material has been transported to or Released at any location, or exposed to any Person, in a
manner that would has given or would give rise to any cost, liability or obligation of any of the Company Group Members under any Environmental Laws, and (e) there are no agreements in which any of the Company Group Members has expressly
assumed responsibility for any known obligation of any other Person arising under or relating to Environmental Laws, which has not been made available to the Commitment Parties prior to the date hereof. 

Section 4.17 Tax Returns. 

(a) Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) each of the
Company Group Members has filed or caused to be filed all U.S. federal, state, provincial, local and non-U.S. Tax returns required to have been filed by it and (ii) taken as a whole, each such Tax return
is true and correct; 
 (b) Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect,
each of the Company Group Members has timely paid or caused to be timely paid all Taxes shown to be due and payable by it on the returns referred to in clause (a) and all other Taxes or assessments (or made adequate provision (in accordance
with GAAP) for the payment of all Taxes due) with respect to all periods or portions thereof ending on or before the date hereof (except Taxes or assessments that are being contested in good faith by appropriate proceedings and for which the Company
Group Members (as the case may be) has set aside on its books adequate reserves in accordance with GAAP or with respect to the Company Group Members only, except to the extent the non-payment thereof is
permitted by the Bankruptcy Code), which Taxes, if not paid or adequately provided for, would reasonably be expected to be material to the Company Group Members taken as a whole; and 

(c) Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, as of the date hereof,
with respect to the Company Group Members, other than in connection with the Chapter 11 Cases and other than Taxes or assessments that are being contested in good faith and are not expected to result in significant negative adjustments that would be
material to the Company Group Members taken as a whole, (i) no claims have been asserted in writing with respect to any Taxes, (ii) no presently effective waivers or extensions of statutes of limitation with respect to Taxes have been
given or requested and (iii) no Tax returns are being examined by, and no written notification of intention to examine has been received from, the IRS or any other Governmental Entity. 

Section 4.18 Employee Benefit Plans. 

(a) Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect: (i) each Company Plan
and each Multiemployer Plan is in compliance with the applicable provisions of ERISA and the Code; (ii) no Reportable Event has occurred during the past six years (or is reasonably likely to occur); (iii) no Company Plan has any Unfunded
Pension Liability with respect to any Company Plans; (iv) no ERISA Event has occurred or is reasonably expected to occur; (v) none of the Company Group Members has engaged in a “prohibited transaction” (as defined in
Section 406 of ERISA and Section 4975 of the Code) in connection with any employee pension benefit plan (as defined in Section 3(2) of ERISA) that 

  
 42 

 
would subject any of the Company Group Members to Tax; (vi) no employee welfare plan (as defined in Section 3(1) of ERISA) maintained or contributed to by any of the Company Group
Members provides benefits to retired employees or other former employees (other than as required by Section 601 of ERISA); and (vii) none of the Company Group Members or any ERISA Affiliate has incurred or is reasonably expected to incur
any Withdrawal Liability. 
 (b) Except as set forth in Section 4.18 of the Company Disclosure Schedules, with
respect to each scheme or arrangement mandated by a government other than the United States (a “Foreign Government Scheme or Arrangement”) and with respect to each employee benefit plan maintained or contributed to by the
Company or any of the other Company Group Members that is not subject to United States Law (a “Foreign Benefit Plan”), each Foreign Benefit Plan is in compliance in all material respects with the provisions of the applicable
law or terms of the applicable Foreign Government Scheme or Arrangement and no Event has occurred or is reasonably expected to occur with respect to such Foreign Government Scheme or Arrangement that would reasonably be expected to result in
material adverse liability to the Company or any ERISA Affiliate. 
 (c) Except as would not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect, there are no pending, or to the Knowledge of the Company Group Members, threatened claims, sanctions, actions or lawsuits, asserted or instituted against any Company Plan or any Person as fiduciary or
sponsor of any Company Plan, in each case other than claims for benefits in the normal course. 
 (d) Within the last six years, no Company
Plan has been terminated, whether or not in a “standard termination” as that term is used in Section 4041(b)(1) of ERISA, except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect
nor has any Company Plan with Unfunded Pension Liabilities been transferred outside of the “controlled group” (within the meaning of Section 4001(a)(14) of ERISA). 

(e) Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, all compensation and
benefit arrangements of the Company Group Members comply and have complied in both form and operation with their terms and all applicable Laws and legal requirements. 

(f) None of the Company Group Members has any obligation to provide any individual with a “gross up” or similar payment, or otherwise
indemnify any such individual, in respect of any Taxes that may become payable under Sections 409A or 4999 of the Code. 
 (g) Except as
would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby (either alone or in conjunction
with any other event) will, directly or indirectly, result in (i) any payment (whether in cash, property or the vesting of property), benefit or other right becoming due to any current or former employee, officer, director or independent
contractor, (ii) the acceleration of the time of payment, funding or vesting of, or an increase in the amount of, any compensation, benefits or other rights under any Company Plan or otherwise, or (iii) an obligation to fund or otherwise
set aside assets to secure to any extent any of the obligations under any Company Plan or other compensation or benefit arrangement. 

  
 43 

 (h) All liabilities (including all employer contributions and payments required to have been
made by any of the Company Group Members) under or with respect to any compensation or benefit arrangement of any of the Company Group Members have been properly accounted for in the Company’s financial statements in accordance with GAAP. 

(i) Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) each of the
Company Group Members has complied and is currently in compliance with all Laws and legal requirements in respect of personnel, employment and employment practices; (ii) all service providers of each of the Company Group Members are correctly
classified as employees, independent contractors, or otherwise for all purposes (including any applicable tax and employment policies or Law); and (iii) the Company Group Members have not and are not engaged in any unfair labor practice. 

Section 4.19 Internal Control Over Financial Reporting. Except as would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect, the Company has established and maintains a system of internal control over financial reporting (as defined in Rules 13a-15(f) and
15d-15(f) promulgated under the Exchange Act) that complies with the requirements of the Exchange Act and has been designed to provide reasonable assurances regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with GAAP and to the Knowledge of the Company Group Members, there are no weaknesses in the Company’s internal control over financial reporting as of the date hereof.

 Section 4.20 Disclosure Controls and Procedures. Except as would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect, the Company maintains disclosure controls and procedures (within the meaning of Rules 13a-15(e) and 15d-15(e) promulgated under the
Exchange Act) designed to ensure that information required to be disclosed by the Company in the reports that it files and submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the
SEC’s rules and forms, including that information required to be disclosed by the Company in the reports that it files and submits under the Exchange Act is accumulated and communicated to management of the Company as appropriate to allow
timely decisions regarding required disclosure. 
 Section 4.21 Material Contracts. Other than as a result of the Chapter 11
Cases, all Material Contracts and Specified Contracts are valid, binding and enforceable by and against the Company Group Member party thereto and, to the Knowledge of the Company Group Members, each other party thereto (except where the failure to
be valid, binding or enforceable does not constitute a Material Adverse Effect), and, as of the date hereof, no written notice to terminate, in whole or part, any Material Contract and any Specified Contract has been delivered to any of the Company
Group Members (except where such termination would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect). Other than as a result of the filing or pendency of the Chapter 11 Cases, none of the Company Group
Members nor, to the Knowledge of the Company Group Members, any other party to any Material Contract or any Specified Contract, is in material default or breach under the terms thereof, in each case, except for such instances of material default or
breach that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

  
 44 

 Section 4.22 No Unlawful Payments. Since January 1, 2017, none of the
Company Group Members nor, to the Knowledge of the Company Group Members, any of their respective directors, officers or employees has in any material respect: (a) used any funds of any of the Company Group Members for any unlawful
contribution, gift, entertainment or other unlawful expense, in each case relating to political activity; (b) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; or
(c) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, and any other applicable anti-bribery or anti-corruption Laws. 

Section 4.23 Compliance with Money Laundering Laws and Ex-Im Laws. To the Knowledge
of the Company Group Members, the operations of the Company Group Members are and, since January 1, 2017 have been at all times, conducted in compliance in all material respects with applicable financial recordkeeping and reporting requirements
of the U.S. Currency and Foreign Transactions Reporting Act of 1970, as amended and applicable money laundering Laws (collectively, the “Money Laundering Laws”) and no material Legal Proceeding by or before any Governmental
Entity or any arbitrator involving any of the Company Group Members with respect to Money Laundering Laws is pending or, to the Knowledge of the Company Group Members, threatened. To the Knowledge of the Company Group Members, the operations of the
Company Group Members are and, since January 1, 2017 have been at all times, conducted in compliance in all material respects with applicable Ex-Im Laws of all applicable jurisdictions and no material
Legal Proceeding by or before any Governmental Entity or any arbitrator involving any of the Company Group Members with respect to Ex-Im Laws is pending or, to the Knowledge of the Company Group Members,
threatened. 
 Section 4.24 Compliance with Sanctions Laws. None of the Company Group Members nor, to the Knowledge of the
Company Group Members, any of their respective directors, officers, employees, agents, controlled Affiliates or other Persons acting on their behalf with express authority to so act is an individual or entity that is, or is owned or controlled by,
persons that are currently subject to any Sanctions or is located, organized or residing in any Designated Jurisdiction. None of the Company Group Members nor, to the Knowledge of the Company Group Members, any of its or their respective current or
former directors, officers, employees, agents, controlled Affiliates or other Persons acting on its behalf with express authority to so act, has engaged at any time within the previous five years, or is engaged, in any transaction(s) or activities
which would result in a violation of Sanctions. The Company will not knowingly directly or indirectly use the proceeds of the Rights Offerings, or lend, contribute or otherwise make available such proceeds to any other Company Group Member,
controlled Affiliate, joint venture partner or other Person, (i) for the purpose of financing the activities of any Person that is the subject or target of Sanctions or located, organized or residing in any Designated Jurisdiction or
(ii) in any other manner that would result in a material violation of Sanctions by the Company. 
 Section 4.25 No
Broker’s Fees. None of the Company Group Members is a party to any Contract with any Person (other than this Agreement) that would give rise to a valid claim against the Commitment Parties for a brokerage commission,
finder’s fee or like payment in connection with the Rights Offerings, the sale of the Unsubscribed Shares or the payment of the Backstop Commitment Fee or the Termination Commitment Premium. 

  
 45 

 Section 4.26 Investment Company Act. None of the Company Group Members is an
“investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended (the “Investment Company Act”), and this conclusion is based on one or more bases or exclusions
other than Sections 3(c)(1) and 3(c)(7) of the Investment Company Act, including that none of the Company Group Members comes within the basic definition of ‘investment company’ under section 3(a)(1) of the Investment Company Act. 

Section 4.27 Insurance. Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect: (i) the Company Group Members have insured their properties and assets against such risks and in such amounts as are customary for companies engaged in similar businesses; (ii) all premiums due and payable in respect of insurance
policies maintained by the Company Group Members have been paid; (iii) the Company reasonably believes that the insurance maintained by or on behalf of the Company Group Members is adequate in all respects; and (iv) as of the date hereof,
to the Knowledge of the Company Group Members, none of the Company Group Members has received notice from any insurer or agent of such insurer with respect to any insurance policies of the Company Group Members of cancellation or termination of such
policies, other than such notices which are received in the ordinary course of business or for policies that have expired in accordance with their terms. 

Section 4.28 Aircraft Owned and Related Leases; Expected Purchases. 

(a) Section 4.28(a) of the Company Disclosure Schedules lists: 

(i) each Aircraft (each, by its model number and manufacturer, related serial number and registration mark, and country in
which it is located), as of the date hereof legally and/or beneficially owned by a Company Group Members free and clear of all Liens (except Permitted Liens and Permitted Collateral Liens (as defined in the DIP Credit Agreement)) and, as of the date
hereof, the country and storage location in which each Aircraft is registered (each such Aircraft, an “Owned Aircraft”); and 

(ii) each Aircraft that is subject to a lease from an unaffiliated third party lessor to a Company Group Members that has not
been rejected prior to the date hereof in the Debtors’ Chapter 11 Cases (an “Aircraft Lease”), a description of such Aircraft Lease comprised of the following details: (A) the model number, (B) the related
serial number, (C) the current registration mark, (D) the unaffiliated third party lessor and (E) the scheduled expiration date of the Aircraft Lease; and 

(b) The foregoing information relating to each Aircraft Lease is true and correct in all material respects. Except as set forth in
Section 4.28(b) of the Company Disclosure Schedules, each Aircraft subject to an Aircraft Lease is (i) in good operating condition, (ii) current on all calendar, cycle and hourly inspections, (ii) in
compliance in all material respects with all airworthiness directives published by the FAA or applicable Aviation Authority, any service bulletins mandated by the FAA or applicable Aviation Authority and all mandatory service

  
 46 

 
bulletins issued, supplied or made available by or through the manufacturer, (iii) current with respect to any component retirements and all scheduled Airframe and Engine maintenance task
requirements have been completed or are in the process of being completed (including, for avoidance of doubt, Aircraft currently in heavy maintenance), (iv) is currently covered under insurance policies maintained by the Company Group Members,
(v) has not suffered a casualty or total loss or any damage in excess of ten (10%) percent of its value that has not been remediated. Except for Aircraft registered pursuant to the next sentence or not required to be registered on the FAA
aircraft registry, each Aircraft subject to an Aircraft Lease is properly registered on the FAA aircraft registry and has a validly issued FAA standard, unrestricted certificate of airworthiness that is in full force and effect. Each Aircraft
subject to an Aircraft Lease that operates outside the United States is properly registered with, and is otherwise permitted to operate under a standard, unrestricted certificate of airworthiness in the applicable jurisdiction by, the Aviation
Authority having jurisdiction over that Aircraft. 
 (c) Section 4.28(c) of the Company Disclosure Schedules sets
forth, as of the date hereof, a list of all outstanding purchase orders made by the Company Group Members to purchase Aircraft, including the expected month of delivery, progress payments previously made, and the purchase price therefor. 

(d) Section 4.28(d) of the Company Disclosure Schedules sets forth a true and complete list, as of the date hereof,
of all Contracts (other than (x) existing Aircraft Leases, (y) Contracts that may be terminated by the Company or its Subsidiaries without penalty or material liability and (z) Contracts rejected in connection with the Chapter 11
Cases as of the date of this Agreement) pursuant to which the Company or any of its Subsidiaries has an obligation to purchase or lease aircraft, including the manufacturer and model of all aircraft subject to such Contract, the nature of the
purchase or lease obligation (i.e., firm commitment, subject to reconfirmation or otherwise) and the anticipated year of delivery of the aircraft subject to such Contract. The Company has delivered or made available to the Commitment Parties true
and complete copies (except as may have been redacted for pricing and other commercially sensitive information and subject to applicable confidentiality restrictions) of all Contracts listed in Section 4.28(d) of the
Company Disclosure Schedules, including all material amendments, modifications and side letters thereto. 
 Section 4.29
Arm’s Length. The Debtors acknowledge and agree that (i) each of the Commitment Parties is acting solely in the capacity of an arm’s length contractual counterparty to the Company with respect to the transactions
contemplated hereby (including in connection with determining the terms of the Rights Offerings) and not as a financial advisor or a fiduciary to, or an agent of, the Debtors and (ii) no Commitment Party is advising the Debtors as to any legal,
tax, investment, accounting or regulatory matters in any jurisdiction. 

  
 47 

 ARTICLE V 

REPRESENTATIONS AND WARRANTIES OF THE COMMITMENT PARTIES 

Each Commitment Party, severally and not jointly, represents and warrants as to itself only (unless otherwise set forth herein, as of the date
of this Agreement and as of the Closing Date) as set forth below. 
 Section 5.1 Organization. Such Commitment Party is a legal
entity duly organized, validly existing and, if applicable, in good standing (or the equivalent thereof) under the Laws of its jurisdiction of incorporation or organization. 

Section 5.2 Organizational Power and Authority. Such Commitment Party has the requisite power and authority (corporate or
otherwise) to enter into, execute and deliver this Agreement and each other Transaction Agreement to which such Commitment Party is a party and to perform its obligations hereunder and thereunder and has taken all necessary action (corporate or
otherwise) required for the due authorization, execution, delivery and performance by it of this Agreement and the other Transaction Agreements. 

Section 5.3 Execution and Delivery. This Agreement and each other Transaction Agreement to which such Commitment Party is a party
(a) has been, or prior to its execution and delivery will be, duly and validly executed and delivered by such Commitment Party and (b) upon entry of the BCA Approval Order and assuming due and valid execution and delivery hereof and
thereof by the Company and the other Debtors (as applicable), will constitute valid and legally binding obligations of such Commitment Party, enforceable against such Commitment Party in accordance with their respective terms, except as
enforceability may be limited by bankruptcy, insolvency, reorganization or other similar Laws limiting creditors’ rights generally or by equitable principles relating to enforceability. 

Section 5.4 No Conflict. Assuming that the consents referred to in clauses (a) and (b) of
Section 5.5 are obtained, the execution and delivery by such Commitment Party of this Agreement and each other Transaction Agreement to which such Commitment Party is a party, the compliance by such Commitment Party with
all of the provisions hereof and thereof and the consummation of the transactions contemplated herein and therein (a) will not conflict with, or result in breach, modification, termination or violation of, any of the terms or provisions of, or
constitute a default under (with or without notice or lapse of time or both), or result in the acceleration of, or the creation of any Lien under, any Contract to which such Commitment Party is party or is bound or to which any of the property or
assets or such Commitment Party are subject, (b) will not result in any violation of the provisions of the certificate of incorporation or bylaws (or comparable constituent documents) of such Commitment Party and (c) will not result in any
material violation of any Law or Order applicable to such Commitment Party or any of its properties, except in each of the cases described in clauses (a) or (c), for any conflict, breach, modification, termination, violation, default,
acceleration or Lien which would not reasonably be expected, individually or in the aggregate, to prohibit or materially and adversely impact such Commitment Party’s performance of its obligations under this Agreement. 

Section 5.5 Consents and Approvals. No consent, approval, authorization, Order, registration or qualification of or with any
Governmental Entity having jurisdiction over such Commitment Party or any of its properties is required for the execution and delivery by such Commitment Party of this Agreement and each other Transaction Agreement to which such Commitment Party is
a party, the compliance by such Commitment Party with the provisions hereof and thereof and the consummation of the transactions (including the purchase by such Commitment Party of its Backstop Commitment Percentage of the Unsubscribed Shares and
its portion of the Rights Offering Shares) contemplated herein and therein, except (a) any consent, approval, authorization, Order, registration or qualification which, if not made or 

  
 48 

 
obtained, would not reasonably be expected, individually or in the aggregate, to prohibit or materially and adversely impact such Commitment Party’s performance of its obligations under this
Agreement and each other Transaction Agreement to which such Commitment Party is a party and (b) filings, notifications, authorizations, approvals, consents, clearances or termination or expiration of all applicable waiting periods under any
Antitrust Laws in connection with the transactions contemplated by this Agreement. 
 Section 5.6 No Registration. Such
Commitment Party understands that (a) the Unsubscribed Shares have not been registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act, the availability of which depends on,
among other things, the bona fide nature of the investment intent and the accuracy of such Commitment Party’s representations as expressed herein or otherwise made pursuant hereto, and (b) the foregoing shares cannot be sold unless
subsequently registered under the Securities Act or an exemption from registration is available. 
 Section 5.7 Purchasing
Intent. Such Commitment Party is acquiring the Unsubscribed Shares for its own account or accounts or funds over which it holds voting discretion, not otherwise as a nominee or agent, and not otherwise with the view to, or for resale in
connection with, any distribution thereof not in compliance with applicable securities Laws, and such Commitment Party has no present intention of selling, granting any other participation in, or otherwise distributing the same, except in compliance
with applicable securities Laws. 
 Section 5.8 Sophistication; Investigation. Such Commitment Party has such knowledge and
experience in financial and business matters such that it is capable of evaluating the merits and risks of its investment in the Unsubscribed Shares. Such Commitment Party is an “accredited investor” within the meaning of Rule 501(a) of
the Securities Act or a “qualified institutional buyer” within the meaning of Rule 144A of the Securities Act. Such Commitment Party understands and is able to bear any economic risks associated with such investment (including the
necessity of holding such shares for an indefinite period of time). Except for the representations and warranties expressly set forth in this Agreement or any other Transaction Agreement, such Commitment Party has independently evaluated the merits
and risks of its decision to enter into this Agreement and disclaims reliance on any representations or warranties, either express or implied, by or on behalf of any of the Company Group Members. 

Section 5.9 No Broker’s Fees. Such Commitment Party is not a party to any Contract with any Person (other than
the Transaction Agreements and any Contract giving rise to the Expense Reimbursement hereunder) that would give rise to a valid claim against any of the Debtors for a brokerage commission, finder’s fee or like payment in connection with the
Rights Offerings or the sale of the Unsubscribed Shares. 
 Section 5.10 Sufficient Funds. Such Commitment Party has sufficient
assets and the financial capacity to perform all of its obligations under this Agreement, including the ability to fully exercise all Subscription Rights that are issued to it (or such Affiliated Funds) pursuant to the Rights Offerings and timely
fund such Commitment Party’s Backstop Commitment at Closing. 

  
 49 

 ARTICLE VI 

ADDITIONAL COVENANTS 

Section 6.1 Orders Generally. The Company and the Reorganized Company shall support and use commercially reasonable efforts,
consistent with the Restructuring Support Agreement (including the milestones set forth in Section 6.02(f) of the Restructuring Support Agreement) and the Plan, to (a) obtain the entry of the BCA Approval Order, the Plan Solicitation
Order, the Confirmation Order and the DIP Order, and (b) cause the BCA Approval Order, the Plan Solicitation Order, the Confirmation Order and the DIP Order to become Final Orders (and request that such Orders become effective immediately upon
entry by the Bankruptcy Court pursuant to a waiver of Rules 3020(e) and 6004(h) of the Bankruptcy Rules, as applicable), in each case, as soon as reasonably practicable, consistent with the Bankruptcy Code, the Bankruptcy Rules, and the
Restructuring Support Agreement, following the filing of the respective motion seeking entry of such Orders. The Company shall provide to each of the Commitment Parties and its counsel copies of any proposed motions seeking entry of the BCA Approval
Order, the Plan Solicitation Order, the Confirmation Order and the DIP Order (together with the proposed BCA Approval Order, the proposed Plan Solicitation Order, the proposed Confirmation Order, and the proposed DIP Order), and a reasonable
opportunity to review and comment on such motions and such Orders prior to such motions and such Orders being filed with the Bankruptcy Court (and in no event less than forty-eight (48) hours prior to such filing), and such Orders must be in
form and substance reasonably satisfactory to the Requisite Commitment Parties and the Company. Any amendments, modifications, changes, or supplements to the BCA Approval Order, the Plan Solicitation Order, the Confirmation Order and the DIP Order,
and any of the motions seeking entry of such Orders, shall be in form and substance reasonably satisfactory to the Requisite Commitment Parties and the Company. 

Section 6.2 Confirmation Order; Plan and Disclosure Statement. The Debtors shall use their commercially reasonable efforts
consistent with the Restructuring Support Agreement (including the milestones set forth in Section 6(f) of the Restructuring Support Agreement) to obtain entry of the Confirmation Order. The Company shall provide to each of the Commitment
Parties and its counsel a copy of the proposed Plan and the Disclosure Statement and any proposed amendment, modification, supplement or change to the Plan or the Disclosure Statement, and a reasonable opportunity to review and comment on such
documents (and in no event less than forty-eight (48) hours prior to filing the Plan and/or the Disclosure Statement, as applicable, with the Bankruptcy Court), and each such amendment, modification, supplement or change to the Plan or the
Disclosure Statement must be in form and substance reasonably satisfactory to each of the Requisite Commitment Parties and the Company. The Company shall provide to each of the Commitment Parties and its counsel a copy of the proposed Confirmation
Order (together with copies of any briefs, pleadings and motions related thereto), and a reasonable opportunity to review and comment on such Order, briefs, pleadings and motions prior to such Order, briefs, pleadings and motions being filed with
the Bankruptcy Court (and in no event less than forty-eight (48) hours prior to a filing of such Order, briefs, pleadings or motions with the Bankruptcy Court), and such Order, briefs, pleadings and motions must be in form and substance
reasonably satisfactory to each of the Requisite Commitment Parties and the Company. The Confirmation Order entered by the Bankruptcy Court shall be in form and substance reasonably acceptable to the Requisite Commitment Parties and the Debtors and
any amendments, modifications, changes or supplements to the Confirmation Order, and any of the pleadings seeking entry of such Order, shall be in the form and substance reasonably acceptable to the Requisite Commitment Parties and the Debtors. 

 

  
 50 

 Section 6.3 Conduct of Business. Except as expressly set forth in this
Agreement, the Restructuring Support Agreement, the Plan or with the prior written consent of Requisite Commitment Parties (requests for which, including related information, shall be directed to the counsel and financial advisors to the Ad Hoc
Groups), during the period from the date of this Agreement to the earlier of the Closing Date and the date on which this Agreement is terminated in accordance with its terms (the “Pre-Closing
Period”), (a) the Company shall, and shall cause each of the other Company Group Members to, use its commercially reasonable efforts to carry on its business in the ordinary course and to: (i) preserve intact its business in all
material respects, (ii) preserve its material relationships with customers, lessors, lessees, suppliers, licensors, licensees, operators and others having material business dealings with any of the Company Group Members in connection with their
business, and (iii) maintain books, accounts and records, (iv) comply with applicable Law in all material respects, (v) maintain the guarantee of the UK SAR contract (as defined in the Restructuring Support Agreement) unaffected and
unimpaired or reinstated under the Plan, (vi) maintain the guarantees of the Lombard (BULL) Financing Facility (as defined in the Restructuring Support Agreement) and the Lombard (BALL) Financing Facility (as defined in the Restructuring
Support Agreement) unaffected and unimpaired or reinstated under the Plan, (vii) maintain unimpaired and reinstate the Lombard (BULL) Financing Facility (as defined in the Restructuring Support Agreement) in accordance with Section 1124 of
the Bankruptcy Code, (viii) generally maintain the guarantees of the revenue-generating customer Contracts (to be identified in the Plan Supplement) unaffected and unimpaired or reinstated under the Plan, in each case subject to the reasonable
consent of the Required Supporting Secured Noteholders, the Required Supporting Unsecured Noteholders, and the Requisite Commitment Parties, (ix) maintain unaffected and assume existing employee benefit, insurance, retirement plans, and other
programs of existing employees, subject to the consent of the Required Supporting Secured Noteholders, the Required Supporting Unsecured Noteholders, and the Requisite Commitment Parties, and (x) maintain unimpaired and reinstate pursuant to
section 1124 of the Bankruptcy Code or cancel the Intercompany Interests (as defined in the Plan) and Intercompany Claims (as defined in the Plan) at the option of the Required Supporting Secured Noteholders, the Required Supporting Unsecured
Noteholders, and the Requisite Commitment Parties and (b) each of the Company Group Members shall not enter into any transaction that is material to the Company Group Members’ business other than (A) transactions in the ordinary
course of business that are consistent with prior business practices of the Company Group Members, (B) other transactions after prior notice to the Commitment Parties to implement tax planning which transactions are not reasonably expected to
materially adversely affect any Commitment Party and (C) transactions expressly contemplated by the Transaction Agreements. 
 For the avoidance of
doubt and without limiting the generality of the foregoing, the following shall be deemed to occur outside of the ordinary course of business of the Company Group Members and shall require the prior written consent of the Requisite Commitment
Parties (provided that any action described in paragraph 2 below with respect to any Specified Contract shall only require the prior written consent of the Designated Commitment Parties) unless the same would otherwise be permissible under
the Restructuring Support Agreement, the Plan or this Agreement (including the preceding clause (B) or (C)): 

  
 51 

	 	1.	 amendments of the Company’s certificate of incorporation and bylaws; 

 

	 	2.	 (w) entry by any Company Group Member into any (i) Material Contract, (ii) Contract with a
counterparty pursuant to which the Company reasonably expects to receive or be owed in excess of $10,000,000 in consideration on an annual basis and pursuant to which the counterparty has the unilateral right to increase or decrease the number of
Aircraft committed under the Contract or (iii) Contract pursuant to which the Company reasonably expects that the Company Group Members will be required to expend or otherwise be obligated to pay in excess of $10,000,000 on an annual basis
(each of the Contracts described in (ii) and (iii) of this paragraph 2, a “Specified Contract”), (x) any amendment, modification, supplement, restatement or other material adverse change to, any Material Contract or Specified
Contract, (y) termination or waiver by any Company Group Member of any Material Contract or Specified Contract, or (z) any assumption by any Company Group Member of any Material Contract or Specified Contract in connection with the Chapter
11 Cases (other than any Material Contracts or Specified Contracts that are otherwise addressed by clause (4) below); 

  

	 	3.	 any acquisition of, merger with or other business combination with another business not permitted under the DIP
Credit Agreement as in effect on the date hereof, in each case without giving effect to any amendments or waivers thereto and regardless of whether or not such DIP Credit Agreement remains in effect; 

 

	 	4.	 the disposal of any material asset, or any intercompany transfer, not permitted under the DIP Credit Agreement
as in effect on the date hereof, in each case without giving effect to any amendments or waivers thereto and regardless of whether or not such DIP Credit Agreement remains in effect; 

 

	 	5.	 any material increase to the compensation or benefits offered to any existing employee; 

 

	 	6.	 any (x) termination by any of the Company Group Members without cause or (y) reduction in title or
responsibilities, in each case, of the individuals who are as of the date of this Agreement the Chief Executive Officer or the Chief Financial Officer of the Company; or 

 

	 	7.	 the adoption or amendment of any management or employee incentive or equity plan by any of the Company Group
Members except for the MIP and KEIP. 

 Following a request for consent of the Requisite Commitment Parties (or Designated Commitment
Parties, as applicable) under this Section 6.3 by or on behalf of the Company Group Members, if the consent of the Requisite Commitment Parties (or Designated Commitment Parties, as applicable) is not obtained or declined
within three (3) Business Days following the date such request is made in writing and delivered to each of the Ad Hoc Groups (which notice will be deemed delivered if given in writing to Kirkland and DPW (or to Kirkland on behalf of the
Designated Commitment Parties, as applicable)), such consent shall be deemed to have been 

  
 52 

 
granted by the Requisite Commitment Parties (or Designated Commitment Parties, as applicable). In addition to the consent rights described above, the Company shall consult in good faith with the
Designated Commitment Parties before the entry by any Company Group Member into any Contract with a counterparty pursuant to which the Company reasonably expects to either (a) receive or be owed greater than $5,000,000 but less than $10,000,000
on an annual basis, or (b) be required to expend or otherwise be obligated to pay greater than $5,000,000 but less than $10,000,000 in consideration on an annual basis; provided, however, that the Designated Commitment Parties
shall be obligated to provide any such input within three (3) Business Days following the date that notice of such agreement is made in writing and delivered to Kirkland on behalf of the Designated Commitment Parties. Except as otherwise
provided in this Agreement, nothing in this Agreement shall give any Commitment Parties, directly or indirectly, any right to control or direct the operations of the Company Group Members. Prior to the Closing Date, the Company Group Members shall
exercise, consistent with the terms and conditions of this Agreement, complete control and supervision of the business of the Company Group Members. Notwithstanding anything to the contrary in this Agreement, nothing in this Agreement shall restrict
the Company’s ability to take any actions that are reasonably necessary (in the Company’s reasonable discretion) to address any emergency that threatens health, safety or the environment; provided, that the Company shall use
commercially reasonable efforts to provide prompt notice to the Commitment Parties of any such emergency, which notice may be given telephonically to Kirkland and DPW, and which shall include a summary description of the nature of any such emergency
and the response. 
 Section 6.4 Access to Information; Confidentiality. 

(a) Subject to applicable Law and Section 6.4(b), upon reasonable notice during the
Pre-Closing Period, the Company Group Members shall afford the Commitment Parties and their Representatives upon request reasonable access, during normal business hours and without unreasonable disruption or
interference with the business or operations of the Company Group Members or any of their subsidiaries, to the Company Group Members’ employees, properties, books, assets, Contracts and records and, during the
Pre-Closing Period, the Company Group Members shall furnish promptly to such parties all reasonable information concerning the Company Group Members’ business, properties and personnel as may reasonably
be requested by any such party; provided that the foregoing shall not require the Company (i) to permit any inspection, or to disclose any information, that in the reasonable judgment of the Company, would cause any of the Company Group
Members or any of their subsidiaries to violate any of their respective obligations with respect to confidentiality to a third-party if the Company shall have used its commercially reasonable efforts to obtain, but failed to obtain, the consent of
such third-party to such inspection or disclosure, (ii) to disclose any legally privileged information of any of the Company Group Members or any of their subsidiaries or (iii) to violate any applicable Laws or Orders. All requests for
information and access made in accordance with this Section 6.4 shall be directed to an executive officer of the Company or such Person as may be designated by the Company’s executive officers. 

(b) From and after the date hereof until the date that is one (1) year after the expiration of the
Pre-Closing Period, each Commitment Party shall, and shall cause its Representatives to, (i) keep confidential and not provide or disclose to any Person any documents or information received or otherwise
obtained by such Commitment Party or its Representatives 

  
 53 

 
pursuant to Section 6.4(a), Section 6.5 or in connection with a request for approval pursuant to Section 6.3 (except
that provision or disclosure may be made to any Affiliate or Representative of such Commitment Party who needs to know such information for purposes of this Agreement or the other Transaction Agreements and who agrees to observe the terms of this
Section 6.4(b) (and such Commitment Party will remain liable for any breach of such terms by any such Affiliate or Representative)), and (ii) not use such documents or information for any purpose other than in
connection with this Agreement or the other Transaction Agreements or the transactions contemplated hereby or thereby. Notwithstanding the foregoing, the immediately preceding sentence shall not apply in respect of documents or information that
(A) is now or subsequently becomes generally available to the public through no violation of this Section 6.4(b), (B) becomes available to a Commitment Party or its Representatives on a
non-confidential basis from a source other than any of the Company Group Members or any of their respective Representatives, (C) becomes available to a Commitment Party or its Representatives through
document production or discovery in connection with the Chapter 11 Cases or other judicial or administrative process, but subject to any confidentiality restrictions imposed by the Chapter 11 Cases or other such process, or (D) such Commitment
Party or any Representative thereof is required to disclose pursuant to judicial or administrative process or pursuant to applicable Law or applicable securities exchange rules; provided, that, such Commitment Party or such Representative
shall provide the Company with prompt written notice of such legal compulsion and cooperate with the Company to obtain a protective Order or similar remedy to cause such information or documents not to be disclosed, including interposing all
available objections thereto, at the Company’s sole cost and expense; provided, further, that, in the event that such protective Order or other similar remedy is not obtained, the disclosing party shall furnish only that portion
of such information or documents that is legally required to be disclosed and shall exercise its commercially reasonable efforts (at the Company’s sole cost and expense) to obtain assurance that confidential treatment will be accorded such
disclosed information or documents. The provisions of this Section 6.4(b) shall not apply to any Initial Commitment Party that is or becomes a party to a confidentiality or
non-disclosure agreement with the Company Group Members, for so long as such agreement remains in full force and effect (including any amendments thereto). 

Section 6.5 Financial Information. During the Pre-Closing Period, the Company shall
deliver to the counsel and financial advisors to each Ad Hoc Group, and to each Commitment Party that so requests, all statements and reports the Company is required to deliver to the DIP Agent pursuant to Section 5.1 of the DIP Credit
Agreement (as in effect on the date hereof) (the “Financial Reports”). Neither any waiver by the parties to the DIP Credit Agreement of their right to receive the Financial Reports nor any amendment or termination of the DIP
Credit Agreement shall affect the Company’s obligation to deliver the Financial Reports to the Commitment Parties in accordance with the terms of this Agreement. 

Section 6.6 Commercially Reasonable Efforts. 

(a) Without in any way limiting any other respective obligation of the Company or any Commitment Party in this Agreement or the Restructuring
Support Agreement, subject to the proviso set forth in Section 6.11(a), each Party shall use (and the Company shall cause the other Company Group Members to use) commercially reasonable efforts to take or cause to be taken
all actions, and do or cause to be done all things, reasonably necessary, proper or advisable in order to consummate and make effective the transactions contemplated by this Agreement and the Plan, including using commercially reasonable efforts in:

  
 54 

 (i) timely preparing and filing all documentation reasonably necessary to
effect all necessary notices, reports and other filings of such Person and to obtain as promptly as practicable all consents, registrations, approvals, permits and authorizations necessary or advisable to be obtained from any third-party or
Governmental Entity; 
 (ii) defending any Legal Proceedings in any way challenging (A) this Agreement, the Plan, the
Registration Rights Agreement or any other Transaction Agreement, (B) the BCA Approval Order, the Plan Solicitation Order, the Confirmation Order or the DIP Order or (C) the consummation of the transactions contemplated hereby and thereby,
including seeking to have any stay or temporary restraining Order entered by any Governmental Entity vacated or reversed; and 

(iii) working together in good faith to finalize the Reorganized Company Organizational Documents, Transaction Agreements, the
Registration Rights Agreement and all other documents relating thereto for timely inclusion in the Plan and filing with the Bankruptcy Court. 

(b) Subject to Laws or applicable rules relating to the exchange of information, and in accordance with the Restructuring Support Agreement,
the Commitment Parties and the Company shall have the right to review in advance, and to the extent practicable each will consult with the other on all of the information relating to Commitment Parties or the Company, as the case may be, and any of
their respective Subsidiaries, that appears in any filing made with, or written materials submitted to, any Governmental Entity in connection with the transactions contemplated by this Agreement or the Plan; provided, however, that the
Commitment Parties are not required to provide for review in advance declarations or other evidence submitted in connection with any filing with the Bankruptcy Court. In exercising the foregoing rights, the Parties shall act as reasonably and as
promptly as practicable. 
 (c) Without limitation to Sections 6.1 or 6.2, to the extent exigencies permit, the Company shall
provide or cause to be provided to the Commitment Parties a draft of all motions, applications, pleadings, schedules, Orders, reports or other material papers (including all material memoranda, exhibits, supporting affidavits and evidence and other
supporting documentation) in the Chapter 11 Cases relating to or affecting the Transaction Agreements or the Registration Rights Agreement in accordance with the Restructuring Support Agreement and in no event less than forty-eight (48) hours
before such motions, applications, pleadings, schedules, Orders, reports or other material papers are filed with the Bankruptcy Court. The Company shall consult in good faith with the Requisite Commitment Parties regarding the form and substance of
all such motions, applications, pleadings, schedules, Orders, reports and other material papers. 
 (d) Nothing contained in this
Section 6.6(d) shall limit the ability of any Commitment Party to consult with the Debtors, to appear and be heard, or to file objections, concerning any matter arising in the Chapter 11 Cases to the extent not inconsistent
with the Restructuring Support Agreement. 

  
 55 

 Section 6.7 Blue Sky. The Company shall, on or before the Closing Date, take
such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the offer and sale of the Unsubscribed Shares to the Commitment Parties pursuant to this Agreement under applicable securities and
“Blue Sky” Laws of the states of the United States (or to obtain an exemption from such qualification) and any applicable foreign jurisdictions, and shall provide evidence of any such action so taken to the Commitment Parties on or prior
to the Closing Date. The Reorganized Company shall timely make all filings and reports relating to the offer and sale of the Unsubscribed Shares issued hereunder required under applicable securities and “Blue Sky” Laws of the states of the
United States following the Closing Date. The Company or the Reorganized Company, as applicable, shall pay all fees and expenses in connection with satisfying its obligations under this Section 6.7. Notwithstanding the
foregoing, the Company shall not be required to qualify as a foreign corporation or to file a general consent to service in any jurisdiction where it is not now so qualified or required to file such consent, or subject itself to taxation in any such
jurisdiction if it is not otherwise so subject. 
 Section 6.8 DTC Eligibility. If requested by the Requisite Commitment
Parties, the Reorganized Company shall use commercially reasonable efforts to promptly make, when applicable from time to time after the Closing, all Unlegended Shares eligible for deposit with The Depository Trust Company. “Unlegended
Shares” means any Common Shares or Preferred Shares acquired by the Commitment Parties and their respective Affiliates (including any Related Purchaser or Ultimate Purchaser in respect thereof) pursuant to this Agreement and the Plan,
including all shares issued to the Commitment Parties and their respective Affiliates in connection with the Rights Offerings, that do not require, or are no longer subject to, the Legend. 

Section 6.9 Use of Proceeds. The Company or the Reorganized Company, as applicable, will apply the proceeds from the Rights
Offerings for the purposes identified in the Disclosure Statement and the Plan and for general corporate and strategic purposes as determined by management and the board of directors of the Reorganized Company. 

Section 6.10 Share Legend. Each certificate evidencing Unsubscribed Shares issued hereunder, and each certificate issued in
exchange for or upon the Transfer of any such shares, shall be stamped or otherwise imprinted with a legend (the “Legend”) in substantially the following form: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED ON [DATE OF ISSUANCE], HAVE NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY OTHER APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN AVAILABLE
EXEMPTION FROM REGISTRATION THEREUNDER.” 
 In the event that any such shares are uncertificated, such shares shall be subject to a restrictive
notation substantially similar to the Legend in the stock ledger or other appropriate records maintained by the Reorganized Company or agent and the term “Legend” shall include such restrictive notation. The Reorganized Company shall
remove the Legend (or restrictive notation, 

  
 56 

 
as applicable) set forth above from the certificates evidencing any such shares (or the share register or other appropriate Reorganized Company records, in the case of uncertified shares), upon
request, at any time after the restrictions described in such Legend cease to be applicable, including, as applicable, when such shares may be sold under Rule 144 of the Securities Act. The Reorganized Company may reasonably request such opinions,
certificates or other evidence that such restrictions no longer apply as a condition to removing the Legend. 
 Section 6.11
Regulatory Approval. 
 (a) Each Party agrees to use commercially reasonable efforts to take, or cause to be taken, all actions and to
do, or cause to be done, all things necessary to consummate and make effective the transactions contemplated by this Agreement, the Plan and the other Transaction Agreements, including (i) if applicable, filing, or causing to be filed, the
Notification and Report Form pursuant to the HSR Act with respect to the transactions contemplated by this Agreement with the Antitrust Division of the United States Department of Justice and the United States Federal Trade Commission and any
filings (or, if required by any Governmental Entity, any drafts thereof) under any other Laws that are necessary to consummate and make effective the transactions contemplated by this Agreement as soon as reasonably practicable (and with respect to
any filings required pursuant to the HSR Act, no later than fifteen (15) Business Days following the date hereof) and (ii) promptly furnishing any documents or information reasonably requested by any Governmental Entity, provided,
however, that nothing in this Section 6.11 or otherwise in this Agreement shall require any Commitment Party or any of their respective Affiliates to (A) engage in any sale, divestiture, transfer, license,
disposition or similar arrangement (including any obligation to hold separate, by trust or otherwise) with respect to any of its assets, properties or businesses or make any changes to its operations, or agree to any condition, limitation or
obligation that would impose any of the foregoing, (B) enter into any settlement, stipulation, undertaking, consent decree, or agreement with any Governmental Entity in respect of the transactions contemplated by this Agreement, or
(C) litigate any action, claim, suit, proceeding, or other Legal Proceeding by any Governmental Entity in respect of the transactions contemplated by the Transaction Agreements. The Commitment Parties shall, no later than August 12, 2019,
provide the Company in writing with a true and correct list of all anticipated filings or notifications required to be made by any Commitment Party regarding any transaction contemplated by this Agreement, the Plan or the other Transaction
Agreements, and shall promptly inform the Company in writing of any determination by any Commitment Party of any required change or addition to such list. Notwithstanding anything to the contrary in this Section 6.11(a), if
any Commitment Party, acting in good faith, determines that it is or may be unable to obtain any approval or non-objection from any Governmental Entity that constitutes a condition to the consummation of the
transactions contemplated by this Agreement, the applicable Commitment Party or Commitment Parties shall promptly inform the Company in writing of such determination and cooperate in good faith with the Company to determine and use commercially
reasonable efforts to implement an appropriate solution (including a transfer by such Commitment Party of its obligations under this Agreement to another appropriate party, a modification to the nature of the securities to be acquired pursuant to
this Agreement, or other appropriate actions) in order to either obtain such approval or non-objection or to eliminate the need for such approval or non-objection. 

  
 57 

 (b) The Company and each Commitment Party subject to an obligation pursuant to any Law to
make a filing regarding any transaction contemplated by this Agreement, the Plan or the other Transaction Agreements (each such Commitment Party, a “Filing Party”) agree to reasonably cooperate with each other as to the
appropriate time of filing such notification and its content. The Company and each Filing Party shall, to the extent permitted by applicable Law and in each case with respect to the matters that are the subject of this
Section 6.11: (i) promptly notify each other of, and if in writing, furnish each other with copies of (or, in the case of material oral communications, advise each other orally of) any material communications from or with a
Governmental Entity; (ii) not participate in any meeting with a Governmental Entity unless it consults with each other Filing Party and the Company, as applicable, in advance and, to the extent permitted by the Governmental Entity and
applicable Law, give each other Filing Party and the Company, as applicable, a reasonable opportunity to attend and participate thereat; (iii) furnish each other Filing Party and the Company, as applicable, with copies of all material
correspondence and communications between such Filing Party or the Company and the Governmental Entity; (iv) furnish each other Filing Party with such necessary information and reasonable assistance as may be reasonably necessary in connection
with the preparation of necessary filings or submission of information to the Governmental Entity; and (v) not withdraw its filing, if any, under the HSR Act without the prior written consent of the Requisite Commitment Parties and the Company.

 (c) Should a Filing Party be subject to an obligation under the Antitrust Laws to jointly notify with one or more other Filing Parties
(each, a “Joint Filing Party”) any transaction contemplated by this Agreement, the Plan or the other Transaction Agreements, such Joint Filing Party shall promptly notify each other Joint Filing Party of, and if in writing,
furnish each other Joint Filing Party with copies of (or, in the case of material oral communications, advise each other Joint Filing Party orally of) any material communications from or with an Antitrust Authority. 

(d) Subject to the proviso set forth in Section 6.11(a), the Company and each Filing Party shall use their
commercially reasonable efforts to obtain all authorizations, approvals, consents, waivers or clearances under any applicable Laws or to cause the termination or expiration of all applicable waiting periods under any Laws in connection with the
transactions contemplated by this Agreement at the earliest possible date after the date of filing. The communications contemplated by this Section 6.11 may be made by the Company or a Filing Party on an outside
counsel-only basis or subject to other agreed upon confidentiality safeguards. The obligations in this Section 6.11 shall not apply to filings, correspondence, communications or meetings with Governmental Entities unrelated
to the transactions contemplated by this Agreement, the Plan or the other Transaction Agreements. 
 Section 6.12 Alternative
Transactions. The Company and the other Company Group Members shall not seek, solicit, or support any Alternative Transaction, and shall not cause or allow any of their agents or representatives to solicit any agreements relating to an
Alternative Transaction; provided, however, that nothing in this Section 6.12 shall (i) require the Company or any of its subsidiaries or affiliates or any of their respective directors, officers or
members, as applicable (each in such person’s capacity as a director, officer or member), to take any action, or refrain from taking any action, to the extent that taking such action or refraining from taking such action would be inconsistent
with, or cause such party to breach such party’s fiduciary obligations under applicable Law, or shall limit the Company or any other Company Group Members from considering any Alternative Transaction brought to them consistent with

  
 58 

 
their fiduciary duties or (ii) subject to obtaining all applicable consents and approvals required under the Restructuring Support Agreement and this Agreement (including
Section 6.3 hereof), limit the Parties’ ability to engage in marketing efforts, discussions, and/or negotiations with any party regarding refinancing of the Exit Facility to be consummated following the Effective Date;
provided, further, that (x) if any of the Company Group Members receive a proposal or expression of interest regarding any Alternative Transaction from the date hereof until the termination of this Agreement in accordance with its
terms, the Company Group Members shall promptly notify counsel to the other parties to the Restructuring Support Agreement or any such proposal or expression of interest, with such notice to include the material terms thereof, including (unless
prohibited by a separate agreement) the identity of the Person or group of Persons involved and (y) subject to mutually agreed terms of confidentiality, the Company Group Members shall promptly furnish to counsel to the parties to the
Restructuring Support Agreement with copies of any written offer, oral offer or any other information that they receive relating to the foregoing and shall promptly inform counsel to the parties to the Restructuring Support Agreement of any material
change to such proposals. The Company Group Members shall not enter into any confidentiality agreement with a party in connection with the proposal of an Alternative Transaction unless such party consents to identifying and providing to counsel to
the parties to the Restructuring Support Agreement (under a reasonably acceptable confidentiality agreement) the information reasonably requested by the parties to the Restructuring Support Agreement. 

Section 6.13 Hedging Arrangements. The Company will consult with the Requisite Commitment Parties and obtain the prior written
consent of the Requisite Commitment Parties prior to its implementation of any new hedging program. 
 Section 6.14 Reorganized
Company. 
 (a) In all cases, (i) the Debtors shall conduct the Rights Offerings, (ii) the Reorganized Company shall be a
successor to Bristow Group Inc. under the Plan and the Rights Offerings will be exempt from registration under the Securities Act pursuant to Section 1145 of the Bankruptcy Code or the exemption from registration set forth in
Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder or another appropriate exemption, and (iii) the Reorganized Company Organizational Documents will provide that the Reorganized Company’s initial board of
directors will be constituted on the Effective Date pursuant to the Restructuring Term Sheet and the Plan and will contain the Chief Executive Officer and at least one member designated by the Required Supporting Secured Noteholders, which shall be
the continuing directors, and will adopt resolutions authorizing the Reorganized Company to do all actions required to consummate the Rights Offerings and the Plan. 

(b) As of the Effective Date, the number of Aggregate Shares shall be as set forth on Exhibit F and shall be issued in accordance with
the transactions contemplated by the Transaction Agreements and the Plan in the proportions set forth on Exhibit F. The Company and the Commitment Parties shall use commercially reasonable efforts to take or cause to be taken all actions, and
do or cause to be done all things, reasonably necessary, proper or advisable in order to cause the Reorganized Company Organizational Documents to reflect such number of Aggregate Common Shares. 

  
 59 

 (c) The Plan will provide that on the Effective Date, the Reorganized Company Organizational
Documents will be duly authorized, approved, adopted and in full force and effect. Forms of the Reorganized Company Organizational Documents shall be filed with the Bankruptcy Court as part of the Plan Supplement or an amendment thereto. 

(d) On the Effective Date, all rights and obligations of the Company under this Agreement shall vest in the Reorganized Company and the Plan
shall include language to such effect. From and after the Effective Date, the Reorganized Company shall be deemed to be a party to this Agreement as the successor to all rights and obligations of the Company hereunder. 

Section 6.15 Registration Rights Agreement. 

(a) The Plan will provide that from and after the Effective Date each Commitment Party (i) receiving at least five (5%) percent or more of
the voting power of the Equity Interests (with, for the avoidance of doubt, the Preferred Shares voting on a fully diluted basis with the Common Shares) issued under the Plan and/or the Rights Offerings or (ii) that cannot sell its Common
Shares or Preferred Shares under Rule 144 of the Securities Act without volume or manner of sale restrictions shall be entitled to registration rights that are customary for a transaction of this nature pursuant to a registration rights agreement to
be entered into as of the Effective Date, which agreement shall be in form and substance consistent with the terms set forth in the Plan and otherwise reasonably acceptable to the Requisite Commitment Parties and the Company (the
“Registration Rights Agreement”). A form of the Registration Rights Agreement shall be filed with the Bankruptcy Court as part of the Plan Supplement or an amendment thereto. 

ARTICLE VII 
 CONDITIONS
TO THE OBLIGATIONS OF THE PARTIES 
 Section 7.1 Conditions to the Obligations of the Commitment Parties. The obligations of
each Commitment Party to consummate the transactions contemplated hereby shall be subject to (unless waived in accordance with Section 7.2) the satisfaction of the following conditions prior to or at the Closing: 

(a) BCA Approval Order. The Bankruptcy Court shall have entered the BCA Approval Order in form and substance reasonably acceptable to
the Requisite Commitment Parties, and such Order shall be a Final Order. 
 (b) Plan Solicitation Order. The Bankruptcy Court shall
have entered the Plan Solicitation Order in form and substance reasonably acceptable to the Requisite Commitment Parties, and such Order shall be a Final Order. 

(c) Confirmation Order. The Bankruptcy Court shall have entered the Confirmation Order in form and substance reasonably satisfactory to
the Requisite Commitment Parties, and such Order shall be a Final Order. 
 (d) DIP Order. The Bankruptcy Court shall have entered the
DIP Order in form and substance reasonably satisfactory to the Requisite Commitment Parties, and the DIP Order shall be a Final Order. 

  
 60 

 (e) Plan. The Company and all of the other Debtors shall have complied, in all
material respects, with the terms of the Plan (as amended or supplemented from time to time) that are to be performed by the Company, the Reorganized Company and the other Debtors on or prior to the Effective Date and the conditions to the
occurrence of the Effective Date (other than any conditions relating to occurrence of the Closing) set forth in the Plan shall have been satisfied or, with the prior written consent of the Requisite Commitment Parties, waived in accordance with the
terms of the Plan. 
 (f) Rights Offerings. Each of (i) the Unsecured Rights Offering and (ii) the Secured Rights Offering,
shall have been conducted in all material respects in accordance with the Rights Offering Procedures, the Plan Solicitation Order, the Confirmation Order, and this Agreement, and the Rights Offering Expiration Time shall have occurred. 

(g) Effective Date. The Effective Date shall have occurred, or shall be deemed to have occurred concurrently with the Closing, as
applicable, in accordance with the terms and conditions in the Plan and in the Confirmation Order. 
 (h) Registration Rights Agreement;
Reorganized Company Organizational Documents. 
 (i) The Registration Rights Agreement shall have been executed and
delivered by the Reorganized Company, shall otherwise have become effective with respect to the Commitment Parties and the other parties thereto, and shall be in full force and effect. 

(ii) The Reorganized Company Organizational Documents shall have been duly approved and adopted and shall be in full force and
effect. 
 (i) Expense Reimbursement. The Debtors shall have paid all Expense Reimbursements accrued through the Closing Date, in
accordance with Section 3.3(b); provided, that invoices for such Expense Reimbursements shall have been received by the Company at least three (3) Business Days prior to the Closing Date in order to be required
to be paid on the Closing Date. 
 (j) Governmental Approvals. All waiting periods imposed by any Governmental Entity or Antitrust
Authority in connection with the transactions contemplated by this Agreement shall have terminated or expired and all authorizations, approvals, consents or clearances under the Antitrust Laws or otherwise required by any Governmental Entity in
connection with the transactions contemplated by this Agreement shall have been obtained or filed. 
 (k) No Legal Impediment to
Issuance. No Law or Order shall have become effective or been enacted, adopted or issued by any Governmental Entity that prohibits the implementation of the Plan or the transactions contemplated by this Agreement; 

  
 61 

 (l) Representations and Warranties. 

(i) The representations and warranties of the Company contained in Section 4.8 shall be true and
correct in all respects on and as of the Closing Date with the same effect as if made on and as of the Closing Date (except for such representations and warranties made as of a specified date, which shall be true and correct only as of the specified
date). 
 (ii) The representations and warranties of the Company contained in Section 4.1(a),
Section 4.2, Section 4.3, Section 4.4 and Section 4.5 shall be true and correct in all material respects on and as of the Closing Date after
giving effect to the Plan with the same effect as if made on and as of the Closing Date after giving effect to the Plan (except for such representations and warranties made as of a specified date, which shall be true and correct in all material
respects only as of the specified date). 
 (iii) The representations and warranties of the Company contained in this
Agreement other than those referred to in clauses (i) and (ii) above shall be true and correct (disregarding all materiality or Material Adverse Effect qualifiers) on and as of the Closing Date after giving effect to the Plan with the same
effect as if made on and as of the Closing Date after giving effect to the Plan (except for such representations and warranties made as of a specified date, which shall be true and correct only as of the specified date), except where the failure to
be so true and correct does not constitute, individually or in the aggregate, a Material Adverse Effect. 
 (m) Covenants. The Company
shall have performed and complied, in all material respects, with all of its covenants and agreements contained in this Agreement that contemplate, by their terms, performance or compliance prior to the Closing Date. 

(n) Material Adverse Effect. Since the date of this Agreement, there shall not have occurred, and there shall not exist, any Event that
constitutes, individually or in the aggregate, a Material Adverse Effect. 
 (o) Officer’s Certificate. The
Commitment Parties shall have received on and as of the Closing Date a certificate of the chief executive officer or chief financial officer of the Company confirming that the conditions set forth in Section 7.1(l),
Section 7.1(m), and Section 7.1(n) have been satisfied. 
 (p) Funding Notice. The
Noteholders shall have received the Funding Notice. 
 (q) Key Contracts. The Debtors shall have assumed, assumed as amended, or
rejected, as applicable, in each case under section 365 of the Bankruptcy Code pursuant to the Plan or any plan supplement in accordance with the Restructuring Support Agreement or as otherwise ordered by the Bankruptcy Court, the Material Contracts
and any Specified Contracts executed and approved prior to confirmation of the Plan. 
 (r) Minimum Liquidity and Minimum Cash of the
Company. The amount, determined on a pro forma basis after giving effect to the occurrence of the Effective Date and the transactions contemplated by the Transaction Agreements, of unrestricted cash and cash equivalents of the Company and the
entities set forth on Section 7.1(r) of the Company Disclosure Schedules (collectively, the “Company Specified Entities”), in the aggregate, shall be no less than

  
 62 

 
$75,000,000 of unrestricted cash, net of all fees, expenses and any other payments contemplated in connection with the Restructuring Transactions; provided, that for all purposes of this
Section 7.1(r), the amount of unrestricted cash and cash equivalents of the Specified Company Entities shall be calculated (i) prior to (w) the Expense Reimbursement and all fees, costs and expenses of all of the
attorneys, accountants, other professionals, advisors and consultants incurred on behalf of the Debtors, (x) cash payments to creditors for Claims to be paid in connection with the Restructuring Transactions, (y) proceeds from the Rights
Offering and (z) any cash amortization payments made after October 31, 2019 in respect of any outstanding indebtedness of the Debtors and (ii) including as unrestricted cash and cash equivalents of the Specified Company Entities all
accounts receivable of the Company Specified Entities as of such time that are equal to or greater than $10,000,000 provided that any such receivables are payable from a customer of a Specified Company Entity that provides the Specified Company
Entities with average revenue in excess of $15,000,000 per month over the previous calendar year; provided, further, that, with the prior written consent of the Requisite Commitment Parties, such $75,000,000 amount shall be reduced to
$45,000,000 so that the Debtors can purchase (or cause a Subsidiary to purchase) up to two additional Leonardo Aircraft (as defined in the DIP Credit Agreement). 

(s) Exit Facility. The Exit Facility shall have become effective and shall be in an aggregate principal amount of no less than
$75 million. 
 (t) Restructuring Support Agreement. The Restructuring Support Agreement shall not have been terminated. 

Section 7.2 Waiver of Conditions to Obligations of Commitment Parties. All or any of the conditions set forth in
Section 7.1 may only be waived in whole or in part with respect to all Commitment Parties by a written instrument executed by the Requisite Commitment Parties in their sole discretion and if so waived, all Commitment
Parties shall be bound by such waiver. 
 Section 7.3 Conditions to the Obligations of the Debtors. The obligations of
the Debtors to consummate the transactions contemplated hereby with the Commitment Parties is subject to (unless waived by the Company) the satisfaction of each of the following conditions: 

(a) BCA Approval Order. The Bankruptcy Court shall have entered the BCA Approval Order and such Order shall be a Final Order. 

(b) Plan Solicitation Order. The Bankruptcy Court shall have entered the Plan Solicitation Order, and such Order shall be a Final Order.

 (c) Confirmation Order. The Bankruptcy Court shall have entered the Confirmation Order, and such Order shall be a Final Order. 

(d) DIP Order. The Bankruptcy Court shall have entered the DIP Order, and the DIP Order shall be a Final Order. 

  
 63 

 (e) Effective Date. The Effective Date shall have occurred, or shall be deemed to
have occurred concurrently with the Closing, as applicable, in accordance with the terms and conditions in the Plan and in the Confirmation Order. 

(f) Governmental Approvals. All waiting periods imposed by any Governmental Entity or Antitrust Authority in connection with the
transactions contemplated by this Agreement shall have terminated or expired and all authorizations, approvals, consents or clearances under the Antitrust Laws or otherwise required by any Governmental Entity in connection with the transactions
contemplated by this Agreement shall have been obtained or filed. 
 (g) No Legal Impediment to Issuance. No Law or Order shall have
become effective or been enacted, adopted or issued by any Governmental Entity that prohibits the implementation of the Plan or the transactions contemplated by this Agreement. 

(h) Representations and Warranties. 

(i) The representations and warranties of the Commitment Parties contained in this Agreement that are qualified by
“materiality” or “material adverse effect” or words or similar import shall be true and correct in all respects on and as of the Closing Date with the same effect as if made on and as of the Closing Date (except for such
representations and warranties made as of a specified date, which shall be true and correct in all respects only as of the specified date). 

(ii) The representations and warranties of the Commitment Parties contained in this Agreement that are not qualified by
“materiality” or “material adverse effect” or words or similar import shall be true and correct in all material respects on and as of the Closing Date with the same effect as if made on and as of the Closing Date (except for such
representations and warranties made as of a specified date, which shall be true and correct in all material respects only as of the specified date). 

(i) Covenants. The Commitment Parties shall have performed and complied, in all material respects, with all of their covenants and
agreements contained in this Agreement and in any other document delivered pursuant to this Agreement. 
 ARTICLE VIII 

INDEMNIFICATION AND CONTRIBUTION 

Section 8.1 Indemnification Obligations. Following the entry of the BCA Approval Order, the Company, the Reorganized Company and
the other Debtors (the “Indemnifying Parties” and each, an “Indemnifying Party”) shall, jointly and severally, indemnify and hold harmless each Commitment Party and its Affiliates, equity holders,
members, partners, general partners, managers and its and their respective Representatives and controlling persons (each, an “Indemnified Person”) from and against any and all losses, claims, damages, liabilities and costs
and expenses (other than Taxes of the Commitment Parties except to the extent otherwise provided for in this Agreement) arising out of a claim asserted by a third party (collectively, “Losses”) that any such Indemnified
Person may incur or to which any such 

  
 64 

 
Indemnified Person may become subject arising out of or in connection with this Agreement and its obligations hereunder, including the Backstop Commitment, the Rights Offerings, the payment of
the Backstop Commitment Fee, the payment of the Termination Commitment Premium or the use of the proceeds of the Rights Offerings, or any claim, challenge, litigation, investigation or proceeding relating to any of the foregoing, regardless of
whether any Indemnified Person is a party thereto, whether or not such proceedings are brought by the Company, the Reorganized Company, the other Debtors, their respective equity holders, Affiliates, creditors or any other Person, and reimburse each
Indemnified Person upon demand for reasonable documented (with such documentation subject to redaction to preserve attorney client and work product privileges) legal or other third-party out-of-pocket expenses incurred in connection with investigating, preparing to defend or defending, or providing evidence in or preparing to serve or serving as a witness with respect to, any lawsuit,
investigation, claim or other proceeding relating to any of the foregoing (including in connection with the enforcement of the indemnification obligations set forth herein), irrespective of whether or not the transactions contemplated by this
Agreement or the Plan are consummated or whether or not this Agreement is terminated; provided, that the foregoing indemnity will not, as to any Indemnified Person, apply to Losses (a) as to a Defaulting Commitment Party, its Related
Parties or any Indemnified Person related thereto, caused by a Commitment Party Default by such Commitment Party, or (b) to the extent they are found by a final, non-appealable judgment of a court of
competent jurisdiction to arise from the bad faith, willful misconduct or gross negligence of such Indemnified Person. 
 Section 8.2
Indemnification Procedure. Promptly after receipt by an Indemnified Person of notice of the commencement of any claim, challenge, litigation, investigation or proceeding (an “Indemnified Claim”), such Indemnified
Person will, if a claim is to be made hereunder against the Indemnifying Party in respect thereof, notify the Indemnifying Party in writing of the commencement thereof; provided, that (a) the omission to so notify the Indemnifying Party
will not relieve the Indemnifying Party from any liability that it may have hereunder except to the extent it has been materially prejudiced by such failure and (b) the omission to so notify the Indemnifying Party will not relieve the
Indemnifying Party from any liability that it may have to such Indemnified Person otherwise than on account of this Article VIII. In case any such Indemnified Claims are brought against any Indemnified Person and it notifies the Indemnifying
Party of the commencement thereof, the Indemnifying Party will be entitled to participate therein, and, at its election by providing written notice to such Indemnified Person, the Indemnifying Party will be entitled to assume the defense thereof,
with counsel reasonably acceptable to such Indemnified Person; provided, that if the parties (including any impleaded parties) to any such Indemnified Claims include both such Indemnified Person and the Indemnifying Party and based on advice
of such Indemnified Person’s counsel there are legal defenses available to such Indemnified Person that are different from or additional to those available to the Indemnifying Party, such Indemnified Person shall have the right to select
separate counsel to assert such legal defenses and to otherwise participate in the defense of such Indemnified Claims. Upon receipt of notice from the Indemnifying Party to such Indemnified Person of its election to so assume the defense of such
Indemnified Claims with counsel reasonably acceptable to the Indemnified Person, the Indemnifying Party shall not be liable to such Indemnified Person for expenses incurred by such Indemnified Person in connection with the defense thereof or
participation therein (other than reasonable costs of investigation) unless (i) such Indemnified Person shall have employed separate counsel (in addition to any local counsel) in connection with the assertion of legal defenses in accordance
with the proviso to the 

  
 65 

 
immediately preceding sentence (it being understood, however, that the Indemnifying Party shall not be liable for the expenses of more than one separate counsel representing the Indemnified
Persons who are parties to such Indemnified Claims (in addition to one local counsel in each jurisdiction in which local counsel is required)), (ii) the Indemnifying Party shall not have employed counsel reasonably acceptable to such Indemnified
Person to represent such Indemnified Person within a reasonable time after the Indemnifying Party has received notice of commencement of the Indemnified Claims from, or delivered on behalf of, the Indemnified Person, (iii) after the
Indemnifying Party assumes the defense of the Indemnified Claims, the Indemnified Person determines in good faith that the Indemnifying Party has failed or is failing to defend such claim and provides written notice of such determination and the
basis for such determination, and such failure is not reasonably cured within ten (10) Business Days of receipt of such notice, or (iv) the Indemnifying Party shall have authorized in writing the employment of counsel for such Indemnified
Person. Notwithstanding anything herein to the contrary, the Company Group Members shall have sole control over any Tax controversy or Tax audit and shall be permitted to settle any liability for Taxes of the Company Group Members. 

Section 8.3 Settlement of Indemnified Claims. In connection with any Indemnified Claim for which an Indemnified Person is assuming
the defense in accordance with this Article VIII, the Indemnifying Party shall not be liable for any settlement of any Indemnified Claims effected by such Indemnified Person without the written consent of the Indemnifying Party (which consent
shall not be unreasonably withheld, conditioned or delayed). If any settlement of any Indemnified Claims is consummated with the written consent of the Indemnifying Party or if there is a final judgment for the plaintiff in any such Indemnified
Claims, the Indemnifying Party agrees to indemnify and hold harmless each Indemnified Person from and against any and all Losses by reason of such settlement or judgment to the extent such Losses are otherwise subject to indemnification by the
Indemnifying Party hereunder in accordance with, and subject to the limitations of, this Article VIII. The Indemnifying Party shall not, without the prior written consent of an Indemnified Person (which consent shall be granted or withheld,
conditioned or delayed in the Indemnified Person’s sole discretion), effect any settlement of any pending or threatened Indemnified Claims in respect of which indemnity or contribution has been sought hereunder by such Indemnified Person unless
(i) such settlement includes an unconditional release of such Indemnified Person in form and substance reasonably satisfactory to such Indemnified Person from all liability on the claims that are the subject matter of such Indemnified Claims
and (ii) such settlement does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. 

Section 8.4 Contribution. If for any reason the foregoing indemnification is unavailable to any Indemnified Person or insufficient
to hold it harmless from Losses that are subject to indemnification pursuant to Section 8.1, then the Indemnifying Party shall contribute to the amount paid or payable by such Indemnified Person as a result of such Loss in
such proportion as is appropriate to reflect not only the relative benefits received by the Indemnifying Party, on the one hand, and such Indemnified Person, on the other hand, but also the relative fault of the Indemnifying Party, on the one hand,
and such Indemnified Person, on the other hand, as well as any relevant equitable considerations. It is hereby agreed that the relative benefits to the Indemnifying Party, on the one hand, and all Indemnified Persons, on the other hand, shall be
deemed to be in the same proportion as (a) the total value received or proposed to be received by the Company and the Reorganized Company pursuant to the issuance and sale of 

  
 66 

 
the Unsubscribed Shares in the Rights Offerings contemplated by this Agreement and the Plan bears to (b) the Backstop Commitment Fee paid or proposed to be paid to the Commitment Parties.
The Indemnifying Parties also agree that no Indemnified Person shall have any liability based on their comparative or contributory negligence or otherwise to the Indemnifying Parties, any Person asserting claims on behalf of or in right of any of
the Indemnifying Parties, or any other Person in connection with an Indemnified Claim. 
 Section 8.5 Treatment of Indemnification
Payments. All amounts paid by an Indemnifying Party to an Indemnified Person under this Article VIII shall, to the extent permitted by applicable Law, be treated as adjustments to the Per Equity Share Purchase Price for all Tax purposes.
The provisions of this Article VIII are an integral part of the transactions contemplated by this Agreement and without these provisions the Commitment Parties would not have entered into this Agreement. The BCA Approval Order shall provide
that the obligations of the Company and the Reorganized Company under this Article VIII shall constitute allowed administrative expenses of the Debtors’ estate under sections 503(b) and 507 of the Bankruptcy Code and are payable without
further Order of the Bankruptcy Court, and that the Company and the Reorganized Company may comply with the requirements of this Article VIII without further Order of the Bankruptcy Court. 

Section 8.6 No Survival. All representations, warranties, covenants and agreements made in this Agreement shall not survive the
Closing Date except for covenants and agreements that by their terms are to be satisfied after the Closing Date, which covenants and agreements shall survive until satisfied in accordance with their terms. 

ARTICLE IX 
 TERMINATION

 Section 9.1 Consensual Termination. This Agreement may be terminated and the transactions contemplated hereby may be
abandoned at any time prior to the Closing Date by mutual written consent of the Company and the Requisite Commitment Parties. 

Section 9.2 Automatic Termination. Notwithstanding anything to the contrary in this Agreement, unless and until there is an
unstayed Order of the Bankruptcy Court providing that the giving of notice under and/or termination of this Agreement in accordance with its terms is not prohibited by the automatic stay imposed by section 362 of the Bankruptcy Code, and except as
otherwise provided in this Section 9.2, at which point this Agreement may be terminated by the Requisite Commitment Parties upon written notice to the Company upon the occurrence of any of the following Events, this
Agreement shall terminate automatically without any further action or notice by any Party at 5:00 p.m., New York City time on the fifth (5th) Business Day following the occurrence of any of the following Events; provided that the Requisite
Commitment Parties may waive such termination or extend any applicable dates in accordance with Section 10.7: 

(a) the Closing Date has not occurred by the Outside Date (as may be extended pursuant to the Restructuring Support Agreement), unless prior
thereto the Effective Date occurs and each Rights Offering has been consummated; 

  
 67 

 (b) the obligations of the Consenting Noteholders under the Restructuring Support Agreement
are terminated in accordance with the terms of the Restructuring Support Agreement; 
 (c) (i) the Company shall have materially
breached any representation, warranty, covenant or other agreement made by the Company in this Agreement or any such representation or warranty shall have become materially inaccurate after the date of this Agreement and such breach or inaccuracy
would, individually or in the aggregate, cause a condition set forth in Section 7.1(l), Section 7.1(m) or Section 7.1(n) not to be satisfied, (ii) the Requisite
Commitment Parties shall have delivered written notice of such breach or inaccuracy to the Company, (iii) such breach or inaccuracy is not cured by the Company by the tenth (10th) Business Day after receipt of such notice, and (iv) as a
result of such failure to cure, any condition set forth in Section 7.1(l), Section 7.1(m) or Section 7.1(n) is not capable of being satisfied; provided, that, this
Agreement shall not terminate automatically (and the Commitment Parties may not terminate this Agreement, as applicable) pursuant to this Section 9.2(c) if the Commitment Parties are then in willful or intentional breach of
this Agreement and, provided, further, that this Agreement shall not terminate automatically (and the Commitment Parties may not terminate this Agreement, as applicable) pursuant to this Section 9.2(c) if the
Commitment Parties are then in material breach of any representation, warranty, covenant or other agreement hereunder that would result in the failure of any condition set forth in Section 7.3 being satisfied; 

(d) any Law or final and non-appealable Order shall have been enacted, adopted or issued by any
Governmental Entity that prohibits the implementation of the Plan or any Rights Offering or the transactions contemplated by this Agreement or the other Transaction Agreements; provided that the Debtors shall have ten (10) Business Days
following the issuance of any such Law or Order to obtain relief or propose an alternative that would allow consummation of such transactions in a manner that does not prevent or diminish compliance with the terms of the Transaction Agreements; 

(e) (i) any of the Debtors have materially breached their obligations under Section 6.12 or otherwise withdraw
the Plan or publicly announce their intention not to support the Restructuring Transactions; (ii) the Bankruptcy Court approves or authorizes an Alternative Transaction; or (iii) any of the Debtors enters into any Contract providing for
the consummation of any Alternative Transaction or files any motion or application seeking authority to propose, join in or participate in the formation of any actual or proposed Alternative Transaction; 

(f) an acceleration of the obligations or termination of commitments under the DIP Facility; 

(g) the Company or any other Debtor (i) materially and adversely (to the Commitment Parties) amends or modifies, or files a pleading
seeking authority to amend or modify, the Definitive Documentation in a manner that is materially inconsistent with this Agreement without the consent (not to be unreasonably withheld, conditioned or delayed) of the Requisite Commitment Parties,
(ii) suspends or revokes any of the Transaction Agreements, or (iii) publicly announces its intention to take any such action listed in sub-clauses (i) and (ii) of this subsection; 

  
 68 

 (h) the BCA Approval Order, Plan Solicitation Order, Confirmation Order or DIP Order is
terminated, reversed, stayed, dismissed, vacated, or reconsidered, or any such Order is modified or amended after entry without the prior acquiescence or written consent (not to be unreasonably withheld, conditioned or delayed) of the Requisite
Commitment Parties in a manner that prevents or prohibits the consummation of the Restructuring Transactions contemplated in this Agreement or any of the Definitive Documents in a way that cannot be remedied by the Debtors subject to the reasonable
satisfaction of the Requisite Commitment Parties; or 
 (i) any of the Orders approving the Exit Facility, this Agreement, the Rights
Offering Procedures, the Plan or the Disclosure Statement, or the Confirmation Order are reversed, stayed, dismissed, vacated or reconsidered or modified or amended without the acquiescence or written consent (not to be unreasonably withheld,
conditioned or delayed) of the Requisite Commitment Parties (and such action has not been reversed or vacated within thirty (30) calendar days after its issuance) in a manner that prevents or prohibits the consummation of the Restructuring
Transactions contemplated in this Agreement or any of the Definitive Documents in a way that cannot be remedied by the Debtors subject to the reasonable satisfaction of the Requisite Commitment Parties. 

Section 9.3 Termination by the Company. 

This Agreement may be terminated by the Company upon written notice to each Commitment Party upon the occurrence of any of the following
Events, subject to the rights of the Company to fully and conditionally waive, in writing, on a prospective or retroactive basis the occurrence of such Event (each, a “Bristow Termination Event”): 

(a) any Law or final and non-appealable Order shall have been enacted, adopted or issued by any
Governmental Entity that prohibits the implementation of the Plan or any Rights Offering or the transactions contemplated by this Agreement or the other Transaction Agreements; 

(b) subject to the right of the Commitment Parties to arrange a Commitment Party Replacement in accordance with
Section 2.3(a) (which will be deemed to cure any breach by the replaced Commitment Party pursuant to this Section 9.3(b)), (i) any Commitment Party shall have materially breached any
representation, warranty, covenant or other agreement made by such Commitment Party in this Agreement or any such representation or warranty shall have become inaccurate after the date of this Agreement and such breach or inaccuracy would,
individually or in the aggregate, cause a condition set forth in Section 7.3(h) or Section 7.3(i) not to be satisfied, (ii) the Company shall have delivered written notice of such material
breach or inaccuracy to such Commitment Party, (iii) such material breach or inaccuracy is not cured by such Commitment Party by the tenth (10th) Business Day after receipt of such notice, and (iv) as a result of such failure to cure, any
condition set forth in Section 7.3(h) or Section 7.3(i) is not capable of being satisfied; provided, that the Company shall not have the right to terminate this Agreement pursuant to this
Section 9.3(b) if it is then in material breach of any representation, warranty, covenant or other agreement hereunder that would result in the failure of any condition set forth in Section 7.1
being satisfied; 

  
 69 

 (c) the board of directors of the Company determines that continued performance under this
Agreement (including taking any action or refraining from taking any action and including, without limitation, the Plan or solicitation of the Plan) would be inconsistent with the exercise of its fiduciary duties (as reasonably determined by such
entity in good faith after consultation with outside legal counsel and based on the advice of such counsel); 
 (d) the Closing Date has not
occurred by the Outside Date (as the same may be extended pursuant to Section 9.2(a) or Section 2.3(e)), unless prior thereto the Effective Date occurs and each Rights Offering has been
consummated; provided, that the Company shall not have the right to terminate this Agreement pursuant to this Section 9.3(c) if it is then in willful or intentional breach of this Agreement; or 

(e) pursuant to Section 6.03(e) of the Restructuring Support Agreement. 

Section 9.4 Effect of Termination. 

(a) Upon termination of this Agreement pursuant to this Article IX, this Agreement shall forthwith become void and there shall be no
further obligations or liabilities on the part of the Parties; provided, that (i) the obligations of the Debtors to pay the Expense Reimbursement pursuant to Section 3.3(b) and to satisfy their indemnification
obligations pursuant to Article VIII and to pay the Termination Commitment Premium pursuant to Section 9.4(b) shall survive the termination of this Agreement and shall remain in full force and effect, in each case,
until such obligations have been satisfied, (ii) the provisions set forth in Article VIII, this Section 9.4 and Article X shall survive the termination of this Agreement in accordance with their terms and
subject to any Order of the Bankruptcy Court and (iii) subject to Section 10.10, nothing in this Section 9.4 shall relieve any Party from liability for its gross negligence or any willful or
intentional breach of this Agreement. For purposes of this Agreement, “willful or intentional breach” means a breach of this Agreement that is a consequence of an act undertaken by the breaching Party with the
knowledge that the taking of such act would, or would reasonably be expected to, cause a breach of this Agreement. 
 (b) If this Agreement
is terminated for any reason other than (w) as a result of any breach by a Commitment Party of any of the terms of the Restructuring Support Agreement which results, directly or indirectly, in the termination of this Agreement pursuant to the
terms hereof, (x) by the Company pursuant to Section 9.3(b), (y) pursuant to any other provision of this Agreement at a time when the Company had (or would have had, subject to the passage of time and the failure to cure the underlying
breach) the right to terminate pursuant to Section 9.3(b), or (z) automatically or by the Commitment Parties pursuant to Section 9.2(a), or by the Company pursuant to
Section 9.3(d), solely in the event that all of the conditions to Closing set out in Article VII have been satisfied as of the date the Agreement is terminated (other than those conditions that by their terms are to
be satisfied at the Closing, to the extent such conditions are at such time reasonably expected to be satisfied at the Closing, if the Closing were to occur on such date) other than one or more of the conditions, as the case may be, set forth in
Section 7.1(j), Section 7.1(r) or Section 7.3(f), then the Debtors shall, three (3) Business Days after the earlier of (i) the consummation of an Alternative
Transaction and (ii) the effective date of a plan of reorganization to be filed in the Chapter 11 Cases, pay the Termination Commitment Premium to the Commitment Parties or their designees entirely in immediately available federal funds (in
each case by wire transfer to an account designated by the applicable Commitment Party or their designee), in accordance with Section 3.1 and Section 3.2. To the extent that all amounts due in
respect of the 

  
 70 

 
Termination Commitment Premium pursuant to this Section 9.4(b) have actually been paid by the Debtors to the Commitment Parties in connection with a termination of this
Agreement, the Commitment Parties shall not have any additional recourse against the Debtors for any obligations or liabilities relating to or arising from this Agreement, pursuant to Section 9.4(a). Except as set forth in
this Section 9.4(b), the Termination Commitment Premium shall not be payable upon the termination of this Agreement prior to the Effective Date. The Termination Commitment Premium shall, pursuant to the BCA Approval Order,
constitute allowed administrative expenses of the Debtors’ estate under sections 503(b) and 507 of the Bankruptcy Code, which, for the avoidance of doubt, shall be pari passu with all other administrative expenses of the Debtors’
estate. 
 ARTICLE X 

GENERAL PROVISIONS 

Section 10.1 Notices. All notices and other communications in connection with this Agreement shall be in writing and shall be
deemed given if delivered personally, sent via electronic mail (with confirmation requested), mailed by registered or certified mail (return receipt requested) or delivered by an express courier (with confirmation) to the Parties at the following
addresses (or at such other address for a Party as may be specified by like notice): 
  

	 	(a)	 If to the Company or any of the other Debtors: 

Bristow Group Inc. 
 2103 City
West Blvd., 4th Floor 
 Houston, Texas 77042 

	 	Attn:	     Victoria Lazar (victoria.lazar@bristowgroup.com) 

with copies (which shall not constitute notice) to: 

Baker Botts L.L.P. 
 2001 Ross
Avenue 
 Dallas, Texas 75201 

Attention: James R. Prince (jim.prince@bakerbotts.com), and 

Omar Alaniz (omar.alaniz@bakerbotts.com) 

Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 

New York, New York 10019 

Attention: Richard G. Mason (RGMason@wlrk.com) and 

David E. White Jr. (DEWhite@wlrk.com) 

and 
 Baker Botts L.L.P.

 30 Rockefeller Plaza 
 New
York, New York 10112 

  
 71 

 Attention: Emanuel Grillo (emanuel.grillo@BakerBotts.com) 

 

	 	(b)	 If to the Commitment Parties: 

To each Commitment Party at the addresses or e-mail addresses set forth below the Commitment
Party’s signature in its signature page to this Agreement. 
 with a copy (which shall not constitute notice) to: 

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
New York 10022 
 Attention: Joshua A. Sussberg (joshua.sussberg@kirkland.com) and 

Brian Schartz (brian.schartz@kirkland.com) 

and 
 Kirkland &
Ellis LLP 
 300 North LaSalle 

Chicago, Illinois 60654 

Attention: Gregory F. Pesce (gregory.pesce@kirkland.com) 

and 
 Davis Polk &
Wardwell LLP 
 450 Lexington Avenue 

New York, New York 10017 

Attention: Damian S. Schaible (damian.schaible@davispolk.com) and Natasha Tsiouris (natasha.tsiouris@davispolk.com) 

Section 10.2 Assignment; Third-Party Beneficiaries. Neither this Agreement nor any of the rights, interests or obligations under
this Agreement shall be assigned by any Party (whether by operation of Law or otherwise) without the prior written consent of the Company and the Requisite Commitment Parties, other than an assignment by a Commitment Party expressly permitted by
Section 2.3 or Section 2.6 and any purported assignment in violation of this Section 10.2 shall be void ab initio. Except as provided in Article
VIII with respect to the Indemnified Persons, this Agreement (including the documents and instruments referred to in this Agreement) is not intended to and does not confer upon any Person any rights or remedies under this Agreement other than
the Parties. 
 Section 10.3 Prior Negotiations; Entire Agreement. 

(a) This Agreement (including the agreements attached as Exhibits to and the documents and instruments referred to in this Agreement)
constitutes the entire agreement of the Parties and supersedes all prior agreements, arrangements or understandings, whether written or oral, among the Parties with respect to the subject matter of this Agreement, except that the Parties

  
 72 

 
hereto acknowledge that any confidentiality agreements heretofore executed among the Parties and the Restructuring Support Agreement (including the Restructuring Term Sheet) and other Definitive
Documentation will each continue in full force and effect in accordance with their respective terms and constitute valid and binding obligations of the parties thereto. All exhibits, schedules and annexes hereto or referred to herein are hereby
incorporated in and made a part of this Agreement as if set forth in full herein. 
 (b) Notwithstanding anything to the contrary in the Plan
(including any amendments, supplements or modifications thereto) or the Confirmation Order (and any amendments, supplements or modifications thereto) or an affirmative vote to accept the Plan submitted by any Commitment Party, nothing contained in
the Plan (including any amendments, supplements or modifications thereto) or Confirmation Order (including any amendments, supplements or modifications thereto) shall alter, amend or modify the rights of the Commitment Parties under this Agreement
unless such alteration, amendment or modification has been made in accordance with Section 10.7. 

Section 10.4 Governing Law; Venue. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO SUCH STATE’S CHOICE OF LAW PROVISIONS WHICH WOULD REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. BY ITS EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES FOR
ITSELF THAT ANY LEGAL ACTION, SUIT, OR PROCEEDING AGAINST IT WITH RESPECT TO ANY MATTER ARISING UNDER OR ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT RENDERED IN ANY SUCH ACTION, SUIT, OR
PROCEEDING, MAY BE BROUGHT IN THE BANKRUPTCY COURT, AND BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH OF THE PARTIES IRREVOCABLY ACCEPTS AND SUBMITS ITSELF TO THE EXCLUSIVE JURISDICTION OF SUCH COURT, GENERALLY AND UNCONDITIONALLY, WITH RESPECT
TO ANY SUCH ACTION, SUIT OR PROCEEDING. THE PARTIES HEREBY AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH ANY SUCH ACTION OR PROCEEDING TO AN ADDRESS PROVIDED IN WRITING BY THE RECIPIENT OF SUCH MAILING, OR IN SUCH OTHER MANNER AS
MAY BE PERMITTED BY LAW, SHALL BE VALID AND SUFFICIENT SERVICE THEREOF AND HEREBY WAIVE ANY OBJECTIONS TO SERVICE ACCOMPLISHED IN THE MANNER HEREIN PROVIDED. 

Section 10.5 Waiver of Jury Trial. EACH PARTY HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY JURISDICTION IN ANY ACTION, SUIT OR
PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE AMONG THE PARTIES UNDER THIS AGREEMENT, WHETHER IN CONTRACT, TORT OR OTHERWISE. 

Section 10.6 Counterparts. This Agreement may be executed through the use of electronic signature and in any number of
counterparts, all of which will be considered an original and one and the same agreement and will become effective when counterparts have been signed (electronically or otherwise) by each of the Parties and delivered to each other Party (including
via facsimile or other electronic transmission), it being understood that each Party need not sign the same counterpart. 
  

  
 73 

 Section 10.7 Waivers and Amendments; Rights Cumulative; Consent. This Agreement
may be amended, restated, modified, changed, supplemented or altered only by a written instrument signed by the Company and the Requisite Commitment Parties; provided, that (a) any Commitment Party’s (other than any Defaulting
Commitment Party) prior written consent shall be required for any amendment, restatement, modification, change, supplement or alternation that would, directly or indirectly: (i) modify such Commitment Party’s Backstop Commitment
Percentage, (ii) increase the Per Common Share Equity Rights Offering Price or the Per Preferred Share Equity Rights Offering Price, (iii) decrease the Backstop Commitment Fee or adversely modify in any material respect the method of
payment thereof, (iv) increase the Backstop Commitment of such Commitment Party or (v) have a materially adverse and disproportionate effect on such Commitment Party; (b) no amendment, modification, change, supplement or alteration to
any provision of this Agreement that is defined by reference to the Restructuring Support Agreement may be made without the requisite approval set forth in the Restructuring Support Agreement and this Agreement; (c) no amendment, modification,
change, supplement or alteration to any provision of Article IX (or any definition used therein) may be made without the approval of the Required Supporting Secured Noteholders and the Required Supporting Unsecured Noteholders (each as defined in
the Restructuring Support Agreement), and (d) no amendment or modification of the rights or obligations of the Unsecured Commitment Parties or the Secured Commitment Parties or the terms of the Unsecured Rights Offering or the Secured Rights
Offering as set forth under this Agreement may be made unless either (i) such amendments or modifications are applied to the rights or obligations of each of the Unsecured Commitment Parties and the Secured Commitment Parties mutatis
mutandis or applied to the terms of the Unsecured Rights Offering and the Secured Rights Offering mutatis mutandis, as applicable or (ii) Unsecured Commitment Parties holding at least 66 2/3% of the aggregate Unsecured Backstop
Commitment Percentage and Secured Commitment Parties holding at least 66 2/3% of the aggregate Secured Backstop Commitment Percentage consent to such amendment or modification. Notwithstanding the foregoing, the Backstop Commitment Schedule shall be
revised as necessary without requiring a written instrument signed by the Company and the Requisite Commitment Parties to reflect changes in the composition of the Commitment Parties and Backstop Commitment Percentages as a result of Transfers
permitted in accordance with the terms and conditions of this Agreement, and no such revisions shall give rise to any termination right or allow the Commitment Parties to fail to close the transactions contemplated by this Agreement. The terms and
conditions of this Agreement (other than the conditions set forth in Sections 7.1 and 7.3, the waiver of which shall be governed solely by Article VII) may be waived (A) by the Debtors only by a written instrument executed
by the Company and (B) by the Requisite Commitment Parties only by a written instrument executed by the Requisite Commitment Parties. No delay on the part of any Party in exercising any right, power or privilege pursuant to this Agreement will
operate as a waiver thereof, nor will any waiver on the part of any Party of any right, power or privilege pursuant to this Agreement, nor will any single or partial exercise of any right, power or privilege pursuant to this Agreement, preclude any
other or further exercise thereof or the exercise of any other right, power or privilege pursuant to this Agreement. Any proposed amendment, restatement, modification, change, alteration, supplement or waiver that does not comply with this
Section 10.7 shall be ineffective and void ab initio. 

  
 74 

 Section 10.8 Headings. The headings in this Agreement are for reference purposes
only and will not in any way affect the meaning or interpretation of this Agreement. 
 Section 10.9 Specific Performance. The
Parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the Parties shall be entitled to an injunction or injunctions without the necessity of posting a
bond to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity. Unless otherwise expressly stated in this
Agreement, no right or remedy described or provided in this Agreement is intended to be exclusive or to preclude a Party from pursuing other rights and remedies to the extent available under this Agreement, at law or in equity. 

Section 10.10 Damages. Notwithstanding anything to the contrary in this Agreement, none of the Parties will be liable for, and
none of the Parties shall claim or seek to recover, any punitive, special, indirect or consequential damages or damages for lost profits. 

Section 10.11 No Reliance. No Commitment Party or any of its Related Parties shall have any duties or obligations to the other
Commitment Parties in respect of this Agreement, the Plan or the transactions contemplated hereby or thereby, except those expressly set forth herein. Without limiting the generality of the foregoing, (a) no Commitment Party or any of its
Related Parties shall be subject to any fiduciary or other implied duties to the other Commitment Parties, (b) no Commitment Party or any of its Related Parties shall have any duty to take any discretionary action or exercise any discretionary
powers on behalf of any other Commitment Party, (c) no Commitment Party or any of its Related Parties shall have any duty to the other Commitment Parties to obtain, through the exercise of diligence or otherwise, to investigate, confirm, or
disclose to the other Commitment Parties any information relating to the Company or any of its Subsidiaries that may have been communicated to or obtained by such Commitment Party or any of its Affiliates in any capacity, (d) no Commitment
Party may rely, and each Commitment Party confirms that it has not relied, on any due diligence investigation that any other Commitment Party or any Person acting on behalf of such other Commitment Party may have conducted with respect to the
Company or any of its Affiliates or any of their respective securities, and (e) each Commitment Party acknowledges that no other Commitment Party is acting as a placement agent, initial purchaser, underwriter, broker or finder with respect to
its Unsubscribed Shares or Backstop Commitment Percentage of its Backstop Commitment. 
 Section 10.12 Publicity. Other than as
may be required by applicable Law or the rules and regulations of any securities exchange, at all times prior to the Closing Date or the earlier termination of this Agreement in accordance with its terms, the Company and the Commitment Parties shall
reasonably and in good faith consult with each other prior to issuing any press releases (and provide each other a reasonable opportunity to review and comment upon such release) or otherwise making similar public announcements with respect to the
transactions contemplated by this Agreement, it being understood that nothing in this Section 10.12 shall prohibit any Party from filing any motions or other pleadings or documents with the Bankruptcy Court in connection
with the Chapter 11 Cases or making any other filings or public announcements as may be required by applicable Law. For the avoidance of doubt, each party shall have the right, without any obligation to the other parties, to decline to comment to
the press with respect to this Agreement. 

  
 75 

 Section 10.13 Settlement Discussions. This Agreement and the transactions
contemplated herein are part of a proposed settlement of a dispute between the Parties. Nothing herein shall be deemed an admission of any kind. Pursuant to Section 408 of the U.S. Federal Rules of Evidence and any applicable state rules of
evidence, this Agreement and all negotiations relating thereto shall not be admissible into evidence in any Legal Proceeding, except to the extent filed with, or disclosed to, the Bankruptcy Court in connection with the Chapter 11 Cases (other than
a Legal Proceeding to approve or enforce the terms of this Agreement). 
 Section 10.14 No Recourse. Notwithstanding anything
that may be expressed or implied in this Agreement, and notwithstanding the fact that certain of the Parties may be partnerships or limited liability companies, each Party covenants, agrees and acknowledges that no recourse under this Agreement or
any documents or instruments delivered in connection with this Agreement shall be had against any Party’s Affiliates, or any of such Party’s Affiliates’ or respective Related Parties, in each case, other than the Parties to this
Agreement and each of their respective successors and permitted assignees based upon, arising out of or relating to this Agreement, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable
Law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any of the Related Parties, as such, for any obligation or liability of any Party under this Agreement
or any documents or instruments delivered in connection herewith for any claim based on, in respect of or by reason of such obligations or liabilities or their creation; provided, however, nothing in this
Section 10.14 shall relieve or otherwise limit the liability of any Party hereto or any of their respective successors or permitted assigns for any breach or violation of its obligations under this Agreement or such other
documents or instruments. For the avoidance of doubt, none of the Parties will have any recourse, be entitled to commence any proceeding or make any claim under this Agreement or in connection with the transactions contemplated hereby except against
any of the Parties or their respective successors and permitted assigns, as applicable. 
 Section 10.15 Relationship Among
Parties. Notwithstanding anything to the contrary herein, the duties and obligations of the Commitment Parties under this Agreement shall be several, not joint. None of the Commitment Parties shall have any fiduciary duty, any duty of trust or
confidence in any form, or other duties or responsibilities to each other, any Commitment Party, any Company Group Members, or any of the Company Group Members’ respective creditors or other stakeholders, and there are no commitments among or
between the Commitment Parties, in each case except as expressly set forth in this Agreement. No prior history, pattern or practice of sharing confidence among or between any of the Commitment Parties and/or the Company Group Members shall in any
way affect or negate this understanding and agreement. The Parties have no agreement, arrangement or understanding with respect to acting together for the purpose of acquiring, holding, voting or disposing of any securities of any of the Company
Group Members and do not constitute a “group” within the meaning of Section 13(d)(3) of the Exchange Act or Rule 13d-5 promulgated thereunder. For the avoidance of doubt: (1) each
Commitment Party is entering into this Agreement directly with the Company and not with any other Commitment Party, (2) no other Commitment Party shall have any right to bring any action against any other Commitment Party with respect to this
Agreement (or any breach thereof) and (3) no Commitment Party shall, nor shall any action taken by a Commitment Party pursuant to this Agreement, be deemed to be acting in concert or as any group with any other Commitment Party with respect to
the obligations under this Agreement nor shall this Agreement create a presumption 

  
 76 

 
that the Commitment Parties are in any way acting as a group. All rights under this Agreement are separately granted to each Commitment Party by the Company and vice versa, and the use of a
single document is for the convenience of the Company. The decision to commit to enter into the transactions contemplated by this Agreement has been made independently. 

Section 10.16 Company Fiduciary Duties. Notwithstanding anything to the contrary contained herein, (a) nothing in this
Agreement shall require the Company or any directors, officers, managers or members of the Company Group Members, in such Person’s capacity as a director, officer, manager or member of such Company Group Member, to take any action or refrain
from taking any action, that would breach or be inconsistent with its or their fiduciary obligations under applicable law and (b) to the extent that such fiduciary obligations, in the sole judgment of the Company, require the Company or any
directors, officers or members of the Company to take any such action, or refrain from taking any such action, they may do so without incurring any liability to any Party under this Agreement; provided, that for the avoidance of doubt,
notwithstanding the foregoing, nothing contained in this Section 10.16 shall relieve the Debtors of the obligation to pay the Termination Commitment Premium to the extent such obligation arises pursuant to this Agreement.

  

  
 77 

 Schedule 1A 

Unsecured Backstop Commitment Schedule 

[Omitted] 

 Schedule 1B 

Secured Backstop Commitment Schedule 

[Omitted] 

 Schedule 2 

Company Group Member Knowledge Parties 
  

	•	 	 L. Don Miller, President and Chief Executive Officer 

 

	•	 	 Brian J. Allman, Senior Vice President and Chief Financial Officer 

 

	•	 	 Victoria Lazar, Senior Vice President, General Counsel and Corporate Secretary 

 

	•	 	 Alan Corbett, Senior Vice President Europe, Africa, Middle East, Asia (EAMEA) 

 

	•	 	 Robert Phillips, Senior Vice President, Americas 

 

	•	 	 Tim Rolfe, Safety Lead European Hub 

 

	•	 	 James Stottlemyer, Safety Lead Americas 

 Exhibit A 

Form of Transfer Notice 

TRANSFER NOTICE 
 [•],
2019 
 BY EMAIL 
 Bristow Group Inc. 

2103 City West Blvd., 4th Floor 
 Houston, Texas 77042 

Attn: [•] 
 ([EMAIL]) 

Baker Botts L.L.P. 
 Attention: James R. Prince
(jim.prince@bakerbotts.com), 
 Omar Alaniz (omar.alaniz@bakerbotts.com) 

Ian E. Roberts (ian.roberts@bakerbotts.com) 
 Emanuel Grillo
(emanuel.grillo@BakerBotts.com) 
 Wachtell, Lipton, Rosen & Katz 

Attention: Richard G. Mason (RGMason@wlrk.com) 
 David E. White
Jr. (DEWhite@wlrk.com) 
 Kirkland & Ellis LLP 

Attention: Joshua A. Sussberg (joshua.sussberg@kirkland.com) 

Brian Schartz (brian.schartz@kirkland.com) 
 Gregory F. Pesce
(gregory.pesce@kirkland.com) 
 Davis Polk & Wardwell LLP 

Attention: Damian S. Schaible (damian.schaible@davispolk.com) 

Natasha Tsiouris (natasha.tsiouris@davispolk.com) 
 Ladies and
Gentlemen: 
  

	 	Re:	 Transfer Notice Under Backstop Commitment Agreement 

Reference is hereby made to that certain Backstop Commitment Agreement, dated as of July 24, 2019 (the “Backstop Commitment Agreement”),
by and between the Debtors and the Commitment Parties thereto. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Backstop Commitment Agreement. 

The purpose of this notice (“Notice”) is to advise you, pursuant to Section 2.6 of the Backstop Commitment Agreement, of the proposed
transfer by [•] (“Transferor”) to [•] (“Transferee”) of a [Secured][Unsecured] Backstop Commitment representing [•]% of the aggregate Backstop Commitment of all Commitment Parties as of the date
hereof, which represents $[•] of the Transferor’s [Secured][Unsecured] Backstop 

 
Commitment (or [•]% of the aggregate [Secured][Unsecured] Backstop Commitment of all [Secured][Unsecured] Commitment Parties). [Transferor also proposes to transfer $[•] aggregate
principal amount of [Secured Notes][Unsecured Notes] to Transferee.] [Transferee is not currently a party to (i) the Backstop Commitment Agreement or (ii) that certain Second Amended and Restated Restructuring Support Agreement dated
July 24, 2019 (the “RSA”).][OR][The Transferee represents to the Debtors and the Transferor that it is a Commitment Party under the Backstop Commitment Agreement.] 

By signing this Notice below, Transferee represents to the Debtors and the Transferor that it will execute and deliver a Joinder Agreement to the Backstop
Commitment Agreement and an RSA Transfer Agreement. [In addition, the Transferee and Transferor have provided evidence to the Debtors (which evidence is reasonably satisfactory to the Company) that the Transferee is reasonably capable of fulfilling
its obligations under the Backstop Commitment Agreement and that the Transferee is not required to deposit any amounts with an agent of the Debtors or into an escrow account in order to satisfy the Backstop Commitment proposed to be transferred to
the Transferee][OR][The Transferee shall deposit with an agent of the Company or into an escrow account, under arrangements satisfactory to the Company, funds sufficient, in the Company’s reasonable discretion, to satisfy such Transferee’s
Backstop Commitment]. 
 This Notice shall serve as a transfer notice in accordance with the terms of the Backstop Commitment Agreement and RSA. Please
acknowledge receipt of this Notice delivered in accordance with Section 2.6 of the Backstop Commitment Agreement by returning a countersigned copy of this Notice to Kirkland and DPW via the contact information set forth above. 

*     *     *     * 

 
			
	TRANSFEROR:
	
	[•]
	
	  

	Name:	 	          

	Title:	 	  

	
	TRANSFEREE:
	
	[•]
	
	  

	Name:	 	  

	Title:	 	  

  

			
	Acknowledged and agreed to by and on behalf of the Debtors:
	
	BRISTOW GROUP INC., as the Company and a Debtor
	
	  

	Name:	 	  

	Title:	 	          

 Exhibit B 

Form of Joinder Agreement 

JOINDER AGREEMENT 
 This
joinder agreement (the “Joinder Agreement”) to the Backstop Commitment Agreement dated July 24, 2019 (as amended, supplemented or otherwise modified from time to time, the “BCA”), between the Debtors (as
defined in the BCA) and the Commitment Parties (as defined in the BCA) is executed and delivered by ________________________________ (the “Joining Party”) as of ______________, ________ (the “Joinder Date”).
Each capitalized term used herein but not otherwise defined shall have the meaning set forth in the BCA. 
 Representations and
Warranties. The Joining Party hereby severally and not jointly makes the representations and warranties of the Commitment Parties set forth in Article V of the BCA to the Debtors as of the date of the Joinder Date. 

Agreement to Purchase. The Joining Party hereby agrees to purchase that portion of the transferring Commitment Party’s Backstop
Commitment as set out at the signature page hereto. 
 Agreement to be Bound. The Joining Party hereby agrees to be fully bound by
all of the terms of the BCA, a copy of which is attached to this Joinder Agreement as Annex I (as the same has been or may be hereafter amended, restated or otherwise modified from time to time in accordance with the provisions hereof). The
Joining Party shall hereafter be deemed to be a “Commitment Party” for all purposes under the BCA. 
 Governing Law. This
Joinder Agreement shall be governed by, and construed in accordance with, the Laws of the State of New York, without regard to such state’s choice of law provisions which would require the application of the Law of any other jurisdiction. 

[Signature pages follow.] 

 IN WITNESS WHEREOF, the Joining Party has caused this Joinder Agreement to be executed as of
the Joinder Date. 
  

			
	
	JOINING PARTY
	
	[COMMITMENT PARTY], by and on behalf of certain of its and its affiliates’ managed funds and/or accounts
		
	By:	 	  

		 	Name:
		 	Title:
	
	[Secured][Unsecured] Backstop Commitment Holdings:
	
	  

	
	Holdings of Unsecured Notes:
	
	  

	
	Holdings of Secured Notes:
	
	  

  

			
	AGREED AND ACCEPTED AS OF THE JOINDER DATE:
	
	BRISTOW GROUP INC., as Debtor
		
	By:	 	  

		 	Name:
		 	Title:

 Exhibit C 

Form of Restructuring Support Agreement Transfer Agreement 

The undersigned (“Transferee”) hereby (i) acknowledges that it has read and understands the SECOND AMENDED AND RESTATED
RESTRUCTURING SUPPORT AGREEMENT (the “Agreement”), dated as of July 24, 2019, by and among Bristow Group Inc., certain subsidiaries thereof party thereto, [Transferor’s Name], certain holders of the
8.75% Senior Secured Notes due 2023 issued by Bristow Group Inc., certain holders of the 6.25% Senior Notes due 2022 issued by Bristow Group Inc. and certain holders of the 4.50% Convertible Senior Notes issued by Bristow Group Inc., and
(ii) agrees to be bound by all of the terms and conditions thereof to the extent and in the same manner as if Transferee was a Supporting Noteholder thereunder, and shall be deemed a “Supporting Noteholder” and a “Party”
under the terms of the Agreement. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Agreement. 
  

	
	Date Executed: ______, [____]

  

							
		 		 	 [TRANSFEREE’S NAME]

				
		 		 	By:	 	        
		 		 	 Name:
	 	
		 		 	 Title:
	 	
			
		 		 	Aggregate Amount of Secured Note Claims (whether owned directly by such Transferee or for which such Transferee, subject to Section 5.06 of the Agreement, has investment or voting discretion or control):
		 		 	  

			
		 		 	 Aggregate Amount of 6.25% Senior Note Claims (whether owned directly by such Supporting Unsecured Noteholder or for which such
Supporting Unsecured Noteholder, subject to Section 5.06 of the Agreement, has investment or voting discretion or control):

		 		 	  

			
		 		 	Aggregate Amount of Convertible Note Claims (whether owned directly by such Transferee or for which such Transferee, subject to Section 5.06 of the Agreement, has investment or voting discretion or
control):
		 		 	  

			
		 		 	Total Principal Amount of any other Claims (whether owned directly by such Transferee or for which such Transferee, subject to Section 5.06 of the Agreement, has investment or voting discretion or
control):
		 		 	  

			
	 [Address]

Attention: [•]

Fax: [•]
	 		 	 Total Principal Amount of Interests (whether owned directly by such Transferee or for which such Transferee, subject to
Section 5.06 of the Agreement, has investment or voting discretion or control):

	Email: [•]	 		 	  

 Exhibit D 

Corporate Governance Term Sheet 

 EXECUTION VERSION 

BRISTOW GROUP INC. 
 Term
Sheet Relating to Corporate Governance Matters 
 The following preliminary, non-binding term sheet (this “Term Sheet”) presents
certain proposed, material terms relating to the corporate governance of a reorganized Bristow Group Inc. (the “Company”) that would be implemented in connection with the consummation of the Company’s restructuring pursuant to
the filing of cases under chapter 11 of the United States Code (Case No. 19-32713(DRJ)). 
  
  

			
	Structure:	  	The Company will be organized as a Delaware corporation. The Company will not continue as a reporting company1 after the date of emergence (the “Emergence
Date”).
		
	Capital Structure:	  	 The Company’s issued equity interests (“Equity Interests”) will initially consist of:

 
 •  one class of common stock,
par value $0.0001 per share (each such share, a “Common Share” and collectively, the “Common Shares”, and each holder thereof, a “Holder”); and

 
 •  one class of convertible
preferred stock, par value $0.0001 per share (each such share, a “Preferred Share” and collectively, the “Preferred Shares”, and each holder thereof, a “Preferred Holder”, and the Preferred Holders
together with the Holders, collectively, the “Company Stockholders”).
  

“Fully Diluted Common Shares” means the aggregate amount of Common Shares after giving effect to a hypothetical conversion of all of the
outstanding Preferred Shares into Common Shares.
  

•  “Major Holders” means (i) Solus Alternative Asset Management LP (together with
one or more of its designed affiliates or managed investment vehicles, funds or accounts, including without limitation, Sola LTD, Solus Long-Term Opportunities Fund Master LP and Solus Opportunities Fund 5 LP, collectively,
“Solus”), (ii) the South Dakota Retirement System (together with one or more of its designed affiliates or managed investment vehicles, funds or accounts, collectively, “SDIC”) and (iii) from and after the Emergence
Date, with the consent of Solus and SDIC (and any Additional Major Holders previously agreed to by Solus and SDIC pursuant to this clause (iii)), any additional (each, an “Additional Major Holder”) Company Stockholder who was party
to the Company’s stockholders’ agreement as of the Emergence Date and at any time holds more than 15% of the Fully Diluted Common Shares; provided, that the consent

 

	1 	 This Term Sheet assumes that the go-forward Company will be a privately-held corporation. If the go-forward
Company will be a public, SEC-reporting company or a private Delaware limited liability company, the parties will make applicable conforming changes throughout the definitive documents. In addition, if the Company will be a Delaware limited
liability company, definitive documents will make clear that directors and officers of the Company will have the same fiduciary duties that directors and officers of a Delaware corporation would have. 

  
 1 

			
		  	shall automatically be deemed given if such Company Stockholder holds more than 15% of the Fully Diluted Common Shares unless (x) such Company Stockholder holds, or later acquires, an aggregate 3% or more of the outstanding equity
interests or voting rights in respect of any of the Company’s competitors (and, for the avoidance of doubt, no appointment or similar rights to such competitor’s board of directors, board of managers or similar governing body) and,
thereafter, (y) the Company determines (or, prior to the Emergence Date, Solus and SDIC determine) in good faith, after consulting with antitrust counsel, that such Company Stockholder becoming an Additional Major Holder (and, among other things,
receiving Board appointment rights) could reasonably be expected to create an adverse antitrust issue for the Company, including, for the avoidance of doubt, the Company’s ability to pursue business combinations.
		
	Information Rights:	  	 The Company shall provide each Company Stockholder with customary information and access rights (“Information Rights”) so
long as such Company Stockholder executes and delivers a customary confidentiality agreement applicable to such Information Rights on a form reasonably acceptable to the Company.

 
 For all Company Stockholders, “Information Rights” shall at a minimum,
include the following:
  
 1)  For
all Company Stockholders, access to a virtual data room, which shall include:
  

a)  audited annual financial statements within 90 days of year-end;

 
 b)  quarterly financial statements
within 45 days of quarter-end; and
  

c)  monthly financial statements within 30 days of month-end.

 
 2)  All Company Stockholders shall
receive an invitation to a quarterly MD&A conference call with members of the Company’s senior management.
  

3)  Company Stockholders owning at least 1% of the Fully Diluted Common Shares shall have customary
inspection rights over the Company’s books and records.
  

4)  Company Stockholders owning at least 1% of the Fully Diluted Common Shares shall be entitled to
notification of key events, including termination or departure of senior management, material adverse changes in the business or material litigation, in each case subject to reasonable limitations to be set forth in the stockholders’ agreement
with respect to the materiality of matters so disclosed and the form of notice to be provided.
  

The foregoing Information Rights shall be subject to customary exceptions to protect confidential and proprietary Company information from disclosure to the
public and competitors; provided that, for the avoidance of doubt, no Company Stockholder that is party to the Company’s stockholders’ agreement as of the Emergence Date or its respective affiliated funds shall be deemed a
competitor of the Company

  
 2 

			
		  	 unless such Company Stockholder or its respective affiliated funds acquires an aggregate 3% or more of the outstanding equity interests or
voting rights in respect of any of the Company’s competitors (and, for the avoidance of doubt, no appointment or similar rights to such competitor’s board of directors, board of managers or similar governing body) on or after the Emergence
Date, in which case the Company may, in good faith, determine that such Company Stockholder or its affiliated funds is a competitor.
  

In addition, the Company shall provide prospective purchasers of Equity Interests with customary access to Company information (which shall include the
Information Rights set forth in clause (1) above) for the purpose of evaluating such acquisition of Equity Interests so long as such prospective purchaser executes and delivers a confidentiality agreement in form and substance reasonably acceptable
to the Company.

		
	Board of Directors:	  	 The Company will be managed by a board of directors (the “Board”), which will be responsible for overseeing the operation of
the Company’s business. The Board will initially be comprised of seven directors (“Directors”).
  

The Directors on the Board shall be determined as follows:
  

•  Solus: Solus shall have the right to appoint (i) two Directors for so long as Solus holds
20% or more of the outstanding Fully Diluted Common Shares, (ii) one Director for so long as Solus holds less than 20% but at least 10% of the outstanding Fully Diluted Common Shares and (iii) no Directors for so long as Solus holds less than 10% of
the outstanding Fully Diluted Common Shares (each Director appointed by Solus, a “Solus Director”);
  

•  SDIC: SDIC shall have the right to appoint (i) one Director for so long as SDIC holds at
least 10% of the outstanding Fully Diluted Common Shares and (ii) no Directors for so long as SDIC holds less than 10% of the outstanding Fully Diluted Common Shares; provided, however, that if SDIC comes to hold 20% or more of the
outstanding Fully Diluted Common Shares, SDIC shall instead have the right to appoint two Directors for so long as it holds 20% or more of the outstanding Fully Diluted Common Shares (each Director appointed by SDIC, a “SDIC Director”);
provided, further, that SDIC may transfer its right to appoint SDIC Director(s) to Solus at any time.
  

•  CEO: The then current Chief Executive Officer (the “CEO”) of the Company
(the “CEO Director”) shall be a Director and the Company Stockholders shall consult in good faith with the CEO with respect to the appointment of each other Director;

 
 •  Independents: Two
independent Directors subject to the appointment rights described below (each, an “Independent Director”);

 

  
 3 

			
		  	 •  Secured Creditors: The secured creditors as a group as of the Emergence
Date (the “Initial Secured Creditors”) shall have the right to appoint one Director to the initial Board provided that the Initial Secured Creditors hold at least 10% of the outstanding Fully Diluted Common Shares as of the
Emergence Date (the “Secured Creditors Director”); provided, however, that if the Initial Secured Creditors do not hold at least 10% of the outstanding Fully Diluted Common Shares as of the Emergence Date, then such initial
Board seat allocated to the Secured Creditors Director shall be filled in the same manner as the Independent Directors at the next meeting of the Company Stockholders in which Directors are elected; provided, further, that (i) if any
individual Initial Secured Creditor holds at least 12.5% of the outstanding Fully Diluted Common Shares after the initial term of 12 months, then such Initial Secured Creditor shall have the right to appoint one Director for so long as such Initial
Secured Creditor continues to hold 12.5% or more of the outstanding Fully Diluted Common Shares or (ii) if no Initial Secured Creditor holds at least 12.5% of the outstanding Fully Diluted Common Shares, then such initial Board seat shall be filled
in the same manner as the Independent Directors at the next meeting of the Company Stockholders in which Directors are elected; and
  

•  Additional Major Holders: From and after the Emergence Date, Additional Major Holders shall
have the right to appoint (i) two Directors for so long as such Additional Major Holder holds 20% or more of the outstanding Fully Diluted Common Shares, (ii) one Director for so long as such Additional Major Holder holds less than 20% but at least
10% of the outstanding Fully Diluted Common Shares and (iii) no Directors for so long as such Additional Major Holder holds less than 10% of the outstanding Fully Diluted Common Shares (each Director appointed by an Additional Major Holder, an
“Additional Major Holder Director”); provided, however, that (x) the first Board seat filled by an Additional Major Holder, if applicable, shall be a Board seat previously held by a Solus Director, SDIC Director or Secured
Creditors Director, to the extent any of Solus, SDIC or an individual Initial Secured Creditor has, as of such time, ceded its right to appoint one or more Directors (i.e., upon falling below the applicable 20%, 12.5% and/or 10% thresholds set forth
above) and (y) to the extent each of Solus, SDIC and an individual Initial Secured Creditor continues to hold their respective rights to appoint one or more Directors as set forth above and Additional Major Holders nonetheless have the right to
appoint one or more Additional Major Holder Directors, then the size of the Board shall increase, to the extent necessary, to accommodate the Solus Directors, the SDIC Directors, the Secured Creditors Director, the CEO Director and two Independent
Directors, along with the Additional Major Holder Directors.

  
 4 

			
		  	 Subject to the transfer restrictions set forth in the definitive documentation, in the event that any Major Holder transfers all or
substantially all of its respective Equity Interests, such transferee will be entitled to receive the Director designation rights held by the applicable transferring Major Holder immediately prior to such transfer.

 
 The initial Independent Directors shall be selected in good faith by the affirmative
vote of 66-2/3% of the outstanding Fully Diluted Common Shares owned by Company Stockholders holding at least 5% of the outstanding Fully Diluted Common Shares as of the Emergence Date and after an initial term of 12 months, the Independent
Directors shall be appointed by the nominating committee and ratified by an affirmative vote of 66-2/3% of the outstanding Fully Diluted Common Shares owned by Company Stockholders holding at least 5% of the outstanding Fully Diluted Common Shares
as of such time. The Independent Directors shall be non-management individuals with relevant industry experience.
  

Notwithstanding anything to the contrary, at least 66-2/3% of the Directors shall be citizens of the United States within the meaning of the Federal Aviation
Act of 1958, as amended (“U.S. Citizen”). A person that is not a U.S. Citizen shall not be eligible for nomination or election as a Director if such person’s election, together with the election of any incumbent Directors that
are not U.S. Citizens and are candidates for election as a Director at the same time, would result in less than 66-2/3% of the Company’s Directors being U.S. Citizens. No person who is not a U.S. Citizen shall serve as president or CEO of the
Company or as Chairman of its Board of Directors. The Company’s organizational documents shall reflect the foregoing provisions and contain such other provisions, including limitations on the voting rights of non-U.S. shareholders, as are
necessary for the Company to maintain compliance with the U.S. law requirements regarding control of aviation companies by U.S. Citizens.

		
	Board Committees:	  	 Subject to the terms set forth herein, the Board will have the discretion to establish committees. The Board will establish an exit event
committee that will be tasked with exploring certain exit events (e.g., merger, business combination, sale of the Company, consummation of a qualified IPO).
  

The nominating committee and compensation committee of the Board shall each initially consist of at least one Solus Director, one SDIC Director and the Secured
Creditors Director; provided, however, that in the event no individual Initial Secured Creditor has the right to appoint the Secured Creditors Director to the Board after the initial term of 12 months, the Board may thereafter elect to
remove the Secured Creditors Director from the nominating committee, compensation committee and/or any other applicable committees, and replace such Director by a majority vote of the Board. The stockholders’ agreement shall set forth a list of
committees to be created by the Board, including responsibilities to be delegated thereto, and shall additionally provide that all major actions in respect of the Company’s business shall be reserved for meetings of the full Board.

 
 Each Company Stockholder holding at least 5% of the Fully Diluted Common Shares as of
the Emergence Date shall be entitled to have one observer at each meeting of, or interview conducted by, the nominating committee, subject to customary limitations. The nominating committee shall consider the observers’ input in good faith
before selecting any proposed nominees.

  
 5 

			
	Major Holder Negative Consent Rights:	  	 In addition to any negative consent rights that the Preferred Holders may have, the following actions shall require the prior written consent
of at least one Major Holder, or if there are any Additional Major Holders, greater than 50% of the Equity Interests held by the Major Holders:
  

i.   Incurrence of any indebtedness for borrowed money (including capital leases or the grant of any
guarantee related thereto) in excess of a to-be-determined threshold amount;
  

ii.  Acquisition or disposition, or series of related acquisitions or dispositions, in excess of a
to-be-determined threshold amount;
  

iii.   Fundamental change (e.g., change of control, sale of substantially all assets or sale of
significant assets);
  

iv.   Consummation of a qualified IPO; and

 
 v.  Transfers of Equity Interests to
competitors, including industry competitors and certain third party private equity and financial purchasers.
  

Other Company Stockholder approvals only as required by Delaware law.

		
	Minority Consent Rights:	  	 All Company Stockholders shall be entitled to customary minority protection rights set forth in the definitive documentation, including
customary supermajority protections for certain fundamental actions, which shall require an affirmative vote of 67% of the outstanding Fully Diluted Common Shares of the Company; provided that any action that materially and disproportionately
impacts one Company Stockholder or group of Company Stockholders (in such capacity) compared to any other Company Stockholder or group of Company Stockholders (including, for the avoidance of doubt, amendments to the Company’s
stockholders’ agreement) shall require the prior written consent of such impacted Company Stockholder or group of Company Stockholders.
  

Notwithstanding the foregoing, the stockholders’ agreement shall provide that amendments to the Company’s organizational documents (including the
stockholders’ agreement itself) that would circumvent or otherwise modify the agreements set forth in this Term Sheet under the headings of “Information Rights”, “Board of Directors”, “Board Committees”,
“Minority Consent Rights”, “Tag-Along Rights”, “Right of First Offer”, “Preemptive Rights” and “Registration Rights Agreement” will, for 3 years following the Effective Date, require the affirmative
vote of 80% of the outstanding Fully Diluted Common Shares.

		
	Transfer Restrictions:	  	Customary transfer restrictions to prohibit and void any trade that would result in the triggering of an SEC reporting obligation and transfers of Equity Interests to competitors, including industry competitors and certain third
party private equity and financial purchasers, would be subject to Board consent; provided that, for the avoidance of doubt, no Company Stockholder that is party to the Company’s stockholders’ agreement as of

  
 6 

			
		  	the Emergence Date or its respective affiliated funds shall be deemed a competitor of the Company unless such Company Stockholder holds or acquires an aggregate 3% or more of the outstanding equity interests or voting rights in
respect of such competitor (and, for the avoidance of doubt, no appointment or similar rights to such competitor’s board of directors, board of managers or similar governing body), in which case the Company may, in good faith, determine that
such Company Stockholder or its affiliated funds is a competitor.
		
	Tag-Along Rights:	  	Subject to the “Transfer Restrictions” and “Negative Consent Rights” sections of this Term Sheet, each (x) Holder of Common Shares that holds at least 5% of the outstanding Common Shares, and (y) Initial Secured
Creditor, shall have the right to sell its Common Shares on a proportionate basis, or “tag-along” (based on their relative ownership of the outstanding Common Shares), in a sale (or series of sales) by any of the Major Holders of at least
50% of the Common Shares held by such Major Holders to a third party.
		
	Drag-Along Rights:	  	Any Company Stockholder holding, or group of Company Stockholders collectively holding, more than 50% of the outstanding Fully Diluted Common Shares shall have the right to effect a sale of the Company to an unaffiliated third party
by merger, consolidation, sale of all or substantially all of the assets or Equity Interests without the approval of the other Company Stockholders (except that if there are any Additional Major Holders, the approval of greater than 50% of the
Equity Interests held by the Major Holders shall be required to consummate a drag transaction), subject to customary protections for such other Company Stockholders.
		
	Right of First Offer:	  	None.
		
	Preemptive Rights:	  	Except for customary exempted issuances, each (x) Holder holding 2% or more of the outstanding Fully Diluted Common Shares, and (y) Initial Secured Creditor, will have customary preemptive rights on a pro rata basis in connection
with any issuance of any equity securities or convertible debt securities by the Company so that such Holder has the ability to maintain the same percentage ownership of Fully Diluted Common Shares before and after such issuance, subject to
customary exceptions. Such preemptive rights shall terminate upon the completion of a qualified IPO.
		
	Registration Rights Agreement:	  	Upon or after a qualified IPO, any (i) Holder who would not otherwise be allowed to sell all of their Common Shares immediately without volume limitations or other restrictions under the Securities Act of 1933 or (ii) other Company
Stockholders holding at least 5% of the voting power of the Fully Diluted Common Shares shall, in each case, be entitled to customary registration rights with respect to the Common Shares held by them, including customary demand, shelf and piggyback
registration rights.
		
	Corporate Opportunities:	  	The Company’s governance documents will provide, to the fullest extent permitted by applicable law, for the renunciation of the Company’s interest in business opportunities that are presented to Directors or Company
Stockholders, in each case, other than opportunities presented to Directors, employees, consultants or officers of the Company in their capacity as such (and the renunciation shall apply to any Chairman of the Board that is not otherwise an
employee, consultant or officer of the Company).

  
 7 

 Exhibit E 

Preferred Equity Term Sheet 

 EXECUTION VERSION 

BRISTOW GROUP INC. 

Term Sheet Relating to Series A Convertible Preferred Stock 

The following preliminary, non-binding term sheet (this “Term Sheet”) presents certain proposed,
material terms relating to the issuance by Bristow Group Inc., a Delaware corporation (the “Company”), of the Series A Convertible Preferred Stock (the (Reorganized Preferred Equity”) in connection with the consummation
of the Company’s restructuring pursuant to the filing of cases under chapter 11 of the United States Code (Case No. 19-32713(DRJ)). 

 

			
	General:	  	 Purchase Price: $36.37 per share of Reorganized Preferred Equity

 
 Initial Liquidation Preference: $48.51 per share of Reorganized Preferred
Equity
  
 Rank: The Reorganized Preferred Equity shall rank (i) senior to
the Company’s reorganized common stock (the “Reorganized Common Equity”) and any other class of preferred stock of the Company (including with respect to dividend rights and rights upon liquidation), unless otherwise approved
in accordance with the voting rights section below and (ii) subordinate to any existing or future indebtedness of the Company

		
	Dividends:	  	 10% PIK dividend payable annually as of any record date set for the payment of dividends to the holders of the Reorganized Common Equity.
Dividends are payable annually or, if more frequent than annually, when Reorganized Common Equity dividends are paid, and are cumulative and compound based on the original purchase price and previously accumulated dividends.

 
 All accrued and accumulated dividends are prior in preference to any dividend on the
Reorganized Common Equity and any securities junior to the Reorganized Preferred Equity, and shall be fully declared and paid before any dividends are declared and paid, or any other distributions or redemptions are made, on the Reorganized Common
Equity or on any securities junior to the Reorganized Preferred Equity (other than dividends payable in shares of Reorganized Common Equity or repurchases pursuant to binding contractual commitments of Reorganized Common Equity held by employees,
directors or consultants upon termination of their employment or services).

		
	Liquidation Preference:	  	Upon the commencement of any liquidation, dissolution or winding up of the affairs of the Company or bankruptcy reorganization or any other similar event or proceeding, whether voluntary or involuntary, with respect to the Company
(each a “Liquidation Event”) or Deemed Liquidation Event (as defined below), each share of Reorganized Preferred Equity, including shares of Reorganized Preferred Equity that would be issued to account for accrued and unpaid
dividends, shall be entitled to receive in preference to any distribution to the holders of any Reorganized Common Equity or securities junior to the Reorganized Preferred Equity an amount in cash per share of Reorganized Common Equity (or the
number of shares of Reorganized Common Equity that would be economically equivalent thereto) (the “Liquidation Preference”) equal to the greater of:

  

			
		
		  	 (i) the Initial Liquidation Preference per share of Reorganized Preferred Equity (as adjusted for stock splits,
recapitalizations and similar events);
  
 (ii) an amount that
results in the holders of Reorganized Preferred Equity achieving the Base Return (as defined below); and
  

(iii) the amount such holder would have received had such holder converted his shares of Reorganized Preferred Equity into shares of
Reorganized Common Equity immediately prior to (and subject to the consummation of) such Liquidation Event or Deemed Liquidation Event and shared in the proceeds and other consideration of the Liquidation Event or Deemed Liquidation Event as a
holder of Reorganized Common Equity;
  
 provided, however,
that in lieu of receiving the Liquidation Preference in cash, the holders of Reorganized Preferred Equity may elect to convert their shares of Reorganized Preferred Equity into shares of Reorganized Common Equity immediately prior to (and subject to
the consummation of) such Liquidation Event or Deemed Liquidation Event and share in the proceeds and other consideration of the Liquidation Event or Deemed Liquidation Event as the holders of Reorganized Common Equity with such conversion being
sufficient to result in each Reorganized Preferred Equity holder receiving a number of shares of Reorganized Common Equity that would be economically equivalent to such holder receiving the Liquidation Preference; provided,
further that the Company may elect for the holders of the Reorganized Preferred Equity to convert their shares of Reorganized Preferred Equity into shares of Reorganized Common Equity immediately prior to (and subject to the
consummation of) the consummation of a transaction contemplated by clauses (i), (ii) or (v) of the definition of Deemed Liquidation Event and share in the proceeds and other consideration of such transaction as the holders of Reorganized Common
Equity with such conversion being sufficient to result in each Reorganized Preferred Equity holder receiving a number of shares of Reorganized Common Equity that would be economically equivalent to such holder receiving the Liquidation Preference
(which, for purposes of clarification, shall consist of the number of shares of Reorganized Common Equity that would be economically equivalent to the greater of the amounts in cash per share of Reorganized Common Equity resulting from the
calculations pursuant to each of clauses (i) and (ii) above). If the Liquidation Preference payment consists in whole or in part of common stock or other marketable securities (for example, in the event of a merger, business combination or sale
transaction), then the fair market value of each share of such common stock or other securities issued to the holders of the Reorganized Preferred Equity as part of the Liquidation Preference shall be equal to the greater of: (a) 90%
multiplied by the volume weighted average trading price of such security, if applicable, for the 30 trading days immediately preceding the Liquidation Event or (b) the price per security implied by the aggregate consideration in the
definitive documents of such merger, business combination, or sale transaction.

  
 2 

			
		
		  	 If upon any Liquidation Event or Deemed Liquidation Event, the remaining assets of the Company are insufficient to pay the Liquidation
Preference to which holders of the Reorganized Preferred Equity are entitled, the holders of the Reorganized Preferred Equity shall share ratably in any distribution of the remaining assets and funds of the Company in proportion to the respective
Liquidation Preference which would otherwise be payable in respect of the Reorganized Preferred Equity in the aggregate upon such Liquidation Event or Deemed Liquidation Event if all amounts payable on or with respect to such shares were paid in
full, and the Company shall not make any payments to the holders of Reorganized Common Equity or any securities junior to the Reorganized Preferred Equity.
  

“Base Return” means (i) prior to the third anniversary of the original issuance of the Reorganized Preferred Equity (the “Closing
Date”), an amount per share equal to the greater of (x) an “IRR” of 14.0% and (y) a 1.5x “MOIC”; (ii) on or after the third anniversary of the Closing Date but before the fourth anniversary of the Closing Date,
an amount per share equal to the greater of (x) an “IRR” of 15.0% and (y) a 1.7x “MOIC”; (iii) on or after the fourth anniversary of the Closing Date but before the fifth anniversary of the Closing Date, an amount per
share equal to the greater of (x) an “IRR” of 16.0% and (y) a 1.9x “MOIC”; or (iv) on or after the fifth anniversary of the Closing Date, an amount per share equal to the greater of (x) an “IRR” of
17.0% and (y) a 2.1x “MOIC”. The definitions of “IRR” and “MOIC” shall be set forth in the definitive documentation and calculated using the Initial Liquidation Preference.

 
 “Deemed Liquidation Event” means any of the following: (i) the
lease of all or substantially all of the assets of the Company or the sale of all or substantially all of the Company’s assets (in each case whether in one transaction or a series of transactions); (ii) upon an acquisition of the Company by
another person or entity by means of any transaction or series of transactions (including any reorganization, merger, merger of equals, business combination, consolidation or share transfer) (x) where the holders of the Reorganized Common
Equity and Reorganized Preferred Equity of the Company immediately preceding such transaction own, immediately following such transaction, less than 75% of the voting securities of the Company or (y) where the gross proceeds are greater than or
equal to an amount equal to 25% of the enterprise value of the Company; (iii) if any person (including any syndicate or group deemed to be a “person” under Section 13(d)(3) of the Securities Exchange Act of 1934, as
amended and the rules of the SEC thereunder) is or becomes the “beneficial owner” (as determined in accordance with Rule 13d-3 of the Securities Exchange Act of 1934, as amended, except that a
person will be deemed to own any securities that such person has a right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of 25% or more of the total voting power of all classes of
voting stock; (iv) on the first day on which a majority of the members of the board of directors of the Company does not consist of Continuing Directors (as defined below); (v) the consummation of a Qualified IPO (as defined below); and
(vi) on approval of a plan of liquidation or dissolution.

  
 3 

			
		  	 “Continuing Directors” means (i) individuals who on the Closing Date constituted the board of directors of the Company
or (ii) any new directors whose election or nomination was approved by at least a majority of the directors then still in office who were either directors on the Closing Date or whose election or nomination was previously so approved by the
holders of Reorganized Common Equity and Reorganized Preferred Equity.
  

“Qualified IPO” means the closing of an initial public offering and sale of the Reorganized Common Equity (or the equity interests of an
affiliate of the Company if the Company is reorganized in anticipation of such initial public offering) pursuant to an effective registration statement filed by the Company (or applicable affiliate) with the Securities and Exchange Commission, other
than a registration statement on Form S-4 or Form S-8 or their equivalent, under the Securities Act of 1933, as amended, for aggregate proceeds of an amount equal to no
less than 25% of the Company’s enterprise value.

		
	Holder Optional Conversion:	  	 At any time and from time to time following the Closing Date, each holder of Reorganized Preferred Equity shall have an independent right to
convert all or any portion of its Reorganized Preferred Equity, at such holder’s option, into a whole number of fully paid and non-assessable shares of Reorganized Common Equity equal to (A) the
Initial Liquidation Preference per share of Reorganized Preferred Equity (as adjusted for stock splits, recapitalizations and similar events with respect to the Reorganized Preferred Equity) divided by (B) the Conversion Price (as
defined below) (the “Conversion Return”) and then multiplied by (C) the shares of Reorganized Preferred Equity being converted (including PIK dividends previously paid and any accrued and unpaid dividends payable in
shares of Reorganized Preferred Equity) (the “Converted Shares”). In addition, at any time and from time to time following the Closing Date, the holders of a majority of the Reorganized Preferred Equity, voting as a separate
class, have the right to (i) convert all of the Reorganized Preferred Equity into a number of shares of Reorganized Common Equity equal to (x) the Conversion Return multiplied by (y) the Converted Shares or (ii) convert
all of the Reorganized Preferred Equity into substantially equivalent securities of one or more of the Company’s domestic U.S. or foreign subsidiaries.
  

The “Conversion Price” shall initially be the price per share of the Reorganized Common Equity of the Company as determined in the Plan,
subject to adjustment as described below under “Anti-Dilution”.

		
	Holder Optional Redemption:	  	Commencing on the date that is five years following the Closing Date, each holder of Reorganized Preferred Equity shall have an independent right to require the Company to redeem all or a portion of its Reorganized Preferred Equity
(and holders of a majority of the Reorganized Preferred Equity, voting as a separate class, shall have the right require the Company to redeem all of the Reorganized Preferred Equity) at a per share
price

  
 4 

			
		
		  	equal to the Liquidation Preference. Each holder of Reorganized Preferred Equity shall also have an independent right to require the Company to redeem all or a portion of its Reorganized Preferred Equity (and holders of a majority
of the Reorganized Preferred Equity, voting as a separate class, shall have the right require the Company to redeem all of the Reorganized Preferred Equity) at a per share price equal to the Liquidation Preference (a) upon the occurrence of a
Breach (as defined below), (b) on the effective date of a confirmed plan in a chapter 11 bankruptcy case for the Company or any similar bankruptcy or insolvency proceeding or (c) on or immediately prior to the consummation of any
Liquidation Event or Deemed Liquidation Event. Except as described in the “Fundamental Transaction Make-Whole” section below, the Company shall not have any right to require mandatory redemption.
		
	Breach:	  	 The holders of the Reorganized Preferred Equity shall be entitled to a dividend rate increase by an increment of 2% per annum for all periods
of time during which a Breach is continuing.
  
 In the event that at any time and from
time to time, a Breach pursuant to clauses (i), (ii) or (iii) of the definition of Breach is not cured within three months of its occurrence, then the majority of the holders of the Reorganized Preferred Equity shall have the right to designate
a party (which party may be a holder of the Reorganized Preferred Equity) to observe all matters submitted to or considered by the board of directors of the Company until such time as the event is cured.

 
 “Breach” means any (i) failure to pay dividends when due,
(ii) failure to make any redemption payment or liquidation payment when due, (iii) breaches of any other covenants set forth in the definitive documentation, (iv) assignment for the benefit of creditors or bankruptcy or (v) such
other customary defaults as the Company and the holders may agree to in the definitive documentation.

		
	Fundamental Transaction Make-Whole:	  	If the Company undergoes a “Fundamental Transaction” (to be defined in definitive documentation), then the Company shall have the right (the “Call Right”) to convert all (but not less than all) of the then
outstanding Reorganized Preferred Equity at such time (the date of such redemption, the “Call Date”) into shares of Reorganized Common Equity immediately prior to (and subject to the consummation of) such Fundamental Transaction so
that the holders of the Reorganized Preferred Equity share in the proceeds and other consideration of the Fundamental Transaction as the holders of Reorganized Common Equity, with such conversion being sufficient to result in each Reorganized
Preferred Equity holder receiving a number of shares of Reorganized Common Equity that would be economically equivalent to such holder receiving (i) the Liquidation Preference (which, for purposes of clarification, shall consist of the number
of shares of Reorganized Common Equity that would be economically equivalent to the greater of the amounts in cash per share of Reorganized Common Equity resulting from the calculations pursuant to each of clauses (i) and (ii) of the definition
of “Liquidation Preference” above) multiplied by the applicable “Make-Whole Redemption Percentage” set forth in the table below plus (ii) if positive, the present value (computed using a discount rate based on
U.S. Treasury securities

  
 5 

							
		 	with a maturity closest to the date that is the first anniversary of the Closing Date, plus 0.50%) as of the Call Date of the expected amount of all remaining dividends that would accrue had the Company not
exercised the Call Right between (inclusive of such dates) the Call Date and the fifth anniversary of the Closing Date multiplied by the applicable Make-Whole Redemption Percentage.
				
		 		 	Call Date	  	 Make-Whole

Redemption

Percentage

		 		 	On or after the Closing Date (and prior to the third anniversary of the Closing Date)	  	102.0%
				
		 		 	On or after the third anniversary of the Closing Date (and prior to the fifth anniversary of the Call Date)	  	101.0%
				
		 		 	On or after the fifth anniversary of the Call Date	  	100.0%
		
	Voting and Consent Rights	 	 The holders of the Reorganized Preferred Equity shall be entitled to vote on an
as-converted basis with the holders of the Reorganized Common Equity on all matters submitted to a vote of the holders of Reorganized Common Equity.

 
 In addition, the following matters require the consent of the holders of a majority of
the Reorganized Preferred Equity, voting as a separate class, and excluding such shares owned by the Company or any subsidiary or other entity controlled by or controlling any such party:

 
 i.   repealing, amending,
waiving or otherwise changing any provisions of the Company’s certificate of incorporation or bylaws (whether by merger, consolidation or otherwise) that adversely affects the powers, preferences or other rights or privileges of the Reorganized
Preferred Equity or any of its holders, whether directly or indirectly;
  

ii.  increasing the number of authorized shares of Reorganized Preferred Equity or issuing additional
shares of Reorganized Preferred Equity after the Closing Date other than to pay the dividends on the Reorganized Preferred Equity;
  

iii.   issuance by any subsidiary or controlled affiliate of the Company of any preferred equity
securities or any other securities convertible into preferred equity securities in any such subsidiary or controlled affiliate of the Company (other than issuances of such securities to the Company or another wholly owned subsidiary of the
Company);

  
 6 

			
		  	  

iv.   creating any new class or series of stock, or any other equity securities, or any other
securities convertible into equity securities of the Company, in each such case having a preference over, or being on parity with, the Reorganized Preferred Equity with respect to dividends, liquidation, voting or redemption;

 
 v.  consummating a Liquidation Event
or Deemed Liquidation Event or entering into any other Fundamental Transaction (to be defined in definitive documentation) that would not permit the Reorganized Preferred Equity to be converted or redeemed in full; and

 
 vi.   such other customary
consent matters as the Company and the holders may agree to in definitive documentation.

		
	Anti-Dilution Protection:	  	 The Reorganized Preferred Equity will have customary anti-dilution provisions, including in connection with (a) a subdivision or
combination of outstanding Reorganized Common Equity, reclassification, recapitalization, stock split, dividend or other distribution payable in any form, (b) any Deemed Liquidation Event under clauses (i) through (iv) of such definition,
and (c) any consideration in respect of a tender offer or exchange offer for Reorganized Common Equity of the Company or securities junior to the Reorganized Preferred Equity made by the Company or any of its subsidiaries. The Reorganized
Preferred Equity shall be adjusted on a weighted average basis for issuances of Reorganized Common Equity (or common stock equivalents, equity securities, or securities/debt convertible into equity securities).

 
 In the event that a shareholder rights plan is in effect, the Reorganized Preferred
Equity will receive upon conversion of such shares, in addition to the Reorganized Common Equity of the Company, rights under the shareholder rights agreement.

		
	Governing Law:	  	Delaware

  
 7 

 Exhibit F 

Aggregate Shares 

[Omitted]thrm-ex104_110.htm

 

Exhibit 10.4

 

 

 

 

 

 

 

 

 

 

 

 

 

GENTHERM INCORPORATED

DEFERRED COMPENSATION PLAN

As Amended and Restated Effective as of January 1, 2019

 

30932033.1

 

TABLE OF CONTENTS

Page

INTRODUCTION1

Article I. DEFINITIONS1

Article II. ELIGIBILITY5

Article III. PARTICIPATION ELECTIONS5

Article IV. COMPENSATION DEFERRALS5

Article V. EMPLOYER CONTRIBUTIONS7

Article VI. ELECTION OF TIME AND FORM OF DISTRIBUTION7

Article VII. DEEMED INVESTMENT OPTIONS8

Article VIII. PARTICIPANT ACCOUNTS9

Article IX. VESTING10

Article X. PAYMENTS10

Article XI. FORFEITURES11

Article XII. ADMINISTRATION12

Article XIII. AMENDMENT AND TERMINATION OF THE PLAN12

Article XIV. GENERAL PROVISIONS13

 

EXHIBIT ACLAIMS PROCEDURE

 

 

30932033.1

 

GENTHERM INCORPORATED 

DEFERRED COMPENSATION PLAN

As Amended and Restated Effective as of January 1, 2019

INTRODUCTION

Gentherm Incorporated, a Michigan corporation (the “Company”) established the Gentherm Incorporated Deferred Compensation Plan (the “Plan”), effective as of January 1, 2019. The purpose of the Plan is to enable the Company to supplement the retirement benefits from the Gentherm Retirement Savings Plan to certain key executive employees of the Company and to provide a means whereby certain amounts payable by the Company to key executive employees may be deferred to some future period in order to attract and retain key executive employees of outstanding competence, thereby furthering the best interests of the Company and its shareholders. Moreover, the Plan enables the Company to provide certain key executive employees selected in the discretion of the Company with an incentive to enhance the financial performance of the Company. 

 

The Plan is intended to be an unfunded arrangement that allows the deferral of compensation by a select group of management or highly compensated employees within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).  The Plan constitutes an unsecured promise by the Company to pay benefits in the future.  Participants in the Plan shall have the status of general unsecured creditors of the Company. Any amounts set aside to defray the liabilities of the Company under this Plan will remain the general assets of the Company and shall remain subject to the claims of the Company’s creditors until such amounts are distributed to the Participants.

 

Pursuant to Article XIII of the Plan, the Company reserved the right to amend the Plan at any time.  The provisions of this restated Plan are effective as of January 1, 2019, unless otherwise provided elsewhere in this document.

 

 

Article I.  DEFINITIONS

1.1As used in the Plan, the following terms when capitalized shall have the meaning set forth below:  

(a)Account means the account maintained to record the payment obligation of the Company to a Participant as determined under the terms of the Plan.  There may be an Account to record the total obligation to a Participant and component Accounts to reflect amounts payable at different times and in different forms.

(b)Beneficiary means the individual(s) or entity(ies) designated by the Participant in accordance with the provisions of Section 13.2 to whom the vested balance of his Account shall be paid in the event of his death. 

30932033.1

 

 

(c)Bonus means an annual cash bonus earned and paid by the Company for services rendered during the applicable year. 

(d)Change in Control means the earliest to occur of any of the following events, each of which must also constitute a "change in control event" (within the meaning of Treas. Reg. section 1.409A-3(iX5)):

	
 
	
(i)
	
Any one Person or more than one Person Acting as a Group (each as defined below) acquires or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Group, beneficial ownership of more than a majority of the total fair market value or total voting power of the then-outstanding securities of the Company;

	
 
	
(ii)
	
Any one Person or more than one Person Acting as a Group (each as defined below) acquires, or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Group, the assets of the Company that have a total gross fair market value (as determined by the board of directors of the Company) of more than 50% of the total gross fair market value of all of the assets of, as applicable, the Company immediately prior to the initiation of the acquisition; or

	
 
	
(iii)
	
A majority of the members of the board of directors of the Company is replaced during any 12-month period by directors whose appointment or election is not endorsed or approved by a majority of the members of the board who were members of the board prior to the initiation of the replacement.

For purposes of this subsection (c), “Person" means any individual, entity or group within the meaning of section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), other than (A) the Company, (B) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, or (C) any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company. Persons will be considered to be "Acting as a Group" (or a "Group") if they are a "group" as defined under Section 13 of the Exchange Act. If a Person owns equity interests in both entities that enter into a merger, consolidation, purchase or acquisition of stock, or similar transaction, such shareholder is considered to be Acting as a Group with other shareholders only with respect to the ownership in that entity before the transaction giving rise to the change and not with respect to the ownership interest in the other entity. Persons will not be considered to be Acting as a Group solely because they purchase assets of the same entity at the same time or purchase or own stock of the same entity at the same time, or as a result of the same public offering.

(e)Code means the Internal Revenue Code of 1986, as amended.

2

30932033.1

 

(f)Committee means a committee appointed by the Company’s board of directors or managers (or similar governing body) to manage and administer this Plan pursuant to the provisions hereof.

(g)Company means Gentherm Incorporated, a Michigan corporation, or any successor thereto.

(h)Compensation means a Participant’s base salary from the Company at the applicable time determined without reduction for pre-tax contributions by the Participant under any qualified cash or deferred arrangement described in Section 401(k) of the Code, pre-tax contributions to any cafeteria plan described in Section 125 of the Code, or elective deferrals under this Plan or any other nonqualified deferred compensation plan of the Company.

(i)Compensation Deferrals means the amounts a Participant elects to have the Company credit to his Account under this Plan through reduction of his Compensation pursuant to Article IV.

(j)Deemed Investment Options means the eligible assumed investment options designated by the Committee that serve as the basis for crediting the equivalent of earnings and losses to Participants’ Accounts pursuant to Participants’ elections as provided in Article VII.

(k)Disability means the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Company. Medical determination of Disability may be made by either the Social Security Administration or by the provider of an accident or health plan covering employees of the Company. Upon the request of the Committee, the Participant must submit proof to the Committee of the Social Security Administration’s or provider’s determination.

(l)Discretionary Employer Contributions means contributions credited to a Participant’s Account pursuant to Section 5.2 of this Plan.

(m)Effective Date means January 1, 2019.  

(n)Employer Contributions means Discretionary Employer Contributions, Matching Employer Contributions and any other contributions credited by the Company to a Participant’s Account pursuant to Article V.  

(o)Matching Employer Contributions means contributions credited to a Participant’s Account pursuant to Section 5.1 of this Plan.

(p)Participant means an executive employee of the Company who satisfies the eligibility requirements of Article II and has either elected to make Compensation Deferrals 

3

30932033.1

 

or been credited with an Employer Contribution.  An individual shall cease being a Participant in the Plan when the benefits under the Plan to which he is entitled have been distributed in full.

(q)Person means any individual, partnership, corporation (including a business trust), joint stock company, trust, unincorporated association, joint venture or other entity or a government or any political subdivision or agency thereof.

(r)Plan means the Gentherm Incorporated Deferred Compensation Plan as set forth herein, and as amended from time to time.

(s)Plan Year means the calendar year.

(t)Tax-Qualified 401(k) Plan means the Gentherm Retirement Savings Plan or such other tax-qualified 401(k) defined contribution plan in which the Participant participates as an employee of the Company.

(u)Termination Date means the date upon which the Participant’s employment with the Company terminates for any reason; provided, however, that Participant’s Termination Date shall not precede the date upon which the Participant experiences a “separation from service” with the Company within the meaning of Treasury Regulation Section 1.409A-1(h)(1). 

 

Article II.  

4

30932033.1

 

  ELIGIBILITY 

2.1Eligibility.  A key executive employee selected by the Committee shall be an eligible employee and the Committee may select from time to time certain key executive employees who shall be eligible to participate under the Plan. 

Article III.  PARTICIPATION ELECTIONS

3.1Enrollment.  An eligible employee of the Company may become a Participant by completing all election forms (including, if required by the Committee,  an insurance application) prescribed by the Committee and submitting such forms to the Committee through the personnel department of the Company or such other party as may be designated by the Committee.  An eligible employee’s election to participate in this Plan for a Plan Year shall be in the form prescribed by the Committee and shall set forth the following:

(a)rate of Compensation Deferrals in accordance with Article IV;

(b)Deemed Investment Options pursuant to Article VII; and

(c)Beneficiary designation.

	

	
Election forms for each Plan Year must be submitted by such date as the Committee shall designate but in no event later than the applicable date specified in Section 4.2.  

3.2Evergreen Elections.  Unless otherwise provided by the Committee, a Participant’s elections for a Plan Year with respect to the rate of his Compensation Deferrals, Deemed Investment Option(s) and Beneficiary designation shall continue in effect for each subsequent Plan Year in which the Participant continues to meet the eligibility requirements of Article II, unless, in accordance with the time periods established by the Committee in accordance with Section 4.2, the Participant either changes his prior elections under Section 3.1 or indicates in a manner prescribed by the Committee that the Participant does not want to have Compensation Deferrals made for such Participant for such Plan Year. 

Article IV.    DEFERRALS

4.1Rate of Compensation Deferrals.  At the time of making his election pursuant to Article III for a Plan Year, each Participant may elect to make Compensation Deferrals of a whole percentage from 1% up to 100% of his Compensation for the Plan Year. All Participant elections shall be subject to any other maximum or minimum percentage limitations and to any other rules prescribed by the Committee in its discretion.

4.2Timing Requirements for Deferral Elections.

(a)General Rules – Prior Year Election.   Election forms for each Plan Year must be submitted by such date as the Committee shall designate which generally shall be no later than December 31 of the year prior to beginning of such Plan Year.  The election for a Plan Year shall apply to each pay period beginning during the applicable Plan Year.   Notwithstanding the foregoing, if an eligible employee of the Company first becomes an eligible employee during 

5

30932033.1

 

a Plan Year and the Committee permits enrollment, election forms must be submitted no later than 30 days following the date he or she first becomes an eligible employee; provided, however, that such elections may only apply to Compensation earned for services performed after the date on which the election forms are submitted. The determination of when an eligible employee first becomes an eligible employee shall be made by the Committee consistent with Section 409A of the Code and the regulations thereunder, including any applicable plan aggregation rules.

Except as otherwise provided below, in no event may an election be made later than December 31 of the year prior to the year in which the services giving rise to the Compensation are performed (within the meaning of Section 409A and the Treasury Regulations thereunder). An election becomes irrevocable on the latest date for filing such election.

 

(b)Bonus. A Participant’s election to defer any Bonus payable under the Plan that does not constitute “performance-based compensation” within the meaning of Section 409A of the Code must meet the election timing requirements of subsection (a). A Participant’s election to defer any Bonus that does not constitute “performance-based compensation” becomes irrevocable as of the deadline designated by the Committee.

(c)Performance-Based Compensation.  Notwithstanding the foregoing, a Participant’s election for a Plan Year shall not apply to any Bonus relating to a Bonus period that begins before the first day of the Plan Year unless the Bonus meets the requirements for “performance-based compensation” within the meaning of Section 409A of the Code and the regulations thereunder and the election is made no later than six months before the end of the Bonus period in compliance with Section 409A of the Code and the regulations thereunder.  Any election to defer performance-based compensation that is made in accordance with this paragraph and that becomes payable as a result of the Participant’s death or disability (as defined in Treasury Regulation Section 1.409A-1(e)) or upon a Change in Control prior to the satisfaction of the performance criteria, will be void.  An election to defer performance-based compensation becomes irrevocable as of the latest date for filing such election. 

4.3Restrictions on Deferral Elections.  Notwithstanding anything in this Article IV to the contrary, in no event may a Participant’s deferral election result in a reduction of the Participant’s Compensation below the amount necessary to satisfy all of the following obligations:

(a)applicable employment taxes (e.g., FICA and FUTA) on amounts deferred,

(b)withholding requirements under benefit plans, and

(c)income tax withholding requirements.

4.4Revocation of Deferral Election.  A Participant’s elections pursuant to Articles III and IV generally shall become irrevocable as of the last day for making the election as described herein, except as provided under Section 6.3.  

6

30932033.1

 

4.5Crediting of Accounts.  Compensation Deferrals shall be credited to a Participant’s Account as soon as administratively practicable within the week following the date on which the Compensation Deferrals would have been paid to the Participant in the absence of a deferral election.

Article V.    EMPLOYER CONTRIBUTIONS

5.1Matching Employer Contributions.  A Participant’s Account under this Plan shall be credited by the Company with Matching Employer Contributions for each Plan Year in which the Participant makes a Compensation Deferral. Such Matching Employer Contributions shall equal the maximum employer matching contributions that would have been credited to the Participant under the Tax-Qualified 401(k) Plan had the Participant’s Compensation Deferral been contributed to the Tax-Qualified 401(k) Plan without regard to any statutory or regulatory limitations on salary reduction (other than the applicable dollar limit under Section 402(g)(1) of the Code) or matching contributions to the Tax-Qualified 401(k) Plan, or on compensation taken into account in calculating employer or employee contributions to the Tax-Qualified 401(k) Plan; provided, however, that such Matching Employer Contributions for a Plan Year shall be reduced by the amount of employer matching contributions actually credited to the Participant under the Tax-Qualified 401(k) Plan for such Plan Year. The Matching Employer Contributions under this Section 5.1 shall be credited to the Participant’s Account at the same time as the Compensation Deferrals to which they relate.

5.2Discretionary Employer Contributions.  The Company may at any time in its sole discretion elect to credit Discretionary Employer Contributions to Participants’ Accounts.  At the time that the Company determines that it shall credit Discretionary Employer Contributions, it shall in its sole discretion specify how such credits will be allocated among the Accounts of Participants, the timing of such allocation, and the vesting schedule applicable to such credits (as adjusted for deemed earnings and losses thereon).

5.3Performance-Based Awards.  The Company may at any time in its sole discretion elect to credit Performance-Based Awards to a Participant’s Account.  If the Company determines that it shall credit Performance-Based Awards to a Participant’s Account, it shall enter into a written agreement between the Company and the Participant memorializing and setting forth the terms and conditions of the Performance-Based Awards (the “Award Agreement”).

Article VI.   TIME AND FORM OF DISTRIBUTION

6.1Payment Commencement Date.  Distribution of the vested portion of a Participant’s Account (as adjusted for deemed earnings and losses thereon pursuant to Article VII) shall not commence until the earlier of:

(a)death,

(b)Disability,

(c)Termination Date, or

7

30932033.1

 

(d)Change in Control.

The determination of whether termination of employment has occurred shall be made in accordance with Article X.  Payment of benefits shall be made in accordance with Article X.

6.2Form of Distribution for Initial Plan Year Elections. For the vested portion of his Accounts attributable to the Plan Year beginning January 1, 2019 and ended December 31, 2019, a Participant may elect a form of distribution in accordance with the following:

(a)Annual or quarterly installments over a period from two to five years, or

(b)Single lump sum.

If a Participant fails to make an election pursuant to this Section 6.2(a), the Participant shall be deemed to have elected a lump sum.  

 

If a Participant fails to make an installments interval election (i.e. annual or quarterly) pursuant to this Section 6.2(a), the Participant shall be deemed to have elected quarterly installments.

 

6.3General Form of Distribution.  For the vested portion of his Accounts attributable to a Plan Year beginning on or after January 1, 2020, a Participant may elect a form of distribution in accordance with the following:

(a)Annual installments over a period from two to five years, or

(b)Single lump sum.

If a Participant fails to make an election pursuant to this Section 6.3(a), the Participant shall be deemed to have elected a lump sum.  

6.4Automatic Lump Sum.  Notwithstanding anything herein to the contrary, if the vested portion of a Participant’s Account balance is less than $25,000 under the Plan on the benefit commencement date determined pursuant to Section 6.1, distribution shall automatically be made in a single lump sum on the benefit commencement date.

6.5Calculation of Installments.  If distributions are made in installments, the amount of each installment shall be determined at commencement and recalculated thereafter at the time of each subsequent payment by dividing the vested portion of the Participant’s Account balance subject to such installment distribution method by the number of installments remaining to be paid (including the applicable installment).

 

Article VII.    DEEMED INVESTMENT OPTIONS

7.1Deemed Investment Options.  The Committee shall designate eligible assumed investment options as the Deemed Investment Options that serve as the basis for crediting the equivalent of earnings and losses to Participants’ Accounts pursuant to Participants’ elections as provided below.   These Deemed Investment Options may be selected by the Committee in its 

8

30932033.1

 

discretion at any time and it may from time to time change such Deemed Investment Options. Amounts treated as invested in such Deemed Investment Options pursuant to the Participant’s election shall be credited with the equivalent of earnings and debited with the equivalent of losses based on the net investment return of the applicable fund to which the Deemed Investment Option relates. Valuation and crediting of Accounts shall be performed on a daily basis.

7.2Election of Deemed Investment Options.  Each Participant shall from time to time designate the Deemed Investment Option or Options in which their Compensation Deferrals and Employer Contributions shall be deemed to be invested.  A Participant shall make his initial Deemed Investment Option election at the time he elects to become a Participant.  If the Participant fails to make a Deemed Investment Option, such Account shall be invested in the default investment option as determined by the Committee.

7.3Modification of Deemed Investment Options.  Each Participant may from time to time elect to change the Deemed Investment Option or Options with respect to all or any portion of his existing Account balance as of the first business day of any month by filing a new Deemed Investment Option election with the Committee (or such other person or entity designated by the Committee) by the 25th day of the preceding month (or at such other times and in accordance with such other election procedures as the Committee or such other person designated by the Committee may specify).  If a Participant elects to transfer any portion of his Account balance out of a Deemed Investment Option that is measured by reference to the prime rate, such Participant cannot subsequently return that portion to such Deemed Investment Option.

7.4Conditions on Deemed Investment Options.  Notwithstanding the foregoing, the Committee may place a restriction on the amount of time during which any of the Participant’s Compensation Deferrals and Employer Contributions that are deemed invested in a Deemed Investment Option designated by the Participant must remain deemed invested in that Deemed Investment Option before the Participant can designate another Deemed Investment Option for such amounts.   

7.5No Obligation to Follow Investment Directions.  The Company shall have no obligation to make actual investments corresponding to the elections of Deemed Investment Options selected by Participants.  A Participant’s investment allocation constitutes a deemed, not actual, investment among the Deemed Investment Options.  At no time shall a Participant have any real or beneficial ownership in any investment option included in the investment menu, nor shall the Company or any trustee acting on its behalf have any obligation to purchase actual securities as a result of a Participant’s investment allocation. A Participant’s investment allocation shall be used solely for purposes of adjusting the value of a Participant’s Account. 

Article VIII.    PARTICIPANT ACCOUNTS

8.1Establishment of Accounts.  A separate hypothetical account shall be maintained for each Participant on the books of the Company for each Plan Year for purposes of accounting for the Compensation Deferrals, Matching Employer Contributions and other Employer Contributions attributable to such Participant and the credits and debits to reflect the equivalent of earnings and losses thereon pursuant to Article VI.  This account shall be maintained until 

9

30932033.1

 

such benefits are distributed to the Participant or his Beneficiary or are forfeited under the provisions of Article XII. 

8.2Account Statements.  A statement showing the amounts credited to each Participant’s Account shall be furnished to such Participant at least quarterly.

Article IX.    VESTING

9.1Compensation Deferrals. A Participant shall at all times be fully vested in the portion of his Account attributable to Compensation Deferrals (as adjusted for the equivalent of earnings and losses thereon pursuant to Article VII)

9.2Matching Employer Contributions.  A Participant shall vest in the portion of his Account attributable to Matching Employer Contributions (as adjusted for the equivalent of earnings and losses thereon pursuant to Article VII) in accordance with the vesting schedule, terms and conditions applicable to employer matching contributions as set forth in the Tax-Qualified 401(k) Plan. 

9.3Discretionary Employer Contributions.  A Participant shall vest in the portion of his Account attributable to Discretionary Employer Contributions (as adjusted for the equivalent of earnings and losses thereon pursuant to Article VI) in accordance with the vesting schedule established by the Company at the time the Discretionary Employer Contribution is approved by the Company

9.4Performance-Based Awards.  A Participant shall vest in the portion of his Account attributable to Performance-Based Awards (as adjusted for the equivalent of earnings and losses thereon pursuant to Article VI) at such time or times and upon such terms and conditions as determined by the Company and set forth in the applicable Award Agreement.

 

Article X.   PAYMENTS

10.1Death Prior to Payment Commencement Date.  If a Participant dies before his payment commencement date pursuant to Article VI, the vested portions of his Account shall be paid to his Beneficiary in a single lump sum within thirty days following the end of the calendar quarter of the Participant’s death (and after the Plan has been notified of the Participant’s death).

10.2Death Following Payment Commencement Date.  If a Participant who has elected to receive distributions in installments dies after his payment commencement date as elected pursuant to Article VI but before all installments have been paid, the remaining installments shall be paid to his Beneficiary as they become due.

10.3Delay for Specified Employees.  Anything in this Plan to the contrary notwithstanding, in the case of a Participant who is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code and the regulations and guidance thereunder, no benefit payments may be made by reason of the Participant’s termination of employment before the date which is six months after the date of such Participant’s separation from service as defined in Section 10.8 (or, if earlier, the date of the Participant’s death). To the extent any payment of 

10

30932033.1

 

benefits under Sections 10.2, 10.3 or 10 4 is subject to such six month delay, such payment shall be made immediately after the end of the six month period (or the date of death of the Participant, if earlier).  The determination of whether a Participant is a “specified employee” shall be made in accordance with the procedures established for the Company for such purpose.  

10.4Termination of Employment.  A Participant shall be deemed to have terminated from employment for purposes of this Plan if, and only if, the Participant has incurred a “separation from service” within the meaning of Section 409A of the Code and the regulations thereunder.     The Committee specifically reserves the right to determine, in accordance with and subject to Section 409A of the Code and the applicable regulations thereunder, that a sale or other disposition of substantial assets to an unrelated party does not constitute a “separation from service” with respect to a Participant providing services to the seller immediately prior to the transaction and providing services to the buyer after and in connection with the transaction. 

10.5Payments Treated as Made on the Designated Payment Date.  Payments made on the payment date specified in the Plan, or on a later date within the same taxable year of the Participant or Beneficiary, or, if later, by the 15th day of the third calendar month following the payment date specified in the Plan shall be treated as having been made on the payment date; provided, however, that the Participant or Beneficiary is not permitted, directly or indirectly, to designate the taxable year of the payment.  In addition, payments made no earlier than 30 days before the designated payment date will likewise be treated as having been made on the payment date so long as the Participant or Beneficiary is not permitted, directly or indirectly, to designate the taxable year of the payment.  The foregoing shall be administered in compliance with the provisions of Treasury Regulation Section 1.409A-3(d), which Regulation may authorize other instances in which payments made after the payment date shall be treated as having been made on the payment date.

Article XI.  FORFEITURES

11.1Termination Prior to Full Vesting.  In the event of the termination of a Participant’s employment prior to full vesting in the portion of his Account attributable to Matching Employer Contributions and Discretionary Employer Contributions, such Participant shall forfeit the non-vested portion of his Account upon such termination of employment.

 

11.2Termination for Cause.  Notwithstanding any provision contained herein to the contrary, a Participant’s right to receive distributions in respect of his Account under this Plan (whether or not otherwise vested) shall be forfeited if the Participant is discharged from employment with the Company for reasons that constitute “Cause” or any similar term as defined in the employment agreement between the Participant and the Company. If there is no such employment agreement, “Cause” means acts or omissions, which in the sole discretion of the Committee, constitute   (i) unlawful acts intended to result in his substantial personal enrichment at the expense of the Company; or (ii) a material violation of his responsibilities to the Company that results in material injury to the Company (except by reason of incapacity due to illness or injury).   

 

 

11

30932033.1

 

Article XII.    ADMINISTRATION

12.1Committee Administers the Plan.  The Plan shall be administered by the Committee which shall have the exclusive right and discretionary authority to interpret and construe the provisions of the Plan (which term for these purposes includes all related documents), to establish such rules and regulations as it deems necessary or desirable, make all determinations (including with respect to eligibility to participate in and the benefits payable under the Plan) and take such action in connection with the Plan as it deems appropriate and otherwise to construe disputed, doubtful or uncertain terms under the Plan.  In executing its administrative duties, the Committee shall be empowered to delegate the day-to-day administration of the Plan to other employees of the Company as it sees fit.  The decisions of the Committee shall be final, conclusive and binding upon all parties.

12.2Beneficiary Designation.  Each Participant shall file with the Company a written designation of one or more persons or entities as the Beneficiary(ies) who shall be entitled to receive the amount, if any, payable under the Plan at his death.  A Participant may, from time to time, revoke or change his Beneficiary designation by filing a new designation with the Company.  The last designation received by the Company shall be controlling and shall take precedence over any testamentary or other disposition; provided, however, that no designation or change or revocation thereof shall be effective unless received by the Company prior to the Participant's death, and in no event shall it be effective prior to such receipt.  If no such Beneficiary designation is in effect at the time of a Participant’s death, or if no designated Beneficiary survives the Participant, or if such designation conflicts with law, the amount, if any, payable under the Plan upon his death shall be paid to the Participant's estate.  If the Company is in doubt as to the right of any person to receive such amount, the Company may retain such amount, without any liability for any interest thereon, until the rights thereon are determined, or the Company may pay such amount into any court of appropriate jurisdiction and such payment shall be a complete discharge of the liability of the Plan and the Company.

12.3Claims Procedures.  A Participant may appeal to the Committee, in writing, any decision or action which the Participant believes adversely affects him in accordance with the Claims Procedure attached as Exhibit A. 

Article XIII.    AMENDMENT AND TERMINATION OF THE PLAN

13.1Amendment of the Plan.  The Company may at any time and from time to time amend this Plan, by action of the Company’s board of directors (or its authorized delegate) for any reason; provided, however, that no such amendment may reduce any amounts credited to a Participant’s Account or the degree of vesting determined as of the date on which the amendment is adopted.

13.2Termination of the Plan.  The Company may at any time terminate this Plan, by action of the Company’s board of directors or similar governing body (or its authorized delegate) and pay affected Participants and Beneficiaries their Account balances in a single lump sum (or as otherwise permitted), to the extent permitted by and in accordance with Treasury Regulation Section 1.409A-3(j)(4)(ix) (including in connection with a Change in Control).

12

30932033.1

 

Article XIV.    GENERAL PROVISIONS

14.1Unfunded and Unsecured Status of Deferrals and Other Plan Benefits.  Anything to the contrary notwithstanding, all Compensation Deferrals, Employer Contributions and other benefits provided under this Plan shall be unfunded and shall not be secured, held in trust or otherwise segregated from the general assets of the Company (except as otherwise provided in Section 15.2).  Title to and beneficial ownership of any asset which the Company may reserve to meet its contingent obligations hereunder, including without limitation any insurance policies on the lives of Participants, shall remain in the Company and no Participant shall acquire any property interest in any specific asset of the Company.  Except as provided in Section 15.2, no trust arrangement relationship shall be created hereunder.  Nothing contained in this Plan, and no action taken pursuant to its provisions, shall create or be construed to create a fiduciary relationship between the Company on the one hand and the Participant or his spouse or other Beneficiary on the other hand.  

The right of any Participant or Beneficiary to receive a distribution of Plan benefits shall not be greater than that of an unsecured general creditor of the Company.  This Plan constitutes a promise of the Company to make benefit payments in the future.  The fact that the Company or a trust may intend to set aside reserves for payment of Plan benefits and/or may designate certain assets to pay Plan benefits and/or may purchase life insurance policies on the lives of certain participants shall not be deemed to cause benefits under this Plan to be funded or otherwise secured from the claims of creditors in the event of bankruptcy or insolvency, nor shall any such reserves, designated assets, or life insurance policies be considered to have a status other than as general assets of the Company.  No liability for the payment of benefits under this Plan shall be imposed upon any officer, director or employee of the Company.

14.2Establishment of Trust.  The Company may in its sole discretion establish a trust in connection with the Plan as a vehicle for accumulating assets to pay benefits under the Plan.  Any trust shall be established in a manner that prevents the Plan from being funded within the meaning of relevant rules and regulations under the Code relating to the receipt of income and the assets of any trust attributable to the Company shall be subject to the claims of the Company’s creditors in the event of its bankruptcy or insolvency.  Payments under the Plan may be paid from the general assets of the Company or from the assets of any such rabbi trust.  Payment from any such source shall reduce the obligation owed to the Participant or Beneficiary under the Plan.

14.3Rights Not Assignable. Except as otherwise provided by the Plan, the Participant’s rights to benefit payments under this Plan shall not be subject to the claims of the Participant’s creditors and shall not be subject in any manner, whether voluntarily or involuntarily, to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, execution, levy or garnishment of any kind, and any attempt to so subject such rights or benefits shall be void and of no force or effect.   

14.4No Employment Rights.  Neither the establishment of the Plan, the participation by an employee in the Plan, nor the payment of any benefits hereunder, nor any other action pursuant to the Plan shall be held or construed to confer upon any Participant the right to continue in the employ of the Company or to create any other rights in any Participant or 

13

30932033.1

 

obligations on the part of the Company, except as set forth in this Plan.  Nothing contained herein shall be construed to constitute a contract of employment between an employee and the Company and nothing contained in this Plan shall affect any right which the Company may have to terminate at will the employment of any Participant.

14.5Withholding. The Company shall have the right to withhold from any payment due under the Plan (or with respect to any amounts credited to the Plan) any taxes required by law to be withheld in respect of such payment (or credit). Withholdings with respect to amounts credited to the Plan shall be deducted from the Participant’s regular compensation that has not been deferred to the Plan.

14.6Facility of Payment.  If any court or government body having jurisdiction in the premises shall find, or if failing such determination the Committee shall determine in good faith, that a person entitled to benefits hereunder is physically, mentally or legally unable to receive a benefit or (in the view of the Committee) is unable to give a valid release thereof, any benefit payable to such person may (unless prior claim in made by a guardian or other legal representative of such person) be paid to the spouse, a child, a brother or a sister of such person, or any person who has established to the reasonable satisfaction of the Committee that he has been a primary contributor to the care and support of such person.  Any such payment shall be a complete discharge of liability therefor under this Plan.

14.7Governing Law.  The provisions of this Plan and the rights of the parties hereunder shall be  interpreted and construed in accordance with the laws of the State of Michigan, except as preempted by federal law. 

14.8Section 409A of the Code.  It is intended that this Plan comply with, or be exempt from, Section 409A of the Code and any regulations, guidance and transition rules issued thereunder, and the Plan shall be interpreted and operated consistently with that intent.  If the Committee shall determine that any provision of this Plan does not comply with the requirements of Section 409A of the Code, the Committee shall have the authority to amend the Plan to the extent necessary (including retroactively if permissible) in order to preserve compliance with Section 409A of the Company.  Notwithstanding the foregoing, the Company does not guarantee to any Participant (or any other person with an interest under the Plan) that the Plan or any benefits hereunder comply with or are exempt from Section 409A of the Code, and the Company shall not have any liability to or indemnify or hold harmless any individual with respect to any tax consequences that arise from any such failure to comply with or meet an exemption under Section 409A of the Code. Each payment made under the Plan shall be treated as a separate payment for purposes of Section 409A of the Code.

14.9Severability.  If any particular provision of this Plan shall be found to be illegal or unenforceable, then the Company (to the extent it deems practicable) shall give effect to the Plan in such a manner as it deems will best carry out the purposes and intentions of this Plan.  

14.10Headings.  Titles and headings to sections in this Plan are inserted for reference only and are not intended to be a part of or to affect the meaning or interpretation of this Plan.

14

30932033.1

 

14.11Construction.  Any reference herein to the masculine shall include the feminine or neuter, and any reference herein to the singular or plural shall be construed as plural or singular whenever the context requires.

IN WITNESS WHEREOF, the Company has caused this Plan, as amended and restated effective as of January 1, 2019, to be executed by its undersigned duly authorized officer this 20th day of May, 2019.

 

 

GENTHERM INCORPORATED

 

	
/s/ Barbara Runyon

	
Barbara Runyon

Chief Human Resources Officer

 

 

 

 

 

15

30932033.1

 

GENTHERM INCORPORATED

DEFERRED COMPENSATION PLAN

EXHIBIT A

CLAIMS PROCEDURE

I.FILING A CLAIM FOR BENEFITS

1.Claims Procedure.  This Claims Procedure governs any claim for or concerning benefits under the Plan.  The definitions of the Plan are incorporated by reference in this procedure.  

2.Claims Administrator.  The Committee administers the Plan and shall make all decisions regarding claims under the Plan.  The business address and telephone number of the Company are:

Gentherm Incorporated

Attn: Barbara Runyon, CHRO

21680 Haggerty Road

Northville, MI 48167

Telephone: (248) 215 - 0598  

Any decision by the Committee deny a claim shall be in writing (which for purposes of these Claims Procedures includes electronic notification in accordance with applicable Department of Labor regulations) and shall be delivered to the Participant or any other person claiming through him (the “Claimant”) and/or his authorized representative.

3.Requests for Benefits.  Benefits will be paid in accordance with the provisions of the Plan.  A Claimant may make a written request for the benefits provided under this Plan.  This written claim shall be mailed or delivered to the Committee (or its delegate) in such manner and on such form or forms as may be prescribed by the Committee (or its delegate).

4.Claim Denials.  If a claim for benefits is denied in whole or in part, the Committee will provide notice of the decision to the Claimant within a reasonable time period not exceeding 90 days after the receipt by the Committee of a properly submitted claim, unless special circumstances require an extension of time for processing the claim.  If the Committee determines that it needs additional time to review the claim, the Committee will provide the Claimant with a notice of the extension before the end of the initial 90-day period. The extension will not be more than 90 days from the end of the initial 90-day period and the notice of extension will explain the special circumstances that require the extension and the date by which the Committee expects to make a decision.    

5.Notice of Denial.  The Committee shall provide a written notice to every Claimant whose claim for benefits under the Plan is denied setting forth the following information in a manner calculated to be understood by the Claimant:

(a)the specific reason or reasons for the denial;

Exhibit A - 1

30932033.1

 

(b)reference to the specific Plan provisions on which the denial is based;

(c)a description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why such material or information is necessary; 

(d)an explanation of the claims review procedures under the Plan to appeal a denial and the time limits applicable to such procedures, including a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review; and

(e)the consequences of the Claimant’s failure to meet the deadline for appeal, including the possible loss of the right to bring a civil action. 

II.APPEALING A CLAIM DENIAL

1.Appeal.  A Claimant may appeal a denied claim by submitting a written request for a review of the denied claim within 60 days after the Claimant receives the Committee’s written notice of denial.  If a Claimant requests a review of his claim in a timely fashion, the Claimant or his duly authorized representative shall be permitted, upon request and free of charge, reasonable access to and copies of all documents, records and other information relevant to the denial and to submit written comments, documents, records and other information relevant to the claim to the Committee.  The Committee’s review will take into account all comments, documents, records and other information submitted by the Claimant, without regard to whether such information was submitted or considered in the initial benefits determination. 

2.Decision Following Appeal.  The Committee shall make its decision on the review of a denied claim within 60 days after its receipt of the request for review, unless special circumstances require an extension of time for processing, in which case a decision shall be rendered within 120 after the Committee’s receipt of the request for review.  If an extension of time for reviewing the appeal is required, written notice of the extension shall be furnished to the Claimant prior to the commencement of the extension. The notice will indicate the special circumstances requiring the extension of time and the date by which the Committee expects to render the determination on review. 

3.Notice of Denial on Appeal.  If the Committee determines after review that the Claimant’s appeal should be either wholly or partially denied, the Claimant shall be given written notice of such denial.  The notice shall contain the following information in a manner calculated to be understood by the Claimant:

(a)the specific reason or reasons for the denial;

(b)reference to the specific Plan provisions on which the denial is based;

(c)a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Claimant’s claim for benefits; and

Exhibit A - 2

30932033.1

 

(d)a statement of the Claimant’s right to bring an action under Section 502(a) of ERISA.

A Claimant may not bring any legal action relating to a claim for benefits under the Plan unless and until the Claimant has followed the Claims Review Procedures and exhausted his administrative remedies thereunder.

III. CHANGES TO CLAIMS PROCEDURES

These Claims Procedures may be updated from time to time as necessary to comply with applicable laws and regulations.  Such updates need not be accomplished by formal Plan amendments.

 

 

 

Exhibit A - 3

30932033.1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00298-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00298-of-00352.parquet"}]]