Document:

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                                                                    Exhibit 10.1

                       DIRECTOR RESTRICTED STOCK AGREEMENT

     This Director Restricted Stock Agreement ("Agreement") is made effective as
of __________________, 200__, by and between Cray Inc., a Washington corporation
("Cray"), and _______________________ ("Director").

                                    RECITALS

     WHEREAS, Cray has awarded a restricted stock grant to Director pursuant to
the 2006 Long-Term Equity Compensation Plan (the "Plan"), and Director desires
to accept the grant subject to the terms and conditions of this agreement.

                                    AGREEMENT

     NOW, THEREFORE, in consideration of the promises and the mutual agreements
contained herein, the parties hereby agree as follows:

     1. Grant of Restricted Stock. Subject to the terms and conditions of this
Agreement, Cray hereby grants to Director __________ shares of Cray common stock
(the "Restricted Shares"). The Restricted Shares are subject to forfeiture to
Cray as set forth in Section 3 below.

     2. Vesting. All of the Restricted Shares initially shall be unvested.
Except as provided in this Section 2 or in Section 3, one half of the Restricted
Shares shall vest in full on _________________, and one-half shall vest in full
on ______________. If prior to the Restricted Shares vesting in full Director
ceases to be a Director of Cray as a result of death or Disability, all of the
unvested Restricted Shares shall immediately vest. If following a Change of
Control Director is removed from the Board or is not nominated to continue to
serve as a Director, then any unvested Restricted Shares shall vest immediately
upon such removal or failure to nominate. Nothing contained in this Agreement
shall confer upon Director any right to continue as a Director of Cray.

     3. Forfeiture upon Leaving Board. If, while holding unvested Restricted
Shares, a Director resigns or retires from the Board, is asked to leave the
Board by the Corporate Governance Committee for Cause or is not nominated by the
Board to continue as a Director other than following a Change of Control, then
all unvested Restricted Shares automatically shall be forfeited and cancelled by
Cray, and Director shall have no further right, title or interest in or to any
of such unvested Restricted Shares, provided, however, that there shall be no
such forfeiture and cancellation if the Director resigns or retires from the
Board with the prior express approval of the Corporate Governance Committee.

     4. Restriction on Transfer. Director shall not sell, assign, pledge or in
any manner transfer unvested Restricted Shares, or any right or interest in
unvested Restricted Shares, whether voluntarily or by operation of law, or by
gift, bequest or otherwise. Any sale or transfer,

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or purported sale or transfer, of unvested Restricted Shares, or any right or
interest in unvested Restricted Shares, in violation of this Section 4 shall be
null and void.

     5. Section 83(b) Election. Director acknowledges that any income recognized
as a result of receiving the Restricted Shares will be treated as ordinary
compensation income subject to federal, state and local income, employment and
other taxes. Director understands that if he or she makes an election under
Section 83(b) of the Internal Revenue Code of 1986, as amended (a "Section 83(b)
Election") with respect to some or all of the Restricted Shares, Director will
recognize ordinary compensation income at the time such Restricted Shares are
received, in an amount equal to the fair market value of the Restricted Shares
on that date. If Director does not make a Section 83(b) Election with respect to
some or all of the Restricted Shares, Director will recognize ordinary
compensation income at the time any portion of such Restricted Shares vest in
accordance with Section 2 of this Agreement, in an amount equal to the fair
market value of those Restricted Shares on the vesting date. DIRECTOR
UNDERSTANDS THAT TO BE VALID, A SECTION 83(b) ELECTION MUST BE FILED WITH THE
INTERNAL REVENUE SERVICE WITHIN 30 DAYS OF THE DATE THE OWNERSHIP OF THE
RESTRICTED SHARES IS TRANSFERRED TO DIRECTOR, A COPY OF THE ELECTION MUST BE
PROVIDED TO CRAY, AND A COPY OF THE ELECTION MUST BE ATTACHED TO DIRECTOR'S
FEDERAL (AND POSSIBLY STATE) INCOME TAX RETURN FOR THE YEAR OF THE ELECTION.
DIRECTOR ACKNOWLEDGES THAT IF HE OR SHE CHOOSES TO FILE A SECTION 83(b)
ELECTION, IT IS DIRECTOR'S SOLE RESPONSIBILITY, AND NOT CRAY'S, TO MAKE A VALID
AND TIMELY ELECTION. DIRECTOR IS ENCOURAGED TO CONSULT HIS OR HER TAX ADVISOR
REGARDING THE ADVISABILITY OF, AND PROCEDURE FOR, MAKING A SECTION 83(b)
ELECTION WITH RESPECT TO SOME OR ALL OF THE RESTRICTED SHARES.

     6. Stock Certificate. Upon the execution and delivery of this Agreement,
the award of the Restricted Shares shall be completed and Director shall be the
owner of the Restricted Shares with all voting and other rights of a
shareholder, except as limited by this Agreement. To secure the rights of Cray
under Sections 2, 3 and 5, Cray will retain the certificate or certificates
representing the Restricted Shares. Upon any forfeiture of the Restricted Shares
covered by this Agreement, Cray shall have the right to cancel the Restricted
Shares in accordance with this Agreement without any further action by Director.
After Restricted Shares have vested, Cray shall deliver a certificate for the
vested Restricted Shares to Director.

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     7. Cray Shares. If, prior to vesting of Restricted Shares, the outstanding
Cray Common Stock is increased as a result of a stock dividend or stock split,
the restrictions and other provisions of this Agreement shall apply to any such
additional shares of Cray Common Stock that are issued in respect of the
Restricted Shares to the same extent as such restrictions and other provisions
apply to the Restricted Shares. If, prior to vesting of the Restricted Shares,
the outstanding Cray Common Stock is decreased by a reverse stock split, then
the Restricted Shares shall be similarly decreased, and Director hereby
authorizes Cray to replace the pre-split Restricted Shares with post-split
Restricted Shares.

     8. Legend. Each certificate evidencing the Restricted Shares shall bear a
legend substantially as follows:

     "The shares represented by this certificate are subject to a Restricted
     Stock Agreement dated as of the original issuance date of such shares,
     which restricts the transferability of the shares. A copy of the agreement
     is on file at the principal executive office of the Company and will be
     furnished to the holder of this certificate upon request and without
     charge."

     9. Definitions. As used in this Agreement, the following terms have the
indicated meanings:

"Cause" means a good faith determination by the Board of Directors that:

     a.   Director has willfully failed or refused in a material respect to
          follow reasonable policies or directives established by the Board of
          Directors, including the Corporate Governance Guidelines, or willfully
          failed to attend to material duties or obligations of Director's
          office (other than any such failure resulting from his incapacity due
          to physical or mental illness), which Director has failed to correct
          within a reasonable period following written notice to Director; or

     b.   there has been an act by Director involving wrongful misconduct which
          has a demonstrably adverse impact on or material damage to the Company
          or its subsidiaries, or which constitutes a misappropriation of the
          assets of the Company; or

     c.   Director has engaged in an unauthorized disclosure of Company
          confidential information; or

     d.   Director has materially breached his obligations hereunder or other
          agreement with the Company.

"Change of Control" of the Company means and includes each and all of the
following:

     a.   The shareholders of the Company approve a merger or consolidation of
          the Company with any other corporation, other than a merger or
          consolidation which would result in the voting securities of the
          Company outstanding immediately prior thereto continuing to represent
          (either by remaining outstanding or by being converted into voting
          securities of the surviving entity) at least 50% of the total voting
          power represented by the voting

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          securities of the Company or such surviving entity outstanding
          immediately after such merger or consolidation, or the shareholders of
          the Company approve a plan of complete liquidation of the Company or
          an agreement for the sale or disposition of all or substantially all
          of the Company's assets.

     b.   The acquisition by any Person as Beneficial Owner, directly or
          indirectly, of securities of the Company representing 50% or more of
          the total voting power represented by the Company's then outstanding
          voting securities except pursuant to a negotiated agreement with the
          Company and pursuant to which such securities are purchased for the
          Company.

     c.   A majority of the Board in office at the beginning of any 36 month
          period is replaced during the course of such 36 month period (other
          than by voluntary resignation of individual directors in the ordinary
          course of business) and such placement was not initiated by the Board
          as constituted at the beginning of such 36 month period.

          Any other provisions of this section notwithstanding, the term "Change
          of Control" shall not include, if undertaken at the election of the
          Company, either a transaction the sole purpose of which is to change
          the state of the Company's incorporation, or a transaction, the result
          of which is to sell all or substantially all of the assets of the
          Company to another corporation (the "surviving corporation"), provided
          that the surviving corporation is owned directly or indirectly by the
          shareholders of the Company immediately following such transaction in
          substantially the same proportions as their ownership of the Company's
          Common Stock immediately preceding such transaction; and provided
          further that the surviving corporation expressly assumes this
          Agreement.

     "Disability" means that, at the time Director's employment is terminated,
     Director has been unable to perform the duties of Director's position for a
     period of six consecutive months as a result of Director's incapability due
     to physical or mental illness.

     "Person" shall have the meaning ascribed to such term in Section 3(a)(9) of
     the Exchange Act and as used in Sections 13(d) and 14(d) thereof, including
     a "group" as defined in Section 13(d) of the Exchange Act but excluding the
     Company and any subsidiary and any Director benefit plan sponsored or
     maintained by the Company or any subsidiary (including any trustee of such
     plan acting as Trustee).

     10. Company's Successors. The Company will require any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company, to expressly
assume and agree to perform the obligations under this Agreement in the same
manner and to the same extent that the Company would be required to perform if
no such succession had taken place. As used in this Section 10, "Company"
includes any successor to its business or assets as aforesaid which executes and
delivers this Agreement or which otherwise becomes bound by all the terms and
provisions of this Agreement by operation of law.

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     11. General Provisions.

          a. Counterparts. This Agreement may be executed in counterparts, each
of which will be deemed an original, but all of which together will constitute
one and the same instrument.

          b. Entire Agreement. This Agreement constitutes the entire agreement
among the parties hereto and contains all of the agreements between such parties
with respect to the subject matter hereof. This Agreement supersedes any and all
other agreements, either oral or written, between such parties with respect to
the subject matter hereof. The foregoing notwithstanding, the provisions of this
Agreement are subject to the provisions to the Plan.

          c. Severability. Wherever possible, each provision hereof shall be
interpreted in such manner as to be effective and valid under applicable law,
but in case any one or more of the provisions contained herein shall, for any
reason, be held to be invalid, illegal or unenforceable in any respect, such
provision shall be ineffective to the extent, but only to the extent, of such
invalidity, illegality or unenforceability without invalidating the remainder of
such invalid, illegal or unenforceable provision or provisions or any other
provisions hereof, unless such a construction would be unreasonable.

          d. Amendment. Except as expressly provided herein, this Agreement may
be amended only by a written agreement executed by each of the parties hereto.

          e. Governing Law; Jurisdiction and Venue. This Agreement shall be
governed by and interpreted and enforced in accordance with the laws of the
State of Washington as applied to contracts made and fully performed in such
state. The parties agree that King County, Washington, shall be the exclusive
proper place of venue for any action, dispute, or controversy arising from or in
connection with this Agreement and submit to the jurisdiction of the state and
federal courts located in King County, Washington. In the event either party
institutes litigation hereunder, the prevailing party shall be entitled to
reasonable attorneys' fees to be set by the trial court and, upon any appeal,
the appellate court.

          f. Waiver. Any term or provision of this Agreement may be waived, or
the time for its performance may be extended, by the party or parties entitled
to the benefit thereof. Any such waiver shall be validly and sufficiently
authorized for the purposes of this Agreement if, as to any party, it is
authorized in writing by an authorized representative of such party. The failure
of any party hereto to enforce at any time any provision of this Agreement shall
not be construed to be a waiver of such provision, nor in any way to affect the
validity of this Agreement or any part hereof or the right of any party
thereafter to enforce each and every provision. No waiver of any breach of this
Agreement shall be held to constitute a waiver of any other or subsequent
breach.

          g. Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
permitted assigns. The successors and permitted assigns hereunder shall include
without limitation, any permitted

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assignee as well as the successors in interest to such permitted assignee
(whether by merger, liquidation (including successive mergers or liquidations)
or otherwise).

          h. No Third-Party Beneficiaries. Except as otherwise expressly
contemplated by this Agreement, this Agreement is entered into solely for the
benefit of the parties hereto and their respective successors and permitted
assigns, and shall not confer any rights upon any person or entity not a party
to this Agreement.

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first mentioned above.

CRAY INC.                               DIRECTOR

By
   ----------------------------------   ----------------------------------------
   Peter J. Ungaro, Chief Executive
   Officer and President

                                        7exv10w1

 

Exhibit 10.1

William E. Chiles

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

     This Amended and Restated Employment Agreement (this “Agreement”) by and between Bristow Group
Inc., a Delaware corporation f/k/a Offshore Logistics, Inc. (the “Company”) and William E. Chiles,
an individual (the “Executive”), is entered into this 6th day of June, 2006, but
effective as of the 21st day of June, 2004 (the “Effective Date”). Except as otherwise
provided herein, capitalized terms used herein shall have the meaning specified in Section 10.

     WHEREAS, the Company and the Executive entered into an Employment Agreement and a Change of
Control Employment Agreement (the “Original Agreements”) both dated as of the Effective Date,
providing for the Executive’s employment as the Company’s President and Chief Executive Officer,
and setting forth the terms and conditions for such employment; and

     WHEREAS, the Company and the Executive desire to amend and restate the Original Agreements to
provide for certain changes to the terms and conditions of the Executive’s employment by the
Company, as reflected in this Agreement.

     NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for
other good and valuable consideration, the receipt of which is mutually acknowledged, the Company
and the Executive agree as follows:

     1. Employment, Duties and Acceptance.

     (a) Employment Period.

     (i) The Company hereby agrees to employ the Executive for a term commencing on the
Effective Date and expiring at the end of the day on July 15, 2007 (the “Initial Employment
Period”).

     (ii) The Initial Employment Period shall be automatically further extended at the end
of the Initial Employment Period and on each anniversary thereafter (each such date being a
“Renewal Date”), so as to terminate one (1) year from such Renewal Date, unless at least
ninety (90) days prior to a Renewal Date either Party gives a written notice (a “Notice of
Non-Renewal”) to the other Party that the Employment Period should not be further extended
after the next Renewal Date, in which event the end of the term of the Executive’s
employment by the Company shall be the Renewal Date next following such Notice of
Non-Renewal. As used in this Agreement, the “Employment Period” shall mean the period
beginning on the Effective Date and ending on the expiration of the term of the Executive’s
employment with the Company pursuant to this Section 1(a), subject to earlier termination of
the Executive’s employment with the Company pursuant to Section 3 hereof.

     (iii) Notwithstanding the foregoing provisions of this Section 1(a), if a Change of
Control Effective Date (as defined in Section 10(j) hereof) occurs during the

 

 

Employment Period, then the Employment Period shall extend to include and shall
terminate at the end of the Change of Control Period, subject to earlier termination
pursuant to Section 3 hereof, and the Employment Period shall no longer be subject to
extension on the Renewal Date.

     (b) Position. From the Effective Date through July 14, 2004, the Executive shall be
employed as a non-officer employee of the Company. From and after July 15, 2004 and during the
remainder of the Employment Period, the Executive shall serve in the position shown on Exhibit A.
Executive shall also serve in those offices and directorships of subsidiary corporations or
entities of the Company to which the Executive may from time to time be appointed or elected.
During the Employment Period, the Executive shall devote substantially all of the Executive’s
business time, energy and talents to the Company and its Affiliated Group. During the Employment
Period, it shall not be a violation of this Agreement for the Executive, subject to the
requirements of Section 5, to (A) serve on corporate, civic or charitable boards or committees,
provided that written approval of the Board is required for service on any corporate board, (B)
deliver lectures or fulfill speaking engagements and (C) manage personal investments, so long as
such activities do not interfere with the performance of the Executive’s responsibilities to the
Company or violate any Company policies.

     (c) Location of Services. The Executive’s principal location of employment shall be
at the Company offices shown on Exhibit A; provided, that the Executive will be required to
travel frequently outside of the applicable principal location of employment in connection with the
performing the Executive’s duties under this Agreement.

     (d) Duties. The Executive agrees that during the Employment Period, the Executive
shall perform the duties as shown on Exhibit A. During any Change of Control Period, the
Executive’s position (including status, offices, titles and reporting requirements), authority,
duties and responsibilities shall be at least commensurate in all material respects with the most
significant of those held, exercised and assigned to the Executive at any time during the 120-day
period immediately preceding the Change of Control Effective Date.

     (e) Acceptance of Employment by the Executive. The Executive hereby accepts such
employment and shall render the services and perform the duties described above.

     2. Compensation and Benefits.

     (a) Base Salary. During the Employment Period, the Executive shall receive an
annualized base salary (“Annual Base Salary”) at the rate and Grade Level shown on Exhibit A,
payable semi-monthly or such other payroll period pursuant to the Company’s normal payroll
practices for its senior executives. The current Annual Base Salary shall be reviewed at such time
as the salaries of other senior executives of the Company are reviewed generally, provided,
that the Executive’s reviews shall occur at least annually and may be increased and decreased, but
not decreased below the base level of $486,200, from and after June 6, 2006 and during the
remainder of the Employment Period. All such reviews shall consider factors the Company deems
material, including, but not limited to: (i) market benchmarking; (ii) increases in cost of living;
(iii) Executive’s job performance; and (iv) overall Company performance. During any Change of
Control Period, the Annual Base Salary shall be at least equal to 12 times the highest

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monthly base salary paid or payable, including any base salary which has been earned but
deferred, to the Executive by the Company and the Affiliated Group in respect of the 12-month
period immediately preceding the month in which the Change of Control Effective Date occurs.
During any Change of Control Period, (x) Annual Base Salary shall not be reduced, and (y) the term
“Annual Base Salary” as utilized in this Agreement shall refer to Annual Base Salary as determined
pursuant to the foregoing subpart (x).

     (b) Annual Bonus. For each fiscal year completed during the Employment Period, the
Executive shall be eligible to receive an annual cash bonus (“Annual Bonus”) based upon performance
targets that are established by the Committee, provided that the Executive’s target Annual
Bonus shall be as shown on Exhibit A as a percentage of the Executive’s Annual Base Salary (the
“Target Bonus”), and the maximum Annual Bonus shall be as shown on Exhibit A as a percentage of the
Executive’s Annual Base Salary. If the beginning of the Employment Period does not coincide with
the beginning of the Company’s fiscal year, the Annual Bonus will be pro-rated for the first fiscal
year during the Employment Period. Annual performance metrics will be set by the Committee based
upon objective performance criteria of the Company, such as earnings per share and return on
capital employed, as well as individual performance and, with respect to the Company’s first fiscal
year ending after the Effective Date, pursuant to the provisions of the Annual Incentive
Compensation Plan for such fiscal year. During any Change of Control Period, the Executive shall
be awarded, for each fiscal year ending during the Change of Control Period, an Annual Bonus in
cash at least equal to the Recent Annual Bonus. Each such Annual Bonus shall be paid no later than
the end of the third month of the fiscal year next following the fiscal year for which the Annual
Bonus is awarded, unless the Executive shall elect to defer the receipt of such Annual Bonus.

     (c) Stock Option Grant. In connection with the Original Agreements, the Company
granted to the Executive stock options pursuant to the Incentive Plan to purchase the number of
shares of the Company’s common stock as shown on Exhibit A (the “Stock Options”). The Stock
Options have a per share exercise price equal to the closing price of a share of common stock of
the Company on the date of grant, have a ten-year term, and vest in three annual installments on
each of the first three anniversaries of the Effective Date, with 33% of the Stock Options vesting
on each of first two anniversaries of the Effective Date, and the remaining 34% vesting on the
third anniversary of the Effective Date, provided in each case that the Executive remains
in the employ of the Company through such date. Except as specifically provided herein, the terms
and conditions of the Stock Options shall be subject to the terms of the Incentive Plan and the
award agreement evidencing the grant. During the Employment Period, the Executive may receive such
additional Awards (as defined in the Incentive Plan), if any, pursuant to the Incentive Plan as may
be determined, from time to time, by the Committee.

     (d) Performance Accelerated Restricted Stock Unit Grant. In connection with the
Original Agreements, the Company granted to the Executive pursuant to the Incentive Plan, the
number of Performance Accelerated Restricted Stock Units as shown on Exhibit A (the “Restricted
Shares”). The Restricted Shares will vest five years after the Effective Date, so long as
Executive has been continuously employed by the Company and the Company’s annualized total
shareholder return (as defined in the award agreement) is at least 3% during the entire vesting
period. Vesting of the Restricted Shares will be accelerated if the Company’s annualized total
shareholder returns during such vesting period reach certain thresholds provided in the

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award agreement evidencing the grant of the Restricted Shares (which thresholds shall be
consistent with those provided in awards to other senior executives of the Company) and under the
circumstances described in Section 3(e). Except as specifically provided herein, the terms and
conditions of the Restricted Shares shall be subject to the terms of the Incentive Plan and the
award agreement evidencing the grant.

     (e) Deferred Compensation. As soon as reasonably practicable after December 31 of
each year during the Employment Period the Company will credit an amount equal to the percentage
shown on Exhibit A of the aggregate cash paid by the Company to Executive as Annual Base Salary and
Annual Bonus for the calendar year ended December 31 (less Company contributions to qualified
plans) into a Company deferred compensation plan (the Offshore Logistics, Inc. Deferred
Compensation Plan Effective: January 1, 2004, as amended from time to time), which will be subject
to the vesting schedule set forth in such plan. In the event that legislation implemented
subsequent to the date of this Agreement causes the deferrals contemplated hereby not to be
respected for tax purposes, such amounts shall be paid to the Executive in the year of accrual on
December 31st of each such year (conditioned on the Executive’s continued employment on such date),
on a fully taxable basis, and without adjustment for tax impact.

     (f) Employee Benefits. From and after July 15, 2004 and during the Employment Period,
the Executive (subject to applicable law and regulation) shall be eligible for participation in the
Company health and medical, welfare, retirement (including the Offshore Logistics, Inc. Employee
Savings and Retirement Plan, as amended from time to time), non-qualified deferred compensation,
perquisite, fringe benefit, and other benefit plans, practices, policies and programs, as may be in
effect from time to time, for executives of the Company generally; provided, that, except
as otherwise provided in this Agreement, the Executive shall not be eligible for any Company
severance benefit plans, practices, policies and programs. If the Executive is a new employee of
the Company, the Company agrees to reimburse the Executive for all costs of coverage provided
pursuant to COBRA for medical insurance for Executive and the Executive’s immediate family for the
period beginning on the Effective Date and ending on the date Executive first becomes eligible for
coverage under the Company health and medical plan. In addition, as soon as reasonably practicable
after execution and delivery of this Agreement by the Company and the Executive, subject to the
Executive becoming eligible for coverage under the Company health and medical plan, the Company
shall provide to the Executive and continue during the Employment Period a Company-paid portable,
10-year term life insurance policy covering the Executive’s life in the amount of $3 million with
death benefits payable to the Executive’s designated beneficiaries. The Executive shall cooperate
with the Company in applying for such coverage, including submitting to a physical exam and
providing all relevant health and personal data. During any Change of Control Period, in no event
shall the benefits described in this Section 2(f) provide the Executive with benefits that are less
favorable, in the aggregate, than the most favorable of such benefits in effect for the Executive
at any time during the 120-day period immediately preceding the Change of Control Effective Date
or, if more favorable to the Executive, those provided generally at any time after the Change of
Control Effective Date to other peer executives of the Company and the Affiliated Group.

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     (g) Expenses. During the Employment Period, the Executive shall be eligible for
prompt reimbursement for business expenses reasonably incurred by the Executive in accordance with
the policies of the Company as may be in effect from time to time for Company executives generally,
including, but not limited to, any club and professional dues and required continuing education and
licensing fees as shown on Exhibit A.

     (h) Vacation. During the Employment Period, the Executive shall be eligible for paid
vacation at the rate of the number of weeks per year shown on Exhibit A in accordance with the
policies of the Company.

     (i) Company Automobile. From and after July 15, 2004 and during the Employment
Period, the Company shall provide the Executive with an automobile allowance as shown on Exhibit A
to be used by Executive to acquire, maintain and operate an automobile which Executive may use for
business purposes during the Employment Period.

     (j) Office and Support Staff. During any Change of Control Period, the Executive
shall be entitled to an office or offices of a size and with furnishings and other appointments,
and to exclusive personal secretarial and other assistants, at least equal to the most favorable of
the foregoing provided to the Executive by the Company and the Affiliated Group at any time during
the 120-day period immediately preceding the Change of Control Effective Date or, if more favorable
to the Executive, as provided generally at any time thereafter with respect to other peer
executives of the Company and the Affiliated Group.

     3. Termination of Employment.

     (a) Death or Disability. The Executive’s employment shall terminate automatically
upon the Executive’s death during the Employment Period. If the Company determines in good faith
that the Disability of the Executive has occurred during the Employment Period (pursuant to the
definition of Disability set forth below), it may provide the Executive with written notice in
accordance with Section 9(b) of this Agreement of its intention to terminate the Executive’s
employment. In such event, the Executive’s employment with the Company shall terminate effective
on the 30th day after receipt of such notice by the Executive (the “Disability Effective Date”),
provided that, within the 30-day period after such receipt, the Executive shall not have returned
to full time performance of the Executive’s duties.

     (b) Cause. The Company may terminate the Executive’s employment during the Employment
Period with or without Cause.

     (c) Good Reason. The Executive’s employment may be terminated by the Executive with
or without Good Reason. The Executive’s employment may be terminated by the Executive for Good
Reason if (x) an event or circumstance set forth in Section 10(aa) shall have occurred and the
Executive provides the Company with written notice thereof within 30 days after the Executive has
knowledge of the occurrence or existence of such event or circumstance, which notice shall
specifically identify the event or circumstance that the Executive believes constitutes Good
Reason, (y) the Company fails to correct the circumstance or event so identified within 30 days
after the receipt of such notice, and (z) the Executive resigns within 90 days after the date of
delivery of the notice referred to in clause (x) above.

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     (d) Notice of Termination. Any termination by the Company for Cause, or by the
Executive for Good Reason, shall be communicated by Notice of Termination to the other Party hereto
given in accordance with Section 9(b) of this Agreement. The failure by the Executive or the
Company to set forth in the Notice of Termination any fact or circumstance which contributes to a
showing of Good Reason or Cause shall not waive any right of the Executive or the Company,
respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such
fact or circumstance in enforcing the rights of the Executive or the Company hereunder.

     (e) Special Vesting Terms for Stock Option and Awards. All unvested Stock Options and
other Awards (including, without limitation, the Restricted Shares) granted pursuant to this
Agreement or the Incentive Plan will become fully vested and unrestricted (i) in the event of the
Company’s termination of the Executive’s employment without Cause during the Employment Period,
(ii) in the event of the Executive’s resignation during the Employment Period for Good Reason,
(iii) upon termination of the Executive’s employment by the Company due to the Executive’s death or
Disability, or (iv) upon the occurrence of a Change of Control. If the Executive’s employment is
terminated prior to the Termination Date, the period of exercise for the Executive’s vested Stock
Options shall be as follows:

     (i) Upon the Executive’s termination without Cause, resignation for Good Reason, or due
to the Executive’s death or Disability, any Stock Options held by the Executive that were
exercisable immediately before the Date of Termination may be exercised at any time until
the earlier of (A) the third anniversary of the Date of Termination and (B) the expiration
date of the Stock Options (unless such termination occurs within thirteen (13) months
following a Change of Control, in which case the Executive shall have the remaining
unexpired term of the Stock Options in which to exercise the Stock Options).

     (ii) Upon the Executive’s termination of employment by the Company for Cause, (A) any
unvested Stock Options and Restricted Shares held by the Executive shall be forfeited,
effective as of the Date of Termination, and (B) all vested Stock Options will be
exercisable for 30 days after the Date of Termination.

     (iii) Upon termination of the Executive’s employment for any reason other than the
Executive’s death or Disability, the Executive’s resignation for Good Reason, or termination
by the Company for Cause, any Stock Options held by the Executive that were exercisable
immediately before the Date of Termination may be exercised at any time until the earlier of
(A) the 90th day following the Date of Termination and (B) the expiration date of
such Stock Options.

     (iv) Notwithstanding the foregoing provisions of this Section 3(e), if the Executive
dies after the Executive’s employment by the Company is terminated but while any of the
Stock Options remain exercisable as set forth above, such Stock Options may be exercised at
any time until the later of (A) the earlier of (1) the first anniversary of the date of such
death and (2) the expiration date of such Stock Options and (B) the last date on which such
Stock Options would have been exercisable, absent this Section 3(e)(iv).

6

 

     (v) Notwithstanding the foregoing provisions of this Section 3(e), upon the termination
of the Executive’s employment with the Company for any reason, other than termination for
Cause by the Company, during the 24-month period following any Change of Control Effective
Date, any Stock Options held by the Executive as of the Change of Control Effective Date
that remain outstanding as of the Date of Termination may thereafter be exercised, until the
later of (A) the last date on which such Stock Options would be exercisable in the absence
of this Section 3(e)(v) and (B) the earlier of (1) the third anniversary of the Change of
Control Effective Date and (2) the expiration date of such Stock Options.

Notwithstanding anything in this Agreement to the contrary, express or implied, except as provided
in Section 4(a)(ii), the provisions of this Agreement are in addition to and not in limitation of
the Executive’s rights under the Incentive Plan and any other plan, program, policy or practice
provided by the Company or any of the Affiliated Group and for which the Executive may qualify.

     (f) Resignation from All Positions. Notwithstanding any other provision of this
Agreement, upon the termination of the Executive’s employment for any reason, unless otherwise
requested by the Board and accepted by the Executive, the Executive shall immediately resign as of
the Date of Termination from all positions that the Executive holds or has ever held with the
Company and any other member of the Affiliated Group (and with any other entities with respect to
which the Company has requested the Executive to perform services and which has been accepted by
the Executive), including, without limitation, all boards of directors of any member of the
Affiliated Group. The Executive hereby agrees to execute any and all documentation to effectuate
such resignations upon request by the Company, but the Executive shall be treated for all purposes
as having so resigned upon termination of the Executive’s employment, regardless of when or whether
the Executive executes any such documentation.

     4. Obligations upon Termination.

     (a) Good Reason; Other Than for Cause; Non-Renewal by Company; Expiration. If, during
the Employment Period, (1) the Company shall terminate the Executive’s employment other than for
Cause, or death, (2) the Executive shall terminate the Executive’s employment for Good Reason
(including, but not limited to, the Executive’s Disability), (3) the Executive’s employment
terminates voluntarily or involuntarily by reason of the Company providing to the Executive a
Notice of Non-Renewal, or (4) the Executive’s employment terminates voluntarily or involuntarily
upon expiration of the term of this Agreement at the end of a Change of Control Period unless the
Company provides the Executive with a Comparable Offer at least ninety (90) days prior to the end
of the Change of Control Period:

     (i) The Company shall pay to the Executive in a lump sum in cash within 30 days after
the Date of Termination the aggregate of the following amounts:

	 	A.	 	the Accrued Amounts (as defined in Section 10(a) hereof); and
	 
	 	B.	 	an amount equal to:

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	 	(1)	 	in the event such termination occurs at any
time other than a Change of Control Period, the product of (x) two and
(y) the sum of (i) the Executive’s Annual Base Salary at the Date of
Termination and (ii) the Target Bonus; or
	 
	 	(2)	 	in the event such termination occurs during or
at the end of a Change of Control Period, the product of (x) three and
(y) the sum of (i) the Executive’s Annual Base Salary and (ii) the
Highest Annual Bonus.

     (ii) To the extent not theretofore paid or provided, the Company shall timely pay or
provide to the Executive any other amounts or benefits required to be paid or provided or
which the Executive is eligible to receive under any plan, program, policy or practice or
contract or agreement (other than, in the event the Executive’s termination occurs outside
of a Change of Control Period, any severance plan, program, policy or practice or contract
or agreement) of the Company and its Affiliated Group (such amounts and benefits, the “Other
Benefits”) in accordance with the terms and normal procedures of each such plan, program,
policy or practice, based on accrued benefits through the Date of Termination.

     (iii) Until the later of (A) in the event such termination occurs during or at the end
of a Change of Control Period, the expiration of thirty-six months after the Date of
Termination, or (B) the earlier to occur of (1) the date on which the Executive attains the
age of 65, (2) the date the Executive first becomes eligible to receive health benefits
under another employer-provided plan, from and after the Executive’s Date of Termination, or
(3) the death of the Executive, the Company shall continue medical and dental benefits to
the Executive (and, if applicable, to the spouse and dependents of the Executive who
received such benefits under the Executive’s coverage immediately prior to the Date of
Termination) at least equal to those that would have been provided to the Executive (and to
any such dependent) in accordance with the plans, programs, practices and policies of the
Company had the Executive remained actively employed during such period, provided that
Executive continues to make all required contributions.

     (iv) In the event such termination occurs during or at the end of a Change of Control
Period, the Company shall, at its sole expense as incurred, provide the Executive with
outplacement services, the scope and provider of which shall be selected by the Executive in
the Executive’s sole discretion, but the cost of which shall not exceed $50,000.

     (v) As a condition to the Executive’s receipt of payments and benefits described under
Sections 4(a)(i), 4(a)(ii), 4(a)(iii) and 4(a)(iv) in the event the Executive’s termination
occurs outside of a Change of Control Period, the Executive must execute and deliver to the
Company a full release of all claims that the Executive may have (and such release must
become irrevocable) against the Company, its Affiliated Group, and all of their officers,
employees, directors, and agents, in a form mutually and reasonably agreeable to the Parties
hereunder; provided, however, that the Executive shall retain the Executive’s
indemnification and related rights as a former officer and

8

 

director under the Certificate of Incorporation and Bylaws of the Company and the
Executive’s rights under the Directors and Officers Insurance Policy(ies) maintained by the
Company from time to time.

     (b) Cause; Without Good Reason; Non-Renewal by Executive. If the Executive’s
employment shall be terminated for Cause during the Employment Period, if the Executive shall
resign without Good Reason during the Employment Period, or if the Executive’s employment
terminates by reason of the Executive providing to the Company a Notice of Non-Renewal, this
Agreement shall terminate without further obligations to the Executive, other than the Company’s
obligation to pay or provide to the Executive an amount equal to the Accrued Amounts and the Other
Benefits. For purposes of this Section 4(b) only, the Accrued Amounts shall not include the amount
described in Section 10(a)(i)(2).

     (c) Death. If the Executive’s employment is terminated by reason of the Executive’s
death during the Employment Period, this Agreement shall terminate without further obligations to
the Executive’s legal representatives under this Agreement, other than the Company’s obligation to
pay or provide to Executive’s estate, heirs or beneficiaries: (i) the Accrued Amounts; and (ii) the
Other Benefits. With respect to the provision of Other Benefits, in the event the Executive’s
termination occurs during a Change of Control Period, the term “Other Benefits” as utilized in this
Section 4(c) shall include, without limitation, and the Executive’s estate and/or beneficiaries
shall be entitled to receive, benefits at least equal to the most favorable benefits provided by
the Company and the Affiliated Group to the estates and beneficiaries of peer executives of the
Company and the Affiliated Group under such plans, programs, practices and policies relating to
death benefits, if any, as in effect with respect to other peer executives and their beneficiaries
at any time during the 120-day period immediately preceding the Change of Control Effective Date
or, if more favorable to the Executive’s estate and/or the Executive’s beneficiaries, as in effect
on the date of the Executive’s death with respect to other peer executives of the Company and the
Affiliated Group and their beneficiaries.

     5. Covenants. The Executive recognizes that the Company’s willingness to enter into
this Agreement is based in material part on the Executive’s agreement to the provisions of this
Section 5, and that the Executive’s breach of the provisions of this Section 5 could materially
damage the Company.

     (a) Confidential Information. The Company will provide its confidential and trade
secret information to the Executive, and the Executive agrees to hold in a fiduciary capacity for
the benefit of the Company and the Affiliated Group, all Confidential Information. The Executive
shall not communicate, divulge or disseminate Confidential Information at any time during or after
the Executive’s employment with the Company and the Affiliated Group, except with the prior written
consent of the Company, or as otherwise required by law or legal process or governmental inquiry or
as such disclosure or use may be required in the course of the Executive performing the Executive’s
duties and responsibilities hereunder. Notwithstanding the foregoing provisions, if the Executive
is required to disclose any such confidential or proprietary information pursuant to applicable law
or governmental inquiry or a subpoena or court order, the Executive shall promptly notify the
Company in writing of any such requirement so that the Company or the appropriate member of the
Company and the Affiliated Group may seek an appropriate protective order or other appropriate
remedy. The Executive shall reasonably

9

 

cooperate with the Company and the Affiliated Group to obtain such a protective order or other
remedy. If such order or other remedy is not obtained prior to the time the Executive is required
to make the disclosure, then unless the Company waives compliance with the provisions hereof, the
Executive shall disclose only that portion of the confidential or proprietary information which the
Executive is advised by counsel in writing (either the Executive’s or the Company’s) that the
Executive is legally required to so disclose. Upon the Executive’s termination of employment with
the Company and the Affiliated Group for any reason, the Executive shall promptly return to the
Company all records, files, memoranda, correspondence, notebooks, notes, reports, customer lists,
drawings, plans, documents, and other documents and the like relating to the business of the
Company and the Affiliated Group or containing any trade secrets relating to the Company and the
Affiliated Group or that the Executive uses, prepares or comes into contact with during the course
of the Executive’s employment with the Company and the Affiliated Group, and all keys, credit cards
and passes, and such materials shall remain the sole property of the Company and/or the Affiliated
Group, as applicable. The Executive agrees to execute any standard form confidentiality agreements
with the Company that the Company generally enters into or may enter into in the future with its
senior executives. The Executive agrees to represent in writing to the Company upon termination of
employment that the Executive has complied with the foregoing provisions of this Section 5(a).

     (b) Work Product and Inventions. The Company and/or its nominees or assigns shall own
all right, title and interest in and to the Developments, whether or not patentable, reduced to
practice or registrable under patent, copyright, trademark or other intellectual property law
anywhere in the world, made, authored, discovered, reduced to practice, conceived, created,
developed or otherwise obtained by the Executive (alone or jointly with others) during the
Executive’s employment with the Company and the Affiliated Group, and arising from or relating to
such employment or the business of the Company or of other member of the Affiliated Group (whether
during business hours or otherwise, and whether on the premises of using the facilities or
materials of the Company or of other members of the Affiliated Group or otherwise). The Executive
shall promptly and fully disclose to the Company and to no one else all Developments, and hereby
assigns to the Company without further compensation all right, title and interest the Executive has
or may have in any Developments, and all patents, copyrights, or other intellectual property rights
relating thereto, and agrees that the Executive has not acquired and shall not acquire any rights
during the course of the Executive’s employment with the Affiliated Group or thereafter with
respect to any Developments.

     (c) Non-Solicitation of Affiliated Group Employees. The Executive shall not, at any
time during the Restricted Period, other than in the ordinary exercise of the Executive’s duties as
shown on Exhibit A, without the prior written consent of the Company, directly or indirectly,
solicit, recruit, or employ (whether as an employee, officer, agent, consultant or independent
contractor) any person who is or was at any time during the previous 12 months, an employee,
representative, officer or director of the Company or any member of the Affiliated Group. Further,
during the Restricted Period, the Executive shall not take any action that could reasonably be
expected to have the effect of directly encouraging or inducing any person to cease their
relationship with the Company or any member of the Affiliated Group for any reason. A general
employment advertisement by an entity of which the Executive is a part will not constitute
solicitation or recruitment.

10

 

     (d) Non-Competition. In consideration of the Company’s promise to provide the
Executive with the confidential and trade secret information of the Company, the Executive agrees
as follows:

     (i) Areas Other Than Louisiana. Except with respect to competition in the
State of Louisiana, or with respect to competition in or above the waters off the State of
Louisiana in the areas specified in subparagraph (B) of Section 5(d)(ii) of this Agreement,
during the Restricted Period, the Executive shall not, either directly or indirectly,
compete with the business of the Company anywhere in the world where the Company or any
member of the Affiliated Group conducts business by (1) becoming an officer, agent,
employee, partner or director of any other corporation, partnership or other entity, or
otherwise render services to or assist or hold an interest (except as a less than 2-percent
shareholder of a publicly traded corporation or as a less than 5-percent shareholder of a
corporation that is not publicly traded) in any Competitive Business, or (2) soliciting,
servicing, or accepting the business of (A) any active customer of the Company or any member
of the Affiliated Group, or (B) any person or entity who is or was at any time during the
previous twelve months a customer of the Company or any member of the Affiliated Group,
provided that such business is competitive with any significant business of the Company or
any member of the Affiliated Group.

     (ii) Louisiana. With respect to competition in the State of Louisiana, or with
respect to competition in or above the waters specified in subparagraph (B) of this Section
5(d)(ii).

	 	A.	 	Executive, during the Restricted Period, agrees to refrain from
carrying on or engaging in a business similar to the business of the Company or
any member of the Affiliated Group, or from soliciting customers of the
business of the Company or any member of the Affiliated Group, within the
Parishes of Lafayette, Vermillion, Cameron, Iberia, St. Mary, Plaquemines,
Terrebonne, Lafourche, St. Bernard, Orleans, Calcasieu and Jefferson in the
State of Louisiana, so long as the Company or any member of the Affiliated
Group carries on a like business therein during the Restricted Period, and
	 
	 	B.	 	Executive, during the Restricted Period, agrees to refrain from
carrying on or engaging in a business similar to the business of the Company or
any member of the Affiliated Group or from soliciting customers of the business
of the Company or any member of the Affiliated Group in or above the waters of
the Gulf of Mexico adjacent to the Parishes of Lafayette, Vermillion, Cameron,
Iberia, St. Mary, Plaquemines, Terrebonne, Lafourche, St. Bernard, Orleans,
Calcasieu and Jefferson in the State of Louisiana, so long as the Company or
any member of the Affiliated Group carries on a like business therein during
the Restricted Period.
	 
	 	C.	 	All non-capitalized terms in subparagraphs (A) and (B) of this
Section 5(d)(ii) are intended to and shall have the same meanings that those
terms

11

 

	 	 	 	(to the extent they appear therein) have in La. R.S. 23:921.C. Subject to
and only to the extent not inconsistent with the foregoing sentence, the
Parties understand the following phases to have the following meanings:

	 	(1)	 	The phrase “carrying on or engaging in a
business similar to the business of the Company or any member of the
Affiliated Group” includes engaging, as principal, agent, trustee, or
through the agency of any corporation, partnership, association or
agent or agency, in any business that conducts an offshore oil and gas
helicopter service business in competition with the Company or any
member of the Affiliated Group or being the owner (except as a less
than 2-percent shareholder of a publicly traded corporation or as a
less than 5-percent shareholder of a corporation that is not publicly
traded) of any interest in any corporation or other entity, or an
officer, director, or employee of any corporation or other entity
(other than the Company or any member of the Affiliated Group), or a
member or employee or any partnership, or an owner or employee of any
other business that conducts an offshore oil and gas helicopter service
business in competition with the Company or any member of the
Affiliated Group. Moreover, the term also includes (i) directly or
indirectly inducing any current customers of the Company or any member
of the Affiliated Group to patronize any offshore oil and gas
helicopter service business in competition with the Company or any
member of the Affiliated Group; (ii) canvassing, soliciting, or
accepting any offshore oil and gas helicopter service business of the
type conducted by the Company or any member of the Affiliated Group;
(iii) directly or indirectly requesting or advising any current
customers of the Company or any member of the Affiliated Group to
withdraw, curtail or cancel such customer’s offshore oil and gas
helicopter service business with the Company or any member of the
Affiliated Group; or (iv) directly or indirectly disclosing to any
other person, firm, corporation or entity, the names and addresses of
any of the current customers of the Company or any member of the
Affiliated Group. In addition, the term includes, directly or
indirectly, through any person, firm, association, corporation or other
entity with which Executive is now or may hereafter become associated,
causing or inducing any present employee of the Company or any of its
subsidiaries to leave the employ of the Company or any of its
subsidiaries to accept employment with the Executive or with such
person, firm association, corporation, or other entity.
	 
	 	(2)	 	The phrase “a similar business to the business
of the Company or any member of the Affiliated Group” means an offshore
oil and gas helicopter service business.

12

 

	 	(3)	 	The phrase “carries on a like business”
includes, without limitation, actions taken by or through a
wholly-owned subsidiary or other affiliated corporation or entity.

	 	D.	 	Notwithstanding any other provision of this Agreement, Section
5(d)(ii) of this Agreement shall not apply with respect to any geographic area
outside of the geographic territory expressly set forth in this Section
5(d)(ii).

     (e) Assistance. The Executive agrees that during and after the Executive’s employment
by the Company, upon request by the Company, the Executive will assist the Company and the
Affiliated Group in the defense of any claims, or potential claims that may be made or threatened
to be made against the Company and/or any member of the Affiliated Group in any Proceeding, and
will assist the Company and the Affiliated Group in the prosecution of any claims that may be made
by the Company and/or any member of the Affiliated Group in any Proceeding, to the extent that such
claims may relate to the Executive’s employment or the period of the Executive’s employment by the
Company. The Executive agrees, unless precluded by law, to promptly inform the Company if the
Executive is asked to participate (or otherwise become involved) in any Proceeding involving such
claims or potential claims. The Executive also agrees, unless precluded by law, to promptly inform
the Company if the Executive is asked to assist in any investigation (whether governmental or
otherwise) of the Company and/or any member of the Affiliated Group (or their actions), regardless
of whether a lawsuit has then been filed against the Company and/or any member of the Affiliated
Group with respect to such investigation. The Executive agrees to fully and completely cooperate
with any investigations conducted by or on behalf of the Company and for any member of the
Affiliated Group from time to time. The Company agrees to reimburse the Executive for all of the
Executive’s reasonable out-of-pocket expenses associated with such assistance, including travel
expenses and any attorneys’ fees, and shall pay a reasonable per diem fee for the Executive’s
service. In addition, the Executive agrees to provide such services as are reasonably requested by
the Company to assist any successor to the Executive in the transition of duties and
responsibilities to such successor. Any services or assistance contemplated in this Section 5(e)
shall be at mutually agreed to and convenient times.

     (f) Remedies. The Executive acknowledges and agrees that the terms of this Section 5:
(i) are reasonable in geographic and temporal scope, (ii) are necessary to protect legitimate
proprietary and business interests of the Company in, inter alia, near permanent customer
relationships and confidential information. The Executive further acknowledges and agrees that (x)
the Executive’s breach of the provisions of this Section 5 will cause the Company irreparable harm,
which cannot be adequately compensated by money damages, and (y) if the Company elects to prevent
the Executive from breaching such provisions by obtaining an injunction against the Executive,
there is a reasonable probability of the Company’s eventual success on the merits. The Executive
consents and agrees that if the Executive commits any such breach or threatens to commit any
breach, the Company shall be entitled to temporary and permanent injunctive relief from a court of
competent jurisdiction, in addition to, and not in lieu of, such other remedies as may be available
to the Company for such breach, including the recovery of money damages. If any of the provisions
of this Section 5 are determined to be wholly or partially unenforceable, the Executive hereby
agrees that this Agreement or any provision hereof may be reformed so that it is enforceable to the
maximum extent permitted by

13

 

law. If any of the provisions of this Section 5 are determined to be wholly or partially
unenforceable in any jurisdiction, such determination shall not be a bar to or in any way diminish
the Company’s right to enforce any such covenant in any other jurisdiction.

     6. Non-Exclusivity of Rights. Except as provided in Section 4(a)(ii), nothing in this
Agreement shall prevent or limit the Executive’s continuing or future participation in any plan,
program, policy or practice provided by the Company or any of the Affiliated Group and for which
the Executive may qualify, nor, subject to Section 9(g), shall anything herein limit or otherwise
affect such rights as the Executive may have under any contract or agreement with the Company or
any of the Affiliated Group. Amounts which are vested benefits or which the Executive is otherwise
entitled to receive under any plan, policy, practice or program of or any contract or agreement
with the Company or any of the Affiliated Group at or subsequent to the Date of Termination shall
be payable in accordance with such plan, policy, practice or program or contract or agreement
except as explicitly modified by this Agreement.

     7. No Duty to Mitigate. In no event shall the Executive be obligated to seek other
employment or take any other action by way of mitigation of the amounts payable to the Executive
under any of the provisions of this Agreement and except as specifically provided in Section
4(a)(iii), such amounts shall not be reduced whether or not the Executive obtains other employment.

     8. Assignment; Successors.

     (a) No Assignment. This Agreement is personal to the Executive and without the prior
written consent of the Company shall not be assignable by the Executive other than by will or the
laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable
by the Executive’s legal representatives. This Agreement shall inure to the benefit of and be
binding upon the Company and its successors and assigns.

     (b) Successors. The Company shall cause any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all or a substantial portion
of its business and/or assets to assume expressly and agree to perform this Agreement immediately
upon such succession in the same manner and to the same extent that the Company would be required
to perform it if no such succession had taken place.

     9. Miscellaneous.

     (a) Governing Law; Captions; Amendments. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware, without reference to principles of
conflict of laws. The Parties hereto irrevocably agree to submit to the jurisdiction and venue of
the courts of the State of Delaware in any Delaware Proceeding. In the event of a Delaware
Proceeding, the Company shall pay all of the Executive’s reasonable travel expenses incurred by him
for the Executive’s travel between the Executive’s principal residence and/or principal place of
business at such time and Delaware in connection with such Delaware Proceeding. The captions of
this Agreement are not part of the provisions hereof and shall have no force or effect. This
Agreement may not be amended or modified otherwise than by a written agreement executed by the
Parties hereto or their respective successors and legal representatives.

14

 

     (b) Notices. All notices and other communications hereunder shall be in writing and
shall be given by hand delivery to the other Party or by registered or certified mail, return
receipt requested, postage prepaid, addressed as follows:

If to the Executive:

At the address most recently on file for the Executive at the Company at the time of
such notice.

If to the Company:

Bristow Group Inc.

2000 W. Sam Houston Parkway South, Suite 1700

Houston, Texas 77042

Attention: Chief Financial Officer

With a Copy to:

Gardere Wynne Sewell LLP

1000 Louisiana, Suite 3400

Houston, Texas 77002-5011

Attention: N. L. Stevens III

or to such other address as either Party shall have furnished to the other Party in writing in
accordance herewith. Notice and communications shall be effective when actually received by the
addressee.

     (c) Severability. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

     (d) Withholding. Notwithstanding any other provision of this Agreement, the Company
may withhold from any amounts payable or benefits provided under this Agreement any Federal, state,
local and foreign taxes as shall be required to be withheld pursuant to any applicable law or
regulation.

     (e) No Waiver. The Executive’s or the Company’s failure to insist upon strict
compliance with any provision of this Agreement or the failure to assert any right the Executive or
the Company may have hereunder, shall not be deemed to be a waiver of such provision or right or
any other provision or right of this Agreement.

     (f) Press Release. The Parties agree that the Company may issue a press release and
may otherwise publicly disclose the Executive’s employment with the Company.

     (g) Director’s and Officer’s Insurance. The Company shall provide the Executive with
Director’s and Officer’s insurance coverage, including indemnification, on terms no less favorable
than the terms of the coverage provided to similarly situated current and former

15

 

directors and officers of the Company. In the event that the validity of this Agreement is
challenged (other than by the Executive or the Executive’s representatives), the Executive’s
reasonable expenses incurred therewith shall be reimbursed by the Company.

     (h) Representations and Understandings. The Executive hereby represents and warrants
to the Company that the Executive is not party to any contract, understanding, agreement or policy,
whether or not written, with the Executive’s current employer (or any other previous employer) or
otherwise, that would be breached by the Executive’s entering into, or performing services under,
this Agreement, and that the Executive is fully able to assume the duties and responsibilities set
forth in this Agreement without restrictions of any kind. The Executive further represents that
the Executive has disclosed to the Company in writing all material threatened, pending, or actual
claims that are unresolved and still outstanding as of the Effective Date, in each case, against
the Executive of which the Executive is aware, if any, as a result of the Executive’s employment
with the Executive’s current employer (or any other previous employer) or the Executive’s
membership on any boards of directors.

     (i) Entire Agreement; Conflicts. This Agreement and the other agreements referred to
herein, constitute the entire agreement between the Parties hereto with respect to the subject
matter hereof and supersedes all prior agreements and understanding, both written and oral,
including, without limitation, the Original Agreements. In the event of direct conflict between
the provisions of this Agreement and any Company policies or practices, the provisions of this
Agreement shall control.

     (j) Counterparts. This Agreement may be executed by facsimile and in multiple
counterparts, each of which shall constitute an original and all of which shall constitute one and
the same document.

     (k) Certain Additional Payments by the Company.

     (i) Anything in this Agreement to the contrary notwithstanding, in the event it shall
be determined that any payment or distribution by the Company to or for the benefit of the
Executive (whether paid or payable or distributed or distributable pursuant to the terms of
this Agreement or otherwise, but determined without regard to any additional payments
required under this Section 9(k)) (a “Payment”) would be subject to the excise tax imposed
by Section 4999 of the Code or any interest or penalties are incurred by the Executive with
respect to such excise tax (such excise tax, together with any such interest and penalties,
are hereinafter collectively referred to as the “Excise Tax”), then the Executive shall be
entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that
after payment by the Executive of all taxes (including any interest or penalties imposed
with respect to such taxes), including, without limitation, any income taxes (and any
interest and penalties imposed with respect thereto) and Excise Tax imposed upon the
Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the
Excise Tax imposed upon the Payments.

     (ii) Subject to the provisions of Section 9(k)(iii), all determinations required to be
made under this Section 9(k), including whether and when a Gross-Up Payment is required and
the amount of such Gross-Up Payment and the assumptions to be utilized in

16

 

arriving at such determination, shall be made by the Company’s auditing firm used
immediately prior to the Change of Control or such other certified public accounting firm as
may be designated by the Executive (the “Accounting Firm”), which shall provide detailed
supporting calculations both to the Company and the Executive within 15 business days of the
receipt of notice from the Executive that there has been a Payment, or such earlier time as
is requested by the Company. In the event that the Accounting Firm is serving as accountant
or auditor for the individual, entity or group effecting the Change of Control, the
Executive shall appoint another nationally recognized accounting firm to make the
determinations required hereunder (which accounting firm shall then be referred to as the
Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne
solely by the Company. Any Gross-Up Payment, as determined pursuant to this Section 9(k),
shall be paid by the Company to the Executive within five days of the receipt of the
Accounting Firm’s determination. Any determination by the Accounting Firm shall be binding
upon the Company and the Executive. As a result of the uncertainty in the application of
Section 4999 of the Code at the time of the initial determination by the Accounting Firm
hereunder, it is possible that Gross-Up Payments which will not have been made by the
Company should have been made (“Underpayment”), consistent with the calculations required to
be made hereunder. In the event that the Company exhausts its remedies pursuant to Section
9(k)(iii) and the Executive thereafter is required to make a payment of any Excise Tax, the
Accounting Firm shall determine the amount of the Underpayment that has occurred and any
such Underpayment shall be promptly paid by the Company to or for the benefit of the
Executive.

     (iii) The Executive shall notify the Company in writing of any claim by the Internal
Revenue Service that, if successful, would require the payment by the Company of the
Gross-Up Payment. Such notification shall be given as soon as practicable but no later than
ten business days after the Executive is informed in writing of such claim and shall apprise
the Company of the nature of such claim and the date on which such claim is requested to be
paid. The Executive shall not pay such claim prior to the expiration of the 30-day period
following the date on which the Executive gives such notice to the Company (or such shorter
period ending on the date that any payment of taxes with respect to such claim is due). If
the Company notifies the Executive in writing prior to the expiration of such period that it
desires to contest such claim, the Executive shall:

	 	A.	 	give the Company any information reasonably requested by the
Company relating to such claim,
	 
	 	B.	 	take such action in connection with contesting such claim as
the Company shall reasonably request in writing from time to time, including,
without limitation, accepting legal representation with respect to such claim
by an attorney reasonably selected by the Company,
	 
	 	C.	 	cooperate with the Company in good faith in order effectively
to contest such claim, and

17

 

	 	D.	 	permit the Company to participate in any proceedings relating
to such claim;

provided, however, that the Company shall bear and pay directly all costs and expenses
(including additional interest and penalties) incurred in connection with such contest and
shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax
or income tax (including interest and penalties with respect thereto) imposed as a result of
such representation and payment of costs and expenses. Without limitation on the foregoing
provisions of this Section 9(k)(iii), the Company shall control all proceedings taken in
connection with such contest and, at its sole option, may pursue or forgo any and all
administrative appeals, proceedings, hearings and conferences with the taxing authority in
respect of such claim and may, at its sole discretion, either pay the tax claimed to the
appropriate taxing authority on behalf of the Executive and direct the Executive to sue for
a refund or contest the claim in any permissible manner, and the Executive agrees to
prosecute such contest to a determination before any administrative tribunal, in a court of
initial jurisdiction and in one or more appellate courts, as the Company shall determine;
provided, however, that, if the Company pays such claim and directs the Executive to sue for
a refund, the Company shall indemnify and hold the Executive harmless, on an after-tax
basis, from any Excise Tax or income tax (including interest or penalties) imposed with
respect to such payment or with respect to any imputed income in connection with such
payment; and provided, further, that any extension of the statute of limitations relating to
payment of taxes for the taxable year of the Executive with respect to which such contested
amount is claimed to be due is limited solely to such contested amount. Furthermore, the
Company’s control of the contest shall be limited to issues with respect to which a Gross-Up
Payment would be payable hereunder and the Executive shall be entitled to settle or contest,
as the case may be, any other issue raised by the Internal Revenue Service or any other
taxing authority.

     (iv) If, after the receipt by the Executive of an amount advanced by the Company
pursuant to Section 9(k)(iii), the Executive becomes entitled to receive any refund with
respect to such claim, the Executive shall (subject to the Company’s complying with the
requirements of Section 9(k)(iii)) promptly pay to the Company the amount of such refund
(together with any interest paid or credited thereon after taxes applicable thereto). If,
after the receipt by the Executive of an amount advanced by the Company pursuant to Section
9(k)(iii), a determination is made that the Executive shall not be entitled to any refund
with respect to such claim and the Company does not notify the Executive in writing of its
intent to contest such denial of refund prior to the expiration of 30 days after such
determination, then such advance shall be forgiven and shall not be required to be repaid
and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up
Payment required to be paid.

     (l) Section 409A Compliance. If any compensation or benefits provided by this
Agreement may result in the application of Section 409A of the Code, the Company shall, in
consultation with the Executive, modify the Agreement in the least restrictive manner necessary in
an effort to exclude such compensation from the definition of “deferred compensation” within the
meaning of such Section 409A or in an effort to comply with the provisions of Section 409A, other
applicable provision(s) of the Code and/or any rules, regulations or other regulatory

18

 

guidance issued under such statutory provisions, without any diminution in the value of the
payments or benefits to the Executive and, in the case of health and medical benefits, without any
lapse in coverage. Notwithstanding the foregoing, the Company shall not be required to assume any
increased economic burden.

     (m) Notwithstanding the provisions of any plan, program or arrangement provided or maintained
by the Company, no amount payable or distributable to the Executive pursuant to any plan, program
or arrangement provided or maintained by the Company shall be reduced as a result of being
potentially nondeductible under Section 280G of the Code.

     10. Definitions. As used in this Agreement, the following terms shall have the
respective meanings assigned to them below:

     (a) “Accrued Amounts” shall mean:

     (i) in the event termination of the Executive’s employment occurs at any time other
than during a Change of Control Period, the sum of (1) the Executive’s Annual Base Salary
through the Date of Termination, to the extent not theretofore paid, (2) the product of (x)
the Target Bonus and (y) a fraction (which, for purposes of clarity, shall equal less than
1), the numerator of which is the number of days in the then-current fiscal year through the
Date of Termination, and the denominator of which is 365, (3) the Executive’s business
expenses that are reimbursable pursuant to this Agreement but have not been reimbursed by
the Company as of the Date of Termination, (4) any compensation previously deferred by the
Executive (together with any accrued interest or earnings thereon) and any accrued but
unused vacation allowances for the year in which the Date of Termination occurs, and (5) any
Annual Bonus earned prior to the Termination Date but unpaid; or

     (ii) in the event termination of the Executive’s employment occurs during a Change of
Control Period, the sum of (1) the Executive’s Annual Base Salary through the Date of
Termination to the extent not theretofore paid, (2) the product of (x) the higher of (I) the
Recent Annual Bonus and (II) the Annual Bonus paid or payable, including any bonus or
portion thereof which has been earned but deferred (and annualized for any fiscal year
consisting of less than twelve full months or during which the Executive was employed for
less than twelve full months or during which the Executive was employed for less than twelve
full months), for the most recently completed fiscal year during the Employment Period, if
any (such higher amount being referred to as the “Highest Annual Bonus”) and (y) a fraction,
the numerator of which is the number of days in the current fiscal year through the Date of
Termination, and the denominator of which is 365, (3) the Executive’s business expenses that
are reimbursable pursuant to this Agreement but have not been reimbursed by the Company as
of the Date of Termination, (4) any compensation previously deferred by the Executive
(together with any accrued interest or earnings thereon) and any accrued vacation pay, in
each case to the extent not therefore paid, and (5) any Annual Bonus earned prior to the
Termination Date but unpaid.

     (b) “Affiliated Group” shall mean any entity controlled by, controlling or under common
control with the Company.

19

 

     (c) “Agreement” is defined in the Preamble to this Agreement.

     (d) “Annual Base Salary” is defined in Section 2(a).

     (e) “Annual Bonus” is defined in Section 2(b).

     (f) “Board” shall mean the Board of Directors of the Company.

     (g) “Cause” shall mean:

     (i) the Executive’s willful failure to substantially perform the Executive’s duties
under this Agreement, or the Executive’s willful failure to perform specific directives of
the Board, which directives are consistent with the scope and nature of the Executive’s
duties as set forth in Section 1(d) hereof, other than any such failure resulting from
incapacity due to physical or mental illness, which failure has continued for a period of at
least 30 days following delivery to the Executive of a written demand for substantial
performance specifying the manner in which the Executive has failed hereunder; or

     (ii) the Executive’s commission of malfeasance, fraud, or dishonesty, or the
Executive’s willful and material violation of Company policies; or

     (iii) the Executive’s indictment or formal charge for, and subsequent conviction of, or
plea of guilty or nolo contendere to, a felony, or a misdemeanor involving moral turpitude;
or

     (iv) the Executive’s material breach of Section 5 of this Agreement.

A termination of employment of the Executive shall not be deemed to be for “Cause” unless
and until there shall have been delivered to the Executive a copy of a resolution duly
adopted by the affirmative vote of not less than a majority of the entire membership of the
Board (not including the Executive) at a meeting of the Board called and held for such
purpose, finding that, in the good faith opinion of the Board, the Executive is guilty of
the conduct described in one or more of the clauses in Section 10(g) above, and specifying
the particulars thereof.

     (h) “Change of Control” shall mean:

     (i) the acquisition by an individual, entity or group (within the meaning of Section
13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of either (x) the
then outstanding shares of common stock of the Company (the “Outstanding Company Common
Stock”) or (y) the combined voting power of the then outstanding voting securities of the
Company entitled to vote generally in the election of directors (the “Outstanding Company
Voting Securities”); provided, however, that for purposes of this subsection (i), the
following acquisitions shall not constitute a Change of Control: (A) any acquisition
directly from the Company, (B) any acquisition by the Company, (C) any acquisition by any
employee benefit plan (or related trust) sponsored or maintained by the Company or any
corporation controlled by the Company or (D) any

20

 

acquisition by any corporation pursuant to a transaction which complies with clauses
(A), (B) and (C) of subsection (iii) of this Section 10(h)(i); or

     (ii) individuals who, as of the date hereof, constitute the Board (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board; provided,
however, that any individual becoming a director subsequent to the date hereof whose
election, or nomination for election by the Company’s stockholders, was approved by a vote
of at least a majority of the directors then comprising the Incumbent Board, but excluding,
for this purpose, any such individual whose initial assumption of office occurs as a result
of an actual or threatened election contest with respect to the election or removal of
directors or other actual or threatened solicitation of proxies or consents by or on behalf
of a Person other than the Board; or

     (iii) consummation by the Company of a reorganization, merger or consolidation or sale
or other disposition of all or substantially all of the assets of the Company or the
acquisition of assets of another corporation (a “Business Combination”), in each case,
unless, following such Business Combination, (A) all or substantially all of the individuals
and entities who were the beneficial owners, respectively, of the Outstanding Company Common
Stock and Outstanding Company Voting Securities immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 50.1% of, respectively, the
then outstanding shares of common stock and the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of directors, as
the case may be, of the corporation resulting from such Business Combination (including,
without limitation, a corporation which as a result of such transaction owns the Company or
all or substantially all of the Company’s assets either directly or through one or more
subsidiaries ) in substantially the same proportions as their ownership, immediately prior
to such Business Combination of the Outstanding Company Common Stock and Outstanding Company
Voting Securities, as the case may be, (B) no Person (excluding any employee benefit plan
(or related trust) of the Company or such corporation resulting from such Business
Combination) beneficially owns, directly or indirectly 35% or more of, respectively, the
then outstanding shares of common stock of the corporation resulting from such Business
Combination or the combined voting power of the then outstanding voting securities of such
corporation except to the extent that such ownership existed prior to the Business
Combination, and (C) at least a majority of the members of the board of directors of the
corporation resulting from such Business Combination were members of the Incumbent Board at
the time of the execution of the initial agreement, or of the action of the Board, providing
for such Business Combination; or

     (iv) approval by the stockholders of the Company of a complete liquidation or
dissolution of the Company.

     (i) “Change of Control Effective Date” shall mean the first date during the Employment Period
on which a Change of Control occurs. Anything in this Agreement to the contrary notwithstanding,
if a Change of Control occurs and if the Executive’s employment with the Company is terminated
prior to the date on which the Change of Control occurs, and if it is reasonably demonstrated by
the Executive that such termination of employment (1) was at the

21

 

request of a third party who has taken steps reasonably calculated to effect a Change of
Control or (2) otherwise arose in connection with or anticipation of a Change of Control, then for
all purposes of this Agreement the “Change of Control Effective Date” shall mean the date
immediately prior to the date of such termination of employment.

     (j) “Change of Control Period” shall mean the greater of (i) the period commencing on the
Change of Control Effective Date and ending on the Termination Date in effect on the Change of
Control Effective Date, and (ii) the period commencing on the Change of Control Effective Date and
ending on the third anniversary of the Change of Control Effective Date.

     (k) “Code” shall mean the Internal Revenue Code of 1986, as amended.

     (l) “Committee” shall mean the Compensation Committee of the Company.

     (m) “Company” shall mean Bristow Group Inc., a Delaware corporation, and any successor to its
business and/or assets that assumes and agrees to perform this Agreement by operation of law, or
otherwise.

     (n) “Comparable Offer” shall mean a binding offer of employment by the Company to the
Executive on terms substantially the same as the terms of this Agreement, or on terms more
beneficial to the Executive, including, without limitation, terms and provisions regarding (i) the
Executive’s position, title, duties, authority, and responsibilities, (ii) base salary, annual
bonus, options, restricted shares, severance payments and other compensation provided to the
Executive, and (iii) health and medical, welfare, retirement, deferred compensation, perquisite,
fringe benefit and other benefit plans in which the Executive will be eligible for participation.

     (o) “Competitive Business” shall mean any person or entity (including any joint venture,
partnership, firm, corporation, or limited liability company) that engages in any principal or
significant business of the Company or any member of the Affiliated Group as of the Date of
Termination (or any material or significant business being actively pursued as of the Date of
Termination that the Company or any member of the Affiliated Group enters into during the
Restricted Period).

     (p) “Confidential Information” shall mean any and all secret or confidential information,
knowledge or data relating to the Company and the Affiliated Group and their businesses (including,
without limitation, any proprietary and not publicly available information concerning any
processes, methods, trade secrets, research or secret data, costs, names of users or purchasers of
their respective products or services, business methods, operating procedures or programs or
methods of promotion and sale) that the Executive obtains during the Executive’s employment by the
Company and the Affiliated Group that is not public knowledge.

     (q) “Date of Termination” means (i) if the Executive’s employment is terminated by the Company
for Cause or by the Executive for Good Reason, the date of receipt of the Notice of Termination or
any later date specified therein within 30 days of such notice, as the case may be; (ii) if the
Executive’s employment is terminated by the Company, other than for Cause or Disability, the date
on which the Company notifies the Executive of such termination; (iii) if the Executive voluntarily
resigns without Good Reason, the date on which the Executive notifies the Company of such
termination; (iv) if the Executive’s employment is terminated by reason of

22

 

death, the date of death of the Executive; (v) if the Executive’s employment is terminated by
the Company due to Disability, the Disability Effective Date; or (vi) if the Executive’s employment
is terminated by the Executive or the Company as a result of a Notice of Non-Renewal, the end of
the applicable Employment Period.

     (r) “Delaware Proceeding” shall mean any action or proceeding brought under, with respect to
or in connection with this Agreement in the courts of Delaware.

     (s) “Developments” shall mean any and all inventions, ideas, trade secrets, technology,
devices, discoveries, improvements, processes, developments, designs, know how, show-how, data,
computer programs, algorithms, formulae, works of authorship, works modifications, trademarks,
trade names, documentation, techniques, designs, methods, trade secrets, technical specifications,
technical data, concepts, expressions, patents, patent rights, copyrights, moral rights, and all
other intellectual property rights or other developments whatsoever.

     (t) “Disability” shall mean the inability of the Executive to perform the Executive’s duties
with the Company on a full-time basis for 150 consecutive days during the Employment Period as a
result of incapacity due to mental or physical illness, which is determined to be total and
permanent by a licensed physician selected by the Company or its insurers and reasonably acceptable
to the Executive or the Executive’s legal representative. If the Parties cannot agree on a
licensed physician, each Party shall select a licensed physician and the two physicians shall
select a third who shall be the approved licensed physician for these purposes.

     (u) “Disability Effective Date” is defined in Section 3(a).

     (v) “Effective Date” is defined in the Preamble to this Agreement.

     (w) “Employment Period” is defined in Section 1(a)(ii).

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

     (y) “Executive” is defined in the Preamble to this Agreement.

     (z) “Extended Employment Period” is defined in Section 1(a)(ii).

     (aa) “Good Reason” shall mean, in the absence of the Executive’s consent, (i) a material
failure by the Company to comply with any of the material provisions regarding the Executive’s
position and duties set forth in Section 1 hereof or the Executive’s compensation and benefits set
forth in Section 2 hereof, other than an isolated, insubstantial or inadvertent failure not
occurring in bad faith and which is remedied by the Company promptly after receipt of notice
thereof given by the Executive, (ii) the relocation of the Executive’s job to a location more than
fifty (50) miles from the location shown on Exhibit A that creates an unreasonable and material
burden on the Executive or the Executive’s spouse and children (if any), (iii) any action or
inaction by any member of the Board in connection with the business of the Company, which (A)
causes the Executive to be named as a party in a Proceeding for which the Company does not provide
Director’s and Officer’s Insurance coverage for the Executive pursuant to Section 9(g) or
indemnification of the Executive pursuant to the Certificate of Incorporation and Bylaws of

23

 

the Company, or (B) requires or could reasonably be expected to require the Executive to
commit in connection with the discharge of the Executive’s duties to the Company (1) malfeasance,
fraud, or dishonesty, or (2) a willful and material violation of Company policies or U.S. laws and
regulations (including SEC rules and regulations) or accounting and auditing rules and regulations
generally known as U.S. generally accepted accounting principles and U.S. generally accepted
auditing standards, or (3) any conduct that could reasonably be expected to result in an indictment
or formal charge under the laws of the United States or any political subdivision thereof for a
felony or a misdemeanor involving moral turpitude, or (iv) the Executive’s Disability. Anything in
this Agreement to the contrary notwithstanding, a termination by the Executive for any reason
during the 30-day period immediately following the first anniversary of a Change of Control
Effective Date shall be deemed to be a termination for Good Reason for all purposes of this
Agreement.

     (bb) “Highest Annual Bonus” is defined in Section 10(a)(ii).

     (cc) “Incentive Plan” shall mean the Company’s 2004 Stock Incentive Plan and any successor
plan, as each may be amended.

     (dd) “Initial Employment Period” is defined in Section 1(a)(i).

     (ee) “Notice of Non-Renewal” is defined in Section 1(a)(ii).

     (ff) “Notice of Termination” shall mean a written notice which (i) indicates the specific
termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in
reasonable detail the facts and circumstances claimed to provide a basis for termination of the
Executive’s employment under the provision so indicated, and (iii) if the Date of Termination is
other than the date of receipt of such notice, specifies the termination date (which date shall be
not more than thirty days after the giving of such notice).

     (gg) “Other Benefits” is defined in Section 4(a)(ii) and Section 4(c).

     (hh) “Party” shall mean the Company and the Executive, individually, and “Parties” shall mean
the Company and the Executive collectively.

     (ii) “Proceeding” shall mean any action, suit or proceeding, whether civil, criminal,
administrative, investigative or otherwise.

     (jj) “Recent Annual Bonus” shall mean the Executive’s highest Annual Bonus for the last three
fiscal years prior to the Change of Control Effective Date (annualized in the event that the
Executive is not employed by the Company for the whole of such fiscal year).

     (kk) “Renewal Date” is defined in Section 1(a)(ii).

     (ll) “Restricted Period” shall mean the period from the Effective Date through the date
eighteen (18) months following the Date of Termination; provided, however, that there shall be no
Restricted Period in the event that the termination of the Executive’s employment occurs during a
Change of Control Period.

24

 

     (mm) “Restricted Shares” is defined in Section 2(d).

     (nn) “Stock Options” is defined in Section 2(c).

     (oo) “Target Bonus” is defined in Section 2(b).

     (pp) “Termination Date” shall mean the second anniversary of the Effective Date, or such later
date to which the Employment Period of this Agreement is extended in accordance with the terms of
Section 1(a).

          IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, the Company has
caused this Agreement to be executed in its name and on its behalf, as of the Effective Date.

	 	 	 	 	 
	 	 	“EXECUTIVE”
	 
	 	 	 	 
	 

	 	 	 	/s/
	 	 	 
	 	 	WILLIAM E. CHILES
	 
	 	 	 	 
	 	 	“COMPANY”
	 
	 	 	 	 
	 	 	BRISTOW GROUP INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/
	 

	 	 	 	 
	 

	 	Name:
	 	Perry L. Elders
	 

	 	Title:
	 	Executive Vice President and CFO

25

 

EXHIBIT A

TERM SHEET

WILLIAM E. CHILES

Position: President and Chief Executive Officer

Compensation Package

	 	 	 
	Employer and Location:

	 	Bristow Group Inc. located at 2000 West
Sam Houston Parkway, Suite 1700,
Houston, Texas 77042 (the “Company”).
	 
	 	 
	Annual Base Salary:

	 	From and after July 15, 2004, and until
April 1, 2006, you shall receive an
Annual Base Salary at the rate of
$425,000, subject to increase at the
discretion of the Company. From and
after April 1, 2006, and during the
remainder of the Employment Period, you
shall receive an Annual Base Salary at
the rate of $486,200, subject to
increase at the discretion of the
Company. Annual Base Salary will be
payable semi-monthly or such other
payroll period pursuant to the Company’s
normal payroll practices for its senior
executives.
	 
	 	 
	Effective Date and Term:

	 	From June 21, 2004 to July 15, 2007,
automatically renewing for consecutive
one year terms unless you or the Company
give written notice, at least 90 days
prior to the anniversary of your
employment, that employment will not be
renewed.
	 
	 	 
	Bonus Percentage:

	 	Participation in the Incentive
Compensation Plan including cash bonuses
and stock options and grants in
accordance with Executive Salary Grade
16. Current annual incentive
compensation at this grade is a target
bonus of 75% of Annual Base Salary with
a maximum of 150% of Annual Base Salary.
	 
	 	 
	Equity Grants:

	 	Initial grant of 75,000 Stock Options
and 25,000 Restricted Shares as an
incoming member of senior management,
and continuing participation in the
Company’s annual stock option plans for
the Company’s senior management. The
Restricted Shares will vest five years
after the Effective Date of your
employment, subject to your continuous
employment by the Company and the
Company achieving certain targeted
financial goals. The granted Stock
Options and Restricted Shares otherwise
will vest periodically in accordance
with Company polices. Participation in
annual stock option grants is subject to
approval of the Compensation Committee
of the Board of Directors.

1

 

	 	 	 
	401(k) Plan and Matching:

	 	Standard 3% match + an additional 3% of Annual Base Salary at the end of
each calendar year based on continued employment.
	 
	 	 
	Deferred Compensation Plan:

	 	This plan will “top up” all 401K
contributions made to 20%.
Additionally you can elect to defer a
portion of his Annual Base Salary or
Annual Bonus by contribution into
this plan. All investments are self
directed by the employee via Vanguard
Investment Group.
	 
	 	 
	Health & Benefit Plans:

	 	Standard health & benefits packages
for health insurance, STD, LTD, life
and options to “buy up” coverage
relative to LTD and life.
Additionally you will participate in
the Bristow Group Inc. management
life insurance plan that will provide
an additional $3 million of term life
coverage; paid for by the Company
(this insurance will be portable).
Five (5) weeks of annual vacation is
allowed.
	 
	 	 
	Company Vehicle Allowance:

	 	Car allowance of $1,500 per month,
which will be reassessed
periodically.
	 
	 	 
	Club Dues and Other
Expenses:

	 	The Company shall reimburse you for
(i) all dues and assessments for one
country club of your choosing, (ii)
all dues in connection with your
business-related professional
affiliations, and (iii) the
attorney’s fees and other
out-of-pocket expenses incurred by
you in connection with the
negotiation and execution of the
Original Agreements (as defined in
the Amended and Restated Employment
Agreement) and related documents
(“Attorney’s Fees”), such
reimbursement of Attorney’s Fees
hereunder to be limited to a one-time
payment of an amount not greater than
$15,000.
	 
	 	 
	Employment Agreement:

	 	This Term Sheet is Exhibit A to and a
part of the Amended and Restated
Employment Agreement between the
Company and you.

Duties

As the President and Chief Executive Officer of the Company, under the direction of the Board of
Directors of the Company (the “Board”), you will be responsible for the following:

	•	 	You shall serve as President and Chief Executive Officer of the Company, with such duties
and responsibilities as are commensurate with such position, and shall report to the Board
through the Chairman of the Board. Subject to applicable law and regulation, you shall also

2

 

	 	 	be appointed to the Board effective July 15, 2004 or as soon thereafter as
practicable, and you shall perform your duties as a director of the Company
conscientiously and faithfully.

	•	 	You agree that, during the Employment Period
as President and Chief Executive Officer of
the Company, you shall have full and direct
responsibility for managing all aspects of
the Company. You shall have full and direct
responsibility for profit and loss and
strategy development and implementation to
achieve significant growth in Company share
value consistent with the goals and
direction provided by the Board. As
President and Chief Executive Officer of the
Company, you shall devote substantially all
of your business time, energies and talents
to serving the Affiliated Group (as defined
in the Amended and Restated Employment
Agreement) and, following your appointment
to the Board, as a director and member of
the Board. You shall perform your duties
hereunder conscientiously and faithfully,
subject to the lawful directions of the
Board, and in accordance with the Company’s
corporate governance and ethics guidelines,
conflict of interests policies, and codes of
conduct (collectively, the “Company
Policies”). During the Employment Period,
it shall not be a violation of this
Agreement for you, subject to the
requirements of Section 5 of the Amended and
Restated Employment Agreement, to (A) serve
on corporate, civic or charitable boards or
committees, provided, that, without the
written approval of the Board, you shall be
permitted to serve on no more than one such
corporate board, (B) deliver lectures or
fulfill speaking engagements, and (C) manage
personal investments, so long as such
activities do not interfere with the
performance of your responsibilities as the
President and Chief Executive Officer of the
Company, or as a director of the Company or
violate any Company Policies. You agree to
serve upon request, without additional
compensation, as an officer and director for
each of the Company’s subsidiaries, joint
ventures, limited liability companies and
other entities, which, in each case, are
affiliates, as well as entities in which the
Company has a significant investment, as
determined by the Board.

	•	 	Such other functions consistent with the
foregoing as the Board may assign from time
to time.

3

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