Document:

Exhibit 10.11 Form of Era Group Inc. Management Incentive Plan (1b)

Exhibit 10.11

ERA GROUP INC.
MANAGEMENT INCENTIVE PLAN
1.    PURPOSE
The purpose of the Era Group Inc. Management Incentive Plan (the "Plan") is to provide senior executives of Era Group Inc. (the "Company") and its subsidiaries, including individuals who may be characterized as covered employees within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code") (such employees, "Covered Employees") with incentive based compensation upon the achievement of established performance goals.
2.    ELIGIBILITY
Participants in the Plan will consist of such key members of management of the Company and its subsidiaries that the Compensation Committee of the Company (as defined in Section 7 hereof) and/or Board of Directors of the Company (the "Board") in its sole discretion selects to participate.  An employee who is a Participant for one annual performance period shall not have the right to be a Participant in any subsequent annual performance period.
3.    AWARDS
3.1    Annual Bonuses.  A Participant may be designated as being eligible to receive an incentive cash bonus with respect to an annual performance period (the "Annual Bonus"), subject to the procedure and requirements of Section 4 below; provided, however, that the Compensation Committee and/or Board shall at all times have the authority and discretion to reduce or eliminate the Annual Bonus of any Participant to the extent it deems appropriate, even if performance goals are attained.  Any reduction of one Participant's Annual Bonus will not result in an increase of another Participant's Annual Bonus.
3.2    Other Bonuses.  The Compensation Committee and/or Board may award cash bonuses in such amounts and on such terms and conditions as it determines in its sole discretion, without regard to the procedure and requirements set forth in Section 4 below, to any individual who is or has been hired to be a key management employee of the Company or any of its subsidiaries.
4.    PROCEDURE
4.1    Performance Period.  Unless otherwise determined by the Compensation Committee and/or Board, the annual performance period with respect to an Annual Bonus shall be the calendar year (January 1 - December 31).
4.2    Establishment of Goal.  No later than ninety (90) days after the commencement of the performance period (but in no event after twenty-five percent (25%) of the performance period has elapsed), the Compensation Committee and/or Board shall establish (i) the performance goals applicable to the performance period; (ii) the performance measures to be used to measure the performance goals in terms of an objective formula or standard; (iii) the method for computing the amount of compensation payable to each Participant if such performance goals are obtained; and (iv) the Participants or class of Participants to which such performance goals apply.
4.3    Performance Measures.  The performance goals to be achieved to earn an Annual Bonus shall primarily be based on earnings before interest, taxes, depreciation, amortization and non-cash items based on the performance of the Company, or any business or division thereof ("EBITDA"), but may also be based on one or more of following performance measures, individually or in combination, based on the performance of the Company, or any business or division thereof, (i) revenue growth, (ii) earnings, (iii) operating income; (iv) pre- or after-tax income; (v) cash flow (before or after dividends); (vi) cash flow per share (before or after dividends); (vii) earnings per share; (viii) return on equity; (ix) return on capital (including return on total capital or return on invested capital); (x) cash flow return on investment; (xi) return on assets; (xii) economic value added (or an equivalent metric); (xiii) market share or penetration; (xiv) share price performance; (xv) total shareholder return; (xvi) improvement in or attainment of expense levels or expenses ratios; (xvii) employee satisfaction; (xviii) customer satisfaction; (xix) customer retention; (xx) rating agency ratings; and (xxi) attainment of strategic and/or organizational development goals.
4.4    Relative Performance Measures.  Performance goals may also be based on comparisons to the performance of other companies or an index covering multiple companies, measured by one or more of the foregoing performance measures.
4.5    Certain Events.  The evaluation of performance measures against the performance goals may (A) be adjusted consistent with exclusions or adjustments provided for in the Company's financing agreements, or (B) exclude or adjust for the impact of certain events or occurrences that were not budgeted or planned for in setting the goals, including but not limited to (i) asset write-downs; (ii) litigation or claim judgments or settlements; (iii) the effect of changes in tax laws, accounting principles, or other laws or provisions affecting reported results; (iv) any reorganization and restructuring programs; (v) extraordinary nonrecurring items as described in Accounting Principles Board Opinion No. 30 or in management's discussion and analysis of financial condition and results of operations appearing in the Company's annual report to stockholders for the applicable year; (vi) acquisitions or divestitures; (vii) foreign exchange gains and losses; and (viii) discontinued operations as determined by the Compensation Committee at the time it establishes the goals in accordance with Section 4.2.

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Exhibit 10.11

4.6    Maximum Bonus.  The maximum Annual Bonus payable under the Plan to any Participant for any one calendar year is $6 million.
4.7    Determination of Bonus Amounts.  As soon as reasonably practical following the completion of each performance period, the Compensation Committee shall confirm which of the applicable performance goals, if any, have been achieved and the amount of bonuses payable as a result thereof.  The Annual Bonus shall be paid to each Participant within a reasonable period of time after the end of the performance period; provided, however, that no Annual Bonus will be paid for any performance period to any Participant who is subject to the limitations of Section 162(m) of the Code with respect to any Performance Period until such confirmation is made by the Compensation Committee.
4.8    Re-approval of Performance Measurements.  Unless otherwise determined by the Board, the Company shall seek approval of the Plan and/or the performance measures listed in Section 4.3 at the first shareholder meeting that occurs in the first year following the year in which the Company becomes a publicly held corporation, for purposes of complying with Section 162(m) of the Code and the transition rule under Treasury Regulation 1.162-27(f) (for subsidiaries that become separate publicly held corporations), and the Company shall seek re-approval of the Plan and/or the performance measures listed in Section 4.3 every fifth year following any approval or re-approval thereafter, for purposes of complying with Section 162(m) of the Code.
5.    PLAN ADMINISTRATION
5.1    Compensation Committee.  The Plan shall be administered by the compensation committee of the Company which shall consist solely of at least two (2) "outside directors" within the meaning of Section 162(m) of the Code (the "Compensation Committee").  The Compensation Committee may delegate any of its duties and powers, in whole or in part, to any subcommittee thereof, provided such subcommittee consists solely of at least two (2) "outside directors" within the meaning of Section 162(m) of the Code.
5.2    Authority.  The Compensation Committee shall have full power to administer and interpret the Plan and to establish rules for its administration, including, without limitation, rules regarding the impact of employment termination during the performance period and prior to the date the Annual Bonus or Other Bonus is paid.  Any rule adopted by the Compensation Committee with respect to Covered Employees shall be consistent with the provisions of Section 162(m) of the Code.
5.3    Reliance on Advice.  The Compensation Committee and/or Board, in making any determination under or referred to in the Plan shall be entitled to rely on opinions, reports or statements of officers or employees of the Company and other entities and of counsel, public accountants and other professional expert persons.
6.    AMENDMENT AND TERMINATION OF THE PLAN
The Board may at any time, or from time to time, suspend or terminate the Plan, in whole or in part, or amend it in such respects as the Board may determine; provided, however, that any amendment of the Plan shall be subject to the approval of the Company's stockholders to the extent required to comply with the requirements of Section 162(m) of the Code, or any other applicable laws, regulations or rules.
7.    MISCELLANEOUS PROVISIONS
7.1    No Right to Continued Employment.  Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to continue to be employed by or perform services for the Company or any subsidiary.
7.2    Nontransferable.  Except as may be approved by the Compensation Committee, a Participant's rights and interests under the Plan may not be assigned or transferred, hypothecated or encumbered, in whole or in part, either directly or indirectly by operation of law or otherwise (except in the event of the Participant's death).
7.3    Withholding.  The Company and its subsidiaries shall have the right to deduct from any payment made under the Plan any federal, state, local or foreign income or other taxes required to be withheld with respect to such payment.
7.4    Compliance with Section 162(m).  This Plan shall be administered and interpreted in accordance with Section 162(m) of the Code, to ensure the deductibility by the Company or its subsidiaries of the payment of the Annual Bonuses.
7.5    Governing Law.  The Plan shall be governed by, and construed and enforced in accordance with, the laws of the State of New York.
8.    EFFECTIVE DATE
This Plan is adopted as of [____________].  The Board may, in its discretion, seek approval of the Plan by the Company's shareholders for purposes of complying with Section 162(m) of the Code and Treasury Regulation 1.162-27(f).

2Exhibit 10.12 - Form of Series B Exchange Agreement between SEACOR Holdings Inc. and Era Group Inc. (1b)

Exhibit 10.12

SERIES B EXCHANGE AGREEMENT

THIS SERIES B EXCHANGE AGREEMENT, dated as of [•], 2012 (this "Agreement"), is by and between SEACOR Holdings Inc., a Delaware corporation ("SEACOR"), and Era Group Inc., a Delaware corporation and wholly-owned subsidiary of SEACOR ("Era").
WHEREAS, the Board of Directors of SEACOR has determined that it is in the best interests of SEACOR and its stockholders to separate the business of Era from SEACOR's other businesses by means of the distribution to SEACOR's stockholders of all of the issued and outstanding shares of common stock, par value $0.01 per share, of Era (the “Era Shares”), all as more fully described in the registration statement on Form 10 filed by Era with the Securities and Exchange Commission to effect the registration of the Era Shares pursuant to the Securities Exchange Act of 1934 (the “Distribution”).
WHEREAS, SEACOR currently owns 1,000,000 shares of Series B preferred stock, par value $0.01 per share, of Era with a redemption value of $100.0 million (the “Era Preferred Shares”).
WHEREAS, Era has generated a certain amount of net operating loss tax benefits for the fiscal year 2012 (the “Era NOLs”).
WHEREAS, SEACOR and its affiliates will apply the Era NOLs against their taxable income for the fiscal year 2012. 
WHEREAS, in connection with the Distribution, SEACOR and Era desire to complete an exchange (the “Exchange”) whereby (i) SEACOR will transfer to Era, and Era will accept from SEACOR, [________](1) of SEACOR's Era Preferred Shares (the “Transferred Preferred Shares”), in respect of the estimated value of the Era NOLs; and (ii) SEACOR will to sell to Era, and Era will purchase from SEACOR, [_______](2) of SEACOR's Era Preferred Shares (the “Purchased Preferred Shares”), for a purchase price of $[________] (the “Preferred Share Purchase Price”), all as more fully described and pursuant to the terms and conditions set forth in this Agreement.    
WHEREAS, the Boards of Directors of SEACOR and Era have each determined that the Distribution and the Exchange are in the best interests of their respective companies and stockholders, as applicable, and have approved this Agreement.
NOW THEREFORE, in consideration of the mutual covenants contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:
(1)Exchange.  
		
	a.
	Transfer of Transferred Preferred Shares. SEACOR agrees to transfer and hereby transfers to Era, and Era agrees to accept and hereby accepts from SEACOR, the Transferred Preferred Shares in respect of the Era NOLs.

		
	b.
	Sale and Purchase of Purchased Preferred Shares. SEACOR agrees to sell and hereby sells to Era, and Era agrees to purchase and hereby purchases from SEACOR, the Purchased Preferred Shares, for the Preferred Share Purchase Price, to be paid by Era to SEACOR in immediately available United States funds to such account as specified by SEACOR.

		
	c.
	Additional payments in respect of adjustments to the value of the Era NOLs, if any, shall be made pursuant to the Tax Matters Agreement. 

_______________
	
				
	(1
	)
	 
	To equal the number of Era Preferred Shares such that the redemption value of such Era Preferred Shares is equal to the estimated value of the Era NOLs.

	(2
	)
	 
	To equal the remaining number of Era Preferred Shares not exchanged for the estimated Era NOLs.

	 
	 
	 

(2)Completion; Further Assurances.  The Exchange shall take place forthwith upon execution of this Agreement, without any further action of the parties hereto, except as set forth herein.  If at any time at or after the date of this Agreement, any of the parties shall consider or be advised that any other instrument of conveyance or transfer, assignment or assurance or other documentation or the taking of any other act is necessary, desirable or proper to vest, perfect or confirm the Exchange or any of the other transactions contemplated by this Agreement, the parties agree to execute and deliver all such instruments, 

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assignments, assurances and documents to do all things necessary, desirable or proper to vest, perfect or confirm the Exchange and other transactions contemplated by this Agreement and otherwise to carry out the purposes of this Agreement.
(3)Counterparts.  This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the parties hereto and delivered to the other party hereto.
(4)Waivers.  The failure of any of the parties hereto to require strict performance by any other party of any provision in this Agreement will not waive or diminish that party's right to demand strict performance thereafter of that or any other provision hereof.
(5)Severability.  Any term or provision of this Agreement that is invalid or unenforceable in any situation or in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction.
(6)Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors and permitted assigns.
(7)Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK.
(8)Specific Performance.  In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the parties hereto agree that the party to this Agreement who is or is to be thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative.  The parties agree that the remedies at law for any breach or threatened breach of this Agreement, including monetary damages, are inadequate compensation for any loss, that any defense in any action for specific performance that a remedy at law would be adequate is hereby waived, and that any requirements for the securing or posting of any bond with such remedy are hereby waived.

*    *    *

[Signature page follows]

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day and year first above written.
SEACOR HOLDINGS INC.
By:       
Name:    [·]
Title:    [·]
ERA GROUP INC.
By:       
Name:    [·]
Title:    [·]

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