Document:

exv10w2

 

Exhibit 10.2

FORM OF EXTERRAN HOLDINGS, INC. AWARD NOTICE

TIME-VESTED RESTRICTED STOCK (DIRECTORS)

Exterran Holdings, Inc. (the “Company”), has granted to you,
_________________________________ (the
“Participant”), restricted shares of our Common Stock (“Restricted Stock”) under the Exterran
Holdings, Inc. Amended and Restated 2007 Stock Incentive Plan (the “Plan”), subject to the terms
and conditions set forth in this Award Notice (this “Notice”) and the Plan. Unless otherwise
defined herein, capitalized terms in this Notice have the same meaning ascribed to them in the
Plan.

The terms of your Award are as follows:

     1. Award. You have been granted
________ shares of Restricted Stock (your “Award”).

     2. Grant Date. The date of your Award is
__________________ (the “Grant Date”).

     3. Vesting. Your Award is subject to a vesting schedule. The shares of Restricted Stock
subject to your Award will automatically vest, and the restrictions on these shares shall lapse, on
each of the dates (each, a “Vesting Date”) indicated in the table below; provided, however, except
as otherwise provided in Paragraph 4 below, that you are a Director at all times from the Grant
Date up to and including the applicable Vesting Date. Shares as to which the restrictions lapse
shall no longer be deemed Restricted Stock as of the applicable Vesting Date. Contact
____________________________ with any questions concerning the vesting of your Award.

	 	 	 
	Vesting Date
	 	Number of Shares Vested
	 
	 	 

 

     4. Termination of Service; Forfeiture.

     (a) Except as provided in Paragraphs 4(b) and 4(c) below, if your service as a Director
terminates for any reason (“Termination of Service”), any unvested shares of Restricted Stock as of
your Termination of Service date will immediately and automatically be forfeited as of such date.

     (b) If your Termination of Service is due to death or Disability, any unvested shares of
Restricted Stock will immediately vest in full, and all restrictions applicable to your Award will
lapse, as of the date of your Termination of Service.

     (c) In the event you are not or will not be nominated for election or reelection, as
applicable, to the Board, the Committee may elect, in its sole discretion, to fully vest all of the
unvested shares of Restricted Stock as of your termination date, and all restrictions applicable to
such vested shares will lapse as of such date.

     5. Corporate Change. In the event of a Corporate Change, any shares of Restricted Stock that
are unvested will immediately vest in full, and all restrictions applicable to your Award will
lapse, as of the date of the Corporate Change.

     6. Issuance of Shares and Stockholder Rights. The Company will register the shares of
Restricted Stock in your name. However, the Company will withhold delivery of your Restricted
Stock shares until they are vested. You will have the right to vote your shares of Restricted
Stock and receive dividends, if any, with respect to your Restricted Stock, regardless of vesting.

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     7. Non-Transferability. Before you are vested in this Award, you cannot sell, transfer,
pledge exchange or otherwise dispose of your shares of Restricted Stock (except by will or the laws
of descent and distribution).

     8. No Right to Continued Service. Nothing contained in this Notice shall confer upon you any
right to continued service as a member of the Board, or limit in any way the right of the Board to
terminate or modify the terms of your Director service at any time.

     9. Plan Governs. Your Award and this Notice are subject to the terms of the Plan, a copy of
which is available on the Company’s website or which will be provided to you upon written request
addressed to Exterran Holdings, Inc., Compensation & Benefits Department, 16666 Northchase Drive,
Houston, Texas 77060. In the event of a discrepancy between this Notice and the Plan, the Plan
shall govern.

     10. Miscellaneous.

     (a) This Notice shall be governed by and construed in accordance with the laws of the State of
Delaware, without giving effect to the principles of conflict of laws.

     (b) This Notice shall be binding upon and inure to the benefit of the Company and its
successors and assigns. If any term or provision of this Notice should be invalid or
unenforceable, such provision shall be severed from this Notice, and all other terms and provisions
hereof shall remain in full force and effect.

     (c) This Notice, including the relevant provisions of the Plan, constitutes the entire
agreement between the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, both written and oral, with respect to the subject hereof. This
Notice may not be amended, except by an instrument in writing signed by the Company and you.

     11. Participant Acceptance. If you do not accept your Award or the terms of your Award, you
must notify the Company in writing at the address provided above within thirty (30) days of
delivery of this Notice. Otherwise, the Company will deem your Award and the terms of your Award
accepted by you.

	 	 	 	 	 
	 	EXTERRAN HOLDINGS, INC.

 	 
	 	By:  	 	 
	 	 	Stephen A. Snider 	 
	 	 	President and Chief Executive Officer 	 
	 

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EXHIBIT 4.1

Amended and Restated Loan Agreement dated as of March 31, 2008

by and among PHI Inc., Air Evac Services, Inc., PHI Tech Services, Inc., International Helicopter

Transport, Inc. and Whitney National Bank

     This Amended and Restated Loan Agreement dated as of March 31, 2008, by and among PHI, Inc.,
formerly known as Petroleum Helicopters, Inc. (“PHI”), Air Evac Services, Inc., PHI Tech Services,
Inc. formerly known as Evangeline Airmotive, Inc., International Helicopter Transport, Inc.,
(individually, collectively and interchangeably, the “Subsidiary Guarantors”), and Whitney National
Bank (“Whitney”) amends and restates in its entirety that certain Loan Agreement dated April 23,
2002 by and among Petroleum Helicopters, Inc., Acadian Composites, LLC, Air Evac Services, Inc.,
Evangeline Airmotive, Inc., and International Helicopter Transport, Inc. and Whitney National Bank,
as amended by First Amendment to Loan Agreement dated June 18, 2004, as further amended by Second
Amendment to Loan Agreement dated September 30, 2005, as further amended by Third Amendment to Loan
Agreement dated March 21, 2006, as further amended by Fourth Amendment to Loan Agreement dated
September 30, 2006, and as further amended by Fifth Amendment to Loan Agreement dated August 1,
2007. For convenience of reference, Whitney may hereinafter sometimes be referred to as “Bank”.
This Agreement refers to all present and future loans collectively as the “Loans”, with each
separate advance of funds being a “Loan”.

	A.	 	THE LOAN OR LOANS. Provided PHI performs all obligations in favor of Bank contained in this
Agreement and in any other agreement, whether now existing or hereafter arising:

	 	 	 	Bank shall make available to PHI a secured revolving line of credit (the “Revolving
Line of Credit”) in the principal amount of FIFTY MILLION AND NO/100
($50,000,000.00) DOLLARS, that may be drawn upon by PHI on any business day of Bank
during the period hereof until and including September 1, 2010, on at least one
day’s telephonic notice to Bank. The Revolving Line of Credit shall be evidenced by
a commercial note, payable to Bank (the “Note”) and shall contain additional terms
and conditions and be identified with this Agreement.
	 
	 	 	 	A sublimit of TWENTY MILLION AND NO/100 ($20,000,000.00) DOLLARS is hereby
established for the issuance of letters of credit with a maturity not exceeding that
of the Note, which may be issued by Bank upon application by PHI.

	B.	 	USE OF PROCEEDS. The proceeds from the Revolving Line of Credit are to refinance existing
debt and/or for capital expenditures, and for general corporate purposes. PHI is not engaged
in the business of extending credit for the purpose of purchasing or carrying margin stock
(within the meaning of Regulation U). No proceeds of any advance will be used to purchase or
carry any margin stock.

	C.	 	REPRESENTATIONS, WARRANTIES AND COVENANTS. PHI represents, warrants and covenants to Bank
that as of the date hereof and so long as the Loans shall be outstanding, except for matters
that could not reasonably be expected to have a material adverse effect on PHI:

	 	(1)	 	Organization and Authorization. PHI is a Louisiana corporation which is duly
organized, validly existing and in good standing under Louisiana law. PHI’s execution,
delivery and performance of this Agreement and all other documents delivered to Bank
has been duly authorized and does not violate its articles of incorporation (or other
governing documents), material contracts or any applicable law or regulations.
	 
	 	(2)	 	Compliance with Tax and other Laws.

	 	(a)	 	PHI shall comply with all laws that are applicable to its
business activities, including, without limitation, all laws regarding (i) the
collection, payment and deposit of employees’ income, unemployment, Social
Security, sales and excise taxes; (ii) the filing of returns and payment of
taxes; (iii) pension liabilities including ERISA requirements, (iv)
environmental protection, and (iv) occupational safety and health.
	 
	 	(b)	 	PHI shall not permit or suffer any violation of any
Environmental Law (as defined below) affecting the property it owns or leases,
(collectively, the “Property”), and agrees that upon discovery, or in the
event, of any discharge, spill, injection, escape, emission, disposal, leak or
any other release of hazardous substances on, in, under, onto or from the
Property, which is not authorized by a currently valid permit or other approval
issued
by the appropriate governmental agencies, promptly notify Bank, and the
appropriate

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	 	 	 	governmental agencies, and shall take all steps necessary to
promptly clean-up such discharge, spill, injection, escape, emission,
disposal, leak or any other release in accordance with the provisions of all
applicable Environmental Laws, and shall receive a certification from the
Louisiana Department of Environmental Quality or federal Environmental
Protection Agency, that the Property and any other property affected has
been cleaned-up to the satisfaction of those agencies. The terms
“Environmental Law” or “Environmental Laws” as used in this Agreement
include any and all current and future federal, state and local
environmental laws, statutes, rules, regulations and ordinances, as the same
shall be amended and modified from time to time, including but not limited
to the federal Comprehensive Environmental Response, Compensation and
Liability Act, as amended from time to time, the Federal Resource
Conservation and Recovery Act, as amended from time to time, and the federal
Toxic Substances Control Act, as amended from time to time.

	 	(3)	 	Offering Memorandum, Notes, and Indenture. The Loans to be made to PHI under,
and the terms and conditions of, this Agreement do not violate the offering memorandum
(the “Offering Memorandum”) dated April 7, 2006, respecting promissory notes in the
aggregate principal amount of TWO HUNDRED MILLION AND NO/100 ($200,000,000.00) DOLLARS,
under an Indenture dated as of April 12, 2006, among PHI, the guarantors named therein,
and The Bank of New York, as Trustee, or any other document executed or to be executed
in connection therewith, as all of the foregoing may be amended from time to time
(individually, collectively, and interchangeably, the “Indenture Notes and Documents”).
	 
	 	(4)	 	Litigation. To the best of PHI’s knowledge, after due inquiry, no litigation
or governmental proceedings are pending or threatened against PHI or any of its
subsidiaries, the results of which might materially affect PHI or such subsidiaries’
financial condition or operations. Other than any liability incident to such
litigation or proceedings or provided for or disclosed in the financial statements
submitted to Bank, PHI does not have any material contingent liabilities. No
subsidiaries have any material contingent liability other than those imposed by the
security documents granted by PHI in favor of Whitney and the Indenture Notes and
Documents.
	 
	 	(5)	 	Pension Plans. Each of PHI and its subsidiaries are in compliance with all
statutes and governmental rules and regulations applicable to it, including, without
limitation, the Employee Reimbursement Income Security Act of 1974, as amended
(“ERISA”). No Termination Event (as defined herein) has occurred with respect to any
Plan (as defined herein), and, except for any failure that could not reasonably be
expected to cause a material adverse change, each Plan has complied with and been
administered in all material respects in accordance with applicable provisions of ERISA
and the Internal Revenue Code of 1986, as amended (the “Code”), and no condition exists
or event or transaction has occurred in connection with any Plan, maintained by PHI or
its subsidiaries, which could result in PHI or its subsidiaries incurring any material
liabilities, fine, or penalty. No “accumulated funding deficiency” (as defined in
Section 302 of ERISA) has occurred with respect to any Plan and there has been no
excise tax imposed with respect to any Plan under Section 4971 of the Code. The
present value of all benefits vested under each Plan (based on the assumptions used to
fund such Plan) did not, as of the last annual valuation date applicable thereto,
exceed the value of the assets of such Plan allocable to such vested benefits in any
amount that would reasonably be expected to cause a material adverse change. Based
upon GAAP existing as of the effective date of this agreement and current factual
circumstances, PHI has no reason to believe that the annual cost during the term of
this Agreement to PHI for post-retirement benefits to be provided to the current and
former employees of PHI under welfare benefit plans (as defined in Section 3(1) of
ERISA) could, in the aggregate, reasonably be expected to cause a material adverse
change.
	 
	 	 	 	For purposes of this section, the term “Plan” means an employee benefit plan covered
by Title IV of ERISA or subject to minimum funding standards under Section 412 of
the Code and the term “Termination Event” means (a) the occurrence of a reportable
event with respect to a Plan, as described in Section 4043 of ERISA and the
regulations issued thereunder (other than a reportable event not subject to the
provision for 30-day notice to the PBGC under such regulations); (b) the giving of a
notice of intent to terminate a Plan under Section 4041(c) of ERISA; (c) the
institution of proceedings to terminate a Plan by the PBGC; or (d) any other event
or condition which constitutes grounds under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Plan.
	 
	 	(6)	 	Financial Information. From the date of this Agreement and so long as the
Loans shall be outstanding, unless compliance shall have been waived in writing by
Bank, PHI shall furnish to Bank:

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	 	(a)	 	promptly after the sending or filing thereof, copies of all
reports which PHI sends to any of its public security holders, and copies of
all Forms 10-K, 10-Q and 8-K, Schedules 13E-4 (including all exhibits filed
therewith) and registration statements, and any other filings or statements
that PHI files with the Securities and Exchange Commission or any national
securities exchange;
	 
	 	(b)	 	together with all Forms 10-K, 10-Q and 8-K, a certificate of
the president or chief financial officer of PHI to the effect that no Default
with respect to PHI, or event which might mature into a Default with respect to
PHI, has occurred;
	 
	 	(c)	 	upon the occurrence of a Default, a certificate of the
president or chief financial officer of PHI specifying the nature and the
period of existence thereof and what action PHI proposes to take with respect
thereto;
	 
	 	(d)	 	written notice of any and all litigation affecting PHI,
directly or indirectly; provided, however, this requirement shall not apply to
litigation involving PHI and any other party if such litigation involves, in
the aggregate, less than $500,000; and
	 
	 	(e)	 	from time to time, such other information as Bank may
reasonably request.

	 	(7)	 	Insurance. Each of PHI and its subsidiaries shall maintain, with financially
sound and reputable insurance companies workmen’s compensation insurance, liability
insurance and insurance on PHI’s and its subsidiaries’ property, assets and business at
least to such extent and against such hazards and liabilities as is commonly maintained
by similar companies and, in addition to the foregoing insurance, such insurance as may
be reasonably required by Bank. In the case of property (whether owned by PHI or its
subsidiaries) on which Bank has a lien, PHI shall provide Bank with duplicate originals
or certified copies of such policies of insurance naming Bank as additional
mortgages-loss payee and as additional insured as its interests may appear, and
providing that such policies will not be canceled without thirty (30) days’ prior
written notice to Bank.
	 
	 	(8)	 	Financial Covenants and Ratios.

	 	(a)	 	Current Assets/Current Ratio. PHI will not at any time permit
the ratio of consolidated current assets to consolidated current liabilities to
be less than 2.00 to 1.00;
	 
	 	(b)	 	Funded Debt/Net Worth. PHI will not at any time after March
31, 2008, permit the ratio of Funded Debt (defined as all indebtedness under
this Agreement plus the amount of any capital or operating leases and any other
monetary obligation payable over time) to PHI’s consolidated net worth to be
more than 1.50 to 1.00.
	 
	 	(c)	 	Consolidated Net Worth. From and after the date of this
Agreement, PHI, shall not at any time, permit its consolidated net worth, to be
less than FOUR HUNDRED MILLION ($400,000,000.00) DOLLARS.

	 	(9)	 	Mergers, etc. Without the prior written consent of Bank, PHI shall not
consolidate with, or merge into, any other corporation, or permit any other corporation
to merge into it, or sell or lease all, or substantially all, of its assets, or acquire
all or a substantial part of the assets or capital stock of any other partnership, firm
or corporation, or enter into any other transaction that would substantially alter the
balance sheet of PHI. PHI will not permit any material changes to be made in the
character of its business as carried on at the date of this Agreement.
	 
	 	(10)	 	Stock Redemption. PHI will not purchase, retire or redeem any shares of its
capital stock (other than pursuant to executive or employee compensation plans) without
the prior written consent of Bank.
	 
	 	(11)	 	Indebtedness and Liens. Except as contemplated in this Agreement and as
permitted in the Indenture Notes and Documents, neither PHI nor any of its subsidiaries
(i) shall create any additional obligations for borrowed money, or (ii) mortgage or
encumber any of their assets or suffer any liens or indebtedness to exist on any of
their assets.
	 
	 	(12)	 	Other Liabilities. PHI shall not lend to or guarantee, endorse or otherwise
become contingently liable in connection with the obligations, stock or dividends of
any person, firm or corporation.

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	 	(13)	 	Change of Control. Without the prior written consent of Whitney, there shall
not be a Change of Control (as defined in the Offering Memorandum).
	 
	 	(14)	 	Additional Documentation. Upon the written request of Bank, PHI shall promptly
and duly execute and deliver all such further instruments and documents and take such
further action as Bank, may deem reasonably necessary to obtain the full benefits of
this Agreement and of the rights and powers granted in this Agreement.
	 
	 	(15)	 	Notice of Default. PHI shall notify Bank immediately upon becoming aware of
the occurrence of any event constituting, or which with the passage of time or the
giving of notice, could constitute, a Default.
	 
	 	(16)	 	Indemnity. PHI shall indemnify, defend and hold Bank and its respective
directors, officers, agents, attorneys and employees harmless from and against all
claims, demands, causes of action, liabilities, losses, costs and expenses (including,
without limitation, costs of suit, reasonable legal fees and fees of expert witnesses)
arising from or in connection with (a) the presence in, on or under any property of PHI
(including, without limitation, the Property) of any hazardous substance or solid
waste, or any releases or discharges (as the terms “release” and “discharge” are
defined under any applicable environmental law) of any hazardous substance or solid
waste on, under or from such property, (b) any activity carried on or undertaken on or
off such property of PHI, whether prior to or during the term of this Agreement, and
whether PHI or any predecessor in title to PHI’s property or any officers, employees,
agents, contractors or subcontractors of PHI or any predecessor in title to the
property of PHI, or any third persons at any time occupying or present on such
property, in connection with the handling, use, generation, manufacture, treatment,
removal, storage, decontamination, clean-up, transportation or disposal of any
hazardous substance or solid waste at any time located or present on or under any of
the aforedescribed property, or (c) any breach of any representation, warranty or
covenant under the terms of this Agreement or applicable security agreements. The
foregoing indemnity shall further apply to any residual contamination on or under any
or all of the aforedescribed property, or affecting any natural resources, and to any
contamination of any property or natural resources arising in connection with the use,
handling, storage, transportation or disposal of any hazardous substance or solid
waste, and irrespective of whether any of such activities were or will be undertaken in
accordance with applicable laws, regulations, codes and ordinances. The indemnity
described in this Section shall survive the termination of this Agreement for any
reason whatsoever.

	D.	 	COLLATERAL. As security for payment and performance of the Loans, PHI will provide to Bank
security for all of its obligations due to Bank, whether now existing or hereafter arising,
through valid recorded security documents creating a first lien and security interest in all
of PHI and its subsidiaries’ inventory, including Parts (as herein defined), and Eligible
Receivables (as defined herein) supported by a Borrowing Base Certificate (as herein defined)
delivered monthly to Bank in form satisfactory to Bank.
	 
	 	 	“Borrowing Base Certificate” means a report to Bank by the President or Chief Financial
Officer certifying the level of borrowing authorized under this Agreement which is and shall
be an amount (not exceeding $50,000,000) equal to the sum of (a) 80% of the amount of
Eligible Receivables (defined as trade receivables less than 90 days of age) of PHI and its
subsidiaries in which Bank shall have a valid perfected first priority security interest,
plus (b) 50% of the value of Parts of PHI and its subsidiaries (valued at the lower of
average cost or market), in which Bank shall have a valid perfected first priority security
interest. For the purpose of this section, the term “Parts” means, until installed in any
aviation unit, all aircraft engines, propellers, rotors, appliances, tires, airframes, spare
parts, radios and other communication equipment together with all other aircraft appliances,
instruments, mechanisms, appurtenances, accessories and parts or components thereof, of such
person wherever maintained, now or hereafter existing, whether acquired by purchase or
otherwise and whether held by such person for use in its business or held by such person for
sale or lease or to be furnished by such person under contracts of service, and all proceeds
thereof and accessories thereto.

	E.	 	EACH EXTENSION OF CREDIT. Each request by PHI for a Loan shall constitute a warranty and
representation by PHI to Bank that there exists no Default or any condition, event or act
which constitutes, or with notice or lapse of time (or both) would constitute a Default as
defined by this Agreement.

	F.	 	GUARANTIES. The Revolving Line of Credit shall be guaranteed by each of the Subsidiary
Guarantors.

	G.	 	RATE OF INTEREST AND APPLICABLE FEES. Borrowing made pursuant to the Note shall accrue
interest at Wall Street Journal Prime rate and may be advanced or repaid at any time upon one
day’s notice, interest shall be payable quarterly; or in the alternative, LIBOR borrowings may
be arranged for fixed periods of 30, 60 or 90 days with interest payable at the respective
maturity at the LIBOR rate as quoted on the 

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	 	 	business day prior to borrowing, as calculated by
referring to the last 10-K or 10-Q filing, plus an applicable margin of 125 points.
	 
	 	 	As used in this Agreement the term “Wall Street Journal Prime” shall mean that rate of
interest that is subject to increase or decrease from time to time based on corresponding
increases or decreases in the Prime Rate as published in the Wall Street Journal . When a
range of rates has been published, the higher of the rates will be used.
	 
	 	 	As used in this Agreement the term “LIBOR” shall mean the London Interbank Offered Rate
(“LIBOR”) for the referenced rate period as set and published as of the first day of each
month by the British Banker’s Association (“BBA”) and obtained by Bank from a wire that is
sent through Bloomberg, L.P. which rate is based by BBA on an average of the Interbank
offered rates for dollar deposits in the London market based on quotes from designated banks
in the London market, provided, however, that Bank reserves the right to adjust the LIBOR
rate by the percentage, if any, that may be specified by the Board Of Governors of the
Federal Reserve system (or an successor), from time to time, for determining the maximum
reserve requirement (including, but not limited to, any marginal reserve requirement) with
respect to liabilities consisting of or including “Eurocurrency Liabilities” (as defined in
Regulation D of the Board of Governors of the Federal Reserve system). In determining the
percentage for the LIBOR reserve requirement, Bank may use any reasonable averaging and
attribution methods.
	 
	 	 	Unused fees on the daily amount undrawn under the Revolving Line of Credit shall accrue at
the rate of 1/4 of 1% per annum payable quarterly.
	 
	 	 	Any letters of credit issued pursuant to this Agreement shall bear interest at the rate of
1/8 of 1% per month on any part thereof, plus standard issuing fees.

	H.	 	PREPAYMENT AND REDUCTION. Any advance may be prepaid in any amount at any time, and PHI may
incrementally reduce or cancel the Revolving Line of Credit at any time without penalty upon
giving Bank one day’s notice.

	I.	 	CONDITIONS PRECEDENT TO LOAN. Bank shall have no obligation to advance funds under this
Agreement until and unless the following conditions have been satisfied:

	 	(1)	 	Bank shall have received this agreement and all collateral documents
contemplated by this Agreement in form and substance satisfactory to Bank, including a
certificate from the Chief Financial Officer containing a description of assets owned
by each of the Subsidiary Guarantors, and certifying that each of the Subsidiary
Guarantors is free of liabilities except as disclosed in the Certificate;
	 
	 	(2)	 	Bank shall have received satisfactory opinions of counsel relating, among other
things, to due authorization and enforceability of this Agreement, the Loans and all
collateral;
	 
	 	(3)	 	All representations and warranties made by PHI to Bank shall be true and
correct as of the date of the Loans’ funding;
	 
	 	(4)	 	Except as otherwise provided herein, PHI’s business must be in a condition
satisfactory to Bank, the management and ownership of PHI must not have changed and no
material adverse change (from that reflected in the last financial statements delivered
to, and accepted by, Bank prior to execution of this Agreement) has occurred in the
financial condition of PHI; and
	 
	 	(5)	 	There exists no Default (or event which with notice or lapse of time or both
could constitute a Default) under this Agreement or any other agreement between PHI and
Bank.

	J.	 	DEFAULT. The occurrence of any one or more of the following events shall constitute a
default (a “Default”) under this Agreement:

	 	(1)	 	A default under a note evidencing a Loan;
	 
	 	(2)	 	The failure of PHI to observe or perform promptly when due any covenant,
agreement or obligation due to Bank under this Agreement or otherwise;
	 
	 	(3)	 	The inaccuracy at any time, in any material respect, of any warranty,
representation or statement made to Bank by PHI under this Agreement or otherwise;

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	 	(4)	 	the filing by or against PHI of a proceeding for bankruptcy, reorganization,
arrangement, or any other relief afforded debtors or affecting the rights of creditors
generally under the law of any state or country or under the United States Bankruptcy
Code;
	 
	 	(5)	 	should any default occur in any other material credit agreement or evidence of
indebtedness, including, without limitation, the Indenture Notes and Documents;

Upon the occurrence of a Default, except for payment of principal at maturity, and such Default
continues for a period of fifteen (15) days, after Bank has mailed written notice of such Default
to PHI specifying the nature of the Default and the steps necessary to cure the Default (but with
no notice or delay required in the event of a Default under paragraphs (1) and (5) of Section (J),
Bank, at its option, may declare all of the Loans and all other obligations of PHI to Bank to be
immediately due and payable without further notice.

	K.	 	CONSENT TO PARTICIPATION. Bank may sell all or a portion of its interest in the Loans and
the security therefor. Bank shall give PHI notice of any sale of all or a portion of its
interests in the Loans, upon which PHI shall perform all of its obligations hereunder in favor
of each participant or assignee as though such participant or assignee were a party or parties
to this Agreement.

	L.	 	MISCELLANEOUS PROVISIONS. PHI agrees to pay all of the costs, expenses and fees incurred in
connection with the Loans, including attorneys fees, appraisal fees, and environmental
assessment fees. This Agreement is not assignable by PHI and no party other than PHI is
entitled to rely on this Agreement. In no event shall PHI or Bank be liable to the other for
indirect, special or consequential damages, including the loss of anticipated profits that may
arise out of or are in any way connected with the issuance of this Agreement. This Agreement,
all promissory notes evidencing Loans under this Agreement and all documents creating security
interests shall be governed by Louisiana law.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PHI, INC., formerly
known as

Petroleum Helicopters, Inc.	 	 	 	WHITNEY NATIONAL BANK
 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	/s/ Michael J. McCann	 	 	 	By:	 	/s/ Harry C. Stahel	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	Michael J. McCann
	 	 	 	 	 	Name:
	 	Harry C. Stahel	 	 
	 

	 	Title:
	 	Chief Financial Officer
	 	 	 	 	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SUBSIDIARY GUARANTORS:	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AIR EVAC SERVICES, INC.	 	 	 	PHI TECH SERVICES, INC., formerly
known as Evangeline Airmotive, Inc.	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	/s/ Michael J. McCann	 	 	 	By:	 	 /s/ Michael J. McCann	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	Michael J. McCann
	 	 	 	 	 	Name:
	 	Michael J. McCann	 	 
	 

	 	Title:
	 	Chief Financial Officer
	 	 	 	 	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	INTERNATIONAL HELICOPTER
TRANSPORT, INC.	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	/s/ Michael J. McCann	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	Michael J. McCann	 	 	 	 	 	 	 	 	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 	 	 	 	 	 	 	 	 

Page 6 of 6

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