Document:

BIOCRYST PHARMACEUTICALS, INC. EMPLOYEE STOCK PURCHASE PLAN

 BIOCRYST PHARMACEUTICALS, INC. 

EMPLOYEE STOCK PURCHASE PLAN 
 (Amended and Restated March 29, 2012) 
 I.    PURPOSE OF
THE PLAN 
 This Employee Stock Purchase Plan is intended to promote the interests of BioCryst Pharmaceuticals, Inc. by
providing eligible employees with the opportunity to acquire a proprietary interest in the Corporation through participation in a payroll deduction based employee stock purchase plan designed to qualify under Section 423 of the Code.

 Capitalized terms herein shall have the meanings assigned to such terms in the attached Appendix. 

II.    ADMINISTRATION OF THE PLAN 
 The Plan Administrator shall have full authority to interpret and construe any provision of the Plan and to adopt such rules and regulations for administering the Plan as it may deem necessary in order to
comply with the requirements of Code Section 423. Decisions of the Plan Administrator shall be final and binding on all parties having an interest in the Plan. 
 III.    STOCK SUBJECT TO PLAN 
 A.  The stock
purchasable under the Plan shall be shares of authorized but unissued or reacquired Common Stock, including shares of Common Stock purchased on the open market. The maximum number of shares of Common Stock which may be issued over the term of the
Plan shall not exceed 975,000 shares. 
 B.  In the event any change is made to the Common Stock by reason of any stock
split, stock dividend, recapitalization, combination of shares, exchange of shares or other change affecting the outstanding Common Stock as a class without the Corporation’s receipt of consideration, appropriate adjustments shall be made to
(i) the maximum number and class of securities issuable under the Plan, (ii) the maximum number and class of securities purchasable per Participant on any one Purchase Date and (iii) the number and class of securities and the price
per share in effect under each outstanding purchase right in order to prevent the dilution or enlargement of benefits thereunder. 

IV.    PURCHASE PERIODS 
 A.  Shares of Common Stock shall be offered for purchase under the Plan through a series of successive purchase periods until such time as (i) the maximum number of shares of Common Stock
available for issuance under the Plan shall have been purchased or (ii) the Plan shall have been sooner terminated. 

B.  Each purchase period shall have a duration of six (6) months. Purchase periods shall run from the first business day in
February to the last business day in July and from the first business day of August to the last business day of January. 

V.    ELIGIBILITY 
 A.  Each individual who is an Eligible Employee on the start date of any purchase period shall be eligible to participate in the Plan for that purchase period. 

B. To participate in the Plan for a particular purchase period, the Eligible Employee must complete the enrollment forms prescribed by the
Plan Administrator (including a stock purchase agreement and a payroll deduction authorization form) and file such forms with the Plan Administrator (or its designate) on or before the start date of the purchase period. 

VI.    PAYROLL DEDUCTIONS 
 A.  The payroll deduction authorized by the Participant for purposes of acquiring shares of Common Stock under the Plan may be any multiple of one percent (1%) of the Base Salary paid to
the Participant during each purchase period, up to a maximum of fifteen percent (15%). The deduction rate so authorized shall continue in 

  
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effect for the entire purchase period and for each subsequent purchase period, except to the extent such rate is changed in accordance with the following guidelines: 

(i)  The Participant may, at any time during the purchase period, reduce his or her rate of payroll deduction to become
effective as soon as possible after filing of the appropriate form with the Plan Administrator. The Participant may not, however, effect more than one (1) such reduction per purchase period. 

(ii)  The Participant may, prior to the commencement of any new purchase period, increase the rate of his or her payroll
deduction by filing the appropriate form with the Plan Administrator. The new rate (which may not exceed the fifteen percent (15%) maximum) shall become effective as of the start date of the new purchase period. 

B.  Payroll deductions shall begin on the first payday following the start date of the purchase period and shall (unless sooner
terminated by the Participant) continue through the payday ending with or immediately prior to the last day of the purchase period. The amounts so collected shall be credited to the Participant’s book account under the Plan, but no interest
shall be paid on the balance from time to time outstanding in such account. The amounts collected from the Participant shall not be held in any segregated account or trust fund and may be commingled with the general assets of the Corporation and
used for general corporate purposes. 
 C.  Payroll deductions shall automatically cease upon the termination of the
Participant’s purchase right in accordance with the provisions of the Plan. 
 D.  The Participant’s
acquisition of Common Stock under the Plan during any purchase period shall neither limit nor require the Participant’s acquisition of Common Stock during any subsequent purchase period. 
 VII.    PURCHASE RIGHTS 
 A.  Grant of
Purchase Right.    A Participant shall be granted a separate purchase right on the start date of each purchase period in which he or she participates. The purchase right shall grant the Participant the right to purchase
shares of Common Stock on the Purchase Date upon the terms set forth below. The Participant shall execute a stock purchase agreement embodying such terms and such other provisions (not inconsistent with the Plan) as the Plan Administrator may deem
advisable. 
 Under no circumstances shall purchase rights be granted under the Plan to any Eligible Employee if such individual
would, immediately after the grant, own (within the meaning of Code Section 424(d)) or hold outstanding options or other rights to purchase, stock possessing five percent (5%) or more of the total combined voting power or value of all
classes of stock of the Corporation or any Corporate Affiliate. 
 B.  Exercise of the Purchase
Right.    Each purchase right shall be automatically exercised on the Purchase Date, and shares of Common Stock shall accordingly be purchased on behalf of each Participant (other than Participants whose payroll
deductions have previously been refunded in accordance with the Termination of Purchase Right provisions below) on such date. The purchase shall be effected by applying the Participant’s payroll deductions for the purchase period (together with
any carryover deductions from the preceding purchase period) to the purchase of whole shares of Common Stock (subject to the limitation on the maximum number of shares purchasable per Participant on any one Purchase Date) at the purchase price in
effect for that purchase period. 
 C.  Purchase Price.    The purchase price per
share of Common Stock on any Purchase Date shall be equal to eighty-five percent (85%) of the lower of (i) the Fair Market Value per share of Common Stock on the start date of the purchase period or (ii) the Fair Market Value
per share of Common Stock on the Purchase Date. 
 D.    Number of Purchasable
Shares.    The number of shares purchasable by a Participant on any Purchase Date shall be the number of whole shares obtained by dividing the amount collected from the Participant through payroll deductions during the
purchase period ending with such Purchase Date (together with any carryover deductions from the preceding purchase period) by the purchase price in effect for that Purchase Date. However, the maximum number of shares of Common Stock purchasable per
Participant on any one Purchase Date shall not exceed Three Thousand (3,000) shares, subject to periodic adjustments in the event of certain changes in the Corporation’s capitalization. 

  
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 E.  Excess Payroll Deductions.    Any payroll
deductions not applied to the purchase of shares of Common Stock on any Purchase Date because they are not sufficient to purchase a whole share of Common Stock shall be held for the purchase of Common Stock on the next Purchase Date. However, any
payroll deductions not applied to the purchase of Common Stock by reason of the limitation on the maximum number of shares purchasable by the Participant on the Purchase Date shall be promptly refunded. 

F.  Termination of Purchase Right.    The following provisions shall govern the termination of
outstanding purchase rights: 
 (i)  A Participant may, at any time prior to the last day of the purchase period,
terminate his or her outstanding purchase right by filing the appropriate form with the Plan Administrator (or its designate), and no further payroll deductions shall be collected from the Participant with respect to the terminated purchase right.
Any payroll deductions collected during the purchase period in which such termination occurs shall, at the Participant’s election, be immediately refunded or held for the purchase of shares on the next Purchase Date. If no such election is made
at the time such purchase right is terminated, then the payroll deductions collected with respect to the terminated right shall be refunded as soon as possible. 
 (ii)  The termination of such purchase right shall be irrevocable, and the Participant may not subsequently rejoin the purchase period for which the terminated purchase right was granted. In
order to resume participation in any subsequent purchase period, such individual must re-enroll in the Plan (by making a timely filing of the prescribed enrollment forms) on or before the start date of the new purchase period. 

(iii)  Should the Participant cease to remain an Eligible Employee for any reason (including death, disability or change in
status) while his or her purchase right remains outstanding, then that purchase right shall immediately terminate, and all of the Participant’s payroll deductions for the purchase period in which such cessation of Eligible Employee status
occurs shall be immediately refunded. 
 G.  Corporate Transaction.    In the event
of a Corporate Transaction during the purchase period, each outstanding purchase right shall automatically be exercised, immediately prior to the Effective Date of such Corporate Transaction, by applying the payroll deductions of each Participant
for the purchase period to the purchase of whole shares of Common Stock at a purchase price per share equal to eighty-five percent (85%) of the lower of (i) the Fair Market Value per share of Common Stock on the start date of the
purchase period or (ii) the Fair Market Value per share of Common Stock immediately prior to the effective date of such Corporate Transaction. However, the applicable share limitations per Participant shall continue to apply to any such
purchase. 
 The Corporation shall use its best efforts to provide at least ten (10)-days prior written notice of the occurrence
of any Corporate Transaction, and Participants shall, following the receipt of such notice, have the right to terminate their outstanding purchase rights prior to the effective date of the Corporate Transaction. 

H.    Proration of Purchase Rights.    Should the total number of shares of Common
Stock to be purchased pursuant to outstanding purchase rights on any particular date exceed the number of shares then available for issuance under the Plan, the Plan Administrator shall make a pro-rata allocation of the available shares on a uniform
and nondiscriminatory basis, and the payroll deductions of each Participant, to the extent in excess of the aggregate purchase price payable for the Common Stock pro-rated to such individual, shall be refunded. 

I.  Assignability.    During the Participant’s lifetime, the purchase right shall be
exercisable only by the Participant and shall not be assignable or transferable by the Participant. 

J.  Stockholder Rights.    A Participant shall have no stockholder rights with respect to the
shares subject to his or her outstanding purchase right until the shares are purchased on the Participant’s behalf in accordance with the provisions of the Plan and the Participant has become a holder of record of the purchased shares.

 VIII.    ACCRUAL LIMITATIONS 
 A.  No Participant shall be entitled to accrue rights to acquire Common Stock pursuant to any purchase right outstanding under this Plan if and to the extent such accrual, when aggregated with
(i) rights to purchase Common Stock accrued under any other purchase right granted under this Plan and (ii) similar rights accrued under other employee stock purchase plans (within the meaning of Code Section 423) of the Corporation
or any 

  
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Corporate Affiliate, would otherwise permit such Participant to purchase more than Twenty-Five Thousand Dollars ($25,000) worth of stock of the Corporation or any Corporate Affiliate (determined
on the basis of the Fair Market Value of such stock on the date or dates such rights are granted) for each calendar year such rights are at any time outstanding. 
 B.  For purposes of applying such accrual limitations, the following provisions shall be in effect: 
 (i)  The right to acquire Common Stock under each purchase right shall accrue on the Purchase Date in effect for the purchase period for which such right is granted. 

(ii)  No right to acquire Common Stock under any outstanding purchase right shall accrue to the extent the Participant has
already accrued in the same calendar year the right to acquire Common Stock under one (1) or more other purchase rights at a rate equal to Twenty-Five Thousand Dollars ($25,000) worth of Common Stock (determined on the basis of the Fair Market
Value of such stock on the date or dates of grant) for each calendar year such rights were at any time outstanding. 

C.  If by reason of such accrual limitations, any purchase right of a Participant does not accrue for a particular purchase
period, then the payroll deductions which the Participant made during that purchase period with respect to such purchase right shall be promptly refunded. 
 D.  In the event there is any conflict between the provisions of this article and one or more provisions of the Plan or any instrument issued thereunder, the provisions of this article shall be
controlling. 
 IX.    EFFECTIVE DATE AND TERM OF THE PLAN 

A.  The Plan was originally adopted by the Board on December 9, 1994 and became effective on the Effective Date subject to
approval by the stockholders of the Corporation and the Corporation having complied with all applicable requirements of the 1933 Act (including the registration of the shares of Common Stock issuable under the Plan on a Form S-8 registration
statement filed with the Securities and Exchange Commission) and applicable listing requirements of any stock exchange (or the Nasdaq Global Market, if applicable) on which the Common Stock is listed for trading and all other applicable requirements
established by law or regulation. 
 B.  Unless sooner terminated by the Board, the Plan shall terminate upon the
earlier of (i) the date on which all shares available for issuance under the Plan shall have been sold pursuant to purchase rights exercised under the Plan or (ii) the date on which all purchase rights are exercised in connection
with a Corporate Transaction. 
 X.    AMENDMENT OF THE PLAN 

The Board may alter, amend, suspend or discontinue the Plan following the close of any purchase period. However, the Board may not,
without the approval of the Corporation’s stockholders, (i) materially increase the number of shares of Common Stock issuable under the Plan or the maximum number of shares purchasable per Participant on any one Purchase Date, except for
permissible adjustments in the event of certain changes in the Corporation’s capitalization, (ii) alter the purchase price formula so as to reduce the purchase price payable for the shares purchasable under the Plan, or
(iii) materially increase the benefits accruing to Participants under the Plan or materially modify the requirements for eligibility to participate in the Plan. 
 XI.    GENERAL PROVISIONS 
 A.  All costs and
expenses incurred in the administration of the Plan shall be paid by the Corporation. 
 B.  Nothing in the Plan shall
confer upon the Participant any right to continue in the employ of the Corporation or any Corporate Affiliate for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Corporation (or any Corporate
Affiliate employing such person) or of the Participant, which rights are hereby expressly reserved by each, to terminate such person’s employment at any time for any reason, with or without cause. 

C.  The provisions of the Plan shall be governed by the laws of the State of Alabama without resort to that State’s
conflict-of-laws rules. 

  
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 Schedule A 
 Corporations Participating in 
 Employee Stock Purchase Plan 

As of the Effective Date 
 BioCryst Pharmaceuticals, Inc. 

  
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 DEFINITIONS 

The following definitions shall be in effect under the Plan: 
 A.  Base Salary shall mean the regular base salary paid to a Participant by one or more Participating Companies during such individual’s period of participation in the Plan,
plus any pre-tax contributions made by the Participant to any Code Section 401(k) salary deferral plan or any Code Section 125 cafeteria benefit program now or hereafter established by the Corporation or any Corporate Affiliate. The
following items of compensation shall not be included in Base Salary: (i) all overtime payments, bonuses, commissions (other than those functioning as base salary equivalents), profit-sharing distributions and other incentive-type
payments and (ii) any and all contributions (other than Code Section 401(k) or Code Section 125 contributions) made on the Participant’s behalf by the Corporation or any Corporate Affiliate under any employee benefit or welfare
plan now or hereafter established. 
 B.  Board shall mean the Corporation’s Board of Directors.

 C.  Code    shall mean the Internal Revenue Code of 1986, as amended. 

D.  Common Stock shall mean the Corporation’s common stock. 

E.  Corporate Affiliate shall mean any parent or subsidiary corporation of the Corporation (as determined in
accordance with Code Section 424), whether now existing or subsequently established. 
 F.  Corporate
Transaction shall mean either of the following stockholder-approved transactions to which the Corporation is a party: 

(i)  a merger or consolidation in which securities possessing more than fifty percent (50%) of the total combined voting
power of the Corporation’s outstanding securities are transferred to a person or persons different from the persons holding those securities immediately prior to such transaction, or 

(ii)  the sale, transfer or other disposition of all or substantially all of the assets of the Corporation in complete
liquidation or dissolution of the Corporation. 
 G.  Corporation shall mean BioCryst Pharmaceuticals,
Inc., a Delaware corporation, and any corporate successor to all or substantially all of the assets or voting stock of BioCryst Pharmaceuticals, Inc. which shall by appropriate action adopt the Plan. 

H.  Effective Date shall mean February 1, 1995. Any Corporate Affiliate which becomes a Participating
Corporation after such Effective Date shall designate a subsequent Effective Date with respect to its employee-Participants. 

I.  Eligible Employee shall mean any person who is engaged, on a regularly-scheduled basis of more than twenty
(20) hours per week for more than five (5) months per calendar year, in the rendition of personal services to any Participating Corporation as an employee for earnings considered wages under Section 3401 (a) of the Code.

 J.  Fair Market Value per share of Common Stock on any relevant date shall be determined in accordance
with the following provisions: 
 (i)  If the Common Stock is at the time traded on the Nasdaq Global Market, the Fair
Market Value shall be the closing selling price per share of Common Stock on the date in question, as such price is reported on the Nasdaq Global Market or any successor system. If there is no closing selling price for the Common Stock on the date
in question, then the Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists. 
 (ii)  If the Common Stock is at the time listed on any Stock Exchange, then the Fair Market Value shall be the closing selling price per share of Common Stock on the date in question on the
Stock Exchange determined by the Plan Administrator to be the primary market for the Common Stock, as such price is officially quoted in the composite tape of transactions on such exchange. If there is no closing selling price for the Common Stock
on the date in question, then the Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists. 

  
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 K.  1933 Act shall mean the Securities Act of 1933, as amended.

 L.  1934 Act shall mean the Securities Exchange Act of 1934, as amended. 

M.  Participant shall mean any Eligible Employee of a Participating Corporation who is actively participating in
the Plan. 
 N.  Participating Corporation shall mean the Corporation and such Corporate Affiliate or
Affiliates as may be authorized from time to time by the Board to extend the benefits of the Plan to their Eligible Employees. The Participating Corporations in the Plan as of the Effective Date are listed in attached Schedule A. 

O.  Plan shall mean the Corporation’s Employee Stock Purchase Plan, as set forth in this document.

 P.  Plan Administrator shall mean the committee of two (2) or more Board members appointed by the
Board to administer the Plan. 
 Q.  Purchase Date shall mean the last business day of each purchase
period. 
 R.  Stock Exchange shall mean either the American Stock Exchange or the New York Stock
Exchange. 

  
 B-7Form of 2012 Stock Option Award Letter

 Exhibit 10.1 

 
 

 
 May 25, 2012 
 [Name] 
 Dear [Name]: 
 Effective as of May 25, 2012 (the “Award Date”), Bristow Group Inc. (the “Company”) hereby grants to you a nonqualified stock option (“Option”) to purchase [number of
shares] Shares of common stock of the Company, $.01 par value (“Common Stock”), in accordance with the Bristow Group Inc. 2007 Long Term Incentive Plan (the “Plan”). 
 Your Option is more fully described in the attached Appendix A, Terms and Conditions of Employee Nonqualified Stock Option Award (which Appendix A, together with this letter, is the “Award
Letter”). Any capitalized term used and not defined in the Award Letter has the meaning set forth in the Plan. In the event there is an inconsistency between the terms of the Plan and the Award Letter, the terms of the Plan control. 

The price at which you may purchase the Shares of Common Stock covered by the Option is
$             per Share (“Exercise Price”) which is the Fair Market Value of a Share of Common Stock on the Award Date. Unless otherwise provided in the attached Appendix A, your
Option will expire on May 25, 2022 (“Expiration Date”), and will become vested and exercisable in installments (the “Number of Shares Exercisable”) as follows, provided that you have been continuously employed by the Company
from the Award Date through the respective “Vesting Date”: 
  

					
	Vesting Date	  	Number of Shares Exercisable	 
	 May 25, 2013
	  	 	000	  
	 May 25, 2014
	  	 	000	  
	 May 25, 2015
	  	 	000	  

 Note that in most circumstances, on the date(s) you exercise your Option, the difference between the exercise price and
the Fair Market Value of the stock on the date of exercise multiplied by the number of Shares you purchase, will be taxable income to you. You should closely review Appendix A and the Plan Prospectus for important details about the tax treatment of
your Option. This Option is subject to the terms and conditions set forth in the enclosed Plan, this Award Letter, the Prospectus for the Plan, and any rules and regulations adopted by the Compensation Committee of the Company’s Board of
Directors. 
 This Award Letter, the Plan and any other attachments should be retained in your files for future reference. 

Very truly yours, 
  
 

 
 Hilary S. Ware 
 Senior Vice President, Administration 
 Enclosures 

Bristow Group Inc. 
 2103 City West Blvd., 4th Floor, Houston, Texas 77042, United States 
 t (713) 267 7600 f
(713) 267 7620 www.bristowgroup.com 

 

 
  

 Appendix A 
 Terms and Conditions of 
 Employee Nonqualified Stock Option Award

 May 25, 2012 
 The Option granted to you by Bristow Group Inc. (the “Company”) to purchase Shares of common stock of the Company, $.01 par value (“Common Stock”), is subject to the terms and
conditions set forth in the Bristow Group Inc. 2007 Long Term Incentive Plan (the “Plan”), the enclosed Prospectus for the Plan, any rules and regulations adopted by the Compensation Committee of the Company’s Board of Directors (the
“Committee”), and this Award Letter. Any capitalized term used and not defined in the Award Letter has the meaning set forth in the Plan. In the event there is an inconsistency between the terms of the Plan and the Award Letter, the terms
of the Plan control. 
  

	1.	Exercise Price 

 You may purchase the
Shares of Common Stock covered by the Option for the Exercise Price stated in this Award Letter. The Exercise Price of the Option may not be reduced, except as otherwise provided in Section 5.5 of the Plan and provided further that any such
reduction does not cause the Option to become subject to Code Section 409A. 
  

	2.	Term of Option 

 Your Option expires on
the Expiration Date. However, your Option may terminate prior to the Expiration Date as provided in Section 6 of this Appendix upon the occurrence of one of the events described in that Section. Regardless of the provisions of Section 6 of
this Appendix, in no event can your Option be exercised after the Expiration Date. 
  

	3.	Vesting and Exercisability of Option 

 (a) Unless it becomes exercisable on an earlier date as provided in Sections 6 or 7 of this Appendix, your Option will become vested and exercisable in installments with respect to the Number of
Shares Exercisable on the respective Vesting Date as set forth in this Award Letter. 
 (b) The number of
Shares covered by each installment will be in addition to the number of Shares which previously became exercisable. 
 (c) To the extent your Option has become vested and exercisable, you may exercise the Option as to all or any part of the Shares covered by the vested and exercisable installments of the Option, at
any time on or before the earlier of (i) the Option Expiration Date or (ii) the date your Option terminates under Section 6 of this Appendix. 
 (d) You may exercise the Option only for whole Shares of Common Stock. 
  

	4.	Exercise of Option 

 Subject to the
limitations set forth in this Award Letter and in the Plan, your Option may be exercised by written or electronic notice provided to the Company as set forth below. Such notice shall (a) state the number of Shares of Common Stock with respect
to which your Option is being exercised, (b) unless otherwise permitted by the Committee, be accompanied by a wire transfer, cashier’s check, cash or money order payable to the Company in the full amount of the Exercise Price for any
Shares of Common Stock being acquired plus any appropriate withholding taxes (as provided in Section 8 of this Appendix), or by other consideration in the form and manner approved by the Committee pursuant to Sections 5 and

 

 
  

 
8 of this Appendix, and (c) be accompanied by such additional documents as the Committee or the Company may then require. If any law or regulation requires the Company to take any action
with respect to the Shares specified in such notice, the time for delivery thereof, which would otherwise be as promptly as possible, shall be postponed for the period of time necessary to take such action. You shall have no rights of a stockholder
with respect to Shares of Common Stock subject to your Option unless and until such time as your Option has been exercised and ownership of such Shares of Common Stock has been transferred to you. 

As soon as practicable after receipt of notification of exercise and full payment of the Exercise Price and appropriate withholding taxes, a certificate
representing the number of Shares purchased under the Option, minus any Shares retained to satisfy the applicable tax withholding obligations in accordance with Section 8 of this Appendix, will be delivered in street name to your brokerage
account (or, in the event of your death, to a brokerage account in the name of your beneficiary in accordance with the Plan) or, at the Company’s option, a certificate for such Shares will be delivered to you (or, in the event of your death, to
your beneficiary in accordance with the Plan). 
  

	5.	Satisfaction of Exercise Price 

 (a) Payment of Cash or Common Stock. Your Option may be exercised by payment in cash (including cashier’s check, money order or wire transfer payable to the Company), in Common Stock,
in a combination of cash and Common Stock or in such other manner as the Committee in its discretion may provide. 
 (b) Payment of Common Stock. The Fair Market Value of any Shares of Common Stock tendered or withheld as all or part of the Exercise Price shall be determined in accordance with the Plan on
the date agreed to by the Company in advance as the date of exercise. The certificates evidencing previously owned Shares of Common Stock tendered must be duly endorsed or accompanied by appropriate stock powers. Only stock certificates issued
solely in your name may be tendered in exercise of your Option. Fractional Shares may not be tendered in satisfaction of the Exercise Price; any portion of the Exercise Price which is in excess of the aggregate Fair Market Value of the number of
whole Shares tendered must be paid in cash. If a certificate tendered in exercise of the Option evidences more Shares than are required pursuant to the immediately preceding sentence for satisfaction of the portion of the Exercise Price being paid
in Common Stock, an appropriate replacement certificate will be issued to you for the number of excess Shares. 
  

	6.	Termination of Employment 

 (a) General. The following rules apply to your Option in the event of your death, Disability (as defined below), retirement, or other termination of employment. 

 

	 	(1)	Termination of Employment. If your employment terminates for any reason other than death, Disability or retirement (as those terms are used below), your Option will
expire as to any unvested and not yet exercisable installments of the Option on the date of the termination of your employment and no additional installments of your Option will become exercisable. Your Option will be limited to only the number of
Shares of Common Stock which you were entitled to purchase under the Option on the date of the termination of your employment and will remain exercisable for that number of Shares for the earlier of 90 days following the date of your termination of
employment or the Expiration Date. 

 

 
  

	 	(2)	Retirement. If your employment terminates no sooner than six months after the date of this award by reason of retirement under a retirement program of the
Company or one of its subsidiaries approved by the committee after you have attained age 62 and have completed five continuous years of service or your combined age and length of service is 80 or above (as determined by the Committee), your Option
will become vested and fully exercisable as follows. An Option granted more than 12 months prior to your termination date will become fully vested and exercisable until the Expiration Date. An Option granted less than 12 months prior to your
termination date will be prorated by multiplying the number of shares subject to the option by the ratio of the number of months worked from the Award Date to your date of termination over twelve . The option will become vested and exercisable for
the resulting number of shares until the Expiration Date. 

  

	 	(3)	Death or Disability. If your employment terminates by reason of Disability, your Option will become 100% vested and fully exercisable as to all of the Shares
covered by the Option and will remain exercisable until the Expiration Date. If your employment terminates by reason of your death, your Option will become 100% vested and fully exercisable as to all of the Shares covered by the Option and will
remain exercisable by your beneficiary in accordance with the Plan until the Expiration Date. For purposes of this Appendix, Disability shall have the meaning given that term by the group disability insurance, if any, maintained by the Company for
its employees or otherwise shall mean your complete inability, with or without a reasonable accommodation, to perform your duties with the Company on a full-time basis as a result of physical or mental illness or personal injury you have incurred
for more than 12 weeks in any 52 week period, whether consecutive or not, as determined by an independent physician selected with your approval and the approval of the Company. 

 

	 	(4)	Adjustments by the Committee. The Committee may, in its sole discretion, exercised before or after your termination of employment, declare all or any portion of
your Option immediately exercisable and/or make any other modification as permitted under the Plan. 

 (b) Committee Determinations. The Committee shall have absolute discretion to determine the date and circumstances of termination of your employment and make all determinations under the
Plan, and its determination shall be final, conclusive and binding upon you. 
  

	7.	Change in Control 

Acceleration Upon Change in Control. Notwithstanding any contrary provisions of this Award Letter, upon the occurrence of a Change
in Control (as defined below) prior to your termination of employment, your Option will immediately become 100% vested and fully exercisable as to all Shares covered by the Option and the Option will remain exercisable until the Expiration Date. A
Change in Control of the Company shall be deemed to have occurred as of the first day any one or more of the following conditions shall have been satisfied: 
  

	 	(a)	 The acquisition by any 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 Shares representing 35% or more of 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 clause (a), the following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any corporation or other entity controlled by the Company, or (iv) any acquisition by any corporation or other entity pursuant to a transaction which complies with subclauses (i),
(ii) and (iii) of clause (c) below; or 

  

	 	(b)	Individuals who, as of the Effective Date of the Plan, are members of the Board of Directors of the Company (the “Incumbent Board”) cease for any
reason to constitute at least a majority of the Board of Directors of the Company; provided, however, that for purposes of this clause (b), 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, shall be considered as though such individual were a member of 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 of Directors of the Company; or 

  

	 	(c)	Consummation of a reorganization, merger, conversion or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a
“Business Combination”), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Voting
Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then outstanding combined voting power of the then outstanding voting securities entitled to vote generally in the election of
directors of the corporation or other entity resulting from such Business Combination (including, without limitation, a corporation or other entity 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 Voting Securities, (ii) no Person
(excluding any corporation or other entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation or other entity resulting from such Business Combination) beneficially owns,
directly or indirectly, 35% or more of the combined voting power of the then outstanding voting securities of the corporation or other entity resulting from such Business Combination except to the extent that such ownership existed prior to the
Business Combination, and (iii) at least a majority of the members of the board of directors of the corporation or other entity 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 of Directors of the Company, providing for such Business Combination; or 

  

	 	(d)	Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company other than in connection with the transfer of all or
substantially all of the assets of the Company to an affiliate or a Subsidiary of the Company. 

 

 
  

	8.	Tax Consequences and Income Tax Withholding 

 (a) You should review the Bristow Group Inc. 2007 Long Term Incentive Plan Prospectus for a general summary of the federal income tax consequences of your receipt of this Option based on currently
applicable provisions of the Code and related regulations. The summary does not discuss state and local tax laws or the laws of any other jurisdiction, which may differ from U.S. federal tax law. Neither the Company nor the Committee guarantees the
tax consequences of your Incentive Award herein. You are advised to consult your own tax advisor regarding the application of the tax laws to your particular situation. 

(b) The Option is not intended to be an “incentive stock option,” as defined in Section 422 of the
Code. 
 (c) This Award Letter is subject to your making arrangements satisfactory to the Committee to
satisfy any applicable federal, state or local withholding tax liability arising from the grant or exercise of your Option. You can either make a cash payment to the Company of the required amount or you can elect to satisfy your withholding
obligation by having the Company retain Shares of Common Stock having a Fair Market Value on the date tax is determined equal to the amount of your withholding obligation from the Shares otherwise deliverable to you upon the exercise of your Option.
You may not elect to have the Company withhold Shares of Common Stock having a value in excess of the minimum statutory withholding tax liability. If you fail to satisfy your withholding obligation in a time and manner satisfactory to the Committee,
the Company shall have the right to withhold the required amount from your salary or other amounts payable to you prior to transferring any Shares of Common Stock to you pursuant to this Option. 

(d) In addition, you must make arrangements satisfactory to the Committee to satisfy any applicable withholding tax
liability imposed under the laws of any other jurisdiction arising from your Incentive Award hereunder. You may not elect to have the Company withhold Shares having a value in excess of the minimum withholding tax liability under local law. If you
fail to satisfy such withholding obligation in a time and manner satisfactory to the Committee, no Shares will be issued to you or the Company shall have the right to withhold the required amount from your salary or other amounts payable to you
prior to the delivery of the Common Stock to you. 
  

	9.	Restrictions on Resale 

 There are no
restrictions imposed by the Plan on the resale of Shares of Common Stock acquired under the Plan. However, under the provisions of the Securities Act of 1933 (the “Securities Act”) and the rules and regulations of the Securities and
Exchange Commission (the “SEC”), resales of Shares acquired under the Plan by certain officers and directors of the Company who may be deemed to be “affiliates” of the Company must be made pursuant to an appropriate effective
registration statement filed with the SEC, pursuant to the provisions of Rule 144 issued under the Securities Act, or pursuant to another exemption from registration provided in the Securities Act. At the present time, the Company does not have a
currently effective registration statement pursuant to which such resales may be made by affiliates. There are no restrictions imposed by the SEC on the resale of Shares acquired under the Plan by persons who are not affiliates of the Company;
provided, however, that all employees, this Award Letter and the Option and its exercise hereunder are subject to the Company’s policies against insider trading (including black-out periods during which no sales are permitted), and to other
restrictions on resale that may be imposed by the Company from time to time if it determines said restrictions are necessary or advisable to comply with applicable law. 

 

 
  

	10.	Effect on Other Benefits 

 Income
recognized by you as a result of this Award Letter or the exercise of the Option or sale of Common Stock will not be included in the formula for calculating benefits under any of the Company’s retirement and disability plans or any other
benefit plans. 
  

	11.	Compliance with Laws 

 This Award Letter
and any Common Stock that may be issued hereunder shall be subject to all applicable federal and state laws and the rules of the exchange on which Shares of the Company’s Common stock are traded. The Plan and this Award Letter shall be
interpreted, construed and constructed in accordance with the laws of the State of Delaware and without regard to its conflicts of law provisions, except as may be superseded by applicable laws of the United States. 

 

	12.	Miscellaneous 

 (a) Not an Agreement for Continued Employment or Services. This Award Letter shall not, and no provision of this Award Letter shall be construed or interpreted to, create any right to be
employed by or to provide services to or to continue your employment with or to continue providing services to the Company, or the Company’s affiliates, Parent or Subsidiaries or their affiliates. 

(b) Community Property. Each spouse individually is bound by, and such spouse’s interest, if any, in
the grant of this Option or in any Shares of Common Stock is subject to, the terms of this Award Letter. Nothing in this Award Letter shall create a community property interest where none otherwise exists. 

(c) Amendment for Code Section 409A. This Incentive Award is intended to be exempt from Code
Section 409A. If the Committee determines that this Incentive Award may be subject to Code Section 409A, the Committee may, in its sole discretion, amend the terms and conditions of this Award Letter to the extent necessary to comply with
Code Section 409A. 
 If you have any questions regarding your Option or would like to obtain additional information about the Plan or the
Committee, please contact the Company’s General Counsel, Bristow Group Inc., 2103 City West Blvd., 4th Floor, Houston, Texas 77042 (telephone (713) 267-7600). Your Award Letter, the Plan and any other attachments should be retained in your
files for future reference.

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