Document:

EX-10.1

 Exhibit 10.1 

REGISTRATION RIGHTS AGREEMENT 

Dated as of March 17, 2014 

By and Among 
 PHI,
INC., 
 as Issuer, 

the GUARANTORS 
 Named
Herein, and 
 UBS SECURITIES LLC, 

as Initial Purchaser 

5.25% Senior Notes due 2019 

 TABLE OF CONTENTS 

 

							
	 Section 1.
	  	Definitions	  	 	1	  
	 Section 2.
	  	Exchange Offer	  	 	4	  
	 Section 3.
	  	Shelf Registration Statement	  	 	7	  
	 Section 4.
	  	Liquidated Damages	  	 	8	  
	 Section 5.
	  	Registration Procedures	  	 	9	  
	 Section 6.
	  	Registration Expenses	  	 	16	  
	 Section 7.
	  	Indemnification	  	 	17	  
	 Section 8.
	  	Rules 144 and 144A	  	 	20	  
	 Section 9.
	  	Underwritten Registrations	  	 	20	  
	 Section 10.
	  	Miscellaneous	  	 	21	  

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is dated as of March 17, 2014, by and among PHI, Inc., a
Louisiana corporation (the “Company”), and each of the Guarantors (as defined herein) (the Company and the Guarantors are referred to collectively herein as the “Issuers”), on the one hand, and UBS Securities LLC
(the “Initial Purchaser”), on the other hand. 
 This Agreement is entered into in connection with the
Purchase Agreement, dated March 6, 2014, by and among the Issuers and the Initial Purchaser (the “Purchase Agreement”), relating to the offering of $500 million aggregate principal amount of the Company’s 5.25% Senior
Notes due 2019 (including the guarantees thereof by the Guarantors, the “Notes”). The execution and delivery of this Agreement is a condition to the Initial Purchaser’s obligation to purchase the Notes under the Purchase
Agreement.  
 The parties hereby agree as follows: 

Section 1. Definitions. 

As used in this Agreement, the following terms shall have the following meanings: 

“action” shall have the meaning set forth in Section 7(c) hereof. 

“Advice” shall have the meaning set forth in Section 5(w) hereof.  

“Agreement” shall have the meaning set forth in the first introductory paragraph hereto.

 “Applicable Period” shall have the meaning set forth in Section 2(d) hereof.

 “Board of Directors” shall have the meaning set forth in Section 5(w) hereof.

 “Business Day” shall mean a day that is not a Legal Holiday.  

“Commission” shall mean the Securities and Exchange Commission. 

“Company” shall have the meaning set forth in the introductory paragraph hereto and shall also include
the Company’s permitted successors and assigns. 
 “day” shall mean a calendar
day. 
 “Delay Period” shall have the meaning set forth in Section 5(w)
hereof. 
 “Effectiveness Period” shall have the meaning set forth in Section 3(b)
hereof. 
 “Event Date” shall have the meaning set forth in Section 4(b)
hereof. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended,
and the rules and regulations of the Commission promulgated thereunder. 

 “Exchange Notes” shall have the meaning set forth in
Section 2(a) hereof. 
 “Exchange Offer” shall have the meaning set forth in
Section 2(a) hereof. 
 “Exchange Offer Registration Statement” shall have the
meaning set forth in Section 2(a) hereof. 
 “FINRA” shall have the meaning set
forth in Section 5(s) hereof. 
 “Freely Tradable” shall mean, with respect to any
Note, a Note (i) that, at the time of determination, would be permitted to be sold to the public without limitation in accordance with Rule 144, (ii) with respect to which the Company has enabled the applicable holder to have any
restrictive legends relating to the Securities Act removed and (iii) that bears an unrestricted CUSIP number. 

“Guarantors” means each of the subsidiaries of the Issuer executing this Agreement (as set forth on
Schedule I of the Purchase Agreement) on the date hereof and each Person who executes and delivers a counterpart of this Agreement hereafter pursuant to Section 10(e) hereof. 

“Holder” shall mean any holder of a Registrable Note or Registrable Notes. 

“Indenture” shall mean the Indenture, dated as of March 17, 2014, by and among
the Issuers and U.S. Bank, National Association, as trustee, pursuant to which the Notes are being issued, as amended or supplemented from time to time in accordance with the terms thereof. 

“Initial Purchaser” shall have the meaning set forth in the first introductory paragraph hereof.

 “Inspectors” shall have the meaning set forth in Section 5(n) hereof.

 “Issue Date” shall mean March 17, 2014, the date of original issuance of the
Notes. 
 “Issuers” shall have the meaning set forth in the introductory paragraph
hereto, and shall also include the Issuers’ permitted successors and assigns. 
 “Legal
Holiday” shall mean a Saturday, a Sunday or a day on which banking institutions in New York, New York are required by law, regulation or executive order to remain closed. 

“Liquidated Damages” shall have the meaning set forth in Section 4(a) hereof. 

“Losses” shall have the meaning set forth in Section 7(a) hereof. 

“Notes” shall have the meaning set forth in the second introductory paragraph hereto. 

“Participant” shall have the meaning set forth in Section 7(a) hereof. 

“Participating Broker-Dealer” shall have the meaning set forth in Section 2(d) hereof.

  
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 “Person” shall mean an individual, corporation,
partnership, joint venture association, joint stock company, trust, unincorporated limited liability company, government or any agency or political subdivision thereof or any other entity. 

“Private Exchange” shall have the meaning set forth in Section 2(e) hereof. 

“Private Exchange Notes” shall have the meaning set forth in Section 2(e) hereof.

 “Prospectus” shall mean the prospectus included in any Registration Statement (including,
without limitation, any prospectus subject to completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by
reference in such Prospectus. 
 “Purchase Agreement” shall have the meaning set forth
in the second introductory paragraph hereof. 
 “Records” shall have the meaning set
forth in Section 5(n) hereof. 
 “Registrable Notes” shall mean each Note upon its
original issuance and at all times subsequent thereto, each Exchange Note as to which Section 2(i)(iv) hereof is applicable upon original issuance and at all times subsequent thereto and each Private Exchange Note upon original issuance thereof
and at all times subsequent thereto, in each case until (i) a Registration Statement (other than, with respect to any Exchange Note as to which Section 2(i)(iv) hereof is applicable, the Exchange Offer Registration Statement) covering such
Note, Exchange Note or Private Exchange Note has been declared effective by the Commission and such Note, Exchange Note or such Private Exchange Note, as the case may be, has been disposed of in accordance with such effective Registration Statement,
(ii) such Note has been exchanged pursuant to the Exchange Offer for an Exchange Note or Exchange Notes that may be resold without restriction under state and federal securities laws, (iii) such Note, Exchange Note or Private Exchange
Note, as the case may be, ceases to be outstanding for purposes of the Indenture or (iv) such Note is Freely Tradable. 

“Registration Default” shall have the meaning set forth in Section 4(a) hereof. 

“Registration Statement” shall mean any appropriate registration statement of the Issuers covering any
of the Registrable Notes filed with the Commission under the Securities Act, and all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including the Prospectus contained therein, all
exhibits thereto and all material incorporated by reference therein.  
 “Requesting Participating
Broker-Dealer” shall have the meaning set forth in Section 2(d) hereof. 

  
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 “Rule 144” shall mean Rule 144 promulgated under
the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144A) or regulation hereafter adopted by the Commission providing for offers and sales of securities made in compliance therewith resulting
in offers and sales by subsequent holders that are not affiliates of an issuer of such securities being free of the registration and prospectus delivery requirements of the Securities Act. 

“Rule 144A” shall mean Rule 144A promulgated under the Securities Act, as such rule may be
amended from time to time, or any similar rule (other than Rule 144) or regulation hereafter adopted by the Commission.  

“Rule 415” shall mean Rule 415 promulgated under the Securities Act, as such rule may be
amended from time to time, or any similar rule or regulation hereafter adopted by the Commission. 

“Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the
Commission promulgated thereunder.  
 “Shelf Filing Event” shall have the meaning set
forth in Section 2(i) hereof. 
 “Shelf Registration Statement” shall have the
meaning set forth in Section 3(a) hereof. 
 “TIA” shall mean the Trust Indenture
Act of 1939, as amended.  
 “Trustee” shall mean the trustee under the Indenture and
the trustee (if any) under any indenture governing the Exchange Notes and Private Exchange Notes. 

“Underwritten registration or underwritten offering” shall mean a registration in which securities of
the Issuers are sold to an underwriter for reoffering to the public. 
 Section 2. Exchange Offer 

(a) The Issuers shall (i) file a Registration Statement (the “Exchange Offer Registration Statement”) with the
Commission on an appropriate registration form with respect to a registered offer (the “Exchange Offer”) to exchange any and all of the Registrable Notes for a like aggregate principal amount of notes (including the guarantees with
respect thereto, the “Exchange Notes”) that are identical in all material respects to the Notes (except that the Exchange Notes shall not contain terms with respect to transfer restrictions or Liquidated Damages upon a Registration
Default), (ii) use their reasonable best efforts to cause the Exchange Offer Registration Statement to be declared effective under the Securities Act and (iii) use their reasonable best efforts to consummate the Exchange Offer within
365 days after the Issue Date. Upon the Exchange Offer Registration Statement being declared effective by the Commission, the Issuers will offer the Exchange Notes in exchange for surrender of the Notes. The Issuers shall keep the Exchange
Offer open for not less than 30 days (or longer if required by applicable law) after the date notice of the Exchange Offer is mailed to Holders. 

Each Holder that participates in the Exchange Offer will be required to represent to the Company in writing that at the time of the
consummation of the Exchange Offer (i) any Exchange Notes to be received by it will be acquired in the ordinary course of its business, (ii) it has no arrangement or understanding with any Person to participate in the distribution (within
the 

  
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meaning of the Securities Act) of the Exchange Notes in violation of the provisions of the Securities Act, (iii) it is not an “affiliate” of the Issuers, as defined by Rule 405 of
the Securities Act, or if it is an affiliate of the Issuers, it will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer, it is not engaged
in, and does not intend to engage in, a distribution of Exchange Notes and (v) if such Holder is a broker-dealer that will receive Exchange Notes for its own account in exchange for Notes that were acquired as a result of market-making or other
trading activities, it will deliver a prospectus in connection with any resale of such Exchange Notes. 
 (b) The Company and the
Initial Purchaser acknowledge that the staff of the Commission has taken the position that any broker-dealer that elects to exchange Notes that were acquired by such broker-dealer for its own account as a result of market-making or other trading
activities for Exchange Notes in the Exchange Offer (a “Participating Broker-Dealer”) may be deemed to be an “underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of
the Securities Act in connection with any resale of such Exchange Notes (other than a resale of an unsold allotment resulting from the original offering of the Notes). 

(c) The Company and the Initial Purchaser also acknowledge that the staff of the Commission has taken the position that if the Prospectus
contained in the Exchange Offer Registration Statement includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Notes, without naming the Participating
Broker-Dealers or specifying the amount of Exchange Notes owned by them, such Prospectus may be delivered by Participating Broker-Dealers to satisfy their prospectus delivery obligations under the Securities Act in connection with resales of
Exchange Notes for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 
 (d) In
light of the foregoing, if requested by a Participating Broker-Dealer (a “Requesting Participating Broker-Dealer”), the Issuers agree to use their reasonable best efforts to keep the Exchange Offer Registration Statement
continuously effective for a period of up to 180 days after the date on which the Exchange Registration Statement is declared effective, or such longer period if extended pursuant to Section 5(w) hereof (such period, the
“Applicable Period”), or such earlier date as all Requesting Participating Broker-Dealers shall have notified the Company in writing that such Requesting Participating Broker-Dealers have resold all Exchange Notes acquired in the
Exchange Offer. The Company shall include a plan of distribution in such Exchange Offer Registration Statement that meets the requirements set forth in the preceding paragraph. 

(e) If, prior to consummation of the Exchange Offer, any Holder holds any Notes acquired by it that have, or that are reasonably likely to be
determined to have, the status of an unsold allotment in an initial distribution, or if any Holder is not entitled to participate in the Exchange Offer, the Company, upon the request of any such Holder, shall simultaneously with the delivery of the
Exchange Notes in the Exchange Offer, issue and deliver to any such Holder, in exchange (the “Private Exchange”) for such Notes held by any such Holder, a like principal amount of notes (including the guarantees with respect
thereto, the “Private Exchange Notes”) that are identical in all material respects to the Exchange Notes, except that the Private Exchange 

  
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Notes may be subject to transfer restrictions and bear a legend to such effect; provided, however, that the Issuers shall not be required to effect a Private Exchange if in the written judgment
of counsel for the Issuers or counsel for the Initial Purchaser (copies of which are delivered to the Initial Purchaser or Holders whose request is the subject of such judgments) such Private Exchange cannot be effected without registration under
the Securities Act. The Private Exchange Notes shall be issued pursuant to the same indenture as the Exchange Notes and, if permitted by Standard & Poor’s CUSIP Bureau, shall bear the same CUSIP number as the Exchange Notes. 

(f) In connection with the Exchange Offer, the Company shall: 

(i) mail or cause to be mailed to each Holder entitled to participate in the Exchange Offer a copy of the Prospectus forming
part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 

(ii) utilize the services of a depositary for the Exchange Offer with an address in the Borough of Manhattan, The City of New
York; 
 (iii) permit Holders to withdraw tendered Notes at any time prior to the close of business, New York time, on the
last Business Day on which the Exchange Offer shall remain open; and 
 (iv) otherwise comply in all material respects with
all applicable laws, rules and regulations. 
 As soon as practicable after the close of the Exchange Offer and the Private Exchange, if
any, the Company shall: 
 (i) accept for exchange all Notes validly tendered and not validly withdrawn pursuant to the
Exchange Offer and the Private Exchange, if any; 
 (ii) deliver or cause to be delivered to the Trustee for cancellation all
Notes so accepted for exchange; and 
 (iii) cause the Trustee to authenticate and deliver promptly to each Holder of Notes,
Exchange Notes or Private Exchange Notes, as the case may be, equal in principal amount to the Notes of such Holder so accepted for exchange. 

(g) The Exchange Offer and the Private Exchange shall not be subject to any conditions, other than that (i) the Exchange Offer or Private
Exchange, as the case may be, does not violate applicable law or any applicable interpretation of the staff of the Commission, (ii) no action or proceeding shall have been instituted or threatened in any court or by any governmental agency
which might materially impair the ability of the Company to proceed with the Exchange Offer or the Private Exchange, and no material adverse development shall have occurred in any existing such action or proceeding with respect to the Company and
(iii) all governmental approvals shall have been obtained, which approvals the Company deems necessary for the consummation of the Exchange Offer or Private Exchange. 

  
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 (h) The Exchange Notes and the Private Exchange Notes shall be issued under (i) the
Indenture or (ii) an indenture identical in all material respects to the Indenture (in either case, with such changes as are necessary to comply with any requirements of the Commission to effect or maintain the qualification thereof under the
TIA) and which, in either case, has been qualified under the TIA and shall provide that the Exchange Notes shall not be subject to the transfer restrictions set forth in the Indenture. The Indenture or such indenture shall provide that the Exchange
Notes, the Private Exchange Notes and the Notes shall vote and consent together on all matters as one class and that none of the Exchange Notes, the Private Exchange Notes or the Notes will have the right to vote or consent as a separate class on
any matter. 
 (i) In the event that (i) any changes in law or the applicable interpretations of the staff of the Commission do
not permit the Issuers to effect the Exchange Offer, (ii) for any reason the Exchange Offer is not consummated within 365 days after the Issue Date, (iii) any Holder is prohibited by law or the applicable interpretations of the staff of
the Commission from participating in the Exchange Offer or does not receive Exchange Notes on the date of the exchange that may be sold without restriction under state and federal securities laws (other than due solely to the status of such Holder
as an affiliate of any Issuer) or (iv) the Initial Purchaser so requests with respect to Notes that have, or that are reasonably likely to be determined to have, the status of unsold allotments in an initial distribution (each such event
referred to in clauses (i) through (iv) of this sentence, a “Shelf Filing Event”), then the Issuers shall use their reasonable best efforts to, as promptly as practicable, file a Shelf Registration Statement pursuant to
Section 3 hereof. 
 Section 3. Shelf Registration Statement 

If at any time a Shelf Filing Event shall occur, then: 

(a) The Issuers shall file with the Commission a Registration Statement for an offering to be made on a continuous basis pursuant to
Rule 415 covering all of the Registrable Notes not exchanged in the Exchange Offer, Private Exchange Notes and Exchange Notes as to which Section 2(i)(iii) is applicable (the “Shelf Registration Statement”). The Issuers
shall use their reasonable best efforts to file with the Commission the Shelf Registration Statement as promptly as practicable. The Shelf Registration Statement shall be on an appropriate form permitting registration of such Registrable Notes for
resale by Holders in the manner or manners designated by them (including, without limitation, one or more underwritten offerings). The Company shall not permit any securities other than the Registrable Notes to be included in the Shelf Registration
Statement. 
 (b) The Issuers shall use their reasonable best efforts (x) to cause the Shelf Registration Statement to be
declared effective under the Securities Act on or prior to the 365th day after the Issue Date and (y) to keep the Shelf Registration Statement continuously effective under the Securities Act for the period ending on the date which is one year
from the Issue Date, subject to extension pursuant to Section 5(w) hereof (the “Effectiveness Period”), or such shorter period ending when all Registrable Notes covered by the Shelf Registration Statement have been sold in the
manner set forth and as contemplated in the Shelf Registration Statement; provided, however, that (i) the Effectiveness Period in respect of the Shelf Registration Statement shall be extended to the extent required to permit
dealers to comply with the 

  
 7 

 
applicable prospectus delivery requirements of Rule 174 under the Securities Act and as otherwise provided herein and (ii) the Company may suspend the effectiveness of the Shelf
Registration Statement (A) in the manner contemplated by Section 5(w) hereof or (B) by written notice to the Holders solely as a result of the filing of a post-effective amendment to the Shelf Registration Statement to incorporate
annual audited financial information with respect to the Company where such post-effective amendment is not yet effective and needs to be declared effective to permit Holders to use the related Prospectus. 

(c) The Issuers agree to supplement or make amendments to the Shelf Registration Statement as and when required by the rules, regulations or
instructions applicable to the registration form used for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, or if reasonably requested by the Holders of a majority in aggregate
principal amount of the Registrable Notes covered by such Registration Statement or by any underwriter of such Registrable Notes. 

Section 4. Liquidated Damages. 

(a) The Issuers and the Initial Purchaser agree that the Holders will suffer damages if the Issuers fail to fulfill their respective
obligations under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, the Company agrees that if: 

(i) the Exchange Offer is not consummated or, if required, the Shelf Registration Statement is not declared effective on or
prior to the 365th day following the Issue Date, or 
 (ii) the Shelf Registration Statement is declared effective but
thereafter ceases to be effective or usable, except if the Shelf Registration Statement ceases to be effective or usable as specifically permitted in Section 5(w) hereof 

(each such event referred to in clauses (i) and (ii) a “Registration Default”), liquidated damages in the form of additional cash interest
(“Liquidated Damages”) will accrue on the affected Notes and the affected Exchange Notes, as applicable. The rate of Liquidated Damages will be 0.25% per annum for the first 90-day period immediately following the occurrence of a
Registration Default, increasing by an additional 0.25% per annum with respect to each subsequent 90-day period up to a maximum amount of additional interest of 1.00% per annum, from and including the date on which any such Registration
Default shall occur to, but excluding, the earlier of (1) the date on which all Registration Defaults have been cured or (2) the date on which all the Notes and Exchange Notes cease to be Registrable Notes. 

Notwithstanding the foregoing, (1) the amount of Liquidated Damages payable shall not increase because more than one Registration Default
has occurred and is pending and (2) a Holder of Notes or Exchange Notes who is not entitled to the benefits of the Shelf Registration Statement (i.e., such Holder has not elected to include information) shall not be entitled to Liquidated
Damages with respect to a Registration Default that pertains to the Shelf Registration Statement. 

  
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 (b) The Company shall notify the Trustee within one Business Day after each and every date
on which an event occurs in respect of which Liquidated Damages are required to be paid (an “Event Date”). Any amounts of Liquidated Damages due pursuant to this Section 4 will be payable in addition to any other interest
payable from time to time with respect to the Registrable Notes and the Exchange Notes in cash on each interest payment date to the holders of record for such interest payment date, commencing with the first such interest payment date occurring
after any such Liquidated Damages commence to accrue. The amount of Liquidated Damages will be determined in a manner consistent with the calculation of interest under the Indenture.  

Section 5. Registration Procedures 

In connection with the filing of any Registration Statement pursuant to Section 2 or 3 hereof, the Issuers shall effect such registrations
to permit the sale of the securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with any Registration Statement filed by the Issuers hereunder, the Issuers shall:

 (a) Prepare and file with the Commission the Registration Statement or Registration Statements prescribed by Section 2 or 3
hereof, and use their reasonable best efforts to cause each such Registration Statement to become effective and remain effective as provided herein; provided, however, that, if (1) such filing is pursuant to Section 3 hereof
or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during
the Applicable Period relating thereto, before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the Company shall furnish to and afford the Holders of the Registrable Notes covered by such Registration
Statement or each such Participating Broker-Dealer, as the case may be, their counsel and the managing underwriters, if any, a reasonable opportunity to review copies of all such documents (including copies of any documents to be incorporated by
reference therein and all exhibits thereto) proposed to be filed (in each case at least five Business Days prior to such filing). The Company shall not file any Registration Statement or Prospectus or any amendments or supplements thereto if the
Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement, or any such Participating Broker-Dealer, as the case may be, their counsel, or the managing underwriters, if any, shall reasonably
object. 
 (b) Prepare and file with the Commission such amendments and post-effective amendments to each Shelf Registration Statement
or Exchange Offer Registration Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period or the Applicable Period, as the case may be; cause the related Prospectus to
be supplemented by any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; and comply with the provisions of
the Securities Act and the Exchange Act applicable to each of them with respect to the disposition of all securities covered by such Registration Statement as so amended or in such Prospectus as so supplemented and with respect to the subsequent
resale of any securities being sold by a Participating Broker-Dealer covered by any such Prospectus, in each case, in accordance with the intended methods of distribution set forth in such Registration Statement or Prospectus, as so amended. 

  
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 (c) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof or
(2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period relating thereto, notify the selling Holders of Registrable Notes, or each such Participating Broker-Dealer, as the case may be, their counsel and the managing underwriters, if any, as promptly as possible and, if requested by any
such Person, confirm such notice in writing (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed and, with respect to a Registration Statement or any post-effective amendment, when the same has become
effective under the Securities Act (including in such notice a written statement that any Holder may, upon request, obtain, at the sole expense of the Company, one conformed copy of such Registration Statement or post-effective amendment including
financial statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits), (ii) of the issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement or of any
order preventing or suspending the use of any preliminary prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a Prospectus is required by the Securities Act to be delivered in connection with sales of the
Registrable Notes or resales of Exchange Notes by Participating Broker-Dealers the representations and warranties of the Issuers contained in any agreement (including any underwriting agreement) contemplated by Section 5(m) hereof cease to be
true and correct in all material respects, (iv) of the receipt by any of the Issuers of any notification with respect to the suspension of the qualification or exemption from qualification of a Registration Statement or any of the Registrable
Notes or the Exchange Notes for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, (v) of the happening of any event, the existence of any condition or any information becoming known to the
Company that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in or
amendments or supplements to such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and (vi) of the Company’s determination that a post-effective amendment to a Registration Statement would be
appropriate. 
 (d) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof, or (2) a Prospectus contained
in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use their
reasonable best efforts to prevent the issuance of any order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification)
of any of the Registrable Notes or the Exchange Notes, as the case may be, for sale in any jurisdiction and, if any such order is issued, to use their reasonable best efforts to obtain the withdrawal of any such order at the earliest practicable
moment. 

  
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 (e) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof
or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during
the Applicable Period and, if reasonably requested by the managing underwriter or underwriters (if any), the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement or any Participating
Broker-Dealer, as the case may be, (i) promptly incorporate in such Registration Statement or Prospectus, a prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters (if any), such Holders or
any Participating Broker-Dealer, as the case may be (based upon advice of counsel), determine is reasonably necessary to be included therein and (ii) make all required filings of such prospectus supplement or such post-effective amendment as
soon as practicable after the Company has received notification of the matters to be incorporated in such prospectus supplement or post-effective amendment; provided, however, that the Issuers shall not be required to take any action
hereunder that would, in the written opinion of counsel to the Company, violate applicable laws. 
 (f) If (1) a Shelf
Registration Statement is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, furnish to each selling Holder of Registrable Notes or each such Participating Broker-Dealer, as the case may be, who so requests, their counsel and each
managing underwriter, if any, at the sole expense of the Company, one conformed copy of the Registration Statement or Registration Statements and each post-effective amendment thereto, including financial statements and schedules, and, if requested,
all documents incorporated or deemed to be incorporated therein by reference and all exhibits. 
 (g) If (1) a Shelf Registration
Statement is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, deliver to each selling Holder of Registrable Notes or each such Participating Broker-Dealer, as the case may be, their respective counsel and the underwriters, if any, at
the sole expense of the Company, as many copies of the Prospectus or Prospectuses (including each form of preliminary prospectus) and each amendment or supplement thereto and any documents incorporated by reference therein as such Persons may
reasonably request; and, subject to the last paragraph of this Section 5, the Issuers hereby consent to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders of Registrable Notes or each such
Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers (if any), in connection with the offering and sale of the Registrable Notes or the sale by Participating Broker-Dealers of the Exchange Notes. 

(h) Prior to any public offering of Registrable Notes or Exchange Notes or any delivery of a Prospectus contained in the Exchange Offer
Registration Statement by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use 

  
 11 

 
their reasonable best efforts to register or qualify, and to cooperate with the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, the managing
underwriter or underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Notes or Exchange Notes, as the case may be, for offer
and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder, Participating Broker-Dealer, or the managing underwriter or underwriters reasonably request; provided, however, that
where Exchange Notes or Registrable Notes are offered other than through an underwritten offering, the Company agrees to cause the Company’s counsel to perform Blue Sky investigations and file registrations and qualifications required to be
filed pursuant to this Section 5(h); keep each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and do any and all other acts or things
reasonably necessary or advisable to enable the disposition in such jurisdictions of such Exchange Notes or Registrable Notes covered by the applicable Registration Statement; provided, however, that no Issuer shall be required to
(A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject or
(C) subject itself to taxation in excess of a nominal dollar amount in any such jurisdiction where it is not then so subject. 
 (i) If
a Shelf Registration Statement is filed pursuant to Section 3 hereof, cooperate with the selling Holders of Registrable Notes and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of
certificates representing Registrable Notes to be sold, which certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company; and enable such Registrable Notes to be in such
denominations and registered in such names as the managing underwriter or underwriters, if any, or selling Holders may request at least two Business Days prior to any sale of such Registrable Notes or Exchange Notes. 

(j) Use their reasonable best efforts to cause the Registrable Notes or Exchange Notes covered by any Registration Statement to be registered
with or approved by such other governmental agencies or authorities as may be reasonably necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Notes or
Exchange Notes, except as may be required solely as a consequence of the nature of such selling Holder’s business, in which case the Company will cooperate in all reasonable respects with the filing of such Registration Statement and the
granting of such approvals. 
 (k) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable
Period, upon the occurrence of any event contemplated by Section 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a) hereof and the penultimate paragraph of this Section 5) file with the
Commission, at the sole expense of the Company, a supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file
any other required 

  
 12 

 
document so that, as thereafter delivered to the purchasers of the Registrable Notes being sold thereunder or to the purchasers of the Exchange Notes to whom such Prospectus will be delivered by
a Participating Broker-Dealer, any such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading. 
 (l) Promptly after the consummation of the Exchange Offer or prior to the effective date of
the first Shelf Registration Statement relating to the Registrable Notes, as the case may be, (i) provide the Trustee with certificates for the Exchange Notes or the Registrable Notes, as the case may be, in a form eligible for deposit with The
Depository Trust Company and (ii) provide a CUSIP number for the Exchange Notes or the Registrable Notes, as the case may be. 
 (m) In
connection with any underwritten offering of Registrable Notes pursuant to a Shelf Registration Statement, enter into an underwriting agreement as is customary in underwritten offerings of debt securities similar to the Notes and take all such other
actions as are reasonably requested by the managing underwriter or underwriters in order to expedite or facilitate the registration or the disposition of such Registrable Notes and, in such connection, (i) make such representations and
warranties to, and covenants with, the underwriters with respect to the business of the Company and its subsidiaries (including any acquired business, properties or entity, if applicable) and the Registration Statement, Prospectus and documents, if
any, incorporated or deemed to be incorporated by reference therein, in each case, as are customarily made by issuers to underwriters in underwritten offerings of debt securities similar to the Notes, and confirm the same in writing if and when
requested; (ii) use their reasonable best efforts to obtain the written opinions of counsel to the Company and written updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters, addressed
to the underwriters covering the matters customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by the managing underwriter or underwriters; (iii) use their reasonable best
efforts to obtain “cold comfort” letters and updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Company (and, if
necessary, any other independent certified public accountants of any subsidiary of the Company or of any business acquired by the Company for which financial statements and financial data are, or are required to be, included or incorporated by
reference in the Registration Statement), addressed to each of the underwriters, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten offerings;
and (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures no less favorable than those set forth in Section 7 hereof (or such other provisions and procedures acceptable to
Holders of a majority in aggregate principal amount of Registrable Notes covered by such Registration Statement and the managing underwriter or underwriters or agents) with respect to all parties to be indemnified pursuant to said Section. The above
shall be done at each closing under such underwriting agreement, or as and to the extent required thereunder. 

  
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 (n) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof or
(2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period, make available for inspection by any selling Holder of such Registrable Notes being sold or each such Participating Broker-Dealer, as the case may be, any underwriter participating in any such disposition of Registrable Notes, if
any, and any attorney, accountant or other agent retained by any such selling Holder or each such Participating Broker-Dealer, as the case may be, or underwriter (collectively, the “Inspectors”), at the offices where normally kept,
during reasonable business hours, all financial and other records, pertinent corporate documents and instruments of the Company and its subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them to
exercise any applicable due diligence responsibilities, and cause the officers, directors and employees of the Company and its subsidiaries to supply all information reasonably requested by any such Inspector in connection with such Registration
Statement and Prospectus. Each Inspector shall agree in writing that it will not disclose any records that the Company determines, in good faith, to be confidential and that it notifies the Inspectors in writing are confidential unless (i) the
disclosure of such Records is necessary to avoid or correct a misstatement or omission in such Registration Statement or Prospectus, (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent
jurisdiction, (iii) disclosure of such information is necessary or advisable in connection with any action, claim, suit or proceeding, directly or indirectly, involving or potentially involving such Inspector and arising out of, based upon,
relating to, or involving this Agreement or the Purchase Agreement, or any transactions contemplated hereby or thereby or arising hereunder or thereunder or (iv) the information in such Records has been made generally available to the public;
provided, however, that such Inspector shall take such actions as are reasonably necessary to protect the confidentiality of such information (if practicable) to the extent such action is otherwise not inconsistent with, an impairment
of or in derogation of the rights and interests of the Holder or any Inspector. 
 (o) Provide an indenture trustee for the Registrable Notes
or the Exchange Notes, as the case may be, and cause the Indenture or the trust indenture provided for in Section 2(a) hereof to be qualified under the TIA not later than the effective date of the Exchange Offer or the first Registration
Statement relating to the Registrable Notes; and in connection therewith, cooperate with the trustee under any such indenture and the Holders of the Registrable Notes or Exchange Notes, as applicable, to effect such changes to such indenture as may
be required for such indenture to be so qualified in accordance with the terms of the TIA; and execute, and use their reasonable best efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other
forms and documents required to be filed with the Commission to enable such indenture to be so qualified in a timely manner. 
 (p) Comply
with all applicable rules and regulations of the Commission and make generally available to the Company’s securityholders earnings statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or
any similar rule promulgated under the Securities Act) no later than 45 days after the end of any 12-month period (or 90 days after the end of any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal
quarter in which Registrable Notes or Exchange Notes are sold to underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal
quarter of the Company after the effective date of a Registration Statement, which statements shall cover said 12-month periods. 

  
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 (q) Upon the request of a Holder, upon consummation of the Exchange Offer or a Private Exchange,
use their reasonable best efforts to obtain an opinion of counsel to the Company, in a form customary for underwritten transactions, addressed to the Trustee for the benefit of all Holders of Registrable Notes participating in the Exchange Offer or
the Private Exchange, as the case may be, that the Exchange Notes or Private Exchange Notes, as the case may be, and the related indenture constitute legal, valid and binding obligations of the Issuers, as applicable, enforceable against the Issuers
in accordance with its respective terms, subject to customary exceptions and qualifications. 
 (r) If the Exchange Offer or a Private
Exchange is to be consummated, upon delivery of the Registrable Notes by Holders to the Company (or to such other Person as directed by the Company) in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be, mark, or cause
to be marked, on such Registrable Notes that such Registrable Notes are being cancelled in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be; in no event shall such Registrable Notes be marked as paid or otherwise
satisfied. 
 (s) Cooperate with each seller of Registrable Notes covered by any Registration Statement and each underwriter, if any,
participating in the disposition of such Registrable Notes and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority (the “FINRA”). 

(t) Use their reasonable best efforts to take all other steps necessary or advisable to effect the registration of the Exchange Notes and/or
Registrable Notes covered by a Registration Statement contemplated hereby. 
 (u) The Company may require each seller of Registrable Notes or
Exchange Notes as to which any registration is being effected to furnish to the Company such information regarding such seller and the distribution of such Registrable Notes or Exchange Notes as the Company may, from time to time, reasonably
request. The Company may exclude from such registration the Registrable Notes or Exchange Notes of any seller so long as such seller fails to furnish such information within a reasonable time after receiving such request. Each seller as to which any
Shelf Registration Statement is being effected agrees to furnish promptly to the Company all information required to be disclosed in order to make any information previously furnished to the Company by such seller not materially misleading. 

(v) If any such Registration Statement refers to any Holder by name or otherwise as the holder of any securities of the Company, then such
Holder shall have the right to require (i) the insertion therein of language, in form and substance reasonably satisfactory to such Holder, to the effect that the holding by such Holder of such securities is not to be construed as a
recommendation by such Holder of the investment quality of the securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements of the Company or (ii) in the event that
such reference to such Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder in any amendment or supplement to the Registration Statement filed or
prepared subsequent to the time that such reference ceases to be required. 

  
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 (w) Each Holder of Registrable Notes and each Participating Broker-Dealer agrees by
acquisition of such Registrable Notes or Exchange Notes that, upon actual receipt of any notice from the Company (i) of the happening of any event of the kind described in Section 5(c)(ii), 5(c)(iii), 5(c)(iv) or 5(c)(v) hereof or
(ii) that the Board of Directors of the Company (the “Board of Directors”) has resolved that the Company has a bona fide business purpose for doing so, then the Company may delay the filing or the effectiveness of the Exchange
Offer Registration Statement or the Shelf Registration Statement (if not then filed or effective, as applicable) and shall not be required to maintain the effectiveness thereof or amend or supplement the Exchange Offer Registration Statement or the
Shelf Registration Statement, in all cases, for a period (a “Delay Period”) expiring upon the earlier to occur of (A) in the case of the immediately preceding clause (i), such Holder’s or Participating Broker-Dealer’s
receipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof or until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus may be resumed, and
has received copies of any amendments or supplements thereto, or (B) in the case of the immediately preceding clause (ii), the date which is the earlier of (1) the date on which such business purpose ceases to interfere with the
Company’s obligations to file or maintain the effectiveness of any such Registration Statement pursuant to this Agreement or (2) 60 days after the Company notifies the Holders of such good faith determination. There shall not be more than
90 days of Delay Periods during any 12-month period. Each of the Effectiveness Period and the Applicable Period, if applicable, shall be extended by the number of days during any Delay Period. Any Delay Period will not alter the obligations of the
Company to pay Liquidated Damages under the circumstances set forth in Section 4 hereof.  
 (x) In the event of any Delay Period
pursuant to Section 5(w)(ii) of the preceding paragraph, notice shall be given as soon as practicable after the Board of Directors makes such a determination of the need for a Delay Period and shall state, to the extent practicable, an estimate
of the duration of such Delay Period and shall advise the recipient thereof of the agreement of such Holder provided in the next succeeding sentence. Each Holder, by his acceptance of any Registrable Note, agrees that during any Delay Period, each
Holder will discontinue disposition of such Notes or Exchange Notes covered by such Registration Statement or Prospectus or Exchange Notes to be sold by such Holder or Participating Broker-Dealer, as the case may be. 

Section 6. Registration Expenses 

All fees and expenses incident to the performance of or compliance with this Agreement by the Issuers shall be borne by the Issuers, whether or
not the Exchange Offer Registration Statement or the Shelf Registration Statement is filed or becomes effective or the Exchange Offer is consummated, including, without limitation, (i) all registration and filing fees (including, without
limitation, (A) fees with respect to filings required to be made with the FINRA in connection with an underwritten offering and (B) fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation,
reasonable fees and disbursements of counsel in connection with Blue Sky qualifications of the Registrable Notes or Exchange Notes and determination of the eligibility of the Registrable Notes or Exchange Notes for investment under the laws of such
jurisdictions (x) where the Holders of Registrable Notes are located, in 

  
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the case of an Exchange Offer, or (y) as provided in Section 5(h) hereof, in the case of a Shelf Registration Statement or in the case of Exchange Notes to be sold by a Participating
Broker-Dealer during the Applicable Period)), (ii) printing expenses, including, without limitation, expenses of printing prospectuses if the printing of prospectuses is requested by the managing underwriter or underwriters, if any, or by the
Holders of a majority in aggregate principal amount of the Registrable Notes included in any Registration Statement or in respect of Exchange Notes to be sold by any Participating Broker-Dealer during the Applicable Period, as the case may be,
(iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company and reasonable fees and disbursements of one special counsel for all of the sellers of Registrable Notes (exclusive of any counsel
retained pursuant to Section 7 hereof), (v) fees and disbursements of all independent certified public accountants referred to in Section 5(m)(iii) hereof (including, without limitation, the expenses of any special audit and
“cold comfort” letters required by or incident to such performance), (vi) Securities Act liability insurance, if the Company desires such insurance, (vii) fees and expenses of all other Persons retained by any of the Issuers,
(viii) internal expenses of the Issuers (including, without limitation, all salaries and expenses of officers and employees of the Company performing legal or accounting duties), (ix) the expense of any audit, (x) the fees and
expenses incurred in connection with the listing of the securities to be registered on any securities exchange, and the obtaining of a rating of the securities, in each case, if applicable, and (xi) the expenses relating to printing, word
processing and distributing all Registration Statements, underwriting agreements, indentures and any other documents necessary in order to comply with this Agreement. Notwithstanding the foregoing or anything to the contrary, each Holder shall pay
all underwriting discounts and commissions of any underwriters with respect to any Registrable Notes sold by or on behalf of it. 

Section 7. Indemnification 

(a) Each Issuer, jointly and severally, agrees to indemnify and hold harmless each Holder of Registrable Notes and each Participating
Broker-Dealer selling Exchange Notes during the Applicable Period, each Person, if any, who controls any such Person within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act, the agents, employees,
officers and directors of each Holder and each such Participating Broker-Dealer and the agents, employees, officers and directors of any such controlling Person (each, a “Participant”) from and against any and all losses,
liabilities, claims, damages and expenses whatsoever (including, but not limited to, reasonable attorneys’ fees and any and all reasonable expenses whatsoever incurred in investigating, preparing or defending against any litigation, commenced
or threatened, or any claim whatsoever, and any and all reasonable amounts paid in settlement of any claim or litigation) (collectively, “Losses”) to which they or any of them may become subject under the Securities Act, the
Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) or
Prospectus (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus or free writing prospectus (as defined in Rule 433 under the Securities Act), or caused by, arising out
of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus, in the light of the circumstances under which they were
made, not misleading, provided that the foregoing indemnity shall not be available to any Participant insofar as such Losses are caused by any 

  
 17 

 
untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to such Participant furnished to the Company in writing by
or on behalf of such Participant expressly for use therein. This indemnity agreement will be in addition to any liability that the Issuers may otherwise have, including, but not limited to, liability under this Agreement. 

(b) Each Participant agrees, severally and not jointly, to indemnify and hold harmless each Issuer, each Person, if any, who controls any
Issuer within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act, and each of their respective agents, employees, officers and directors and the agents, employees, officers and directors of any such
controlling Person from and against any Losses to which they or any of them may become subject under the Securities Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any
preliminary prospectus or free writing prospectus, or caused by, arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the case of
the Prospectus, in the light of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that any such Loss arises out of or is based upon any untrue statement or alleged untrue statement or
omission or alleged omission made in reliance upon and in conformity with information relating to such Participant furnished in writing to the Company by or on behalf of such Participant expressly for use therein. 

(c) Promptly after receipt by an indemnified party under subsection 7(a) or 7(b) above of notice of the commencement of any action, suit
or proceeding (collectively, an “action”), such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each party against whom indemnification is to be
sought in writing of the commencement of such action (but the failure so to notify an indemnifying party shall not relieve such indemnifying party from any liability that it may have under this Section 7 except to the extent that it has been
prejudiced in any material respect by such failure). In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement of such action, the indemnifying party will be entitled to participate
in such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense of such action with counsel satisfactory to such
indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such action, but the reasonable fees and expenses of such counsel shall be at the expense of such
indemnified party or parties unless (i) the employment of such counsel shall have been authorized in writing by the indemnifying parties in connection with the defense of such action, (ii) the indemnifying parties shall not have employed
counsel to take charge of the defense of such action within a reasonable time after notice of commencement of the action, or (iii) the named parties to such action (including any impleaded parties) include such indemnified party and the
indemnifying party or parties (or such indemnifying parties have assumed the defense of such action), and such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them that are different from or
additional to those available to one or all of the indemnifying parties (in which case the indemnifying  

  
 18 

 
parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such reasonable fees and expenses of counsel shall be
borne by the indemnifying parties. In no event shall the indemnifying party be liable for the fees and expenses of more than one counsel (together with appropriate local counsel) at any time for all indemnified parties in connection with any one
action or separate but substantially similar or related actions arising in the same jurisdiction out of the same general allegations or circumstances. An indemnifying party shall not be liable for any settlement of any claim or action effected
without its written consent, which consent may not be unreasonably withheld. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and
expenses of counsel as contemplated by paragraph (a) or (b) of this Section 7, then the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such
settlement is entered into more than 45 business days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the
date of such settlement and (iii) such indemnified party shall have given the indemnifying party at least 45 days prior notice of its intention to settle. No indemnifying party shall, without the prior written consent of the indemnified party,
effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an
unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding. 
 (d) In order
to provide for contribution in circumstances in which the indemnification provided for in this Section 7 is for any reason held to be unavailable from the indemnifying party, or is insufficient to hold harmless a party indemnified under this
Section 7, each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such aggregate Losses (i) in such proportion as is appropriate to reflect the relative benefits received by each
indemnifying party, on the one hand, and each indemnified party, on the other hand, from the sale of the Notes to the Initial Purchaser or the resale of the Registrable Notes by such Holder, as applicable, or (ii) if such allocation is not
permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to above but also the relative fault of each indemnified party, on the one hand, and each indemnifying party, on the other hand, in
connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. The relative benefits received by the Issuers, on the one hand, and each Participant, on the other hand, shall be
deemed to be in the same proportion as (x) the total proceeds from the sale of the Notes to the Initial Purchaser (net of discounts and commissions but before deducting expenses) received by the Issuers are to (y) the total net profit
received by such Participant in connection with the sale of the Registrable Notes. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the Issuers or such Participant and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission or alleged statement or omission. 
 (e) The parties agree that it would not be just and equitable if contribution pursuant to this
Section 7 were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to above. Notwithstanding the 

  
 19 

 
provisions of this Section 7, (i) in no case shall any Participant be required to contribute any amount in excess of the amount by which the net profit received by such Participant in
connection with the sale of the Registrable Notes exceeds the amount of any damages that such Participant has otherwise been required to pay by reason of any untrue or alleged untrue statement or omission or alleged omission and (ii) no person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. Any party entitled to contribution
will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made against another party or parties under this Section 7, notify such party or parties from whom
contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this Section 7 or otherwise, except to the
extent that it has been prejudiced in any material respect by such failure; provided, however, that no additional notice shall be required with respect to any action for which notice has been given under this Section 7 for
purposes of indemnification. Anything in this section to the contrary notwithstanding, no party shall be liable for contribution with respect to any action or claim settled without its written consent, provided, that such written consent was not
unreasonably withheld. 
 Section 8. Rules 144 and 144A 

The Company covenants that it will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and
regulations adopted by the Commission thereunder in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act and, if at any time the Company is not required to file such reports, it will, upon the request of any
Holder or beneficial owner of Registrable Notes, make available such information necessary to permit sales pursuant to Rule 144A under the Securities Act. The Issuers further covenant that they will take such further action as any Holder of
Registrable Notes may reasonably request from time to time to enable such Holder to sell Registrable Notes without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 and Rule 144A
under the Securities Act, as such rules may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the Commission. 

Section 9. Underwritten Registrations 

If any of the Registrable Notes covered by any Shelf Registration Statement are to be sold in an underwritten offering, the investment banker
or investment bankers and manager or managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount of such Registrable Notes included in such offering and shall be reasonably acceptable to the
Company. 
 No Holder of Registrable Notes may participate in any underwritten registration hereunder if such Holder does not (a) agree
to sell such Holder’s Registrable Notes on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) complete and execute all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 

  
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 Section 10. Miscellaneous 

(a) No Inconsistent Agreements. The Issuers have not, as of the date hereof, and shall not, after the date of this Agreement,
enter into any agreement with respect to any of their securities that is inconsistent with the rights granted to the Holders of Registrable Notes in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders
hereunder do not conflict with and are not inconsistent with, in any material respect, the rights granted to the holders of any of the Issuers’ other issued and outstanding securities under any such agreements. The Issuers have not entered and
will not enter into any agreement with respect to any of their securities which will grant to any Person piggy-back registration rights with respect to any Registration Statement. 

(b) Adjustments Affecting Registrable Notes. The Company shall not, directly or indirectly, take any action with respect to the
Registrable Notes as a class that would adversely affect the ability of the Holders of Registrable Notes to include such Registrable Notes in a registration undertaken pursuant to this Agreement. 

(c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or
consents to departures from the provisions hereof may not be given except pursuant to a written agreement duly signed and delivered by (I) the Company (on behalf of all Issuers) and (II)(A) the Holders of not less than a majority in
aggregate principal amount of the then outstanding Registrable Notes and (B) in circumstances that would adversely affect the Participating Broker-Dealers, the Participating Broker-Dealers holding not less than a majority in aggregate principal
amount of the Exchange Notes held by all Participating Broker-Dealers; provided, however, that Section 7 and this Section 10(c) may not be amended, modified or supplemented, and the amount of any Liquidated Damages payable
hereunder may not be reduced and the due date thereof may not be extended, except in any case pursuant to a written agreement duly signed and delivered by each Holder and each Participating Broker-Dealer (including any Person who was a Holder or
Participating Broker-Dealer of Registrable Notes or Exchange Notes, as the case may be, disposed of pursuant to any Registration Statement) affected by any such amendment, modification, supplement, waiver or consent. Notwithstanding the foregoing, a
waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Notes whose securities are being sold pursuant to a Registration Statement and that does not directly or
indirectly affect, impair, limit or compromise the rights of other Holders of Registrable Notes may be given by Holders of at least a majority in aggregate principal amount of the Registrable Notes being sold pursuant to such Registration Statement.
 
 (d) Notices. All notices and other communications (including, without limitation, any notices or other
communications to the Trustee) provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, next-day air courier or facsimile: 

(i) if to a Holder of the Registrable Notes or any Participating Broker-Dealer, at the most current address of such Holder or
Participating Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture. 

  
 21 

	 	(ii)	if to the Issuers, at the address as follows: 

 PHI, Inc. 

Post Office Box 90808 

Municipal Airport 
 Lafayette,
Louisiana 70509-0808 
 Telephone: (337) 272-4452 

Attention: Chief Financial Officer 
  

	 	(iii)	if to the Initial Purchaser, at the address as follows: 

 UBS Securities LLC 

299 Park Avenue 
 New York, New
York 10171 
 Telephone: (212) 821-3000 

Attention: Syndicate Department 

All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by the recipient’s facsimile machine, if faxed; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight
delivery. 
 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to
the Trustee at the address and in the manner specified in the Indenture. 
 (e) Guarantors. So long as any Registrable Notes
remain outstanding, the Issuers shall cause each Person that becomes a guarantor of the Notes under the Indenture to execute and deliver a counterpart to this Agreement which subjects such Person to the provisions of this Agreement as a Guarantor.
Each of the Guarantors agrees to join the Company in all of its undertakings hereunder to effect the Exchange Offer for the Exchange Notes and the filing of any Shelf Registration Statement required hereunder. 

(f) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each
of the parties hereto, the Holders and the Participating Broker-Dealers; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such
successor or assign holds Registrable Notes.  
 (g) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(h) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the
meaning hereof. 

  
 22 

 (i) GOVERNING LAW, WAIVER OF JURY TRIAL. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH ISSUER HEREBY AGREES ON ITS OWN BEHALF TO WAIVE ANY RIGHT TO A
TRIAL BY JURY IN ANY PROCEEDINGS OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) WITH RESPECT TO ANY CLAIM, COUNTER-CLAIM OR ACTION ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

(j) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto
shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention
of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.  

(k) Securities Held by the Company or Its Affiliates. Whenever the consent or approval of Holders of a specified percentage of
Registrable Notes is required hereunder, Registrable Notes held by the Company or any of its affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in determining whether such consent or approval was
given by the Holders of such required percentage. 
 (l) Third-Party Beneficiaries. Holders and beneficial owners of
Registrable Notes and Participating Broker-Dealers are intended third-party beneficiaries of this Agreement, and this Agreement may be enforced by such Persons. No other Person is intended to be, or shall be construed as, a third-party beneficiary
of this Agreement. 
 (m) Attorneys’ Fees. As between the parties to this Agreement, in any action or proceeding
brought to enforce any provision of this Agreement, or where any provision hereof is validly asserted as a defense, the successful party shall be entitled to recover reasonable attorneys’ fees actually incurred in addition to its costs and
expenses and any other available remedy. 
 (n) Entire Agreement. This Agreement, together with the Purchase Agreement
and the Indenture, is intended by the parties as a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written agreements,
representations, or warranties, contracts, understandings, correspondence, conversations and memoranda between the Holders on the one hand and the Company on the other, or between or among any agents, representatives, parents, subsidiaries,
affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 

[remainder of page left intentionally blank] 

  
 23 

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

  

			
	PHI, INC.
		
	By:	 	 /s/ Trudy McConnaughhay

	        Name: Trudy McConnaughhay
	        Title:   Chief Financial Officer & Secretary
	
	 INTERNATIONAL HELICOPTER TRANSPORT, INC.

PHI TECH SERVICES, INC.
 PHI AIR MEDICAL, L.L.C.

HELICOPTER MANAGEMENT, L.L.C.
 HELICOPTER LEASING, L.L.C.

HELEX, L.L.C.
 SKY LEASING, L.L.C.

VERTILEASE, L.L.C.
 LEASING SOURCE, L.L.C.

MDHL, L.L.C.

		
	By:	 	 /s/ Trudy McConnaughhay

	        Name: Trudy McConnaughhay
	        Title:   Vice President

 [Signature Page to Registration Rights Agreement] 

 
			
	ACCEPTED AND AGREED to as of the date first written above.
	
	UBS SECURITIES LLC
		
	By:	 	 /s/ John Stroll

		 	Name: John Stroll
		 	Title: Director
		
	By:	 	 /s/ James Boland

		 	Name: James Boland
		 	Title: Managing Director

 [Signature Page to Registration Rights Agreement]EX-10.9

 Exhibit 10.9 
 SEACOAST NATIONAL BANK 
 DIRECTORS’ DEFERRED COMPENSATION PLAN

 (Amended & Restated Effective January 1, 2014) 

ARTICLE ONE 

Purpose and Adoption of Plan 
 1.1 “Introduction” Seacoast National Bank, formerly First National Bank and Trust Company of the Treasure Coast (the “Company”) and its affiliates, established the
Seacoast National Bank Directors’ Deferred Compensation Plan, formerly known as the FNBTC Directors’ Deferred Compensation Plan (the “Plan”) effective as of July 1, 2004. The Company amended and restated the Plan effective
January 1, 2005 to reflect certain amendments and to comply with Section 409A of the Internal Revenue Code and the regulations promulgated thereunder. The Company now wishes to amend and restate the Plan effective January 1, 2014 to
allow Eligible Directors to defer equity-based awards granted to them under the Seacoast Banking Corporation of Florida 2013 Incentive Plan, or any other similar equity plan adopted by Seacoast Banking Corporation of Florida (the “Incentive
Plan”). 
 1.2 “Purpose of Plan” The Plan is designed to permit each Eligible
Director to annually have the opportunity to elect to defer a portion of their compensation for serving as a Director. 

ARTICLE TWO 

Definitions 
 For purposes of the Plan, the following terms shall have the following meanings unless a different meaning is plainly required by the context. The words in the masculine gender shall include the feminine
and neuter genders and words in the singular shall include the plural and words in the plural shall include the singular. 

“Account” shall mean the Cash Deferral Account or the Equity Deferral Account. 

“Beneficiary” shall mean any person, estate, trust, or organization entitled to receive any payment under the
Plan upon the death of a Participant. The Participant shall designate his Beneficiary on a form provided by the Plan Committee. 

“Board” shall mean the Board of Directors of the Company. 

“Cash Compensation” shall mean an amount equal to the sum of the Participant’s cash compensation, including
retainer, meeting fees and any other compensation otherwise payable in cash. 
 “Cash Deferral Account”
shall mean the Mutual Fund Account or the Stock Account. 

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

 “Company” shall mean Seacoast National Bank, formerly First National Bank and Trust Company of the
Treasure Coast, with principal offices in Stuart, Florida. 
 “Common Stock” means the $.01 par value
common stock of the Holding Company. 
 “Compensation” shall mean the Participant’s Cash
Compensation and/or Equity Compensation. 
 “Deferral Election” shall mean the Participant’s
written election under the Plan to defer a portion of his Compensation pursuant to Article Four. 
 “Effective
Date” shall mean July 1, 2004. 
 “Eligible Director” shall mean a member of the Board
who is not an employee of the Company or the Holding Company or any subsidiary of the Company or the Holding Company. 

“Entry Date” shall mean the first day of the calendar month next following or coinciding with the date on which
an individual becomes an Eligible Director. 
 “Equity Compensation” shall mean stock unit awards
granted on or after January 1, 2014 under the Incentive Plan. Awards deferred under this Plan shall be considered to be “deferred stock units” for purposes of the Incentive Plan. 

“Equity Deferral Account” shall mean the account established by the Plan Committee for each Participant, to which
deferrals of Equity Compensation are credited, the performance of which shall be measured by reference to the Market Value of Common Stock. To the extent that an equity award deferred under this Plan is subject to vesting conditions, the Equity
Compensation related to such award shall not be credited to a Participant’s Equity Deferral Account unless and until the award becomes vested. The maintenance of individual Equity Deferral Accounts is for bookkeeping purposes only, and a
Participant’s Stock Account shall not hold actual shares of Common Stock. Each Equity Deferral Account shall include a record in the Participant’s name of all Equity Compensation deferred and the terms and conditions of the award,
including dates of payment, dates of vesting, and other relevant information. No transfers from or to other Accounts shall be permitted in or out of the Equity Compensation Account. 

“ERISA” shall mean the “Employee Retirement Income Security Act of 1974,” as amended. 

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

“Holding Company” shall mean Seacoast Banking Corporation of Florida, the parent company of the Company.

 “Investment Election” shall mean the Participant’s election to have his Account invested
pursuant to Section 5.1. 

  
 - 2 -

 “Market Value” shall mean the closing price of the shares of Common
Stock by reference to the last sale price or the closing “asked” price of the shares in the over-the-counter market as reported by the National Association of Securities Dealers Automated Quotation System (NASDAQ) or other national
quotation service, provided however, that if at any relevant time the shares of Common Stock are not listed on the NASDAQ but rather traded on the New York Stock Exchange or other national securities exchange, then “Market Value” shall be
determined by reference to the closing price of the shares of Common Stock on the New York Stock Exchange or other national securities exchange, if applicable. 
 “Mutual Fund Account” means the account established by the Plan Committee for each Participant, to which deferrals of Cash Compensation may be credited, the performance of which
shall be measured by reference to the value of certain mutual funds. The maintenance of individual Mutual Fund Accounts is for bookkeeping purposes only. 
 “Participant” shall mean an Eligible Director who elects for one or more years to defer Compensation pursuant to this Plan. 

“Plan” shall mean this Seacoast National Bank Directors’ Deferred Compensation Plan, as amended from time to
time. 
 “Plan Committee” shall mean the Committee appointed to administer the Plan, as provided in
Article Nine. 
 “Plan Year” shall mean the twelve (12) month period commencing January 1st
and ending on the last day of December next following. 
 “Separation from Service” shall have the
meaning as set forth in Section 409A(a)(2)(i) of the Code and the regulations promulgated thereunder. 
 “Stock
Account” means the account established by the Plan Committee for each Participant, to which deferrals of Cash Compensation may be credited, the performance of which shall be measured by reference to the Market Value of Common Stock. The
maintenance of individual Stock Accounts is for bookkeeping purposes only, and a Participant’s Stock Account shall not hold actual shares of Common Stock. No transfers to other Accounts shall be permitted out of the Stock Account. 

“Valuation Date” shall mean each business day. 

ARTICLE THREE 
 Eligibility and Vesting 
 3.1
“Participation” Participation shall be limited to persons who are Eligible Directors. 
 3.2
“Vesting” A Participant shall be 100% vested in his entire Cash Deferral Account under this Plan. A Participant shall also be 100% vested in his entire Equity Deferral Account under this Plan, provided that to the extent that
an equity award deferred under this Plan is subject to vesting conditions, the Equity Compensation related to such award shall not be credited to the Participant’s Equity Deferral Account unless and until the award becomes vested.

  
 - 3 -

 ARTICLE FOUR 
 Deferral of Compensation 
 4.1 “Deferral of
Compensation” A Participant may elect to defer receipt of all or any portion of his Cash Compensation to his Mutual Fund Account or Stock Account. Additionally, a Participant may elect to defer receipt of all or any portion of his
Equity Compensation to his Equity Deferral Account. No deferral shall be made of any Cash Compensation payable, or Equity Compensation award granted, after termination of the Participant’s service on the Board. 

4.2 “Establishment of Account” An Account shall be established for each Participant by the Plan Committee as of
the Entry Date for such Participant. 
 4.3 “The Form of the Deferral Election” A Deferral Election
shall be made in writing on a form prescribed by the Plan Committee. The Deferral Election shall state the percentage of such Cash Compensation and/or Equity Compensation to be deferred. 

4.4 “Making and Modifications of Deferral Elections and Investment Elections” 

(a) The initial Deferral Election of a new Participant shall be made by written notice signed by the Participant and
delivered to the Plan Committee in a form acceptable to the Plan Committee, not later than thirty (30) days after the Eligible Director’s Entry Date. Such Deferral Election shall be irrevocable on the 30th day following his or her Entry Date and shall apply only to Cash
Compensation and/or Equity Compensation attributable to services performed by the Participant after his or her Entry Date. The form shall indicate (i) the amount of Cash Compensation and/or Equity Compensation to be deferred; (ii) the
portion of the deferral of Cash Compensation to be credited to the Participant’s Mutual Fund Account and Stock Account, respectively, and (iii) any applicable Investment Elections for the Mutual Fund Account. 

(b) Any Deferral Election by the Participant after his or her initial Deferral Election shall be made in the Plan Year prior to the Plan
Year in which the services related to the Cash Compensation and/or Equity Compensation are performed. A Deferral Election under this paragraph shall become effective on the first day of the immediately following Plan Year and shall be irrevocable.

 (c) Any Deferral Election, including changes to the Participant’s applicable Investment Elections, shall be made by
written notice signed by the Participant and delivered to the Plan Committee not later than the last day of the Plan Year and shall be effective on the first day of the immediately succeeding Plan Year. A Deferral Election with respect to the
deferral of future Cash Compensation and a Participant’s Investment Elections shall continue for each future Plan Year, unless and until the Participant submits a new election form on a timely basis as provided herein. Nevertheless, the
Participant must make a new Deferral Election for each year in which he or she desires to defer an award of Equity Compensation. 

  
 - 4 -

 (d) At the time of the initial Deferral Election, the Participant shall elect the form of
payment to be received with respect to the Cash Deferral Account pursuant to Section 7.1. The initial Deferral Election with respect to the form of payments, if applicable, and the time for the commencement of payments shall govern the
distribution of an Account, except as provided in Section 7.6. 
 4.5 “Crediting of Amounts to
Accounts” Amounts to be deferred shall be credited to the Participant’s Account, as applicable, as of the date such amounts are otherwise payable. 
 4.6 “Special Rule Regarding Equity Compensation” Notwithstanding anything else to the contrary, if a Participant defers an Equity Compensation award under this Plan, no actual
shares of Common Stock will be issued or placed in the Participant’s Equity Deferral Account. All Equity Compensation deferred under this Plan shall remain unissued until distributed pursuant to Section 7.1 on the date and time of payment
as elected by the Participant. 
 ARTICLE FIVE 
 Investments 
 5.1 “In General” The
Mutual Fund Account of each Participant shall be credited as of each quarter with its allocable share of deemed investment gains and losses. A Participant may direct how his Cash Deferral Account is deemed to be invested, but only among such deemed
investment vehicles as are made available by the Plan Committee from time to time. The Investment Election shall be made in accordance with procedures announced by the Plan Committee. The Investment Election made in accordance with this Article Five
shall continue unless the Participant changes the Investment Election in accordance with the procedures announced by the Plan Committee. Investment Elections and changes thereto directed by the Participant shall be permitted on an annual basis, but
shall be effective prospectively only, in accordance with procedures announced by the Plan Committee. 
 5.2
“Gains Invested in Same Option” Dividends, interest and other distributions credited with respect to any deemed investment shall be deemed to be invested in the same investment option. 

5.3 “Participant Reports on Account Values” At the end of each Plan Year (or on a more frequent basis as
determined by the Plan Committee), a report shall be issued to each Participant who has an Account stating the value of such Account. 
 5.4 “Stock Account” Amounts in a Participant’s Stock Account are deemed to be invested in units of Common Stock. Amounts deferred into the Stock Account are recorded as units
of Common Stock, and fractions thereof, with one unit equating to a single share of Common Stock. Thus, the value of one unit shall be the Market Value of a single share of Common Stock. The use of units is merely a bookkeeping convenience, the
units are not actual shares of Common Stock. The Company will not reserve or otherwise set aside any Common Stock for or to any Stock Account. Distributions from the Stock Account are required to be in shares of Common Stock and shall be issued from
the Incentive Plan. 

  
 - 5 -

 5.5 “Special Rule Regarding Equity Compensation”
Notwithstanding any other provision of the Plan, Equity Compensation awards deferred into the Plan shall constitute separate investments and shall not be invested in any of the investment options available under the Plan. Rather, the number of
shares subject to a deferred Equity Compensation Award shall be recorded as units of Common Stock, and fractions thereof, with one unit equating to a single share of Common Stock. Distributions from the Equity Deferral Account are required to be in
shares of Common Stock, at the time provided in Section 7.1.  
 ARTICLE SIX 

Investment in the Stock Account or Equity Deferral Account, and Transfers Between Accounts 

6.1 “Election Into the Stock Account” If a Participant elects to defer Cash Compensation into his or her Stock
Account, his or her Stock Account shall be credited, as of the date described in Section 4.5, with that number of units of Common Stock, and fractions thereof, obtained by dividing the dollar amount to be deferred into the Stock Account by the
Market Value of the Common Stock as of such date. 
 6.2 “Equity Deferral Account” If a Participant
elects to defer an Equity Compensation award under this Plan, his or her Equity Deferral Account shall be credited, as of the date described in Section 4.5 and subject to Section 3.2, with that number of units of Common Stock, and
fractions thereof, equal to the number of shares of Common Stock subject to the Equity Compensation award that is so deferred. 

6.3 “Transfers Between Accounts” Except as otherwise provided in this Section, a Participant may direct that all
or any portion, designated as a whole dollar amount, of the existing balance of his Mutual Fund Account be transferred to his Stock Account, effective on the first day of such succeeding Plan Year if and only if such election is made by written
notice signed by the Participant and delivered to the Plan Committee not later than the first day of the next Plan Year and shall be effective on the first day of such succeeding Plan Year. No transfers into the Equity Compensation Account from any
other Account shall be permitted. 
 6.4 “Transfer Into the Stock Account” If a Participant elects
pursuant to Section 6.3 to transfer an amount from his Mutual Fund Account to his Stock Account, effective as of the election’s effective date, (i) his Stock Account shall be credited with that number of units of Common Stock, and
fractions thereof, obtained by dividing the dollar amount elected to be transferred by the Market Value of the Common Stock on the Valuation Date immediately preceding the election’s effective date; and (ii) his Mutual Fund Account shall
be reduced by the amount elected to be transferred. 
 6.5 “Transfer Out of the Stock Account or Equity Deferral
Account” Transfers out of the Stock Account or the Equity Deferral Account are not permitted. 
 6.6
“Dividend Equivalents” Effective as of the payment date for each cash dividend on the Common Stock, the Stock Account and Equity Deferral Account, as applicable, of each Participant who had a balance in his Stock Account and
Equity Deferral Account, as applicable, 

  
 - 6 -

 
on the record date for such dividend shall be credited with a number of units of Common Stock, and fractions thereof, obtained by dividing (i) the aggregate dollar amount of such cash
dividend payable in respect of such Participant’s Stock Account and Equity Deferral Account, as applicable (determined by multiplying the dollar value of the dividend paid upon a single share of Common Stock by the number of units of Common
Stock held in the Participant’s Stock Account and Equity Deferral Account, as applicable, on the record date for such dividend); by (ii) the Market Value of the Common Stock on the Valuation Date immediately preceding the payment date for
such cash dividend. 
 6.7 “Stock Dividends” Effective as of the payment date for each stock dividend on
the Common Stock, additional units of Common Stock shall be credited to the Stock Account and Equity Deferral Account, as applicable, of each Participant who had a balance in his Stock Account and Equity Deferral Account, as applicable, on the
record date for such dividend. The number of units that shall be credited to the Stock Account and Equity Deferral Account, as applicable, of such a Participant shall equal the number of shares of Common Stock, and fractions thereof, which the
Participant would have received as stock dividends had he or she been the owner on the record date for such stock dividend of the number of shares of Common Stock equal to the number of units credited to his Stock Account and Equity Deferral
Account, as applicable, on such record date. 
 6.8 “Recapitalization” If, as a result of a
recapitalization of the Company, the outstanding shares of Common Stock shall be changed into a greater number or smaller number of shares, the number of units credited to a Participant’s Stock Account and Equity Deferral Account, as
applicable, shall be appropriately adjusted on the same basis. 
 6.9 “Distributions” Amounts in respect
of units of Common Stock may only be distributed out of the Stock Account by withdrawal from the Stock Account (pursuant to the provisions of Section 7.1, 7.2, or 7.4), and shall be distributed in whole shares of Common Stock. Amounts in
respect of units of Common Stock may only be distributed out of the Equity Deferral Account as provided in Sections 4.6 and 7.1 and shall be distributed in whole shares of Common Stock. The value of any fractional shares of Common Stock shall be
distributed in cash. 
 6.10 “Responsibility for Investment Choices” Each Participant is solely
responsible for any decision to defer compensation into his Stock Account and to transfer amounts to and from his Stock Account and accepts all investment risks entailed by such decision, including the risk of loss and a decrease in the value of the
amounts he or she elects to defer into his Stock Account. 
 ARTICLE SEVEN 

Distribution of Accounts 
 7.1 “Distribution upon Separation from Service” 
 (a) As
soon as administratively feasible, but in no event longer than sixty (60) days following the Participant’s Separation from Service (by reason other than death), the Participant shall receive the balance of his Mutual Fund Account in cash
and the balance of his Stock Account in kind in one of the following forms: 
  

	 	(i)	a lump sum; 

  
 - 7 -

	 	(ii)	monthly installments over a period not to exceed five (5) years; or 

  

	 	(iii)	a combination of an initial lump sum of a specified dollar amount and the remainder in monthly installments over a period not to exceed five (5) years;

 as specified on the Participant’s initial Deferral Election. The Participant’s Equity Deferral Account shall be
distributed in the form of shares of Common Stock on the later of (1) the date the vested Equity Compensation award otherwise would have been payable (if not deferred) according to the terms and conditions of the applicable Equity Compensation
award agreement and the Incentive Plan and (2) the date and time of payment in one of the following forms provided in clauses (i)-(iii) above, as specified on the Participant’s initial Deferral Election. Such initial Deferral Election
shall be irrevocable with respect to all future Plan Years unless the exception under Section 7.6 applies. A lump sum distribution will be paid in lieu of installments if the Participant’s aggregate Plan Account balance is $25,000 or less.
If the Participant fails to specify a form of payment, his or her Accounts shall be distributed in a lump sum. 
 In the event
payment is made in installments, the Participant’s Account shall continue to be adjusted for earnings and losses as provided in Article Five, and the amount of the payment to be made in a given year shall be equal to (i) times (ii), where
(i) equals the value of the Participant’s Mutual Fund Account as of the most recent Valuation Date, and (ii) equals a fraction, the numerator of which is one, and the denominator of which is the number of installments to be paid under
the Participant’s election (including the current installment). The same calculation will be applied with respect to the Participant’s Stock Account. 
 However, the Participant shall receive the balance of his Stock Account and/or Equity Deferral Account in the form of Common Stock. The value of any fractional shares of Common Stock shall be distributed
to the Participant in a lump sum. 
 7.2 “Distribution Upon Participant’s Death” Upon the
death of a Participant prior to the complete distribution of his or her Cash Deferral Account, the balance of his or her Cash Deferral Account shall be paid in a lump sum to his Beneficiary within sixty (60) days following the date of the
Participant’s death, and the Participant’s Equity Deferral Account shall be distributed on the later of (1) the date the vested Equity Compensation award otherwise would have been payable upon his or her death (if not deferred)
according to the terms and conditions of the applicable Equity Compensation award agreement and the Incentive Plan and (2) within sixty (60) days following the date of the Participant’s death. In the event a beneficiary designation is
not on file or the Beneficiary is deceased or cannot be located, payment will be made to the estate of the Participant. Amounts invested in the Participant’s Stock Account and the Equity Deferral Account, as applicable, must be paid in whole
shares of Common Stock, the value of any fractional shares of Common Stock will be distributed in cash. In the event of the death of a Participant subsequent to the commencement of installment payments but prior to the completion of the payments,
the remaining benefits shall be paid in a lump sum. 

  
 - 8 -

 7.3 “Change of Beneficiary Permitted” To the extent permitted
by law, the beneficiary designation may be changed by the Participant at any time without the consent of the prior Beneficiary. 
 7.4 “Unforeseeable Emergency Distribution” Upon written request by a Participant, the Chief Executive Officer of the Company, in his sole discretion, may distribute to the
Participant prior to his Separation from Service, such amount of the Participant’s Cash Deferral Account balance which the Chief Executive Officer determines is necessary to provide for an unforeseeable emergency suffered by the Participant.
For this purpose, “unforeseeable emergency” shall have the meaning set forth in Section 409A(a)(2)(A)(vi) of the Code and the regulations promulgated thereunder. A distribution under this section shall occur not later than sixty
(60) days from the date a determination of unforeseeable emergency is made. This section shall not apply to the Participant’s Equity Deferral Account. 
 7.5 “Restrictions on Hardship Withdrawals Applicable to Section 16 Insiders” A Section 16 Insider may only receive a withdrawal from his Stock Account pursuant to
Section 7.4 if he or she has made no election within the previous six months to effect a fund-switching transfer into the Stock Account or any other “opposite way” intra-plan transfer into a Company equity securities fund which
constitutes a “Discretionary Transaction” as defined in Rule 16b-3 under the Exchange Act. If such a distribution occurs while the Participant is a member of the Board of Directors of the Company, any election to defer Compensation for the
year in which the Participant receives a withdrawal shall be ineffective as to Compensation earned following the month during which the withdrawal is made and thereafter for the remainder of such year and shall be ineffective as to any other
compensation elected to be deferred for such year.  
 7.6 “Amending the Election to Change Form of
Distribution at Separation from Service” With respect to a Participant’s Account, the Participant may not amend his election as to the form of payment. Notwithstanding the foregoing, during the 2007 calendar year, a Participant may
elect to change the form of distribution with respect to amounts credited to his or her Account so long as the change applies only to amounts that would not otherwise be payable in 2007 and the change does not cause an amount to be paid in 2007 that
would not otherwise be payable in 2007. 
 Any such amended election shall apply to all deferrals from all prior years which are
payable at the Participant’s Separation from Service. 
 ARTICLE EIGHT 

Nature of Company Obligation and Participant Interest 

8.1 “In General” A Participant, his Beneficiary, and any other person or persons having or claiming a
right to payments under the Plan shall rely solely on the unsecured promise of the Company set forth herein, and nothing in this Plan shall be construed to give a Participant, Beneficiary, or any other person or persons any right, title, interest,
or claim in or to any  

  
 - 9 -

 
specified assets, fund, reserve, account, or property of any kind whatsoever owned by the Company or in which it may have any right, title or interest now or in the future; but a Participant
shall have the right to enforce his claim against the Company in the same manner as any unsecured creditor. 
 8.2
“Benefits Payable from General Assets of Company” Except to the extent that amounts hereunder are paid from a so-called “rabbi” trust established by the Company as a funding vehicle for the Plan, all amounts paid
under the Plan shall be paid in cash or stock from the general assets of the Company. Benefits shall be reflected on the accounting records of the Company but shall not be construed to create, or require the creation of, a trust, custodial or escrow
accounting. Nothing contained in this Plan, and no action taken pursuant to its provision, shall create or be construed to create a trust or fiduciary relationship of any kind between the Company and an Eligible Director, Beneficiary of an Eligible
Director or any other person. Neither the Employee, Beneficiary of an Eligible Director nor any other person shall acquire any interest greater than that of an unsecured creditor. 

ARTICLE NINE 
 Administration of the Plan 
 9.1 “In
General” The Plan Committee shall be responsible for the general administration of the Plan. The members of the Plan Committee shall be appointed by and may be removed by the Board, in each case by written notice delivered to the Plan
Committee member. The Plan Committee may select a chairman and may select a secretary (who may, but need not, be a member of the Plan Committee) to keep its records or to assist it in the discharge of its duties. A majority of the members of the
Plan Committee shall constitute a quorum for the transaction of business at any meeting. Any determination or action of the Plan Committee may be made or taken by a majority of the members present at any meeting thereof, or without a meeting by
resolution or written memorandum concurred in by a majority of members. Meetings may be held electronically. 

9.2 “No Special Compensation for Committee” No member of the Plan Committee shall receive any compensation
from the Plan for his service. 
 9.3 “Powers of the Committee” The Plan Committee shall
administer the Plan in accordance with its terms as interpreted by the Plan Committee and shall have all powers necessary to carry out the provisions of the Plan as interpreted by the Plan Committee. It shall interpret the Plan and shall determine
all questions arising in the administration, interpretation, and application of the Plan. It shall determine the eligibility for benefits, the amount of any benefit due and the manner in which any benefit is to be paid by the Plan. It will construe
the Plan, supplying any omissions, reconciling any differences and determining factual issues relating to the Plan. Any such determination by it shall be conclusive and binding on all persons. It may adopt such regulations as it deems desirable for
the conduct of its affairs. It may appoint such accountants, counsel, actuaries, specialists and other persons as it deems necessary or desirable in connection with the administration of this Plan, and shall be the agent for the service of
process. 

  
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 9.4 “Expenses of Committee Reimbursed” The Plan Committee
shall be reimbursed by the Company for all reasonable expenses incurred by it in the fulfillment of its duties. Such expenses shall include any expenses incident to its functioning, including, but not limited to, fees of accountants, counsel,
actuaries, and other specialists, and other costs of administering the Plan. 
 9.5 “Appointment of
Agents” The Plan Committee is responsible for the daily administration of the Plan. It may appoint other persons or entities to perform any of its fiduciary or other functions. The Plan Committee and any such appointee may employ
advisors and other persons necessary or convenient to help it carry out its duties, including their respective fiduciary duties. The Plan Committee shall review the work and performance of each such appointee, and shall have the right to remove any
such appointee from his position at any time, with or without notice. Any person, group of persons or entity may serve in more than one fiduciary capacity. 
 9.6 “Plan Accounting” The Plan Committee shall maintain accurate and detailed records and Accounts of Participants and of their rights under the Plan and of all receipts,
disbursements, transfers and other transactions concerning the Plan. Such Accounts, books and records relating thereto shall be open at all reasonable times to inspection and audit by the Board and by persons designated thereby. 

9.7 “Plan to Comply with Law” The Plan Committee shall take all steps necessary to ensure that the Plan complies
with applicable laws at all times. These steps shall include such items as the preparation and filing of all documents and forms required by any governmental agency; maintenance of adequate Participants’ records; withholding of applicable taxes
and filing of all required tax forms and returns; recording and transmission of all notices required to be given to Participants and their Beneficiaries; the receipt and dissemination, if required, of all reports and information received from the
Company; and doing such other acts necessary for the administration of the Plan. The Plan Committee shall keep a record of all of its proceedings and acts and shall keep all such books of account, records and other data as may be necessary for
proper administration of the Plan. The Plan Committee shall notify the Company upon its request of any action taken by it, and when required, shall notify any other interested person or persons. 

9.8 “Claims and Appeals Procedures; Consistent Application of Procedures Required” Upon application for
benefits made by a Participant or Beneficiary, the Plan Committee shall determine, no later than ninety (90) days after receipt of the claim, whether or not the benefits applied for shall be denied either in whole or in part and so notify the
applicant in writing. If benefits applied for are denied either in whole or in part, the following provisions shall govern: 
 (a) Notice of Denial. The Plan Committee, upon its denial of a claim for benefits under the Plan, shall provide the applicant with the aforesaid written notice of such denial setting forth:

  

	 	(i)	the specific reason for the denial; 

  

	 	(ii)	specific reference to pertinent Plan provisions upon which the denial is based; 

  
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	 	(iii)	a description of any additional material or information necessary for the claimant to perfect the claim; and 

 

	 	(iv)	an explanation of the claimant’s right with respect to the claims review procedure as provided in subsection (b) of this Section. 

(b) Claims Review. Every claimant with respect to whom a claim is denied shall, upon written notice of such denial, have the right
in the period which expires sixty (60) days after receipt by the claimant of the aforesaid written notice of denial to: 
  

	 	(i)	request a review of the denial of benefits by written notice delivered to the Plan Committee; 

 

	 	(ii)	review pertinent documents; and 

  

	 	(iii)	submit issues and comments in writing. 

 (c) Decision on Review. The Plan Committee, upon receipt of a request for review submitted by the claimant in accordance with subsection (b), shall conduct a review of its decision, and provide the
claimant with written notice of the decision reached by the Plan Committee setting forth the specific reasons for the decision and specific references to the provisions of the Plan upon which the decision on review is based. Such notice shall be
delivered to the claimant not later than sixty (60) days following the receipt of the claimant’s request, or, in the event that the Plan Committee shall determine that a hearing is needed, no later than one hundred twenty (120) days
following the receipt of such request. 
 The Plan Committee shall establish and consistently apply procedures hereunder.

 ARTICLE TEN 
 Miscellaneous Provisions 
 10.1 “No
Assignment” Neither the Participant, his beneficiary, nor his legal representative shall have any rights to commute, sell, assign, transfer or otherwise convey, or hypothecate or pledge, the right to receive any payments hereunder,
which payments and the rights thereto are expressly declared to be nonassignable and nontransferable. Any attempt to assign or transfer the right to payments of this Plan shall be void and have no effect. 

10.2 “All Benefits Before Payment Subject to Company’s Creditors” The assets from which
Participant’s benefits shall be paid shall at all times be subject to the claims of the creditors of the Company before payment to a Participant and a Participant shall have no right, claim, or interest in any assets as to which such
Participant’s account is deemed to be invested or credited under the Plan. 
 10.3 “Plan Amendment or
Termination” The Plan may be amended, modified, or terminated by the Board in its sole discretion at any time and from time to time. Such termination includes the right to pay to Participants upon Plan termination the full value of
their Accounts in a lump sum, regardless of the prior elections made by the Participants. However, no such amendment, modification, or termination shall reduce the value of benefits credited under the Plan prior to such amendment, modification, or
termination. 

  
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 10.4 “Benefits Under This Plan Are Additional to Other Benefits or
Pay” It is expressly understood and agreed that the payments made in accordance with the Plan are in addition to any other benefits or compensation to which a Participant may be entitled or for which he may be eligible, whether funded
or unfunded, by reason of his service as a member of the Board of Directors of the Company. 
 10.5
“Company to Withhold Taxes” The Company shall deduct from each payment under the Plan the amount of any tax (whether federal, state or local income taxes, Social Security taxes, or Medicare taxes) required by any governmental
authority to be withheld and paid over by the Company to such governmental authority for the account of the person entitled to such distribution. 
 10.6 “Distributions Not Compensation for Purposes of Any Other Plan” Distributions from a Participant’s Account shall not be considered wages, salaries, or compensation
under any other employee benefit plan. 
 10.7 “No Right to Continued Service”
Participation in the Plan shall not give any Participant any right to remain a member of the Board. 
 10.8
“Applicable Law” To the extent state law is not preempted by ERISA, this Plan, and all its rights under it, shall be governed and construed in accordance with the laws of the State of Florida. 

10.9 “Binding Effects on Assigns and Successors” This Plan shall be binding upon the Company, its assigns,
and any successor which shall succeed to substantially all of its assets and business through sale of assets, merger, consolidation, or acquisition. 
 10.10 “Titles Do Not Prevail” The titles to the Sections of this Plan are included only for ease of use and are not terms of the Plan and shall not prevail over the actual
provisions of the Plan. 
 10.11 “Electronic Administration” Notwithstanding anything to
the contrary in the Plan, the Plan Committee may announce from time to time that Participant enrollments, Participant elections, and any other aspect of plan administration may be made by telephonic or other electronic means rather than in paper
form. 

  
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 IN WITNESS WHEREOF, the Plan has been amended and restated on the 1st day of January, 2014,
effective as of such date. 
  

			
	SEACOAST NATIONAL BANK
		
	By:	 	/s/ Dennis S. Hudson, III
		 	Dennis S. Hudson, III
		
	Its:	 	Chairman & CEO

  

	
	ATTEST:
	
	  

  
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