Document:

EX-10.25

 Exhibit 10.25 

CHC GROUP LTD. 
 2013
OMNIBUS INCENTIVE PLAN 
 NONQUALIFIED STOCK OPTION AGREEMENT 

(LTI Conversion – Performance Vesting) 

THIS AGREEMENT (the “Agreement”), is made effective as of the date set forth on the signature page (the “Signature
Page”) attached hereto (the “Date of Grant”), between CHC Group Ltd., an exempted company with limited liability under the laws of the Cayman Islands with registered number 213521 (the “Company”) or any
successor thereto, and the participant identified on the Signature Page (the “Participant”). 
 R E C I T A L S :

 WHEREAS, the Company has adopted the Plan (as defined below), the terms of which are incorporated herein by reference and made a part of
this Agreement; and 
 WHEREAS, the Committee has determined that it would be in the best interests of the Company and its shareholders to
grant the Option (as defined below) provided for herein to the Participant pursuant to the Plan and the terms set forth herein. 
 NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows: 
 1. Definitions. Whenever
the following terms are used in this Agreement, they shall have the meanings set forth below. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan. 

(a) Confidential Information: The term “Confidential Information” shall have the meaning set forth in Section 5(c) of
this Agreement. 
 (b) Employment: The term “Employment” shall mean (i) the Participant’s employment if the
Participant is an employee of the Company or any of its Affiliates or Subsidiaries, (ii) the Participant’s services as a consultant, if the Participant is a consultant to the Company or any of its Affiliates or Subsidiaries and
(iii) the Participant’s services as a non-employee director, if the Participant is a non-employee member of the Board. 
 (c)
Employment Agreement Covenants: The term “Employment Agreement Covenants” shall have the meaning set forth in Section 5(a) of this Agreement. 

(d) Exercise Price: The term “Exercise Price” shall have the meaning set forth in Section 2 of this Agreement, and
shall, for the avoidance of doubt, include the par value per Ordinary Share. 
 (e) Immediate Family Members: The term
“Immediate Family Members” shall have the meaning set forth in Section 8(b) of this Agreement. 

 (f) Option: The term “Option” shall have the meaning set forth in Section 2
of this Agreement. 
 (g) Plan: The term “Plan” shall mean the CHC Group Ltd. 2013 Omnibus Incentive Plan, as amended from
time to time. 
 (h) Termination Date: The term “Termination Date” shall mean the date upon which the Participant’s
Employment terminates for any reason. 
 (i) Unvested Portion: The term “Unvested Portion” shall mean, at any time, the
portion of the Option which is then unvested in accordance with Section 3 of this Agreement. 
 (j) Vested Portion: The term
“Vested Portion” shall mean, at any time, the portion of the Option which has become and remains vested in accordance with Section 3 of this Agreement. 

2. Grant of Option. The Company hereby grants to the Participant the right and option to subscribe for, on the terms and conditions
hereinafter set forth, all or any part of the aggregate number of Ordinary Shares set forth on the Signature Page (the “Option”), subject to adjustment as set forth in the Plan. The purchase price per Ordinary Share shall be the
amount per Ordinary Share set forth on the Signature Page (the “Exercise Price”), subject to adjustment as set forth in the Plan. The Option is intended to be a nonqualified stock option, and is not intended to be treated as an
option that complies with Section 422 of the Code. 
 3. Vesting of the Option. 

(a) Vesting. Subject to the Participant’s continued Employment, the Option shall become vested and exercisable as follows: 

 

	 	(i)	             Options shall vest if the closing trading price of an Ordinary Share on the New York Stock Exchange or such other primary stock exchange on
which the Ordinary Shares are listed and traded (or quoted on NASDAQ) (an “Exchange”) equals or exceeds $            , based on a twenty (20) consecutive
day trading average (the date of such occurrence, the “First Vesting Date”); 

  

	 	(ii)	             Options shall vest if the closing trading price of an Ordinary Share on an Exchange equals or exceeds
$            , based on a twenty (20) consecutive day trading average (the date of such occurrence, the “Second Vesting Date”); and 

 

	 	(iii)	the remaining              Options (the “Third Tranche”) shall vest if the closing trading price of an Ordinary Share on an
Exchange equals or exceeds $             based on a twenty (20) consecutive day trading average (the date of such occurrence, the “Fourth Vesting Date”).

 Notwithstanding the foregoing, subject to the Participant’s continued Employment, fifty percent (50%) of the
Third Tranche shall vest if the closing trading price of an Ordinary Share on an Exchange equals or exceeds $            , based on a twenty (20) consecutive day trading average
(the date of such occurrence, the “Third Vesting Date”). 

  
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 (b) Termination of Employment. If the Participant’s Employment terminates for any
reason, the Unvested Portion of the Option shall be cancelled by the Company without consideration therefor. 
 4. Exercise of
Options. 
 (a) Automatic Exercise. Subject to the provisions of the Plan and this Agreement, the Vested Portion of the Option
shall be automatically exercised upon the occurrence of each of the First Vesting Date, the Second Vesting Date, the Third Vesting Date, and the Fourth Vesting Date, as applicable. Notwithstanding anything contained herein to the contrary, the
Participant agrees not to assign, pledge, attach, sell or otherwise transfer or encumber any Ordinary Shares issued upon exercise of the Vested Portion of the Option other than by will or by the laws or descent and distribution until 6922767 Holding
(Cayman) Inc. sells Ordinary Shares and distributes the proceeds to funds affiliated with First Reserve Management, L.P. (the “First Reserve Shares”), in which case the Ordinary Shares issued hereunder may be sold on a
pro-rata basis as determined based upon the percentage of First Reserve Shares which are sold, so that a corresponding percentage of the Participant’s aggregate Ordinary Shares issued hereunder may be sold, except as expressly provided for in
Section 4(b) below; provided, that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 

(b) Method of Exercise. 

(i) Subject to Section 4(a) of this Agreement and Section 7(d) of the Plan, the Vested Portion of the Option may be
exercised by delivery of written or electronic notice of exercise to the Company, specifying the number of Ordinary Shares for which the Option is being exercised, and accompanied by payment of the aggregate Exercise Price in respect of such
Ordinary Shares. The Exercise Price shall be payable in cash, check or cash equivalent or the Participant may elect to use a “net exercise” procedure effected by the Company reducing the number of Ordinary Shares otherwise issuable to the
Participant hereunder and in accordance herewith by a value equal to the amount needed to pay the Exercise Price and all applicable required withholding taxes; provided, however, that in no event will the number of Ordinary Shares be
reduced at Fair Market Value in excess of the minimum statutory withholding rate. Any fractional Ordinary Shares shall be settled in cash. No Participant shall have any rights to dividends or other rights of a holder of Ordinary Shares of the
Company until the Participant shall have given written notice of exercise of the Option, paid in full for such Ordinary Shares and, if applicable, has satisfied any other conditions imposed by the Committee pursuant to the Plan. 

(ii) Notwithstanding any other provision of the Plan or this Agreement to the contrary, absent an available exemption to
registration or qualification, the Option may not be exercised prior to the completion of any registration or qualification of the Option or the Ordinary Shares under applicable state and federal securities or other laws, or under any ruling or
regulation of any governmental body or national securities exchange that the Committee shall in its sole discretion determine to be necessary or advisable. 

  
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 (iii) Upon the Company’s determination that the Option has been validly
exercised as to any of the Ordinary Shares, the Company shall issue the relevant Ordinary Shares on a fully paid basis to the Participant and shall update the internal register of members maintained by the Company pursuant to the terms of the Act to
reflect the issue of such Ordinary Shares to the Participant. Certificates evidencing the Ordinary Shares may be issued by the Company in accordance with the terms of the Articles. 

5. Confidential Information; Covenant Not to Compete/Not to Solicit. 

(a) Sections 5(b), (c), (d) and (e) below do not apply to the extent the Participant is subject under a written employment agreement
between the Participant and the Company or an Affiliate thereof to obligations or restrictions relating to confidential information, non-solicitation and non-competition that are set out in such employment agreement and such Participant remains
bound by all of the provisions in the employment agreement including any provisions contained therein relating to confidential information, non-competition and non-solicitation (such provisions, the “Employment Agreement
Covenants”). 
 (b) In this Section 5, the following words and phrases shall have the following meanings: 

(i) “Person” means any individual, corporation, limited liability company, partnership, trust, joint stock
company, business trust, unincorporated association, joint venture, governmental authority or other legal entity of any nature whatsoever. 

(ii) “Restricted Business” means any business carried on by the Company or its Affiliates as of the
Restriction Date with which the Participant was involved to a material extent at any time during the period of twelve (12) months ending on the Restriction Date. 

(iii) “Restricted Customer” means any Person who at any time during the period of twelve (12) months
ending on the Restriction Date was a customer of, a client of, or otherwise in the habit of dealing with, the Company and its Affiliates and with whom or which the Participant dealt to a material extent or for whom or which the Participant was
responsible on behalf of the Company or its Affiliates during that period. 
 (iv) “Restriction Date” means
the Participant’s Termination Date. 
 (v) “Restricted Employee” means any individual who, at the
Restriction Date was an employee of the Company or its Affiliates and who could materially damage the interest of the Company or any of its Affiliates if he became employed in any business concern in competition with any Restricted Business and with
whom the Participant worked closely during the period of twelve (12) months ending on the Restriction Date. 

  
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 (c) In consideration of the Company granting the Option hereunder to the Participant, the
Participant hereby agrees, effective as of the date hereof, that without the Company’s prior written consent, the Participant shall not, directly or indirectly, (i) at any time during or after the Participant’s Employment, disclose
any Confidential Information (as defined below) pertaining to the business of the Company or any of its Affiliates (except when required to perform the Participant’s duties to the Company or one of its Affiliates, or required by law or judicial
process) or disparage the Company or any of its Affiliates; or (ii) at any time during the Participant’s Employment and for a period of twelve (12) months following the Participant’s Restriction Date, directly or indirectly
(A) act as a proprietor, director, officer, employee, consultant, or partner in any business concern which is in competition with the Restricted Business, or have an investment in any such business that represents more than ten percent
(10%) of all investments in such business or hold securities in any such business that represents more than ten percent (10%) of ownership (in value or in voting) of any such business, (B) solicit Restricted Customers of the Company
or any of its Affiliates to terminate their relationship with the Company or any of its Affiliates or otherwise solicit Restricted Customers to compete for any Restricted Business or (C) solicit or offer employment to any Restricted Employee.
If the Participant is bound by any other agreement with the Company or any of its Affiliates regarding the use or disclosure of Confidential Information, the provisions of this Section 5 shall be read in such a way as to further restrict and
not to permit any more extensive use or disclosure of Confidential Information. “Confidential Information” shall mean all non-public information concerning trade secrets, know-how, software, developments, inventions, processes,
technology, designs, financial data, strategic business plans or any proprietary or confidential information, documents, or materials in any form or media, including any of the foregoing relating to research, operations, finances, current and
proposed products and services, vendors, customers, advertising and marketing and other non-public, proprietary, and confidential information. 

(d) Notwithstanding Section 5(c) hereof, if at any time a court holds that the restrictions stated in such Section 5(c) hereof are
unreasonable or otherwise unenforceable under circumstances then existing, the Company and the Participant agree that the maximum period, scope or geographic area determined to be reasonable under such circumstances by such court will be substituted
for the stated period, scope or area. The Participant further recognizes the global nature of the Company’s and its Affiliates’ business. Because the Participant’s services are unique and because the Participant has had access to
Confidential Information, the Company and the Participant agree that money damages will be an inadequate remedy for any breach of Section 5(c) hereof. In the event of a breach or threatened breach of Section 5(c) hereof, the Company or its
successors or assigns may, in addition to other rights and remedies existing in their favour, apply to any court of competent jurisdiction for specific performance and/or injunctive relief in order to enforce, or prevent any violations of, the
provisions hereof (without the posting of a bond or other security). 
 (e) Repayment of Proceeds. In the event that the Participant
materially breaches any of the provisions of Section 5 hereof or the Employment Agreement Covenants, as applicable, then the Participant shall be required (in addition to any other remedy available (on a non-exclusive basis)) to pay to the
Company, within ten business days following the first date on which the Participant first breaches such provisions, an amount equal to the excess, if any, of (A) the aggregate after-tax proceeds (taking into account all amounts of tax that
would be recoverable upon a claim of loss for payment of such proceeds in the year of repayment) the Participant 

  
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received upon the sale or other disposition of, or distributions or dividends in respect of, the Option or any Ordinary Shares received pursuant to exercise of the Option over (B) the
aggregate cost of such Option or Ordinary Shares (which, in the case of Ordinary Shares obtained pursuant to the exercise of the Option, shall be the Exercise Price). For purposes of this section, a material breach would be one or more breaches that
cause, individually or in the aggregate, damages to the Company, 6922767 Holding (Cayman) Inc., an Affiliate, First Reserve Fund XI, L.P. or First Reserve Fund XII, L.P. in excess of US$50,000. 

6. Legend on Certificates. Subject to applicable law, the certificates, if any, representing the Ordinary Shares purchased by exercise
of the Option shall be subject to such stop transfer orders and other contractual restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock
exchange upon which such Ordinary Shares are listed or quoted or market to which the Ordinary Shares are admitted for trading and, any applicable federal or state or any other applicable laws and the Articles, and the Committee may cause a legend or
legends to be put on any such certificates to make appropriate reference to such contractual restrictions. 
 7. No Right to Continued
Employment. Neither the Plan nor this Agreement nor the granting of the Option evidence hereby shall be construed as giving the Participant the right to be retained in the employ of, or in any consulting relationship to, the Company or any
Affiliate. Further, the Company or any Affiliate may at any time dismiss the Participant or discontinue any consulting relationship, free from any liability or any claim under the Plan or this Agreement, except as otherwise expressly provided
herein. 
 8. Transferability. 

(a) The Option shall be exercisable only by the Participant during the Participant’s lifetime, or, if permissible under applicable law,
by the Participant’s legal guardian or representative. The Participant agrees not to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Option at any time other than by will or by the laws of descent and distribution;
provided, that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 

(b) Notwithstanding the foregoing and subject to Section 14(b) of the Plan, the Option may be transferred to: (i) any person who is
a “family member” of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act or any successor form of registration statement promulgated by the Securities and Exchange Commission (collectively, the
“Immediate Family Members”); (ii) a trust solely for the benefit of the Participant and his or her Immediate Family Members; (iii) a partnership or limited liability company whose only partners or shareholders are the
Participant and his or her Immediate Family Members; or (iv) a beneficiary to whom donations are eligible to be treated as “charitable contributions” for federal income tax purposes; provided, that the Participant gives the
Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan. 

  
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 9. Withholding. 

(a) Subject to Section 4(b) of this Agreement, the Participant shall be required to pay to the Company or any Affiliate, and the Company
shall have the right and is hereby authorized to withhold, from any Ordinary Shares or from any compensation (including from payroll or any other amounts payable to the Participant) the amount (in cash or other property) of any required withholding
taxes in respect of an Award, its exercise, or any other payment or transfer of the Option and to take such other action as may be necessary in the opinion of the Committee or the Company to satisfy all obligations for the payment of such
withholding and taxes; provided, however, that no amounts shall be withheld in excess of the Company’s statutory minimum withholding liability. 

(b) Without limiting the generality of the foregoing, the Participant may elect to satisfy, in whole or in part, the foregoing withholding
liability by having the Company reduce from the number of Ordinary Shares otherwise issuable to the Participant hereunder Ordinary Shares with a Fair Market Value not in excess of the statutory minimum withholding liability. The Participant agrees
to make adequate provision for any sums required to satisfy all applicable federal, state, local and foreign tax withholding obligations of the Company which may arise in connection with the Option. 

10. Securities Laws. Upon the acquisition of any Ordinary Shares pursuant to the exercise of the Option, the Participant will make or
enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws, the Plan or with this Agreement. 

11. Notices. Any notice necessary under this Agreement shall be addressed to the Company in care of its Treasurer and a copy to the
General Counsel, each copy addressed to the principal executive office of the Company and to the Participant at the address appearing in the personnel records of the Company for the Participant or to either party at such other address as either
party hereto may hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee. 

12. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without
regard to conflicts of laws. 
 13. Option Subject to Plan. The Participant acknowledges that the Participant has received and read a
copy of the Plan. The Option and the Ordinary Shares received upon exercise of the Option are subject to the terms and provisions of the Plan, as may be amended from time to time, and which are hereby incorporated by reference. In the event of a
conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 

  
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 14. Amendment. The Committee may waive any conditions or rights under, amend any terms of,
or alter, suspend, discontinue, cancel or terminate this Agreement, but no such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination shall materially adversely affect the rights of the Participant hereunder without
the consent of the Participant. 
 15. Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall
be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 [The remainder of
this page intentionally left blank.] 

  
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 IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto as of
this             , 20    . 
 Grant Date:
                     
 Ordinary Shares
subject to Option:                      

Exercise Price per Ordinary Share:
                    1 

			
	 	 	
		
	 	 	 

  
  

	1 	Will be par value per Ordinary Share 

  
 [Signature Page
– Option Agreement] 

 Agreed and accepted: 

 

			
	CHC GROUP LTD.
		
	 	 	 
	By:  	 	 
	Its:	 	 

  
 [Signature Page
– Option Agreement]EX-10.26

 Exhibit 10.26 

SHAREHOLDERS’ AGREEMENT 

DATED AS OF [            ], 2014 

AMONG 
 CHC GROUP LTD.,

 6922767 HOLDING (CAYMAN) INC. 

AND 
 THE OTHER PARTIES
HERETO 

 Table of Contents 

 

									
	 	 	 	 	 	  	Page	 
		
	 ARTICLE I. INTRODUCTORY MATTERS
	  	 	1	  
				
	 1.1
	 		 	 Defined Terms
	  	 	1	  
	 1.2
	 		 	 Construction
	  	 	3	  
		
	 ARTICLE II. CORPORATE GOVERNANCE MATTERS
	  	 	3	  
				
	 2.1
	 		 	 Election of Directors
	  	 	3	  
		
	 ARTICLE III. INFORMATION
	  	 	5	  
				
	 3.1
	 		 	 Books and Records; Access
	  	 	5	  
	 3.2
	 		 	 Certain Reports
	  	 	5	  
		
	 ARTICLE IV. [RESERVED]
	  	 	6	  
		
	 ARTICLE V. GENERAL PROVISIONS
	  	 	6	  
				
	 5.1
	 		 	 Termination
	  	 	6	  
	 5.2
	 		 	 Notices
	  	 	6	  
	 5.3
	 		 	 Amendment; Waiver
	  	 	7	  
	 5.4
	 		 	 Further Assurances
	  	 	7	  
	 5.5
	 		 	 Assignment
	  	 	7	  
	 5.6
	 		 	 Governing Law
	  	 	7	  
	 5.7
	 		 	 Jurisdiction
	  	 	7	  
	 5.8
	 		 	 Specific Performance
	  	 	7	  
	 5.9
	 		 	 Entire Agreement
	  	 	8	  
	 5.10
	 		 	 Severability
	  	 	8	  
	 5.11
	 		 	 Table of Contents, Headings and Captions
	  	 	8	  
	 5.12
	 		 	 Grant of Consent
	  	 	8	  
	 5.13
	 		 	 Counterparts
	  	 	8	  
	 5.14
	 		 	 Effectiveness
	  	 	8	  

  
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 SHAREHOLDERS’ AGREEMENT 

This Shareholders’ Agreement is entered into as of [            ], 2014 by
and among CHC Group Ltd., a Cayman Islands exempted company with registered number 213521 (the “Company”), 6922767 Holding (Cayman) Inc., a Cayman Islands exempted company with registered number 204856 (the
“Shareholder”) and each of the other parties identified on the signature pages hereto (the “Investor Parties”). 

BACKGROUND: 
 WHEREAS, the
Company is currently contemplating an underwritten initial public offering (the “IPO”) of its Ordinary Shares (as defined below); and 

WHEREAS, in connection with the IPO, the Company and the Investor Parties wish to set forth certain understandings between such parties,
including with respect to certain governance matters. 
 NOW, THEREFORE, the parties agree as follows: 

ARTICLE I. 
 INTRODUCTORY MATTERS

 1.1 Defined Terms. In addition to the terms defined elsewhere herein, the following terms have the following meanings when used
herein with initial capital letters: 
 “Affiliate” has the meaning set forth in Rule 12b-2 promulgated under the Exchange
Act, as in effect on the date hereof. 
 “Agreement” means this Shareholders’ Agreement, as the same may be amended,
supplemented, restated or otherwise modified from time to time in accordance with the terms hereof. 
 “Board” means the
board of directors of the Company. 
 “Business Day” means a day other than a Saturday, Sunday, federal or New York State
holiday or other day on which commercial banks in New York City are authorized or required by law to close. 
 “Closing
Date” means the date of the closing of the IPO. 
 “Company” has the meaning set forth in the Preamble. 

“Control” (including its correlative meanings, “Controlled by” and “under common Control
with”) means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of a
Person. 
 “Director” means any director of the Company. 

 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder, as the same may be amended from time to time. 
 “First Reserve Designee”
has the meaning set forth in Section 2.1(b). 
 “First Reserve Designator” means the Shareholder or such other First
Reserve Party, or any group of First Reserve Parties collectively, then holding of record a majority of Ordinary Shares held of record by all First Reserve Parties. 

“First Reserve Entities” means the entities comprising the First Reserve Parties and their Affiliates. 

“First Reserve Parties” means the Shareholder and the entities listed on the signature pages hereto under the heading
“First Reserve Parties” and any other First Reserve Entities that may from time to time become parties hereto. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof, and any entity
exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Investor
Parties” has the meaning set forth in the Preamble. 
 “IPO” has the meaning set forth in the Background. 

“Law” means any statute, law, regulation, ordinance, rule, injunction, order, decree, governmental approval, directive,
requirement, or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the foregoing by, any Governmental Authority. 

“Ordinary Shares” means the issued and outstanding ordinary shares, par value $[0.0001] per share, of the Company, and any
other stock of the Company into which outstanding shares of such stock is reclassified or reconstituted and any other issued and outstanding ordinary shares of the Company. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization, or other form of business organization, whether or not regarded as a legal entity under applicable Law, or any Governmental Authority or any department, agency or political
subdivision thereof. 
 “Plan Asset Regulation” has the meaning set forth in Section 3.3. 

“Pre-IPO Owners” means the Shareholder and the other Persons who held Ordinary Shares at the time of the IPO and any
Affiliate thereof that shall become a holder of any Ordinary Shares. 
 “Shareholder” has the meaning set forth in the
Preamble. 

  
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 “Subsidiary” means, with respect to any Person, any corporation, limited
liability company, partnership, association or other business entity of which: (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election
of directors, representatives or trustees thereof is at the time owned or Controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or (ii) if a limited liability
company, partnership, association or other business entity, a majority of the total voting power of stock (or equivalent ownership interest) of the limited liability company, partnership, association or other business entity is at the time owned or
Controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company,
partnership, association or other business entity if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or Control the managing member,
managing director or other governing body or general partner of such limited liability company, partnership, association or other business entity. 

“Total Number of Directors” means the total number of directors comprising the Board. 

“Transfer” (including its correlative meanings, “Transferor”, “Transferee” and
“Transferred”) shall mean, with respect to any security, directly or indirectly, to sell, contract to sell, give, assign, hypothecate, pledge, encumber, grant a security interest in, offer, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any economic, voting or other rights in or to such security. When used as a noun, “Transfer” shall
have such correlative meaning as the context may require. 
 “United States” means the United States of America. 

1.2 Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual
intent, and no rule of strict construction will be applied against any party. Unless the context otherwise requires: (a) “or” is disjunctive but not exclusive, (b) words in the singular include the plural, and in the
plural include the singular, and (c) the words “hereof”, “herein”, and “hereunder” and words of similar import when used in this Agreement refer to this Agreement as a whole and not to any
particular provision of this Agreement, and Section references are to this Agreement unless otherwise specified. 
 ARTICLE II. 

CORPORATE GOVERNANCE MATTERS 
 2.1
Election of Directors. 
 (a) The Shareholder, in its role as the First Reserve Designator, agrees and undertakes to act in
accordance with, and give effect to, the instructions of the Investor Parties when exercising any and all of the rights given to the First Reserve Designator specified in this Agreement. 

  
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 (b) Following the Closing Date, the First Reserve Designator shall have the right, but not the
obligation, to designate, and the individuals nominated for election as Directors by or at the direction of the Board or a duly-authorized committee thereof shall include, a number of individuals such that, upon the election of each such individual,
and each other individual nominated by or at the direction of the Board or a duly-authorized committee of the Board, as a Director and taking into account any Director continuing to serve as such without the need for re-election, the number of First
Reserve Designees (as defined below) serving as Directors of the Company will be equal to: (i) if the Pre-IPO Owners collectively hold 50% or more of the total Ordinary Shares as of the record date for such meeting, the lowest whole number that
is greater than 50% of the Total Number of Directors; (ii) if the Pre-IPO Owners collectively hold at least 40% (but less than 50%) of the total Ordinary Shares as of the record date for such meeting, the lowest whole number that is greater
than 40% of the Total Number of Directors; (iii) if the Pre-IPO Owners collectively hold at least 30% (but less than 40%) of the total Ordinary Shares as of the record date for such meeting, the lowest whole number that is greater than 30% of
the Total Number of Directors; (iv) if the Pre-IPO Owners collectively hold at least 20% (but less than 30%) of the total Ordinary Shares as of the record date for such meeting, the lowest whole number that is greater than 20% of the Total
Number of Directors; and (v) if the Pre-IPO Owners collectively hold at least 5% (but less than 20%) of the total Ordinary Shares as of the record date for such meeting, the lowest whole number that is greater than 10% of the Total Number of
Directors. 
 (c) If at any time the First Reserve Designator has designated fewer than the total number of individuals that the First
Reserve Designator is then entitled to designate pursuant to Section 2.1(a), the First Reserve Designator shall have the right to designate such additional individuals which it is entitled to so designate, in which case, any individuals
nominated by or at the direction of the Board or any duly-authorized committee thereof for election as Directors to fill any vacancy on the Board shall include such designees, and the Company shall use its best efforts to (x) effect the
election of such additional designees, whether by increasing the size of the Board or otherwise, and (y) cause the election of such additional designees to fill any such newly-created vacancies or to fill any other existing vacancies. Each such
individual whom the First Reserve Designator shall actually designate pursuant to this Section 2.1 and who is thereafter elected and qualifies to serve as a Director shall be referred to herein as a “First Reserve Designee”.

 (d) In the event that a vacancy is created at any time by the death, disability, retirement or resignation of any First Reserve Designee,
any individual nominated by or at the direction of the Board or any duly-authorized committee thereof to fill such vacancy shall be, and the Company shall use its best efforts to cause such vacancy to be filled, as soon as possible, by a new
designee of the First Reserve Designator, and the Company shall take, to the fullest extent permitted by law, at any time and from time to time, all actions necessary to accomplish the same. 

(e) The Company shall, to the fullest extent permitted by law, include in the slate of nominees recommended by the Board at any meeting of
shareholders called for the 

  
 4 

 
purpose of electing directors, the persons designated pursuant to this Section 2.1 and use its best efforts to cause the election of each such designee to the Board, including nominating
each such individual to be elected as a Director as provided herein, recommending such individual’s election and soliciting proxies or consents in favor thereof. 

(f) In addition to any vote or consent of the Board or the shareholders of the Company required by applicable Law or the memorandum and
articles of association of the Company, and notwithstanding anything to the contrary in this Agreement, for so long as this Agreement is in effect, any action by the Board to increase or decrease the Total Number of Directors (other than any
increase in the Total Number of Directors in connection with the election of one or more directors elected exclusively by the holders of one or more classes or series of the Company’s stock other than Ordinary Shares) shall require the prior
written consent of the First Reserve Designator, delivered in accordance with Section 5.13 of this Agreement. 
 ARTICLE III. 

INFORMATION 
 3.1 Books and
Records; Access. Subject to applicable law, the Company shall, and shall cause its Subsidiaries to, permit the Shareholder, the First Reserve Entities and their designated representatives, at reasonable times and upon reasonable prior notice to
the Company, to review the books and records of the Company or any of such Subsidiaries and to discuss the affairs, finances and condition of the Company or any of such Subsidiaries with the officers of the Company or any such Subsidiary;
provided, however, that the Company shall not be required to disclose any privileged information of the Company so long as the Company has used commercially reasonable efforts to enter into an arrangement pursuant to which it may
provide such information to the Shareholder and the First Reserve Entities without the loss of any such privilege. 
 3.2 Certain
Reports. Subject to applicable law, the Company shall deliver or cause to be delivered to the Shareholder and the First Reserve Entities, at their request: 

(a) operating and capital expenditure budgets and periodic information packages relating to the operations and cash flows of the Company and
its Subsidiaries that are provided to the Board or the board of directors of the Company’s subsidiaries; and 
 (b) to the extent
otherwise prepared by the Company, such other reports and information as may be reasonably requested by the Shareholder or the First Reserve Entities; provided, however, that the Company shall not be required to disclose any privileged
information of the Company so long as the Company has used commercially reasonable efforts to enter into an arrangement pursuant to which it may provide such information to the Shareholder and the First Reserve Entities without the loss of any such
privilege. 

  
 5 

 ARTICLE IV. 

[RESERVED] 
 ARTICLE V. 

GENERAL PROVISIONS 
 5.1
Termination. This Agreement shall terminate on the earlier to occur of (i) such time as the First Reserve Designator is no longer entitled to designate a Director pursuant to Section 2.1(a) and (ii) the delivery of a written
notice by the First Reserve Designator to the Company requesting that this Agreement terminate. 
 5.2 Notices. Any notice,
designation, request, request for consent or consent provided for in this Agreement shall be in writing and shall be either personally delivered, or mailed first class mail (postage prepaid) or sent by reputable overnight courier service (charges
prepaid) to the Company at the address set forth below and to any other recipient at the address indicated on the Company’s records, or at such address or to the attention of such other Person as the recipient party has specified by prior
written notice to the sending party. Notices and other such documents will be deemed to have been given or made hereunder when sent by facsimile (receipt confirmed) delivered personally, five days after deposit in the U.S. mail and one day after
deposit with a reputable overnight courier service. 
 The Company’s address is: 

CHC Group Ltd. 
 c/o Intertrust
Corporate Services (Cayman) Ltd. 
 190 Elgin Avenue 

George Town, Grand Cayman KY1-9005, Cayman Islands 

Attention: [            ] 

Fax: [            ] 

with a copy (not constituting notice) to: 

Cooley LLP 
 3175 Hanover Street

 Palo Alto, California 94304 

Attention: Louis Lehot, Esq. 

Fax: (650) 849-7400 
 The
First Reserve Entities’ (including, for the avoidance of doubt, the Shareholder/First Reserve Designator) address is: 
 First Reserve
Management, L.P. 
 One Lafayette Place 

Greenwich, Connecticut 06830 

Attention: [            ] 

Fax: [            ] 

  
 6 

 with a copy (not constituting notice) to: 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
NY 10017 
 Attention: Joshua Ford Bonnie, Esq. 

Fax: (212) 455-2502 
 5.3
Amendment; Waiver. This Agreement may be amended, supplemented or otherwise modified only by a written instrument executed by the Company and the other parties hereto. Neither the failure nor delay on the part of any party hereto to exercise
any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right,
remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be
effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 5.4 Further Assurances. The
parties hereto will sign such further documents, cause such meetings to be held, resolutions passed, exercise their votes and do and perform and cause to be done such further acts and things necessary, proper or advisable in order to give full
effect to this Agreement and every provision hereof. To the fullest extent permitted by law, the Company shall not directly or indirectly take any action that is intended to, or would reasonably be expected to result in, First Reserve or any First
Reserve Entity being deprived of the rights contemplated by this Agreement. 
 5.5 Assignment. This Agreement will inure to the
benefit of and be binding on the parties hereto and their respective successors and permitted assigns. This Agreement may not be assigned without the express prior written consent of the other parties hereto, and any attempted assignment, without
such consents, will be null and void; provided, however, that, without the prior written consent of the Company, a First Reserve Party may assign this Agreement to an Affiliate that becomes a party hereto. 

5.6 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Cayman Islands, without regard
to principles of conflicts of laws thereof. 
 5.7 Jurisdiction. Each of the parties agrees that the courts of the Cayman Islands
shall have non-exclusive jurisdiction to hear and determine any action or proceeding arising out of, or in connection with, this Agreement, and for that purpose, each party irrevocably submits to the jurisdiction of the courts of the Cayman Islands
and agrees that the process by which any such action or proceeding is begun may be served on it by being delivered in accordance with the notice provisions of this Agreement. 

5.8 Specific Performance. Each party hereto acknowledges and agrees that in the event of any breach of this Agreement by any of them,
the other parties hereto would be irreparably harmed and could not be made whole by monetary damages. Each party accordingly agrees to waive the defense in any action for specific performance that a remedy at law would be adequate and agrees that
the parties, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to specific performance of this Agreement without the posting of bond. 

  
 7 

 5.9 Entire Agreement. This Agreement sets forth the entire understanding of the parties
hereto with respect to the subject matter hereof. There are no agreements, representations, warranties, covenants or understandings with respect to the subject matter hereof or thereof other than those expressly set forth herein and therein. This
Agreement supersedes all other prior agreements and understandings between the parties with respect to such subject matter. 
 5.10
Severability. If any provision of this Agreement, or the application of such provision to any Person or circumstance or in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement
shall not be affected thereby, and each other provision hereof shall be valid and enforceable to the fullest extent permitted by law, (ii) as to such Person or circumstance or in such jurisdiction such provision shall be reformed to be valid
and enforceable to the fullest extent permitted by law and (iii) the application of such provision to other Persons or circumstances or in other jurisdictions shall not be affected thereby. 

5.11 Table of Contents, Headings and Captions. The table of contents, headings, subheadings and captions contained in this Agreement
are included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent of any provision hereof. 

5.12 Grant of Consent. Any consent or approval of, or designation by, or other action of, the First Reserve Designator hereunder shall
be effective if notice of such consent, approval, designation or action is provided in accordance with Section 5.2 by the First Reserve Designator holding of record a majority of the Ordinary Shares then held of record by all First Reserve
Parties as of the latest date any such notice is so provided. 
 5.13 Counterparts. This Agreement and any amendment hereto may be
signed in any number of separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one Agreement (or amendment, as applicable). 

5.14 Effectiveness. This Agreement shall become effective upon the Closing Date. 

[Remainder of Page Intentionally Left Blank] 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have executed this Shareholders’ Agreement on the day
and year first above written. 
  

			
	COMPANY
	
	CHC GROUP LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	SHAREHOLDER
	
	6922767 HOLDING (CAYMAN) INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Shareholders’ Agreement] 

 
							
	FIRST RESERVE PARTIES:
	
	HORIZON ALPHA LIMITED
			
		 	By:	 	First Reserve GP XII, L.P.,
		 	its general partner
			
		 	By:	 	FR Horizon GP, L.P.,
		 	its general partner
			
		 	By:	 	First Reserve GP XII Limited,
		 	its general partner
			
		 	By:	 	FR Horizon GP Limited,
		 	its general partner
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	Authorized Signatory
	
	FR XI HORIZON CO-INVESTMENT I, L.P.
			
		 	By:	 	FR XI Offshore GP, L.P.,
		 	its general partner
			
		 	By:	 	FR XI Offshore GP Limited,
		 	its general partner
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	Authorized Signatory
	
	FR XI HORIZON CO-INVESTMENT II, L.P.
			
		 	By:	 	FR XI Offshore GP, L.P.,
		 	its general partner
		
	By:	 	FR XI Offshore GP Limited,
		 	its general partner
		
	By:	 	  

		 	Name:	 		 	
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Shareholders’ Agreement]

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