Document:

Exhibit 10.2

 

BACKSTOP AGREEMENT

 

BETWEEN

 

CHC GROUP LTD. 

 

AND

 

THE INVESTORS IDENTIFIED AS SUCH HEREIN

 

 

 

Dated as of October 11, 2016

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	The Rights Offering	2
	2.	The Backstop Commitments	4
	3.	Representations and Warranties of the Company	11
	4.	Representations and Warranties of the Investors	32
	5.	Additional Covenants of the Company	34
	6.	Additional Covenants of the Investors	40
	7.	Conditions to the Obligations of the Investors	40
	8.	Conditions to the Obligations of the Company	43
	9.	Survival of Representations and Warranties	45
	10.	Termination	45
	11.	Commercially Reasonable Efforts	49
	12.	Notices	50
	13.	Survival	52
	14.	Headings	52
	15.	Severability	52
	16.	Assignment; Third Party Beneficiaries	52
	17.	Complete Agreement	53
	18.	Governing law; Waiver of Trial by Jury	53
	19.	Counterparts	53
	20.	Amendments and Waivers	54
	21.	Specific Performance	54
	22.	Other Interpretive Matters	54
	23.	Further Assurances	55
	24.	No Reliance	55
	25.	No Interpretation Against Drafter	56
	26.	Publicity	56
	27.	Settlement Discussions	56

 

     

     

    

 

INDEX OF DEFINED TERMS

 

	ACA	19
	Accredited Investor	33
	Affected Investor	49
	Affiliates	55
	Agreement	1
	Akin Gump	6
	Aircraft	22
	Aircraft Lease	22
	Anti-Corruption Laws	28
	Anti-Money Laundering Laws	29
	Antitrust laws	15
	Assigning Party	8
	Backstop Commitments	4
	Backstop Escrow Account	7
	Backstop Funding Date	7
	Backstop Notes	4
	Ballots	3
	Bankruptcy Code	1
	Bankruptcy Court	1
	Business Day	3
	CHC Cases	1
	Closing	10
	Closing Date	10
	Code	18
	Collective Bargaining Agreements	20
	Company	1
	Company Intellectual Property	21
	Confirmation Order	1
	Contract	17
	Debtor	1
	Debtors	1
	Defaulting Investor	9
	Defaulting Unfulfilled Commitment Investor	5
	Disclosure Schedules	11
	Disclosure Statement	34
	Disclosure Statement Order	34
	DTC	10
	Employee Benefit Plan	18
	Employee Representatives	20
	Environmental Claim	24
	Environmental Laws	24
	Exchange Act	16
	Foreign Proceedings Plan	17
	GAAP	16
	Government Official	28
	Governmental Entity	28
	Guarantees	13
	Guarantors	13
	Hazardous Materials	24
	Indebtedness	22
	Indemnified Claim	36
	Indemnified Claim Proceeding	36
	Indemnified Party	35
	Indemnifying Party	35
	Indenture	13
	Intellectual Property	21
	Intercreditor Agreement	39
	Investor	1
	Investor Default	9
	Investor Percentages	2
	Investor Replacement	9
	Investors	1
	Joinder	8
	Knowledge of the Company	16
	Legal Proceeding	50
	Liens	14
	Losses	35
	Material Adverse Effect	11
	Material Aircraft Lease	32
	Material Contract	27
	Materials of Environmental Concern	23
	MIP	14
	Multiemployer Plan	18
	New Credit Facility	38
	New Equity	14
	Notes	1
	Offerees	1
	Permits	22
	Petition Date	1
	PFIC	39
	Plan	2
	Plan Effective Date	2
	Plan Sponsor Investors	6
	Plan Support Agreement	2
	Proceeding	53
	Purchase Notice	4
	Purchase Price	1
	Put Option Premium	5
	Put Option Premium Notes	5
	Put Option Premium Triggering Event	6
	Related Purchaser	8
	Relevant Persons	27
	Remaining Backstop Commitment	5
	Remaining Commitment Percentage	5
	Replacing Investors	9
	Requisite Investors	54
	Restructuring	2
	Right	1
	Rights Exercise Period	3
	Rights Expiration Time	3
	Rights Offering	1
	Rights Offering Escrow Account	3
	Rights Offering Notes	1
	Rights Offering Participants	4
	Rights Offering Procedures	2
	Sanctioned Party	30
	Sanctions	30
	Sanctions Authority	29
	Satisfaction Notice	4
	SEC	11
	SEC Documents	16
	Secured Notes Claimholders	1
	Secured Notes Purchase Price	1
	Secured Notes Right	1
	Securities Act	1
	Security Documents	39
	Subscription Agent	3
	Tax Returns	24
	Term Sheet	2
	Transaction Agreements	12
	Transaction Expenses	7
	Trustee	42
	UCC	6
	Ultimate Purchaser	8
	Unfulfilled Backstop Commitments	5
	Unsecured Claimholders	1
	Unsecured Purchase Price	1
	Unsecured Right	1
	Unsubscribed Notes	2

 

     

     

    

 

BACKSTOP AGREEMENT

 

This BACKSTOP AGREEMENT (as amended, supplemented
or otherwise modified from time to time, this “Agreement”), dated as of October 11, 2016, (i) among CHC
Group Ltd. (as a debtor in possession and a reorganized debtor, as applicable, the “Company”), an exempted
company with limited liability under the laws of the Cayman Islands with registered number 213521 and (ii) each of the undersigned
parties identified on the signature pages hereto (each an “Investor” and collectively, the “Investors”).

 

WHEREAS, on May 5, 2016 (the “Petition
Date”), the Company and certain of its affiliates (each a “Debtor” and collectively, the
“Debtors”) filed voluntary petitions for relief (the “CHC Cases”) under chapter
11 of title 11 of the United States Code, 11 U.S.C. §§ 101, et seq. (the “Bankruptcy Code”)
before the United States Bankruptcy Court for the Northern District of Texas, Dallas Division (the “Bankruptcy
Court”);

 

WHEREAS, subject to the Bankruptcy Court’s
entry of a Final Order (as defined in the Plan Support Agreement (as defined below)) confirming the Plan (as defined below) pursuant
to section 1129 of the Bankruptcy Code (the “Confirmation Order”), consummation of the Plan, and the
other conditions specified in this Agreement, the Company proposes to offer and sell senior secured second lien convertible notes
reflecting the terms and conditions set forth in the Term Sheet (as defined below) (the “Notes”) of the
Company in the aggregate principal amount of four hundred thirty-three million three hundred thirty-three thousand three hundred
and thirty-three dollars ($433,333,333) pursuant to the Plan (as defined below) as part of a rights offering (the “Rights
Offering Notes”) with an aggregate purchase price of three hundred million dollars ($300,000,000) (the “Rights
Offering”), whereby each holder that is an “accredited investor” within the meaning of Regulation D under
the Securities Act of 1933, as amended (the “Securities Act”) of (i) the Secured Notes Claims (as defined
in the Plan Support Agreement) (the “Secured Notes Claimholders”) shall be offered a right (each, a “Secured
Notes Right”) to purchase such Secured Notes Claimholders’ pro rata portion (measured as the principal amount
of Secured Notes Claims held by such Secured Notes Claimholder as compared to the aggregate amount of Secured Notes Claims) of
the Rights Offering Notes in an aggregate principal amount of four hundred and four million four hundred forty-four thousand four
hundred and forty-four dollars ($404,444,444) at a purchase price equal to two hundred eighty million dollars ($280,000,000) (the
“Secured Notes Purchase Price”) and (ii) an allowed Unsecured Notes Claim (as defined in the Plan Support
Agreement) (the “Unsecured Claimholders” and, together with the Secured Notes Claimholders, the “Offerees”)
shall be offered a right (each, a “Unsecured Right” and, together with the Secured Notes Right, each,
a “Right”) to purchase such Unsecured Claimholder’s pro rata portion (measured as the principal
amount of Unsecured Claims held by such Unsecured Claimholder as compared to the aggregate amount of Unsecured Claims) of the Rights
Offering Notes in an aggregate principal amount of twenty-eight million eight hundred eighty-eight thousand eight hundred and eighty-nine
dollars ($28,888,889) at an aggregate purchase price equal to twenty million dollars ($20,000,000) (the “Unsecured
Purchase Price” and, together with the Secured Notes Purchase Price, the “Purchase Price”);

 

     

     

    

 

WHEREAS, in order to facilitate the Rights
Offering, pursuant to this Agreement, and subject to the terms, conditions and limitations set forth herein, each Investor, severally
and not jointly, has agreed to subscribe to, on the effective date of the Plan (the “Plan Effective Date”),
and the Company agrees to issue to such Investor, at the Purchase Price, such Investor’s percentage, as set forth on Exhibit
A (the “Investor Percentages”), of the aggregate principal amount of the Rights Offering Notes
minus the Rights Offering Notes purchased on or before the Rights Expiration Time (as hereinafter defined) in the Rights
Offering (such remaining Notes, in the aggregate, the “Unsubscribed Notes”);

 

WHEREAS, subject to the Bankruptcy Court’s
entry of the PSA Approval Order (as defined in the Plan Support Agreement), the Company agrees to pay a nonrefundable Put Option
Premium (as defined below) as provided herein;

 

WHEREAS, the Company will conduct the Rights
Offering and issue the Notes pursuant to a plan of reorganization to be filed in connection with the CHC Cases, reflecting the
terms and conditions set forth in the term sheet attached hereto as Exhibit B (the “Term Sheet”),
and on such other terms and conditions that are otherwise reasonably satisfactory to the Requisite Plan Sponsors (as defined in
the Plan Support Agreement) and the Debtors (as amended, supplemented or otherwise modified from time to time consistent with the
terms of the Term Sheet, the “Plan”);

 

WHEREAS, certain creditors of the Debtors
have entered into a Plan Support Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified
from time to time and including any annexes, exhibits and schedules, the “Plan Support Agreement”), pursuant
to which the supporting parties party thereto have agreed to, among other things, vote in favor of the Plan; and

 

WHEREAS, subject to the terms of the Plan
Support Agreement, the restructuring contemplated by the Term Sheet (collectively, the “Restructuring ”)
will be implemented through the Plan to be proposed by the Debtors in the CHC Cases, and the agreements contemplated thereby relating
to the existing debt and other obligations of the Debtors.

 

NOW, THEREFORE, in consideration of the foregoing,
and the representations, warranties and covenants set forth herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the Company and the Investors intending to be legally bound, agree as follows:

 

1.           The
Rights Offering. The Rights Offering will be conducted in accordance with the rights offering procedures attached hereto
as Exhibit C (the “Rights Offering Procedures”) and as follows:

 

(a)          Rights
Offering. Subject to the terms and conditions and limitations set forth in this Agreement, including entry of the Rights Offering
Order and PSA Approval Order (in each case, as defined in the Plan Support Agreement), (i) the Company hereby undertakes to offer
the Rights Offering Notes for subscription by the Offerees pursuant to the Plan as set forth in this Agreement and (ii) in
connection with the Rights Offering and the Backstop Commitment, (x) the Company shall exercise its put right to issue and sell
to such Investors on the Closing Date (as defined below) and (y) each Investor hereby agrees, on a several and neither joint nor
joint and several basis, in such Investor’s capacity as a beneficial holder of the Secured Notes Claims and/or Unsecured
Notes Claims, as applicable, to fully exercise all Rights that are issued to such Investor as part of the Rights Offering (provided
that the Investors shall not be required to fund the Purchase Price in respect of the Rights Offering Notes into the Rights
Offering Escrow Account prior to the Backstop Funding Date (as defined below)) and purchase, and the Company agrees to issue and
sell to such Investor and shall issue and sell to such Investor, on the Closing Date (as defined below) all of such Investor’s
Rights Offering Notes as so required by the Company at the Purchase Price.

 

    	 	2	 

     

    

 

(b)          Exercise
of Rights. In connection with the Plan, the Company shall issue Rights to subscribe for the Rights Offering Notes. Each Offeree
as of a record date to be reasonably acceptable to the Company and the Requisite Investors (as defined below) will receive (i)
a Secured Notes Right to purchase, at the Purchase Price, up to its pro rata share (measured as the principal amount of Secured
Notes Claims held by such Offeree as compared to the aggregate amount of Secured Notes Claims) of the Rights Offerings Notes offered
to the Secured Notes Claimholders and (ii) an Unsecured Right to purchase, at the Purchase Price, up to its pro rata share (measured
as the principal amount of Unsecured Notes Claims held by such Offeree as compared to the aggregate amount of Unsecured Notes Claims)
of the Rights Offering Notes offered to the Unsecured Claimholders. The ballot forms (the “Ballots”)
distributed in connection with the solicitation of acceptances of the Plan shall provide a place, or shall be accompanied by a
subscription form, whereby each Offeree may exercise its Right in whole or in part. The Rights may be exercised during a period
(the “Rights Exercise Period”) specified in the Plan and the Rights Offering Procedures, which period
will commence on the date the Ballots are distributed and will end at the Rights Expiration Time. For purposes of this Agreement,
the “Rights Expiration Time” means 5:00 p.m. New York City time on the voting deadline
under the Plan, or such other date as shall be reasonably acceptable to the Debtors and the Requisite Investors, specified by the
Company in a notice provided to the Investors before 9:00 a.m. New York City time on the Business Day before the then-effective
Rights Expiration Time. For purposes of this Agreement, “Business Day” means any day of the year on which
national banking institutions in New York City are open to the public for conducting business and are not required or authorized
to close. The Plan shall provide that in order to exercise a Right, each (x) Offeree shall, prior to the Rights Expiration Time, return
a duly executed Ballot (or subscription form), which will include, among other things, an “accredited investor” certification
and a provision that such Offeree shall vote any and all of its Secured Notes Claims and/or Unsecured Notes Claims it holds or
has the authority to vote against the Debtors in favor of the Plan and shall not object to or vote to reject or impede the Plan,
support directly or indirectly such objection or impediment, or otherwise take any actions or commence any proceedings to oppose
or seek any modification of the Plan, to the subscription agent for the Rights Offering selected by the Company (the “Subscription
Agent”) and (y) Offeree (other than the Investors) shall, prior to the Rights Expiration Time, pay an amount
equal to the full Purchase Price for the number of Notes elected to be purchased by such Offeree by wire transfer of immediately
available funds prior to the Rights Expiration Time to an escrow account with an escrow agent satisfactory to the Requisite Investors
and the Company pursuant to an escrow agreement in form and substance reasonably satisfactory to the Requisite Investors and the
Company established for the Rights Offering pursuant to the Rights Offering Procedures (the “Rights Offering Escrow
Account”).

 

    	 	3	 

     

    

 

(c)          Rights
Offering Participants. On the Closing Date, the Company will issue the Rights Offering Notes to the Offerees with respect to
which Rights were validly exercised by such Offerees in accordance with the Rights Offering Procedures and this Agreement (the
“Rights Offering Participants”). The Rights Offering Notes shall be issued in minimum denominations of
$1.00 and multiples thereof with any fractions rounded down.

 

(d)          Waiver
of Rights Offering Participation. If the Subscription Agent for any reason does not receive from an Offeree (other than the
Investors) both a timely and duly completed Ballot (or subscription form, if applicable), and timely payment deposited in the Rights
Offering Escrow Account for the Rights Offering Notes being purchased by such Offeree, the Plan shall provide that, unless otherwise
approved by the Company and the Requisite Investors, such Offeree shall be deemed to have relinquished and waived its right to
participate in the Rights Offering.

 

(e)          Rights
Offering Notices. The Company hereby agrees and undertakes to give the Investors (and their counsel and financial advisors)
by email or facsimile transmission, on each Friday during the Rights Exercise Period (beginning on the first full week after the
commencement of the Rights Exercise Period) and on each Business Day during the five (5) Business Days prior to the Rights
Expiration Time (and any extensions thereto), a written notice setting forth a true and accurate calculation of the aggregate number
of Rights known by the Company to have been exercised pursuant to the Rights Offering as of the close of business on the preceding
Business Day, or alternatively, the number of Unsubscribed Notes. No later than the fifth (5th) Business Day following
the Rights Expiration Time, the Company hereby agrees and undertakes to give the Investors (and their counsel and financial advisors)
by email or facsimile transmission, the certification by an authorized signatory of the Company conforming to the requirements
specified herein for such certification of either (i) a true and accurate calculation of the number of Unsubscribed Notes,
and the aggregate Purchase Price therefor (a “Purchase Notice”) or (ii) in the absence of any
Unsubscribed Notes, the fact that there are no Unsubscribed Notes and that the Backstop Commitments are terminated (a “Satisfaction
Notice”). The Company shall as promptly as practicable provide any written backup, information and documentation
relating to the information contained in the Purchase Notice or Satisfaction Notice, as applicable, as any Investor may reasonably
request.

 

    	 	4	 

     

    

 

2.           The
Backstop Commitments.

 

(a)          In addition to its obligations under
Section 1(a), on the terms and subject to the conditions hereof, each of the Investors, severally and not jointly, agrees
to subscribe for and purchase, on the Plan Effective Date, and the Company agrees to put to, sell and issue to such Investor, at
the Purchase Price therefor, the (i) Rights Offering Notes and (ii) its Remaining Commitment Percentage of all Unsubscribed Notes
as of the Rights Expiration Time, in each case up to the aggregate principal amount set forth opposite such Investor’s name
under the column titled “Backstop Commitment Amount” in Exhibit A (the “Backstop Commitments”
and, the aggregate amount of Unsubscribed Notes issued to all Investors in accordance with their respective Backstop Commitments
pursuant to this Agreement, the “Backstop Notes”); provided, if one or more Investors default
in its Backstop Commitment obligations (after having not cured such default within two (2) Business Days after the receipt of a
notice from the Company of such default) (such portion of the Unsubscribed Notes which is not subscribed for and purchased by the
Defaulting Investor(s) (as defined below), the “Unfulfilled Backstop Commitments”) each of the other
Investors, severally and not jointly, agrees to subscribe for and purchase, at an aggregate Purchase Price of up to twenty million
dollars ($20,000,000) therefor, its Investor Percentage (as adjusted upwards to eliminate the Investor Percentage of the Defaulting
Investor(s)) of the Unfulfilled Backstop Commitments up to an aggregate principal amount of twenty-eight million, eight hundred
eighty-eight thousand, eight hundred and eighty-nine dollars ($28,888,889) for all non-Defaulting Investors (for the avoidance
of doubt, not up to twenty-eight million, eight hundred eighty-eight thousand, eight hundred and eighty-nine dollars ($28,888,889)
per Investor). For the avoidance of doubt, Section 2(j) shall govern the purchase of the Unfulfilled Backstop Commitments
in excess of an aggregate principal amount of twenty-eight million, eight hundred eighty-eight thousand, eight hundred and eighty-nine
dollars ($28,888,889), (equivalent to an aggregate Purchase Price of up to twenty million dollars ($20,000,000) therefor). An Investor
that does not fulfill its obligation to subscribe for and purchase its Investor Percentage of Unfulfilled Backstop Commitments
is defined hereunder as a “Defaulting Unfulfilled Commitment Investor.” Promptly upon
the expiration of the two (2) Business Day period set forth above, the Company shall send a notice to each non-Defaulting Unfulfilled
Commitment Investors specifying the amount of the Unfulfilled Backstop Commitment and such non-Defaulting Unfulfilled Commitment
Investor’s pro rata portion of the aggregate Purchase Price it will be required to pay. For purposes of this Agreement, (1)
“Remaining Backstop Commitment” means, with respect to each Investor, such Investor’s Backstop
Commitment Amount set forth on Exhibit A minus its Rights Offering Notes subscribed to pursuant to the Rights Offering in
accordance with Section 1(a) and (2) “Remaining Commitment Percentage” means with respect to each
Investor, such Investor’s Remaining Backstop Commitment as a percentage of the total Remaining Backstop Commitment of all
Investors.

 

(b)          Put
Option Premium. On the basis of the terms and conditions herein contained, and subject to the entry of the PSA Approval Order,
to compensate the Investors for the risk of their undertakings herein and as consideration for the Backstop Commitments, the Company
will pay to the Investors, in the aggregate, a nonrefundable aggregate premium payable on the Plan Effective Date in additional
Notes (the “Put Option Premium Notes”) in a principal amount of thirty million eight hundred fourteen
thousand eight hundred and fifteen dollars ($30,814,815) (the “Put Option Premium”); provided,
however, if this Agreement is terminated due to a Put Option Premium Triggering Event (as defined below), the Put Option
Premium shall be fully due upon termination of this Agreement and payable in cash in the amount of twenty-one million three hundred
thirty three thousand three hundred and thirty three dollars ($21,333,333) in two equal installments of (A) ten million six hundred
sixty-six thousand six hundred and sixty-six and 50/100 dollars ($10,666,666.50) in cash payable immediately upon termination of
this Agreement and (B) ten million six hundred sixty-six thousand six hundred and sixty-six and 50/100 dollars (10,666,666.50)
in cash payable upon the consummation of any plan of reorganization, sale or other restructuring transaction. For the avoidance
of doubt, the Put Option Premium will be payable regardless of the aggregate principal amount of Backstop Notes (if any) which
are issued. The Put Option Premium shall constitute an administrative expense claim (as defined in Section 101(5) of the Bankruptcy
Code) against each of the Debtors which shall be pari passu with all other administrative expenses. The Put Option Premium
shall be allocated among the Investors based on the Investor Percentages, which Put Option Premium shall be fully earned, non-refundable
and non-avoidable by the Investors upon approval of the Backstop Commitment pursuant to the PSA Approval Order. For the avoidance
of doubt, the Put Option Premium may be asserted against each Debtor; provided, if the Put Option Premium is paid in cash
in accordance with this Section 2(b), the Investors shall not receive more than twenty-one million three hundred thirty
three thousand three hundred and thirty three dollars ($21,333,333) in the aggregate on account of such Put Option Premium paid
in cash in connection with the termination of this Agreement.

 

    	 	5	 

     

    

 

(c)          Put
Option Premium Triggering Event. The Put Option Premium shall be payable in cash to the Investors as described in Section
2(b) upon the occurrence of any of the following events (collectively, a “Put Option Premium Triggering Event”):
(i) any termination of the Backstop Agreement by the Company (except as to any individual Plan Sponsor Investor who is terminated
for a breach that is not timely cured under Section 10(b)(i), in which case only such Investor shall not receive his pro
rata share of the Put Option Premium) or any termination of the Plan Support Agreement by the CHC Parties with respect to any party
thereunder other than the Official Committee of Unsecured Creditors (the “UCC”) (except if one or more
of the Plan Sponsors has breached its obligations under the Plan Support Agreement and the Plan Support Agreement is terminated
as to such Plan Sponsor individually such that there is not a Backstop Commitment for at least two hundred fifty million dollars
($250,000,000) in respect of the Purchase Price for the Notes (including the amounts related to the Unfulfilled Backstop Commitment
and all Investment Replacements)); (ii) any termination of the Plan Support Agreement by the Requisite Plan Sponsors or this Agreement
by the Requisite Investors as a result of (x) a breach by the Debtors or the Company, respectively, that is not timely cured or
(y) the occurrence under the Plan Support Agreement of a CHC Fiduciary Action (as defined in the Plan Support Agreement); (iii)
any termination of the Plan Support Agreement by the Milestone Parties (with respect to themselves), which also results in the termination of the Plan Support Agreement
by the Requisite Plan Sponsors; (iv) upon entry of an order of the Bankruptcy Court approving an Alternative Transaction; and (v)
any termination of the Plan Support Agreement or this Agreement as a result of the failure to cause the Plan Effective Date to
have occurred by the outside date set forth in Section 6(a)(ii)(H) of the Plan Support Agreement or Section 10(a)(ii)(H)
(provided, that the Put Option Premium under this clause (v) shall not be payable to any Investor that is in breach of this
Agreement, which breach would permit the Company to terminate this Agreement with respect to such Investor under Section 10(b)(i)
or to any of the Investors to the extent that there is not a Backstop Commitment for at least two hundred fifty million dollars
($250,000,000) in respect of the Purchase Price for the Notes (including the amounts required related to the Unfulfilled Backstop
Commitment and all Investment Replacements)).

 

(d)          Integral
Provisions. The provisions for the payment of the Put Option Premium, Transaction Expenses (as defined below) and the indemnification
provided herein, are an integral part of the transactions contemplated by this Agreement and without these provisions the Investors
would not have entered into this Agreement, and the Put Option Premium, Transaction Expenses and the indemnification provided herein
shall constitute allowed administrative expense claim of the Debtors’ estates.

 

    	 	6	 

     

    

 

(e)          Transaction
Expenses. The Debtors shall pay all reasonable and documented fees, costs and expenses of (x) the Investors which are Plan
Sponsors (as defined in the Plan Support Agreement) (the “Plan Sponsor Investors”), for any and all reasonable
and documented, fees, costs and expenses (including all reasonable fees and expenses of Akin Gump Strauss Hauer & Feld LLP
(“Akin Gump”), Walkers, Houlihan Lokey Capital, Inc. and any other counsel (including necessary local
counsel and regulatory counsel), financial advisors, consultants and other professionals of the Plan Sponsor Investors (retained
with the reasonable consent of the Company), which, for the avoidance of doubt shall include such other advisors retained by the
Plan Sponsors and counsel to the Secured Notes Trustee (as defined in the Plan Support Agreement)), and (y) for the other Investors
up to a maximum aggregate amount, without duplication of the fees, costs and expenses to be reimbursed to the Individual Creditor
Parties (as defined in the Plan Support Agreement) as required under the Plan Support Agreement, of $150,000, whether incurred
directly or by any of its or their counsel, financial advisors, consultants or other professionals) whenever incurred or invoiced
(collectively, “Transaction Expenses”) on a regular and continuing basis within two (2) Business Days
following fifteen (15) days after delivery of an invoice to the Debtors (redacted for privilege and work product), each in accordance
with the agreements between the Debtors and the applicable firm, without any requirement for Bankruptcy Court review or further
Bankruptcy Court order. The Debtors shall have ten (10) days following their receipt of any invoices to review and object to the
reasonableness of the fees and expense included in such invoice. If any such objection is not resolved within ten (10) days after
such objection is interposed, a hearing with respect thereto shall be conducted at a regularly scheduled omnibus hearing in the
CHC Cases, provided, that the Debtors shall pay any undisputed portion of such fees, costs and expenses on the first Thursday following
fifteen (15) days after the initial presentment of such invoices. To the extent not previously paid pursuant to the Cash Collateral
Orders (as defined in the Plan Support Agreement) or the PSA Approval Order, the Debtors shall pay all accrued and unpaid Transaction
Expenses, including estimated amounts, through the Plan Effective Date on the Plan Effective Date in cash. Transaction Expenses
invoiced after the Plan Effective Date shall be paid promptly by the Company and its subsidiaries following receipt of invoices
therefor.

 

(f)          Purchase
Notice. On the Closing Date, the Investors will purchase, and the Company will sell, only such number of Unsubscribed Notes
as are listed in the Purchase Notice, without prejudice to the rights of the Company or the Investors to seek later an upward or
downward adjustment if the number of Unsubscribed Notes in such Purchase Notice is inaccurate.

 

(g)          Delivery
of the Rights Offering Notes and Backstop Notes; Backstop Escrow Account. Delivery of the Rights Offering Notes and Backstop
Notes will be made by the Company to the respective Investors on the Closing Date against payment of the aggregate Purchase Price
for the Rights Offering Notes and Backstop Notes by wire transfer of immediately available funds from the Rights Offering Escrow
Account and the escrow account to which such Investor shall deliver and pay its Investor Percentage of the aggregate Purchase Price
for the Backstop Notes (the “Backstop Escrow Account”) in accordance with Section 2(k), respectively.
The Backstop Escrow Account shall be established with an escrow agent satisfactory to the Requisite Investors and the Company pursuant
to an escrow agreement in form and substance reasonably satisfactory to the Requisite Investors and the Company, which escrow agent
may be the same escrow agent serving as escrow agent for the Rights Offering Escrow Account, and the Backstop Escrow Account need
not be separate from the Rights Offering Escrow Account.

 

(h)          Backstop
Funding Date; Backstop Escrow Account and Rights Offering Escrow Account Investor Funding. No later than twenty-four (24) hours
prior to the proposed Plan Effective Date (the “Backstop Funding Date”), each Investor shall deliver
and pay its Investor Percentage of the aggregate Purchase Price for such Investor’s Backstop Notes by wire transfer in immediately
available funds in U.S. dollars into the Backstop Escrow Account in satisfaction of such Investor’s Backstop Commitment.
An Investor shall also pay the aggregate Purchase Price to satisfy any Unfulfilled Backstop Commitments or as a Replacing Investor
into the Backstop Escrow Account and, to the extent not previously paid, pay an amount equal to such Investor’s full Purchase
Price for the Rights Offering Notes to the Rights Offering Escrow Account. The funds held in the Backstop Escrow Account and the
Rights Offering Escrow Account shall be released to the Investors, and each Investor shall receive from the Backstop Escrow Account
and the Rights Offering Escrow Account the cash amount actually funded to the Backstop Escrow Account and the Rights Offering Escrow
Account by such Investor promptly following the termination of this Agreement in accordance with its terms.

 

    	 	7	 

     

    

 

(i)           Designation
and Assignment Rights.

 

(i)          Each
Investor shall have the right to designate by written notice to the Company no later than two (2) Business Days prior to the Closing
Date that some or all of its Rights Offering Notes, Backstop Notes or Put Option Premium Notes to be issued in the name of and
delivered to (x) its affiliates and any investment funds or separately managed funds or accounts or sub-accounts which such Investor
or its affiliates controls, manages, advises or sub-advises (a “Related Purchaser”) or (y) other Investor,
which notice of designation shall (i) be addressed to the Company and signed by such Investor and the Related Purchaser or other
Investor, as applicable, (ii) specify the aggregate principal amount of Rights Offering Notes, Backstop Notes or Put Option Premium
Notes to be delivered to or issued in the name of each such Related Purchaser or other Investor, as applicable and (iii) if designated
to a Related Purchaser, attach an executed joinder of the Related Purchaser pursuant to which the Related Purchaser will agree
to be bound by this Agreement and the Plan Support Agreement. No designation pursuant to this Section 2(i)(i) shall relieve
such Investor from its obligations under this Agreement (including the obligation to fund its Backstop Commitment).

 

(ii)         Additionally,
in the event that any Investor (an “Assigning Party”) sells, assigns or otherwise transfers all or any
portion of its Secured Notes Claim or its Unsecured Notes Claim to (i) another Investor or a Related Purchaser of another Investor
or (ii) a Related Purchaser of the Assigning Party (each such Investor or Related Purchaser, an “Ultimate Purchaser”),
in each case, it shall as a condition precedent to such sale, assignment or transfer, cause such Ultimate Purchaser (other than
an Investor or any other Person that is party to this Agreement and the Plan Support Agreement or executed a joinder pursuant to
which such Person will agree to be bound by this Agreement and the Plan Support Agreement (a “Joinder”))
to agree in writing to be bound by this Agreement and the Plan Support Agreement, including, for the avoidance of doubt, the Ultimate
Purchaser agreeing to assume the Assigning Party’s pro rata share of the Backstop Commitment associated with such transfer
of the Assigning Party’s Secured Notes Claim or Unsecured Notes Claim, as applicable, by executing and delivering to the
parties hereto a Joinder and such Ultimate Purchaser shall be entitled to the benefits of this Agreement, including the Put Option
Premium; provided, that such Assigning Party shall provide written notice to the Company and each other Investor in advance
of such transfer (other than a transfer to another Investor or any other Person that has already executed a Joinder) and no later
than two (2) Business Days prior to the Closing Date. Each Investor or Ultimate Purchaser agrees that any transfer of any Secured
Notes Claim or Unsecured Notes Claim that does not comply with the terms and procedures set forth in this Section 2(i)(ii)
shall be deemed void ab initio. After a Right has been exercised, the underlying Secured Notes Claim or Unsecured Notes
Claim will cease to be transferrable, and the holder of such Secured Notes Claim or Unsecured Notes Claim shall not transfer any
such Secured Notes Claim or Unsecured Notes Claim unless such holder transfers with such Secured Notes Claim or Unsecured Notes
Claim the right to receive the proceeds of the corresponding Rights in the Rights Offering, subject to compliance with applicable
securities laws relating to the transfer of restricted securities. No sale, assignment or transfer pursuant to this Section
2(i)(ii) shall relieve such Investor from its obligations under this Agreement (including the obligation to fund its Backstop
Commitment).

 

    	 	8	 

     

    

 

(j)           Investor
Default; Put Option Premium Allocation.

 

(i)          Subject
to Section 2(a), if an Investor defaults (a “Defaulting Investor”) in its Backstop Commitment
obligations (an “Investor Default”) without curing such default within two (2) Business Days following
receipt of notice provided by the Company to such Defaulting Investor, the Company shall promptly provide after the expiration
of such two (2) Business Day-period, written notice to all Investors substantially concurrently of such Investor Default, and the
Investors (other than any Defaulting Investor) or their designees shall have the right, but not the obligation, within ten (10)
Business Days after the expiration of such cure period, to make arrangements for one or more of the Investors (other than the Defaulting
Investor) or their designees to purchase all or any portion of such Defaulting Investors’ Backstop Commitment obligations
(such purchase, a “Investor Replacement”) on the terms and subject to the conditions set forth in this
Agreement and in such amounts as may be agreed upon by all of the Investors or their designees electing to make such an Investor
Replacement, or, if no such agreement is reached, in proportion to the respective Investor Percentages of such Investors who are
willing to purchase an Investor Replacement (such Investors, the “Replacing Investors”); provided
that the provisions of Section 2(a) and not this Section 2(j)(i) shall apply with respect to the first twenty million
dollars ($20,000,000) in aggregate Purchase Price of Unfulfilled Backstop Commitments, which Purchase Price is equivalent to twenty-eight
million eight hundred eighty-eight thousand eight hundred and eighty-nine dollars ($28,888,889) in aggregate principal amount of
Notes.

 

(ii)         If
an Investor funds its Backstop Commitment (and satisfies its pro rata portion of the Unfulfilled Backstop Commitment, if any),
such Investor shall be entitled to its pro rata portion of the Put Option Premium.  If the Rights Offering is not consummated,
such Investor shall be entitled to its pro rata portion of the Put Option Premium paid in cash pursuant to Section 2(b).
For the avoidance of doubt, a Defaulting Investor shall not be entitled to any portion of the Put Option Premium and the portion
of such Put Option Premium it would have received shall be allocated among those Investors that effectuate an Investor Replacement
in proportion to the amount of the Investor Replacement they each fund (taking into account the satisfaction of the Unfulfilled
Backstop Commitment), and any Notes purchased in accordance with Section 2(b) or this Section 2(j) in satisfaction
of the Unfulfilled Backstop Commitment or by a Replacing Investor, respectively, shall be included in the determination of such
Replacing Investor’s pro rata share of the Put Option Premium paid for in the form of Put Option Premium Notes as provided
in Section 2(b).

 

(iii)        Nothing
in this Agreement shall be deemed to require an Investor to purchase more than its Remaining Backstop Commitment of the Unsubscribed
Notes, except as provided in Section 2(a).

 

    	 	9	 

     

    

 

(iv)        For
the avoidance of doubt, no provision of this Agreement shall relieve any Defaulting Investor or Defaulting Unfulfilled Commitment
Investor from liability hereunder, or limit the availability of the remedies set forth herein, in connection with any such Defaulting
Investor’s Investor Default or Defaulting Unfulfilled Commitment Investor’s failure to satisfy its pro rata portion
of the Unfulfilled Backstop Commitment.

 

(k)          Closing.

 

(i)          Subject
to Section 7 and Section 8, unless otherwise agreed in writing between the Company and the Requisite Investors, the
closing of the Backstop Commitments (the “Closing”) shall take place at the offices of Weil, Gotshal
& Manges LLP, 767 Fifth Avenue, New York, NY 10153, at 10:00 a.m., New York City time, on the date (which date shall be extended
to take into account the cure periods under Sections 2(a) and Section 2(j)(i) on which all of the conditions set
forth in Section 7 and Section 8 shall have been satisfied or waived in accordance with this Agreement (other than
conditions that by their terms are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions).
The date on which the Closing actually occurs shall be referred to herein as the “Closing Date.”

 

(ii)         At
the Closing, the funds held in the Backstop Escrow Account shall be released and utilized as set forth in accordance with the Plan.

 

(iii)        At
the Closing, the Rights Offering Notes, the Backstop Notes and the Put Option Premium Notes will be issued and delivered by
the Company to the account of each Investor (or to such other accounts as any Investor may designate in accordance with this
Agreement) against the payment of the aggregate Purchase Price for the Rights Offering Notes and Backstop Notes of such
Investor. The Company shall use its commercially reasonable efforts to make the Notes issued to (x) holders that are
“qualified institutional buyers” (as defined in Rule 144A under the Securities Act) or institutional
“accredited investors” (within the meaning of subparagraphs (a)(1), (2), (3) or (7) of the Rule 501 of Regulation
D under the Securities Act) be registered in the name of Cede & Co., as a nominee for The Depository Trust Company
(“DTC”), and evidenced by global securities held on behalf of members or participants in DTC as
nominees for the Investors, and the Notes issued to (y) other holders be in the form of physical certificates, in registered
form on the books and records of the Company or its designee, or in book entry form through DTC if so permitted.
Notwithstanding anything to the contrary in this Agreement, subject to Section 1146(a) of the Bankruptcy Code, all Notes will
be delivered with all taxes or duties that are due and payable (if any) in connection with such delivery duly paid by the
Company only if such delivery is made to an Investor.

 

(iv)        Notwithstanding
anything herein to the contrary, but subject to the satisfaction of the conditions set forth in Section 7 (unless waived
by the Requisite Investors), if one or more Investors default in their Backstop Commitment obligations, the Company may elect to
consummate the transactions contemplated hereby and the Plan on the Plan Effective Date so long as at least two hundred fifty million
dollars ($250,000,000) of cash (including the amounts required to be deposited to purchase the Unfulfilled Backstop Commitment
and in respect of all Investment Replacements) in the aggregate shall have been deposited in the Rights Offering Escrow Account
and Backstop Escrow Account, as the aggregate Purchase Price for the Notes in an aggregate principal amount of at least three hundred
sixty-one million, one hundred and eleven thousand one hundred and eleven dollars ($361,111,111) on the Plan Effective Date. An
election by the Company not to consummate the transactions contemplated hereby and the Plan on the Plan Effective Date under the
circumstances described in this Section 2(k)(iv) shall not in any way limit the obligation of the Company to pay the Put
Option Premium to the Investors in cash on the terms set forth in this Agreement.

 

    	 	10	 

     

    

 

3.           Representations
and Warranties of the Company. Except (i) as disclosed in forms, reports, schedules, certifications, prospectuses, and
registration, proxy and other statements filed with the Securities and Exchange Commission (“SEC”) by
the Company since December 31, 2014 and prior to the date of this Agreement, (ii) set forth in the schedules (the “Disclosure
Schedules”) provided to the Investors or their advisors on or prior to the date of this Agreement or (iii) as disclosed
in any first day affidavits filed by the Debtors with respect to the CHC Cases, the Company represents and warrants to the Investors
as set forth below. Notwithstanding the foregoing, the only representations and warranties made by the Company in respect of all
aircraft equipment owned or leased by any of the Company or any of its subsidiaries are the representations and warranties set
out in Sections 3(v), (x), (y), (gg) and (jj).

 

(a)          Organization
and Qualification. Other than as a result of the filing of the CHC Cases, the Debtors and each other material subsidiary of
the Company is duly organized, validly existing and in good standing (or the equivalent thereof) under the laws of the jurisdiction
of its formation and has the requisite power and authority to own its properties and to carry on its business as now conducted.
The Debtors and each other material subsidiary of the Company is duly qualified or authorized to do business and is in good standing
(or the equivalent thereof) under the laws of each jurisdiction in which its ownership and leasing of property or the conduct of
its business requires it to be so qualified or authorized , except where the failure to be so qualified, authorized or in good
standing would not be reasonably likely to result in a Material Adverse Effect. For purposes of this Agreement, “Material
Adverse Effect” means (i) a material adverse effect on, or is reasonably likely to be materially adverse to, the
business, assets, properties, results of operations or financial condition of the Debtors (taken as a whole) or (ii) a material
adverse effect on the ability of the Debtors to consummate the transactions contemplated by this Agreement, the Plan Support Agreement
or the Plan, other than, with respect to clauses (i) and (ii), the effect: (A) of any change in the United States or foreign economies
or securities or financial markets in general; (B) of any change that generally affects any industry in which the CHC Parties operate;
(C) of any change arising in connection with earthquakes, hostilities, acts of war, sabotage or terrorism or military actions or
any escalation or material worsening of any such hostilities, acts of war, sabotage or terrorism or military actions; (D) of any
changes in accounting rules; (E) resulting from the filing of the CHC Cases or any reasonably anticipated effects thereof; (F)
resulting from the public announcement of this Agreement or the Plan Support Agreement, compliance with terms of this Agreement,
the Plan Support Agreement or the consummation of the transactions contemplated hereby or thereby; (G) resulting from any act or
omission of any of the CHC Parties taken with the prior written consent of the Requisite Plan Sponsors; (H) any change in the market
price or trading volume of any security of a Debtor; or (I) any failure, in and of itself, of the CHC Parties to meet, with respect
to any period or periods, any internal or industry analyst projections, forecasts, estimates of earnings or revenues or business
plans; provided; however that the exception provided in clauses (H) and (I) shall not prevent or otherwise affect
a determination that any effect underlying such change or failure has resulted in or contributed to a Material Adverse Effect and
with respect to clauses (B), (C) and (D), such effects, alone or in combination, may be deemed to constitute, or be taken into
account in determining whether a Material Adverse Effect has occurred to the extent such effects disproportionately affect the
Debtors (taken as a whole) relative to other companies operating in the same industry as the Debtors.

 

    	 	11	 

     

    

 

(b)          Power
and Authority.

 

(i)          The
Company has the requisite company power and authority to enter into, execute and deliver this Agreement and, subject to entry of
the (A) PSA Approval Order, to perform its obligations hereunder and under the Plan Support Agreement (except for such obligations
that are specified in each such agreement as becoming effective immediately upon execution by the Company and the other Debtors)
and (B) the Confirmation Order and consummation of the Plan, if applicable and requiring approval of the Bankruptcy Court, the
definitive documents to consummate the Restructuring, including the issuance of the Rights and the Notes. The Company has taken
all necessary company action required for the due authorization, execution, delivery and performance by it of this Agreement, including
the issuance of the Rights and the Notes and all other agreements to which it will be a party as contemplated by this Agreement
and the Plan (this Agreement and such other agreements, collectively, the “Transaction Agreements”).

 

(ii)         Each
Debtor has the requisite power and authority (corporate or otherwise) to execute the Plan and to file the Plan with the Bankruptcy
Court and, subject to entry of the PSA Approval Order, Confirmation Order and consummation of the Plan, as applicable, to perform
its obligations thereunder and under the applicable Transaction Agreements to which it is a party, and will have taken all necessary
company action required for the due authorization, execution, delivery and performance by it of the Plan and under the applicable
Transaction Agreements.

 

(iii)        Subject
to the entry of the PSA Approval Order and the Confirmation Order, if applicable and requiring approval of the Bankruptcy Court,
each other Debtor has the requisite power and authority (corporate or otherwise) to enter into, execute and deliver each Transaction
Agreement to which such other Debtor is a party and to perform its obligations thereunder. Subject to entry of the applicable orders
of the Bankruptcy Court, the execution and delivery of this Agreement and each of the other Transaction Agreements and the consummation
of the Restructuring have been or will be duly authorized by all requisite action (corporate or otherwise) on behalf of each other
Debtor party thereto, and no other proceedings on the part of any other Debtor party thereto are or will be necessary to authorize
this Agreement or any of the other Transaction Agreements or to consummate the Restructuring.

 

(c)          Execution
and Delivery; Enforceability.

 

(i)          This
Agreement has been, and each other Transaction Agreements (other than the Security Documents and the Notes), upon the execution
and delivery thereof, will be, duly and validly executed and delivered by the Company or the applicable Debtors (as guarantors
or otherwise) and, assuming due authorization, execution and delivery by the Investors to this Agreement or the applicable counterparties
to the other Transaction Documents, and subject to entry of the PSA Approval Order, Confirmation Order and consummation of the
Plan, if applicable, constitutes or will constitute the valid and binding obligation of the Company and, to the extent applicable,
the other Debtors, enforceable against the Company and, to the extent applicable, the other Debtors, in accordance with their respective
terms (except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer
and similar laws of general applicability relating to or affecting creditors’ rights or by general equity principles.

 

    	 	12	 

     

    

 

(ii)         The
Plan will be duly and validly filed with the Bankruptcy Court by the Debtors in accordance with Section 5(a) and the Plan
Support Agreement and, upon entry of the Confirmation Order and consummation of the Plan, will constitute the valid and binding
obligation of the Debtors, enforceable against the Debtors in accordance with its terms.

 

(iii)        Subject
to the requirements of applicable local laws, each Security Document, when executed and delivered in connection with the issuance
of the Notes, will be effective to create in favor of the collateral agent under the indenture for the Notes (the “Indenture”)
for the benefit of itself, the trustee under the Indenture and the holders of the Notes, a legal, valid and enforceable security
interest in the collateral described therein except as enforceability may be limited by applicable bankruptcy, fraudulent conveyance,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general
equitable principles (whether enforcement is sought by proceedings in equity or at law) and the implied covenants of good faith
and fair dealings. Upon completion of the delivery, filing and other actions specified in the relevant Security Documents, the
collateral agent under the Indenture shall have a fully perfected second priority Lien on, and security interest in, all right,
title and interest of the Company and the guarantors under the Indenture (the “Guarantors”) in such collateral
(to the extent a security interest in such collateral can be perfected through taking of such actions), as security for the obligations
under the Indenture.

 

(iv)        The
Notes to be purchased by the Investors and the Rights Offering Participants from the Company will (A) on the Closing Date, be in
the form contemplated by the Indenture governing such Notes, have been duly authorized for issuance and sale pursuant to this Agreement
and the Indenture governing such Notes and (B) at the Closing Date, will have been duly executed by the Company and, when authenticated
in the manner provided for in the Indenture governing such Notes and delivered against payment of the purchase price therefor,
will constitute valid and binding obligations of the Company. The guarantees by the Guarantors (the “Guarantees”)
on the Closing Date when issued will be in the respective forms contemplated by the Indenture governing such Guarantee and have
been duly authorized for issuance pursuant to the Indenture governing such Guarantee; the Guarantees, at the Closing Date, have
been duly executed by each of the Guarantors and, when the applicable Notes have been authenticated in the manner provided for
in the Indenture governing such Guarantee and issued and delivered against payment of the purchase price therefor, such Guarantee
will constitute a valid and binding agreement of the applicable Guarantor, enforceable against such Guarantor in accordance with
its terms.

 

    	 	13	 

     

    

 

(d)          Reorganized
Company Capital.

 

(i)          On
the Plan Effective Date, (i) the limited liability company interests of the reorganized Company will consist of the issued
and outstanding membership interests as set forth in the operating agreement of the reorganized Company filed as part of a supplement
to the Plan, (ii) no New Equity will be held by the Company in its treasury, (iii) membership interests will be available for issuance
upon conversion of the Notes and exercise of options and other rights to purchase or acquire membership interests granted in connection
with the management incentive plan (“MIP”) and any other employment arrangement approved by the managers
or other governing body of the reorganized Company, the material terms of which shall be set forth in a supplement to the Plan
and (iv) no warrants to purchase membership interests will be issued and outstanding. For the avoidance of doubt, the membership
interests of the Company will be sufficient to accommodate any and all issuance of New Equity upon conversion of the Notes. For
purposes of this Agreement, “New Equity” means the membership interests of either (x) CHC Group Ltd.,
as reorganized pursuant to the Plan or (b) such other newly formed entity, whose corporate form and jurisdiction of incorporation
shall be determined in accordance with the Term Sheet and the Plan, to be issued on the Plan Effective Date.

 

(ii)         As
of the Plan Effective Date, all issued and outstanding New Equity will have been duly authorized and validly issued and will be
fully paid and non-assessable, and upon the issuance and delivery of the Notes in accordance with the Indenture, the Notes will
be convertible upon the terms set forth in the Indenture and the Notes, and such New Equity shall have been duly authorized and
available for issuance upon conversion of the Notes by all necessary company action and, when issued upon such conversion in accordance
with the terms of the Notes and the Indenture, will be validly issued and will be fully paid and non-assessable and free and clear
of any mortgage, deed of trust, pledge, option, power of sale, retention of title, right of pre-emption, right of first refusal,
hypothecation, security interest, encumbrance, claim, Lien or charge of any kind, or an agreement, arrangement or obligation to
create any of the foregoing (“Liens”) under the Company’s limited liability company agreement and
(except as set forth in the registration rights agreement, the corporate governance documents and under Cayman law) the issuance
of such membership Interests upon such conversion will not be subject under any other agreement to the preemptive or other similar
rights of any securityholder of the Company.

 

(iii)        Except
as set forth in this Section 3(d), as of the Plan Effective Date, no membership interest or other equity securities
or voting interest in the reorganized Company will have been issued, available for issuance or outstanding.

 

(iv)        Except
as described in this Section 3(d) and except as set forth in the Plan, Disclosure Statement, the registration rights
agreement, the corporate governance documents, the Indenture and the Notes or any employment agreement and the MIP, or except as
set forth in Schedule 3(d) to the Disclosure Schedules, as of the Plan Effective Date, neither the Company nor any of its subsidiaries
will be party to or otherwise bound by or subject to any outstanding option, warrant, call, right, security, commitment, contract,
arrangement or undertaking (including any preemptive right) that (i) obligates the Company or any of its subsidiaries to issue,
deliver, sell or transfer, or repurchase, redeem or otherwise acquire, or cause to be issued, delivered, sold or transferred, or
repurchased, redeemed or otherwise acquired, any New Equity of, or other equity or voting interests in, the Company or any of its
subsidiaries or any security convertible or exercisable for or exchangeable into any membership interests of, or other equity or
voting interest in, the Company or any of its subsidiaries, (ii) obligates the Company or any of its subsidiaries to issue,
grant, extend or enter into any such option, warrant, call, right, security, commitment, Contract, arrangement or undertaking,
(iii) restricts the transfer of any membership interests of the Company or any of its subsidiaries or (iv) relates to
the voting of any membership interest of the Company.

 

    	 	14	 

     

    

 

(e)          No
Conflict. Other than as a result of the filing of the CHC Cases, the distribution of the Rights, and, subject to entry of the
Confirmation Order and consummation of the Plan, the sale, issuance and delivery of the Notes, the consummation of the Rights Offering
by the Company, the sale, issuance and delivery of the Unsubscribed Notes pursuant to the terms hereof, and the execution and delivery
(or, with respect to the Plan, the filing with the Bankruptcy Court) by the Company of this Agreement, the Transaction Agreements
and the Plan and compliance by it with all of the provisions hereof and thereof and the consummation of the Restructuring (including
compliance by the Investors with their respective obligations hereunder and thereunder): (i) will not conflict with or result in
a breach or violation of, any of the terms or provisions of, or constitute a default under (with or without notice or lapse of
time, or both), or result, except to the extent expressly provided in or contemplated by the Plan, in the acceleration of, or the
creation of any Lien under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which any
Debtor is a party or by which any Debtor is bound or to which any of its properties or assets is subject; (ii) will not result
in any violation of the provisions of the organizational documents of the Company or its subsidiaries; and (iii) assuming the accuracy
of the Investors’ representations and warranties in Section 4, will not result in any violation of, or any termination or
material impairment of any rights under, any law, statute, subject to compliance with Antitrust laws, or any license, authorization,
injunction, judgment, order, decree, rule or regulation of any court or governmental agency or body having jurisdiction over any
Debtor or any of its properties, except in any such case described in clause (i) or clause (iii), as would not, individually or
in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

(f)          Consents
and Approvals. Assuming the accuracy of the Investors’ representations and warranties in Section 4, no consent,
approval, authorization, order, registration or qualification of or with any court or governmental agency or body having jurisdiction
over the Company or any of its subsidiaries or any of its properties is required for the distribution of the Rights, the sale,
issuance and delivery of the Notes upon exercise of the Rights, the issuance, sale and delivery of Unsubscribed Notes to the Investors
hereunder, the consummation of the Rights Offering by the Company and the execution and delivery by the Company of this Agreement
or the Plan and performance of and compliance by it with all of the provisions hereof and thereof (including payment of the Put
Option Premium and Transaction Expenses of the Investors, as applicable, as required hereby) and the consummation of the Restructuring,
except (i) the entry of the Confirmation Order and the PSA Approval Order, if applicable, (ii) any applicable filings under
Antitrust laws, if required, and (iii) such consents, approvals, authorizations, registrations or qualifications required
for the transactions contemplated by this Agreement the absence of which would not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect. For purposes of this Agreement, “Antitrust laws”
means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder
and any similar law enforced by any governmental antitrust entity of any jurisdiction (foreign or domestic) regarding pre-acquisition
notifications for the purpose of competition reviews of mergers and acquisitions, the Sherman Act, as amended, the Clayton Act,
as amended, the Federal Trade Commission Act, as amended, and all other applicable laws that are designed or intended to prohibit,
restrict or regulate actions or transactions having the purpose or effect of monopolization or restraint of trade or lessening
of competition through merger or acquisition or effectuating foreign investment.

 

    	 	15	 

     

    

 

(g)          Financial
Statements. The financial statements and the related notes thereto of the Company and its consolidated subsidiaries included
or incorporated by reference in the documents filed by the Company with the SEC under the Securities Exchange Act of 1934, as amended,
and the rules and regulations of the SEC promulgated thereunder (the “Exchange Act”) since January 1,
2016 and prior to the date of this Agreement (the “Exchange Act Documents”) complied as to form in all
material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto
as of the dates indicated and the results of their operations and their cash flows for the periods specified. Such financial statements
have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”)
applied on a consistent basis throughout the periods covered thereby (except as disclosed in the Exchange Act Documents).

 

(h)          SEC
Documents. The Company has filed all required reports, proxy statements, forms, and other documents with the SEC since December
31, 2015 (collectively, the “SEC Documents”). Each of the SEC Documents, as of its respective date, complied
in all material respects with the requirements of the Securities Act and the Exchange, as the case may be, and the rules and regulations
of the SEC promulgated thereunder applicable to such SEC Documents, and, except to the extent that information contained in any
SEC Document has been revised or superseded by a later filed SEC Document filed and publicly available prior to the date of this
Agreement, none of the SEC Documents contained any untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were
made, not misleading. The Company has filed with the SEC all “material contracts” (as such term is defined in Item
601(b)(10) of Regulation S-K under the Exchange Act) that are required to be filed as exhibits to the SEC Documents.

 

(i)           No
Violation. No Debtor is, except as a result of the CHC Cases or as disclosed prior to the date of this Agreement in the Exchange
Act Documents, in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental
or regulatory authority, except for any such default or violation, that would not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect.

 

(j)           Legal
Proceedings. Except in respect of the CHC Cases and any adversary proceedings or contested motions commenced in connection
therewith, there are no legal, governmental or regulatory investigations, actions, suits or proceedings pending or, to the knowledge,
after reasonable inquiry, of the individuals set forth on Schedule 3(j) to the Disclosure Schedules, (the “Knowledge
of the Company”), threatened (including “cease and desist” letters), against, nor any outstanding judgment,
order, writ or decree against, the Company or any of its subsidiaries or any of its or their respective assets before or by any
Governmental Entity, which would reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect..

 

    	 	16	 

     

    

 

(k)          No
Other Proceedings. Other than the Scheme of Arrangement in the Cayman Islands and the insolvency proceedings in Canada, the
detailed terms of which have been disclosed by the Debtors to the Plan Sponsor Investors on or prior to the date of this Agreement
(the “Foreign Proceedings Plan”), which proceedings in the Cayman Islands and Canada shall require the
consent of the Requisite Plan Sponsors to be modified in a manner inconsistent with the Foreign Proceedings Plan, there are no
other foreign insolvency proceedings or approvals necessary in connection with the Restructuring or that are required in order
to consummate the Restructuring.

 

(l)          No
Broker’s Fees. Except for agreements with PJT Partners LP with respect to the Debtors (and not the Investors), neither
the Company nor any of its subsidiaries is a party to any binding agreement, contract, instrument or arrangement, including any
loan, note, bond, mortgage, indenture, guarantee, deed of trust, license, franchise, commitment, lease, franchise agreement, letter
of intent or memorandum of understanding, and any amendments thereto (each, a “Contract”), with any person
that would give rise to a valid claim against a Debtor or the Investors for a brokerage commission, finder’s fee or like
payment in connection with the offering and sale of the Rights or the Notes.

 

(m)         Arm’s-Length.
The Company acknowledges and agrees that (i) each of the Investors is acting solely in the capacity of an arm’s-length contractual
counterparty to the Company with respect to the transactions contemplated hereby (including in connection with determining the
terms of the Rights Offerings) and not as a financial advisor or a fiduciary to, or an agent of, the Company or any of its subsidiaries
and (ii) no Investor is advising the Company or any of its subsidiaries as to any legal, tax, investment, accounting or regulatory
matters in any jurisdiction.

 

(n)          No
Material Adverse Effect. Since July 31, 2016, (i) there has been no event, development, occurrence or change that has occurred
or exists that would reasonably be expected to constitute, individually or in the aggregate, a Material Adverse Effect.

 

(o)          [Reserved.]

 

(p)          Compliance
with Laws. Subject to the requirements of applicable local laws and other than as a result of the filing of the CHC Cases,
(i) the Company is not in violation of its Second Amended and Restated Memorandum and Articles of Association, and (ii) no subsidiary
of the Company is in violation of its respective charter or bylaws or similar organizational document in any material respect.
Neither the Company nor any of its subsidiaries is in violation of any law or any judgment, order, award, injunction, writ, permit,
license or decree (“Order”) of any (a) any national, federal, state, county, municipal, local or foreign
or supranational government, or other political subdivision thereof, (b) any entity exercising executive, legislative, judicial,
regulatory, tribunal, taxing or administrative functions, and (c) any arbitrator or arbitral body or panel, department, ministry,
instrumentality, agency, court, commission or body of competent jurisdiction, which would reasonably be expected to result in,
individually or in the aggregate, a Material Adverse Effect

 

    	 	17	 

     

    

 

(q)          Securities
Registration Exemption. Assuming the truth and accuracy of the representations of each Investor set forth in this Agreement
in Sections 4(g) to (k) and each Offeree in the Ballot (or subscription form), the issuance of the Notes in the manner
contemplated by the Disclosure Statement shall be exempt from registration pursuant to Section 4(a)(2) under the Securities
Act and/or Regulation D thereunder.

 

(r)           Employer
Plans.

 

Except as set forth in Schedule 3(r) to the
Disclosure Schedules or except as would not, individually or in the aggregate, result in a Material Adverse Effect:

 

(i)          each
employee benefit plan (as defined in Section 3(3) of ERISA, whether or not subject to ERISA) maintained for current or former employees
of the Company or any of its subsidiaries or any other person with whom the Company is considered a single employer under Section
414 of the Internal Revenue Code (the “Code”) or Title IV of ERISA, to which the Company or any of its
subsidiaries is required to contribute, including any pension, profit-sharing, retirement, death, disability, supplemental retirement,
welfare benefit, retiree health, life insurance, compensation, employment, change in control, bonus, equity or equity-based compensation,
retention, severance, termination, deferred compensation or other similar agreement, arrangement, plan, policy or program that
the Company or any of its subsidiaries, maintains, sponsors, contributes to, is a party to, or as to which Company or any of its
subsidiaries otherwise has any material obligation or material liability, but excluding (x) any multiemployer plan (as defined
in Section 3(37) of ERISA) that is maintained in the United States and (y) any non-U.S. defined-benefit pension plan (other than
plans that are mandated by applicable Law and administered by a Governmental Entity) in the case of each of clauses (x) and (y),
for the benefit of employees of multiple unrelated employers and to which Company or any of its subsidiaries contributes or is
required to contribute and which is not maintained or administered by Company or any of its subsidiaries (a “Multiemployer
Plan”) (other than any plan to which any of the Company or its subsidiaries contributes (or has an obligation to
contribute) pursuant to applicable law and that is sponsored or maintained by a Governmental Entity) (an “Employee
Benefit Plan”) complies with, and has been operated and administered in compliance with its terms and all applicable
laws;

 

(ii)         with
respect to any Employee Benefit Plan, no actions, Liens, lawsuits, claims or complaints (other than routine claims for benefits,
appeals of such claims and domestic relations order proceedings) are pending or, to the Knowledge of the Company, threatened, and,
to the Knowledge of the Company, no facts or circumstances exist that would reasonably be expected to give rise to any such actions,
Liens, lawsuits, claims or complaints;

 

(iii)        to
the Knowledge of the Company, (x) none of the Employee Benefit Plans are presently under audit or examination, nor is a potential
audit or examination reasonably anticipated, by the IRS, the Department of Labor or any other Governmental Entity and (y) to
the Knowledge of the Company, no event has occurred with respect to an Employee Benefit Plan which would reasonably be expected
to result in a liability of any of the Company or its subsidiaries to any Governmental Entity;

 

    	 	18	 

     

    

 

(iv)        all
contributions and premiums required to have been paid by the Company or any of its subsidiaries to any Contract or other funding
arrangement, or pursuant to any applicable law (including ERISA and the Code and similar provisions of non-U.S. law) or collective
bargaining or similar agreements have been paid within the time prescribed by any such plan, agreement or applicable law;

 

(v)         no
Employee Benefit Plan provides for reimbursement or gross-up of any excise tax under Section 409A or Section 4999 of
the Code;

 

(vi)        the
Company and its subsidiaries are in compliance with any and all requirements of the Patient Protection and Affordable Care Act,
as amended from time to time, and all rules, regulations, rulings and interpretations adopted by the Internal Revenue Service,
the Department of Labor or the Department of Health and Human Services (the “ACA”) and no condition exists
that would reasonably be expected to present a risk to any of the Company or its subsidiaries of incurring any tax, penalty or
other liability under the ACA;

 

(vii)       each
Employee Benefit Plan that is an underfunded pension plan or other retirement plan subject to minimum funding standards under applicable
law, satisfies such standards, as applicable, no waiver of such funding has been sought or obtained, and no Governmental Entity
has issued, or, to the Knowledge of the Company, would reasonably be expected to issue, any contribution notices or financial support
directions in respect of such an Employee Benefit Plan;

 

(viii)      (x)
none of the Company or its subsidiaries has incurred any unsatisfied liability (including withdrawal liability) in respect of any
Multiemployer Plan and (y) no liability under Title IV or Sections 302, 303 or 304 of ERISA or Sections 412, 430 or 431 of the
Code or similar provisions of non-U.S. law has been incurred by any of the Company or its subsidiaries, and no condition exists
that would reasonably be expected to present a risk to any of the Company or its subsidiaries of incurring any such liability,
including as a consequence of being considered a single employer with any other person under Section 414 of the Code or Title
IV of ERISA or a similar provision of non-U.S. law; and

 

(ix)         neither
the execution of, nor the completion of the transactions contemplated by, this Agreement (whether alone or in connection with any
other event(s)), will result in (i) severance pay or an increase in severance pay upon termination after the date hereof to any
current or former employee of any of the Company or its subsidiaries, (ii) any payment or benefit becoming due, or increase in
the amount of any payment or benefit due, to any current or former employee, director or independent contractor of any of the Company
or its subsidiaries or (iii) acceleration of the time of payment or vesting or result in funding of compensation or benefits to
any current or former employee, director or independent contractor of any of the Company or its subsidiaries.

 

    	 	19	 

     

    

 

(s)          Labor
Relations.

 

(i)          Except
as set forth in Schedule 3(s) to the Disclosure Schedules or except as would not, individually or in the aggregate, result in a
Material Adverse Effect, (x) no labor strike, slowdown, work stoppage, picketing, leafleting, sit-in, boycott, material labor dispute,
lockout, concerted refusal to work overtime or similar form of organized labor disruption directed at the Company or any of its
subsidiaries is in effect or, to the Knowledge of the Company, threatened with respect to employees of any of the Company or any
of its subsidiaries, and none of the Company or any of its subsidiaries has experienced any such labor controversy, dispute or
organized labor disruption within the past two years, and (y) no unfair labor practice charge is pending against the Company or
any of its subsidiaries before the National Labor Relations Board or any similar local, state, or federal agency or office, or
to the Knowledge of the Company are any such charges threatened against the Company or any of its subsidiaries.

 

(ii)         No
inspection, action, complaint, charge, inquiry, investigation, employment-related audit, labor-related audit, suits, claims, arbitrations,
demands, notice of non-compliance or proceedings by or on behalf of any current or former employee, labor organization (including
any union or works council) or other appointed, elected, identified, or recognized representative of the employees of any of the
Company or any of its subsidiaries (including persons employed jointly by such entities with any other staffing or other similar
entity) is pending or, to the Knowledge of the Company, threatened that has had or would reasonably be expected to result in a
Material Adverse Effect.

 

(iii)        The
Company has, prior to the entry into this Agreement, made available to the Investors or their advisors, or provided an opportunity
to review, true and complete copies of all written collective agreements and all written material memoranda of understanding, contracts,
letters, side letters and contractual obligations of any kind, nature and description (“Collective Bargaining Agreements”),
that have been entered into between or that involve or apply to the Company or any of its subsidiaries and/or any Employee Representative
(as defined herein) applicable to persons employed by the Company or any of its subsidiaries in effect as of the date of this Agreement
and the status of any negotiations with any labor organization, works council, workers’ committee, union representatives
or any other type of employees’ representatives appointed, elected, identified or recognized for collective bargaining purposes
(collectively “Employee Representatives”) ongoing as of the date of this Agreement. Prior to the date
of this Agreement, the Company provided a list to the Investors or their advisors of any jurisdiction in which the employees of
the Company or any of its subsidiaries are represented by an Employee Representative and, to the Knowledge of the Company, no other
union organizing efforts or Employee Representatives’ elections or similar form of activity is ongoing at the Company or
any of its subsidiaries or, to the Knowledge of the Company, are threatened with respect to any such employees. Except as set forth
in Schedule 3(s) to the Disclosure Schedules or except as does not constitute a Material Adverse Effect, neither the Company nor
any of its subsidiaries is subject to any obligation (whether pursuant to Law or Contract) to notify, inform and/or consult with,
or obtain consent from, any Employee Representative regarding the transactions contemplated by this Agreement prior to entering
into this Agreement.

 

    	 	20	 

     

    

 

(iv)        The
Company and each of its subsidiaries has complied in all respects with all applicable Laws relating to labor and employment including
but not limited to all applicable Laws relating to the payment of wages, salaries, fees, commissions, bonuses, overtime pay, holiday
pay, sick pay, benefits and all other compensation, remuneration and emoluments due and payable to such employees under any Company
Plan or any applicable Collective Bargaining Agreement or Law, collective bargaining, reductions in force, equal employment opportunities,
working conditions, employment discrimination, harassment, civil rights, safety and health, disability, employee benefits, employee
classification, workers’ compensation, immigration, family and medical leave, and the collection and payment of withholding
or social security taxes, except to the extent that any noncompliance does not constitute a Material Adverse Effect and, for the
avoidance of doubt, except for any payments that are not permitted by the Bankruptcy Court or the Bankruptcy Code.

 

(t)           Intellectual
Property. Except as would not, individually or in the aggregate, have a Material Adverse Effect (i) to the Knowledge of the
Company, the Company and its subsidiaries own, free and clear of all Liens (other than licenses to Intellectual Property granted
in the ordinary course of business), all worldwide intellectual and industrial property rights, including patents, utility models,
trademarks, service marks, trade names, corporate names, trade dress, domain names, and other source indicators (and all goodwill
relating thereto), copyrights and copyrighted works, inventions, know-how, trade secrets, methods, processes, formulae, technical
or proprietary information, and technology and all registrations, applications, renewals, re-examinations, re-issues, divisions,
continuations, continuations-in part and foreign counterparts thereof (“Intellectual Property”) for which
registrations and applications have been filed in their names that are not expired or abandoned that are used in the conduct of
the business of the Company and its subsidiaries and that are purported to be owned by the Company (“Company Intellectual
Property”); (ii) the Company Intellectual Property for which registrations or applications have been filed in their
names and that are not expired or abandoned, is subsisting and unexpired, and to the Knowledge of the Company, valid and enforceable;
(iii) to the Knowledge of the Company, the Company and its subsidiaries own or has a valid right to use all Intellectual Property
necessary and sufficient to conduct the business of the Company and its subsidiaries; (iv) to the Knowledge of the Company, the
conduct of the business of the Company and its subsidiaries does not infringe, dilute, misappropriate or otherwise violate the
Intellectual Property of any third party and no person is infringing, diluting, misappropriating or otherwise violating any Company
Intellectual Property; and (v) the Company and its subsidiaries take reasonable actions to protect (x) the trade secrets and confidential
information owned by any of the Company or any of its subsidiaries, including by taking commercially reasonable steps to cause
each employee of the of the Company or any of its subsidiaries to comply with a policy of maintaining the confidentiality of any
trade secret and confidential information, and (y) the security and operation of their software, websites and systems (and the
data therein), and, to the Knowledge of the Company, there have been no breaches or outages of the of the Company’s or any
of its subsidiaries’ software, websites and systems (and the data therein).

 

(u)          Title.
Except for any Liens in respect of any secured Indebtedness (as defined below) of the Company and its subsidiaries, each of the
Company and its subsidiaries (a) has good and marketable title to its property that is owned real property, (b) has valid leases
to its property that is leased real property and (iii) good and valid title to or a valid leasehold interest in all of its other
property, other than negligible assets not material to the operations of the Company or any of its subsidiaries, in each case,
except as would not, individually or in the aggregate, have a Material Adverse Effect. Notwithstanding the foregoing, and for the
avoidance of doubt, the representations and warranties set out in this Section 3(u) shall not apply to aircraft equipment,
the applicable provisions of which are set forth in Section 3(v).

 

    	 	21	 

     

    

 

(v)          Aircraft
Owned and Leased. Schedule 3(v) of the Disclosure Schedules lists each Aircraft as of the date hereof (1) legally and/or beneficially
owned by the Company or any of its subsidiaries or (2) leased by the Company or any of its subsidiaries under a lease agreement
with a third party (excluding, for the avoidance of doubt, an intragroup lease) (an “Aircraft Lease”).
As of the date hereof, each Aircraft is either (a) legally and/or beneficially owned by the Company or any of its subsidiaries
or (b) subject to a right to possess by the Company or any of its subsidiaries under an Aircraft Lease (excluding, for the avoidance
of doubt, any intragroup lease). As of the date hereof, except as would not, individually or in the aggregate, result in a Material
Adverse Effect, each such Aircraft and the interest of any of the Company or its subsidiaries under any Aircraft Lease relating
to any Aircraft, is free and clear of all Liens, other than Liens arising from or relating to industry pooling arrangements, “permitted
liens” (or any other phrase of similar meaning) or any other Liens neither the Company nor any of its subsidiaries are then
required to terminate or discharge or for which neither the Company nor any of its subsidiaries is responsible under the terms
of the relevant Aircraft Lease, related transaction documentation or pursuant to the terms of Contracts for Indebtedness applicable
to such Aircraft. “Indebtedness” means, with respect to any person, (i) obligations of such person for
borrowed money (including accrued and unpaid interest and the full redemption value of any premiums, costs or penalties associated
with repaying such obligations), or with respect to deposits or advances of any kind, (ii) obligations of such person evidenced
by bonds, debentures, notes or similar instruments, (iii) obligations of such person upon which interest charges are customarily
paid (other than trade payables incurred in the ordinary course of business consistent with past practice), (iv) obligations of
such person under conditional sale or other title retention agreements relating to any property purchased by such person, (v) obligations
of such person incurred or assumed as the deferred purchase price of property or services (excluding obligations of such person
to creditors for raw materials, inventory, services and supplies incurred in the ordinary course of business consistent with past
practice), (vi) lease obligations of such person required to be recorded as capital leases under GAAP, (vii) obligations of others
secured by a Lien on property or assets owned or acquired by such person, whether or not the obligations secured thereby have been
assumed, (viii) obligations of such person under interest rate, currency or commodity derivatives or hedging transactions, (ix)
letters of credit or performance bonds issued for the account of such person and (x) guaranties and arrangements having the economic
effect of a guaranty by such person of any Indebtedness. “Aircraft” means either collectively or individually,
as applicable, the aircraft described in Schedule 3(v) to the Disclosure Schedules.

 

(w)         [Reserved.]

 

(x)          Permits
and Licenses. Other than as a result of the filing of the CHC Cases and other than as disclosed in Schedule 3(x) to the Disclosure
Schedules, the Company and its subsidiaries possess all certificates, authorizations, approvals, licenses and permits, issued by
the relevant Governmental Entity, necessary to conduct their respective businesses as currently conducted (the “Permits”),
including all licenses, certificates of authority, permits or other authorizations that are required from any Governmental Entity
in connection with the operation, ownership, leasing or chartering of the aircraft and the provision of aircraft maintenance services,
except where the failure to possess any such Permits, individually or in aggregate, would not have a Material Adverse Effect and,
to the Knowledge of the Company, such Permits are in full force and effect and not subject to default, or the subject of a proceeding
for suspension, revocation or cancellation.

 

    	 	22	 

     

    

 

(y)          Jurisdictions
of Operations. Other than as a result of the filing of the CHC Cases, the Company, its relevant subsidiaries and affiliates,
and its joint venture companies and strategic partners, as applicable, hold air operator’s certificates (or such similar
document as is applicable in the relevant jurisdiction) sufficient to operate aircraft in the manner and jurisdictions in which
its aircraft are currently operated.

 

(z)          Compliance
with Environmental Laws.

 

(i)          The
Company and each of its subsidiaries have, since December 31, 2013, complied and are in compliance with all Environmental Laws,
which compliance includes maintaining and complying with all Permits, licenses, exemptions and other approvals required of them
under applicable Environmental Laws to conduct their respective businesses and occupy each of their properties, except for noncompliance,
which would not reasonably be expected to result in a Material Adverse Effect.

 

(ii)         Except
with respect to matters that have been fully and finally settled or resolved, no Environmental Claim is pending, or to the Knowledge
of the Company threatened, against the Company or any of its subsidiaries which would reasonably be expected to result in a Material
Adverse Effect.

 

(iii)        None
of the Company or any of its subsidiaries has released any gasoline or petroleum (include crude oil or any fraction thereof) or
petroleum products, polychlorinated biphenyls, urea-formaldehyde insulation, asbestos, pollutants, contaminants, radioactivity,
or any other substances that are regulated (collectively, “Materials of Environmental Concern”) pursuant
to or could give rise to liability under any Environmental Law in a manner that would reasonably be expected to a result in a Material
Adverse Effect, and, to the Knowledge of the Company, Materials of Environmental Concern are not present at, under, in or affecting
any property currently or formerly owned, leased or used by any of the Company or any of its subsidiaries, that would reasonably
be expected to result in a Material Adverse Effect.

 

(iv)        The
Restructuring will not give rise to (i) any obligations to obtain the consent of any Governmental Entity under any Environmental
Laws or (ii) any action to revoke, terminate, withdraw, cancel, limit, condition, appeal or otherwise review, or any other adverse
effect on, any permits, licenses or other approvals required of the Company or any of its subsidiaries under applicable Environmental
laws to conduct their respective business and occupy each of their properties, in each case, which would reasonably be expected
to materially and adversely impact the Company or any of its subsidiaries.

 

    	 	23	 

     

    

 

(v)         To
the Knowledge of the Company, the Company has made available to the Investors or their advisors true and complete copies of all
material, non-privileged environmental reports, audits and investigations relating to the Company and its subsidiaries and each
of the properties owned or operated by it or them.

 

For purposes of this agreement: (x) “Environmental
Claim” means any complaint, summons, citation, investigation, directive, notice of violation, order, claim, demand,
action, litigation, judicial or administrative proceeding or judgment from any Governmental Entity or any other Person, alleging
(a) any actual or alleged violation of any Environmental Law; (b) injury or damages to the environment, natural resources,
any Person (including wrongful death) or property (real or personal) caused by Hazardous Materials or associated with alleged violations
of Environmental Laws; or (c) actual or alleged threatened release, spill, emission, leaking, pumping, pouring, injection,
escaping, deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Materials either (i) on, at,
under or migrating from any assets, properties or businesses currently or formerly owned or operated by the Company or any of its
subsidiaries or any predecessor in interest, (ii) from adjoining properties or businesses, or (iii) on, at, under or
migrating to any facilities which received Hazardous Materials generated by the Company or any of its subsidiaries or any predecessor
in interest, (y) “Environmental Laws” means any and all applicable foreign or domestic, federal
or state (or any subdivision of any of them), statutes, ordinances, orders, rules, regulations, judgments, decrees, permits, licenses
or binding determinations of any permit, license, authorization, plan, directive, consent order or consent decree of or from any
Governmental Entity, or any other legal requirements of Governmental Entities relating to pollution or protection of the environment,
natural resources or human health and safety as related to exposure to hazardous substances, and (z) “Hazardous
Materials” means, regardless of amount or quantity, any substance, waste, element, compound or chemical that is defined,
listed or otherwise classified as a contaminant, pollutant, toxic pollutant, toxic or hazardous substance, extremely hazardous
substance or chemical, hazardous waste under Environmental Laws including any Materials of Environmental Concern.

 

This Section 3(z) contains the sole
and exclusive representations and warranties of the Company and its subsidiaries with respect to environmental matters, including
those arising under Environmental Laws.

 

(aa)        Tax
Matters.

 

Except as set forth in Schedule 3(aa) to the
Disclosure Schedules or except as would not, individually or in the aggregate, have a Material Adverse Effect:

 

(i)          Each
of the Company and its subsidiaries has duly and timely filed or caused to be duly and timely filed (taking into account any applicable
extension of time within which to file) with the appropriate taxing authorities all material tax returns, statements, forms and
reports (including elections, declarations, disclosures, schedules, estimates and information Tax Returns) for taxes (“Tax
Returns”) that are required to be filed by, or with respect to, each of the Company and its subsidiaries, except
in respect of taxes (A) which are being contested in good faith and by appropriate proceedings, (B) for which adequate reserves
have been established in accordance with GAAP or (C) with respect to the Debtors only, to the extent the non-payment thereof is
permitted by the Bankruptcy Code. Such Tax Returns accurately reflect all material liability for taxes of the Company and its subsidiaries
for the tax periods covered thereby and such tax liability has been paid in full, except, in each case, as provided in the preceding
sentence and subject to any tax claims filed in the CHC Cases with respect to one or more of the Debtors.

 

    	 	24	 

     

    

 

(ii)         There
are no Liens or encumbrances for taxes upon the assets of any of the Company or any of its subsidiaries except for statutory Liens
for current taxes not yet overdue or Liens for taxes that are being contested in good faith and by appropriate proceedings and
in respect of which adequate reserves have been established in accordance with GAAP.

 

(iii)        Neither
the Company nor any of its subsidiaries has received any written notices from any taxing authority relating to any issue that could
materially affect the tax liability of the Company or any of its subsidiaries, other than any tax claims (A) filed in the CHC Cases
with respect to one or more of the Debtors or (B) in respect of which adequate reserves have been established in accordance with
GAAP. No unresolved material deficiencies for any Tax Returns have been proposed or assessed against or with respect to any of
the Company or any of its subsidiaries (and there is no outstanding audit, assessment, dispute or claim concerning any material
Tax liability of any of the Company or any of its subsidiaries pending or raised) in each case by any taxing authority in writing
to any of the Company or any of its subsidiaries other than any tax claims (A) filed in the CHC Cases with respect to one or more
of the Debtors or (B) in respect of which adequate reserves have been established in accordance with GAAP.

 

(iv)        All
material taxes that the Company and its subsidiaries (taken as a whole) were (or was) required by law to withhold or collect in
connection with amounts paid or owing to any employee, independent contractor, creditor, stockholder or other third party have
been duly withheld or collected, and have been timely paid to the proper authorities to the extent due and payable and not prohibited
by the Bankruptcy Code.

 

(v)         There
are no tax sharing, allocation, indemnification or similar agreements in effect as between the Company or any of its subsidiaries
or any predecessor or any other party (including any predecessors thereof) under which the Company or any of its subsidiaries is
a party to or otherwise bound by, other than such agreements (i) that are entered in the ordinary course of business or (ii) that
are not expected to result in a liability for taxes that is material to the Company and its subsidiaries taken as a whole.

 

(vi)        No
subsidiary of the Company that is required to file a U.S. Tax Return has engaged, directly or through any subsidiary, in a “listed
transaction” within the meaning of Treasury Regulations Section 1.6011-4(b)(2) for tax years since 2012.

 

(vii)       Neither
Schreiner Airways Panama Operating SA, Schreiner Airways Panama SA, Heli-One Australia Pty Limited, Heli-One American Leasing Inc.,
nor OSCO & Chi Arabia Ltd holds, relative to the aggregate of the Company and its subsidiaries, any material assets or produces
any material income and the capital stock of none of such companies has any material value as of the date hereof or will on the
Plan Effective Date.

 

    	 	25	 

     

    

 

(viii)      The
Company is not engaged in a trade or business in any jurisdiction other than the Cayman Islands.

 

(ix)         The
Company is not subject and has never been subject to tax in any jurisdiction other than the Cayman Islands.

 

(x)          Subject
to the receipt from the holder of any applicable documentation reasonably requested, the exchange of the Secured Notes (as defined
in the Plan Support Agreement) and Unsecured Notes (as defined in the Plan Support Agreement) pursuant to the Restructuring and
distributions by the Company with respect to the Notes will not be subject to withholding tax (other than withholding tax imposed
solely as a result of a present or former connection between the recipient of such distribution and the jurisdiction imposing such
tax).

 

Notwithstanding the foregoing, the representations
and warranties shall not be deemed to address any loss or credit carryforwards of the Company or any of its subsidiaries to any
taxable period (or portion thereof) that begins after the date hereof.

 

(bb)        Internal
Control Over Financial Reporting. The Company has established and maintains a system of internal control over financial reporting
(as defined in Rules 13a-15(f) and 15d-15(f) promulgated under the Exchange Act) that complies in all material respects with the
requirements of the Exchange Act and has been designed to provide reasonable assurances regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with GAAP. To the Knowledge of the Company,
there are no material weaknesses in its internal control over financial reporting.

 

(cc)        Disclosure
Controls and Procedures. The Company has implemented and maintains disclosure controls and procedures (within the meaning of
Rules 13a-15(e) and 15d-15(e) promulgated under the Exchange Act) that have been designed to ensure that information relating to
the Company and its subsidiaries required to be disclosed by the Company in the reports that it files and submits under the Exchange
Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, including
that information required to be disclosed by the Company in the reports that it files and submits under the Exchange Act is accumulated
and communicated to the individuals responsible for the preparation of the Company’s filings with the SEC as appropriate
to allow timely decisions regarding required disclosure.

 

(dd)        Material
Contracts.

 

(i)          Except
as set forth in Schedule 3(dd) to the Disclosure Schedules or other than as a result of the filing of the CHC Cases, (a) all Material
Contracts are valid, binding and enforceable by and against the Company or its relevant subsidiary, (b) no written notice to terminate,
cancel, not renew or change the scope of rights or obligations under any Material Contract has been delivered to the Company or
any of its subsidiaries and (c) neither the Company nor any of its subsidiaries nor, to the Knowledge of the Company, any other
party to any Material Contract, is in material default or material breach under the terms thereof (and no condition exists which,
with the giving of notice or the lapse of time or both, would constitute such a material default or breach)

 

    	 	26	 

     

    

 

(ii)         Except
for purchase orders issued under any master service agreements, the Company has, prior to the entry into this Agreement, made available
to the Investors or their advisors, or provided an opportunity to review, true and complete copies of each Contract referred to
in clause (x) of the definition of Material Contract below, and representative samples of the Contracts referred to in clauses
(y) and (z) of the definition of Material Contract in clause (iii) below.

 

(iii)        For
purposes of this Agreement, “Material Contract” means any Contract necessary for the operation of the
business of the Company and its subsidiaries that is a “material contract” (as such term is defined in Item 601(b)(10)
of Regulation S-K of the SEC or required to be filed as exhibits to the SEC Documents and, if not otherwise required to be so file,
includes (x) each Contract involving Indebtedness of the Company or any subsidiary exceeding ten million dollars ($10,000,000),
(y) each of the helicopter operational agreements with the Company and its subsidiaries’ ten largest customers (measured
by reference to the Company and its subsidiaries’ annual revenue), as set forth on a schedule provided to the Investors or
their advisors prior to the date of this Agreement, pursuant to which the Company or any of its subsidiaries provides helicopter
support services, including any material amendments thereto and (z) each material agreement with the Company and its subsidiaries’
four largest suppliers (measured by reference to the aggregate annual costs and expenses of the Company and its subsidiaries),
as set forth on a schedule provided to the Investors or their advisors prior to the date of this Agreement, pursuant to which the
Company or any of its subsidiaries was supplied with raw materials, supplies, aircraft, aircraft engines or aircraft parts, including
any material amendments thereto; provided that, for the avoidance of doubt, “Material Contracts” shall exclude any
Contract relating to a lease, mortgage or other financing of aircraft equipment.

 

    	 	27	 

     

    

 

(ee)        Anti-Corruption.1

 

(i)          Since
the date five (5) years prior to the date of this Agreement,, neither the Company nor any of its subsidiaries nor any of their
respective current directors, officers or employees, nor, to the Knowledge of the Company, any of their respective former directors,
officers or employees, nor, to the Knowledge of the Company, any agent, distributor or other Person acting on behalf of the Company
or any of its subsidiaries (such agents, distributors or other Person acting on behalf of the Company or any of its subsidiaries,
collectively, the “Relevant Persons”) has, directly or indirectly, taken any action that is or would
result in a violation of, or, directly or indirectly, offered, promised, made any payment of or provided anything of value to any
Person in violation of, the Foreign Corrupt Practices Act of 1977, as amended, the U.K. Bribery Act 2010, or any applicable law
enacted in any applicable jurisdiction in connection with, or arising under the OECD Convention on Combating Bribery of Foreign
Public Officials in International Business Transactions, signed December 17, 1997, or any similar applicable anti-corruption or
anti-bribery Laws, rules, or regulations issued, administered or enforced by any Governmental Authority (collectively, the “Anti-Corruption
Laws”). Since the date five (5) years prior to the date of this Agreement, neither the Company nor any of its subsidiaries
nor any of their respective current directors, officers or employees, nor, to the Knowledge of the Company, any of their respective
former directors, officers or employees, nor, to the Knowledge of the Company, any Relevant Person received written notice that
it has been or is the subject of any Legal Proceeding (including any action relating to any alleged or actual breach of any Anti-Corruption
Laws) by any Governmental Authority. No Legal Proceeding (including relating to Anti-Corruption Laws) involving the Company, any
of its subsidiaries, any of their respective current directors, officers or employees, or, to the Knowledge of the Company, any
of their respective former directors, officers or employees, or to the Knowledge of the Company, any Relevant Person has been commenced
or taken by any person since the date five (5) years prior to the date of this Agreement, or is likely to be commenced or taken.
There is no dispute, allegation, request for information, notice of potential liability, or any other action regarding any actual
or possible violation by the Company or any of its subsidiaries, or, to the Knowledge of the Company, any of their respective current
or former directors, officers or employees or, to the Knowledge of the Company, any Relevant Person of any Anti-Corruption Law
pending or threatened against the Company or any of its subsidiaries, any of their respective current or former directors, officers
or employees or any Relevant Person.

 

(ii)         The
Company and its subsidiaries have implemented and maintain policies, procedures and controls reasonably designed to ensure compliance
by each of the Company, its subsidiaries, their respective directors, officers or employees, and Relevant Persons with Anti-Corruption
Laws.

 

(iii)        Neither
the Company nor any of its subsidiaries nor any of their respective current directors, officers or employees, nor to the Knowledge
of the Company, any of their respective former directors, officers or employees, nor to the Knowledge of the Company, any Relevant
Person, has taken (since the date five (5) years prior to the date of this Agreement) or will take, directly or indirectly, any
act in furtherance of any payment, gift, bribe, rebate, loan, payoff, kickback or any other transfer of value, or offer, promise
or authorization thereof, to any person, including any Government Official, for the purpose of: (i) improperly influencing or inducing
such person to do or omit to do any act or to make any decision in an official capacity or in violation of a lawful duty, (ii)
inducing such person to influence improperly his or her or its employer, public or private, or any Governmental Authority, to affect
an act or decision of such employer or Governmental Authority, including to assist any person in obtaining or retaining business
or (iii) securing any improper advantage. For purposes of this Agreement, (i) “Government Official” shall
mean any (i) officer, employee or other person acting for or on behalf of any Governmental Entity or public international organization
or (ii) holder of, or candidate for, public office, political party or official thereof or member of a royal family, or any other
person acting for or on behalf of the foregoing; and (ii) “Governmental Entity” shall mean any transnational,
multinational, domestic or foreign federal, state, provincial or local governmental, regulatory or administrative authority, instrumentality,
department, court, arbitrator, agency, commission or official, including any political subdivision thereof, any state-owned or
state-controlled enterprise, or any non-governmental self-regulatory agency, commission or authority.

 

 

1 For purposes of Section 3(ee), Section
3(ff) and Section 3(gg) only, the definition of “Knowledge of the Company” is as follows:

 

The knowledge, after reasonable inquiry, of the individuals
set forth on Schedule 3(j), and the knowledge that each such person, as a prudent person, would have obtained in the conduct or
performance of his or her duties (including through reasonable inquiry) as an officer of the Company.

 

    	 	28	 

     

    

 

(iv)        None
of the Company, any of its subsidiaries or any of their respective current directors, officers or employees or, to the Knowledge
of the Company, any Relevant Person is a Government Official or consultant of a Government Official before whom a matter or application
of the Company or any of its subsidiaries is pending, and there is no existing family relationship between any officer, director,
employee, agent, distributor or other person acting for or on behalf of the Company or any of its subsidiaries and any Government
Official.

 

(v)         Since
the date five (5) years prior to the date of this Agreement, none of the Company, any of its subsidiaries or any of their respective
current directors, officers or employees, or to the Knowledge of the Company, any of their respective former directors, officers
or employees or to the Knowledge of the Company, any Relevant Person have directly or indirectly (i) circumvented the internal
accounting controls of the Company or any of its subsidiaries, (ii) falsified any of the books, records or accounts of the Company
or any of its subsidiaries or (iii) made false or misleading statements to, or attempted to coerce or fraudulently influence, an
accountant in connection with any audit, review or examination of the financial statements of the Company or any of its subsidiaries.

 

(ff)         Compliance
with Anti-Money Laundering Laws. The operations of the Company and its subsidiaries are, and have been at all times, conducted
in compliance in all material respects with (a) applicable financial recordkeeping and reporting requirements of the Currency and
Foreign Transactions Reporting Act of 1970, as amended, and (b) the anti-money laundering statutes of all jurisdictions, the rules
and regulations thereunder and any related or similar Laws (collectively, the “Anti-Money Laundering Laws”),
and no action, suit or proceeding by or before any Governmental Authority or any arbitrator involving the Company or any of its
subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the Knowledge of the Company, threatened.

 

    	 	29	 

     

    

 

(gg)        Compliance
with Sanctions laws.

 

(i)          (a)
Neither the Company nor any of its subsidiaries nor any of their respective current directors, officers or employees nor, to the
Knowledge of the Company, any Relevant Person is a person or entity (i) that is listed or designated by the United Nations, United
States, the European Union, the United Kingdom, or any Governmental Agency of any of the foregoing, including, without limitation,
the U.S. Department of the Treasury’s Office of Foreign Assets Control, the U.S. Department of State, the Bureau of Industry
and Security of the U.S. Department of Commerce, Her Majesty’s Treasury, or the Department of Business, Innovation and Skills
of the United Kingdom (a “Sanctions Authority”) as being the target of Sanctions (whether designated
by name or by reason of being included in a class of persons), to the extent transactions with such person or entity are prohibited
by Sanctions, (ii) that is located in or incorporated under the laws of a country or territory that is the target of country-wide
or territory-wide Sanctions (which, as of the date of this Agreement, includes Cuba, Iran, North Korea, Sudan, Syria and Crimea)
(with respect to a person being “located in” such country or territory, only to the extent that transactions with a
person located in that country or territory are prohibited by Sanctions), or (iii) in which a 50% or greater ownership interest
is directly or indirectly held by, or is otherwise directly or indirectly controlled by, or acting on behalf of, one or more persons
referred to in (i) or (ii) above, to the extent transactions with such person or entity are prohibited by Sanctions (such person
or entity referenced in clauses (i), (ii) or (iii), being a “Sanctioned Party”) or acting directly or
indirectly for the benefit of a Sanctioned Party, (b) neither the Company, any of its subsidiaries or any of their respective current
directors, officers or employees nor, to the Knowledge of the Company, any Relevant Person is acting directly or indirectly for
the benefit of a person with whom any Investor would be prohibited by any trade, financial or economic sanctions laws, regulations,
embargoes and orders (including executive orders) imposed, administered, enacted or enforced by a Sanctions Authority (“Sanctions”)
from engaging in the transactions contemplated by this Agreement and (c) neither the Company nor any of its subsidiaries nor any
of their respective current directors, officers or employees nor, to the Knowledge of the Company, any Relevant Person is designated
as a denied person by the U.S. Commerce Department Bureau of Industry and Security or as a debarred party by the U.S. State Department’s
Directorate of Defense Trade Control. In this Section 3(gg), the phrase “directors, officers or employees” shall
mean such persons acting in their capacity as a director, officer or employee, respectively, of the Company or its subsidiaries.

 

(ii)         (a)
The Company, each of its subsidiaries, their respective current directors, officers or employees and, to the Knowledge of the Company,
the Relevant Persons, comply with all Sanctions, (b) since the date five (5) years prior to the date of this Agreement, neither
the Company nor any of its subsidiaries nor their respective current directors, officers or employees, nor, to the Knowledge of
the Company, any of their respective former directors, officers or employees, nor, to the Knowledge of the Company, any Relevant
Person has taken any action, directly or indirectly, that would result in a violation of Sanctions, (c) since the date five (5)
years prior to the date of this Agreement, neither the Company nor any of its subsidiaries nor their respective current directors,
officers or employees nor, to the Knowledge of the Company, any of their respective former directors officers or employees, nor,
to the Knowledge of the Company, any Relevant Person engaged directly or indirectly in transactions connected with any of North
Korea, Cuba, Iran, Syria, Sudan, Syria or Crimea (at a time prior to the date of this Agreement, to the extent that country/territory-wide
Sanctions were in force for such country or territory during that period), (d) since the date five (5) years prior to the date
of this Agreement, neither the Company nor any of its subsidiaries nor their respective current directors, officers or employees
nor, to the Knowledge of the Company, any of their respective former directors, officers or employees, nor, to the Knowledge of
the Company, any Relevant Person has received written notice that it has been or is the subject of any Legal Proceeding (including
any action relating to any alleged or actual breach of any Sanctions) by any Governmental Authority, and (e) to the Knowledge of
the Company, no Legal Proceeding (including relating to Sanctions) involving the Company, any of its subsidiaries, their respective
current or former directors, officers or employees or any Relevant Person has been commenced or taken by any person since the date
five (5) years prior to the date of this Agreement, or is likely to be commenced or taken. There is no dispute, allegation, request
for information, notice of potential liability, or any other action regarding any actual or possible violation by the Company or
any of its subsidiaries, or, to the Knowledge of the Company, their respective current or former directors, officers or employees
or, to the Knowledge of the Company, any Relevant Person of any Sanctions pending or threatened against the Company or any of its
subsidiaries, their respective current or former directors, officers or employees or any Relevant Person.

 

    	 	30	 

     

    

 

(iii)        The
Company and its subsidiaries have implemented and maintain policies, procedures and controls reasonably designed to ensure compliance
by each of the Company and each of its subsidiaries, their respective directors, officers or employees and their Relevant Persons
with Sanctions.

 

(iv)        Since
the date five (5) years prior to the date of this Agreement, neither the Company nor any of its subsidiaries, nor, to the Knowledge
of the Company, any Relevant Person has in the course of their actions for, or on behalf of, the Company or any of its subsidiaries
exported or re-exported (including deemed exportation or re-exportation) (x) any merchandise, software or technology or other item
subject to U.S. export controls in violation of the Export Administration Regulations, the International Traffic in Arms Regulations,
or any other export control laws of the U.S. or (y) any merchandise, software or technology or other item subject to export control
laws of another jurisdiction in violation of the laws of such other jurisdiction.

 

(v)         Since
the date five (5) years prior to the date of this Agreement, neither the Company nor any of its subsidiaries nor, to the Knowledge
of the Company, any Relevant Person have in the course of their actions for, or on behalf of, the Company or any of its subsidiaries
taken any actions, refused to take any actions, or furnished any information in violation of the U.S. anti-boycott laws, including
anti-boycott laws administered by the U.S. Department of Commerce and the U.S. Department of Treasury.

 

(vi)        The
Company will not directly or indirectly use or make available the proceeds of the Rights Offering, or lend, invest, contribute
or otherwise make available such proceeds, directly or indirectly, to or for the benefit of any Sanctioned Party or otherwise in
a manner or for a purpose prohibited by Sanctions or if to do so would cause a violation of any Sanctions by any Investor

 

(vii)       The
Company will not repay or permit the repayment of amounts due under this Agreement directly or, to the Knowledge of the Company,
indirectly from funds sourced from a Sanctioned Party or from any proceeds of any business directly or, to the Knowledge of the
Company, indirectly with any Sanctioned Party or otherwise in violation of Sanctions.

 

(hh)        Investment
Company Act. Neither the Company nor any of its subsidiaries is, or, after the consummation of the Restructuring, will be,
an “investment company” or a company “controlled” by an “investment company” within the meaning
Investment Company Act of 1940 or otherwise subject to regulation under the Investment Company Act of 1940, as amended.

 

(ii)          Insurance.
Except as would not, individually or in the aggregate, result in a Material Adverse Effect, (i) each of the Company and its subsidiaries
is and has been continuously during the past two (2) years, insured by reputable and financially responsible third party insurers
in respect of the operations and assets of the Company and its subsidiaries with policies issued, such policies having terms and
providing coverages comparable to those that are customarily carried and insured against by owners of comparable business properties
and assets and (ii) the third party insurance policies of the Company and its subsidiaries are in full force and effect in accordance
with their terms and none of the Company and its subsidiaries is in material default under the terms of any such policy.

 

    	 	31	 

     

    

 

(jj)          Material
Aircraft Leases. With respect to aircraft currently operated by the Company and its subsidiaries that are being leased pursuant
to aircraft leases with the ten largest lessors to the Company and its subsidiaries (measured by the number of aircraft leased
to the Company and its subsidiaries) (such aircraft leases, in each case, as amended, modified or supplemented, the “Material
Aircraft Leases”), which Material Aircraft Leases in the aggregate, as of October 3, 2016, accounted for approximately
95% of the aggregate number of leased aircraft operated by the Company and its subsidiaries, no breaches have occurred and are
continuing under such Material Aircraft Leases that give the applicable lessor the right under section 365 of the Bankruptcy Code
to terminate the right of the Company or such subsidiary, as applicable, to possess such aircraft, except for such terminations
that would not, individually or in the aggregate, result in a Material Adverse Effect.

 

4.           Representations
and Warranties of the Investors. Each of the Investors severally represents and warrants
to the Company as set forth below. Each representation and warranty is made as of the date hereof.

 

(a)          Formation.
Such Investor has been duly organized or formed, as applicable, and is validly existing as a corporation or other entity in good
standing under the applicable laws of its jurisdiction of organization or formation.

 

(b)          Power
and Authority. Such Investor has the requisite power and authority to enter into, execute and deliver this Agreement and each
other Transaction Document to which it is a party, and to perform its obligations hereunder and thereunder, and has taken all necessary
action required for the due authorization, execution, delivery and performance by it of this Agreement and the Transaction Documents
to which it is a party.

 

(c)          No
Conflict. Subject to entry of the Confirmation Order and consummation of the Plan, the purchase of the Rights Offering Notes
by such Investor upon exercise of the Rights, the purchase of the Unsubscribed Notes by such Investor pursuant to the terms hereof,
and the execution and delivery by such Investor of this Agreement and compliance by it with all of the provisions hereof and the
consummation of the transactions contemplated hereby (including compliance by the Company with its obligations hereunder): (i) will
not conflict with or result in a breach or violation of, any of the terms or provisions of, or constitute a default under (with
or without notice or lapse of time, or both), or result, except to the extent expressly provided in or contemplated by the Plan,
in the acceleration of, or the creation of any Lien under, any indenture, mortgage, deed of trust, loan agreement or other agreement
or instrument to which such Investor is a party or by which such Investor is bound or to which any of its properties or assets
is subject; (ii) will not result in any violation of the provisions of the organizational documents of the such Investor;
and (iii) assuming the accuracy of the Company’s representations and warranties in Section 3, will not result
in any material violation of, or any termination or material impairment of any rights under, any statute, subject to compliance
with Antitrust laws, or any license, authorization, injunction, judgment, order, decree, rule or regulation of any court or governmental
agency or body having jurisdiction over such Investor or any of its properties, except in any such case described in clause (i)
or clause (iii), for any conflict, breach, violation, default, termination, acceleration, impairment or Lien which would not reasonably
be expected, individually or in the aggregate, to prohibit, materially delay or materially and adversely impact such Investor’s
performance of its obligations under this Agreement.

 

    	 	32	 

     

    

 

(d)          Consents
and Approvals. Assuming the accuracy of the Company’s representations and warranties in Section 3, no consent,
approval, authorization, order, registration or qualification of or with any court or governmental agency or body having jurisdiction
over any Investor or any of its properties is required for the purchase of the Rights Offering Notes by such Investor upon exercise
of the Rights, the purchase of the Unsubscribed Notes by such Investor hereunder, the execution and delivery by the Investor of
this Agreement and performance of and compliance by it with all of the provisions hereof and the consummation of the Restructuring,
except (i) the entry of the Confirmation Order and the PSA Approval Order, (ii) any applicable filings under Antitrust laws,
if required, and (iii) such consents, approvals, authorizations, registrations or qualifications which, if not made or obtained,
will not prohibit, materially delay or materially and adversely impact such Investor’s performance of its obligations under
this Agreement.

 

(e)          Execution
and Delivery. This Agreement has been duly and validly executed and delivered by such Investor and constitutes its valid and
binding obligation, enforceable against such Investor in accordance with its terms.

 

(f)           Securities
Laws Compliance. The Unsubscribed Notes and the Put Option Premium Notes will not be offered for sale, sold or otherwise transferred
by such Investor except pursuant to an effective registration statement under the Securities Act or in a transaction exempt from
or not subject to registration under the Securities Act and any applicable state securities laws.

 

(g)          Purchase
Intent. Such Investor is acquiring Unsubscribed Notes and the Put Option Premium Notes for its own account or for the accounts
for which it is acting as investment advisor or manager, and not with a view to distributing or reselling such Unsubscribed Notes
or Put Option Premium Notes or any part thereof. Such Investor understands that such Investor must bear the economic risk of this
investment indefinitely, unless the Unsubscribed Notes and the Put Option Premium Notes are registered pursuant to the Securities
Act and any applicable state securities or Blue Sky laws or an exemption from such registration is available, and further understands
that the Company has no present intention of registering the resale of any Unsubscribed Notes or Put Option Premium Notes.

 

(h)          Investor
Status. Such Investor is an “accredited investor” as defined in Rule 501(a) under the Securities Act (an “Accredited
Investor”).

 

(i)           Reliance
on Exemptions. Such Investor understands that the Unsubscribed Notes and Put Option Premium Notes are being offered and sold
to such Investor in reliance upon specific exemptions from the registration requirements of United States federal and state securities
laws and that the Company is relying upon the truth and accuracy of, and the Investor’s compliance with, the representations,
warranties, agreements, acknowledgments and understandings of such Investor set forth herein in order to determine the availability
of such exemptions and the eligibility of such Investor to acquire Unsubscribed Notes and Put Option Premium Notes.

 

    	 	33	 

     

    

 

(j)           Sophistication.
Such Investor has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and
risks of its investment in the Notes to be acquired hereunder. Such Investor understands and is able to bear any economic risks
associated with such investment (including the necessity of holding the Notes for an indefinite period of time) and is able to
afford a loss of its investment in the Notes.

 

(k)          Access
to Information. Such Investor acknowledges that it has been afforded the opportunity to ask questions and receive answers concerning
the Debtors and to obtain additional information that it has requested to verify the accuracy of the information contained herein.

 

(l)           Legend.
Such Investor understands that the Unsubscribed Notes and the Put Option Premium Notes acquired by it under this Agreement, if
certificated, shall bear, or if uncertificated, shall be deemed to include, a customary Securities Act legend.

 

5.           Additional
Covenants of the Company. The Company agrees with the Investors:

 

(a)          Plan
and Disclosure Statement; Plan Support Agreement. To do the following: (i) file the Plan and a related disclosure statement
(the “Disclosure Statement”) with the Bankruptcy Court, each in form and substance reasonably satisfactory
to the Debtors and the Requisite Plan Sponsors; (ii) seek the entry of an order by the Bankruptcy Court, in form and substance
reasonably acceptable to the Debtors and the Requisite Plan Sponsors, approving the Disclosure Statement (the “Disclosure
Statement Order”); (iii) seek the entry of the Confirmation Order by the Bankruptcy Court, in form and substance
reasonably acceptable to the Debtors and the Requisite Plan Sponsors; and (iv) otherwise seek to satisfy the milestones set forth
in Section 6(a)(ii) of the Plan Support Agreement. The Company will provide draft copies of the Restructuring Documents, including
the Plan and the Disclosure Statement to the relevant Investors, as required under the Plan Support Agreement.

 

(b)          Rights
Offering. To effectuate the Rights Offering in accordance with the Plan and the Rights Offering Order.

 

(c)          Unsubscribed
Notes. To determine the amount of the Unsubscribed Notes, if any and, in good faith, to provide a Purchase Notice or a Satisfaction
Notice that accurately reflects the amount of Unsubscribed Notes as so determined and to provide to the Investors a certification
by the Subscription Agent of the Unsubscribed Notes or, if such certification is not available, such written backup to the determination
of the Unsubscribed Notes as the Requisite Investors may reasonably request.

 

(d)          Antitrust
laws. To promptly prepare and file all necessary documentation and to effect all applications that are necessary or advisable
under the Antitrust laws so that the applicable waiting period shall have expired or been terminated thereunder with respect to
the purchase of Notes pursuant to this Agreement or the Rights Offering, and not to take any action that is intended or reasonably
likely to materially impede or delay the ability of the parties hereto to obtain any necessary approvals required for the transactions
contemplated by this Agreement.

 

    	 	34	 

     

    

 

(e)          [Reserved.]

 

(f)          Access
to Books and Records. The Company on behalf of itself and its subsidiaries shall provide to the Investors and their respective
advisors and representatives reasonable access during normal business hours (and without unreasonable disruption or interference
with the conduct of the business) to all books, records (including financial statements, when available), documents, properties,
personnel, advisors and representatives of the Company and its subsidiaries to the extent reasonably requested; however, in no
event shall Investors and their respective advisors and representatives have the right to conduct invasive sampling or testing
of soil or groundwater or other environmental media at the Company’s properties. In addition, the Company shall promptly
provide written notification to the Investors of any material claim or litigation, arbitration or administrative proceeding that
is overtly threatened in writing or filed against them from the date hereof against the Company or any of its subsidiaries until
the earlier of the (i) Plan Effective Date and (ii) termination of this Agreement. Any requests for information and access provided
by the Company to the Investors pursuant to this Section 5(f) shall be directed to the Company’s advisors. Each
Investor hereby agrees that any information acquired by such Investor or its representatives pursuant to this Section 5(f)
shall constitute “Confidential Information” as defined in those certain confidentiality agreements between each Investor
and the Company and be subject to the terms and conditions thereof.

 

(g)          [Reserved.]

 

(h)          [Reserved.]

 

(i)           Indemnity
and Reimbursement.

 

(i)          The
Company, on behalf of itself and the other Debtors (in such capacity, the “Indemnifying Party”) shall,
jointly and severally, indemnify, defend and hold harmless each Investor and its Affiliates, and its and their shareholders, directors,
officers, partners and other equity holders, members, employees, agents, counsel, representatives, advisors and successors in interest
(each, an “Indemnified Party”) for any losses in connection with, arising from or relating to any third
party claims, challenges, litigation, investigations or proceedings, liabilities, damages and costs and expenses related thereto
(which, for the avoidance of doubt, does not include any losses after the Closing Date related to the representations and warranties
made in this Agreement) (collectively “Losses”) brought in connection with (a) any act or omission in
connection with, arising from or relating to this Agreement, the Plan and the transactions contemplated thereby, including the
Notes, the Restructuring or the transactions contemplated by this Agreement, including the fees payable hereunder or the use of
proceeds of the Rights Offering or (b) the breach by the Company or any of its subsidiaries of this Agreement or any other third
party claim, challenge, litigation, investigation or proceeding relating to any of the foregoing, regardless of whether any Indemnified
Party is a party thereto, whether or not such proceedings are brought by the Company, its equity holders, Affiliates, creditors
or any other person, and reimburse each Indemnified Party upon demand for reasonable and documented (with such documentation subject
to redaction to preserve attorney client and work product privileges) legal or other third-party expenses incurred in connection
with investigating, preparing to defend or defending, or providing evidence in or preparing to serve or serving as a witness with
respect to, any lawsuit, investigation, claim or other proceeding relating to any of the foregoing (including in connection with
the enforcement of the indemnification obligations set forth herein), irrespective of whether or not the transactions contemplated
by this Agreement or the Plan are consummated or whether or not this Agreement is terminated; provided, that the foregoing
indemnity will not, as to any Indemnified Party, apply to any Losses to the extent it is found in a final, non-appealable judgment
of a court of competent jurisdiction to have resulted from the bad faith, willful misconduct or gross negligence of any of the
Indemnified Parties, or a breach of this Agreement or the Plan Support Agreement; and provided further that so long as an
Investor funds its Backstop Commitment (and satisfies its pro rata portion of the Unfulfilled Backstop Commitment, if any), such
Investor shall be considered to be an Indemnified Party under this Agreement.

 

    	 	35	 

     

    

 

(ii)         If
an Investor has materially breached and not timely cured any such breach in respect of its covenants or obligations under this
Agreement or the Plan Support Agreement after receipt of a timely notice prior to the termination of this Agreement or the Plan
Support Agreement, then such Investor shall not be considered to be an Indemnified Party under this Agreement.

 

(iii)        Promptly
after possession by an Indemnified Party of knowledge that a Loss exists (an “Indemnified Claim”), such
Indemnified Party will, if an Indemnified Claim is to be made hereunder against the Indemnifying Party in respect thereof, promptly
(and in any event within 10 Business Days) notify the Indemnifying Party in writing of the commencement thereof; provided that
(a) the omission so to notify the Indemnifying Party will not relieve it from any liability that it may have hereunder except to
the extent it has been materially prejudiced by such failure and (b) the omission so to notify the Indemnifying Party will not
relieve it from any liability that it may have to an Indemnified Party otherwise than on account of this Section 5(i).
In case any such proceedings in respect of an Indemnified Claim (an “Indemnified Claim Proceeding”)
are brought against any Indemnified Party and it notifies the Indemnifying Party of the commencement thereof, the Indemnifying
Party will be entitled to participate therein, and, to the extent that it may elect by written notice delivered to such Indemnified
Party, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnified Party; provided that if the
defendants in any such Indemnified Claim Proceedings include both such Indemnified Party and the Indemnifying Party and such Indemnified
Party shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to
those available to the Indemnifying Party, such Indemnified Party shall have the right to select one separate counsel (for all
Indemnified Parties) to assert such legal defenses and to otherwise participate in the defense of such Indemnified Claim Proceedings
on behalf of such Indemnified Party. Upon receipt of notice from the Indemnifying Party to such Indemnified Party of its election
so to assume the defense of such Indemnified Claim Proceedings and reasonable approval by such Indemnified Party of counsel, the
Indemnifying Party shall not be liable to such Indemnified Party for expenses incurred by such Indemnified Party in connection
with the defense thereof (other than reasonable costs of investigation) unless (x) such Indemnified Party shall have employed separate
counsel in connection with the assertion of legal defenses in accordance with the preceding sentence, (y) the Indemnifying Party
shall not have employed counsel reasonably satisfactory to such Indemnified Party to represent such Indemnified Party within a
reasonable time after notice of commencement of the Indemnified Claim Proceedings or (z) the Indemnifying Party shall have authorized
in writing the employment of counsel for such Indemnified Party.

 

    	 	36	 

     

    

 

(iv)        The
Indemnifying Party shall not be liable for any settlement of any such proceeding effected without its written consent (not to be
unreasonably delayed or withheld), but if settled with such consent, the Indemnifying Party shall indemnify the Indemnified Party
from and against any Loss by reason of such settlement, subject to the rights of the Indemnifying Party in Section 5(i)(i)
to claim exemption from its indemnity obligations. The Indemnifying Party shall not, without the prior written consent of an Indemnified
Party (which consent shall not be unreasonably withheld, conditioned or delayed), enter into any settlement of any Indemnified
Claim Proceeding unless such settlement (i) includes an explicit and unconditional release of all Indemnified Parties from the
party bringing such Indemnified Claim Proceeding and (ii) does not include a statement as to or an admission of fault, culpability,
or a failure to act by or on behalf of any Indemnified Party. The obligations of the Indemnifying Party under this Section 5(i)
shall survive any termination or rejection of this Agreement.

 

(v)         All
amounts paid by the Indemnifying Party to an Indemnified Party under this Section 5(i) shall, to the extent permitted
by applicable law, be treated as adjustments to the Purchase Price paid by such Indemnified Party for the Unsubscribed Notes purchased
by it for all Tax purposes. The provisions of this Section 5(i) are an integral part of the transactions contemplated
by this Agreement and without these provisions the Investors would not have entered into this Agreement, and the obligations of
the Company under this Section 5(i) shall constitute allowed administrative expense claims of the Debtors’ estate
under Sections 503(b) and 507 of the Bankruptcy Code and are payable without further Order of the Bankruptcy Court, and the Company
may comply with the requirements of this Section 5(i) without further Order of the Bankruptcy Court.

 

(j)           No
Integration; No General Solicitation. Neither the Company nor any of its affiliates (as defined in Rule 501(b) of Regulation
D promulgated under the Securities Act) will, directly or through any agent, sell, offer for sale, solicit offers to buy or otherwise
negotiate in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the Notes,
the Rights Offering and this Agreement in a manner that would require registration of the Notes to be issued by the Company on
the Plan Effective Date under the Securities Act. None of the Company or any of its affiliates or any other Person acting on its
or their behalf will solicit offers for, or offer or sell, any Notes by means of any form of general solicitation or general advertising
within the meaning of Rule 502(c) of Regulation D promulgated under the Securities Act or in any manner involving a public offering
within the meaning of Section 4(a)(2) of the Securities Act.

 

(k)          DTC
Eligibility. The Company shall use its commercially reasonable efforts to make the Notes issued to “qualified institutional
buyers” (as defined in Rule 144A under the Securities Act) or institutional “accredited investors” (within the
meaning of subparagraphs (a)(1), (2), (3) or (7) of Rule 501 of Regulation D under the Securities Act) eligible for deposit with
DTC.

 

    	 	37	 

     

    

 

(l)           Use
of Proceeds. All funds paid by the Investors to the Company in connection with the issuance of the Notes, without any deductions
for fees or expenses, shall be used by the Company as set forth in the Plan and the Disclosure Statement.

 

(m)         Cooperating
Regarding Security. The Company and its subsidiaries shall cooperate with the Investors in creating, perfecting and evidencing
all security interests, mortgages, encumbrances and Liens on the collateral securing the Notes pursuant to the Security Documents.

 

(n)          New
Board of Managers. On the Plan Effective Date, the composition of the board of managers (or directors, if applicable) of the
Company shall be as described in the Term Sheet and subject to the applicable consultation rights as set forth therein.

 

(o)          Corporate
Form. On the Plan Effective Date, the Company shall be a limited liability company organized under the laws of the Cayman Islands,
unless otherwise determined by the Requisite Plan Sponsors in their sole discretion (in consultation with the Debtors (and to the
extent changes to the corporate governance matters described in the Term Sheet, materially, adversely, disproportionately and directly
affect the Investors other than the Plan Sponsor Investors, such Investors) and with the approval of the Bankruptcy Court) in another
jurisdiction or with another corporate form, in which case this Agreement shall be amended as necessary to reflect such determination
and the Company shall use its commercially reasonable efforts to take or cause to be taken all actions, and do or cause to be done
all things, reasonably necessary, proper or advisable in order to cause the Company to be formed in such jurisdiction, and with
such corporate form, as determined by the Requisite Plan Sponsors in their sole discretion (in consultation with the Debtors (and
to the extent changes to the corporate governance matters described in the Term sheet, materially, adversely, disproportionately
and directly affect the Investors other than the Plan Sponsor Investors, such Investors) and with the approval of the Bankruptcy
Court). Notwithstanding anything to the contrary herein, the Company shall be taxable as a corporation.

 

(p)          New Unsecured Notes; Milestone Documents; ABL Restructuring; New Credit Facility.

 

(i)          The
Company agrees to work in good faith to obtain documentation for the New Unsecured Notes, the transactions contemplated by the
Milestone Documents, including the PK Financing, and the restructuring transactions contemplated by the ABL Term Sheet (if applicable)
in respect of the ABL Financing (each capitalized term, as defined in the Plan Support Agreement) on terms in form and substance
consistent with the Term Sheet and otherwise reasonably satisfactory to the Requisite Investors and the Debtors. The Company further
agrees to work in good faith to obtain documentation for any credit facility provided as consideration on account of the claims
of the holders of allowed Revolving Credit Facility Claims (as defined in the Term Sheet) (the “New Credit Facility”)
or otherwise on terms reasonably satisfactory to the Requisite Plan Sponsors and the Debtors. Each of the Plan Sponsor Investors
shall have the right to receive, upon reasonable request, and without limiting the obligations of the CHC Parties under the Plan
Support Agreement, an update by the Company on, and a summary of, any material meetings, discussions or negotiations relating
to the New Unsecured Notes, the transactions contemplated by the Milestone Documents, the PK Financing, the ABL Financing (if
applicable) and the New Credit Facility.

 

    	 	38	 

     

    

 

(ii)         The
Company agrees to use its commercially reasonable efforts to cause (i) the Indenture to have terms and provisions reasonably satisfactory
to the Requisite Plan Sponsors and the Debtors, and consistent with the terms therefor described in the Term Sheet and other terms
and provisions that are customary for the Notes, (ii) an intercreditor agreement, among the agent under the New Credit
Facility and the Trustee under the Indenture in form and substance reasonably satisfactory to the Requisite Plan Sponsors and the
Debtors (the “Intercreditor Agreement”) and (iii) the security agreements, pledge agreements, collateral
assignments, mortgages and related agreements, creating, evidencing or perfecting the security interests in the collateral securing
the Notes substantially described in the Plan Support Agreement (the “Security Documents”) to contain
the terms consistent with the Term Sheet and other terms and provisions that are customary for such agreement, which terms and
conditions are consistent with those governing the corresponding agreements to the New Credit Facility.

 

(q)          Blue
Sky. The Company shall, on or before the Closing Date, take such actions as the Company shall reasonably determine is necessary
in order to obtain an exemption for, or to qualify the Rights Offering Notes, Backstop Notes or the Put Option Premium Notes issued
hereunder for, sale or issuance to the Investors at the Closing Date pursuant to this Agreement under applicable securities and
“Blue Sky” laws of the states of the United States (or to obtain an exemption from such qualification) and any applicable
foreign jurisdiction, and shall provide evidence of any such action so taken to the Investors on or prior to the Closing Date.
The Company shall make all filings and reports related to the offer and sale or issuance of the Rights Offering Notes, Backstop
Notes or the Put Option Premium Notes issued hereunder required, including under applicable securities and “Blue Sky”
laws of the states of the United States following the Closing Date. The Company shall pay all fees, costs and expenses in connection
with satisfying the obligations set forth in this Section 5(q).

 

(r)           PFIC

 

(i)          To
prepare and provide to Akin Gump, as counsel to the Plan Sponsor Investors, as soon as practicable, an analysis (with supporting
calculations) with respect to the Company’s status as a passive foreign investment company (as such term is defined in section
1297 of the Internal Revenue Code, a “PFIC”) for the fiscal year in which the Closing Date occurs (taking
into account reasonable projections for the remainder of the year), and determined both including and excluding periods prior to
the Closing Date, and following the receipt of such analysis, to cooperate with Akin Gump, in good faith, to mitigate the risk
that the Company would be characterized as a PFIC (it being understood that such cooperation is intended to be with respect to
the initial positioning of the Company and its operations, and not a continuing obligation); and

 

(ii)         To
diligently monitor facts and events that could materially affect or alter such analysis and to promptly update Akin in the event
that the Company determines that there will be or has been a change in the Company’s status as or as not a PFIC; provided,
however, that that this clause (ii) shall only apply so long as the Investors own in the aggregate more than 10% of the
outstanding principal amount of the Notes or more than 10% of the New Equity of the Company on a fully diluted basis.

 

    	 	39	 

     

    

 

6.           Additional
Covenants of the Investors. Each of the Investors agrees, severally and not jointly, with the Company:

 

(a)          Information.
To provide the Company with such information as it may reasonably request regarding such Investor for inclusion in the Disclosure
Statement as may be required by applicable law.

 

(b)          Antitrust
laws. To prepare and file all necessary documentation and to effect all applications that are necessary or advisable under
the Antitrust laws so that the applicable waiting period shall have expired or been terminated thereunder with respect to the purchase
of Notes pursuant to this Agreement or the Rights Offering, and not to take any action that is intended or reasonably likely to
materially impede or delay the ability of the parties hereto to obtain any necessary approvals required for the transactions contemplated
by this Agreement.

 

(c)          Plan
Support Agreement. To comply with the applicable agreements of Section 4(a) of the Plan Support Agreement

 

7.           Conditions
to the Obligations of the Investors. The obligations of the Investors to consummate the transactions contemplated hereby
on the Plan Effective Date are subject to the satisfaction of the following conditions (unless waived by the Requisite Investors):

 

(a)          Alternative
Transaction. The Company shall not have made a public announcement of its intention not to pursue the Plan, or directly or
indirectly, have sought, solicited, negotiated, encouraged, proposed, filed, supported, consented to, pursued, initiated, assisted,
joined in, participated in the formulation of, or entered into any agreements relating to, or provided any information about, the
Debtors for the purposes of entering into an Alternative Transaction (as defined in the Plan Support Agreement), and shall not
have filed any motion or other filing seeking dismissal of the CHC Cases, the appointment of a trustee or examiner with expanded
powers in the CHC Cases, the conversion of any of the CHC Cases (except for a CHC Case of an immaterial direct or indirect subsidiary
of the Company) to a case under chapter 7 of the Bankruptcy Code, or vacating extending, terminating, amending or modifying
in any material respect the Cash Collateral Orders (as defined in the Plan Support Agreement) without the consent of the Requisite
Plan Sponsors in accordance with the Plan Support Agreement.

 

(b)          PSA
Approval Order; Disclosure Statement Order; Rights Offering Order; Plan and Confirmation Order. The Bankruptcy Court shall
have entered the PSA Approval Order, the Disclosure Statement Order and the Rights Offering Order, and each such order shall be
in form and substance reasonably acceptable to the Requisite Plan Sponsors. The Plan, as approved, and the Confirmation Order,
as entered, by the Bankruptcy Court, shall each be in the form and substance reasonably acceptable to the Requisite Plan Sponsors,
and the Confirmation Order shall be a Final Order.

 

(c)          Conditions
to Plan Effective Date. The Debtors shall have complied in all material respects with the terms of the Plan that are to be
performed by the Debtors on or prior to the Plan Effective Date and the conditions to the Plan Effective Date set forth in the
Plan shall have been satisfied (or waived) in accordance with the Plan and the Plan Effective Date shall have occurred.

 

    	 	40	 

     

    

 

(d)          Rights
Offering. The Company shall have commenced the Rights Offering, the Rights Offering shall have been conducted in all material
respects in accordance with this Agreement, and the Rights Expiration Time shall have occurred.

 

(e)          Purchase
Notice or Satisfaction Notice. The Investors shall have received a Purchase Notice or Satisfaction Notice from the Company,
as applicable, in accordance with Section 1(e).

 

(f)          Valid
Issuance. The Notes shall be, upon (i) payment of the aggregate Purchase Price as provided herein and the Rights Offering
Procedures and (ii) the Plan Effective Date, validly issued and outstanding, and free and clear of all taxes, Liens, pre-emptive
rights, rights of first refusal, subscription and similar rights.

 

(g)          [Reserved.]

 

(h)          Antitrust
laws. If the purchase of the Rights Offering Notes and the Backstop Notes by the Investors pursuant to this Agreement and the
Rights Offering is subject to the terms of the Antitrust laws, the applicable waiting period shall have expired or been terminated
thereunder with respect to such purchase.

 

(i)           Representations
and Warranties. The representations and warranties of the Debtors set forth in this Agreement, disregarding all qualifications
and exceptions contained therein relating to materiality or Material Adverse Effect, shall be true and correct at and as of the
date hereof and the Closing Date as if made on and as of the Closing Date (or, to the extent given as of a specific date, as of
such date) with the same force and effect as though made on and as of such date (except to the extent that any such representation
or warranty is made as of a specified date, in which case such representation or warranty shall be true and correct in all respects
as of such specified date), except for such failures to be true and correct that, individually or in the aggregate, would not be
reasonably likely to result in a Material Adverse Effect.

 

(j)           Covenants.
The Company shall have performed and complied in all material respects with all obligations and agreements required in this Agreement
to be performed or complied with by it prior to the Closing Date.

 

(k)          Fees,
etc. All fees, costs and expenses and other amounts required to be paid or reimbursed by the Company to the Investors as of
the Plan Effective Date hereunder or as required by the Plan Support Agreement shall have been so paid or reimbursed.

 

(l)           Material
Adverse Effect. No Material Adverse Effect shall have occurred from the date hereof to the Closing Date.

 

(m)         Conditions
to Issuance. All conditions to the consummation of the issuance of the Rights Offering Notes, other than receipt of payment
from the Investors of their portion of the Purchase Price in respect of the Backstop Commitment, shall have been fulfilled.

 

(n)          Closing
Certificate. The Debtors shall have furnished to the Investors prior to 9:00 a.m., New York City time, on the Closing Date,
a certificate, signed by an executive officer of the Company and dated as of the Closing Date, to the effect that the conditions
specified in Section 7(i), Section 7(j) and Section 7(l) have been satisfied.

 

    	 	41	 

     

    

 

(o)          Approvals.
All governmental and third party authorizations, approvals, consents or clearances necessary in connection with the Restructuring
and the issuance or sale pursuant to this Agreement, the Plan (if applicable) and the Disclosure Statement of the Notes shall have
been obtained and be in full force and effect, and all applicable waiting periods shall have expired without any action being taken
or threatened by any competent authority, that would restrain, prevent or otherwise impose adverse conditions on the Restructuring
or the issuance or sale of the Notes. The (i) Scheme of Arrangement in the Cayman Islands shall have taken effect upon the Grand
Court’s order, (ii) the insolvency proceedings in Canada shall have taken effect and (iii) there shall be no pending insolvency
proceedings or approvals that necessitate proceedings in any other foreign jurisdiction in connection with the Restructuring or
that are required in order to consummate the Restructuring.

 

(p)          No
Legal Impediment to Issuance. No statute, rule, regulation or order shall have been enacted, adopted or issued by any Governmental
Entity, and no judgment, injunction, decree, other legal restraint or order of any federal, state or foreign court shall have been
issued that prohibits the Restructuring, and no law or Order shall have been enacted, adopted or issued by any Governmental Entity
that prohibits the implementation of the Plan, the Rights Offering or the transactions contemplated by this Agreement or the Plan
Support Agreement.

 

(q)          Plan
Support Agreement. The Plan Support Agreement shall be in full force and effect (except as to the UCC) and shall not have been
terminated in accordance with its terms.

 

(r)          Indenture
and Other Related Documents. (i) The Indenture among the Company, as issuer, the guarantors party thereto the Indenture trustee
(the “Trustee”) governing the Notes, dated as of the Closing Date, (ii) the Security Agreements, (iii)
the Intercreditor Agreement and (iv) any and all documentation relating to the Plan, the Notes and the transactions contemplated
hereby and by the Plan, in each case, in form and substance reasonably satisfactory to the Requisite Plan Sponsors and the Debtors,
shall have been executed and delivered by the Company and the other parties thereto, and the Requisite Investors shall be reasonably
satisfied that the Security Documents will, when properly filed or recorded, create second priority, perfected Liens on the collateral.

 

(s)          Opinions.
The Company shall deliver such customary opinions of counsel to the reorganized Company, dated as of the Closing Date and addressed
to the Trustee in connection with the entry into the Indenture, the Security Documents or the Intercreditor Agreement that are
customary for the issuance the notes that are secured and convertible.

 

(t)          New
Credit Facility and New Unsecured Notes. The Company shall have executed and delivered documentation governing the New
Credit Facility and the New Unsecured Notes, each of which shall be in form and substance reasonably satisfactory to the
Requisite Plan Sponsors and the Debtors and the closing of the transactions and effectiveness of the New Credit
Facility and the documentation governing the New Unsecured Notes shall have occurred or occurred substantially concurrently
with the occurrence of the Closing Date.

 

    	 	42	 

     

    

 

(u)          Milestone
Transactions and PK Financing. The Company shall have executed and delivered documentation governing the transactions contemplated
by the Milestone Documents, including the PK Financing (as defined in the Plan Support Agreement), which definitive documentation
shall be in form and substance reasonably satisfactory to the Requisite Plan Sponsors and the Debtors, and the closing of the transactions
and the effectiveness of the PK Financing and the documentation governing the transactions contemplated by the Milestone Documents
shall have occurred or occurred substantially concurrently with the occurrence of the Closing Date.

 

(v)          ABL
Restructuring. If the Debtors reach an agreement on the ABL Term Sheet (as defined in the Plan Support Agreement) prior to
the Closing Date, the Company shall have executed and delivered documentation governing the restructuring transactions contemplated
by the ABL Term Sheet, which definitive documentation shall be in form and substance reasonably satisfactory to the Requisite Plan
Sponsors and the Debtors, and all conditions to effectiveness of the ABL Financing (as defined in the Plan Support Agreement) and
the closing of the transactions and the effectiveness of the transactions contemplated thereby shall have occurred or occurred
substantially concurrently with the occurrence of the Closing Date.

 

(w)         Unrestricted
Cash Liquidity. The amount of unrestricted cash liquidity (i.e., cash, cash equivalents and unrestricted availability under
any financing arrangement for general working capital purposes) of the Debtors as of the Plan Effective Date (but without regard
to the proceeds from the Rights Offering) shall be in the amount set forth on Schedule 6(a)(xix) to the Plan Support Agreement
(after accounting for payments to be made as of the Plan Effective Date) or such lesser amount as reasonably determined in accordance
with the Plan Support Agreement.

 

(x)           Funded
Amount. At least two hundred fifty million dollars ($250,000,000) of cash (including the amounts required to be deposited to
purchase the Unfulfilled Backstop Commitment and in respect of all Investment Replacements) in the aggregate shall have been deposited
in Rights Offering Escrow Account and Backstop Escrow Account, as the aggregate Purchase Price for the Notes in the aggregate principal
amount of not less than three hundred sixty-one million, one hundred and eleven thousand one hundred and eleven dollars ($361,111,111).

 

8.           Conditions
to the Obligations of the Company. The obligations of the Company to consummate the transactions contemplated hereby on
the Plan Effective Date are subject to satisfaction of the following conditions (unless waived by the Company), except where the
failure to satisfy any such condition is the result of a failure by the Company to comply with this Agreement:

 

(a)          PSA
Approval Order; Disclosure Statement Order; Rights Offering Order; Plan and Confirmation Order. The Bankruptcy Court shall
have entered the PSA Approval Order, the Disclosure Statement Order and the Rights Offering Order, and each such order shall be
in form and substance reasonably acceptable to the Debtors. The Plan, as approved, and the Confirmation Order, as entered, by the
Bankruptcy Court, shall each be in the form and substance reasonably acceptable to the Debtors, and the Confirmation Order shall
be a Final Order.

 

    	 	43	 

     

    

 

(b)          Conditions
to Plan Effective Date. The conditions to the Plan Effective Date set forth in the Plan shall have been satisfied (or waived)
in accordance with the Plan and the Plan Effective Date shall have occurred.

 

(c)          Representations
and Warranties. The representations and warranties of the non-Defaulting Investors and non-Defaulting Unfulfilled Commitment
Investors set forth in this Agreement qualified as to materiality shall be true and correct, and those not so qualified shall be
true and correct in all material respects, in each case, on and as of the Plan Effective Date as if made on and as of the Closing
Date (or, to the extent given as of a specific date, as of such date).

 

(d)          Availability
of Purchase Price. Three hundred million dollars ($300,000,000) in cash (including the amounts required to be deposited to
purchase the Unfulfilled Backstop Commitment and in respect of all Investment Replacements) shall have been deposited in the Rights
Offering Escrow Account and Backstop Escrow Account as the aggregate Purchase Price for the Notes, unless the Company agrees that
such aggregate amount of cash may be a lesser amount, not less than two hundred fifty million dollars ($250,000,000) in respect
of the Purchase Price for the Notes.

 

(e)          Approvals.
All governmental and third party authorizations, approvals, consents or clearances necessary in connection with the Restructuring
and the issuance or sale pursuant to this Agreement, the Plan (if applicable) and the Disclosure Statement of the Notes shall have
been obtained and be in full force and effect, and all applicable waiting periods shall have expired without any action being taken
or threatened by any competent authority, that would restrain, prevent or otherwise impose adverse conditions on the Restructuring
or the issuance or sale of the Notes. The (i) Scheme of Arrangement in the Cayman Islands shall have taken effect upon the Grand
Court’s order, (ii) the insolvency proceedings in Canada shall have taken effect and (iii) there shall be no pending insolvency
proceedings or approvals that necessitate proceedings in any other foreign jurisdiction in connection with the Restructuring or
that are required in order to consummate the Restructuring.

 

(f)          No
Legal Impediment to Issuance. No statute, rule, regulation or order shall have been enacted, adopted or issued by any Governmental
Entity, and no judgment, injunction, decree, other legal restraint or order of any federal, state or foreign court shall have been
issued that prohibits the Restructuring, and no law or Order shall have been enacted, adopted or issued by any Governmental Entity
that prohibits the implementation of the Plan, the Rights Offering or the transactions contemplated by this Agreement.

 

(g)          Plan
Support Agreement. The Plan Support Agreement shall be in full force and effect (except as to the UCC) and shall not have been
terminated in accordance with its terms.

 

(h)          Antitrust
laws. If the purchase of the Notes by any of the Investors pursuant to this Agreement and the Rights Offering is subject to
the terms of the Antitrust laws, the applicable waiting period shall have expired or been terminated thereunder with respect to
such purchase.

 

    	 	44	 

     

    

 

9.           Survival
of Representations and Warranties. The representations and warranties made in this Agreement will not survive the Closing
Date. Covenants and agreements that by their terms are to be satisfied after the Closing Date shall survive until satisfied in
accordance with their terms.

 

10.         Termination.

 

(a)          Termination
by the Investors. The Requisite Investors may terminate this Agreement by written notice to the Company upon the occurrence
and during the continuance of any of the following:

 

(i)          the
termination of the Plan Support Agreement;

 

(ii)         upon
the failure of the Debtors to:

 

(A)         obtain
entry of the PSA Approval Order by the Bankruptcy Court as soon as reasonably practicable and in no event later than thirty-one
(31) days after the date of this Agreement;

 

(B)         file
the Plan and Disclosure Statement with the Bankruptcy Court by no later than November 4, 2016, which Plan and Disclosure
Statement shall be in all respects reasonably acceptable to the Debtors and the Requisite Plan Sponsors;

 

(C)         [reserved];

 

(D)         obtain
entry of the Disclosure Statement Order and the Rights Offering Order by the Bankruptcy Court no later than December 9, 2016, which
orders shall be reasonably acceptable to the Requisite Plan Sponsors and the Debtors;

 

(E)         commence
the Solicitation (as defined in the Plan Support Agreement) and Rights Offering no later than four (4) Business Days after both
the entry of the Disclosure Statement Order and the Rights Offering Order by the Bankruptcy Court;

 

(F)         obtain
the entry by the Bankruptcy Court of the Final Cash Collateral Order (as defined in the Plan Support Agreement) by no later than
October 18, 2016, which order is reasonably acceptable in all respects to the Requisite Plan Sponsors and the Debtors; provided,
however, if the Final Cash Collateral Order is not entered by October 18, 2016, the CHC Parties, the Requisite Plan Sponsors
shall agree to a further Interim Cash Collateral Order through November 3, 2016, and the Final Cash Collateral Order reasonably
acceptable in all respects to the CHC Parties and the Requisite Plan Sponsors shall be entered by no later than November 3, 2016;

 

(G)         obtain
the entry of the Confirmation Order that is a Final Order by no later than March 3, 2017, which Confirmation Order is reasonably
acceptable to the Debtors and the Requisite Plan Sponsors; or

 

    	 	45	 

     

    

 

(H)         cause
the Plan Effective Date to have occurred no later than thirty (30) days after the Bankruptcy Court’s entry of the Confirmation
Order (unless extended in respect of the cure periods specified in Section 2(a) and Section 2(j)(i));

 

(iii)        the
Bankruptcy Court denies the PSA Approval Motion (as defined in the Plan Support Agreement);

 

(iv)        an
order is entered by the Bankruptcy Court or a court of competent jurisdiction denying confirmation of the Plan or denying approval
of the Disclosure Statement (unless, in either case, caused by a default of the Investors of their obligations hereunder or under
the Plan Support Agreement, in which event the Investors shall not have the right to terminate this Agreement under this clause
(iv));

 

(v)         the
issuance by any Governmental Entity, including any regulatory authority or court of competent jurisdiction, of any ruling, judgment
or order enjoining the consummation of a material portion of the Restructuring and such ruling or order is not vacated within fourteen
(14) days;

 

(vi)        the
Bankruptcy Court having entered an order (A) directing the appointment of an examiner with expanded powers or a trustee, (B) converting
any of the CHC Cases (except for a CHC Case of an immaterial direct or indirect subsidiary of the Company) to a case under chapter
7 of the Bankruptcy Code, (C) dismissing any of the CHC Cases or (D) vacating, extending, terminating, amending or modifying in
any material respect the Cash Collateral Orders (as defined in the Plan Support Agreement) without the consent of the Requisite
Plan Sponsors in accordance with their approval rights under the Plan Support Agreement;

 

(vii)       upon
the Debtors filing any motion or other request for relief seeking to (A) appoint an examiner with expanded powers or a trustee,
(B) convert any of the CHC Cases to a case under chapter 7 of the Bankruptcy Code or (C) dismiss any of the CHC Cases;

 

(viii)      upon
the withdrawal, waiver, amendment or modification by the Debtors of the Plan or any of the other Restructuring Documents (as defined
in the Plan Support Agreement) or the filing of a pleading or notice seeking to withdraw, waive, amend or modify any term or condition
of the Plan or any of the other Restructuring Documents, which withdrawal, waiver, amendment, modification or filing is not acceptable
to the Requisite Plan Sponsors in accordance with their approval rights under the Plan Support Agreement;

 

(ix)         the
Debtors take any action or file any Restructuring Document with the Bankruptcy Court (including any modifications or amendments
thereof) that has not received the requisite approval of the Requisite Plan Sponsors under the Plan Support Agreement;

 

(x)          the
Debtors file, propose or otherwise support any plan of liquidation, asset sale or a plan of reorganization other than the Plan;

 

(xi)         the
Bankruptcy Court grants relief that is inconsistent with this Agreement or the Plan Support Agreement in any material respect,
including confirmation of an Alternative Transaction;

 

    	 	46	 

     

    

 

(xii)        the
Bankruptcy Court grants relief terminating, annulling, or modifying the automatic stay (as set forth in section 362 of the Bankruptcy
Code) with regard to any assets of the Debtors having an aggregate fair market value in excess of fifteen million dollars ($15,000,000);

 

(xiii)       the
termination of the consensual use of cash collateral under the Final Cash Collateral Order;

 

(xiv)       the
termination of any commitment or agreement to provide the PK Financing or the ABL Financing
(if applicable) to the Debtors, or to consummate the transactions contemplated by the Milestone Documents, pursuant to any of the
documents related to any such commitment or agreement;

 

(xv)        the
Debtors fail to timely pay the fees and expenses as set forth in this Agreement and the Plan Support Agreement;

 

(xvi)       the
entry of an order by any court of competent jurisdiction invalidating, disallowing, subordinating or limiting, in any material
respect, as applicable, the enforceability, priority or validity of the Secured Note Claims and the liens and security interests
securing such claims;

 

(xvii)      if,
other than the Foreign Proceedings Plan in Canada or the Cayman Islands, which proceedings in the Cayman Islands and Canada shall
require the consent of the Requisite Plan Sponsors to be modified in a manner inconsistent with the Foreign Proceedings Plan, (i) an
involuntary petition is filed seeking bankruptcy, winding up, dissolution, liquidation, administration, moratorium, reorganization
or other relief in respect of (A) any Debtor, other than an immaterial Debtor, under any foreign bankruptcy, insolvency, administrative
receivership or similar law now or hereafter in effect or (B) any non-Debtor subsidiary, other than an immaterial direct or indirect
subsidiary of the Debtors, under any federal, state or foreign bankruptcy, insolvency, administrative receivership or similar law
now or hereinafter in effect, and such involuntary proceeding is not dismissed within a period of thirty (30) days after the filing
thereof or a court grants the relief sought in such involuntary proceeding; or (ii) a voluntary petition is filed seeking bankruptcy,
winding up, dissolution, liquidation, administration, moratorium, reorganization or other relief under any foreign bankruptcy,
insolvency, administrative receivership or similar law now or hereafter in effect in respect of any Debtor without the joint agreement
of the Debtors and the Requisite Plan Sponsors;

 

(xviii)    the
failure of the Debtors to maintain, or be reasonably projected to have, unrestricted cash liquidity (i.e., cash, cash equivalents
and unrestricted availability under any financing arrangement for general working capital purposes) as of the Plan Effective Date
(but without regard to the proceeds from the Rights Offering) in the amount set forth on Schedule 6(a)(xix) to the Plan Support
Agreement (after accounting for payments to be made in connection with the Plan Effective Date), or such lesser amount as reasonably
determined by the Debtors and the Requisite Plan Sponsors;

 

    	 	47	 

     

    

 

(xix)       if
the Company shall have breached any representation, warranty, covenant or other agreement made by the Company in this Agreement
or any such representation and warranty shall have become inaccurate after the date of this Agreement, and such breach or inaccuracy
would, individually or in the aggregate, result in the failure of a condition set forth in Section 7(i), Section 7(j)
or Section 7(l), if continuing on the Closing Date, being satisfied and such breach or inaccuracy is not cured by the Company
by the fourth (4th) Business Day after giving notice thereof to the Company by the Requisite Investors other than with respect
to an breach of the compliance with any of the milestones set forth in Section 10(a)(ii) and any other breach that is uncurable,
for which no notice or cure period shall be required or apply;

 

(xx)        upon
the occurrence of a Material Adverse Effect; or

 

(xxi)       the
Debtors modify, amend or otherwise replace the Business Plan (as defined in the Plan Support Agreement) without the approval of
the Requisite Plan Sponsors, each in their sole discretion.

 

(b)          Termination
by the Company. The Company may terminate this Agreement by written notice to the Investors upon the occurrence of any of the
following:

 

(i)          If
any Plan Sponsor Investor shall have breached (other than an immaterial breach) any of their obligations, covenants, representations
or warranties set forth in this Agreement, and such breach is continuing, which breach (i) would result in a condition set forth
in Section 8 not to be satisfied and (ii) cannot be cured within two (2) Business Days after the Company provides written
notice to the Plan Sponsor Investors of such breach (in which event upon failure to so cure within such time period); provided,
however, that the Company shall not have the right to terminate this Agreement under this Section 10(b)(i) or otherwise
to the extent that the Investors have agreed to provide aggregate funds in respect of the Rights Offering Notes and the Backstop
Notes (including for the avoidance of doubt, Backstop Commitments by Replacing Investors) in an aggregate amount of three hundred
million dollars ($300,000,000) for the Purchase Price for the Notes within ten (10) Business Days after the expiration of such
cure periods in connection with the procedures under Section 2(j)(i);

 

(ii)         the
termination of the Plan Support Agreement;

 

(iii)        upon
the failure of any of the conditions set forth in Section 8(b)-(h) to be satisfied when required to be satisfied; or

 

(iv)        the
issuance by any Governmental Entity, including any regulatory authority or court of competent jurisdiction, of any ruling, judgment,
or order enjoining the consummation of a material portion of the Restructuring and such ruling or order is not vacated within fourteen
(14) days;

 

provided that the Company may terminate
this Agreement as to any Investor individually, and not as to all Investors, in connection with a breach (other than an immaterial
breach) of any of such Investor’s obligations, covenants, representations or warranties set forth in this Agreement, and
such breach is continuing and is not timely cured within two (2) Business Days after the Company provides written notice to such
Investor of such breach (in which event upon failure to so cure within such time period). Notwithstanding the termination by the
Company as to any individual Investor, the remaining Investors shall be entitled to their pro rata portion of the Put Option Premium
pursuant to the terms of this Agreement.

 

    	 	48	 

     

    

 

(c)          Mutual
Agreement. This Agreement may be terminated by mutual written consent of the Company and the Requisite Investors.

 

(d)          Effect
of Termination. Subject to Section 13, upon termination of this Agreement, each party hereto shall be released from
its commitments, undertakings and agreements under or related to this Agreement and shall have the rights and remedies that it
would have had and shall be entitled to take all actions, whether with respect to the transactions contemplated hereby or otherwise,
that it would have been entitled to take had it not entered into this Agreement. Notwithstanding anything contained herein, if
this Agreement is terminated as a result of a breach of this Agreement by a party hereto, such party shall not be released and
shall remain liable for any damages resulting from such termination.

 

(e)          Non-Plan
Sponsor Investors. In the event that any of this Agreement, the Plan Support Agreement, Rights Offering Procedures, Disclosure
Statement, Plan or any document related to the Plan is amended in a manner that materially, adversely, directly and disproportionately
affects an Investor (an “Affected Investor”) other than the Plan Sponsor Investors, then, regardless
of whether the Plan Sponsor Investors elect to terminate their rights hereunder, such an Affected Investor may terminate its rights
and obligations under this Agreement without any liability to the Company or the other Investors. An Affected Investor that has
terminated its rights and obligations under this Agreement shall not be entitled to its pro rata portion of the Put Option Premium.

 

11.         Commercially
Reasonable Efforts.

 

(a)          Without
in any way limiting any other respective obligation of the Company in this Agreement or in the Plan Support Agreement, the Company
shall use its commercially reasonable efforts to take or cause to be taken all such actions, and do or cause to be done all such
things, reasonably necessary, proper or advisable in order to consummate and make effective the transactions contemplated by this
Agreement, the Plan Support Agreement and the Plan, including to cause the conditions set forth in Section 7 to be satisfied
and to consummate the Restructuring, and to:

 

(i)          timely
prepare and file all documentation reasonably necessary to effect all necessary notices, reports and other filings of such Person
and to seek to obtain as promptly as practicable all consents, registrations, approvals, permits and authorizations necessary or
advisable to be obtained from any third party or Governmental Entity;

 

(ii)         execute,
acknowledge and deliver to the Investors or other parties such other instruments, documents and certificates, and take such other
actions as the Requisite Investors may reasonably request, in each case, in order to consummate the Restructuring,

 

(iii)        subject
to their professional responsibilities, defend any Legal Proceedings in any way challenging (A) this Agreement, the Plan or the
Restructuring, (B) any Restructuring Document or (C) the consummation of the Restructuring, including seeking to have any stay
or temporary restraining Order entered by any Governmental Entity vacated or reversed; and

 

    	 	49	 

     

    

 

(iv)        cooperate
in good faith to finalize all documents relating to the Restructuring.

 

For purposes of this Agreement, “Legal
Proceeding” shall mean any governmental, administrative, judicial or regulatory investigations, audits, actions,
suits, claims, arbitrations, demands, notice of non-compliance or proceedings.

 

(b)          In
accordance with the Plan Support Agreement, the Company shall provide or cause to be provided a draft of all motions, applications,
pleadings, schedules, Orders, reports or other material papers (including all material memoranda, exhibits, supporting affidavits
and evidence and other supporting documentation) in the CHC Cases relating to or affecting the Backstop Commitment in advance of
filing the same with the Bankruptcy Court. All such motions, applications, pleadings, schedules, Orders, reports and other material
papers shall be in form and substance reasonably acceptable to the Requisite Plan Sponsors pursuant to the requirements of the
Plan Support Agreement.

 

(c)          Nothing
contained in this Section 11 shall limit the ability of any Investor to consult with the Debtors, to appear and be heard,
or to file objections, concerning any matter arising in the CHC Cases to the extent not inconsistent with the Plan Support Agreement
or this Agreement.

 

(d)          Without
in any way limiting any other respective obligation of the Investors in this Agreement, each of the Investors shall use its commercially
reasonable efforts to cooperate with the Company in order to consummate and make effective the transactions contemplated by this
Agreement, the Plan Support Agreement and the Plan, including to (i) cause the conditions set forth in Section 8 to be satisfied,
(ii) execute, acknowledge, and deliver to the Company or other parties such other instruments, documents and certificates, and
take such other actions as the Company may reasonably request, in each case, in order to consummate the Restructuring and (iii)
cooperate in good faith to finalize all documents relating to the Restructuring.

 

12.         Notices.
All notices hereunder shall be deemed given if in writing and delivered, if contemporaneously sent by electronic mail, facsimile,
courier or by registered or certified mail (return receipt requested) to the following addresses (or to such other addresses as
any party may from time to time notify in writing to the other parties pursuant hereto):

 

    	 	50	 

     

    

 

If to the Plan Sponsor Investors,
to each of the undersigned Plan Sponsor Investors at the addresses listed on the signatures pages hereto,

 

with a copy (which shall not constitute notice) to:

Akin Gump Strauss Hauer & Feld LLP

Attention: Michael S. Stamer

One Bryant Park

New York, NY  10036

E-mail: mstamer@akingump.com

 

and

 

Akin Gump Strauss Hauer & Feld
LLP

Attention: James Savin

1333 New Hampshire Ave., N.W.

Washington, DC  20036

E-mail: jsavin@akingump.com

 

If to the Investors that are
not Plan Sponsor Investors, to each of such undersigned Investors at the addresses listed on the signatures pages hereto,

 

with a copy (which shall not constitute notice) to:

Brown Rudnick LLP

Attention: Steven B. Levine, Esq.

One Financial Center

Boston, MA 02111

E-mail: slevine@brownrudnick.com

 

If to the Company, to:

 

CHC Group Ltd.

600 E. Las Colinas Blvd., Suite 1000

Irving, TX  75039

	Attention:	Hooman Yazhari
	Telephone:	(214) 262-7300
	E-mail:	hooman.yazhari@chc.ca

 

with a copy (which shall not constitute notice) to:

 

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, NY  10153

	Attention:	Gary T. Holtzer, Esq.
	 	Kelly DiBlasi, Esq.
	Facsimile:	(212) 310-8007

 

    	 	51	 

     

    

 

	E-mail:	gary.holtzer@weil.com
	 	kelly.diblasi@weil.com

 

and

 

Weil, Gotshal & Manges LLP

200 Crescent Court, Suite 300

Dallas, TX  75201

	Attention:	Stephen A. Youngman, Esq.
	Facsimile:	(214) 746-7777
	E-mail:	stephen.youngman@weil.com

 

Any notice given by delivery, mail or courier shall be effective
when received. Any notice given by facsimile or electronic mail shall be effective upon oral, machine or electronic mail (as applicable)
confirmation of transmission.

 

13.         Survival.
Notwithstanding the termination of this Agreement, the agreements and obligations of the parties hereto in Section 2(b),
Section 2(c), Section 2(d), Section 2(e) (solely with respect to accrued and unpaid expenses through the date
of termination), Section 2(j), the last sentence of Section 2(k)(iv), Section 5(i), the last sentence of Section
10(b), Section 10(d), Section 10(e), Sections 12 through 18, and Sections 21, 22,
24, 25, 26 and 28 shall survive such termination and shall continue in full force and effect in accordance
with the terms hereof; provided that any liability of a party for failure to comply with the terms of this Agreement shall
survive such termination.

 

14.         Headings.
The headings of the sections, paragraphs and subsections of this Agreement are inserted for convenience only and shall not affect
the interpretation hereof or, for any purpose, be deemed a part of this Agreement.

 

15.         Severability.
If any provision of this Agreement, or the application of any such provision to any person or circumstance, shall be held invalid
or unenforceable, in whole or in part, such invalidity or unenforceability shall attach only to such provision or part thereof
and the remaining part of such provision hereof and this Agreement shall continue in full force and effect. Upon any such determination
of invalidity, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties
as closely as possible in a reasonably acceptable manner in order that the transactions contemplated hereby are consummated as
originally contemplated to the greatest extent possible.

 

16.         Assignment;
Third Party Beneficiaries. Neither this Agreement nor any of the rights, interests or obligations under this Agreement
may be assigned by any of the parties hereto without the prior written consent of the Company and the Requisite Investors, other
than an assignment by an Investor permitted by Section 2(i). This Agreement (including the documents and instruments referred
to herein) is not intended to and does not confer upon any person other than the parties hereto any rights or remedies under this
Agreement.

 

    	 	52	 

     

    

 

17.         Complete
Agreement.

 

(a)          This
Agreement (including the Exhibits, the schedules and the other documents and instruments referred to herein, including the Plan
Support Agreement) constitutes the entire agreement of the parties hereto and supersedes all prior agreements, arrangements or
understandings, whether written or oral, among the parties hereto with respect to the subject matter of this Agreement, except
that the parties hereto acknowledge that any confidentiality agreements heretofore executed between the Company and any other party
hereto will continue in full force and effect.

 

(b)          Notwithstanding
anything to the contrary in the Plan (including any amendments, supplements or modifications thereto) or the Confirmation Order
(including any amendments, supplements or modification thereof) or an affirmative vote to accept the Plan submitted by any Investor,
nothing contained in the Plan (including any amendments, supplements or modifications thereto) or the Confirmation Order (including
any amendments, supplements or modification thereof) shall alter, amend or modify the rights of the Investors under this Agreement
unless such alteration, amendment or modification has been made in accordance with Section 20.

 

18.         Governing
law; Waiver of Trial by Jury.

 

(a)          This
Agreement shall be construed and enforced in accordance with, and the rights of the parties hereto shall be governed by, the laws
of the State of New York, without giving effect to the conflict of laws principles thereof and, to the extent applicable,
the Bankruptcy Code. Each of the parties irrevocably agrees that any legal action, suit or proceeding (each, a “Proceeding”)
arising out of or directly or indirectly arising out of or relating to this Agreement or the transactions contemplated hereby (whether
based on contract, tort or any other theory) brought by any party hereto or its successors or permitted assigns shall be brought
and determined in the Bankruptcy Court during the pendency of the CHC Cases; provided that, if the Bankruptcy Court lacks
jurisdiction, the parties hereto consent and agree than any such Proceeding shall be brought exclusively in a court of the State
of New York.

 

(b)          Each
party hereto hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any
Proceeding arising out of or directly or indirectly arising out of or relating to this Agreement or the transactions contemplated
hereby (whether based on contract, tort or any other theory). Each party hereto hereby irrevocably agrees service of process, summons,
notice or document addressed to them at their respective addresses provided in Section 12 shall be effective service
of process against it for any such Proceeding brought in any such court.

 

19.         Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all of which together
shall be deemed to be one and the same agreement. Execution copies of this Agreement delivered by facsimile or PDF shall be deemed
to be an original for the purposes of this paragraph.

 

    	 	53	 

     

    

 

20.         Amendments
and Waivers. Except as otherwise expressly set forth herein, this Agreement, including any exhibits or schedules hereto,
may not be waived, modified, amended or supplemented except in a writing signed by the Company and the Requisite Investors; provided
that each Investor’s prior written consent shall be required for any amendment, restatement, modification, supplement or
other change that would have the effect of (i) modifying such Investor’s Backstop Commitment or Investor Percentage, (ii)
increasing the Purchase Price to be paid in respect of the Rights Offering Notes or the Backstop Notes or decreasing the Put Option
Premium, (iii) changing this Section 20, (iv) changing the terms or conditions to the payment of the Put Option Premium
or (v) otherwise materially, adversely, disproportionately and directly affecting such Investor. No delay on the part of any party
hereto in exercising any right, power or privilege pursuant to this Agreement will operate as a waiver thereof, nor will any waiver
on the part of any party hereto of any right, power or privilege pursuant to this Agreement, nor will any single or partial exercise
of any right, power or privilege pursuant to this Agreement, preclude any other or further exercise thereof or the exercise of
any other right, power or privilege pursuant to this Agreement. Except as otherwise provided in this Agreement, the rights and
remedies provided pursuant to this Agreement are cumulative and are not exclusive of any rights or remedies which any party hereto
otherwise may have at law or in equity. For purposes of this Agreement, “Requisite Investors” shall mean
Investors holding more than 50% of the Backstop Commitments; provided that the Backstop Commitments held by a Defaulting
Investor shall be excluded for purposes of determining Requisite Investors.

 

21.         Specific
Performance. It is understood and agreed by the parties hereto that money damages would not be a sufficient remedy for
any breach of this Agreement by any party hereto and each non-breaching party shall be entitled to seek specific performance and
injunctive or other equitable relief (including attorneys’ fees and costs) as a remedy of any such breach, without the necessity
of proving the inadequacy of money damages as a remedy. The parties hereto hereby agree not to raise any objections to the availability
of the equitable remedy of specific performance to prevent or restrain breaches of this Agreement by the parties hereto and to
specifically enforce the terms and provisions of this Agreement to prevent breaches or threatened breaches of, or to enforce compliance
with, the respective covenants and obligations of the parties hereto under this Agreement. Each party hereto hereby waives any
requirement for the security or posting of any bond in connection with such remedies.

 

22.         Other
Interpretive Matters.

 

(a)          Unless
otherwise expressly provided, for purposes of this Agreement, the following rules of interpretation shall apply: (i) when
calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this
Agreement, the date that is the reference date in calculating such period shall be excluded and, if the last day of such period
is a non-Business Day, the period in question shall end on the next succeeding Business Day; (ii) any reference in this Agreement
to $ shall mean U.S. dollars; (iii) all Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated
in and made a part of this Agreement as if set forth in full herein and any capitalized terms used in any Exhibit or Schedule but
not otherwise defined therein shall be defined as set forth in this Agreement; (iv) words imparting the singular number only
shall include the plural and vice versa; (v) the words such as “herein,” “hereinafter,” “hereof,”
and “hereunder” refer to this Agreement as a whole and not merely to a subdivision in which such words appear unless
the context otherwise requires; (vi) the word “including” or any variation thereof means “including, without
limitation” and shall not be construed to limit any general statement that it follows to the specific or similar items or
matters immediately following it; (vii) the division of this Agreement into Sections and other subdivisions and the insertion
of headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement;
and (viii) all references in this Agreement to any “Section” are to the corresponding Section of this Agreement
unless otherwise specified. For the purposes of this Agreement, “Affiliates” of any Person means any
Person that directly or indirectly controls, or is under common control with, or is controlled by, such Person. As used in this
definition, “control” (including with its correlative meanings, “controlled by” and “under common
control with”) shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of a Person (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise).
References to the “subsidiaries” of the Company or any similar reference herein include the direct and indirect subsidiaries
of the Debtors and any entities that are deemed to be variable interest entities in accordance with GAAP in which the Company owns
an equity interest, which are consolidated under the Company’s consolidated financial statements.

 

    	 	54	 

     

    

 

(b)          In
the event of any inconsistencies between the terms of this Agreement (without reference to the Exhibits) and the Term Sheet or
the Plan Support Agreement, the terms of this Agreement shall control.

 

(c)          The
parties agree that they have been represented by legal counsel during the negotiation and execution of this Agreement and, therefore,
waive the application of any law, regulation, holding or rule of construction providing that ambiguities in an agreement or other
document shall be construed against the party drafting such agreement or document.

 

23.         Further
Assurances. Subject to the terms hereof, each of the parties shall take such action as may be reasonably necessary or reasonably
requested by the other parties to carry out the purposes and intent of this Agreement, and shall refrain from taking any action
that would frustrate the purposes and intent of this Agreement.

 

24.         No
Reliance. No Investor or any of its Affiliates shall have any duties or obligations to the other Investors in respect of
this Agreement, the Plan or the transactions contemplated hereby or thereby, except those expressly set forth herein. Without limiting
the generality of the foregoing, (a) no Investor or any of its Affiliates shall be subject to any fiduciary or other implied duties
to the other Investors, (b) no Investor or any of its Affiliates shall have any duty to take any discretionary action or exercise
any discretionary powers on behalf of any other Investor, (c)(i) no Investor or any of its Affiliates shall have any duty to the
other Investors to obtain, through the exercise of diligence or otherwise, to investigate, confirm, or disclose to the other Investors
any information relating to the Company or any of its subsidiaries that may have been communicated to or obtained by such Investor
or any of its Affiliates in any capacity and (ii) no Investor may rely, and confirms that it has not relied, on any due diligence
investigation that any other Investor or any Person acting on behalf of such other Investor may have conducted with respect to
the Company or any of its Affiliates or any of their respective securities and (d) each Investor acknowledges that no other Investor
is acting as a placement agent, initial purchaser, underwriter, broker or finder with respect to its Notes or its Backstop Commitment.

 

    	 	55	 

     

    

 

25.         No
Interpretation Against Drafter. This Agreement is the product of negotiations between the parties hereto represented by
counsel, and any rules of construction relating to interpretation against the drafter of an agreement shall not apply to this Agreement
and are expressly waived.

 

26.         Publicity.
At all times prior to the Closing Date or the earlier termination of this Agreement in accordance with its terms, the Company and
the Investors shall consult with each other prior to issuing any press releases, public documents and public filings (and provide
each other a reasonable opportunity to review and comment upon such release, and the Company will consider in good faith any comments
the Requisite Investors have to any such documents) or otherwise making public announcements with respect to the transactions contemplated
by this Agreement; provided that nothing in this Section 26 or elsewhere in this Agreement shall modify the approval
rights of any party hereto under the Plan Support Agreement; and provided further that nothing in this Section 26
shall prohibit any party hereto from filing any motions or other pleadings or documents with the Bankruptcy Court in connection
with the CHC Cases.

 

27.         Effectiveness.
This Agreement shall become effective and binding upon each Party upon the execution and delivery by all Parties of an executed
signature page hereto and upon the execution of the Plan Support Agreement by all parties thereto; provided that this Agreement
shall only become effective and binding on the Debtors upon entry by the Bankruptcy Court of the PSA Approval Order except, for
the avoidance of doubt, the Debtors shall be immediately obligated, upon the execution by all Parties hereto, to comply with the
provisions of Section 5(a)(i), Section 5(f), Section 11(a) and Section 11(b) of this Agreement.

 

28.         Settlement
Discussions. This Agreement and the transactions contemplated herein are part of a proposed comprehensive settlement of
matters that could otherwise by the subject of litigation among the parties hereto. Pursuant to Rule 408 of the Federal Rules of
Evidence, any applicable state rules of evidence and any other applicable law, foreign or domestic, this Agreement and all negotiations
relating thereto shall not be admissible into evidence in any proceeding other than a proceeding to obtain Bankruptcy Court approval
hereof and a proceeding to enforce this Agreement’s terms. Nothing herein is intended to, or does, in any manner waive, limit,
impair or restrict the ability of each of the parties hereto to protect and preserve its rights, remedies and interests, including
its Claims against any of the other parties hereto (or their respective affiliates or subsidiaries) or its full participation in
the CHC Cases. This Agreement shall in no event be construed as or be deemed an admission or concession on the part of any party
of any Claim or fault or liability or damages whatsoever. Pursuant to Section 408 of the U.S. Federal Rule of Evidence and any
applicable state rules of evidence, this Agreement and all negotiations relating thereto shall not be admissible into evidence
in any Legal Proceeding, except to the extent filed with, or disclosed to, the Bankruptcy Court in connection with the CHC Cases
(other than a Legal Proceeding to approve or enforce the terms of this Agreement).

 

[Signature Pages Follow]

 

    	 	56	 

     

    

 

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

 

	 	CHC GROUP LTD.
	 	 	 
	 	By:	/s/ Hooman Yazhari
	 	Name: Hooman Yazhari
	 	Title: Senior Vice President, Legal & Administration

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Future Fund Board of Guardians
	 	By: Bain Capital Credit, LP, as Investment Manager
	 	 	 
	 	By:	/s/ Andrew S. Viens
	 	Name: Andrew S. Viens
	 	Title: Executive Vice President

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Sankaty Credit Opportunity (F),  L.P
	 	 	 
	 	By: 	/s/ Andrew S. Viens
	 	Name: Andrew S. Viens
	 	Title: Executive Vice President

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Sankaty Credit Opportunities V AIV II (Master), L.P.
	 	 	 
	 	By: 	/s/ Andrew S. Viens
	 	Name: Andrew S. Viens
	 	Title: Executive Vice President

  

     

     

    

 

	 	INVESTOR
	 	 
	 	Sankaty Credit Opportunities VI-A, L.P.
	 	 	 
	 	By: 	/s/ Andrew S. Viens
	 	Name: Andrew S. Viens
	 	Title: Executive Vice President

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Sankaty Credit Opportunities VI-B (Master), L.P.
	 	 	 
	 	By: 	/s/ Andrew S. Viens
	 	Name: Andrew S. Viens
	 	Title: Executive Vice President

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Bain Capital High Income Partnership, L.P.
	 	 	 
	 	By: 	/s/ Andrew S. Viens
	 	Name: Andrew S. Viens
	 	Title: Executive Vice President

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Sankaty Managed Account (CalPERS), L.P.
	 	 	 
	 	By: 	/s/ Andrew S. Viens
	 	Name: Andrew S. Viens
	 	Title: Executive Vice President

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Sankaty Managed Account (E), L.P.
	 	 	 
	 	By: 	/s/ Andrew S. Viens
	 	Name: Andrew S. Viens
	 	Title: Executive Vice President

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Sankaty Managed Account (FSS), L.P.
	 	 	 
	 	By: 	/s/ Andrew S. Viens
	 	Name: Andrew S. Viens
	 	Title: Executive Vice President

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Sankaty Managed Account (PSERS), L.P.
	 	 	 
	 	By: 	/s/ Andrew S. Viens
	 	Name: Andrew S. Viens
	 	Title: Executive Vice President

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Sankaty Managed Account (TCCC), L.P.
	 	 	 
	 	By: 	/s/ Andrew S. Viens
	 	Name: Andrew S. Viens
	 	Title: Executive Vice President

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Sankaty Rio Grande FMC, L.P.
	 	 	 
	 	By: 	/s/ Andrew S. Viens
	 	Name: Andrew S. Viens
	 	Title: Executive Vice President

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Sears Holdings Pension Trust
	 	By: Bain Capital Credit, LP, as Investment Manager
	 	 	 
	 	By: 	/s/ Andrew S. Viens
	 	Name: Andrew S. Viens
	 	Title: Executive Vice President

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Sankaty Credit Opportunities VI-EU (Master), L.P.
	 	 	 
	 	By: 	/s/ Andrew S. Viens
	 	Name: Andrew S. Viens
	 	Title: Executive Vice President

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Sankaty Credit Opportunities VI-G, L.P.
	 	 	 
	 	By: 	/s/ Andrew S. Viens
	 	Name: Andrew S. Viens
	 	Title: Executive Vice President

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Los Angeles County Employees Retirement Association
	 	By: Bain Capital Credit, LP, as Manager
	 	 	 
	 	By: 	/s/ Andrew S. Viens
	 	Name: Andrew S. Viens
	 	Title: Executive Vice President

 

     

     

    

 

	 	INVESTOR
	 	 
	 	American Century Capital Portfolios,
	 	Inc. – AC Alternatives Income Fund
	 	By: Bain Capital Credit, LP as Subadvisor
	 	 	 
	 	By: 	/s/ Andrew S. Viens
	 	Name: Andrew S. Viens
	 	Title: Executive Vice President

 

     

     

    

 

	 	INVESTOR
	 	 
	 	AllianceBernstein L.P.
	 	 	 
	 	By: 	/s/ Will Smith
	 	Name: Will Smith
	 	Title: Vice President – Fixed Income

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Wayzata Opportunities Fund III, L.P.
	 	By: WOF III GP, L.P., its General Partner
	 	By: WOF III GP, LLC, its General Partner
	 	 	 
	 	By: 	/s/ Patrick Halloran
	 	Name: Patrick Halloran
	 	Title: Authorized Signatory

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Wayzata Opportunities Fund Offshore III, L.P.
	 	By: Wayzata Offshore GP III, LLC, its General Partner
	 	 	 
	 	By: 	/s/ Patrick Halloran
	 	Name: Patrick Halloran
	 	Title: Authorized Signatory

 

     

     

    

 

	 	INVESTOR
	 	 
	 	CARL MARKS STRATEGIC OPPORTUNITES FUND II, L.P.
	 	 	 
	 	By: 	/s/ James F. Wilson
	 	Name: James F. Wilson
	 	Title: Managing Member

 

     

     

    

 

	 	INVESTOR
	 	 
	 	CARL MARKS STRATEGIC INVESTMENTS, L.P.
	 	 	 
	 	By: 	/s/ James F. Wilson
	 	Name: James F. Wilson
	 	Title: Managing Member

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Tennenbaum Special Situations IX-O, LP
	 	 
	 	By: Tennenbaum Capital Partners, LLC
	 	Its: Investment Manager
	 	 	 
	 	By: 	/s/ Howard Levkowitz
	 	Name: Howard Levkowitz
	 	Title: Managing Partner

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Tennenbaum Special Situations IX-C, LP
	 	 
	 	By: Tennenbaum Capital Partners, LLC
	 	Its: Investment Manager
	 	 	 
	 	By: 	/s/ Howard Levkowitz
	 	Name: Howard Levkowitz
	 	Title: Managing Partner

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Tennenbaum Special Situations IX, LLC
	 	 
	 	By: Tennenbaum Capital Partners, LLC
	 	Its: Investment Manager
	 	 	 
	 	By: 	/s/ Howard Levkowitz
	 	Name: Howard Levkowitz
	 	Title: Managing Partner

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Tennenbaum Opportunities Fund VI, LLC
	 	By: Tennenbaum Capital Partners, LLC
	 	Its: Investment Manager
	 	 	 
	 	By: 	/s/ Howard Levkowitz
	 	Name: Howard Levkowitz
	 	Title: Managing Partner

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Tennenbaum Special Situations IX-S, LP
	 	By: Tennenbaum Capital Partners, LLC
	 	Its: Investment Manager
	 	 	 
	 	By: 	/s/ Howard Levkowitz
	 	Name: Howard Levkowitz
	 	Title: Managing Partner

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Marble Ridge Capital L.P.
	 	 	 
	 	By: 	/s/ Dan Kamensky
	 	Name:     Dan Kamensky
	 	Title:     Managing Investor

 

     

     

    

 

	 	INVESTOR
	 	 
	 	Solus Alternative Asset Management LP
	 	 	 
	 	By: 	/s/ C.J. Lanktree
	 	Name:   C.J. Lanktree
	 	Title:    EVP/Portfolio Manager

 

     

     

    

 

	 	INVESTOR
	 	 
	 	FHIT-Franklin High Income Fund
	 	BY: Franklin Advisers, Inc., its investment manager
	 	 
	 	By:	/s/ Glenn Voyles
	 	Name: Glenn Voyles
	 	Title: VP / Director of Portfolio Management

 

Notwithstanding anything to the contrary in this Agreement,
the provisions of this Agreement (including any obligations and restrictions) shall only apply to FHIT – Franklin High Income
Fund (the “Fund”) and shall not apply to any other fund or account managed by Franklin Advisers, Inc. or its affiliates.
The Fund’s agreement to enter into this Agreement is conditioned upon the preceding sentence.

 

     

     

    

 

Exhibit A

 

	Investor	 	Backstop
 Commitment
 Amount	 	 	Purchase Price	 	 	Investor
 Percentages
 (%)	 
	AllianceBernstein L.P.	 	$	82,667,634	 	 	$	57,231,439	 	 	 	19.1	 
	Bain Capital Credit, LP	 	$	156,549,473	 	 	$	108,380,404	 	 	 	36.1	 
	Carl Marks Management Company	 	$	52,179,321	 	 	$	36,124,146	 	 	 	12.0	 
	FHIT-Franklin High Income Fund	 	 	21,667,667	 	 	$	15,000,000	 	 	 	5.0	 
	Marble Ridge Capital LP	 	$	8,199,554	 	 	$	5,676,614	 	 	 	1.9	 
	Solus Alternative Asset Management LP	 	$	20,689,335	 	 	$	14,323,386	 	 	 	4.8	 
	Tennenbaum Capital Partners	 	$	28,138,165	 	 	$	19,480,268	 	 	 	6.5	 
	Wayzata Investment Partners LLC	 	$	63,243,184	 	 	$	43,783,743	 	 	 	14.6	 
	Total	 	$	433,333,333	 	 	$	300,000,000	 	 	 	100.0	%

  

     

     

    

 

Exhibit B

 

Term Sheet

 

     

     

    

  

	 
	CHC
    GROUP LTD., ET AL.
	Joint
    Plan Of Reorganization Term Sheet
	 

 

This
term sheet (THe “term sheet”) PRESENTS THE MATERIAL TERMS OF A proposed JOINT chapter 11 plan of reorganization
for CHC GROUP LTD. and certain of its subsidiaries who are debtors and debtors
in possession (collectively, the “Debtors”) in chapter 11 cases (the “chapter 11 cases”
and, the date on which such Chapter 11 Cases commenced, the “Petition Date”) currently pending in the
united states bankruptcy court for the NORTHERN DISTRICT OF TEXAS, DALLAS DIVISION (the “Bankruptcy Court”).

 

THIS TERM SHEET
DOES NOT CONSTITUTE AN OFFER OR A LEGALLY BINDING OBLIGATION OF THE DEBTORS OR ANY OTHER PARTY, NOR DOES IT CONSTITUTE AN OFFER
OF SECURITIES OR A SOLICITATION OF THE ACCEPTANCE OR REJECTION OF A JOINT CHAPTER 11 PLAN FOR PURPOSES OF SECTIONS 1125 AND 1126
OF THE BANKRUPTCY CODE.

 

ThIS
Term Sheet is a settlement proposal in furtherance of settlement discussions. Accordingly, thIS Term Sheet is protectED BY Rule
408 of the Federal Rules of Evidence and any other applicable statutes or doctrines protecting the use or disclosure of confidential
settlement discussions.

 

    	 	 	 

     

    

 

	RESTRUCTURING SUMMARY
	 
	Overview	This Term Sheet describes the
        material terms of a joint chapter 11 plan of reorganization (the “Plan of Reorganization”) that will
        be sponsored by the entities identified on Exhibit A attached hereto (collectively, the “Plan
        Sponsors”) and will be implemented in accordance with a plan support agreement (the “Plan Support Agreement”),1
        which shall be entered into by the Debtors, the Plan Sponsors, the Official Committee of Unsecured Creditors
        (the “UCC”), the individual creditors that execute the Plan Support Agreement and are identified on
        Exhibit B attached hereto (the “Individual Creditor Parties”) and Milestone Aviation
        Group Limited and certain of their affiliates (collectively, “Milestone” and, together with the Plan
        Sponsors, the Debtors, the UCC and the Individual Creditor Parties, the “Settlement Parties”).

         

        Unless as otherwise specified
        herein, all documents (the “Restructuring Documents”), including, without limitation, the PSA Approval
        Order (as defined below), the Plan of Reorganization, and all exhibits and schedules thereto, the Disclosure Statement,
        pleadings, proposed orders and other filings with the Bankruptcy Court for the Northern District of Texas, Dallas Division
        (the “Bankruptcy Court”), implementing the restructuring contemplated by this Term Sheet shall be consistent
        with this Term Sheet and otherwise reasonably acceptable to the Debtors, the UCC and the Requisite Plan Sponsors; provided,
        however, all Governance Matters (as defined below) shall be determined as set forth herein.

         

        The “PSA Approval Order”
        means an order of the Bankruptcy Court that, among other things, authorizes and approves (i) the Debtors’ entry
        into the Plan Support Agreement and the Backstop Agreement (as defined below), (ii) the UCC’s entry into the Plan
        Support Agreement, (iii) the Debtors’ payment of the Put Option Premium (as defined below) to the Backstop Commitment
        Parties (as defined below), and (iv) the Milestone Term Sheet (as defined below) and the transactions contemplated therein.

         

        The “Effective Date”
        means the date on which the substantial consummation (as that term is defined by section 1101(2) of title 11 of the United
        States Code (the “Bankruptcy Code”) of the Plan of Reorganization occurs.

 

 

1
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Plan Support
Agreement.

 

    	 	2	 

     

    

 

	GLOBAL SETTLEMENT
	 
	Global Settlement	The terms set forth in this Term
        Sheet represent an integrated global settlement of any and all potential issues among the Settlement Parties, including,
        without limitation: (i) any issues with respect to amount, value and treatment under the Plan of Reorganization of claims,
        including the Secured Notes Claims, claims arising out of the Debtors’ senior unsecured notes due 2021 (the “Unsecured
        Notes Claims”), and other General Unsecured Claims; (ii) validity, extent and priority of the liens securing
        the Secured Notes; (iii) value of unencumbered assets; (iv) any potential adequate protection or diminution in value claim
        held by holders of the Secured Notes; (v) any potential claim to surcharge collateral under Bankruptcy Code section 506(c);
        and (vi) Plan Equity Value (as defined below) and total enterprise value (collectively, the “Settled Claims”).
        Notwithstanding the foregoing, nothing herein or in the Plan Support Agreement shall be considered any Settlement Parties’
        view or admission of any kind whatsoever by any of the Settlement Parties with respect to the Settled Claims or any term
        of the Global Settlement.

         

        As will be more fully detailed
        in the Plan Support Agreement, each of the Settlement Parties will use commercially reasonable efforts to have the Plan
        of Reorganization proposed, confirmed and consummated as soon as possible and the Debtors shall take appropriate steps
        to oppose, challenge and object to any alternative plan of reorganization or other restructuring transaction. Notwithstanding
        the foregoing and as will be set forth in the Plan Support Agreement, neither the UCC (including its members in such members’
        capacity as a member of the UCC) nor the Debtors shall be required to take any action, or to refrain from taking any action,
        to the extent that taking such action or refraining from taking such action would, upon the advice of counsel, cause such
        party to breach its fiduciary obligations under the Bankruptcy Code and applicable law (any such action, or refraining
        to take such action, a “Fiduciary Action”). For the avoidance of doubt, and notwithstanding any provisions
        to the contrary herein or in the Plan Support Agreement, in order to fulfill the Debtors’ and the UCC’s fiduciary
        obligations, the Debtors and/or the UCC may analyze and consider unsolicited proposals or offers for any alternative chapter
        11 plan or restructuring transaction and may ask clarifying questions regarding that offer (but not negotiate, counter
        or seek to alter any of the terms therein) without terminating, or breaching its obligations under, this Term Sheet or
        the Plan Support Agreement; provided however, that if the Debtors take a Fiduciary Action, such Fiduciary
        Action will result in a termination of the Plan Support Agreement and the Backstop Agreement (as defined below), which
        shall in turn result in the Put Option Premium (as defined below) becoming due and payable. 

	 	 
	AGREEMENT WITH MILESTONE
	 
	Agreement with Milestone	Terms of the agreement with Milestone, including,
    without limitation, committed lease and financing terms, shall be set forth in a term sheet to be attached as an exhibit to
    the Plan Support Agreement (the “Milestone Term Sheet”).  All definitive documents implementing
    the terms thereof shall be consistent in all material respects with the Milestone Term Sheet and otherwise in all respects
    reasonably acceptable to the Debtors, Milestone, the Requisite Plan Sponsors, and the UCC.

 

    	 	3	 

     

    

 

	THE RIGHTS OFFERING  
	 
	Rights Offering 

         
	In connection with the Plan of
        Reorganization, the Debtors will solicit participation in a rights offering (the “Rights Offering”)
        to purchase the New Second Lien Convertible Notes (as defined below) for an aggregate principal amount of $300.0 million,
        which, when adjusted for the original issue discount and Equitization Premium (as defined below), purchases $433.3 million
        of New Second Lien Convertible Notes. Pursuant to the Rights Offering, the $300.0 million investment shall be allocated
        $280.0 million to the holders of Senior Secured Notes Claims (as defined below) and $20 million to the holders of Unsecured
        Notes Claims. Each eligible holder of a Senior Secured Notes Claim or an Unsecured Notes Claim that participates in the
        Rights Offering shall receive its pro rata share of its respective group’s allocation of the New Second Lien Convertible
        Notes.2 The New Second Lien Convertible Notes
        shall convert into New Common Shares in accordance with the terms of the New Second Lien Convertible Notes term sheet
        attached hereto as Exhibit D. The Rights Offering shall be fully backstopped as set forth herein.

         

        In consideration for the settlements
        and agreements contained herein, the holders of Senior Secured Notes have agreed to equitize their Senior Secured Notes
        Secured Claims (as defined below) under the Plan of Reorganization, which equitization shall include the issuance of an
        additional $100.0 million of New Second Lien Convertible Notes in the Rights Offering (the “Equitization Premium”).
        The Equitization Premium shall be shared ratably by all participants in the Rights Offering.

         

        “New Common Shares”
        means the membership interests of either (a) CHC Group Ltd. (“CHC”), as reorganized pursuant to the
        Plan of Reorganization or (b) such other newly formed entity, whose corporate form and jurisdiction of incorporation shall
        be determined in accordance with the Governance Matters set forth herein (either (a) or (b), “Reorganized CHC”),
        to be issued on the Effective Date as provided herein.

         

        The subscription documents for
        the Rights Offering will provide that all parties who subscribe to purchase the New Second Lien Convertible Notes must
        vote in favor of, and not object to, the Plan of Reorganization.

         

        Notwithstanding the foregoing
        or anything herein to the contrary, the Backstop Commitment Parties shall participate in the Rights Offering in their
        capacities as beneficial holders of the Senior Secured Notes Claims or Unsecured Notes Claims, as applicable.

         

        The procedures for the Rights
        Offering shall be determined by the Debtors, the UCC, and the Plan Sponsors and, solely to the extent provided in the
        Plan Support Agreement or Backstop Agreement, the Individual Creditor Parties.

	 	 
	New Second Lien Convertible Notes	$464.1 million in face amount of second lien
    convertible notes (the “New Second Lien Convertible Notes”), the terms of which are set forth on the term
    sheet attached hereto as Exhibit D (the “Convertible Notes Term Sheet”).  All definitive
    documents implementing the terms thereof shall be consistent in all material respects with the Convertible Notes Term Sheet
    and otherwise in all respects reasonably acceptable to the Requisite Plan Sponsors, UCC and the Debtors.  The New
    Second Lien Convertible Notes shall not bear or pay non-default interest and shall be convertible into 85.4% of the New Common
    Shares on a fully diluted basis (but subject to dilution for the MIP), on the terms and conditions set forth in the Convertible
    Notes Term Sheet.  

 

 

 

2
Non-Eligible Holders (as defined in the Rights Offering Procedures) of Allowed Unsecured Notes Claims and Allowed
Senior Secured Notes Claims shall have the opportunity to receive their pro rata share of a specified distribution of New Common
Shares. The terms and conditions of such distributions for Non-Eligible Holders will be set forth in further detail in the Rights
Offering Procedures.

 

    	 	4	 

     

    

 

	Backstop Commitment 	“Backstop Commitment”
        means the obligation of the Plan Sponsors and Individual Creditor Parties identified on Exhibit C attached
        hereto (the “Backstop Commitment Parties”) to purchase the New Second Lien Convertible Notes in the
        Rights Offering in the amounts set forth on Exhibit C attached hereto, and subject in all respects to the
        terms of this Term Sheet and the Backstop Agreement.

         

        The Backstop
        Commitment shall be documented pursuant to an agreement on terms and conditions consistent with this Term Sheet and otherwise
        acceptable to the Debtors, the UCC and the Plan Sponsors (the “Backstop Agreement”), each in their
        sole discretion, and, solely to the extent provided in the Plan Support Agreement or Backstop Agreement, acceptable to
        the Individual Creditor Parties, which agreement shall be attached to the Plan Support Agreement and approved by the Bankruptcy
        Court pursuant to the PSA Approval Order.

	 	 
	Put Option Premium	The “Put Option Premium”
        means a nonrefundable aggregate premium payable on the Effective Date of the Plan of Reorganization to the Backstop Commitment
        Parties in additional New Second Lien Convertible Notes in a principal amount of $30.8 million. If the Backstop Agreement
        is terminated (other than due to the occurrence of certain termination events specifically excluded in the Backstop Agreement),
        the Put Option Premium shall be payable to the Backstop Commitment Parties in cash (as opposed to additional New Second
        Lien Convertible Notes) in the amount of $21.33 million, and shall be fully due upon termination of the Backstop Agreement
        and payable in two equal installments of (x) $10.665 million immediately upon the termination of the Backstop Agreement,
        and (y) $10.665 million upon the consummation of any plan, sale or other restructuring transaction; it being understood
        that any Backstop Commitment Party that breaches the Backstop Agreement or the Plan Support Agreement shall not be entitled
        to its pro rata share of the Put Option Premium under any circumstances.

         

        The $30.8 million in New Second
        Lien Convertible Notes issued in respect to the Put Option Premium shall be convertible into 5.67% of the New Common Stock
        on a fully diluted basis (but subject to dilution for the MIP). Of this amount, 5.29% shall be allocated to the Plan Sponsors
        and 0.38% shall be allocated to the Individual Creditor Parties.

         

        The Put Option Premium shall be
        fully earned by the Backstop Commitment Parties upon approval of the Backstop Commitment. While the Put Option Premium
        may be asserted against each Debtor, if the Put Option Premium is paid in cash, the Backstop Commitment Parties shall
        not receive more than $21.4 million in the aggregate on account of such Put Option Premium, and, in each such case, shall
        constitute an administrative expense claim against each of the Debtors which shall be pari passu with all other administrative
        expenses. The Put Option Premium shall be payable on a ratable basis to the Backstop Commitment Parties based on such
        party’s respective share of the Backstop Commitment set forth on Exhibit C attached hereto.

 

    	 	5	 

     

    

 

	Transferability 	
        The Backstop Commitment Parties’
        respective commitments under the Backstop Agreement shall not be transferable; provided, that such commitments shall be
        transferrable from one Backstop Commitment Party to another Backstop Commitment Party or from any Backstop Commitment Party to
        any of its affiliates, as long as such affiliates are or become signatories to the Plan Support Agreement and the Backstop Agreement;
        provided however, that the assigning party shall not be released from its obligations under the Backstop Agreement.

         

        The rights provided to holders of Senior
        Secured Notes Claims and Unsecured Notes Claims in the Rights Offering (the “Rights”) shall not be assignable
        or detachable, and shall not be transferrable other than in connection with the transfer of the corresponding Senior Secured Notes
        Claims or Unsecured Notes Claims, as applicable.  After a Right has been exercised by submitting an election form, the underlying
        Senior Secured Notes Claim or Unsecured Notes Claim will cease to be transferrable, and the holder of such Senior Secured Notes
        Claim or Unsecured Notes Claim shall not transfer any such Senior Secured Notes Claims or Unsecured Notes Claims unless such holder
        transfers with such Claim(s) the right to receive the proceeds of the exercise of the corresponding Rights in the Rights Offering,
        subject to compliance with applicable securities laws relating to the transfer of restricted securities.   

	 	 
	Several Obligations 	The Backstop Commitment Parties’ respective commitments and obligations under the Backstop Agreement shall be several obligations and neither joint nor joint and several obligations and, unless otherwise expressly agreed in writing by a Backstop Commitment Party, no Backstop Commitment Party shall have any liability for any obligation of another Backstop Commitment Party; provided, however, that each Backstop Commitment Party shall be liable for its pro rata share of the Backstop Commitment of any Backstop Commitment Party which breaches its obligations up to an aggregate amount of $20 million (the “Backstop Breach Commitment”).  For the avoidance of doubt, pursuant to the Backstop Breach Commitment, each Backstop Commitment Party shall be liable only for its pro rata share of up to $20 million in the aggregate (not up to $20 million per Backstop Commitment Party) resulting from the breach by one or more Backstop Commitment Party.
	 	 
	Oversubscription Rights	
        None; provided, that, subject to
        the Backstop Breach Commitment, in the event that a Backstop Commitment Party defaults in its Backstop Commitment obligations,
        then the other Backstop Commitment Parties shall have the right, but not the obligation, to purchase such defaulting Backstop Commitment
        Party’s Backstop Commitment obligations.

         

	 	 
	TREATMENT OF CLAIMS AND INTERESTS
	 
	Non-Substantive Consolidation	The Plan shall not provide for the substantive consolidation of any Debtor’s estate with any other Debtor.

 

    	 	6	 

     

    

 

	Administrative Expense Claims3  	Except with respect to Administrative
    Expense Claims that are Professional Fee Claims (as defined below) or Priority Tax Claims (as defined below), and except to
    the extent that a holder of an allowed Administrative Expense Claim (including a claim arising under section 503(b)(9) of
    the Bankruptcy Code that has not been paid pursuant to a motion filed with the Bankruptcy Code) and the Debtors, with the
    consent of the Requisite Plan Sponsors and the UCC, not to be unreasonably withheld, agree to a less favorable treatment,
    each holder of an allowed Administrative Expense Claim shall, in full and final satisfaction of its claim, be paid in full
    in cash; provided, however, that allowed Administrative Expense Claims that arise in the ordinary course of the Debtors’
    business, including Administrative Expense Claims arising from or with respect to the sale of goods or services on or after
    the Petition Date, the Debtors’ executory contracts and unexpired leases, and all Administrative Expense Claims that
    are Intercompany Claims (as defined below), shall be paid in the ordinary course of business in accordance with the terms
    and subject to the conditions of any agreements governing, instruments evidencing, or other documents relating to, such transactions,
    without further action by the holders of such Administrative Expense Claims or further approval by the Bankruptcy Court.
	 	 
	Professional Fee Claims4  	All final requests for payment of Professional
    Fee Claims must be filed no later than sixty (60) days after the Effective Date.  After notice and a hearing
    in accordance with the procedures established by the Bankruptcy Code and prior orders of the Bankruptcy Court, the allowed
    amounts of such Professional Fee Claims shall be determined by the Bankruptcy Court and paid in full in cash.
	 	 
	Priority Tax Claims5
     	Except to the extent that a holder of an allowed
    Priority Tax Claim and the Debtors, with the consent of the Requisite Plan Sponsors and the UCC, not to be unreasonably withheld,
    agree to a less favorable treatment, each holder of an allowed Priority Tax Claim shall receive, at the option of the Debtors,
    with the consent of the Requisite Plan Sponsors and the UCC, not to be unreasonably withheld, in full and final satisfaction
    of such claim either (i) cash in an amount equal to such allowed Priority Tax Claim, (ii) equal annual installment payments
    in cash, of a total value, as of the Effective Date, equal to the allowed amount of such claim, over a period ending not later
    than five (5) years after the Petition Date, or (iii) treatment in a manner not less favorable than the most favored non-priority
    unsecured claim provided for by the Plan.
	 	 
	Revolving Credit Agreement Claims6
    	Holders of allowed Revolving Credit Agreement
    Claims shall receive, in full and final satisfaction of their claims, a new term note in the amount of their claim in accordance
    with section 1129(b) of the Bankruptcy Code as may be determined by the Bankruptcy Court or such other treatment that is reasonably
    acceptable to the Debtors, the UCC, and the Requisite Plan Sponsors.

 

 

		3	“Administrative
                                         Expense Claim” means a claim for the costs and expenses of administration of
                                         the Debtors’ chapter 11 estates pursuant to section 503(b) and 507(a)(2) of the
                                         Bankruptcy Code.
		 	 

		4	“Professional
                                         Fee Claim” means any claim for accrued fees and expenses (including success
                                         fees) for services rendered and expenses incurred by a professional subject to the Court’s
                                         approved interim compensation procedures from the Petition Date through and including
                                         the Effective Date to the extent such fees and expenses have not been paid pursuant to
                                         an order of the Bankruptcy Court. For the avoidance of doubt, the fees and expenses of
                                         indenture trustees does not constitute a Professional Fee Claim.
		 	 

		5	“Priority
                                         Tax Claim” means any claim of a governmental unit of the kind specified in
                                         section 507(a)(8) of the Bankruptcy Code.
		 	 

		6	“Revolving
                                         Credit Agreement Claims” means claims arising out of that certain Credit Agreement,
                                         dated as of January 23, 2014 (as amended, restated, supplemented, or otherwise modified
                                         from time to time) by and among, inter alios, CHC SA and the other borrowers party
                                         thereto, with the lenders and issuing banks party thereto from time to time, HSBC Bank
                                         PLC, as administrative agent and HSBC Corporate Trustee Company (UK) Limited, as collateral
                                         agent.

 

    	 	7	 

     

    

 

	ABL Credit Agreement Claims7	If the Debtors are able to reach
    an agreement with the lenders under the ABL Credit Agreement on a restructuring of the obligations thereunder, any term sheet
    setting forth the terms and conditions of such agreement (the “ABL Term Sheet”) to be submitted to the
    Court shall be in all respects reasonably acceptable to the Debtors, the Plan Sponsors, and the UCC.  All definitive
    documents implementing the terms thereof shall be in all respects reasonably acceptable to the Debtors, the Requisite Plan
    Sponsors, and the UCC. 
	 	 
	Senior Secured Notes Claims8	Subject to the Senior Secured
        Notes agreement to waive distribution on the Senior Secured Notes Deficiency Claim (as defined below), the Senior Secured
        Notes Claims shall be allowed in the aggregate amount of no less than $1.067 billion (the “Senior Secured Notes
        Secured Claims”).

         

        Each holder of an allowed Senior
        Secured Notes Secured Claim shall receive, on account of and in full and final satisfaction thereof, its pro rata share
        of: (i) 79.5% of the New Common Shares, prior to dilution on account of the New Second Lien Convertible Notes and
        the MIP (which shall equate to 11.6% of the New Common Shares, after dilution (as of the Effective Date) on account of
        the New Second Lien Convertible Notes (as if the New Second Lien Convertible Notes converted on the Effective Date), but
        prior to dilution on account of the MIP); and (ii) rights to participate in $280 million of the Rights Offering investment
        for the New Second Lien Convertible Notes, the number of shares of New Common Shares issuable upon conversion of such
        New Second Lien Convertible Notes will initially be equal to 74.4% of the New Common Shares on a fully diluted basis (but
        subject to dilution for the MIP) as of the Effective Date (i.e. $404.4 million face amount of the New Second Lien Convertible
        Notes as of the Effective Date).

         

        Of the distribution to Senior
        Secured Notes Claims, up to 1% of the New Common Shares (after dilution on account of the New Second Lien Convertible
        Notes, but prior to dilution on account of the MIP) shall be made available to holders of Senior Secured Notes Claims
        that are Non-Eligible Offerees who make a timely election on the terms and conditions set forth in the Rights Offering
        Procedures, with any unclaimed portion of such New Common Shares being distributed pro rata to all holders of Senior Secured
        Notes Claims.

         

        The resulting deficiency claims
        of holders of Senior Secured Notes Claims (the “Senior Secured Notes Deficiency Claims”) shall be classified
        and vote as General Unsecured Claims; provided, however, the holders of Senior Secured Notes Claims shall waive any recovery
        on account of the Senior Secured Notes Deficiency Claims.

 

 

		7	“ABL
                                         Credit Agreement Claims” means claims arising out of that certain Credit Agreement,
                                         dated as of June 12, 2015 (as amended, restated, supplemented or otherwise modified from
                                         time to time) with the lenders and issuing banks party thereto from time to time, and
                                         Morgan Stanley Senior Funding, Inc., as administrative agent and BNP Paribas SA, as collateral
                                         agent (the “ABL Credit Agreement”).
		 	 

		8	“Senior
                                         Secured Notes Claims” means claims arising out of that certain Indenture, dated
                                         as of October 4, 2010 (as amended, restated, supplemented, or otherwise modified from
                                         time to time) by and among CHC SA, as issuer, the Bank of New York Mellon, as indenture
                                         trustee, and HSBC Corporate Trustee Company (UK) Limited, as collateral agent.

 

    	 	8	 

     

    

 

	Other Secured Claims9	To the extent that any Other Secured
    Claim exists, except to the extent that a holder of an allowed Other Secured Claim agrees to less favorable treatment with
    the Debtors, with the consent of the Requisite Plan Sponsors and the UCC, not to be unreasonably withheld, each holder of
    an allowed Other Secured Claim shall, in full and final satisfaction of such claim, (i) be reinstated and rendered unimpaired
    in accordance with section 1124(2) of the Bankruptcy Code, notwithstanding any contractual provision or applicable non-bankruptcy
    law that entitles the holder of an allowed Other Secured Claim to demand or to receive payment of such allowed Other Secured
    Claim prior to the stated maturity of such allowed Other Secured Claim from and after the occurrence of a default, (ii) receive
    cash in an amount equal to such allowed Other Secured Claim as determined in accordance with section 506(a) of the Bankruptcy
    Code, on the later of the initial distribution date under the Plan and thirty (30) days after the date such Other Secured
    Claim is allowed (or as soon thereafter as is practicable), or (iii) receive the collateral securing its allowed Other Secured
    Claim on the later of the initial distribution date under the Plan and the date such Other Secured Claim becomes an allowed
    Other Secured Claim, or as soon thereafter as is reasonably practicable, in each case as determined by the Debtors and consented
    to by the Requisite Plan Sponsors and the UCC, not to be unreasonably withheld.
	 	 
	Other Priority Claims10	Except to the extent that a holder of an allowed
    Other Priority Claim and the Debtors agree, with the consent of the Requisite Plan Sponsors and the UCC, not to be unreasonably
    withheld, to less favorable treatment to such holder, each holder of an allowed Other Priority Claim shall receive, in full
    and final satisfaction of such claim, payment in full in cash; provided, however, that any Other Priority Claims
    that arise in the ordinary course of the Debtors’ business and which are not due and payable on or before the Effective Date
    shall be paid in the ordinary course of business in accordance with the terms thereof.
	 	 
	General Unsecured Claims11	Holders
        of allowed General Unsecured Claim (other than on account of the Senior Secured Notes Deficiency Claims) shall receive,
        in the aggregate in full and final satisfaction of their claims, (i) 20.5% of the New Common Shares, prior to dilution
        on account of the New Second Lien Convertible Notes and the MIP (which shall equate to 3.0% of the New Common Shares,
        after dilution on account of the New Second Lien Convertible Notes, but prior to dilution on account of the MIP); (ii)
        rights to participate in $20 million of the Rights Offering investment for the New Second Lien Convertible Notes, the
        number of shares of New Common Shares issuable upon conversion of such New Second Lien Convertible Notes will be equal
        to 5.3% of the New Common Shares on a fully diluted basis (but subject to dilution for the MIP) as of the Effective Date
        (i.e. $28.9 million face amount of the New Second Lien Convertible Notes as of the Effective Date); and (iii) the New
        Unsecured Notes.

         

 

 

		9	“Other
                                         Secured Claim” means any secured claim that is not a Revolving Credit Agreement
                                         Claim, ABL Claim, or Senior Secured Notes Claim.
		 	 

		10	“Other
                                         Priority Claim” means any claim asserting a priority described in section 507(a)
                                         of the Bankruptcy Code that is not: (a) an Administrative Expense Claim; (b) a Professional
                                         Fee Claim; or (c) a Priority Tax Claim.
		 	 

		11	“General
                                         Unsecured Claim” means any unsecured claim against any Debtor including, without
                                         limitation, Unsecured Notes Claims, claims on account of the Debtors’ rejection
                                         of executory contracts or unexpired leases, ABL Deficiency Claim and the Senior Secured
                                         Notes Deficiency Claims. For the avoidance of doubt, Intercompany Claims are not included
                                         in the definition of General Unsecured Claims.

 

    	 	9	 

     

    

 

	 	Of the distributions to holders
        of General Unsecured Claims, holders of Unsecured Notes Claims shall receive (i) 8.9% of the New Common Shares, prior
        to dilution on account of the New Second Lien Convertible Notes and the MIP (which shall equate to 1.3% of the New Common
        Shares, after dilution on account of the New Second Lien Convertible Notes), but prior to dilution on account of the MIP;
        and (ii) all rights to participate in $20 million of the Rights Offering investment for the New Second Lien Convertible
        Notes (collectively, the “Unsecured Notes Distribution”). Of the Unsecured Notes Distribution, up to
        0.1% of the New Common Shares (after dilution on account of the New Second Lien Convertible Notes, but prior to dilution
        on account of the MIP) shall be made available to holders of Unsecured Notes Claims that are Non-Eligible Offerees who
        make a timely election on the terms and conditions set forth in the Rights Offering Procedures, with any unclaimed portion
        of such New Common Shares being distributed pro rata to all holders of Unsecured Notes Claims.

         

        Holders of General Unsecured Claims
        (other than Unsecured Notes Claims) shall receive (i) 11.6% of the New Common Shares, prior to dilution on account of
        the New Second Lien Convertible Notes and the MIP (which shall equate to 1.7% of the New Common Shares, after dilution
        on account of the New Second Lien Convertible Notes, but prior to dilution on account of the MIP), and (ii) the New Unsecured
        Notes. Allocation of these distributions to holders of other General Unsecured Claims shall be set forth in the Plan and
        determined by the Debtors and the UCC based on, among other things, the unencumbered assets available for distribution
        at each Debtor entity and intercompany claims asserted among Debtor entities.

         

        With the consent of the Debtors,
        the UCC and the Requisite Plan Sponsors (which consent shall not be unreasonably withheld), a convenience class may be
        established and provide for distributions up to an aggregate amount of $750,000 in cash (the “Convenience Class
        Consideration”); provided, however, the principal amount of the New Unsecured Notes shall be reduced
        dollar for dollar by the amount of the Convenience Class Consideration.

         

        “New Unsecured Notes”
means new unsecured notes that shall be issued by the same issuer and guarantors as the New Second Lien Convertible Notes in the
aggregate principal amount of $37.5 million, with an interest rate of 5.0%, payable in kind, maturity of seven years after the
Effective Date, no amortization, payable in full (with accruals) upon maturity; provided, however, that upon the full conversion
of the New Second Lien Convertible Notes, interest on the New Unsecured Notes shall be payable in cash. The New Unsecured Notes
shall rank pari passu with the New Second Lien Convertible Notes and be deemed senior indebtedness of the Reorganized CHC but
shall not have the benefit of any security or be convertible into New Common Shares. The salient terms of the New Unsecured Notes
shall be the same as the New Second Lien Convertible Notes, except as specified above, as set forth on Exhibit F
attached hereto.

	 	 
	Intercompany Claims12	All allowed Intercompany Claims shall be adjusted,
    continued or discharged in a manner reasonably acceptable to the Debtors, the Requisite Plan Sponsors and the UCC.
	 	 
	Intercompany Interests13	All Intercompany Interests shall be reinstated
    for administrative convenience.

  

 

		12	“Intercompany
                                         Claim” means any prepetition or post-petition claim held by a Debtor against
                                         any Debtor.
		 	 

		13	“Intercompany
                                         Interest” means any equity interest in a Debtor that is held by another Debtor.

  

    	 	10	 

     

    

 

	Existing Interests14	All Existing Interests shall be cancelled without any distribution on account of such Existing Interests.
	 	 
	GENERAL PLAN PROVISIONS 
	 
	Plan Equity Value	The Disclosure Statement shall set forth the agreed equity value of the New Common Shares for purposes of the Plan of Reorganization, which equity value shall be $543.5 million (the “Plan Equity Value”), which assumes conversion of the New Second Lien Convertible Notes in full.
	 	 
	Tax Matters	The Plan of Reorganization shall be structured so as to preserve, to the greatest extent practicable, the Debtors’ net operating losses and any other valuable tax attributes.  Reorganized CHC shall be taxable as a corporation.
	 	 
	Executory Contracts and Unexpired Leases	Except as provided in the Milestone Term Sheet or to the extent that the Debtors have already reached an agreement with counterparties to executory contracts and unexpired leases, and such agreement has been approved by the Bankruptcy Court, the treatment of executory contracts and unexpired leases under the Plan shall be determined in a manner reasonably acceptable in all respects to the Debtors, the Requisite Plan Sponsors and the UCC.
	 	 
	Board of Reorganized CHC 	The initial board of Reorganized CHC shall have five (5) members, which shall consist of the Chief Executive Officer (Karl Fessenden) and four (4) other members selected by the Requisite Plan Sponsors in their sole discretion but after consultation with the Chief Executive Officer, provided that one of the four shall be an independent director.  The Plan Sponsors shall consult with the UCC and the Individual Creditor Parties, regarding the selection of the independent director.
	 	 
	Other Governance Matters/Reporting Obligations	All corporate organization and governance matters with respect to Reorganized CHC, including corporate form, governance documents and selection of members of the board of directors (collectively, the “Governance Matters”) shall be consistent with this Term Sheet and as otherwise determined by the Requisite Plan Sponsors in their sole discretion, in consultation with the Debtors and the UCC, provided, however, that, to the extent any governance documents expressly adversely and disproportionately impact, or discriminate against, minority holders of New Common Shares, such provisions will be subject to the consent of the UCC, not to be unreasonably withheld, and consultation with the Individual Creditor Parties.  The Plan Sponsor and the UCC agree that limiting certain rights to holders of New Common Shares, individually or in the aggregate, of a minimum number or percentage of outstanding New Common Shares (such as votes to approve matters or minimum holdings participation in preemptive rights (provided that with respect to preemptive rights such minimum holdings shall not exceed 1%) or registration rights) or holders who meet certain qualifications (such as institutional accredited investor status or U.S. residents) shall not be deemed to create any adverse and disproportionate impact), and provided, further, however, that Reorganized CHC shall be taxable as a corporation. 

 

 

		14	“Existing
                                         Interests” means: (a) all equity interests in the Debtors that are not held
                                         by other Debtors; and (b) all claims against the Debtors subject to subordination pursuant
                                         to section 510(b) of the Bankruptcy Code arising from or related to any of the foregoing.

 

    	 	11	 

     

    

 

	 	Regardless of where Reorganized
        CHC is organized or the entity form of Reorganized CHC, (i) the duties owed to minority holders of New Common Shares by
        officers and directors of Reorganized CHC will be substantially the same as the duties owed to minority shareholders by
        officers and directors of a Delaware corporation (excluding corporate opportunity as to outside directors only), and (ii)
        the law of the place of organization of Reorganized CHC will be supplemented to the extent such law provides a lower standard
        of such duty than under the law applicable to a Delaware corporation.

         

        All common holders will have the
        right to participate in any Reorganized CHC exchange offer made available to any other holder of equity securities. For
        the avoidance of doubt, the repurchase of equity securities for cash shall not be considered an “exchange.”
        The shares of New Common Shares held by small holders will not be subject to any transfer restrictions, including rights
        of first refusal or rights of first offer, except to comply with the U.S. and foreign securities laws (including prohibiting
        transfers resulting in Reorganized CHC becoming a reporting company). Customary tag-along and drag-along rights will apply
        (but for the avoidance of doubt, sales by small holders will not be subject to tag-along rights of other holders). Minority
        shareholders will not be required to execute a shareholders agreement provided that minority shareholders may be bound
        by an operating agreement (or similar document) and terms of the CHC Plan (if any) concerning corporate governance without
        such execution.

         

        To the extent that Reorganized
        CHC is not a public reporting company, Reorganized CHC will provide unaudited quarterly financial statements for the first
        three quarters of a fiscal year and annual financial statements, which financial information may be made available to
        holders through a restricted electronic data room, and quarterly earnings calls with management. Such financial information
        may be made available to bona fide prospective purchasers who sign a customary non-disclosure agreement. The financial
        reporting obligations of Reorganized CHC described in the Restructuring Documents shall not be amended or modified to
        provide for less financial reporting to shareholders.

	 	 
	Retained Causes of Action	The Plan of Reorganization shall contain customary provisions
    regarding retention of all causes of action, including, subject to the ABL Term Sheet, any claims against Airbus related to
    the EC225 accident, by Reorganized CHC; provided, however, that potential chapter 5 claims against non-insider trade vendors
    and employees of Reorganized CHC as of the Effective Date shall be waived under the Plan of Reorganization.  
	 	 
	Releases and Exculpation	The Plan of Reorganization shall include, to the extent permitted
    by law, customary release and exculpation provisions in favor of (i) the Debtors and their present and former directors and
    officers, (ii) the Plan Sponsors, (iii) the ad hoc group of holders of the Senior Secured Notes and its members, (iv) the
    Bank of New York Mellon, in its capacity as indenture trustee for the senior secured notes, (v) HSBC Corporate Trustee Company
    (UK) Limited, in its capacity as collateral agent for the Senior Secured Notes, (vi) Milestone and (vii) the UCC and its current
    and former members; (viii) Law Debenture Trust Company, as indenture trustee for the senior unsecured notes due 2021; (ix)
    the Individual Creditor Parties and (x) the foregoing’s professionals and agents, each of (i) through (x) solely in
    their capacity as such.  

 

    	 	12	 

     

    

 

	Restructuring Expenses (to the Extent Not Paid Pursuant to the Cash
    Collateral Order)	As will be more fully set forth
        in the Backstop Agreement and/or Plan Support Agreement, all reasonable and documented fees and expenses of the Plan Sponsors,
        the Individual Creditor Parties (up to a maximum aggregate amount of $150,000) including all reasonable and documented
        fees and expenses incurred by the counsel, financial advisors, consultants and other professionals of such parties, shall
        be paid on a current basis after receipt of an invoice, each in accordance with the agreements between the Debtors and
        the applicable firm. All Restructuring Expenses billed prior to the Effective Date shall be paid on the Effective Date.
        For the avoidance of doubt, such counsel, financial advisors, consultants and other professionals to be paid pursuant
        to this section include Akin Gump Strauss Hauer & Feld LLP, Houlihan Lokey Capital, Inc., such other advisors retained
        by the Plan Sponsors and counsel to the Bank of New York Mellon. The fees, costs and expenses of Milestone and certain
        other entities specified in the Milestone Term Sheet shall be paid pursuant to the terms set forth in the Milestone Term
        Sheet.

         

        The Plan shall provide for the
        payment of the reasonable and documented fees and expenses (including counsel fees) of the indenture trustee for the senior
        unsecured notes due 2021.

	 	 
	OTHER PROVISIONS
	 
	Transaction Milestones 	The Plan Support Agreement shall include dates by which certain
    events must occur, including, among other things, entry of the PSA Order, entry of an order approving the disclosure statement,
    entry of an order confirming the Plan of Reorganization and the occurrence of the Effective Date, which milestones shall be
    acceptable in all respects to the Plan Sponsors, the UCC and the Debtors, each in their sole discretion.  
	 	 
	Business Plan	If there are any modifications or amendments to the business
    plan provided by the Debtors to the Plan Sponsors and the UCC as of the date of the Plan Support Agreement, including any
    change in the period covered by such business plan or any replacement or new business plan, such modifications or amendments
    (or new business plan) shall be acceptable to the Requisite Plan Sponsors and the UCC, each in their sole discretion.  
	 	 
	New ABL Facility	To the extent that the Debtors and the Plan Sponsors, in consultation
    with the UCC, seek to obtain a new asset based lending facility or any other type of financing to assist in the purchase of
    aircraft or provide working capital pursuant to an agreement to be entered into and effective on the Effective Date, such
    financing facility shall be in all respects reasonably acceptable to the Debtors, the Requisite Plan Sponsors, and the UCC.
    
	 	 
	MIP	On the Effective Date, Reorganized CHC will adopt a management
    incentive plan (the “MIP”) including a reservation of ten percent (10%) of the New Common Shares on a fully
    diluted basis (inclusive of the MIP shares) for distribution thereunder.  The material terms of the MIP shall be
    included in a document to be filed as part of the Plan Supplement. 

 

    	 	13	 

     

    

 

	Cash Collateral Order	The Debtors, the Plan Sponsors and the UCC shall
    work in good faith to negotiate a consensual  final order relating to the use of cash collateral (the “Final
    Cash Collateral Order”) that is reasonably acceptable in all respects to the Debtors, the Requisite Plan Sponsors
    and the UCC, for entry by October 18, 2016; provided, however, if a consensual Final Cash Collateral Order is not entered
    by October 18, 2016, the Debtors, the Plan Sponsors and the UCC will agree to a further interim order through the next omnibus
    hearing date of November 3, 2016 and a Final Cash Collateral Order reasonably acceptable in all respects to the Debtors, the
    Requisite Plan Sponsors and the UCC, shall be entered no later than November 3, 2016.  The termination of the Plan
    Support Agreement shall be an event of default under the Final Cash Collateral Order and the Debtors’ right to use Cash
    Collateral (as defined in the Final Cash Collateral Order) shall terminate fourteen (14) days following the occurrence of
    such event of default.
	 	 
	Post-Effective Date Committee	So long as the UCC does not terminate its obligations under
    the Plan Support Agreement, a post-Effective Date committee comprised of three members of the UCC will be formed on the Effective
    Date and funded by Reorganized CHC (subject to the Committee Fee Cap (as defined below)), and will have (i) consultation rights
    for the settlement of any General Unsecured Claims filed or asserted in the amount of $5 million or more, (ii) reasonable
    consent rights with respect to any settlement of a General Unsecured Claim that is settled for an Allowed General Unsecured
    Claim in excess of $5 million.  In the event the post-effective date committee does not consent to any such claim
    settlement, Reorganized CHC shall have the right to seek approval of such claim settlement by the Bankruptcy Court pursuant
    to Bankruptcy Rule 9019.  The Plan of Reorganization will provide that the Bankruptcy Court will retain jurisdiction
    to resolve any disputes related to post-Effective Date claims resolution.  The fees and expenses of the post-Effective
    Date committee shall not exceed $500,000 in the aggregate (the “Committee Fee Cap”).
	 	 
	Approval in Potential Canadian and/or Other Foreign Proceedings	To the extent that approvals are required that necessitate proceedings
    in foreign jurisdictions other than Canada and the Cayman Islands (to the extent disclosed to the Plan Sponsors and the UCC,
    subject to appropriate confidentiality restrictions, prior to the date of the Plan Support Agreement), the Debtors, the UCC
    and the Requisite Plan Sponsors shall jointly agree on the appropriate proceedings and processes to efficiently achieve such
    approvals.
	 	 
	Other Matters	The Plan Support Agreement shall
        include a termination event to the extent the unrestricted cash liquidity as of the Effective Date is less than an amount
        to be agreed upon by the Debtors, the UCC and the Requisite Plan Sponsors (after accounting for payments to be made on
        the Effective Date).

         

        Except as otherwise provided herein,
        other provisions set forth in the Plan Support Agreement, the Plan of Reorganization and all other documents or agreements
        related to the reorganization, including all exhibits, attachments, supplements, orders and documents related thereto,
        shall be in all respects reasonably acceptable to the Debtors, the UCC and the Requisite Plan Sponsors.

 

    	 	14	 

     

    

 

Exhibit A

 

Plan Sponsors

 

		1.	AllianceBernstein L.P.

 

		2.	Bain Capital Credit, LP

 

		3.	Carl Marks Management Company

 

		4.	Franklin Advisers, Inc.

 

		5.	Tennenbaum Capital Partners

 

		6.	Wayzata Investment Partners LLC

  

    	 	 	 

     

    

 

Exhibit B

 

Individual Creditor Parties 

  

		1.	Marble Ridge Capital LP

 

		2.	Solus Alternative Asset Management LP

 

    	 	 	 

     

    

 

Exhibit C

 

Backstop Commitment Parties

 

	Backstop Commitment Party	 	Commitment	 
	AllianceBernstein L.P.	 	$	57,231,439.00	 
	Bain Capital Credit, LP	 	$	108,380,404.00	 
	Carl Marks Management Company	 	$	36,124,146.00	 
	FHIT – Franklin High Income Fund	 	$	15,000,000.00	 
	Marble Ridge Capital LP	 	$	5,676,614.00	 
	Solus Alternative Asset Management LP	 	$	14,323,386.00	 
	Tennenbaum Capital Partners	 	$	19,480,268.00	 
	Wayzata Investment Partners LLC	 	$	43,783,743.00	 
	Total	 	$	300,000,000.00	 

 

     

     

    

 

Exhibit D

 

New Second Lien Convertible Notes
Term Sheet

 

This Summary of Terms and Conditions
provides an outline of a proposed new second lien convertible notes financing. This Term Sheet does not include descriptions of
all of the terms, conditions and other provisions that are to be contained in the documentation relating to such transactions.
Any capitalized terms not defined herein shall have the meanings set forth in the Joint Plan of Reorganization Term Sheet.

 

	Issuer	Reorganized CHC.
	 	 
	Guarantors	Same as under any credit facility provided as consideration on account of the claims of the Holders of allowed Revolving Credit Agreement Claims (a “New Credit Facility”) or otherwise reasonably acceptable to the Requisite Plan Sponsors, the Debtors and the UCC.  
	 	 
	Purchase Price	$300.0 million
	 	 
	Facility	$464.1 million (inclusive of the original issue discount, Equitization Premium and the Put Option Premium) in face amount of second lien convertible notes (the “New Second Lien Convertible Notes”).
	 	 
	Equitization Premium	$100.0 million of New Second Lien Convertible Notes
	 	 
	Put Option Premium	$30.8 million of New Second Lien Convertible Notes
	 	 
	Original Issue Discount	10.0%
	 	 
	Initial Holders	
        Each holder that is an “accredited
        investor” within the meaning of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”)
        of (i) an allowed Senior Secured Notes Claim shall have the right to purchase its pro rata share of $404.4 million of the New Second
        Lien Convertible Notes and (ii) an allowed Unsecured Notes Claim shall have the right to purchase their pro rata share of $28.9
        million of the New Second Lien Convertible Notes, in each case, pursuant to the Rights Offering.

         

        New Second Lien Convertible Notes
        will be held in street name through DTC to the extent the initial holders thereof are “qualified institutional buyers”
        (as defined in Rule 144A under the Securities Act) or institutional “accredited investors” (within the meaning of subparagraphs
        (a)(1), (2), (3) or (7) of Rule 501 of Regulation D under the Securities Act), to the extent practicable.

	 	 
	Security	Same as the collateral under the New Credit Facility or otherwise reasonably acceptable to Requisite Plan Sponsors, the Debtors and the UCC but, in each case, junior to the liens securing the New Credit Facility.
	 	 
	Interest	Will not bear or pay interest other than in connection with an event of default.
	 	 
	Default Rate	Upon and during the continuance of any event of default, interest shall accrue at a rate of 2.0% per annum, payable in cash.

 

     

     

    

 

	Maturity	The date that is 3.5 years after the Effective Date (the “Maturity Date”).
	 	 
	Dividends	Participation in ordinary share dividends (other than dividends paid in New Common Shares) on an as-converted basis.
	 	 
	Voting Rights	Entitled to vote on all matters upon which the holders of ordinary shares may vote, on an as-converted basis.  
	 	 
	Backstop Commitments	The Backstop Commitment Parties shall backstop the New Second Lien Convertible Notes issuance and receive the Put Option Premium in consideration for such backstop commitment as set forth in the Joint Plan of Reorganization Term Sheet. 
	 	 
	Mandatory Conversion 	
        The New Second Lien Convertible Notes will
        be mandatorily converted to New Common Shares upon the occurrence of any of the events set forth below (the date of such conversion,
        the “Conversion Date”). The number of New Common Shares issuable upon conversion of the $464.1 million outstanding
        principal amount of New Second Lien Convertible Notes will be equal to 85.4% of the New Common Shares outstanding as of the Effective
        Date on a fully diluted basis (but subject to dilution for the MIP), subject to adjustments related to anti-dilution protections.
        The conversion price shall be $464.1 million (even if less than that aggregate face amount of New Second Lien Convertible Notes
        is issued on the Effective Date) divided by the aggregate number of New Common Shares issuable in respect of $464.1 million face
        amount of New Second Lien Convertible Notes on the Effective Date, subject to anti-dilution protections or other adjustments as
        described below (the “Conversion Price”). It being understood that if the aggregate face amount of New Second
        Lien Convertible Notes issued on the Effective Date is less than $464.1 million, (i) the Conversion Price will not be adjusted
        and (ii) the percentage of New Common Shares outstanding as of the Effective Date on a fully diluted basis (but subject to dilution
        for the MIP) issuable upon conversion of the outstanding principal amount of New Second Lien Convertible Notes shall be adjusted
        as appropriate.

         

        New Second Lien Convertible Notes will
        mandatorily convert upon:

         

        ·      Any
        bona fide arm’s length issuance by Reorganized CHC of the New Common Shares to entities or persons that are not shareholders
        of Reorganized CHC (or affiliates of shareholders of Reorganized CHC) holding more than 10% of the New Common Shares immediately
        prior to such issuance for cash proceeds (net of underwriting commissions, placement fees, other similar expenses and other related
        fees and expenses), of $75.0 million or more in a single transaction at a pre-money equity value (post-conversion of the New Second
        Lien Convertible Notes) that is equal to or greater than 130.0% of the then-applicable Conversion Price.

         

        ·      If
        the New Common Shares are traded on a national securities exchange, the first trading day on which the trailing 30-day VWAP of
        the New Common Shares is 130% of the then-applicable Conversion Price.

        

 

    	 	2	 

     

    

 

	 	
        ·      30
        days’ written notice to Reorganized CHC from holders of a majority of the aggregate principal amount of the New Second Lien
        Convertible Notes then outstanding.

         

        ·      Upon
        the occurrence of the Maturity Date. 

	 	 
	Voluntary Conversion	Each holder of the New Second Lien Convertible Notes may elect at any time to convert their New Second Lien Convertible Notes into New Common Shares at the then-applicable Conversion Price.
	 	 
	Conversion Adjustments	The New Second Lien Convertible Notes shall contain customary anti-dilution protections or other adjustments including, without limitation, in connection with a subdivision or combination of outstanding New Common Shares, reclassification, recapitalization, stock split, stock dividends or similar events, issuance of rights or warrants, spin-off transactions, tender offers, share buybacks, and distributions or dividends in cash, in kind or securities, including dividends paid in New Common Shares (unless the holders of the New Second Lien Convertible Notes are fully participating in such dividends or distributions).
	 	 
	Prepayments	None permitted.
	 	 
	Affirmative and Negative Covenants	Covenants customarily found in convertible notes for similar financings for public companies, taking into account the secured nature of the notes, reasonably acceptable to the Requisite Plan Sponsors, the Debtors and the UCC.
	 	 
	Financial Covenants	None.
	 	 
	Events of Default	
        Events of default customarily found in
        convertible notes for similar financings for public companies, taking into account the secured nature of the notes, with the thresholds
        reasonably acceptable to the Requisite Plan Sponsors, Debtors and the UCC; provided that, an event of default under the New Credit
        Facility will not cause an event of default under the New Second Lien Convertible Notes unless lenders under the New Credit Facility
        accelerate the New Credit Facility as a result of such event of default.

         

        Upon the acceleration of New Second Lien
        Convertible Notes, the principal amount of New Second Lien Convertible Notes, plus accrued but unpaid interest at the default rate
        shall be immediately payable in cash to the holders thereof.

	 	 
	Registration Rights	Certain holders of New Common Shares and New Second Lien Convertible Notes will have post-IPO demand, piggyback and shelf registration rights with respect to their Reorganized CHC securities.
	 	 
	Liquidation 	
        In the event of any liquidation, dissolution
        or winding up of Reorganized CHC, the holders of the New Second Lien Convertible Notes shall be entitled to receive the greater
        in value of (i) the face amount of the New Second Lien Convertible Notes in cash and (ii) the consideration such holders would
        receive in such transaction on an as-converted basis.

         

        A merger, consolidation, other corporate
        reorganization or similar transaction in which the holders of the voting power (including both New Common Shares and New Second
        Lien Convertible Notes) of Reorganized CHC prior to such transaction possess less than a majority of the voting power of the surviving
        entity by reason of their holdings of the New Common Shares and New Second Lien Convertible Notes immediately prior to such transaction,
        or any transaction in which all or substantially all of the assets of Reorganized CHC are sold to an entity that the holders of
        the voting power (including both New Common Shares and New Second Lien Convertible Notes) of Reorganized CHC own less than a majority
        of the voting power of the purchaser entity, shall be deemed to be a liquidation.

 

    	 	3	 

     

    

 

Exhibit E

 

New Unsecured Note Term Sheet

 

This Summary of Terms and Conditions
provides an outline of the proposed new unsecured notes (the “New Unsecured Notes”) to be issued under the Joint
Plan of Reorganization. This Term Sheet does not include descriptions of all of the terms, conditions and other provisions that
are to be contained in the documentation relating to such transactions. Any capitalized terms not defined herein shall have the
meanings set forth in the Joint Plan of Reorganization Term Sheet.

 

	Issuer	Reorganized CHC.
	Guarantors	Same as under the New Convertible Second Lien Notes and any credit facility provided as consideration on account of the claims of the Holders of allowed Revolving Credit Agreement Claims (a “New Credit Facility”) or otherwise reasonably acceptable to the Requisite Plan Sponsors, the Debtors and the UCC.  
	Principal Amount	$37.5 million, subject to an agreed upon reduction in the amount of the Convenience Class Consideration (if any). 
	Initial Holders   	On or after the Effective Date, in accordance with and subject to the terms of the Plan, holders of allowed General Unsecured Claims (other than holders of Senior Secured Notes Deficiency Claims and Unsecured Notes Claims) shall each receive their pro rata share of the New Unsecured Notes.  
	Ranking	The New Unsecured Notes shall rank pari passu with the New Second Lien Convertible Notes and be deemed senior indebtedness of the Reorganized CHC but shall not have the benefit of any security or be convertible into New Common Stock.
	Amortization	No amortization shall be required with respect to the New Unsecured Notes.  The New Unsecured Notes will be payable on the Maturity Date (defined below) or upon an earlier mandatory prepayment or acceleration after an Event of Default. 
	Interest	
        5% per annum, payable quarterly

         

        Interest will be payable in kind until
        the earlier of the maturity (or accelerated maturity) of the New Second Lien Convertible Notes or conversion of the New Second
        Lien Convertible Notes, after which the interest on the New Unsecured Notes shall be payable in cash. In the event that the change
        from interest paid in kind to interest paid in cash occurs in the middle of an interest period, the accrued interest will be prorated
        and will be payable in kind for such period pre-conversion and in cash for such period post-conversion.

	Default Rate	Upon and during the continuance of any event of default, interest shall accrue at a rate of 7.0% per annum, payable in cash regardless of whether the New Second Lien Convertible Notes have converted.
	Maturity	The date that is 7 years after the Effective Date (the “Maturity Date”).
	Prepayments	Upon a change in control or initial public offering of the Reorganized CHC, the Issuer must offer to purchase all of the outstanding New Unsecured Notes at 101% of the outstanding principal amount thereof plus all accrued and unpaid interest.  Except as otherwise stated in the prior sentence, the New Unsecured Notes may be prepaid or redeemed in whole or in part at any time, without premium or penalty.  

 

     

     

    

 

	Affirmative and Negative Covenants	Same as New Second Lien Convertible Notes.
	Financial Covenants	None.
	Events of Default	
        Same as the New Second Lien Convertible
        Notes.

         

        Upon the acceleration of New Unsecured
        Notes, the principal amount of New Unsecured Notes, plus change of control premium (if applicable), plus accrued but unpaid interest
        at the default rate shall be immediately payable in cash to the holders thereof.

	Registration / Transferability	The issuance of the New Unsecured Notes shall be exempt from the registration requirements of the securities laws as a result of Section 1145 of the Bankruptcy Code. The New Unsecured Notes will be held in street name through DTC and will be freely transferable.
	Information Rights	Same as available to equity holders under the charter documents of the Reorganized CHC, or, if greater to the New Second Lien Convertible Notes (other than collateral-level reporting).    
	Governing Law and Jurisdiction	New York

 

    	 	2	 

     

    

 

Exhibit C

 

Rights Offering Procedures4

 

 

4 NTD: pending.

 

     

     

    

  

RIGHTS OFFERING PROCEDURES

 

		I.	Introduction

 

The Debtors are pursuing
a proposed financial restructuring of their existing debt and other obligations to be effectuated pursuant to the Plan of Reorganization
(the “Plan”) in connection with the Chapter 11 Cases, in accordance with the terms and conditions set
forth in the Plan Support Agreement, by and among the Debtors, the Official Committee of Unsecured Creditors) and certain
other creditors of the Debtors. On May 5, 2016, the Debtors filed for chapter 11 protection in the United States Bankruptcy Court
for the Northern District of Texas (the “Bankruptcy Court”). Their Chapter 11 Cases are being jointly
administered under the caption In re CHC Group Ltd., et al., Ch. 11 Case No. [16-31854] (BJH). Capitalized terms used but
not otherwise defined herein shall have the meanings set forth for such terms in the Joint Plan of Reorganization Term Sheet.

 

In connection with the
Plan, after having obtained approval of these procedures (the “Rights Offering Procedures”) by an order
of the Bankruptcy Court (such approval, the “Rights Offering Order”), the Debtors will launch the Rights
Offering to Eligible Offerees (as defined below), pursuant to which the Eligible Offerees shall be offered a right (each, a “Right”)
to purchase up to such Eligible Offeree’s pro rata portion of $433.3 million aggregate principal amount of the New Second
Lien Convertible Notes, on the terms and conditions set forth in the Plan, at an aggregate purchase price equal to $300.0 million.

 

An “Eligible
Offeree” is a holder or transferee of an allowed Senior Secured Notes Claim (an “Allowed Senior Secured
Notes Claim”) or an allowed Unsecured Notes Claim (an “Allowed Unsecured Notes Claim”),
in each case who is an “accredited investor” within the meaning of Rule 501(a) (“Accredited Investor”)
of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), as of the Rights
Offering Record Date (as defined below). A “Non-Eligible Offeree” is a holder of an Allowed Senior Secured
Notes Claim or an Allowed Unsecured Notes Claim that is not an Accredited Investor.

 

Only Eligible Offerees
may participate in the Rights Offering. In lieu of Rights, Non-Eligible Offerees will be given the opportunity to receive a substitute
distribution (a “Substitute Distribution”) consisting of new equity in Reorganized CHC (“New Common
Shares”).

 

These Rights Offering
Procedures, upon entry of the Rights Offering Order, will govern the ability of Eligible Offerees to participate in the Rights
Offering or the Non-Eligible Offerees to receive the Substitute Distribution.

 

All questions relating
to these Rights Offering Procedures, other documents associated with the Rights Offering, or the requirements to participate in
the Rights Offering should be directed to Kurtzman Carson Consultants LLC, the subscription agent (the “Subscription
Agent”) to be retained by the Debtors at:

 

Kurtzman Carson Consultants
LLC

1290 Avenue of the
Americas, 9th Floor

New York, NY 10104

Attention: CHC Group
Ltd

Tel: (877) 833-4150

 

     

     

    

 

A
Disclosure statement is being distributed in connection with the debtors’ solicitation of votes to accept or reject the
Plan (THE “Disclosure statement”) and that document sets forth important information that should be carefully read
and considered by each Eligible OFFEREE prior
to making a decision to participate in the Rights Offering. additional copies of the disclosure statement are available upon request
from the subscription agent and at the debtors’ restructuring website: http://www.kccllc.net/chc. 

 

	These Rights Offering Procedures, the Offering Form and the accompanying Instructions should be read carefully before exercise of the Rights, as strict compliance with their terms is required.  Holders of Rights may wish to seek legal advice concerning the Rights Offering.

 

		II.	Rights Offering

 

To exercise its Right
in the Rights Offering, an Eligible Offeree must directly or through its Subscription Nominee (as defined below) (i) complete the
offering form, which will accompany the ballot form distributed in connection with the solicitation of acceptances of the Plan
following entry of the Rights Offering Order, entitling such Eligible Offeree to exercise its Rights, in whole or in part (the
“Offering Form”), and (ii) pay the purchase price (other than the Backstop Commitment Parties) which
(x) in the case of holders of an Allowed Senior Secured Notes Claim, is an amount equal to its pro rata share of $280.0 million
(which will purchase its pro rata share of $404.4 million in face amount of the New Second Lien Convertible Notes as of the Effective
Date) and (y) in the case of holders of an Allowed Unsecured Notes Claim, is an amount equal to its pro rata share of $20.0 million
(which will purchase its pro rata share of $28.9 million in face amount of the New Second Lien Convertible Notes as of the Effective
Date) (in each case, as applicable, the “Purchase Price”), such pro rata share to be calculated as the
proportion that an Eligible Offeree’s Allowed Senior Secured Notes Claim or Allowed Unsecured Notes Claim, as applicable,
bears to the aggregate amount1 of
all Allowed Senior Secured Notes Claims and Allowed Unsecured Notes Claims, respectively, as of [●], 2016 (the “Rights
Offering Record Date”), rounded down to the nearest dollar. In addition, in order to exercise its Rights, an Eligible
Offeree must affirmatively vote in favor of the Plan.

 

Each Eligible Offeree
may exercise all, some, or none of such pro rata share, and the Purchase Price for such Eligible Offeree will be adjusted accordingly.
The principal amount of New Second Lien Convertible Notes issued to an Eligible Offeree who elects to purchase such New Second
Lien Convertible Notes shall also be rounded down to the nearest dollar.

 

 

1
For the avoidance of doubt, this amount includes the outstanding principal amount of such claims and any accrued and unpaid interest
thereon to, but excluding, May 5, 2016, the petition date, but not including any post-petition interest.

 

    	 	2	 

     

    

 

For the avoidance of
doubt, the Rights shall not be transferable, assignable or detachable other than in connection with the transfer of the corresponding
Senior Secured Notes Claims or Unsecured Claims Notes, as applicable, and other than in accordance with these Rights Offering Procedures.
See Section V.D. below for more information related to transfers and the related procedures.

 

		III.	The Backstop

 

The Rights Offering will be backstopped
by the Backstop Commitment Parties. Each of the Backstop Commitment Parties, severally2
and not jointly, has agreed, pursuant to the Backstop Agreement, to purchase all New Second Lien Convertible Notes that are not
purchased by other Eligible Offerees pursuant to the Rights Offering (the “Unsubscribed Notes”), on a
pro rata basis, in accordance with the percentages set forth in Exhibit A to the Backstop Agreement.3
To compensate the Backstop Commitment Parties for the risk of their undertakings in the Backstop Agreement and as consideration
for their backstop commitments, the Debtors will pay to such Backstop Commitment Parties the Put Option Premium (as defined in
the Backstop Agreement) pursuant to the terms and conditions in the Backstop Agreement.

 

There will be no over-subscription privilege
in the Rights Offering. The Unsubscribed Notes will not be offered to other Eligible Offerees but will instead be purchased by
the Backstop Commitment Parties in accordance with the Backstop Agreement.

 

Notwithstanding anything herein to the
contrary, the rights and obligations of the Backstop Commitment Parties in the Rights Offering shall be governed by the Backstop
Agreement.

 

		IV.	Commencement/Expiration of the Rights Offering

 

The Rights Offering shall commence on the
day upon which the Offering Forms are distributed in connection with the solicitation of acceptances of the Plan (the “Rights
Commencement Date”), which is expected to be no later than the fourth Business Day (as defined in the Backstop Agreement)
after entry of the Rights Offering Order. The Rights Offering shall expire at 5:00 p.m. (New York City time) on the voting deadline
under the Plan, or such other date as the Debtors may agree, subject to the approval of the Bankruptcy Court (if applicable), and
the reasonable consent of the UCC and the Backstop Commitment Parties holding at least a majority of the Backstop Commitments held
by non-defaulting Backstop Commitment Parties (the “Requisite Investors”), and the Debtors shall specify
in a notice provided to the Backstop Commitment Parties before 9:00 a.m. (New York City time) on the Business Day before the then-effective
Rights Expiration Time (such time and date, as may be extended, the “Rights Expiration Time”). The
Debtors shall promptly notify, or cause to be notified, the holders of Allowed Senior Secured Notes Claims and Allowed Unsecured
Notes Claims of any extension of the new Rights Expiration Time.

 

 

2
For the avoidance of doubt, each Backstop Commitment Party shall be liable for its pro rata share of the Backstop Commitment of
any Backstop Commitment Party which breaches its obligations, up to an aggregate amount of $20.0 million for all Backstop Commitment
Parties as set forth in the Backstop Agreement.

 

3
For the avoidance of doubt, each of the Backstop Commitment Parties, severally and not jointly, has agreed to purchase any New
Second Lien Convertible Notes that are not purchased on account of any Non-Eligible Offerees.

 

    	 	3	 

     

    

 

The Debtors will furnish, or cause to be
furnished, Offering Forms to the applicable brokers, dealers, commercial banks, trust companies, or other agents or nominees of
the holders of Senior Secured Notes and Unsecured Notes (the “Subscription Nominees”). Each Subscription
Nominee will be entitled to receive sufficient copies of the Offering Form for distribution to the beneficial owners of the Company’s
existing 9.250% Senior Secured Notes Due 2020 (the “Senior Secured Notes”) and 9.375% Senior Notes Due
2021 (the “Unsecured Notes” and, together with the Senior Secured Notes, the “Existing Notes”)
for whom such Subscription Nominee holds such Existing Notes.

 

		V.	Exercise of Rights

 

Each Eligible Offeree that elects to participate
in the Rights Offering must affirmatively make a binding, irrevocable election to exercise its Rights (the “Binding
Rights Election”) before the Rights Expiration Time.

 

	The Binding Rights Election, upon receipt by the Subscription Agent, 

cannot be withdrawn.

 

Each Eligible Offeree is entitled to participate
in the Rights Offering solely to the extent provided in these Rights Offering Procedures, except in the case of Eligible Offerees
who are Backstop Commitment Parties, who have agreed to participate in the Rights Offering to the extent also provided in the Backstop
Agreement.

 

Each participating Eligible Offeree who
submits a Binding Rights Election shall be notified of its receipt and acceptance.

 

		A.	Exercise by Eligible Offerees

 

To exercise the Rights, each Eligible Offeree
must:

 

		(i)	return a duly completed Offering Form to the Subscription Agent so that the duly completed Offering
Form is actually received by the Subscription Agent on or before the Rights Expiration Time;

 

		(ii)	pay to the Rights Offering Escrow Account (as defined below), by wire transfer of immediately available
funds, the Purchase Price, so that payment of the Purchase Price is actually deposited into the Rights Offering Escrow Account
on or before the Rights Expiration Time; provided, that the Backstop Commitment Parties (in their capacities as Eligible
Offerees) shall be required to pay their respective Purchase Prices in accordance with the terms of the Backstop Agreement; and

 

		(iii)	vote, on behalf of its Senior Secured Notes Claims and/or Unsecured Notes Claims, to accept, and
not object to, the Plan.

 

To exercise its Rights, any Eligible Offeree
who holds through a Subscription Nominee must:

 

    	 	4	 

     

    

 

		(i)	return a duly completed Offering Form to its Subscription Nominee or otherwise instruct its Subscription
Nominee as to its instructions for the Rights (in each case in sufficient time to allow such Subscription Nominee to deliver the
Offering Form, along with any other required documentation, to the Subscription Agent, and arrange for its Subscription Nominee
to effectuate the tendering of Existing Notes into the accounts established at DTC to administer this process, prior to the Rights
Expiration Time);

 

		(ii)	pay to its Subscription Nominee, by wire transfer of immediately available funds (or such other
method as required by a Subscription Nominee), the Purchase Price along with instructions to its Subscription Nominee to pay such
Purchase Price to the Rights Offering Escrow Account on such Eligible Offeree’s behalf, in each case, in accordance with
procedures established by its Subscription Nominee, which, in turn, must comply with clauses (i) and (ii) of the immediately
preceding paragraph; and

 

		(iii)	also submit a ballot to vote, on behalf of its Senior Secured Notes Claims and/or Unsecured Notes
Claims, to accept, and not object to, the Plan, which shall be verified by the Subscription Agent.

 

For purposes of this Rights Offering, neither
The Bank of New York Mellon, in its capacity as indenture trustee for the Senior Secured Notes, nor Law Debenture Trust Company,
in its capacity as indenture trustee for the Unsecured Notes, shall constitute a Subscription Nominee and neither shall have any
responsibility with respect to sending any Rights Offering information or collecting any Offering Forms.

 

		B.	Deemed Representations and Acknowledgements

 

Any Eligible Offeree that participates
in the Rights Offering is deemed to have made the following agreements, representations and acknowledgements:

 

Such Eligible Offeree:

 

		(i)	recognizes and understands that the Rights are not transferable except in accordance with the procedures
set forth in Section V.D below, and that the benefits of the Rights are not separable from the claim or securities with respect
to which the Rights have been granted;

 

		(ii)	represents and warrants that it will not accept a distribution of New Second Lien Convertible Notes
if at such time, it does not hold an Allowed Senior Secured Notes Claim or an Allowed Unsecured Notes Claim and, by accepting a
distribution of New Second Lien Convertible Notes, such Eligible Offeree will be deemed to represent and warrant that it is the
holder thereof;

 

		(iii)	represents and warrants that it is an Accredited Investor and otherwise an Eligible Offeree; and

 

    	 	5	 

     

    

 

		(iv)	agrees and acknowledges that, by subscribing to purchase the New Second Lien Convertible Notes,
it has voted, or will vote simultaneously with the exercise of its Rights, in favor of, and will not object to, the Plan.

 

		C.	Failure to Exercise Rights & Payment for Rights

 

Unexercised Rights will be relinquished
on the Rights Expiration Time. If, on or prior to the Rights Expiration Time, the Subscription Agent for any reason
does not receive from an Eligible Offeree or its Subscription Nominee on behalf of an Eligible Offeree (i) a duly completed Offering
Form4 and (ii) immediately available
funds by wire transfer in an amount equal to the total applicable Purchase Price for such Eligible Offeree’s Rights, such
Eligible Offeree shall be deemed to have irrevocably relinquished and waived its Rights, subject to Section V.D below; provided,
that the Backstop Commitment Parties (in their capacities as Eligible Offerees) shall not be required to pay their respective
Purchase Prices until the Effective Date.

 

If an Eligible Offeree fails to vote its
Claims to accept the Plan, does not vote, or objects to the Plan, such Eligible Offeree shall be deemed to have irrevocably relinquished
and waived its Rights, subject to Section V.D below.

 

Any attempt to exercise Rights after the
Rights Expiration Time shall be null and void and the Debtors shall not be obligated to honor any such purported exercise received
by the Subscription Agent after the Rights Expiration Time regardless of when the documents relating thereto were sent.

 

		D.	Transfer Restriction and Revocation

 

		(i)	Transferability Restrictions Prior to Exercise of Rights

 

The Rights are not detachable from the
Senior Secured Notes Claims or the Unsecured Notes Claims. 

 

The Rights shall not be transferable or
assignable unless such holder transfers its corresponding Senior Secured Notes Claim or Unsecured Notes Claim, as applicable, in
respect of which such Rights were issued, and only holders of the Rights as of the Rights Offering Record Date (defined below)
shall have the ability to exercise such Rights.

 

From the period commencing on the Rights
Offering Record Date and unless and until a Right is exercised, any transfer or assignment of the corresponding Senior Secured
Notes Claim or Unsecured Notes Claim shall void the Right.

 

		(i)	Transferability Restrictions Following Exercise of Rights

 

After a Right has been exercised in accordance
with these Rights Offering Procedures, the holder of the corresponding Senior Secured Notes Claim or Unsecured Notes Claim shall
not transfer or assign such Senior Secured Note Claim or Unsecured Notes Claim unless such holder transfers or assigns with such
Claim(s) the right to receive the proceeds of the exercise of the corresponding Rights in the Rights Offering, subject to compliance
with applicable securities laws relating to the transfer of restricted securities, as evidenced by the delivery of a Transfer Notice
to the Subscription Agent or other procedures acceptable to the Debtors and the Subscription Agent.

 

 

4
For the avoidance of doubt, the Backstop Commitment Parties (in their capacities as Eligible Offerees) shall not be required to
submit an Offering Form.

 

    	 	6	 

     

    

 

Both (i) the Rights (after they have been
exercised) and (ii) the right to receive the proceeds of any Rights transferred pursuant to these Rights Offering Procedures, shall
not be transferrable other than to an Accredited Investor or a QIB. A “QIB” means a “qualified
institutional buyer” within the meaning of Rule 144A under the Securities Act.

 

A “Transfer Notice”
is a notice delivered to the Subscription Agent notifying the Subscription Agent of the transfer of a Claim by the holder of the
corresponding Rights through the Subscription Deadline, which indicates (i) the name of the transferor, the name of the transferee,
the type of Claim being transferred and the principal amount of such Claims; and (ii) certifies that such transferee is a QIB or
an Accredited Investor.

 

		(ii)	Revocation

 

Once an Eligible Offeree has properly exercised
its Rights, such exercise will not be permitted to be revoked, unless the Effective Date has not occurred by the 31st day after
the Bankruptcy Court’s entry of the Confirmation Order (unless such date is extended in accordance with the terms of the
Plan Support Agreement or the Backstop Agreement). Thereafter an Eligible Offeree shall be permitted to revoke such exercise so
long as the Effective Date has not occurred. An Eligible Offeree electing to revoke the exercise of its Rights must deliver written
notice to the Subscription Agent (i) stating that the Eligible Offeree revokes its Rights; (ii) stating the type and number of
Rights being revoked, and (iii) certifying that the Rights are being revoked are the only Rights exercised by the Eligible Offeree
(the “Revocation Notice”). Upon receipt of a properly completed and timely returned Revocation Notice
by an Eligible Offeree, the Subscription Agent shall use reasonable efforts to return as promptly as practicable the applicable
Rights Offering Amount. For the avoidance of doubt, any revocation of Rights shall not constitute a revocation of a vote to accept
the Plan.

 

		E.	Funds

 

The payments made to purchase New Second
Lien Convertible Notes pursuant to the Rights Offering (the “Rights Offering Funds”) shall be deposited
into an escrow account (the “Rights Offering Escrow Account”) for the purpose of holding the money for
administration of the Rights Offering until the Effective Date. The Rights Offering Funds may not be used for any purpose other
than to release the funds as directed by the Debtors on the Effective Date or as otherwise set forth in these Rights Offering Procedures
or in the Plan, and, until released in accordance with the foregoing, the Rights Offering Funds will not be deemed part of the
Debtors’ bankruptcy estate. The Rights Offering Funds shall not be encumbered by any lien, encumbrance, or cash collateral
obligation. No interest will be paid to participating Eligible Offerees on account of any amounts paid in connection with their
exercise of Rights under any circumstances.

 

    	 	7	 

     

    

 

Notwithstanding anything to the contrary
herein, pursuant to the terms of the Backstop Agreement, each Backstop Commitment Party shall not be obligated to make payments
in connection with the Rights Offering into the Rights Offering Escrow Account prior to twenty-four (24) hours before the proposed
Effective Date.

 

		F.	Participating Eligible Offeree Release

 

See section [●] of the Plan for important
information regarding releases.

 

		VI.	Non-Eligible Offerees

 

		A.	Conditions to Receipt of a Substitute Distribution

 

In order to be treated
as a Non-Eligible Offeree and receive its Substitute Distribution under the Plan, a Non-Eligible Offeree must complete, or cause
its Subscription Nominee to complete, an Offering Form certifying that it is not an Accredited Investor, and cause such Offering
Form to be delivered to the Subscription Agent on or before the Rights Offering Expiration Time, and must vote to accept and may
not object to the Plan. The Offering Form for each Non-Eligible Offeree must also specify if such Non-Eligible Offeree is a holder
of an Allowed Unsecured Notes Claim or an Allowed Senior Secured Notes Claim in order to be eligible to receive the Substitute
Distribution available to holders of each of these claims, as described in the paragraphs below. If a Non-Eligible Offeree
does not satisfy such requirements, such Non-Eligible Offeree shall be deemed to have forever and irrevocably relinquished and
waived the right to receive the Substitute Distribution pursuant to the Plan and these Rights Offering Procedures. Prior to making
a Substitute Distribution to a Non-Eligible Offeree, the Reorganized Debtors may require such additional information as they deem
necessary to confirm that such Non-Eligible Offeree qualifies as such in accordance with these Rights Offering Procedures.

 

A holder of an Allowed
Senior Secured Notes Claim that is a Non-Eligible Offeree (a “Secured Non-Eligible Offeree”) that votes
to accept the Plan and satisfies the conditions set forth herein shall receive, in lieu of the opportunity to participate in the
Rights Offering, a Substitute Distribution in an amount equal to a ratio of New Common Shares for a specified amount of Allowed
Senior Secured Notes Claims as further described in the Disclosure Statement, subject to the limitations described herein. If the
New Common Shares that the Secured Non-Eligible Offerees are actually entitled to receive as a Substitute Distribution would exceed
1.0% of the New Common Shares on a fully-diluted basis as aforesaid, the Substitute Distribution that each such Secured Non-Eligible
Offeree receives will be reduced in proportion to the excess. If the New Common Shares that all Secured Non-Eligible Offerees are
actually entitled to receive as a Substitute Distribution is less than 1.0% of the New Common Shares on a fully-diluted basis as
aforesaid, New Common Shares in the amount of the difference will be distributed to the holders of Allowed Senior Secured Notes
Claims, pro rata.

 

    	 	8	 

     

    

 

A holder of an Allowed
Unsecured Notes Claim that is a Non-Eligible Offeree (an “Unsecured Non-Eligible Offeree”)
that votes to accept the Plan and satisfies the conditions set forth herein shall receive, in lieu of the opportunity to
participate in the Rights Offering, a Substitute Distribution in an amount equal to a ratio of New Common Shares for a specified
amount of Allowed Unsecured Notes Claims as further described in the Disclosure Statement, subject to the limitations described
herein. If the New Common Shares that the Unsecured Non-Eligible Offerees are actually entitled to receive as a Substitute Distribution
would exceed 0.1% of the New Common Shares on a fully-diluted basis as aforesaid, the Substitute Distribution that each such Unsecured
Non-Eligible Offeree receives will be reduced in proportion to the excess. If the New Common Shares that all Unsecured Non-Eligible
Offerees are actually entitled to receive as a Substitute Distribution is less than 0.1% of the New Common Shares on a fully-diluted
basis as aforesaid, New Common Shares in the amount of the difference will be distributed to the holders of Allowed Unsecured Notes
Claims, pro rata.

 

		B.	Transfer Restrictions

 

Any transfer or assignment
of the corresponding Senior Secured Notes Claim and/or Unsecured Notes Claim by a Non-Eligible Offeree shall void the right to
receive a Substitute Distribution.

 

		VII.	Miscellaneous

 

		A.	Method of Delivery

 

The method of delivery of the Offering
Form, the applicable Purchase Price and any other required documents is at each Eligible Offeree’s option and sole risk,
and delivery will be considered made only when actually received by the Subscription Agent. Delivery shall be by mail and shall
not be done electronically, and registered mail with return receipt requested, properly insured, is encouraged and strongly recommended.
In all cases, you should allow sufficient time to ensure timely delivery prior to the Rights Expiration Time.

 

The risk of non-delivery of the Offering
Form, the applicable Purchase Price into the Rights Offering Escrow Account and any other required documents sent to the Subscription
Agent in connection with the exercise of the Rights lies solely with the Eligible Offerees, and none of the Debtors, the Reorganized
Debtors, the UCC, the Backstop Commitment Parties or any of their respective officers, directors, employees, agents or advisers,
including the Subscription Agent, assumes the risk of non-delivery under any circumstance whatsoever.

 

		B.	Issuance

 

The New Second Lien Convertible
Notes to be issued pursuant to the Rights Offering are expected to be delivered to Eligible Offerees that have properly exercised
their Rights on or as soon as practicable following the Effective Date. See Section VII. The method of issuance of New Second Lien
Convertible Notes to Eligible Offerees who properly exercise their Rights will depend on whether the Eligible Offeree is a QIB,
an Accredited Investor that is an Institutional Accredited Investor or an Accredited Investor that is not an Institutional Accredited
Investor or a QIB. An “Institutional Accredited Investor” means an Accredited Investor within the meaning
of clauses (1), (2), (3) or (7) of Rule 501(a) of Regulation D under the Securities Act.

 

The New Second Lien Convertible
Notes issuable to Eligible Offerees who are QIBs or Institutional Accredit Investors will be issued in book-entry form through
the facilities of the Depository Trust Company to the account of their respective Subscription Nominees in which their Senior Secured
Notes or the Unsecured Notes were held, to the extent practicable. The New Second Lien Convertible Notes issuable to Accredited
Investors who are not Institutional Accredited Investors will be issued in the form of physical certificates in registered form
on the books and records of Reorganized CHC or its designee, or in book entry form through DTC if so permitted.

 

    	 	9	 

     

    

 

The New Common Shares
to be issued in the Substitute Distribution to Non-Eligible Offerees that have complied with the conditions of the Substitute Distribution
hereunder are expected to be issued on or as soon as practicable following the Effective Date in book-entry form through the facilities
of the Depository Trust Company to the account of their respective Subscription Nominees in which their Unsecured Notes were held,
to the extent practicable.

 

		C.	Securities Law and Related Matters

 

The New Second Lien Convertible Notes issued
to the Eligible Offerees participating in the Rights Offering and the New Common Shares issuable upon the conversion thereof (together,
the “Securities”) are being offered in the Rights Offering pursuant to an exemption from registration
under the Securities Act of 1933, as amended (the “Securities Act”), and any other applicable federal
and state securities laws pursuant to Regulation D under the Securities Act, and may not be resold or otherwise transferred, without
registration under the Securities Act or an exemption therefrom, or any applicable federal and state securities laws. Therefore,
to the extent a certificate is issued in conjunction with the issuance of the Securities, such certificate may contain (or each
book entry position shall be deemed to contain) a restricted securities legend in form and substance substantially similar to the
following:

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, AND ACCORDINGLY THE
SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION
OR AN APPLICABLE EXEMPTION THEREFROM.

 

There is not and there may not be a public
market for the Securities, and the Debtors do not intend to seek any listing of the Securities on any national securities exchange
or other trading market of any type whatsoever. Accordingly, there can be no assurance that an active trading market for the Securities
will ever develop or, if such a market does develop, that it will be maintained. Please refer to the Disclosure Statement for more
detailed information regarding risks associated with the Rights Offering.

 

The Substitute Distribution will be distributed
pursuant to Section 1145 of the Bankruptcy Code and may generally be resold or otherwise transferred without registration under
the Securities Act or any other applicable federal and state securities laws.

 

The Rights Offering is being conducted
in good faith and in compliance with the Bankruptcy Code. In accordance with section 1125(e) of the Bankruptcy Code, a debtor or
any of its agents that participates, in good faith and in compliance with the applicable provisions of the Bankruptcy Code, in
the offer, issuance, sale or purchase of a security, offered or sold under the plan, of the debtor, of an affiliate participating
in a joint plan with the debtor, or a newly organized successor to the debtor under the plan, is not liable, on account of participation,
for violation of any applicable law, rule, or regulation governing the offer, issuance, sale or purchase of securities. 

 

    	 	10	 

     

    

 

		D.	Disputes, Waivers, and Extensions

 

Any and all disputes concerning the timeliness,
viability, form, and eligibility of any exercise of Rights, or the right to receive the Substitute Distribution, shall be addressed
in good faith by the Debtors, in consultation with the UCC and the Requisite Investors, the determinations of which shall be final
and binding. The Debtors, in consultation with the UCC and the Requisite Investors, may (i) waive any defect or irregularity, or
permit a defect or irregularity to be corrected, within such times as it may determine in good faith to be appropriate or (ii)
reject the purported exercise of any Rights for which an Offering Form and/or payment includes defects or irregularities. Offering
Forms shall be deemed not to have been properly completed until all irregularities have been waived or cured. The Debtors reserve
the right to give notice to any Eligible Offeree or Non-Eligible Offeree regarding any defect or irregularity in connection with
any purported exercise of Rights, or the completion or delivery of any Offering Form, and the Debtors, in consultation with the
UCC and the Requisite Investors, may permit such defect or irregularity to be cured; it being understood, that none of the Debtors,
the Subscription Agent, or the Backstop Commitment Parties (or any of their respective officers, directors, employees, agents or
advisors) shall incur any liability for failure to give such notification.

 

The Debtors, with the approval of the Bankruptcy
Court (if applicable) and the reasonable consent of the UCC and the Requisite Investors, may (i) extend the Rights Offering Expiration
Time or adopt additional detailed procedures to more efficiently administer the distribution and exercise of the Rights and/or
the distribution of the Substitute Distribution; and (ii) make such other changes to the Rights Offering, including changes that
affect which parties constitute Eligible Offerees and/or Non-Eligible Offerees.

 

		VIII.	Rights Offering and Substitute Distribution Conditioned Upon Effectiveness of the Plan; Reservation of Rights; Return of Rights
Offering Amount

 

All exercises of Rights, and the distribution
of the Substitute Distribution, are subject to and conditioned upon the effectiveness of the Plan. The Debtors will accept a Binding
Rights Election only upon the confirmation and effectiveness of the Plan. Notwithstanding anything contained herein, in the Disclosure
Statement or in the Plan to the contrary, the Debtors reserve the right, with the approval of the Bankruptcy Court (if applicable),
and the reasonable consent of the UCC and the Requisite Investors, to modify these Rights Offering Procedures or adopt additional
detailed procedures if necessary in the Debtors’ business judgment to administer the distribution and exercise of the Rights
more efficiently or to comply with applicable law.

 

In the event that (i) the Rights Offering
is terminated, (ii) the Debtors revoke or withdraw the Plan or (iii) the Effective Date has not occurred by the 31st day after
the Bankruptcy Court’s entry of the Confirmation Order (unless such date is extended in accordance with the terms of the
Plan Support Agreement or the Backstop Agreement) or the conditions precedent to the occurrence of the Effective Date shall not
have been satisfied or waived in accordance with the Plan, the Subscription Agent shall, within five (5) Business Days of such
event, return all Rights Offering Funds held in the Rights Offering Escrow Account to each respective Eligible Offeree, without
any interest, and, in the case of clauses (ii) and (iii) above, the Rights Offering shall automatically be terminated, and the
Rights Offering Funds held in the Rights Offering Escrow Account will be refunded, without interest, to each respective Eligible
Offeree as soon as reasonably practicable.

 

    	 	11EX-10.1

 Exhibit 10.1 

KORN/FERRY INTERNATIONAL 

THIRD AMENDED AND RESTATED 2008 STOCK INCENTIVE PLAN 
  

	1.	Purpose 

 The purpose of the Korn/Ferry International Third Amended and Restated 2008
Stock Incentive Plan (the “Plan”) is to advance the interests of Korn/Ferry International by stimulating the efforts of employees, officers, non-employee directors and other service providers, in each case who are selected to be
participants, by heightening the desire of such persons to continue working toward and contributing to the success and progress of Korn/Ferry International. The Plan provides for the grant of Incentive and Nonqualified Stock Options, Stock
Appreciation Rights, Restricted Stock and Restricted Stock Units, any of which may be performance-based, and for Incentive Bonuses, which may be paid in cash or stock or a combination thereof, as determined by the Administrator. 

 

	2.	Definitions 

 As used in the Plan, the following terms shall have the meanings set forth
below: 
 “Administrator” means the Administrator of the Plan in accordance with Section 19. 

“Award” means an Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock, Restricted
Stock Unit or Incentive Bonus granted to a Participant pursuant to the provisions of the Plan, any of which the Administrator may structure to qualify in whole or in part as a Performance Award. 

“Award Agreement” means a written or electronic agreement or other instrument as may be approved from time to time by the
Administrator implementing the grant of each Award. An Award Agreement may be in the form of an agreement to be executed by both the Participant and the Company (or an authorized representative of the Company) or certificates, notices or similar
instruments as approved by the Administrator. 
 “Board” means the board of directors of the Company. 

“Cause” means (unless otherwise expressly provided in the Award Agreement or another contract, including an employment
agreement) a termination of service, based upon a finding by the Company, acting in good faith and based on its reasonable belief at the time, that the Participant: (1) is or has been dishonest, incompetent, or negligent in the discharge of his
or her duties to the Company; or has refused to perform stated or assigned duties; (2) has committed a theft or embezzlement, or a breach of confidentiality or unauthorized disclosure or use of inside information, customer lists, trade secrets
or other confidential information, or a breach of fiduciary duty involving personal profit, or a willful or negligent violation of any law, rule or regulation or of Company rules or policy, in any material respect; or has been convicted of a felony
or misdemeanor (other than minor traffic violations or similar offenses); (3) has materially breached any of the provisions of any agreement with the Company or a parent corporation; or (4) has engaged in unfair competition with, or
otherwise acted intentionally in a manner injurious to the reputation, business or assets of the Company; or has induced a customer to break or terminate any contract with the Company or an affiliate; or has induced any principal for whom the
Company (or an affiliate) acts as agent to terminate such agency relationship. A termination for Cause shall be deemed to occur (subject to reinstatement upon a contrary final determination by the Administrator) on the date when the Company first
delivers notice to the Participant of a finding of termination for Cause and shall be final in all respects on the date following the opportunity to be heard and written notice to the Participant that his or her service is terminated. 

 “Change in Control” means any of the following: 

(1) An acquisition by any Person (excluding one or more Excluded Persons) of beneficial ownership (within the meaning of Rule
13d-3 under the Exchange Act) or a pecuniary interest in (either comprising “ownership of”) more than 50% of the Common Stock or voting securities entitled to then vote generally in the election of directors of the Company (“Voting
Stock”), after giving effect to any new issue in the case of an acquisition from the Company; or 
 (2) Consummation of
a merger, consolidation, or reorganization of the Company or of a sale or other disposition of all or substantially all of the Company’s consolidated assets as an entirety (collectively, a “Business Combination”), other than a
Business Combination (A) in which all or substantially all of the holders of Voting Stock hold or receive directly or indirectly 50% or more of the voting stock of the entity resulting from the Business Combination (or a parent company), and
(B) after which no Person (other than any one or more of the Excluded Persons) owns more than 50% of the voting stock of the resulting entity (or a parent company) who did not own directly or indirectly at least that amount of Voting Stock
immediately before the Business Combination, and (C) after which one or more Excluded Persons own an aggregate number of shares of the voting stock at least equal to the aggregate number of shares of voting stock owned by any other Person who
is not an Excluded Person (except for any person described in and satisfying the conditions of Rule 13d-1(b)(1) under the Exchange Act), if any, and who owns more than 50% of the voting stock; or 

(3) Consummation of the dissolution or complete liquidation of the Company; or 

(4) During any period of two consecutive years, individuals who at the beginning of such period constituted the Board and any
new director (other than a director designated by a person who has entered into an agreement or arrangement with the Company to effect a transaction described in clause (1) or (2) of this definition) whose appointment, election, or
nomination for election was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose appointment, election or nomination for election was previously
so approved, cease for any reason to constitute a majority of the Board. 
 For purposes of determining whether a Change in Control has
occurred, a transaction includes all transactions in a series of related transactions. 
 “Code” means the Internal Revenue
Code of 1986, as amended from time to time, and the rulings and regulations issued thereunder. 
 “Common Stock” means the
Company’s common stock, par value $0.01, subject to adjustment as provided in Section 12. 
 “Company” means
Korn/Ferry International, a Delaware corporation, and any successor thereto. 
 “Detrimental Activity” with respect to a
Participant means that such Participant: 
 (1) has directly or indirectly engaged in any business for his or her own
account that competes with the business of any entity within the Company Group (“Company Group” means the Company, the Subsidiaries, and any affiliate of the Company or a Subsidiary) (a business in competition with any entity within the
Company Group includes, without limitation, any business in an industry which any business in the Company Group may conduct business from time to time and any business in an industry which any entity within the Company Group has specific plans to
enter in the future and as to which the Participant is aware of such planning); or 

  
 2 

 (2) has committed or engaged in an unauthorized disclosure or use of inside
information, trade secrets or other confidential information, or an unauthorized use of trade names, trademarks, or other proprietary business designations owned or used in connection with the business of any entity within the Company Group; has
failed to timely return to the Company in accordance with Company policy all memoranda, books, papers, plans, information, letters and other data, and all copies thereof or therefrom, in any way relating to the business of any entity within the
Company Group; or 
 (3) has entered the employ of, renders services to, or has acquired a financial interest in any person
engaged in any business that competes with the business of any entity within the Company Group; has acted intentionally in a manner injurious to the reputation, business or assets of, any entity within the Company Group; has interfered with business
relationships (whether formed before or after the date hereof) between the Company, any Subsidiary, any of their respective affiliates, and any customers, suppliers, officers, employees, partners, members or investors; has influenced or attempted to
influence a vendor or customer of any entity within the Company Group, either directly or indirectly, to divert their business away from the Company Group, induced a principal for whom an entity within the Company Group acts as agent to terminate
such agency relationship, or induced an employee of any entity within the Company Group who earned $25,000 or more on an annualized basis during the last six months of his or her employment to work for any business, individual, partnership, firm,
corporation, or other entity then in competition with the business of any entity within the Company Group. 
 “Disability”
shall mean a medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months by reason of which the Participant is unable
to engage in any substantial gainful activity. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from
time to time. 
 “Excluded Person” means (1) the Company or any Subsidiary; (2) any person described in and
satisfying the conditions of Rule 13d-1(b)(1) under the Exchange Act; (3) any employee benefit plan of the Company; or (4) any affiliates (within the meaning of the Exchange Act), successors, or heirs, descendants or members of the
immediate families of the individuals identified in part (2) of this definition. 
 “Fair Market Value” means, as of
any date, the closing price per share at which the Shares are sold in the regular way on the New York Stock Exchange or, if no Shares are traded on the New York Stock Exchange on the date in question, then for the next preceding date for which
Shares are traded on the New York Stock Exchange. 
 “First Restatement Effective Date” has the meaning set forth in
Section 4. 
 “Incentive Bonus” means a bonus opportunity awarded under Section 9 pursuant to which a Participant
may become entitled to receive an amount based on satisfaction of such performance criteria as are specified in the Award Agreement. 

  
 3 

 “Incentive Stock Option” means a stock option that satisfies the requirements
for an “incentive stock option” within the meaning of Section 422 of the Code and does not provide that it will not be treated as an “incentive stock option”. 

“Nonemployee Director” means each person who is, or is elected to be, a member of the Board and who is not an employee of the
Company or any Subsidiary. 
 “Nonqualified Stock Option” means a stock option that is not an “incentive stock
option” within the meaning of Section 422 of the Code. 
 “Option” means an Incentive Stock Option and/or a
Nonqualified Stock Option granted pursuant to Section 6 of the Plan. 
 “Participant” means any individual described
in Section 3 to whom Awards have been granted from time to time by the Administrator and any authorized transferee of such individual. 

“Performance Award” means an Award, the grant, issuance, retention, vesting or settlement of which is subject to satisfaction
of one or more Qualifying Performance Criteria established pursuant to Section 13. 
 “Person” means an association, a
corporation, an individual, a partnership, a trust or any other entity or organization, including a governmental entity and a “person” as that term is used under Section 13(d) or 14 (d) of the Exchange Act. 

“Plan” means the Third Amended and Restated Korn/Ferry International 2008 Stock Incentive Plan as set forth herein and as
amended from time to time. 
 “Prior Plan” means the Company’s Performance Award Plan. 

“Qualifying Performance Criteria” has the meaning set forth in Section 13(b). 

“Restricted Stock” means Shares granted pursuant to Section 8 of the Plan. 

“Restricted Stock Unit” means an Award granted to a Participant pursuant to Section 8 pursuant to which Shares or cash
in lieu thereof may be issued in the future. 
 “Second Restatement Effective Date” has the meaning set forth in
Section 4. 
 “Share” means a share of the Common Stock, subject to adjustment as provided in Section 12. 

“Stock Appreciation Right” means a right granted pursuant to Section 7 of the Plan that entitles the Participant to
receive, in cash or Shares or a combination thereof, as determined by the Administrator, value equal to or otherwise based on the excess of (i) the market price of a specified number of Shares at the time of exercise over (ii) the exercise
price of the right, as established by the Administrator on the date of grant. 
 “Subsidiary” means any corporation (other
than the Company) in an unbroken chain of corporations beginning with the Company where each of the corporations in the unbroken chain other than the last corporation owns stock possessing at least 50 percent or more of the total combined voting
power of all classes of stock in one of the other corporations in the chain, and if specifically determined by the Administrator in the context other than with respect to Incentive Stock Options, may include an entity that is directly or indirectly
controlled by the Company. 

  
 4 

 “Termination of Employment” means ceasing to serve as a full-time employee of
the Company and its Subsidiaries or, with respect to a Nonemployee Director or other service provider who is not an employee, ceasing to serve as such for the Company, except that with respect to all or any Awards held by a Participant (i) the
Administrator may determine, subject to Section 6(d), that an approved leave of absence or approved employment on a less than full-time basis is not considered a Termination of Employment, (ii) the Administrator may determine that a
transition of employment to service with a partnership, joint venture or corporation not meeting the requirements of a Subsidiary in which the Company or a Subsidiary is a party is not considered a Termination of Employment, (iii) service as a
member of the Board or other service provider shall constitute continued employment with respect to Awards granted to a Participant while he or she served as an employee, and (iv) service as an employee of the Company or a Subsidiary shall
constitute continued employment with respect to Awards granted to a Participant while he or she served as a member of the Board or other service provider. The Administrator shall determine whether any corporate transaction, such as a sale or
spin-off of a division or subsidiary that employs a Participant, shall be deemed to result in a Termination of Employment with the Company and its Subsidiaries for purposes of any affected Participant’s Options, and the Administrator’s
decision shall be final and binding. 
 “Third Restatement Effective Date” has the meaning set forth in Section 4.

  

	3.	Eligibility 

 Any person who is a current or prospective officer or employee of the
Company or of any Subsidiary shall be eligible for selection by the Administrator for the grant of Awards hereunder. In addition, Nonemployee Directors and any other service providers who have been retained to provide consulting, advisory or other
services to the Company or to any Subsidiary shall be eligible for the grant of Awards hereunder as determined by the Administrator. Incentive Stock Options may only be granted to employees of the Company or any Subsidiary within the meaning of the
Code, as selected by the Administrator. For purposes of this Plan, the Chairman of the Board’s status as an employee shall be determined by the Administrator. 
  

	4.	Effective Date and Termination of Plan 

 This Plan was originally adopted by the Board
as of August 22, 2008, and became effective when it was approved by the Company’s stockholders on September 23, 2008. The Plan was amended and restated effective upon the approval of the Company’s stockholders on
September 10, 2009 (the “First Restatement Effective Date”). The second amendment and restatement of the Plan was adopted by the Board of Directors of the Company on August 22, 2012 and it became effective when it was approved by
the Company’s stockholders on September 27, 2012 (the “Second Restatement Effective Date”). This third amendment and restatement of the Plan was adopted by the Board of Directors of the Company on August 23, 2016 and it will
become effective (the “Third Restatement Effective Date”), when it is approved by the Company’s stockholders. The Plan shall remain available for the grant of Awards until the tenth (10th) anniversary of the Third Restatement
Effective Date; provided, however, that Incentive Stock Options may not be granted under the Plan after the tenth (10th) anniversary of the date of the Board’s approval of the third amendment and restatement of the Plan.
Notwithstanding the foregoing, the Plan may be terminated at such earlier time as the Board may determine. Termination of the Plan will not affect the rights and obligations of the Participants and the Company arising under Awards theretofore
granted and then in effect. The Plan as amended and restated hereunder shall apply to Awards granted on or after the Third Restatement Effective Date. Except as specifically provided for herein, the provisions of the Plan in existence prior to this
third amendment and restatement shall continue to govern Awards granted prior to the Third Restatement Effective Date. 

  
 5 

	5.	Shares Subject to the Plan and to Awards 

 (a) Aggregate Limits. The
aggregate number of Shares issuable pursuant to all Awards granted under this Plan on and after July 31, 2016 shall not exceed 7,425,258 plus any Shares (i) subject to outstanding awards under the Second Amended and Restated 2008 Stock
Incentive Plan as of July 31, 2016 or (ii) subject to outstanding awards under the Prior Plan as of August 8, 2008 that, in each case, on or after July 31, 2016 cease for any reason to be subject to such awards (other than by
reason of exercise or settlement of the awards to the extent they are exercised for or settled in vested and nonforfeitable shares); provided that (i) any Shares issued under Options or Stock Appreciation Rights shall be counted against
this limit on a one-for-one basis; and (ii) any Shares issued as or under Awards other than Options or Stock Appreciation Rights shall be counted against this limit as 2.3 Shares for every one (1) Share subject to such Award. The aggregate
number of Shares available for grant under this Plan and the number of Shares subject to outstanding Awards shall be subject to adjustment as provided in Section 12. The Shares issued pursuant to Awards granted under this Plan may be shares
that are authorized and unissued or shares that were reacquired by the Company, including shares purchased in the open market. 

(b) Issuance of Shares. For purposes of Section 5(a), the aggregate number of Shares issued under this Plan at any time
shall equal only the number of Shares actually issued upon exercise or settlement of an Award under this Plan. Shares subject to Awards that have been canceled, expired, forfeited or otherwise not issued under an Award and Shares subject to Awards
settled in cash shall not count as Shares issued under this Plan. Notwithstanding the foregoing, Shares subject to an Award under the Plan may not again be made available for issuance under the Plan if such Shares are: (i) Shares that were
subject to a stock-settled Stock Appreciation Right and were not issued upon the net settlement or net exercise of such Stock Appreciation Right, (ii) Shares delivered to or withheld by the Company to pay the exercise price of an Option,
(iii) Shares delivered to or withheld by the Company to pay the withholding taxes related to an Award, or (iv) Shares repurchased on the open market with the proceeds of an Option exercise. Any Shares that again become available for grant
pursuant to Section 5(a) or this Section 5(b) shall be added back as one (1) Share if such Shares were subject to Options or Stock Appreciation Rights granted under this Plan, and as 2.3 Shares if such Shares were subject to Awards
other than Options or Stock Appreciation Rights granted under this Plan. 
 (c) Tax Code Limits. The aggregate number
of Shares that may be granted pursuant to Awards during any calendar year to any one Participant shall not exceed 500,000, which number shall be calculated and adjusted pursuant to Section 12 only to the extent that such calculation or
adjustment will not affect the status of any Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code but which number shall not count any tandem SARs (as defined in Section 7). The aggregate
number of Shares that may be issued pursuant to the exercise of Incentive Stock Options granted under this Plan after the Third Restatement Effective Date shall not exceed 7,425,258, which number shall be calculated and adjusted pursuant to
Section 12 only to the extent that such calculation or adjustment will not affect the status of any option intended to qualify as an Incentive Stock Option under Section 422 of the Code. The maximum cash amount payable pursuant to all
Incentive Bonus Awards granted in any calendar year to any Participant under this Plan that are intended to satisfy the requirements for “performance-based compensation” under Section 162(m) of the Code shall not exceed $5,000,000.

 (d) Director Awards. The aggregate number of Shares subject to Options and Stock Appreciation Rights granted under this
Plan during any calendar year to any one Nonemployee Director shall not exceed 50,000, and the aggregate number of Shares issued or issuable under all Awards granted under this Plan other than Options or Stock Appreciation Rights during any calendar
year to any one Nonemployee Director shall not exceed 25,000; provided, however, that in the calendar year in which a Nonemployee Director first joins the Board of Directors or is first designated as Chairman of the Board of Directors
or Lead Director, the maximum number of shares subject to Awards granted to the Participant may be up to two hundred percent (200%) of the number of shares set forth in the foregoing limits and the foregoing limits shall not count any tandem
SARs (as defined in Section 7). 

  
 6 

	6.	Options 

 (a) Option Awards. Options may be granted at any time and from time to
time prior to the termination of the Plan to Participants as determined by the Administrator. No Participant shall have any rights as a stockholder with respect to any Shares subject to Option hereunder until said Shares have been issued. Each
Option shall be evidenced by an Award Agreement. Options granted pursuant to the Plan need not be identical but each Option must contain and be subject to the terms and conditions set forth below. 

(b) Price. The Administrator will establish the exercise price per Share under each Option, which, in no event will be less than the
Fair Market Value of the Shares on the date of grant; provided, however, that the exercise price per Share with respect to an Option that is granted in connection with a merger or other acquisition as a substitute or replacement award for options
held by optionees of the acquired entity may be less than 100% of the Fair Market Value of the Shares on the date such Option is granted if such exercise price is based on a formula set forth in the terms of the options held by such optionees or in
the terms of the agreement providing for such merger or other acquisition that satisfies the requirements of (i) Section 409A of the Code, if such options held by such optionees are not intended to qualify as Incentive Stock Option, and
(ii) Section 424(a) of the Code, if such options held by such optionees are intended to qualify as Incentive Stock Options. The exercise price of any Option may be paid in Shares, cash or a combination thereof, as determined by the
Administrator, including an irrevocable commitment by a broker to pay over such amount from a sale of the Shares issuable under an Option, the delivery of previously owned Shares and withholding of Shares otherwise deliverable upon exercise. 

(c) No Repricing without Stockholder Approval. Other than in connection with a change in the Company’s capitalization (as
described in Section 12), the Company shall not, without stockholder approval, (i) reduce the exercise price of an Option, (ii) exchange an Option for a new Option or Stock Appreciation Right with a lower exercise price or
(iii) at any time when the exercise price of an Option is above the Fair Market Value of a Share, exchange such Option for cash or other property. 

(d) Provisions Applicable to Options. Subject to the other provisions set forth in this Plan, the date on which Options become
exercisable shall be determined at the sole discretion of the Administrator and set forth in an Award Agreement; provided, however, that Options granted to employees may not become exercisable, vest or be settled, in whole or in part, prior
to the one (1) year anniversary of the date of grant except in connection with acceleration due to a Change in Control, death or Disability. Notwithstanding the foregoing, up to 5% of the aggregate number of Shares authorized for issuance under
this Plan (as described in Section 5(a)) may be issued pursuant to Awards subject to any, or no, vesting conditions, as the Administrator determines appropriate. Unless provided otherwise in the applicable Award Agreement, to the extent that
the Administrator determines that an approved leave of absence is not a Termination of Employment, the vesting period and/or exercisability of an Option shall be adjusted by the Administrator during or to reflect the effects of any period during
which the Participant is on an approved leave of absence or is employed on a less than full-time basis. 

  
 7 

 (e) Term of Options and Termination of Employment: The Administrator shall
establish the term of each Option, which in no case shall exceed a period of ten (10) years from the date of grant; provided, however, the term of an Option (other than an Incentive Stock Option) shall be automatically extended if, at
the time of its scheduled expiration, the Participant holding such Option is prohibited by law or the Company’s insider trading policy from exercising the Option, which extension shall expire on the thirtieth (30th) day following the date
such prohibition no longer applies. Unless an Option earlier expires upon the expiration date established pursuant to the foregoing sentence, upon the termination of the Participant’s employment, his or her rights to exercise an Option then
held shall be only as follows, unless the Administrator specifies otherwise: 
 (1) Death. Upon the death of a
Participant while in the employ of the Company or any Subsidiary or while serving as a member of the Board, all of the Participant’s Options then held shall be exercisable by his or her estate, heir or beneficiary at any time during the one
(1) year period commencing on the date of death, but only to the extent that the Options are exercisable as of that date. Any and all of the deceased Participant’s Options that are not exercised during the one (1) year period
commencing on the date of death shall terminate as of the end of such one (1) year period. To the extent that any Option is not exercisable as of the date of death, such portion of the Option shall remain unexercisable and shall terminate as of
such date. 
 If a Participant should die within thirty (30) days of his or her Termination of Employment with the
Company and its Subsidiaries, an Option shall be exercisable by his or her estate, heir or beneficiary at any time during the one (1) year period commencing on the date of termination, but only to the extent of the number of Shares as to which
such Option was exercisable as of the date of such termination. Any and all of the deceased Participant’s Options that are not exercised during the one (1) year period commencing on the date of termination shall terminate as of the end of
such one (1) year period. A Participant’s estate shall mean his or her legal representative or other person who so acquires the right to exercise the Option by bequest or inheritance or by reason of the death of the Participant. 

(2) Disability. Upon Termination of Employment as a result of a Participant’s Disability, all of the
Participant’s Options then held shall be exercisable during the one (1) year period commencing on the date of termination, but only to the extent that the Options are exercisable as of that date. Any and all Options that are not exercised
during the one (1) year period commencing on the date of termination shall terminate as of the end of such one (1) year period. To the extent that any Option is not exercisable as of the date of Disability, such portion of the Option shall
remain unexercisable and shall terminate as of such date. 
 (3) Other Reasons. Upon the date of a termination of a
Participant’s employment for any reason other than those stated above in Sections 6(e)(1) and (e)(2) or as described in Section 15, (A) to the extent that any Option is not exercisable as of such termination date, such portion of the
Option shall remain unexercisable and shall terminate as of such date, and (B) to the extent that any Option is exercisable as of such termination date, such portion of the Option shall expire on the earlier of (i) ninety (90) days
following such date and (ii) the expiration date of such Option. 
 (f) Incentive Stock Options. Notwithstanding anything
to the contrary in this Section 6, in the case of the grant of an Option intending to qualify as an Incentive Stock Option: (i) if the Participant owns stock possessing more than 10 percent of the combined voting power of all classes of
stock of the Company (a “10% Shareholder”), the exercise price of such Option must be at least 110 percent of the Fair Market Value of the Shares on the date of grant and the Option must expire within a period of not more than five
(5) years from the date of grant, and (ii) Termination of Employment will occur when the person to whom an Award was granted ceases to be an employee (as determined in accordance with Section 3401(c) of the Code and the regulations
promulgated thereunder) of the Company and its Subsidiaries. Notwithstanding anything in this Section 6 to the contrary, options designated as Incentive Stock Options shall not be eligible for treatment under the Code as Incentive Stock Options
(and will be deemed to be Nonqualified Stock Options) to the extent that either (a) the aggregate Fair Market Value of Shares (determined as of the time of grant) with respect to which such Options are exercisable for the first time by the
Participant during any calendar year (under all plans of the Company and any Subsidiary) exceeds $100,000, taking Options into account in the order in which they were granted, or (b) such Options otherwise remain exercisable but are not
exercised within three (3) months of Termination of Employment (or such other period of time provided in Section 422 of the Code). 

  
 8 

 (g) No Stockholder Rights. Participants shall have no voting rights and will have
no rights to receive dividends or dividend equivalents in respect of an Option or any Shares subject to an Option until the Participant has become the holder of record of such Shares.  

 

	7.	Stock Appreciation Rights 

 Stock Appreciation Rights may be granted to Participants
from time to time either in tandem with or as a component of other Awards granted under the Plan (“tandem SARs”) or not in conjunction with other Awards (“freestanding SARs”) and may, but need not, relate to a specific Option
granted under Section 6. The provisions of Stock Appreciation Rights need not be the same with respect to each grant or each recipient. Any Stock Appreciation Right granted in tandem with an Award may be granted at the same time such Award is
granted or at any time thereafter before exercise or expiration of such Award. All freestanding SARs shall be granted subject to the same terms and conditions applicable to Options as set forth in Section 6 (including the minimum vesting
provisions in Section 6(d)) and all tandem SARs shall have the same exercise price, vesting, exercisability, forfeiture and termination provisions as the Award to which they relate. Subject to the provisions of Section 6 and the
immediately preceding sentence, the Administrator may impose such other conditions or restrictions on any Stock Appreciation Right as it shall deem appropriate. Stock Appreciation Rights may be settled in Shares, cash or a combination thereof, as
determined by the Administrator and set forth in the applicable Award Agreement. Other than in connection with a change in the Company’s capitalization (as described in Section 12), the Company shall not, without stockholder approval,
(i) reduce the exercise price of a Stock Appreciation Right, (ii) exchange a Stock Appreciation Right for a new Option or Stock Appreciation Right with a lower exercise price or (iii) at any time when the exercise price of a Stock
Appreciation Right is above the Fair Market Value of a Share, exchange such Stock Appreciation Right for cash or other property. Participants shall have no voting rights and will have no rights to receive dividends or dividend equivalents in respect
of Stock Appreciation Rights or any Shares subject to Stock Appreciation Rights until the Participant has become the holder of record of such Shares. 
  

	8.	Restricted Stock and Restricted Stock Units 

 (a) Restricted Stock and
Restricted Stock Unit Awards. Restricted Stock and Restricted Stock Units may be granted at any time and from time to time prior to the termination of the Plan to Participants as determined by the Administrator. Restricted Stock is an award or
issuance of Shares the grant, issuance, retention, vesting and/or transferability of which is subject during specified periods of time to such conditions (including continued employment or performance conditions) and terms as the Administrator deems
appropriate. Restricted Stock Units are Awards denominated in units of Shares under which the issuance of Shares is subject to such conditions (including continued employment or performance conditions) and terms as the Administrator deems
appropriate. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement. Unless determined otherwise by the Administrator, each Restricted Stock Unit will be equal to one Share and will entitle a Participant
to either the issuance of Shares or payment of an amount of cash determined with reference to the value of Shares. To the extent determined by the Administrator, Restricted Stock and Restricted Stock Units may be satisfied or settled in Shares, cash
or a combination thereof. Restricted Stock and Restricted Stock Units granted pursuant to the Plan need not be identical but each grant of Restricted Stock and Restricted Stock Units must contain and be subject to the terms and conditions set forth
below. 

  
 9 

 (b) Contents of Agreement. Each Award Agreement shall contain provisions regarding
(i) the number of Shares or Restricted Stock Units subject to such Award or a formula for determining such number, (ii) the purchase price of the Shares, if any, and the means of payment, (iii) the performance criteria, if any, and
level of achievement versus these criteria that shall determine the number of Shares or Restricted Stock Units granted, issued, retainable and/or vested, (iv) such terms and conditions on the grant, issuance, vesting and/or forfeiture of the
Shares or Restricted Stock Units as may be determined from time to time by the Administrator, (v) the term of the performance period, if any, as to which performance will be measured for determining the number of such Shares or Restricted Stock
Units, and (vi) restrictions on the transferability of the Shares or Restricted Stock Units. Shares issued under a Restricted Stock Award may be issued in the name of the Participant and held by the Participant or held by the Company, in each
case as the Administrator may provide. 
 (c) Vesting and Performance Criteria. Subject to the other provisions set
forth in this Plan, the grant, issuance, retention, vesting and/or settlement of shares of Restricted Stock and Restricted Stock Units will occur when and in such installments as the Administrator determines or under criteria the Administrator
establishes, which may include Qualifying Performance Criteria. The vesting and/or settlement of Shares under any Award that is based on performance criteria and level of achievement versus such criteria may not occur prior to the twelfth month
following its date of grant, except in connection with acceleration due to a Change in Control, death or Disability. The vesting and/or settlement of Shares under any Restricted Stock or Restricted Stock Unit Award that is based solely upon
continued employment and/or the passage of time may not vest or be settled in full prior to the thirty-sixth month following its date of grant, but may be subject to pro-rata vesting over such period, except that the Administrator may provide for
the satisfaction and/or lapse of all conditions under any such Award in the event of the Participant’s death or Disability or in connection with a Change in Control, and the Administrator may provide that any such restriction or limitation will
not apply in the case of a Restricted Stock or Restricted Stock Unit Award that is issued in payment or settlement of compensation that has been earned by the Participant. Notwithstanding the foregoing, up to 5% of the aggregate number of Shares
authorized for issuance under this Plan (as described in Section 5(a)) may be issued pursuant to Awards subject to any, or no, vesting conditions, as the Administrator determines appropriate. In addition, the limitations set forth in this
paragraph shall not apply to any Awards granted to Nonemployee Directors. Notwithstanding anything in this Plan to the contrary, the performance criteria for any Restricted Stock or Restricted Stock Unit that is intended to satisfy the requirements
for “performance-based compensation” under Section 162(m) of the Code will be a measure based on one or more Qualifying Performance Criteria selected by the Administrator and specified when the Award is granted. 

(d) Discretionary Adjustments and Limits. Subject to the limits imposed under Section 162(m) of the Code for Awards that
are intended to qualify as “performance-based compensation,” notwithstanding the satisfaction of any performance goals, the number of Shares granted, issued, retainable and/or vested under an Award of Restricted Stock or Restricted Stock
Units on account of either financial performance or personal performance evaluations may, to the extent specified in the Award Agreement, be reduced, but not increased, by the Administrator on the basis of such further considerations as the
Administrator shall determine. 
 (e) Voting Rights. Unless otherwise determined by the Administrator, Participants
holding shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those shares during the period of restriction. Participants shall have no voting rights with respect to Shares underlying Restricted Stock Units
unless and until such Shares are reflected as issued and outstanding shares on the Company’s stock ledger. 

  
 10 

 (f) Dividends and Distributions. Participants in whose name Restricted Stock is
granted shall be entitled to receive all dividends and other distributions paid with respect to those Shares, unless determined otherwise by the Administrator. The Administrator will determine whether any such dividends or distributions will be
automatically reinvested in additional shares of Restricted Stock and subject to the same restrictions on transferability as the Restricted Stock with respect to which they were distributed or whether such dividends or distributions will be paid in
cash. Shares underlying Restricted Stock Units shall be entitled to dividends or dividend equivalents only to the extent provided by the Administrator.  

(g) No Dividends or Dividend Equivalents on Unvested Performance Awards. Notwithstanding anything herein to the contrary, in no
event will dividends or dividend equivalents be paid with respect to unvested Awards of Restricted Stock or Restricted Stock Units that are subject to performance-based vesting criteria. Dividends or dividend equivalents accrued on or in respect of
such Awards shall become payable (if at all) no earlier than the date the performance-based vesting criteria have been achieved and the underlying Restricted Stock or Restricted Stock Units have been earned. 

 

	9.	Incentive Bonuses 

 (a) General. Each Incentive Bonus Award will confer
upon the Participant the opportunity to earn a future payment tied to the level of achievement with respect to one or more performance criteria established for a performance period established by the Administrator. 

(b) Incentive Bonus Document. The terms of any Incentive Bonus will be set forth in an Award Agreement. Each Award Agreement
evidencing an Incentive Bonus shall contain provisions regarding (i) the target and maximum amount payable to the Participant as an Incentive Bonus, (ii) the performance criteria and level of achievement versus these criteria that shall
determine the amount of such payment, (iii) the term of the performance period as to which performance shall be measured for determining the amount of any payment, (iv) the timing of any payment earned by virtue of performance,
(v) restrictions on the alienation or transfer of the Incentive Bonus prior to actual payment, (vi) forfeiture provisions and (vii) such further terms and conditions, in each case not inconsistent with this Plan as may be determined
from time to time by the Administrator. 
 (c) Performance Criteria. The Administrator shall establish the performance
criteria and level of achievement versus these criteria that shall determine the target and maximum amount payable under an Incentive Bonus, which criteria may be based on financial performance and/or personal performance evaluations. The
Administrator may specify the percentage of the target Incentive Bonus that is intended to satisfy the requirements for “performance-based compensation” under Section 162(m) of the Code. Notwithstanding anything to the contrary
herein, the performance criteria for any portion of an Incentive Bonus that is intended by the Administrator to satisfy the requirements for “performance-based compensation” under Section 162(m) of the Code shall be a measure based on
one or more Qualifying Performance Criteria (as defined in Section 13(b)) selected by the Administrator and specified at the time the Incentive Bonus is granted. The Administrator shall certify the extent to which any Qualifying Performance
Criteria has been satisfied, and the amount payable as a result thereof, prior to payment of any Incentive Bonus that is intended to satisfy the requirements for “performance-based compensation” under Section 162(m) of the Code.

 (d) Timing and Form of Payment. The Administrator shall determine the timing of payment of any Incentive Bonus. Payment
of the amount due under an Incentive Bonus may be made in cash or in Shares, as determined by the Administrator. The Administrator may provide for or, subject to such terms and conditions as the Administrator may specify, may permit a Participant to
elect for the payment of any Incentive Bonus to be deferred to a specified date or event. 

  
 11 

 (e) Discretionary Adjustments. Notwithstanding satisfaction of any performance
goals, the amount paid under an Incentive Bonus on account of either financial performance or personal performance evaluations may be reduced, but not increased, by the Administrator on the basis of such further considerations as the Administrator
shall determine. 
  

	10.	Deferral of Gains 

 The Administrator may, in an Award Agreement or otherwise, provide
for the deferred delivery of Shares or cash upon settlement, vesting or other events with respect to Restricted Stock Units, or in payment or satisfaction of an Incentive Bonus. Notwithstanding anything herein to the contrary, in no event will any
election to defer the delivery of Shares or any other payment with respect to any Award be allowed if the Administrator determines, in its sole discretion, that the deferral would result in the imposition of the additional tax under
Section 409A(a)(1)(B) of the Code. The Company, the Board and the Administrator shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant with, Section 409A of the Code is
not so exempt or compliant or for any action taken by the Board or Administrator. 
  

	11.	Conditions and Restrictions Upon Securities Subject to Awards 

 The Administrator may
provide that the Shares issued upon exercise of an Option or Stock Appreciation Right or otherwise subject to or issued under an Award shall be subject to such further agreements, restrictions, conditions or limitations as the Administrator in its
discretion may specify prior to the exercise of such Option or Stock Appreciation Right or the grant, vesting or settlement of such Award, including without limitation, conditions on vesting or transferability, forfeiture or repurchase provisions
and method of payment for the Shares issued upon exercise, vesting or settlement of such Award (including the actual or constructive surrender of Shares already owned by the Participant) or payment of taxes arising in connection with an Award.
Without limiting the foregoing, such restrictions may address the timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any Shares issued under an Award, including without limitation
(i) restrictions under an insider trading policy or pursuant to applicable law, (ii) restrictions designed to delay and/or coordinate the timing and manner of sales by the Participant and holders of other Company equity compensation
arrangements, (iii) restrictions as to the use of a specified brokerage firm for such resales or other transfers, and (iv) provisions requiring Shares to be sold on the open market or to the Company in order to satisfy tax withholding or
other obligations. 

  
 12 

	12.	Adjustment of and Changes in the Shares 

 In the event that any stock dividend, stock
split or a combination or consolidation of the outstanding Shares into a lesser number of shares, is declared with respect to the Shares, the authorization limits under Sections 5(a), 5(c) and 5(d) shall be increased or decreased proportionately,
and the Shares then subject to each Award shall be increased or decreased proportionately without any change in the aggregate purchase price therefor. In the event of an extraordinary distribution on the Shares or in the event the Shares shall be
changed into or exchanged for a different number or class of shares of stock or securities of the Company or of another corporation or other property, whether through recapitalization, reorganization, reclassification, merger, consolidation,
split-up, spinoff, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company, or any other similar corporate transaction or event
affects the Shares such that an equitable adjustment would be required in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the authorization limits under Sections 5(a),
5(c) and 5(d) shall be adjusted proportionately, and an equitable adjustment shall be made to each Share subject to an Award such that no dilution or enlargement of the benefits or potential benefits occurs. Each such Share then subject to each
Award shall be adjusted to the number and class of shares or other property into which each outstanding Share shall be so exchanged such that no dilution or enlargement of the benefits occurs, all without change in the aggregate purchase price for
the Shares then subject to each Award. Action by the Administrator pursuant to this Section 12 may include adjustment to any or all of: (i) the number and type of Shares (or other securities or other property) that thereafter may be made
the subject of Awards or be delivered under the Plan; (ii) the number and type of Shares (or other securities or other property) subject to outstanding Awards; (iii) the purchase price or exercise price of a Share under any outstanding
Award or the measure to be used to determine the amount of the benefit payable on an Award; and (iv) any other adjustments the Administrator determines to be equitable. 

No right to purchase fractional shares shall result from any adjustment in Awards pursuant to this Section 12. In case of any such
adjustment, the Shares or other security subject to the Award shall be rounded down to the nearest whole share. The Company shall notify Participants holding Awards subject to any adjustments pursuant to this Section 12 of such adjustment, but
(whether or not notice is given) such adjustment shall be effective and binding for all purposes of the Plan. 
  

	13.	Qualifying Performance-Based Compensation 

 (a) General. The Administrator may
establish performance criteria and level of achievement versus such criteria that shall determine the number of Shares, units or cash to be granted, retained, vested, issued or issuable under or in settlement of or the amount payable pursuant to an
Award, which criteria may be based on Qualifying Performance Criteria or other standards of financial performance and/or personal performance evaluations. In addition, the Administrator may specify that an Award or a portion of an Award is intended
to satisfy the requirements for “performance-based compensation” under Section 162(m) of the Code, provided that the performance criteria for such Award or portion of an Award that is intended by the Administrator to satisfy
the requirements for “performance-based compensation” under Section 162(m) of the Code shall be a measure based on one or more Qualifying Performance Criteria selected by the Administrator and specified at the time the Award is
granted. The Administrator shall certify the extent to which any Qualifying Performance Criteria has been satisfied, and the amount payable as a result thereof, prior to payment, settlement or vesting of any Award that is intended to satisfy the
requirements for “performance-based compensation” under Section 162(m) of the Code. Notwithstanding satisfaction of any performance goals, the number of Shares issued under or the amount paid under an Award may be reduced, but not
increased, by the Administrator on the basis of such further considerations as the Administrator in its sole discretion shall determine; provided, however, that, in the case of Share-based Awards the Administrator shall have such discretion
only to the extent specified in the Award Agreement. 

  
 13 

 (b) Qualifying Performance Criteria. For purposes of this Plan, the term
“Qualifying Performance Criteria” shall mean any one or more of the following performance criteria, or derivations of such performance criteria, either individually, alternatively or in any combination, applied to either the Company as a
whole or to a business unit or Subsidiary, either individually, alternatively or in any combination, and measured over the performance period established by the Administrator, on an absolute basis or relative to a pre-established target, to previous
results or to a designated comparison group, either based upon United States Generally Accepted Accounting Principles (“GAAP”) or non-GAAP financial results, in each case as specified by the Administrator: (i) cash flow (before or
after dividends), (ii) earnings per share (including earnings before interest, taxes, depreciation and amortization), (iii) stock price, (iv) return on equity, (v) total stockholder return, (vi) return on capital (including
return on total capital or return on invested capital), (vii) return on assets or net assets, (viii) market capitalization, (ix) economic value added, (x) debt leverage (debt to capital), (xi) revenue, (xii) income or
net income, (xiii) operating income, (xiv) operating profit or net operating profit, (xv) operating margin or profit margin, (xvi) return on operating revenue, (xvii) cash from operations, (xviii) operating ratio,
(xix) operating revenue, (xx) market share, (xxi) product development or release schedules, (xxii) new product innovation, (xxiii) product cost reduction through advanced technology, (xxiv) brand recognition/acceptance,
(xxv) product ship targets, (xxvi) cost reductions, customer service, (xxvii) customer satisfaction, or (xxviii) the sales of assets or subsidiaries. To the extent consistent with Section 162(m) of the Code, the
Administrator may appropriately adjust any evaluation of performance under a Qualifying Performance Criteria (A) to eliminate the effects of charges for restructurings, discontinued operations, and all items of gain, loss or expense that are
unusual or infrequently occurring or related to the acquisition or disposal of a segment of a business or related to a change in accounting principle all as determined in accordance with applicable accounting provisions, as well as the cumulative
effect of accounting changes, in each case as determined in accordance with GAAP or identified in the Company’s financial statements or notes to the financial statements, (B) to exclude any of the following events that occurs during a
performance period: (i) asset write-downs, (ii) litigation, claims, judgments or settlements, (iii) the effect of changes in tax law or other such laws or provisions affecting reported results, (iv) accruals for reorganization
and restructuring programs, (v) accruals of any amounts for payment under this Plan or any other compensation arrangement maintained by the Company, (vi) foreign exchange gains and losses, and (vii) acquisitions or divestitures, and
(C) for such other events as the Administrator shall deem appropriate, if such adjustment is timely approved in connection with the establishment of such Qualifying Performance Criteria. 

 

	14.	Transferability 

 Each Award may not be sold, transferred, pledged, assigned, or
otherwise alienated or hypothecated by a Participant other than by will or the laws of descent and distribution, and each Option or Stock Appreciation Right shall be exercisable only by the Participant during his or her lifetime. Notwithstanding the
foregoing, outstanding Options may be exercised following the Participant’s death by the Participant’s beneficiaries or as permitted by the Administrator. Further, and notwithstanding the foregoing, to the extent permitted by the
Administrator, the person to whom an Award is initially granted (the “Grantee”) may transfer an Award to any “family member” of the Grantee (as such term is defined in Section A.1(a)(5) of the General Instructions to Form S-8
under the Securities Act of 1933, as amended (“Form S-8”)), to trusts solely for the benefit of such family members and to partnerships in which such family members and/or trusts are the only partners; provided that, (i) as a
condition thereof, the transferor and the transferee must execute a written agreement containing such terms as specified by the Administrator, and (ii) the transfer is pursuant to a gift or a domestic relations order to the extent permitted
under the General Instructions to Form S-8. Except to the extent specified otherwise in the agreement the Administrator provides for the Grantee and transferee to execute, all vesting, exercisability and forfeiture provisions that are conditioned on
the Grantee’s continued employment or service shall continue to be determined with reference to the Grantee’s employment or service (and not to the status of the transferee) after any transfer of an Award pursuant to this Section 14,
and the responsibility to pay any taxes in connection with an Award shall remain with the Grantee notwithstanding any transfer other than by will or intestate succession. 

 

	15.	Suspension or Termination of Awards; Clawback Policy 

 Except as otherwise provided by
the Administrator, if at any time (including after a notice of exercise has been delivered or an award has vested) the Chief Executive Officer or any other person designated by the Administrator (each such person, an “Authorized Officer”)
reasonably believes that a Participant may have committed any act constituting Cause for termination of employment or any Detrimental Activity, the Authorized Officer, Administrator or the Board may suspend the Participant’s rights to exercise
any Option, to vest in an Award, and/or to receive payment for or receive Shares in settlement of an Award pending a determination of whether such an act has been committed. 

  
 14 

 If the Administrator or an Authorized Officer determines a Participant has committed any act
constituting Cause for termination of employment or any Detrimental Activity, then except as otherwise provided by the Administrator, (i) none of the Participant, his or her estate or any transferee shall be entitled to exercise any Option or
Stock Appreciation Right whatsoever, vest in or have the restrictions on an Award lapse, or otherwise receive payment of an Award, (ii) the Participant will forfeit all outstanding Awards and (iii) the Participant may be required, at the
Administrator’s sole discretion, to return and/or repay to the Company any then unvested Shares previously issued under the Plan. In making such determination, the Administrator or an Authorized Officer shall give the Participant an opportunity
to appear and present evidence on his or her behalf at a hearing before the Administrator or its designee or an opportunity to submit written comments, documents, information and arguments to be considered by the Administrator. Any dispute by a
Participant or other person as to the determination of the Administrator shall be resolved pursuant to Section 24 of the Plan. 

Awards granted under the Plan shall be subject to the Company’s clawback policy, as in effect and applicable to the Participant from time
to time. 
  

	16.	Agreement to Repayments of Incentive Compensation When Repayments Are Required Under Federal Law.

This provision applies to any policy adopted by the New York Stock Exchange (or any other exchange on which the securities of the Company are
listed) pursuant to Section 10D of the Securities Exchange Act of 1934. To the extent any such policy requires the repayment of incentive-based compensation received by a Participant, whether paid pursuant to an Award granted under this
Plan or any other plan of incentive-based compensation maintained in the past or adopted in the future by the Company, by accepting an Award under this Plan, the Participant agrees to the repayment of such amounts to the extent required by such
policy and applicable law. 
  

	17.	Compliance with Laws and Regulations 

 This Plan, the grant, issuance, vesting, exercise
and settlement of Awards thereunder, and the obligation of the Company to sell, issue or deliver Shares under such Awards, shall be subject to all applicable foreign, federal, state and local laws, rules and regulations, stock exchange rules and
regulations, and to such approvals by any governmental or regulatory agency as may be required. The Company shall not be required to register in a Participant’s name or deliver any Shares prior to the completion of any registration or
qualification of such shares under any foreign, federal, state or local law or any ruling or regulation of any government body which the Administrator shall determine to be necessary or advisable. To the extent the Company is unable to or the
Administrator deems it infeasible to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, the Company and its
Subsidiaries shall be relieved of any liability with respect to the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. No Option shall be exercisable and no Shares shall be issued and/or
transferable under any other Award unless a registration statement with respect to the Shares underlying such Option is effective and current or the Company has determined that such registration is unnecessary. 

In the event an Award is granted to or held by a Participant who is employed or providing services outside the United States, the
Administrator may, in its sole discretion, modify the provisions of the Plan or of such Award as they pertain to such individual to comply with applicable foreign law or to recognize differences in local law, currency or tax policy. The
Administrator may also impose conditions on the grant, issuance, exercise, vesting, settlement or retention of Awards in order to comply with such foreign law and/or to minimize the Company’s obligations with respect to tax equalization for
Participants employed outside their home country. 

  
 15 

	18.	Withholding 

 To the extent required by applicable federal, state, local or foreign law,
a Participant shall be required to satisfy, in a manner satisfactory to the Company, any withholding tax obligations that arise by reason of an Option exercise, disposition of Shares issued under an Incentive Stock Option, the vesting of or
settlement of an Award, an election pursuant to Section 83(b) of the Code or otherwise with respect to an Award. To the extent a Participant makes an election under Section 83(b) of the Code, within ten days of filing such election with
the Internal Revenue Service, the Participant must notify the Company in writing of such election. The Company and its Subsidiaries shall not be required to issue Shares, make any payment or to recognize the transfer or disposition of Shares until
all such obligations are satisfied. The Administrator may provide for or permit these obligations to be satisfied through the mandatory or elective sale of Shares and/or by having the Company withhold a portion of the Shares that otherwise would be
issued to him or her upon exercise of the Option or the vesting or settlement of an Award up to the minimum amount necessary to satisfy such obligations (or, if and when the Company adopts any applicable accounting standard allowing for greater
Share withholding, up to such withholding rate that will not cause an adverse accounting consequence or cost), or by tendering Shares previously acquired. 
  

	19.	Administration of the Plan 

 (a) Administrator of the Plan. The Plan shall
be administered by the Administrator who shall be the Compensation and Personnel Committee of the Board or, in the absence of a Compensation and Personnel Committee, the Board itself. Any power of the Administrator may also be exercised by the
Board, except to the extent that the grant or exercise of such authority would cause any Award or transaction to become subject to (or lose an exemption under) the short-swing profit recovery provisions of Section 16 of the Securities Exchange
Act of 1934 or cause an Award intended to qualify for treatment as performance-based compensation under Section 162(m) of the Code to not so qualify. To the extent that any permitted action taken by the Board conflicts with action taken by the
Administrator, the Board action shall control. The Compensation and Personnel Committee may by resolution authorize one or more officers of the Company to perform any or all things that the Administrator is authorized and empowered to do or perform
under the Plan, and for all purposes under this Plan, such officer or officers shall be treated as the Administrator; provided, however, that the resolution so authorizing such officer or officers shall specify the total number of Awards (if
any) such officer or officers may award pursuant to such delegated authority, and any such Award shall be subject to the form of Award Agreement theretofore approved by the Compensation and Personnel Committee; and, provided, further, that
such authorization shall not provide for the grant of Awards to officers or directors of the Company. No such officer shall designate himself or herself as a recipient of any Awards granted under authority delegated to such officer. The Compensation
and Personnel Committee hereby designates the Secretary of the Company and the head of the Company’s human resource function to assist the Administrator in the administration of the Plan and execute agreements evidencing Awards made under this
Plan or other documents entered into under this Plan on behalf of the Administrator or the Company. In addition, the Compensation and Personnel Committee may delegate any or all aspects of the day-to-day administration of the Plan to one or more
officers or employees of the Company or any Subsidiary, and/or to one or more agents. 

  
 16 

 (b) Powers of Administrator. Subject to the express provisions of this Plan, the
Administrator shall be authorized and empowered to do all things that it determines to be necessary or appropriate in connection with the administration of this Plan, including, without limitation: (i) to prescribe, amend and rescind rules and
regulations relating to this Plan and to define terms not otherwise defined herein; (ii) to determine which persons are Participants, to which of such Participants, if any, Awards shall be granted hereunder and the timing of any such Awards;
(iii) to grant Awards to Participants and determine the terms and conditions thereof, including the number of Shares subject to Awards and the exercise or purchase price of such Shares and the circumstances under which Awards become exercisable
or vested or are forfeited or expire, which terms may but need not be conditioned upon the passage of time, continued employment, the satisfaction of performance criteria, the occurrence of certain events (including a Change in Control), or other
factors; (iv) to establish and verify the extent of satisfaction of any performance goals or other conditions applicable to the grant, issuance, exercisability, vesting and/or ability to retain any Award; (v) to prescribe and amend the
terms of the agreements or other documents evidencing Awards made under this Plan (which need not be identical) and the terms of or form of any document or notice required to be delivered to the Company by Participants under this Plan; (vi) to
determine the extent to which adjustments are required pursuant to Section 12; (vii) to interpret and construe this Plan, any rules and regulations under this Plan and the terms and conditions of any Award granted hereunder, and to make
exceptions to any such provisions in if the Administrator, in good faith, determines that it is necessary to do so in light of extraordinary circumstances and for the benefit of the Company and so as to avoid unanticipated consequences or address
unanticipated events (including any temporary closure of an applicable stock exchange, disruption of communications or natural catastrophe); (viii) to approve corrections in the documentation or administration of any Award; (ix) to require
or permit Participant elections and/or consents under this Plan to be made by means of such electronic media as the Administrator may prescribe; and (x) to make all other determinations deemed necessary or advisable for the administration of
this Plan. The Administrator may, in its sole and absolute discretion, without amendment to the Plan, waive or amend the operation of Plan provisions respecting exercise after termination of employment or service to the Company or an Affiliate and,
except as otherwise provided herein, adjust any of the terms of any Award. The Administrator may also (A) accelerate the date on which any Award granted under the Plan becomes exercisable or (B) accelerate the vesting date or waive or
adjust any condition imposed hereunder with respect to the vesting or exercisability of an Award, provided that the Administrator, in good faith, determines that such acceleration, waiver or other adjustment is necessary or desirable in light
of applicable circumstances. Notwithstanding anything in the Plan to the contrary, other than in connection with a change in the Company’s capitalization (as described in Section 12) the Company shall not, without stockholder approval,
(i) reduce the exercise price of an Option or Stock Appreciation Right, (ii) exchange an Option or Stock Appreciation Right for a new Option or Stock Appreciation Right with a lower exercise price or (iii) at any time when the
exercise price of an Option or Stock Appreciation Right is above the Fair Market Value of a Share, exchange such Option or Stock Appreciation Right for cash or other property; provided, however, that in the event of a Change in Control, any
Award with an exercise price that equals or exceeds the value of the consideration to be paid to the holders of Common Stock (on a per share basis) may be cancelled without any consideration. 

(c) Determinations by the Administrator. All decisions, determinations and interpretations by the Administrator regarding the
Plan, any rules and regulations under the Plan and the terms and conditions of or operation of any Award granted hereunder, shall be final and binding on all Participants, beneficiaries, heirs, assigns or other persons holding or claiming rights
under the Plan or any Award, and no such decision, determination or interpretation may be altered or nullified by any other Person except if determined to be arbitrary or capricious as provided in Section 24. The Administrator shall consider
such factors as it deems relevant, in its sole and absolute discretion, to making such decisions, determinations and interpretations including, without limitation, the recommendations or advice of any officer or other employee of the Company and
such attorneys, consultants and accountants as it may select. 
 (d) Subsidiary Awards. In the case of a grant of an
Award to any Participant employed by a Subsidiary, such grant may, if the Administrator so directs, be implemented by the Company issuing any subject Shares to the Subsidiary, for such lawful consideration as the Administrator may determine, upon
the condition or understanding that the Subsidiary will transfer the Shares to the Participant in accordance with the terms of the Award specified by the Administrator pursuant to the provisions of the Plan. Notwithstanding any other provision
hereof, such Award may be issued by and in the name of the Subsidiary and shall be deemed granted on such date as the Administrator shall determine. 

  
 17 

	20.	Amendment of the Plan or Awards 

 The Board may amend, alter or discontinue this Plan
and the Administrator may amend, or alter any agreement or other document evidencing an Award made under this Plan but, except as provided pursuant to the provisions of Section 12, no such amendment shall, without the approval of the
stockholders of the Company: 
 (a) increase the maximum number of Shares for which Awards may be granted under this Plan;

 (b) reduce the price at which Options may be granted below the price provided for in Section 6(a); 

(c) reduce the exercise price of outstanding Options or Stock Appreciation Rights and, at any time when the exercise price of
an Option or Stock Appreciation Right is above the Fair Market Value of a Share, exchange such Option or Stock Appreciation Right for cash or other property; 

(d) extend the term of this Plan; 

(e) change the class of persons eligible to be Participants; 

(f) otherwise amend the Plan in any manner requiring stockholder approval by law or under the New York Stock Exchange listing
requirements; or 
 (g) increase the individual maximum limits in Sections 5(c) and (d). 

Any amendment to comply with changes in governing law or accounting standards shall not require stockholder approval. 

No amendment or alteration to the Plan or an Award or Award Agreement shall be made which would impair the rights of the holder of an
Award, without such holder’s consent, provided that no such consent shall be required if the Administrator determines in its sole discretion and prior to the date of any Change in Control that such amendment or alteration either
(i) is required or advisable in order for the Company, the Plan or the Award to satisfy any law or regulation or to meet the requirements of or avoid adverse financial accounting consequences under any accounting standard, or (ii) is not
reasonably likely to significantly diminish the benefits provided under such Award, or that any such diminishment has been adequately compensated. 
  

	21.	No Liability of Company 

 The Company and any Subsidiary or affiliate which is in
existence or hereafter comes into existence, the Board and the Administrator shall not be liable to a Participant or any other person as to: (i) the non-issuance or sale of Shares as to which the Company has been unable to obtain from any
regulatory body having jurisdiction the authority deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder; and (ii) any tax consequence expected, but not realized, by any Participant or other
person due to the receipt, exercise or settlement of any Award granted hereunder. 

  
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	22.	Non-Exclusivity of Plan 

 Neither the adoption of this Plan by the Board nor the
submission of this Plan to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board or the Administrator to adopt such other incentive arrangements as either may deem desirable, including
without limitation, the granting of restricted stock or stock options otherwise than under this Plan or an arrangement not intended to qualify under Code Section 162(m), and such arrangements may be either generally applicable or applicable
only in specific cases. 
  

	23.	Governing Law 

 This Plan and any agreements or other documents hereunder shall be
interpreted and construed in accordance with the laws of the Delaware and applicable federal law. Any reference in this Plan or in the agreement or other document evidencing any Awards to a provision of law or to a rule or regulation shall be deemed
to include any successor law, rule or regulation of similar effect or applicability. 
  

	24.	Arbitration of Disputes 

 In the event a Participant or other holder of an Award or
person claiming a right under an Award or the Plan believes that a decision by the Administrator with respect to such person or Award was arbitrary or capricious, the person may request arbitration with respect to such decision. The review by the
arbitrator shall be limited to determining whether the Participant or other Award holder has proven that the Administrator’s decision was arbitrary or capricious. This arbitration shall be the sole and exclusive review permitted of the
Administrator’s decision. Participants, Award holders and persons claiming rights under an Award or the Plan explicitly waive any right to judicial review. 

Notice of demand for arbitration shall be made in writing to the Administrator within thirty (30) days after the applicable
decision by the Administrator. The arbitrator shall be selected by those members of the Board who are neither members of the Compensation and Personnel Committee of the Board nor employees of the Company or any Subsidiary. If there are no such
members of the Board, the arbitrator shall be selected by the Board. The arbitrator shall be an individual who is an attorney licensed to practice law in the jurisdiction in which the Company’s headquarters are then located. Such arbitrator
shall be neutral within the meaning of the Commercial Rules of Dispute Resolution of the American Arbitration Association; provided, however, that the arbitration shall not be administered by the American Arbitration Association. Any
challenge to the neutrality of the arbitrator shall be resolved by the arbitrator whose decision shall be final and conclusive. The arbitration shall be administered and conducted by the arbitrator pursuant to the Commercial Rules of Dispute
Resolution of the American Arbitration Association. Each side shall bear its own fees and expenses, including its own attorney’s fees, and each side shall bear one half of the arbitrator’s fees and expenses. The decision of the arbitrator
on the issue(s) presented for arbitration shall be final and conclusive and may be enforced in any court of competent jurisdiction. 
  

	25.	No Right to Employment, Reelection or Continued Service 

 Nothing in this Plan or an
Award Agreement shall interfere with or limit in any way the right of the Company, its Subsidiaries and/or its affiliates to terminate any Participant’s employment, service on the Board or service for the Company at any time or for any reason
not prohibited by law, nor shall this Plan or an Award itself confer upon any Participant any right to continue his or her employment or service for any specified period of time. Neither an Award nor any benefits arising under this Plan shall
constitute an employment contract with the Company, any Subsidiary and/or its affiliates. Subject to Sections 4 and 20, this Plan and the benefits hereunder may be terminated at any time in the sole and exclusive discretion of the Board without
giving rise to any liability on the part of the Company, its Subsidiaries and/or its affiliates. 

  
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	26.	Unfunded Plan 

 The Plan is intended to be an unfunded plan. Participants are and shall
at all times be general creditors of the Company with respect to their Awards. If the Administrator or the Company chooses to set aside funds in a trust or otherwise for the payment of Awards under the Plan, such funds shall at all times be subject
to the claims of the creditors of the Company in the event of its bankruptcy or insolvency. 
  

	27.	Section 409A 

 Awards granted under the Plan are intended to comply with, or be exempt
from, the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent. Although the Company does not guarantee any particular tax treatment, to the extent that any Award is
subject to Section 409A of the Code, it shall be paid in a manner that is intended to comply with Section 409A of the Code, including regulations and any other guidance issued by the Secretary of the Treasury and the Internal Revenue
Service with respect thereto. In no event whatsoever shall the Company be liable for any additional tax, interest or penalties that may be imposed on a Participant by Section 409A of the Code or any damages for failing to comply with
Section 409A of the Code. 
 To the extent any payment under this Plan is considered deferred compensation subject to the restrictions
contained in Section 409A of the Code, and to the extent necessary to avoid the imposition of taxes under Section 409A of the Code, such payment may not be made to a specified employee (as determined in accordance with a uniform policy
adopted by the Company with respect to all arrangements subject to Section 409A of the Code) upon separation from service (within the meaning of Section 409A of the Code) before the date that is six months after the specified
employee’s separation from service (or, if earlier, the specified employee’s death). Any payment that would otherwise be made during this period of delay shall be accumulated and paid on the sixth month plus one day following the specified
employee’s separation from service (or, if earlier, as soon as administratively practicable after the specified employee’s death). 

  
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