Document:

EX-4.1

 Exhibit 4.1 

TEXAS INSTRUMENTS INCORPORATED 

Officers’ Certificate 

November 3, 2017 

Reference is made to the Indenture dated as of May 23, 2011 (the “Indenture”) by and between Texas Instruments
Incorporated (the “Issuer”) and U.S. Bank National Association, as trustee (the “Trustee”). The Trustee is the trustee for any and all securities issued under the Indenture. Pursuant to Section 2.04(c) of the
Indenture, the undersigned officers do hereby certify, in connection with the issuance of $500,000,000 aggregate principal amount of 2.900% Notes due 2027 (the “Notes”), that (i) the form and terms of the Notes have been
established pursuant to Section 2.01 and Section 2.03 of the Indenture and comply with the Indenture, and (ii) the terms of the Notes are as follows: 

Capitalized terms used but not otherwise defined herein shall have the meanings specified in the Indenture. 

 

	 Title: 
	2.900% Notes due 2027. 

  

	 Issuer: 
	Texas Instruments Incorporated. 

  

	 Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent: 
	U.S. Bank National Association. 

  

	 Aggregate Principal Amount at Maturity: 
	$500,000,000. 

  

	 Principal Payment Date: 
	November 3, 2027. 

  

	 Interest: 
	2.900% per annum. 

  

	 Date from which Interest will Accrue: 
	November 3, 2017. 

  

	 Interest Payment Dates: 
	May 3 and November 3, commencing on May 3, 2018. 

  

	 Redemption: 
	Prior to August 3, 2027 (the date that is three months prior to the maturity date of the Notes), the Issuer may at its option redeem the Notes, in whole or in part at any time, or from time to time, on at least 30 days but not more than 60 days
prior notice mailed to the registered address of each holder of the Notes, at a redemption price, calculated by the Issuer, equal to the greater of: 

  

	 	(i) 100% of the principal amount of the Notes to be redeemed; and 

	 	(ii) the sum of the present values of the principal amount of such Notes and the scheduled payments of interest thereon (not including any portion of such payments of interest accrued as of the date of redemption) from
the date of redemption to August 3, 2027 (the date that is three months prior to the maturity date of the Notes), in each case discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury Rate (as defined in the Notes), plus 10 basis points; 

  

	 	plus, in each case, accrued interest thereon to the date of redemption. 

  

	 	At any time on or after August 3, 2027 (the date that is three months prior to the maturity date of the Notes), the Issuer may at its option redeem the Notes, in whole or in part at any time and from time to time, on at
least 30 days but not more than 60 days prior notice mailed to the registered address of each holder of the Notes, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued interest thereon to the date of
redemption. 

  

	 Conversion: 
	None. 

  

	 Sinking Fund: 
	None. 

  

	 Denominations: 
	$2,000 and multiples of $1,000 in excess thereof. 

  

	 Miscellaneous: 
	The terms of the Notes shall include such other terms as are set forth in the form of Notes attached hereto as Exhibit A and in the Indenture. 

Subject to the representations, warranties and covenants described in the Indenture, as amended or supplemented from time to time, the Issuer
shall be entitled, subject to authorization by the Board of Directors of the Issuer and an Officers’ Certificate, to issue additional notes from time to time with identical terms as the Notes, other than with respect to the date of issuance,
the issue price and interest accrued prior to the issue date of the additional notes (together, the “Additional Notes”). The Additional Notes will have the same CUSIP number as the Notes; provided that any Additional Notes
that are not fungible with the Notes for U.S. federal income tax purposes will be issued under a separate CUSIP number. Any Additional Notes will be issued in accordance with Section 2.03 of the Indenture. 

  
 2 

 The undersigned officers have read and understand the provisions of the Indenture and the
definitions relating thereto. The statements made in this Officers’ Certificate are based upon the examination of the provisions of the Indenture and upon the relevant books and records of the Issuer. In the opinion of each undersigned officer,
such officer has made such examination or investigation as is necessary to enable such officer to express an informed opinion as to whether or not the covenants and conditions of such Indenture relating to the issuance and authentication of the
Notes have been complied with. In such officer’s opinion, such covenants and conditions have been complied with. 
 [Signature page
follows] 

  
 3 

 IN WITNESS WHEREOF, the undersigned officers of the Issuer have duly executed this certificate as
of the date first set forth above. 
  

					
	TEXAS INSTRUMENTS INCORPORATED
		
	By:	 	/s/ Rafael R. Lizardi
		 	Name:	 	Rafael R. Lizardi
		 	Title:	 	 Senior Vice President and
 Chief Financial
Officer

		
	By:	 	/s/ Alan C. Boyd
		 	Name:	 	Alan C. Boyd
		 	Title:	 	Vice President and Treasurer

 [Signature Page to Officers’ Certificate Pursuant to the Indenture] 

 EXHIBIT A 

[FORM OF NOTES DUE 2027] 
 UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT
AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY. 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER
INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
 A-1 

 TEXAS INSTRUMENTS INCORPORATED 

2.900% Notes due 2027 
  

			
	No. 1	  	CUSIP No.: 882508 BC7
		  	ISIN No.: US882508BC78
		
		  	$500,000,000

 TEXAS INSTRUMENTS INCORPORATED, a Delaware corporation (the “Issuer”), for value received
promises to pay to CEDE & CO. or registered assigns the principal sum of $500,000,000 on November 3, 2027. 
 Interest Payment
Dates: May 3 and November 3 (each, an “Interest Payment Date”), commencing on May 3, 2018. 
 Interest
Record Dates: April 17 and October 17 (each, an “Interest Record Date”). 
 Reference is made to the further
provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at this place. 

  
 A-2 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its
duly authorized officers under its corporate seal. 
  

					
	TEXAS INSTRUMENTS INCORPORATED
		
	By:	 	 
		 	Name:	 	Rafael R. Lizardi
		 	Title:	 	 Senior Vice President and
 Chief Financial
Officer

		
	By:	 	 
		 	Name:	 	Alan C. Boyd
		 	Title:	 	Vice President and Treasurer

 [Seal of Texas Instruments Incorporated] 

Attest: 
  

					
	By:	 	 
		 	Name:	 	Muriel C. McFarling
		 	Title:	 	Assistant Secretary

  
 A-3 

 This is one of the Notes of the series designated herein and referred to in the within-mentioned
Indenture. 
 Dated: November 3, 2017 
  

					
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Name:	 	Raymond S. Haverstock
		 	Title:	 	Vice President

  
 A-4 

 (REVERSE OF NOTE) 

TEXAS INSTRUMENTS INCORPORATED 

2.900% Notes due 2027 
 1.
Interest. 
 Texas Instruments Incorporated (the “Issuer”) promises to pay interest on the principal amount of this Note at
the rate per annum described above. Cash interest on the Notes will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from November 3, 2017. Interest on this Note will be paid to but excluding
the relevant Interest Payment Date. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing May 3, 2018 to the person in whose name the Note is registered at the close of business on the preceding
Interest Record Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA
Uniform Practice Code. 
 The Issuer shall pay interest on overdue principal from time to time on demand at the rate borne by the Notes and
on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful. 
 2. Paying Agent. 

Initially, U.S. Bank National Association (the “Trustee”) will act as paying agent. The Issuer may change any paying agent
without notice to the holders (the “Holders”). 
 3. Indenture; Defined Terms. 

This Note is one of the 2.900% Notes due 2027 (the “Notes”) issued under an indenture dated as of May 23, 2011 (the
“Base Indenture”) by and between the Issuer and the Trustee, and established pursuant to an Officers’ Certificate dated November 3, 2017, issued pursuant to Section 2.01 and Section 2.03 thereof (together, the
“Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 
 For
purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the “TIA”) as in effect on the date on which the Indenture was qualified under the TIA; including, without limitation, the defeasance provision set forth in
Section 10.01(b) of the Base Indenture; provided that Section 10.01(b)(C) of the Base Indenture is amended and restated as set forth below for purposes of this Note. Notwithstanding anything to the contrary herein, the Notes are subject to
all such terms, provided that Section 10.01(b)(C) of the Base Indenture is 

  
 A-5 

 
amended and restated as set forth below for purposes of this Note, and Holders of Notes are referred to the Indenture and the TIA for a statement of such terms. To the extent the terms of the
Indenture and this Note are inconsistent, the terms of the Indenture shall govern, provided that, for purposes of this Note, Section 10.01(b)(C) of the Base Indenture is amended and restated as set forth below. 

“(C) the Issuer has delivered to the Trustee an Officers’ Certificate and an opinion of independent legal counsel
satisfactory to the Trustee to the effect that the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or that since the date of issuance of the Securities of such series there has been a change in the
applicable Federal income tax law, in either case to the effect that beneficial owners of the Securities of such series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and
will be subject to Federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit, defeasance and discharge had not occurred; and” 

4. Denominations; Transfer; Exchange. 

The Notes are in registered form, without coupons, in denominations of $2,000 and multiples of $1,000 in excess thereof. A Holder shall
register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar governmental
charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any Notes or portions thereof for a period of fifteen (15) days before the mailing of a notice
of redemption, nor need the Issuer register the transfer or exchange of any Note selected for redemption in whole or in part. 
 5.
Amendment; Supplement; Waiver. 
 Subject to certain exceptions, the Notes and the provisions of the Indenture relating to the Notes may be
amended or supplemented and any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal amount of all series of Outstanding
Securities (including the Notes) under the Indenture that are affected by such amendment, supplement or waiver (voting together as a single class). Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture
and the Notes to, among other things, cure any ambiguity, omission, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the TIA, or make any other change that does not
adversely affect the rights of any Holder of a Note in any material respect. 
 6. Redemption. 

(a) Prior to August 3, 2027 (the date that is three months prior to the maturity date of the Notes), the Issuer may at its option redeem
the Notes, in whole or in part at any 

  
 A-6 

 
time, or from time to time, on at least 30 days but not more than 60 days prior notice, at a redemption price calculated by the Issuer equal to the greater of: 

(i) 100% of the principal amount of the Notes to be redeemed; and 

(ii) the sum of the present values of the principal amount of such Notes and the scheduled payments of interest thereon (not including any
portion of such payments of interest accrued as of the date of redemption) from the date of redemption to August 3, 2027 (the date that is three months prior to the maturity date of the Notes), in each case discounted to the date of redemption
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below), plus 10 basis points, 

plus in each case accrued interest thereon to the date of redemption. 

(b) At any time on or after August 3, 2027 (the date that is three months prior to the maturity date of the Notes), the Issuer may at its
option redeem the Notes, in whole or in part at any time and from time to time, on at least 30 days but not more than 60 days prior notice, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued interest
thereon to the date of redemption. 
 Notwithstanding the foregoing, installments of interest on Notes that are due and payable on interest
payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered Holders as of the close of business on the relevant record date according to the Notes and the Indenture. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity
comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of the Notes. 
 “Comparable Treasury Price” means, with respect to any redemption date, (i) the
average of three Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent obtains fewer than three such Reference Treasury
Dealer Quotations, the average of all such quotations, or (iii) if only one Reference Treasury Dealer Quotation is received, such quotation. 

“Quotation Agent” means the Reference Treasury Dealer appointed by the Issuer. 

“Reference Treasury Dealer” means (i) Barclays Capital Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce,
Fenner & Smith Incorporated (or their respective affiliates that are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities
dealer in New York City (a “Primary Treasury Dealer”), the Issuer will substitute therefor another Primary Treasury Dealer, and (ii) any other Primary Treasury Dealer selected by the Issuer. 

  
 A-7 

 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to
maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 

Notice of any redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder of the Notes to
be redeemed. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed, the
Notes to be redeemed shall be selected by lot by the Depositary, in the case of Notes represented by a Global Note, or by the Trustee by a method the Trustee deems to be fair and appropriate, in the case of Notes that are not represented by a Global
Note. 
 7. Defaults and Remedies. 

If an Event of Default (other than certain bankruptcy Events of Default with respect to the Issuer) under the Indenture occurs with respect to
the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by written notice, require the Issuer to repay immediately the entire principal amount of the
Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing, then the entire principal amount of the Outstanding Notes will automatically
become due immediately and payable without any declaration or other act on the part of the Trustee or any Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to
enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Notes then outstanding
to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes notice of certain continuing defaults or Events of Default if it determines that withholding notice is in their interest. 

8. Authentication. 
 This Note
shall not be valid until the Trustee manually signs the certificate of authentication on this Note. 

  
 A-8 

 9. Abbreviations and Defined Terms. 

Customary abbreviations may be used in the name of a Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

10. CUSIP Numbers. 
 Pursuant to
a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the accuracy of
such numbers as printed on the Notes and reliance may be placed only on the other identification numbers printed hereon. 
 11. Governing
Law. 
 The laws of the State of New York shall govern the Indenture and this Note thereof. 

  
 A-9 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint                      agent to
transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 
  

 
 Date:
                                        
Your Signature:
                                        

  
  

Sign exactly as your name appears on the other side of this Note. 
  

					
		 		  	 
		 		  	Signature
			
	Signature Guarantee:	 		  	
			
	 	 		  	 
	Signature must be guaranteed	 		  	Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

  
 A-10 

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for Physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	 	 Amount of decrease in
principal amount of
this
Global Note
	 	 Amount of increase in
principal amount of
this
Global Note
	  	 Principal amount of this
Global Note
following
such decrease (or
increase)
	  	 Signature of authorized
officer of
Trustee

		 		 		  		  	

  
 A-11Exhibit

Exhibit 10.2

October 30, 2017

2075568 Alberta ULC
c/o Don E. Wall
661 Estate Drive
Sherwood Park, Alberta  T8B 1M4
 
    Re:    Senior Unsecured Credit Facility

Mr. Wall:
In connection with the acquisition (the “HNZ Acquisition”) of 100% of the capital stock of HNZ Group Inc. (“HNZ” or the “Company”) by 2075568 Alberta ULC (the “Borrower”), PHI, Inc., a Louisiana corporation (“Lender”), is pleased to extend this commitment to the Borrower for a CAD $167,530,404 senior unsecured credit facility (the “Credit Facility”), on the terms set forth in this commitment letter and the term sheet attached hereto (collectively, the “Commitment”).  Capitalized terms used and not otherwise defined herein have the meanings ascribed thereto in Annex I.

This Commitment is not intended to be inclusive of all the terms that Lender may determine are appropriate for the Credit Facility and is subject to satisfactory documentation.  

You agree to indemnify and hold harmless Lender and its affiliates, officers, directors, employees, agents, advisors and other representatives (each, an “Indemnified Party”) from and against (and will reimburse each Indemnified Party as the same are incurred for) any and all claims, damages, losses, liabilities and expenses (including, without limitation, the reasonable and documented fees, disbursements and other charges of counsel) that may be incurred by or awarded against any Indemnified Party, in each case arising out of (a) any matters contemplated by this Commitment and (b) the Credit Facility (in all cases, whether or not caused or arising, in whole or in part, out of the comparative, contributory or sole negligence of the Indemnified Party), except to the extent such claim, damage, loss, liability or expense is found in a final, nonappealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct or a breach in bad faith of such Indemnified Party's obligations hereunder or under any loan documentation.  You also agree that no Indemnified Party shall have any liability for any special, indirect, consequential or punitive damages.

This Commitment is confidential and, except for disclosure on a confidential basis to either your or Lender's accountants, attorneys and other professional advisors retained by you or Lender respectively in connection with the Credit Facility or as otherwise required by law, may not be disclosed in whole or in part to any person or entity without your and Lender’s prior written consent, provided that the Borrower may provide a copy of this Commitment to HNZ and any other lender to the Borrower and/or its affiliates and their respective legal counsel. 

You acknowledge that Lender and its affiliates are engaged in businesses with other parties whose interests may conflict with yours.   

{B1191235.1}    -1-

In connection with the Credit Facility and all related services and transactions, (a) Lender is acting solely as a principal and is not the financial advisor, agent or fiduciary for Borrower or any of its affiliates; (b) Lender and its affiliates have not assumed and will not assume an advisory, agency or fiduciary responsibility in Borrower’s or its affiliates’ favor; (c) Lender and its affiliates may be engaged in a broad range of transactions that involve interests that differ from Borrower’s and its affiliates’ interests, and Lender has no obligation to disclose same by virtue of any advisory, agency or fiduciary relationship; and (d) Lender and its affiliates have not provided any legal, accounting, regulatory or tax advice with respect to any transactions contemplated hereby.

This Commitment may not be assigned by you without the prior written consent of Lender (and any purported assignment without such consent shall be null and void), is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto.

This Commitment may be executed in counterparts.  Delivery of an executed counterpart of this Commitment by facsimile shall be effective as delivery of a manually executed copy.  Borrower’s obligations hereunder will survive any termination of this Commitment.

This Commitment shall be governed by the laws of the State of Louisiana.  Each of Borrower and Lender hereby irrevocably waives any and all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Commitment and all related transactions.

Lender hereby notifies you that pursuant to the requirements of the USA Patriot Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (“Act”), Lender is required to obtain, verify and record information that identifies Borrower, which information includes Borrower's legal name, address, tax ID number and other information that will allow Lender to identify Borrower in accordance with the Act. 

If the terms of this Commitment are acceptable to you, please sign this letter below and return it to Lender by October 30, 2017.  We appreciate the opportunity to extend this Commitment and look forward to working with you.

[Remainder of Page Intentionally Left Blank]

Sincerely,

{B1191235.1}    -2-

PHI, Inc.

By:      /s/ Al A. Gonsoulin______________                             
Name:  Al. A Gonsoulin
Title:    Chairman & Chief Executive Officer

{B1191235.1}    -3-

Accepted and Agreed to as of
October 30, 2017:

2075568 Alberta ULC 

/s/ Don Wall            

{B1191235.1}    -4-

SUMMARY OF PROPOSED TERMS
(Terms used herein and not otherwise defined have the meaning set forth in the Annex I)

		
	BORROWER:
	2075568 Alberta ULC (“Borrower”).

		
	LENDER:
	PHI, Inc. (“Lender”).

UNSECURED CREDIT
		
	FACILITY:
	A senior unsecured credit facility in the amount of CAD $167,530,404, consisting of two term loans, one in the amount of CAD $166,481,404 (the “First Loan”) and the second in the amount of CAD $1,049,000 (the “Second Loan” and collectively with the First Loan, the “Term Loans”).

		
	PURPOSE:
	The Term Loans will be used by the Borrower to fund a portion of the purchase price with respect to the HNZ Acquisition.

LOAN            
		
	AVAILABILITY:
	The full amount of the Term Loans will be funded at closing of the HNZ Acquisition, subject to the Conditions Precedent set forth below.

		
	MATURITY:
	The First Loan will mature upon consummation of the International Business Acquisition.    

The Second Loan will mature on December 31, 2019 (the “Maturity Date”).    

		
	INTEREST RATES:
	The Term Loans will be noninterest bearing.

		
	REPAYMENT:
	The Term Loans shall be repaid as follows:

(a)    The First Loan shall be deemed repaid upon the consummation of the International Business Acquisition, including the conveyance of the shares of HNZ New Zealand Limited, HNZ Singapore Private Limited and HNZ Australia Holdings Pty Limited to Lender pursuant to the terms of the Arrangement Agreement.
        
		
	(b)
	The Second Loan shall be repaid on or prior to the Maturity Date, or at such other time as mutually agreed between Lender and the Borrower, on such terms as mutually agreed between Lender and the Borrower.

{B1191235.1}    -5-

TERMS AND
		
	CONDITIONS:
	The documentation of the Term Loans will contain representations and warranties, covenants, events of default, and other provisions acceptable to Lender, including representations and warranties and covenants on, among other things, (i) corporate existence and status; (ii) corporate power and authority, enforceability; (iii) no violation of law or organizational documents; (iv) ownership of certain assets; (v) liens and encumbrances; (vi) maintenance of insurance with respect to certain assets; (vii) dividends or asset dispositions involving certain assets (other than as contemplated by the HNZ Acquisition), which in all cases shall not be any more restrictive than the terms of any other indebtedness of the Borrower.

CONDITIONS
		
	PRECEDENT:
	The extension of the Term Loans by the Lender will be subject to fulfillment of the following conditions:

		
	1.
	The execution and delivery, in form and substance acceptable to Lender and its counsel, of a loan agreement, promissory note, consents, documents indicating compliance with all applicable Canadian, federal and state laws and regulations, evidences of corporate authority and such other agreements, documents or instruments to confirm and effectuate the Term Loans, as may be required by Lender and its counsel.

		
	2.
	All conditions to the completion of the HNZ Acquisition as set forth in the Arrangement Agreement having been satisfied or waived, other than: (i) the requirement of the Borrower and Lender to have deposited or caused to be deposited with the depositary under the HNZ Acquisition, the funds required to effect payment in full of the aggregate consideration to be paid in respect of the HNZ Acquisition; and (ii) the filing of certain documents with government authorities required to give effect to the HNZ Acquisition.

		
	OTHER:
	This term sheet describes the general basis upon which Lender is prepared to continue its efforts.  This Commitment is intended as an outline only of certain of the material terms of the Term Loans and does not purport to summarize all of the terms and conditions that may be determined by Lender to be appropriate for the Term Loans.  

{B1191235.1}    -6-

Annex I

The following describes the proposed acquisition of HNZ by the Borrower and the subsequent sale to Lender of the international offshore business of HNZ (the “International Business Acquisition”).
Mr. Don E. Wall (“DW”) will transfer all of the shares of the Company currently owned directly or indirectly by him to the Borrower, a new corporation wholly owned by him.  The Borrower will acquire the remaining shares of the Company pursuant to a statutory arrangement under the Canada Business Corporations Act for the aggregate consideration as set forth in the arrangement agreement (“Arrangement Agreement”) dated as of October 30, 2017, among HNZ, DW, the Borrower and Lender.  Immediately following, and as a critical part of, the HNZ Acquisition, the following transactions will be effected in the order set out below:
		
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	HNZ and Canadian Helicopters Limited will amalgamate to form an amalgamated corporation, which is hereinafter referred to as "Amalco 1";

		
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	Amalco 1 and the Borrower will amalgamate to form an amalgamated corporation, which is hereinafter referred to as "Amalco 2"; and

		
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	Amalco 2 will sell the shares of the following HNZ subsidiaries to Lender (or a designated subsidiary thereof) as part of one or more transactions and, in connection therewith, the First Loan will be fully repaid and satisfied:  HNZ New Zealand Limited, HNZ Singapore Private Limited and HNZ Australia Holdings Pty Limited. 

{B1191235.1}    -7-

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