Document:

Amendment No. 1 to the Distribution Agreement

 Exhibit 10.3 

AMENDMENT NO. 1 TO DISTRIBUTION AGREEMENT 
 This Amendment No. 1 (the “Amendment”) dated April 10, 2012 is entered into by and between Ypsomed Distribution AG, (“Ypsomed”) and Insulet Corporation (“Insulet”)
to amend the Distribution Agreement entered into between Insulet and Ypsomed, effective as of January 4, 2010 (the “Agreement”). Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the
Agreement. 
 WHEREAS, Ypsomed and Insulet desire to amend the Agreement. 

NOW, THEREFORE, in consideration of the premises and mutual covenants contained in this Amendment and in the Agreement, Ypsomed and
Insulet hereby agree as follows: 
  

	 	1.	Section II of Exhibit II of the Agreement is amended and restated in its entirety as follows: 

 

	 	II.	LIST OF COUNTRIES  

 The
following countries shall be ready for distribution of Products by Distributor on the dates specified below, i.e. Insulet shall have obtained and maintain Product Registration in these countries and shall have the country specific version of
Products ready for supply and ready for distribution by Distributor as of the date specified below. 
  

	 	–	 	 Germany: available 

	 	–	 	 Netherlands: available 

	 	–	 	 France: available 

	 	–	 	 Australia: launch date to be agreed upon by the Parties 

	 	–	 	 China: launch date to be agreed upon by the Parties 

	 	–	 	 UK: available 

	 	–	 	 Norway: available 

	 	–	 	 Sweden: available 

	 	–	 	 Switzerland: available 

	 	–	 	 Austria: available 

	 	–	 	 Belgium: launch date to be agreed upon by the Parties 

	 	–	 	 Czech Republic: launch date to be agreed upon by the Parties 

	 	–	 	 Denmark: launch date to be agreed upon by the Parties 

	 	–	 	 Hungary: launch date to be agreed upon by the Parties 

	 	–	 	 Poland: launch date to be agreed upon by the Parties 

	 	–	 	 Russia: launch date to be agreed upon by the Parties 

	 	–	 	 Saudi Arabia: launch date to be agreed upon by the Parties 

	 	–	 	 Qatar: launch date to be agreed upon by the Parties 

	 	–	 	 Oman: launch date to be agreed upon by the Parties 

	 	–	 	 Egypt: launch date to be agreed upon by the Parties 

	 	–	 	 Croatia: launch date to be agreed upon by the Parties 

	 	–	 	 India (UK version): launch date to be agreed upon by the Parties 

Notwithstanding anything to the contrary in this Agreement, Distributor agrees to use commercially reasonable efforts to promote,
advertise, market, distribute and sell the Products in each country of the Territory after launch date. In the event that Distributor, having used commercially reasonable efforts, does not obtain listing of the Products with reimbursement
authorities in a country and is not making further efforts reasonably expected to result in listing of the Products with reimbursement authorities in a country during the Term and does not promote, advertise, market, distribute and sell the Products
in such country without reimbursement then Insulet shall have to right to remove such country from the Territory. For clarification, Distributor shall not be obligated to promote, advertise, market, distribute and/or sell the Products in countries
in which it has not obtained reimbursement. 

 Exhibit 10.3 

 

	 	2.	Section 8.3(a) of the Agreement is amended and restated in its entirety as follows: 

 

	 	(a)	Subject to Section 8.3(b), Insulet hereby (i) warrants that the PDM shall be free from material defects in material and workmanship under normal use and
maintenance as provided in the applicable instructions and fulfills the Specifications, for a period of [**] months from the date of shipment of the PDM; and (ii) warrants that the POD shall have an expiration date at least [**] months from the
date of shipment of the POD. It is understood between the parties that relabeling of PODs may be requested by Distributor due to the short lifetime of the PODs. Insulet hereby undertakes to approve relabeling of PODS requested by Distributor, and to
assist and support Distributor as requested by Distributor. 

  

	 	3.	Section 10.1 (a) of the Agreement is amended and restated in its entirety as follows: 

 

	 	(a)	The initial term of this Agreement shall be until June 30, 2016, unless earlier terminated under the provisions of this Agreement (the “Term”).
Upon any termination or expiration of this Agreement pursuant to Article 10, except for termination for cause by Insulet pursuant to Section 10.2 or termination by Insulet pursuant to Section 10.4, Distributor (and it’s
Sub-Distributors) shall be permitted during the nine months following such expiration or termination to sell Products remaining in Distributor’s (and Sub-Distributors’) inventory as of the effective date of the expiration or termination.

  

	 	4.	New Section 10.1(c) is added as follows: 

  

	 	(c)	If Distributor purchases more than [******] Pods in 2013, the Term shall automatically be extended for a period of 1 year. If Distributor purchases more than [*******]
Pods in 2014, the Term shall automatically be extended for a period of 1 year. If the Agreement is extended pursuant to this Section 10.3(c), the Parties shall negotiate in good faith and agree upon the Calendar Year Minimum(s) for the next
Calendar Year prior to beginning of such Calendar Year. For clarification, if Distributor purchases more than [******] Pods in 2013 and Distributor purchases more than [******] Pods in 2014, the Term shall automatically be extended for a period of 2
years. 

  

	 	5.	Section I of Exhibit III of the Agreement is amended and restated in its entirety as follows: 

 

	 	I	CALENDAR YEAR MINIMUMS AND PRICING 

  

									
	 Calendar Year
	  	CALENDAR YEAR
MINIMUM: PDMs	 	PDM Transfer
Price ($US)	 	CALENDAR YEAR
MINIMUM: PODS	 	POD Transfer
Price ($US)
	 2010
	  	[****	 	****	 	****	 	****]
	 2011
	  	[****	 	****	 	****	 	****]
	 2011
	  		 		 	[****	 	****]
	 2012
	  	[****	 	****	 	****	 	****]
	 2012
	  		 		 	[****	 	****]
	 2013
	  	[****	 	****	 	****	 	****]
	 2014
	  	[****	 	****	 	****	 	****]
	 2014
	  		 		 	[****	 	****]
	 2015
	  	[****	 		 	****	 	****]
	 2015
	  		 		 	[****	 	****]
	 2016
	  		 		 	[****	 	****]

 For the avoidance of doubt the Calendar Year Minimum for a Calendar Year is the sum of the values
expressed in the table above for each Calendar Year. For example, the Calendar Year Minimum of PODS for 2012 is [******], where [******] are purchased by Distributor at a Transfer Price of $[****] and [******] are purchased by Distributor at a
Transfer Price of $[****]. Distributor must purchase the Calendar Year Minimum of PODS at the higher Transfer Price before purchasing PODS at the lower Transfer Price regardless of the Calendar Year except in the event of delivery delays not caused
by Distributor, in which case the lower Transfer Price shall be applicable. 

 Exhibit 10.3 

 

 For the avoidance of doubt, Section II of Exhibit III of the Agreement remains
applicable and prevails this restated Section I of Exhibit III. 
 PRICING FOR SAMPLES, USER GUIDE AND STARTER KIT 

SAMPLE PRICING 
  

					
	 Demonstration POD (box of 10 without single packaging)
	  	 	[	****] 
	 Demonstration POD (single packaging)
	  	 	[	****] 

 USER GUIDE 
  

					
	 User Guide
	  	 	[	****] 

 STARTER KIT BOX WITH ACCESSORIES 

 

					
	 Starter Kit Box with Accessories
	  	 	[	****] 

  

	 	6.	Section III of Exhibit III of the Agreement is amended and restated in its entirety as follows: 

 

	 	III.	EQUITABLE ADJUSTMENT TO CALENDAR YEAR MINIMUMS 

 The Parties shall negotiate and implement a fair and equitable adjustment to the Calendar Year Minimums, which adjustment shall be agreed to by the Parties and referenced in an amendment to this Exhibit
III, if (a) the Parties amend the list of countries in the Territory in Section II of Exhibit II as permitted in this Agreement, provided, however, that the Calendar Year Minimums shall not be adjusted in the event the Parties agree on the
launch dates for Australia, China, Belgium, Czech Republic, Denmark, Hungary, Poland, Russia, Saudi Arabia, Qatar, Oman, Egypt, Croatia and India; (b) if Insulet exercises its rights under Section 10.2 or 10.3; (c) if Insulet,
pursuant to this Agreement, converts Distributor’s appointment as exclusive distributor to non-exclusive in any country(ies); (d) if Insulet, pursuant to this Agreement, selectively terminates Distributor’s appointment as distributor
in any country(ies); or (e) if any of the following events occurs during the Term of this Agreement so as to impact sale quantities of Products in Germany, France, UK, Switzerland, The Netherlands, Sweden, Australia, China, Norway and/or
Austria : 
 (i) an injunction based on Third Party patent infringement by the Products is issued and pending; 

(ii) A Product Registration has been revoked, or an injunction or warning letter (or the like) based on regulatory problems with a Product
is issued and pending in a country of the Territory; 
 (iii) a corrective or preventive action or a recall is requested or
voluntarily performed; 
 (iv) Insulet materially breaches its obligations under Section 1.2; 

(v) Insulet is in material breach of this Agreement; 
 (vi) deliveries of Products are delayed by Insulet by more than [******] days after the delivery date specified in the Order; 
 (vii) Insulet suspends shipments of Products in accordance with Section 5.1; 

(viii) the number of PODs delivered per Customer decreases during the Term due to reasons in Insulet’s responsibility including,
without limitation, new version of PODs containing more insulin; 

 Exhibit 10.3 

 

 (ix) a Force Majeure event prevents the supply, purchase, distribution, import,
marketing or sale of Products under this Agreement; 
 (x) Despite Distributor’s commercially reasonable efforts,
reimbursement for the Products has not been secured in France by [**********]; 
 (xii) No Product Registration has been secured
in China by [**********]; or 
 (xiii) the number of confirmed Pod failures experienced by Customers during any six month period
is greater than [******] of the number of Pods delivered to Customers during such six month period. 
 Upon occurrence of an
event listed in this Section III of Exhibit III and until the amendment to this Exhibit III containing the adjusted Calendar Year Minimums is in effect, the Calendar Year Minimums shall not apply. 

Any equitable adjustment to the Calendar Year Minimum agreed to by the Parties shall be proportional to the share of the market in the
Territory affected by the reason for the equitable adjustment. The share of the market in the Territory affected by the reason for the equitable adjustment shall be the greater of: (a) the actual market share during the most recent twelve
months; and (b) the market share set forth in the most recent forecast pursuant to Section 4.3. 
  

	 	7.	All other terms and conditions of the Agreement not specifically amended or modified hereby will remain in full force and effect. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

 Exhibit 10.3 

 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be signed by a duly authorized
representative effective as of the date set forth above. 
  

									
	Insulet Corporation	 		 	Ypsomed Distribution AG
					
	By:	 	 /s/ Brian Roberts
	 		 	By:	 	 /s/ Simon Michel

	Name:	 	Brian Roberts	 		 	Name:	 	Simon Michel
	Title:	 	Chief Financial Officer	 		 	Title:	 	Senior Vice President, Marketing & Sales
					
		 		 		 	By:	 	 /s/ Niklaus Ramseier

		 		 		 	Name:	 	Niklaus Ramseier
		 		 		 	Title:	 	Senior Vice President, Finance/IT, CFOExhibit 4.5

 EXHIBIT 4.5 
 FOURTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT 
 This FOURTH AMENDMENT TO
AMENDED AND RESTATED LOAN AGREEMENT (the “Fourth Amendment”), dated and effective as of March 28, 2012 (the “Effective Date”), is by and among Whitney Bank, a Louisiana state chartered bank, formerly known as Hancock Bank of
Louisiana, successor by merger to Whitney National Bank, a national banking association (“Bank”), PHI Inc., formerly named Petroleum Helicopters, Inc. (hereinafter referred to as “PHI”), PHI Air Medical, L.L.C., successor to Air
Evac Services, Inc., PHI Tech Services, Inc., formerly named Evangeline Airmotive, Inc., and International Helicopter Transport, Inc., (individually, collectively and interchangeably, the “Subsidiary Guarantors”). 

WHEREAS, PHI, Subsidiary Guarantors and Bank entered into an Amended and Restated Loan Agreement dated as of March 31, 2008 (the
“Amended and Restated Loan Agreement”) pursuant to which Bank issued a Revolving Line of Credit (as defined therein) in the amount of $50,000,000,00 to PHI, which was amended by (i) First Amendment to Amended and Restated Loan
Agreement dated as of August 5, 2009 (the “First Amendment”), pursuant to which the Revolving Line of Credit was increased to $75,000,000 and the maturity thereof was extended to September 1, 2011, (ii) Second Amendment to
Amended and Restated Loan Agreement dated as of September 13, 2010 (the “Second Amendment”), pursuant to which the maturity of the Revolving Line of Credit was extended to September 1, 2012, and certain covenants and terms were
added, and (iii) Third Amendment to Amended and Restated Loan Agreement dated as of September 26, 2011 (the “Third Amendment”), pursuant to which the maturity of the Revolving Line of Credit was extended to September 1, 2013
(with the Amended and Restated Loan Agreement, the First Amendment, the Second Amendment and Third Amendment collectively referred to as the “Agreement”, as it may be amended from time to time); 

WHEREAS, PHI, Subsidiary Guarantors and Bank desire to amend the Agreement to increase the Revolving Line of Credit to $100,000,000.00
and to add certain terms and conditions to the Agreement; 
 NOW THEREFORE, the parties hereby agree as follows: 

1. As used herein, capitalized terms not defined herein shall have the meanings attributed to them in the Agreement. 

2. Section A of the Agreement is hereby amended and restated in full as follows: 

A. THE LOAN OR LOANS. Provided PHI timely performs all obligations in favor of Bank contained in this Agreement and in any other
agreement, whether now existing or hereafter arising: 
 Bank shall make available to PHI a secured revolving line of credit (the
“Revolving Line of Credit”) in the principal amount of ONE HUNDRED MILLION AND NO/100 ($100,000,000.00) DOLLARS, that may be drawn upon by PHI on any business day of Bank during the period hereof until and including September 1, 2013
on at least one day’s telephonic notice to Bank. The Revolving Line of Credit shall be evidenced by a commercial note, payable to Bank (the “Note”) and shall contain additional terms and conditions and be identified with this
Agreement. 

 A sublimit of TWENTY MILLION AND NO/100 ($20,000,000.00) DOLLARS is hereby established for
the issuance of stand-by letters of credit with a maturity not exceeding that of the Note, which may be issued by Bank or any bank participating in the Revolving Line of Credit upon application by PHI. The aggregate face amount of such letters of
credit shall reduce the amount that may be borrowed under the Revolving Line of Credit. 
 3. Section C(6) of the Agreement is
hereby amended to amend and restate (e) and to add new Sections C(6)(f) and (g) as follows: 
  

	 	(e)	on the last day of each month, PHI will provide (x) an accounts receivable aging report (the “Accounts Receivable Report”) for PHI and each of its
subsidiaries for their prior month’s accounts receivables and Eligible Receivables (as hereinafter defined) and (y) a report valuing the Inventory and the Parts for PHI and each of its subsidiaries for the prior month (the “Inventory
Report”), together with the Borrowing Base Certificate as described in Section D. The Accounts Receivable Report shall show the aging of such accounts receivables and the total amount owed on all accounts receivables and the Eligible
Receivables. The Inventory Report shall show the current description of its Parts and of its Inventory and aggregate value of its Inventory and of its Parts valued at the lower of (i) the average cost of each item or (ii) its market value;

  

	 	(f)	concurrently with the delivery of the financial information referred to in Section C(6)(a) above, PHI shall deliver a certificate by the President or Chief Financial
Officer of PHI showing the necessary financial calculations to demonstrate compliance with the financial covenants contained in Section C(8) below, as of the end of the relevant reporting period; and, 

 

	 	(g)	from time to time, such other information as Bank may reasonably request. 

  

	 	4.	Section C(8) of the Agreement is hereby amended and restated as follows: 

  

	 	(8)	Financial Covenants and Ratios. 

(a) Current Assets/Current Liabilities Ratio. PHI will not at any time permit the ratio of its consolidated current assets to its
consolidated current liabilities to be less than 2.00 to 1.00. 
 (b) Funded Debt/Net Worth Ratio. PHI will not at any time
permit the ratio of Funded Debt (defined as all indebtedness owed to Bank under this Agreement plus the amount of any capital or operating leases entered into by PHI and/or any of its subsidiaries and any other monetary obligation payable over time)
to PHI’s consolidated net worth to be more than 1.50 to 1.00. 

  
 Page 2 of 7

 (c) Consolidated Net Worth. PHI shall not at any time permit its consolidated net worth to
be less than FOUR HUNDRED FIFTY MILLION and NO/100 ($450,000,000.00) DOLLARS. 
 (d) Fixed Charge Coverage Ratio. PHI shall not
at any time permit the ratio, calculated quarterly on a trailing twelve month basis over the life of the Revolving Line of Credit, of Cash Flow divided by Fixed Charges to be less than 1.10 to 1.00. 

Cash Flow shall mean the consolidated net income of PHI and its subsidiaries during such period plus to the extent deducted in
determining net income all provisions for any federal, state, local and/or international income taxes plus all interest, depreciation, amortization and rental or lease expenses (including any rent or other payments for capital leases and
other leases) and all other non-cash items of expense of PHI and its subsidiaries during such period. 
 Fixed Charges shall
mean during such period the sum of (i) the aggregate amount of all principal payments contractually due during such period, including any due during such period on any long term debt of PHI and its subsidiaries, (ii) all interest
contractually due on any obligation of PHI and its subsidiaries, (iii) all expenses and rent owed under any lease entered into by PHI and its subsidiaries (including but not limited to capital leases), (iv) all capital expenditures
incurred by PHI and its subsidiaries to maintain its assets, including all of its aircrafts (excluding all capital expenditures to acquire new aircrafts), provided however such capital expenditures shall be deemed to be not less than fifty
(50%) percent of the consolidated depreciation expenses of PHI and its subsidiaries; and (v) all federal, state, local, municipal and international charges or assessments incurred against the consolidated income, revenue, or assets of PHI
and its subsidiaries and shall include all income and franchise taxes. 
 (e) All accounting terms used herein shall be
interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with generally accepted accounting principles as in effect from time to time in the
United States of America, on a consistent basis (“GAAP”). If at any time any change in GAAP would affect the computation of any financial ratio, requirement or provision set forth in the Agreement or any related loan document, and either
PHI or Bank shall so request, Bank and PHI shall negotiate in good faith to amend such ratio, requirement or provision to preserve the original intent thereof in light of such change in GAAP; provided that, until such request has been
withdrawn or such ratio, requirement or provision so amended, (i) such ratio, requirement or provision shall continue to be computed in accordance with GAAP prior to such change therein and (ii) PHI shall provide to Bank financial
statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio, requirement or provision made before and after giving effect to such change in GAAP.

  
 Page 3 of 7

 5. Section C(12) of the Agreement is hereby amended and restated in full as follows:

 (12) Other Liabilities. Other than with respect to its subsidiaries, PHI shall not lend to or guarantee, endorse or otherwise
become contingently liable in connection with the obligations, stock or dividends of any person, firm or corporation. 
 6.
Section D of the Agreement is hereby amended and restated in full as follows: 
 D. COLLATERAL. As security for the payment and
performance of the Revolving Line of Credit and all other obligations of PHI owed to Bank, whether now existing or hereafter arising, PHI will provide to Bank through validly recorded security documents, including but not limited to financing
statements, a first priority perfected lien and security interest in favor of Bank in all of PHI’s and its subsidiaries’, including the Subsidiary Guarantors’, Inventory (as such term is defined in Article 9 of the Uniform Commercial
Code (La. R.S. 10: 9-101 et seq.), as enacted in the State of Louisiana from time to time (“Louisiana Commercial Laws”)), including Parts (as herein defined), and all Accounts (as defined in Louisiana Commercial Laws) including Eligible
Receivables (as herein defined); provided that the provisions of this Section D will not apply to any Inventory, including Parts of PHI and its subsidiaries, including the Subsidiary Guarantors, located in any jurisdiction outside of the United
States of America. The Inventory, including Parts, and all Accounts calculations shall be supported by a Borrowing Base Certificate (as herein defined) delivered monthly to Bank in form satisfactory to Bank. 

“Borrowing Base Certificate” means a report to Bank certified by the President or Chief Financial Officer of PHI certifying the
level of borrowing authorized under this Agreement which is and shall be an amount (not exceeding the sum of $100,000,000.00) equal to the sum of (a) eighty (80%) percent of the amount outstanding on Eligible Receivables on which Bank
shall have a valid perfected first priority security interest, plus (b) fifty (50%) percent of the value of the Parts of PHI and its subsidiaries located in the United States of America, on which Bank shall have a valid perfected first
priority security interest. 
 “Eligible Receivables” shall mean accounts owned by PHI and its subsidiaries as
accounts receivable eligible to be used as a basis for an advance to PHI under the Revolving Line of Credit. The following shall not be an Eligible Receivables: (i) any account receivable which has remained unpaid for more than 90 days from the
date of invoice or an account which is subject to an offset or is disputed by an account debtor, (ii) any account receivable owed by an account debtor which does not maintain its chief executive office in the United States or which is not
organized under the laws of any state in the United States, unless secured by an acceptable letter of credit subject to a first priority perfected security interest in favor of Bank; provided however if such account debtor is publicly traded on a
national exchange in the United States, the accounts receivable of such account debtor will not be excluded, and (iii) any accounts receivable which is owed by any parent, subsidiary, affiliate, related company or shareholder of PHI.

  
 Page 4 of 7

 “Parts” shall mean, until installed in any aviation unit or aircraft, all aircraft
engines, propellers, rotors, appliances, tires, airframes, spare parts, radios, and other communication equipment together with all other aircraft appliances, instruments, electronics, mechanisms, appurtenances, accessories, equipment and parts or
component parts thereof, of such person wherever maintained, now or hereafter existing, whether acquired by purchase or otherwise and whether held by such person for use in its business or held by such person for sale or lease or to be furnished by
such person under contracts of service, and all proceeds thereof and accessories thereto. Parts shall be valued at the lower of (i) the average cost of each item or (ii) its market value. All Parts shall be maintained and records kept as
are customary for any replacement or maintenance parts or accessories of any aircraft, aviation unit and/or helicopter. 
 7.
Section G of the Agreement is hereby amended and restated in full as follows: 
 G. RATE OF INTEREST AND APPLICABLE FEES. All
borrowings made under the Revolving Line of Credit shall accrue interest at either (i) Wall Street Journal Prime plus one (1%) percent or (ii) LIBOR plus three (3%) percent. All borrowings under the Revolving Line of Credit may
be advanced or repaid at any time upon one day’s notice. PHI shall have the right to determine and change the interest rate on the Revolving Line of Credit by giving Bank at least one day prior notice and PHI shall have the right to change such
interest rate only once each month. All advances under the Revolving Line of Credit shall bear interest at the same interest rate and only one interest rate tranche shall be permitted. 

“Wall Street Journal Prime” shall mean that rate of interest as recorded by the Wall Street Journal as the prime rate for the
United States and designated as such in the “Money Rates” Section of the Wall Street Journal with the rate of interest to change when and as said prime lending rate changes. 

“LIBOR” shall mean the London InterBank Offered Rate (“LIBOR”) as set and published by the British Banker’s
Association (“BBA”) and in effect on the first day of each calendar month, as obtained by Bank from an intermediary source such as Bloomberg, L.P., who may not necessarily be the rate reporting intermediary Bank selects, which rate is
based by the BBA on an average of interbank offered rates for U.S. Dollar deposits in the London market based on quotes from designated banks in the London market for a period equal to one (1) month (rounded upwards, if necessary, to the
nearest 1/100 of 1%). The initial rate shall be based on LIBOR for one (1) month as published by the BBA on March 1, 2012 and shall be adjusted thereafter on the first day of each calendar month, beginning April 1, 2012. In the event
that the one month LIBOR is no longer available from the BBA, Bank shall select a comparable rate and shall provide notice thereof to PHI. 
 All interest accruing under the Revolving Line of Credit shall be payable monthly in arrears on the first day of each month. 

  
 Page 5 of 7

 PHI shall pay to Bank an unused fee equal to the daily principal amount
undrawn under the Revolving Line of Credit for each calendar quarter multiplied by a rate equal to  1/4 of 1.00% (25 basis points) payable quarterly on the first day of each calendar quarter. 
 PHI shall pay to Bank a quarterly fee equal to one-half of 1% (50 basis points) multiplied by the face amount of any letters of credit issued pursuant to this Agreement payable on the first day of each
calendar quarter. 
 PHI shall pay to Bank a Commitment Fee equal to $62,500 (which is  1/4 of 1% multiplied by the increase in the Revolving Line of Credit of
$25,000,000.00). 
 8. Section J of the Agreement is hereby amended to add the word “and” after Section J
(5) and to add a new Section J (6) as follows: 
  

	 	(6)	should any default occur and be continuing under the terms and conditions of the 2010 Indenture Notes and Documents, after the expiration of any applicable notice and
cure provisions as may be contained therein. 

 9. In connection with the foregoing and only in connection with the
foregoing, the Agreement is hereby amended, but in all other respects all of the terms and conditions of the Agreement and all collateral documents, security agreements and guaranties (the “Collateral Documents”) remain unaffected. PHI
agrees that this Fourth Amendment amends, modifies and confirms the Agreement but is not a novation of any of its terms. 
 10.
PHI and the Subsidiary Guarantors acknowledge and agree that this Fourth Amendment shall not constitute a waiver of any default(s) under the Agreement, the Collateral Documents or any documents executed in connection therewith, all of Bank’s
rights and remedies being preserved and maintained. As of the Effective Date, PHI and the Subsidiary Guarantors hereby represent and warrant to Bank that (i) no default has occurred under the Agreement and there has not occurred any condition,
event or act which constitutes, or with notice or lapse of time (or both) would constitute, a default under the Agreement, (ii) all representations and warranties contained in the Agreement remain true and correct and (iii) all covenants
contained in the Agreement have been timely and completely performed, except as same may have been waived in writing by Bank. PHI and the Subsidiary Guarantors further acknowledge that the Collateral Documents, including but not limited to the
Subsidiary Guaranties, remain in full force and effect and continue to secure the payment and performance of all obligations of PHI to Bank, including but not limited to the Revolving Line of Credit, whether presenting existing or in the future, in
accordance with their terms. 
 11. This Fourth Amendment may be executed in two or more counterparts, and it shall not be
necessary that the signatures of all parties hereto be contained on any one counterpart hereof; each counterpart shall be deemed an original, but all of which together shall constitute one and the same instrument. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Page 6 of 7

 IN WITNESS WHEREOF, this Fourth Amendment is executed as of the Effective Date. 

 

									
	PHI, INC.	 		 	WHITNEY BANK
					
	By:	 	/s/ Michael J. McCann	 		 	By:	 	/s/ H. Elder Gwin
		 	Michael J. McCann	 		 		 	H. Elder Gwin
		 	Title: Chief Financial Officer	 		 		 	Title: Vice President

 SUBSIDIARY GUARANTORS: 
 PHI Air Medical, L.L.C. 
  

			
	By:	 	/s/ Michael J. McCann
		 	Michael J. McCann
		 	Title: Manager

 INTERNATIONAL HELICOPTER TRANSPORT, INC. 

 

			
	By:	 	/s/ Michael J. McCann
		 	Michael J. McCann
		 	Title: Vice-President

 PHI TECH SERVICES, INC. 
  

			
	By:	 	/s/ Michael J. McCann
		 	Michael J. McCann
		 	Title: Vice-President

  
 Page 7 of 7

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