Document:

EX-4.7

 EXHIBIT 4.7 
 SIXTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT 
 This SIXTH AMENDMENT TO
AMENDED AND RESTATED LOAN AGREEMENT (the “Sixth Amendment”), dated and effective as of January 13, 2013 (the “Effective Date”), is by and among Whitney Bank, a Louisiana state chartered bank, (“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 $75,000,000.00 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, (iv) Fourth Amendment to Amended and Restated Loan Agreement, dated as of March 28, 2012 (the “Fourth
Amendment”), pursuant to which the Revolving Line of Credit was increased to $100,000,000.00, and certain covenants and terms were added, and (v) Fifth Amendment to Amended and Restated Loan Agreement, dated as of September 28, 2012
(the “Fifth Amendment”), pursuant to which the Revolving Line of Credit was extended to September 1, 2014 (with the Amended and Restated Loan Agreement, the First Amendment, the Second Amendment, Third Amendment, Fourth Amendment and
Fifth 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 $125,000,000.00 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 TWENTY-FIVE MILLION AND NO/100 ($125,000,000.00) DOLLARS, that may be drawn upon by PHI on any business day of Bank during the period hereof until and including September 1, 2014 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 G of the Agreement is hereby amended to amend and restate the
last paragraph as follows 
 On the Effective Date, PHI shall pay to Bank a Commitment Fee equal to $62,500
(which is  1/4 of 1% multiplied by the $25,000,000.00 increase in the Revolving Line of Credit from $100,000,000.00 to $125,000,000.00). 
 4. 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 Sixth Amendment amends, modifies and confirms the Agreement but is not a novation of any of its terms.

 5. Provided that the financial condition of PHI is satisfactory to Bank in its sole opinion and that appropriate credit
authorizations are obtained by Bank and that appropriate documents are executed containing such representations, warranties and covenants as Bank in its sole discretion may require, which may include among other items additional commitment fees,
Bank will increase the Revolving Line of Credit from $125,000,000.00 to $150,000,000.00 (the “Line of Credit Increase”). In order to request a Line of Credit Increase to $150,000,000.00, PHI agrees to deliver (i) a written notice to
Bank requesting the Line of Credit Increase no less than sixty (60) days prior to the effective date of the funding of the Line of Credit Increase, (ii) a description of the purpose for the Line of Credit Increase, and (iii) a
certification that (1) 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, (2) all
representations and warranties contained in the Agreement remain true and correct, and (3) all covenants contained in the Agreement have been timely and completely performed. Upon receiving the written notice requesting the Line of Credit
Increase, Bank may require PHI to provide updated financial statements, financial projections and such other financial information as Bank may request in order to complete its due diligence. 

6. PHI and the Subsidiary Guarantors acknowledge and agree that this Sixth 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 

  
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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. 
 7. This Sixth 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] 

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

 

											
	 PHI, INC.
	 		 	WHITNEY BANK
						
	 By:
	 	 /s/ Trudy P. McConnaughhay
	 		 		 	By:	 	 /s/ H. Elder Gwin

		 	Trudy P. McConnaughhay	 		 		 		 	H. Elder Gwin
		 	Title: Chief Financial Officer	 		 		 		 	Title: Vice President
					
	 SUBSIDIARY GUARANTORS:
	 		 		 		 	
					
	 PHI Air Medical, L.L.C.
	 		 		 		 	
						
	 By:
	 	 /s/ Trudy P. McConnaughhay
	 		 		 		 	
		 	Trudy P. McConnaughhay	 		 		 		 	
		 	Title: Manager	 		 		 		 	
					
	 INTERNATIONAL HELICOPTER TRANSPORT, INC.
	 		 		 		 	
						
	 By:
	 	 /s/ Trudy P. McConnaughhay
	 		 		 		 	
		 	Trudy P. McConnaughhay	 		 		 		 	
		 	Title: Vice-President	 		 		 		 	
					
	 PHI TECH SERVICES, INC.
	 		 		 		 	
						
	 By:
	 	 /s/ Trudy P. McConnaughhay
	 		 		 		 	
		 	Trudy P. McConnaughhay	 		 		 		 	
		 	Title: Vice-President	 		 		 		 	

  
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 Exhibit 10.1 
 AMENDMENT 
 OF 

EMPLOYMENT AGREEMENT 
 THIS AMENDMENT (this “Amendment”), dated as of this 12th day of March 2013, by and between LIFETIME BRANDS, INC., a Delaware corporation (the “Company”), and CRAIG PHILLIPS (the
“Executive”). 
 W I T N E S S E T H: 
 WHEREAS, the Company and the Executive entered into an Employment Agreement dated as of September 1, 2007 which was amended by an Amendment of Employment Agreement dated March 8, 2010 (such
Employment Agreement as so amended is hereinafter referred to as the “Employment Agreement”), pursuant to which the Company employed the Executive as its Senior Vice President of Distribution on the terms and conditions therein set forth;
and 
 WHEREAS, the Company and the Executive desire to further amend the Employment Agreement. 

NOW, THEREFORE, in consideration of the promises and the mutual covenants herein contained, the parties hereto hereby agree as follows:

 1. Definitions: Capitalized terms used herein shall have the meaning set forth in the Employment Agreement unless
otherwise defined herein. 
 2. Amendment to Section 2(a). Effective as of January 1, 2013, Section 2(a),
Schedule 6 shall be amended to read as follows: 
 Base Salary per annum: $360,000 

(a) Base Salary Commencement Period: January 1, 2013 
 (b) Base Salary Completion Period: December 31, 2013 
 3. Amendment to
Section 3. Effective as of March 12, 2013, Section 3 of the Employment Agreement is hereby amended by deleting subsections (f) and (g) in their entirety and replacing them with the following new subsections (f) and
(g) and by adding a new subsection (h) as follows: 
  

	 	(f)	Termination by the Executive or Company due to a Change of Control. In the event that the Company undergoes a “Change of Control” (as defined below),
and any one of the following occurs: (i) the Executive is terminated by the Company without Cause in connection with the Change of Control; (ii) the Executive is terminated by the Company without Cause and within one hundred eighty
(180) days of the termination, the Company 

	 	
executes a definitive agreement to enter into a transaction the consummation of which would result in a Change of Control and such transaction is actually consummated; or (iii) the Executive
voluntarily terminates his employment for Good Reason following a Change of Control, then this Agreement shall terminate and the Executive shall be entitled to a Change of Control payment and other benefits as set forth in Section 4(h) below.
For purposes of this Section 3(f) of this Agreement, after the effective date of the Change of Control, “Good Reason” shall mean the failure of the Company or refusal by the Company to comply with any material provision of this
Agreement that has not been cured within thirty (30) days after notice of such failure or refusal has been given by the Executive to the Company. For purposes of this Agreement, “Change of Control” shall mean: (A) the
consummation of a merger or consolidation of the Company, with or into another entity or any other corporate reorganization, if more than 50% of the combined voting power of the continuing or surviving entity’s issued shares or securities
outstanding immediately after such merger, consolidation or other reorganization is owned by persons who were not shareholders of the Company immediately prior to such merger, consolidation or other reorganization; (B) the sale, transfer or
other disposition of all or substantially all of the Company’s assets; or (C) any transaction as a result of which any person is the “beneficial owner” (as defined in Rule 13-d-3 under the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) ), directly or indirectly, of securities of the Company representing at least 50% of the total voting power represented by the Company’s then outstanding voting securities (e.g. issued shares). The term
“person” shall have the same meaning as when used in sections 13(d) and 14(d) of the Exchange Act but shall exclude (i) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or of any subsidiary
of the Company; and (ii) a company owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of the ordinary shares of the Company. 

 

	 	(g)	Termination Date. “Termination Date” means the last day that the Executive is employed by the Company, provided that the Executive’s
employment is terminated in accordance with the foregoing provisions of this paragraph 3. 

  

	 	(h)	Effect of Termination. If, on the Termination Date, the Executive is a member of the Board of Directors of the Company or any subsidiary or affiliate of the
Company, or holds any position with the Company or any subsidiary of the Company other than the position specified in paragraph 1(a) hereof, the Executive shall resign from all such positions as of the Termination Date. 

 4. Amendment to Section 4. Effective as of March 12, 2013, Section 4
of the Employment Agreement is hereby amended by deleting subsections (h) and (i) in their entirety and replacing them with the following new subsections (h) and (i) and by adding a new subsection (j) as follows: 

 

	 	(h)	Termination by the Executive or Company due to a Change of Control. In the event that this Agreement is terminated by the Executive or the Company due to a
Change of Control as described in Section 3(f), then in addition to the amounts payable in accordance with paragraph 4(a): (i) the Executive shall receive payment of the Pro-Rated Annual Bonus for the fiscal year in which the Termination
Date occurs, payable at the same time as the Annual Bonus would otherwise have been paid; (ii) the Company shall continue to pay the Executive his Base Salary, at the rate in effect on the Termination Date, from the Termination Date until the
Severance Expiration Date set forth on Schedule 9; and (iii) all of the Executive’s then-outstanding stock options shall vest and become immediately exercisable. For the avoidance of doubt, in the event of a Change of Control, the
Executive shall only be entitled to termination payments and benefits as provided under this Section 4(h) of this Agreement and shall not be entitled to any other termination or benefit payments under any other section of this Agreement. In no
event, however, shall the Executive be entitled to receive any amounts, rights or benefits under this paragraph 4(h) unless he executes a release of claims against the Company in a form prepared by, and acceptable to, the Company.

  

	 	(i)	Other Benefits. The Executive’s rights under this paragraph 4 shall be in lieu of any benefits that may be otherwise payable to or on behalf of the
Executive pursuant to the terms of any severance pay arrangement of the Company, or any similar arrangement of the Company providing benefits upon termination of employment. 

 

	 	(j)	Severance Reduced by Other Compensation. Payments by the Company of Base Salary for any period after the Termination Date and through the Severance Expiration
Date (the “Severance Period”), if any are required to be made pursuant to the terms of paragraphs 4(f), 4(g) or 4(h), shall be reduced and offset by any compensation Executive receives which is attributable to services performed for other
enterprises during such period, whether characterized as salary, bonus, consulting fees, commissions, distributions or otherwise. Executive shall promptly inform the Company of his securing new employment, consulting or similar engagements during
the Severance Period and the compensation to be received by Executive thereunder so that the Company can make adjustments to, or terminate payments of, Base Salary. At the request of the Company, Executive shall provide copies of the
Executive’s federal income tax returns covering such Severance Period. Any overpayments by the Company with respect to the Severance Period shall be promptly refunded by Executive to the Company 

 5. No Other Amendment. Except as specifically provided in this Amendment, the
Employment Agreement shall not be modified or amended in any manner whatsoever and shall remain in full force and effect. 
 6.
Governing Law. This Amendment shall be construed under and enforced in accordance with the laws of the State of New York without giving effect to any conflict of laws principles. Any legal action or proceeding brought with respect to any of
the provisions of this Amendment shall be brought in the state or federal courts located in New York, New York. If the Executive prevails in any legal or arbitration proceeding commenced in connection with this Amendment, then the Company shall
reimburse the Executive for reasonable attorneys’ fees and costs incurred in connection therewith. 
 7.
Counterparts. This Amendment may be executed by the parties hereto in counterparts, each of which shall be deemed an original, but both such counterparts shall together constitute one and the same document. 

[signature page to follow] 

 IN WITNESS WHEREOF, the parties have executed this Amendment effective as of the day and
year first written above. 
  

			
	LIFETIME BRANDS, INC.
		
	By:	 	 /s/ Jeffrey Siegel

		 	Jeffrey Siegel
		 	Chief Executive Officer and
		 	President
	
	EXECUTIVE
	
	 /s/ Craig Phillips

	Craig Phillips

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