Document:

EX-4.6

 EXHIBIT 4.6 
 FIFTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT 
 This FIFTH AMENDMENT TO
AMENDED AND RESTATED LOAN AGREEMENT (the “Fifth Amendment”), dated and effective as of September 28, 2012 (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 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, (iii) Third Amendment to Amended and Restated Loan Agreement, dated as of September 26, 2011, to which the maturity of the
Revolving Line of Credit was extended to September 1, 2013, (the “Third Amendment”), and (iv) Fourth Amendment to Amended and Restated Loan Agreement, dated March 28, 2012, pursuant to which the Revolving Line of Credit was
increased to $100,000,000.00 and certain covenants and terms were added, (with the Amended and Restated Loan Agreement, the First Amendment, the Second Amendment, Third Amendment and Fourth 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 extend the maturity of the Revolving Line of Credit to September 1, 2014 and make a modification to the Fixed Charge Coverage Ratio; 
 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, 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 C(8) (d) of the Agreement is hereby amended and restated as follows: 

 

	 	(8)	Financial Covenants and Ratios. 

**** 
 (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 and those which are acquired as a result of the exercise of a lease purchase option of aircraft contained in any
capital lease by PHI and its subsidiaries), 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. 

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 Fifth Amendment amends, modifies and confirms the
Agreement but is not a novation of any of its terms. 

  
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 5. PHI and the Subsidiary Guarantors acknowledge and agree that this Fifth 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. 

6. This Fifth 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 Fifth 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

  
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of 4EX-10.1

					
		 		 	 

			
	EXHIBIT 10.1	 		 	POST OFFICE BOX 90808
		 		 	LAFAYETTE, LOUISIANA 70509 USA
		 		 	TELEPHONE: 337 235 2452

 AL A. GONSOULIN 

Chairman and Chief Executive Officer 
 July 6, 2012 
 Ms. Trudy McConnaughhay 

3584 Sierra Circle 
 Sulphur, LA 70665

 Dear Trudy: 
 On
behalf of PHI, Inc. and its Board of Directors, I am pleased to confirm our offer of employment under the following terms and conditions. 
 Your initial position will be Director of Special Projects, Finance and your employment will commence on July 30, 2012. You will report to me (with a dotted line to Lance Bospflug, our
President and COO), and your starting base salary will be $22,916.66 per month (or if you wish to convert this to an annual salary, $275,000 per year). Subject to Board approval in the August 2012 meeting, you will be eligible for an
annual Senior Management Bonus (see attached memo describing the 2012 Plan), which upon achievement of certain business goals, provides for a cash bonus of 25% to 65% of your base salary (with an opportunity to increase these percentages up to 30%
based on Company performance in safety and flight accidents). Since you will be joining us later in the year, any bonus paid under this plan would be pro-rated from the date of your employment for 2012. Also subject to Board approval in August, and
in anticipation of your transition to the Chief Financial Officer position later this year, you will be eligible for participation in PHI’s Long-Term Incentive Plan (LTIP), with an initial award of 100% of your annual salary in Restricted Share
Units of PHI non-voting stock, and a pro-rated Performance component LTIP award of 50% of your annual salary (pro-rated form the date you transition to the CFO position) in Restricted Share Units for the plan period January 2012 through the end of
2014. Details of the LTIP are attached for your review. You will also receive an annual performance and salary review after you have completed one year of employment and generally in the August time frame. 

As an Officer of PHI, you will be covered by the exculpation provisions of its Articles of Incorporation, the indemnification provisions
of it Articles and Bylaws, and its Directors and Officers Liability insurance policies. 
 You are immediately eligible for the
Officers Deferred Compensation Plan (ODP), under which you may tax defer up to 25% of your annual salary and up to 100% of any bonus under the Senior Management Bonus Plan. The ODP is covered under a Rabbi Trust, and is considered a “mirror
401(k) plan,” whereby you may elect certain performance tracking funds through the Plan’s current investment advisor, Rick Frayard of UBS Financial Services. 

 Ms. Trudy McConnaughhay 
 July 6, 2012 
  Page
 2
 
  

 As a result of your employment with PHI, you will also be eligible
to participate in all employee benefits programs such as PHI’s health insurance, dental, 401(k), life insurance, sick leave, holidays, vacation, etc. As an Executive of PHI you will be immediately eligible for three (3) weeks of vacation
each year, which will be allocated to you on
January 1st of each calendar year. Vacation for 2012
will be pro-rated for the period August through December 2012. 
 Your location of employment will be Lafayette, Louisiana;
however, periodic travel will be required to all PHI locations and to meet other requirements of our business. 
 You will be
required to provide verification of your college degree and your CPA certification. You must also clear background screening, and you must successfully pass PHI’s required pre-employment drug test. 

PHI will provide the following relocation assistance when you relocate (no later than December 31, 2014): 

 

	 	•	 	 PHI will pay reasonable closing costs on the sale of your home in Sulphur, LA, which includes real estate fees (limited to 6%) and legal fees but
excludes any item related to equity of your home. 

  

	 	•	 	 Costs associated with the movement of your household effects to Lafayette. 

 

	 	•	 	 Costs to move one automobile per licensed driver (maximum two automobiles). 

 

	 	•	 	 Closing costs of purchase of your new residence in Lafayette, which includes legal fees and appraisal costs but excludes any loan origination points or
discount points. 

 Trudy, after you have had a chance to review this offer, I would appreciate you indicating
acceptance by signing in the space provided below, and returning this letter to me as soon as possible. If you have any questions regarding this offer, please contact Richard Rovinelli at (337) 272-4547. We look forward to having you join our
team and becoming an integral part of our Company. 
  

	
	Sincerely,
	/s/ Al A. Gonsoulin

 Attachments 

 Ms. Trudy McConnaughhay 
 July 6, 2012 
  Page
 3
 
  

	c:	Mr. Art Breault, Chairman Compensation Committee 

 Mr. Lance Bospflug, President & Chief Operating Officer 

Mr. Richard Rovinelli, Chief Administrative Officer/Director of Human Resources 

ACCEPTED: 
  

							
	Signature:	  	 /s/ Trudy M. McConnaughhay
	 	Date:	 	 July 9, 2012

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