Document:

Exhibit
4.1

 

AMENDED AND RESTATED

 

REGISTRATION RIGHTS AGREEMENT

 

OF

 

ERICKSON
AIR-CRANE INCORPORATED

 

April
21, 2010

 

 

TABLE OF CONTENTS

 

	
  1.

  	
  Definitions

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  1.1.

  	
  “1933 Act”

  	
   

  	
  1

  
	
   

  	
  1.2.

  	
  “1934 Act”

  	
   

  	
  1

  
	
   

  	
  1.3.

  	
  “Affiliate”

  	
   

  	
  1

  
	
   

  	
  1.4.

  	
  “Certificate of
  Incorporation”

  	
   

  	
  1

  
	
   

  	
  1.5.

  	
  “Common Stock”

  	
   

  	
  1

  
	
   

  	
  1.6.

  	
  “Control”

  	
   

  	
  1

  
	
   

  	
  1.7.

  	
  “Form S-3”

  	
   

  	
  1

  
	
   

  	
  1.8.

  	
  “Holder”

  	
   

  	
  2

  
	
   

  	
  1.9.

  	
  “Holder’s
  Counsel”

  	
   

  	
  2

  
	
   

  	
  1.10.

  	
  “Information”

  	
   

  	
  2

  
	
   

  	
  1.11.

  	
  “Initiating
  Holder”

  	
   

  	
  2

  
	
   

  	
  1.12.

  	
  “Inspectors”

  	
   

  	
  2

  
	
   

  	
  1.13.

  	
  “Junior Loan
  Agreement”

  	
   

  	
  2

  
	
   

  	
  1.14.

  	
  “Person”

  	
   

  	
  2

  
	
   

  	
  1.15.

  	
  “Qualified
  Public Offering”

  	
   

  	
  2

  
	
   

  	
  1.16.

  	
  “Records”

  	
   

  	
  2

  
	
   

  	
  1.17.

  	
  “Register,”
  “Registered,” and “Registration”

  	
   

  	
  2

  
	
   

  	
  1.18.

  	
  “Registrable
  Securities”

  	
   

  	
  2

  
	
   

  	
  1.19.

  	
  “Requisite
  Holders”

  	
   

  	
  3

  
	
   

  	
  1.20.

  	
  “SEC”

  	
   

  	
  3

  
	
   

  	
  1.21.

  	
  “Shares”

  	
   

  	
  3

  
	
   

  	
  1.22.

  	
  “Stockholder”

  	
   

  	
  3

  
	
   

  	
  1.23.

  	
  “Subsidiary”

  	
   

  	
  3

  
	
   

  	
  1.24.

  	
  “Violation”

  	
   

  	
  3

  
	
   

  	
  1.25.

  	
  “ZM”

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
  Registration
  Rights

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  2.1.

  	
  Demand
  Registration

  	
   

  	
  3

  
	
   

  	
  2.2.

  	
  Company
  Registration

  	
   

  	
  5

  
	
   

  	
  2.3.

  	
  Obligations of
  the Company

  	
   

  	
  5

  
	
   

  	
  2.4.

  	
  Furnish
  Information

  	
   

  	
  8

  

 

i

 

	
   

  	
  2.5.

  	
  Expenses of
  Demand Registration

  	
   

  	
  8

  
	
   

  	
  2.6.

  	
  Expenses of
  Company Registration

  	
   

  	
  9

  
	
   

  	
  2.7.

  	
  Underwriting
  Requirements

  	
   

  	
  9

  
	
   

  	
  2.8.

  	
  Indemnification

  	
   

  	
  9

  
	
   

  	
  2.9.

  	
  Reports Under
  Securities Exchange Act of 1934

  	
   

  	
  11

  
	
   

  	
  2.10.

  	
  Form S-3
  Registration

  	
   

  	
  12

  
	
   

  	
  2.11.

  	
  Assignment of
  Registration Rights

  	
   

  	
  13

  
	
   

  	
  2.12.

  	
  “Market
  Stand-Off” Agreement

  	
   

  	
  13

  
	
   

  	
  2.13.

  	
  Termination of
  Registration Rights

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
  Miscellaneous

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  3.1.

  	
  Successors and
  Assigns

  	
   

  	
  14

  
	
   

  	
  3.2.

  	
  Governing Law

  	
   

  	
  14

  
	
   

  	
  3.3.

  	
  Counterparts

  	
   

  	
  14

  
	
   

  	
  3.4.

  	
  Titles and
  Subtitles

  	
   

  	
  14

  
	
   

  	
  3.5.

  	
  Notices

  	
   

  	
  14

  
	
   

  	
  3.6.

  	
  Expenses

  	
   

  	
  14

  
	
   

  	
  3.7.

  	
  Amendments and
  Waivers

  	
   

  	
  15

  
	
   

  	
  3.8.

  	
  Severability

  	
   

  	
  15

  
	
   

  	
  3.9.

  	
  No Effect on Lender Relationship

  	
   

  	
  15

  

 

ii

 

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

THIS AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of April 21,
2010, by and among Erickson Air-Crane Incorporated, a Delaware corporation and
the successor in interest to EAC Acquisition Corp. (the “Company”), ZM EAC
LLC, a Delaware limited liability company (“ZM”), ZM Private Equity Fund I, L.P. and
ZM Private Equity Fund II, L.P. (each, a “Stockholder” and collectively the “Stockholders.”)

 

This Agreement amends and
restates in its entirety the Stockholders and Registration Rights Agreement
dated September 27, 2007 by and among EAC Acquisition Corp. and the other
parties thereto.  The Agreement shall be
effective immediately prior to the completion of a Qualified Public Offering,
as defined below.

 

In consideration of the
foregoing, the mutual promises and agreements made herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, hereby agree
as follows:

 

1.                                       Definitions. 
For purposes of this
Agreement:

 

1.1.          “1933 Act”
means the Securities Act of 1933, as amended.

 

1.2.          “1934 Act”
means the Securities Exchange Act of 1934, as amended.

 

1.3.          “Affiliate”
or Person “Affiliated”
with a specified Person means (a) in the case of an individual, such
Person’s spouse and direct  lineal
descendants (whether natural or adopted) and any trust formed and maintained
solely for the benefit of such Person, such Person’s spouse and/or such direct
lineal descendants, and (b) in the case of any Person, a Person that
directly, or indirectly through one or more intermediaries, Controls or is
Controlled by, or is under Common Control with, the Person specified.

 

1.4.          “Certificate of
Incorporation” means the Company’s Second Amended and Restated
Certificate of Incorporation, as the same may be amended or restated from time
to time in accordance with the terms thereof and hereof.

 

1.5.          “Common Stock”
means the common stock of the Company.

 

1.6.          “Control”
(including the terms Controlling, Controlled by and under Common Control with)
means the possession, directly or indirectly, of the power to direct or to
cause the direction of the management and policies of a Person, whether through
the ownership of voting securities, by contract, or otherwise.  A Person shall be deemed to be “Controlled by”
any other Person if such Person possesses, directly or indirectly, the power to
vote a majority of the securities (on a fully diluted basis) having ordinary
voting power for the election of directors or managers of such Person.

 

1.7.          “Form S-3”
means such form under the 1933 Act as in effect on the date hereof or any
registration form under the 1933 Act subsequently adopted by the SEC that
permits inclusion 

 

1

 

or incorporation of
substantial information by reference to other documents filed by the Company
with the SEC.

 

1.8.          “Holder”
means any Person owning Registrable Securities or any assignee thereof in
accordance with Section 2.11.

 

1.9.          “Holder’s Counsel” has the meaning set forth in Section 2.3.2.

 

1.10.        “Information” has the meaning ascribed to it in Section 2.3.9.

 

1.11.        “Initiating Holder”
has the meaning ascribed to it in Section 2.1.1.

 

1.12.        “Inspectors” has the meaning ascribed to it in Section 2.3.9.

 

1.13.        “Junior Loan Agreement”
means that certain Second Lien Credit Agreement of even date herewith by and
among the Company, D.B. Zwirn Special Opportunities Fund, L.P., and any other
Parties thereto and the Lenders party thereto from time to time, as such
agreement may be amended, supplemented or otherwise modified from time to time,
and shall include any agreement evidencing a successive refunding or
refinancing of the indebtedness or other obligations incurred thereunder.

 

1.14.        “Person”
means any individual, sole proprietorship, partnership, joint venture, trust,
unincorporated organization, association, corporation, company, institution,
entity, party, or government (whether national, federal, state, county, city,
municipal, or otherwise, including, without limitation, any instrumentality,
division, agency, body, or department of any of the foregoing).

 

1.15.        “Qualified Public Offering”
means a firm commitment, underwritten public offering pursuant to a
registration statement on Form S-1, S-3 or SB-2 (or any successor or
similar forms) under the 1933 Act, the aggregate net proceeds of which are not
less than $50,000,000 and, after which, the aggregate market capitalization of
the Company is not less than $150,000,000.

 

1.16.        “Records”
has the meaning ascribed to it in Section 2.3.9.

 

1.17.        “Register,” “Registered,” and “Registration” mean a registration
effected by preparing and filing a registration statement or similar document
in compliance with the 1933 Act, and the declaration or ordering of
effectiveness of such registration statement or document.

 

1.18.        “Registrable Securities”
means any Common Stock of the Company held by the Stockholders immediately
before completion of a Qualified Public Offering; provided, however,
that with respect to any particular Registrable Securities, such securities
shall cease to be Registrable Securities when they have been distributed to the
public pursuant to an offering registered under the 1933 Act or sold to the
public through a broker, dealer, or market maker in compliance with Rule 144
under the 1933 Act (or any similar rule then in force) or repurchased by
the Company or any Subsidiary.

 

2

 

1.19.        “Requisite Holders” means the holders of at least  51%
of the Registrable Securities. 
Notwithstanding the foregoing, for purposes of Section 2, no
Holder shall be deemed to be a Requisite Holder if such Holder elects not to
participate in the applicable offering of Registrable Securities.

 

1.20.        “SEC” means
the Securities and Exchange Commission or any successor governmental agency
performing the same or substantially similar functions.

 

1.21.        “Shares”
means (a) any shares of the capital stock or other securities of the
Company, including, without limitation, any stock options, warrants,
convertible securities or indebtedness, exchangeable securities or indebtedness
or other rights to acquire shares of capital stock of the Company and any other
equity securities (within the meaning of the 1933 Act) of the Company
(including, without limitation, any Series A Redeemable Preferred Stock
and any Common Stock), regardless of class, and any other shares of the capital
stock or other securities of the Company issuable upon the exercise or
conversion of any of the securities described in this clause (a), and (b) as
used in relation to any Stockholder, any and all shares of the capital stock or
other securities of the Company, including, without limitation, any stock
options, warrants, convertible securities or indebtedness, exchangeable
securities or indebtedness or other rights to acquire shares of capital stock
of the Company and any other equity securities (within the meaning of the 1933
Act) of the Company (including, without limitation, any Series A
Redeemable Preferred Stock and any Common Stock), regardless of class, and any
other shares of the capital stock or other securities of the Company issuable
upon the exercise or conversion of any of the securities described in this
clause (b), in each case now or hereafter owned by such Stockholder.

 

1.22.        “Stockholder”
and “Stockholders”
have the meanings ascribed to them in the introductory paragraph hereof.

 

1.23.        “Subsidiary”
means each Person of which or in which the Company or its other Subsidiaries
own, directly or indirectly, more than 50% of (a) the combined voting
power of all classes of stock having general voting power under ordinary
circumstances to elect a majority of the board of directors or equivalent body
of such Person, if it is a corporation or similar person, (b) the capital
interest or profits interest of such Person, if it is a partnership, joint
venture or similar entity, or (c) the beneficial interest of such Person,
if it is a trust, association or other unincorporated organization.

 

1.24.        “Violation”
has the meaning set forth in Section 2.8.1.

 

1.25.        “ZM” has the meaning ascribed to it in the
introductory paragraph hereof and shall include ZM’s successors and assigns.

 

2.                                       Registration Rights. 
The Company covenants and agrees as follows:

 

2.1.          Demand Registration.  Subject to the terms and conditions of this Section 2.1,
if the Company shall receive at any time after which it first becomes subject
to the periodic reporting requirements of Sections 12(g) or 15(d) of
the 1934 Act, a written request from ZM 

 

3

 

(the “Initiating Holder”)
that the Company file a registration statement under the 1933 Act covering the
registration of the Initiating Holder’s Registrable Securities (or any portion
thereof), then the Company shall:

 

2.1.1.       within
10 days of the receipt thereof, give written notice of such request to all
Holders in accordance with Section 3.5; and

 

2.1.2.       effect
as soon as practicable, and in any event within 60 days of the receipt of such
request, the registration under the 1933 Act of all Registrable Securities that
the Holders request to be registered within 20 days of the mailing of the
notice from the Company referred to in Section 2.1.1, with such
registration to be subject to the limitations of Section 2.1.3.

 

2.1.3.       If
the Initiating Holder intends to distribute the Registrable Securities covered
by its request by means of an underwritten offering, then it shall so advise
the Company as a part of its request made pursuant to Section 2.1.1
and the Company shall include such information in the written notice referred
to in Section 2.1.1.  The
underwriter will be selected by the Company and shall be reasonably acceptable
to the Initiating Holder.  In such event,
the right of any Holder to include its Registrable Securities in such
registration shall be conditioned upon such Holder’s participation in such
underwritten offering and the inclusion of such Holder’s Registrable Securities
in the underwritten offering (unless otherwise mutually agreed in writing by
the Initiating Holder and such Holder) to the extent provided herein.  All Holders proposing to distribute their
securities through such underwritten offering shall (together with the Company
as provided in Section 2.3.7) enter into an underwriting agreement
in customary form with the underwriter or underwriters selected for such
underwritten offering.  Notwithstanding
any other provision of this Section 2.1, if the underwriter advises
the Initiating Holder in writing that marketing factors require a limitation of
the number of shares to be underwritten, then the Initiating Holder shall so
advise all Holders of Registrable Securities that would otherwise be
underwritten pursuant hereto, and the number of shares of Registrable
Securities that may be included in the underwriting shall be allocated among
all Holders electing to include shares in the offering, including the
Initiating Holder, in proportion (as nearly as practicable) to the amount of
Common Stock owned by each Holder.

 

2.1.4.       Notwithstanding
the foregoing, if the Company shall furnish to Holders requesting a
registration statement pursuant to this Section 2.1 a certificate
signed by the President or Chief Executive Officer of the Company stating that,
in the good faith judgment of the Board of Directors of the Company, it would
be seriously detrimental to the Company and its stockholders for such
registration statement to be filed and that it is, therefore, in the best
interest of the Company to defer the filing of such registration statement,
then the Company shall have the right to defer taking action with respect to
such filing for a period ending not more than the earlier of 90 days after
receipt of the request of the Initiating Holder and the date that such
registration would no longer be seriously detrimental; provided, however,
that the Company may not exercise the right to defer such filing more than two
times during any 12 month period.

 

2.1.5.       In
addition, the Company shall not be obligated to effect, or to take any action to
effect, any registration pursuant to this Section 2.1:

 

4

 

2.1.5.1.            after the Company has effected four
registrations in the aggregate pursuant to this Section 2.1 and
such registrations have been declared or ordered effective and have remained
effective for the period specified in Section 2.3.1;

 

2.1.5.2.            during the period starting with the
date that is 30 days prior to the Company’s good faith estimate of the date of
filing of, and ending on the date that is 180 days after the effective date of,
a registration subject to Section 2.2, provided that the Company is
actively employing in good faith all reasonable efforts to cause such
registration statement to be declared effective; or

 

2.1.5.3.            if the Initiating Holder proposes to
dispose of shares of Registrable Securities that may be immediately registered
on Form S-3 pursuant to a request made pursuant to Section 2.10.

 

2.2.          Company Registration.  If the Company proposes to register
(including, for this purpose of this Section 2.2, (a) any
registration effected by the Company for any stockholders other than the
Holders, and (b) any registration effected pursuant to Section 2.1
or 2.10) any of its Shares or other equity securities under the 1933 Act
in connection with a public offering of such securities (other than a
registration relating solely to the sale of securities to participants in a
Company stock plan or a registration relating to a Rule 145 transaction or
on Form S-4 in connection with a merger, 
acquisition, divestiture, reorganization or similar event), then the
Company shall, at such time, promptly give each Holder written notice of such
proposed registration.  Upon the written
request of each Holder given within 20 days after mailing of such notice, the
Company shall, subject to the provisions of Section 2.7, include in
the registration statement on the same terms and conditions as the securities
otherwise being sold in such registration all of the Registrable Securities
that each such Holder has requested to be registered.

 

2.3.          Obligations of the Company.  Whenever required under this Section 2
to effect the registration of any Registrable Securities, the Company shall, as
expeditiously as reasonably possible:

 

2.3.1.       prepare
and file with the SEC a registration statement with respect to such Registrable
Securities and use commercially reasonable efforts to cause such registration
statement to become effective, and keep such registration statement effective
for a period of up to 120 days;

 

2.3.2.       furnish,
at least 10 business days before filing such registration statement, a
prospectus relating thereto or any amendments or supplements relating to such a
registration statement or prospectus, to one counsel selected by the Initiating
Holder (the “Holder’s
Counsel”), copies of all such documents proposed to be filed (it
being understood that such 10 business day period need not apply to successive
drafts of the same document proposed to be filed so long as such successive
drafts are supplied to such counsel in advance of the proposed filing by a
period of time that is customary and reasonable under the circumstances);

 

2.3.3.       prepare
and file with the SEC such amendments and supplements to such registration
statement and the prospectus used in connection with such registration
statement as 

 

5

 

may be necessary to comply with the provisions of the
1933 Act with respect to the disposition of all securities covered by such
registration statement;

 

2.3.4.       notify
in writing the Holder’s Counsel promptly (a) of the receipt by the Company
of any notification with respect to any comments by the SEC with respect to
such registration statement or prospectus or any amendment or supplement
thereto or any request by the SEC for the amending or supplementing thereof or
for additional information with respect thereto, (b) of the receipt by the
Company of any notification with respect to the issuance by the SEC of any stop
order suspending the effectiveness of such registration statement or prospectus
or any amendment or supplement thereto or the initiation of any action
threatening any proceeding for that purpose and (c) of the receipt by the
Company of any notification with respect to the suspension of the qualification
of such Registrable Securities for sale in any jurisdiction or the initiation
of any action threatening the qualification of such Registrable Securities for
sale in any jurisdiction;

 

2.3.5.       furnish
to the Holders such numbers of copies of a prospectus, including a preliminary
prospectus, in conformity with the requirements of the 1933 Act and such other
documents as they may reasonably request in order to facilitate the disposition
of Registrable Securities owned by them;

 

2.3.6.       use
commercially reasonable efforts to register and to qualify the securities
covered by such registration statement under such other securities or blue sky
laws of such jurisdictions as shall be reasonably requested by the Holders; provided,
however, that the Company shall not be required in connection therewith
or as a condition thereto to qualify to do business or to file a general
consent to service of process or subject itself to taxation in any such states
or jurisdictions;

 

2.3.7.       in
the event of any underwritten public offering, enter into and perform its
obligations under an underwriting agreement, in usual and customary form, with
the managing underwriter of such offering, provided each Holder participating
in such underwriting shall also enter into and perform its obligations under
such underwriting agreement;

 

2.3.8.       notify
each Holder of Registrable Securities covered by such registration statement at
any time when a prospectus relating thereto is required to be delivered under
the 1933 Act of the happening of any event as a result of which the prospectus
included in such registration statement, as then in effect, includes an untrue
statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in
the light of the circumstances then existing and, at the request of such
Holder, prepare and furnish to such Holder a reasonable number of copies of a
supplement to or amendment of such prospectus as may be necessary so that, as
thereafter delivered to the offerees of such shares, such prospectus shall not
include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing;

 

2.3.9.       make
available for inspection by each Holder of Registrable Securities covered by
such registration statement, the Holder’s Counsel or any underwriter
participating in 

 

6

 

any disposition pursuant to such registration
statement and any attorney, accountant or other agent retained by any such
Holder or underwriter (collectively, the “Inspectors”), all pertinent financial and
other records, pertinent corporate documents and properties of the Company
(collectively, the “Records”),
as shall be reasonably necessary to enable them to exercise their due diligence
responsibility, and cause the Company’s officers, directors and employees to
supply all information (together with the Records, the “Information”)
reasonably requested by any such Inspector in connection with such registration
statement.  Any of the Information that
the Company determines in good faith to be confidential, and of which
determination the Inspectors are so notified, shall not be disclosed by the
Inspectors to any third party unless (a) the disclosure of such
Information is necessary to avoid or correct a misstatement or omission in the
registration statement, (b) the release of such Information is ordered
pursuant to a subpoena or other order from a court of competent jurisdiction or
a governmental agency having jurisdiction over such matter or (c) such
Information has been made generally available to the public.  The Holders of any Registrable Securities
covered by such registration statement hereby agree that they will, upon
learning that disclosure of such Information is sought by a court of competent
jurisdiction or a governmental agency having jurisdiction over such matter,
give notice to the Company and allow the Company, at the Company’s expense, to
undertake appropriate action to prevent disclosure of the Information deemed
confidential;

 

2.3.10.     in
the case of an underwritten offering, use commercially reasonable efforts to
obtain from its independent certified public accountants “comfort” letters (a) listing
the Company and each selling Holder as an addressee thereof or otherwise naming
the Company and each selling Holder as a third party beneficiary thereof and (b) otherwise
in customary form and at customary times and covering matters of the type
customarily covered by comfort letters;

 

2.3.11.     in
the case of an underwritten offering, use commercially reasonable efforts to
obtain from its counsel an opinion or opinions (a) listing the Company and
each selling Holder as an addressee thereof or otherwise naming the Company and
each selling Holder as a third party beneficiary thereof and (b) otherwise
covering such matters as are customary in such transactions;

 

2.3.12.     provide
a transfer agent and registrar (which may be the same entity and which may be
the Company) for such Registrable Securities;

 

2.3.13.     issue
to any underwriter to which any Holder may sell shares in such offering one or
more certificates evidencing such Registrable Securities;

 

2.3.14.     use
commercially reasonable efforts to assist the selling Holders and the managing
underwriters or agents, if any, in marketing the Registrable Securities that
are included in the registration statement, including, without limitation,
causing its officers and employees to participate in any “roadshow” and other
investor presentations that the Requisite Holders may reasonably request;

 

2.3.15.     cause
all such Registrable Securities registered pursuant hereto to be listed on each
securities exchange or nationally recognized quotation system on which similar
securities issued by the Company are then listed or, if no such securities are
then listed, on each 

 

7

 

securities exchange or nationally recognized quotation
system reasonably requested by the Requisite Holders; and

 

2.3.16.     subject
to all of the other provisions of this Agreement, use commercially reasonable
efforts to take all other steps necessary to effect the registration of such
Registrable Securities contemplated hereby.

 

The Company may suspend the use of a prospectus
included in any registration statement filed pursuant to this Agreement if the
Company is then in possession of material, non-public information, the
disclosure of which the Board of Directors of the Company has reasonably
determined in good faith would have a material adverse effect upon the
Company.  The Company shall promptly
notify all Holders of Registrable Securities included in such registration
statement upon such determination by the Board of Directors and, upon receipt
of such notice, each such Holder shall immediately discontinue any sales of
Registrable Securities pursuant to such registration statement.  Upon such suspension, the Company shall take
all commercially reasonable steps to cause the condition that caused such
suspension to cease to exist as soon as practicable (but such efforts need not
include the abandonment of any proposed transaction).  The Company hereby agrees that no such
suspension shall last more than 90 days without the prior written consent of
the Requisite Holders.

 

2.4.          Furnish Information.  It shall be a condition precedent to the
obligations of the Company to take any action pursuant to this Section 2
with respect to the Registrable Securities of any selling Holder that such
Holder shall furnish to the Company such information (as determined by the
Company) regarding itself, the Registrable Securities held by it, and the
intended method of disposition of such securities as shall be required to
effect the registration of such Holder’s Registrable Securities.

 

2.5.          Expenses of Demand Registration.  All expenses (other than underwriting
discounts and commissions) incurred in connection with any registrations,
filings or qualifications made pursuant to Section 2.1, including,
without limitation, all registration, filing and qualification fees, printers’
and accounting fees, and fees and disbursements of counsel for the Company and
the reasonable fees and disbursements of Holder’s Counsel, shall be borne by
the Company; provided, however, that the Company shall not be
required to pay for (and instead all participating Holders shall pay a pro rata
portion of) any expenses of any registration proceeding begun pursuant to Section 2.1
if the registration request is subsequently withdrawn at the request of the
Holders of a majority of the Registrable Securities to be registered (including
the Initiating Holder), unless the Initiating Holder agrees (which agreement
shall be binding upon all other Requisite Holders) to forfeit their right to
one demand registration pursuant to Section 2.1; provided, further, that, if at the time of
such withdrawal, such Holders have learned of a material adverse change in the
condition or business of the Company (financial or otherwise) or the market for
the Company’s securities and have withdrawn the registration request with
reasonable promptness following disclosure by the Company of such material
adverse change, then such Holders shall not be required to pay any of such
expenses and such withdrawn request shall not constitute a demand registration
for purposes of Section 2.1.5.1.

 

8

 

2.6.          Expenses of Company Registration. 
The Company shall bear and pay all expenses incurred in connection with
any registration, filing or qualification of Registrable Securities with
respect to the registrations pursuant to Section 2.2, including,
without limitation, all registration, filing, and qualification fees, printers
and accounting fees relating or apportionable thereto and the fees and
disbursements of counsel for the Company and the reasonable fees and
disbursements of Holder’s Counsel, but excluding underwriting discounts and
commissions relating to the Registrable Securities.

 

2.7.          Underwriting Requirements. 
In connection with any offering involving an underwriting of shares of
the Company’s capital stock, the Company shall not be required under Section 2.2
to include any of the Holders’ Registrable Securities in such underwriting
unless they accept the terms of the underwritten offering as agreed upon
between the Company and the underwriters selected by it (or by other Persons
entitled to select the underwriters), and then only in such quantity as the
underwriters determine in their sole discretion will not jeopardize the success
of the offering by the Company.  If the
total amount of securities, including Registrable Securities, requested by the
Holders to be included in such offering exceeds the amount of securities to be
sold that the underwriters determine in their sole discretion is compatible
with the success of the offering, then the Company shall be required to include
in the offering only that number of such securities, including Registrable
Securities, that the underwriters determine in their sole discretion will not
jeopardize the success of the offering. 
In such event, the registration shall include that number of securities
in the following order:

 

2.7.1.       first,
securities to be registered by the Company;

 

2.7.2.       second,
Registrable Securities, pro rata based upon the number of Registrable
Securities owned by Holders thereof at the time of such registration; and

 

2.7.3.       third,
all other securities to be sold by Stockholders of the Company other than
Holders of Registrable Securities.

 

2.8.          Indemnification.

 

2.8.1.       To
the extent permitted by law, the Company will indemnify and hold harmless each
Holder, any underwriter (as defined in the 1933 Act) for such Holder and each
Person, if any, who Controls such Holder or underwriter within the meaning of
the 1933 Act, the 1934 Act, against any losses, claims, damages or liabilities
(joint or several) to which they may become subject under the 1933 Act, the
1934 Act or other federal or state securities law, in each case insofar as such
losses, claims, damages, or liabilities (or actions in respect thereof) arise
out of or are based upon any of the following statements, omissions or
violations (collectively a “Violation”): (a) any untrue statement or alleged
untrue statement of a material fact contained in such registration statement,
including any preliminary prospectus or final prospectus contained therein or
any amendments or supplements thereto, (b) the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, or (c) any
violation or alleged violation by the Company of the 1933 Act, the 1934 Act,
any state securities law or any rule or regulation promulgated under the
1933 Act, the 1934 Act or any state securities law; and the Company will pay to
each such Holder, underwriter 

 

9

 

or Controlling Person, as incurred, any legal or other
expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action; provided, however,
that the indemnity agreement contained in this Section 2.8.1 shall
not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the consent of the
Company (which consent shall not be unreasonably withheld), nor shall the
Company be liable in any such case for any such loss, claim, damage, liability
or action to the extent that it arises out of or is based upon a Violation that
occurs in reliance upon and in conformity with written information furnished
expressly for use in connection with such registration by any such Holder,
underwriter or Controlling Person.

 

2.8.2.       To
the extent permitted by law, each selling Holder will indemnify and hold
harmless the Company, each of its directors, each of its officers who has
signed the registration statement, each Person, if any, who Controls the
Company within the meaning of the 1933 Act, any underwriter, any other Holder
selling securities in such registration statement and any Controlling Person of
any such underwriter or other Holder, against any losses, claims, damages or
liabilities (joint or several) to which any of the foregoing Persons may become
subject, under the 1933 Act, the 1934 Act or other federal or state securities
law, in each case insofar as such losses, claims, damages or liabilities (or
actions in respect thereto) arise out of or are based upon any Violation, in
each case to the extent (and only to the extent) that such Violation occurs in
reliance upon and in conformity with written information furnished by such
Holder expressly for use in connection with such registration; and each such
Holder will pay, as incurred, any legal or other expenses reasonably incurred
by any Person intended to be indemnified pursuant to this Section 2.8.2,
in connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the indemnity
agreement contained in this Section 2.8.2 shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability or action
if such settlement is effected without the consent of the Holder, which consent
shall not be unreasonably withheld; provided, further, that in no
event shall any indemnity obligation under this Section 2.8.2
exceed the net proceeds from the offering received by such Holder, except in
the case of willful fraud by such Holder.

 

2.8.3.       Promptly
after receipt by an indemnified party under this Section 2.8 of
notice of the commencement of any action (including any governmental action),
such indemnified party will, if a claim in respect thereof is to be made
against any indemnifying party under this Section 2.8, deliver to
the indemnifying party a written notice of the commencement thereof, and the
indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; provided, however, that an
indemnified party (together with all other indemnified parties that may be
represented without conflict by one counsel) shall have the right to retain one
separate counsel, with the fees and expenses to be paid by the indemnifying
party, if representation of such indemnified party by the counsel retained by
the indemnifying party would be inappropriate due to actual or potential
differing interests between such indemnified party and any other party
represented by such counsel in such proceeding. 
The failure to deliver written notice to the indemnifying party within a
reasonable time of the commencement of any such action, if materially
prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section 2.8,
but the omission so to deliver written notice to the indemnifying 

 

10

 

party will not relieve it of any liability that it may
have to any indemnified party otherwise than under this Section 2.8.

 

2.8.4.       If
the indemnification provided for in this Section 2.8 is held by a
court of competent jurisdiction to be unavailable to an indemnified party with
respect to any loss, liability, claim, damage or expense referred to therein,
then the indemnifying party, in lieu of indemnifying such indemnified party
hereunder, shall contribute to the amount paid or payable by such indemnified
party as a result of such loss, liability, claim, damage or expense in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party, on the one hand, and of the indemnified party, on the other hand, in
connection with the statements or omissions that resulted in such loss,
liability, claim, damage or expense as well as any other relevant equitable
considerations; provided, however, that in no event shall any contribution
by a Holder under this Section 2.8.4 when combined with any amounts
paid pursuant to Section 2.8.2 exceed the net proceeds from the
offering received by such Holder, except in the case of willful fraud by such
Holder.  The relative fault of the
indemnifying party and of the indemnified party shall be determined by
reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission to state a material fact relates
to information supplied by the indemnifying party or by the indemnified party
and the parties’ relative intent, knowledge, access to information, and
opportunity to correct or prevent such statement or omission.

 

2.8.5.       Notwithstanding
the foregoing, to the extent that provisions on indemnification and
contribution contained in the underwriting agreement entered into in connection
with the underwritten public offering are in conflict with the foregoing
provisions, the provisions in the underwriting agreement shall control.

 

2.8.6.       The
obligations of the Company and Holders under this Section 2.8 shall
survive the completion of any offering of Registrable Securities in a
registration statement under this Section 2 or otherwise.

 

2.9.          Reports Under Securities Exchange Act of 1934. 
With a view to making available to the Holders the benefits of Rule 144
of the 1933 Act and any other rule or regulation of the SEC that may at
any time permit a Holder to sell securities of the Company to the public
without registration or pursuant to a registration on Form S-3 pursuant to
Section 2.10, the Company agrees to use commercially reasonable
efforts to:

 

2.9.1.       make
and keep public information available, as those terms are understood and
defined in Rule 144, at all times after the effective date of the first
registration statement filed by the Company for the offering of its securities
to the general public;

 

2.9.2.       take
such action, including the voluntary registration of its Common Stock under Section 12
of the 1934 Act, as is necessary to enable the Holders to utilize Form S-3
for the sale of their Registrable Securities pursuant to Section 2.10,
such action to be taken as soon as practicable after the end of the fiscal year
in which the first registration statement filed by the Company for the offering
of its securities to the general public is declared effective;

 

11

 

2.9.3.       file
with the SEC in a timely manner all reports and other documents required of the
Company under the 1933 Act and the 1934 Act; and

 

2.9.4.       furnish
to any Holder, so long as the Holder owns any Registrable Securities, forthwith
upon request (a) a written statement by the Company that it has complied
with the reporting requirements of Rule 144 (at any time after 90 days
after the effective date of the first registration statement filed by the
Company), the 1933 Act and the 1934 Act (at any time after it has become
subject to such reporting requirements), or that it qualifies as a registrant
whose securities may be resold pursuant to Form S-3 (at any time after it
so qualifies), (b) a copy of the most recent annual or quarterly report of
the Company and such other reports and documents so filed by the Company and (c) such
other information as may be reasonably requested in availing any Holder of any rule or
regulation of the SEC that permits the selling of any such securities without
registration or pursuant to such form.

 

2.10.        Form S-3 Registration. 
If the Company shall receive from the Requisite Holders a written
request or requests that the Company effect a registration on Form S-3 and
any related qualification or compliance with respect to all or a part of the
Registrable Securities owned by such Holders, then the Company will:

 

2.10.1.     promptly
give written notice of the proposed registration, and any related qualification
or compliance, to all other Holders; and

 

2.10.2.     as
soon as practicable, effect such registration and all such qualifications and
compliances as may be so requested and as would permit or facilitate the sale
and distribution of all or such portion of such Holders’ Registrable Securities
as are specified in such request, together with all or such portion of the
Registrable Securities of any other Holder or Holders joining in such request
as are specified in a written request given within 20 days after receipt of
such written notice from the Company; provided, however, that the
Company shall not be obligated to effect any such registration, qualification
or compliance, pursuant to this Section 2.10:

 

2.10.2.1.                if Form S-3 is not available for such offering by the Holders;

 

2.10.2.2.                if the Company shall furnish to the Holders a certificate signed by the
President or Chief Executive Officer of the Company stating that, in the
reasonable good faith judgment of the Board of Directors of the Company, it
would be seriously detrimental to the Company and its stockholders for such Form S-3
Registration to be effected at such time, in which event the Company shall have
the right to defer the filing of the Form S-3 registration statement for a
period ending not more than the earlier of 90 days after receipt of the request
of the Holder or Holders under this Section 2.10 and the date that
such registration would no longer be seriously detrimental; provided, however,
that the Company may not exercise the right to defer such filing more than two
times during any 12 month period;

 

12

 

2.10.2.3.                if the Company has, within the six month period preceding the date of
such request, already effected one registration on Form S-3 for the
Holders pursuant to this Section 2.10; or

 

2.10.2.4.                in any particular jurisdiction in which the Company would be required
to qualify to do business or to execute a general consent to service of process
or subject itself to taxation in effecting such registration, qualification or
compliance.

 

2.10.3.     Subject
to the foregoing, the Company shall file a registration statement covering the
Registrable Securities and other securities so requested to be registered as
soon as practicable after receipt of the request or requests of the applicable
Holders. All expenses incurred in connection with a registration requested
pursuant to Section 2.10 (other than underwriting discounts and
commissions), including, without limitation, all registration, filing,
qualification, printer’s and accounting fees and counsel for the Company and
the reasonable fees and disbursements of Holders’ Counsel, shall be borne by
the Company.  Registrations effected
pursuant to this Section 2.10 shall not be counted as demands for
registration pursuant to Section 2.1.

 

2.11.        Assignment of Registration Rights. 
The rights to cause the Company to register Registrable Securities
pursuant to this Section 2 may be assigned (but only with all
related obligations) by a Holder to any transferee or assignee of such
securities otherwise permitted under this Agreement, provided (a) the
Company is, within a reasonable time after such transfer, furnished with
written notice of the name and address of such transferee or assignee and the
securities with respect to which such registration rights are being assigned, (b) such
transferee or assignee agrees in writing to be bound by and subject to the
terms and conditions of this Section 2 (including, without
limitation, this Section 2.11), (c) if the assignee is not an
Affiliate of such Holder, then the Company does not reasonably determine in
good faith that such assignee or any of its Subsidiaries or Affiliates is a
competitor of the Company and (d) such assignment shall be effective only
if immediately following such transfer the further disposition of such
securities by the transferee or assignee is restricted under the 1933 Act.

 

2.12.        “Market Stand-Off” Agreement. 
Each Stockholder hereby agrees that it will not, without the prior
written consent of the managing underwriter, during the period commencing on
the date of the final prospectus relating to the Company’s initial public
offering of equity securities and ending on the date specified by the Company
and the managing underwriter (such period not to exceed one hundred eighty
(l80) days) (a) lend, offer, pledge, sell, contract to sell, sell any
option or contract to purchase, purchase any option or contract to sell, grant
any option, right or warrant to purchase, or otherwise transfer or dispose of,
directly or indirectly, any Registrable Securities (whether such shares or any
such securities are then owned by the Stockholder or are thereafter acquired),
or (b) enter into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of any
Registrable Securities, whether any such transaction described in clause (a) or
(b) above is to be settled by delivery of Registrable Securities, in cash
or otherwise.  In order to enforce the
foregoing, the Company may impose stop transfer instructions with respect to
any shares of Registrable Securities until the end of such period. The
foregoing provisions of this Section 2.12 shall apply only to the
Company’s initial public offering of equity securities and shall not apply 

 

13

 

to the sale of any
Registrable Securities to an underwriter pursuant to an underwriting agreement,
including in connection with such initial public offering.  The underwriters in connection with the
Company’s initial public offering are intended third party beneficiaries of
this Section 2.12 and shall have the right, power and authority to
enforce the provisions hereof as though they were a party hereto.

 

2.13.        Termination of Registration Rights. 
Except for the rights in Section 2.8, which shall survive
any termination hereof, no Holder shall be entitled to exercise any right
provided for in this Section 2 after such time at which all
Registrable Securities held by such Holder can be sold in any three month
period without registration in compliance with Rule 144 of the 1933 Act.

 

3.             Miscellaneous.

 

3.1.          Successors and Assigns.  Except as
otherwise provided herein, the terms and conditions of the Agreement shall
inure to the benefit of and be binding upon the respective successors and
permitted assigns of the parties. 
Nothing in the Agreement, express or implied, is intended to confer upon
any party other than the parties hereto or their respective successors and
assigns any rights, remedies, obligations, or liabilities under or by reason of
the Agreement, except as expressly provided in the Agreement.

 

3.2.          Governing Law.  This
Agreement shall be governed by and construed under the laws of the State of New
York as applied to agreements among New York residents entered into and to be
performed entirely within New York.

 

3.3.          Counterparts.  This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

 

3.4.          Titles and Subtitles.  The titles
and subtitles used in the Agreement are used for convenience only and are not
to be considered in construing or interpreting the Agreement.

 

3.5.          Notices.  Unless
otherwise provided, any notice required or permitted under the Agreement shall
be given in writing and shall be deemed effectively given upon personal
delivery to the party to be notified or upon delivery by confirmed facsimile
transmission or nationally recognized overnight courier service or 48 hours
after being deposited with the United States Post Office, by registered or
certified mail, postage prepaid and addressed to the party to be notified at
the address indicated for such party on the signature page hereof (or, if
no such address is indicated on the applicable signature page, then at the
address for such Stockholder shown on the books and records of the Company), or
at such other address as such party may designate by 10 days’ advance written notice
to the other parties.

 

3.6.          Expenses.  If any action
at law or in equity is necessary to enforce or interpret the terms of the
Agreement, the prevailing party shall be entitled to reasonable attorneys’
fees, costs and necessary disbursements in addition to any other relief to
which such party may be entitled.

 

14

 

3.7.          Amendments and Waivers.  Any term of
the Agreement may be amended and the observance of any term of the Agreement
may be waived (either generally or in a particular instance and either
retroactively or prospectively), in each case only with the written consent of
the Company and the Requisite Holders; provided, however, that if
such amendment or waiver adversely affects the rights granted to, or
obligations imposed on, a specific Stockholder by name or a specific class of
Stockholders in this Agreement, then such amendment or waiver shall also
require the written consent of such Stockholder or the majority of the
outstanding shares of such class, as the case may be.  Any amendment or waiver effected in
accordance with this Section 3.7 shall be binding upon each
Stockholder and the Company.

 

3.8.          Severability.  If one or
more provisions of the Agreement are held to be unenforceable under applicable
law, such provision shall be excluded from the Agreement, and the balance of
the Agreement shall be interpreted as if such provision were so excluded, and
shall be enforceable in accordance with its terms.

 

3.9.          No Effect on Lender Relationship. 
The Company and each Stockholder acknowledge and agree that,
notwithstanding anything in this Agreement to the contrary, nothing contained
in this Agreement shall affect, limit or impair the rights and remedies of any
Stockholder(s) or any of its or their respective Affiliates (a) in
its or their capacity as a lender or as agent for lenders to the Company or any
of its Subsidiaries pursuant to any agreement under which the Company or any of
its Subsidiaries has borrowed money, including, without limitation, the Junior
Loan Agreement or (b) in its or their capacity as a lender or as agent for
lenders to any other Person who has borrowed money.  Without limiting the generality of the
foregoing, any such Person, in exercising its rights as a lender, including
making its decision on whether to foreclose on any collateral security, will
have no duty to consider (x) its or any of its Affiliates’ status as a
Stockholder, (y) the interests of the Company or its Subsidiaries or (z) any
duty it may have to any other Stockholders, except as may be required under the
applicable loan documents or by commercial law applicable to creditors
generally.  No consent, approval, vote or
other action taken or required to be taken by any Stockholder in such capacity
shall in any way impact, affect or alter the rights and remedies of ZM or any
of its Affiliates as a lender or agent for lenders.

 

[Signature Pages Follow]

 

15

 

IN WITNESS WHEREOF, the parties have executed this
Amended and Restated Registration Rights Agreement as of the date first above
written.

 

	
   

  	
  ERICKSON
  AIR-CRANE INCORPORATED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ UDO RIEDER

  
	
   

  	
  Name:

  	
  Udo Rieder

  
	
   

  	
  Title:

  	
  Chief Executive
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  5550 SW Macadam
  Ave., Ste. 200

  
	
   

  	
   

  	
  Portland, Oregon
  97239

  
	
   

  	
   

  	
  Facsimile: (503)
  505-5800

  
	
   

  	
   

  	
  Attention: Chief
  Executive Officer

  

 

SIGNATURE PAGES TO
STOCKHOLDERS AND REGISTRATION RIGHTS AGREEMENT

 

 

	
   

  	
  ZM EAC LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ QUINN MORGAN

  
	
   

  	
  Name:

  	
  Quinn Morgan

  
	
   

  	
  Title:

  	
  Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  c/o ZM Private
  Equity Fund I, L.P.

  
	
   

  	
   

  	
  745 Fifth
  Avenue, 16th Floor

  
	
   

  	
   

  	
  New York, New
  York 10151

  
	
   

  	
   

  	
  Facsimile: (646)
  720-9086

  
	
   

  	
   

  	
  Attention: Quinn
  Morgan

  
	
   

  	
   

  	
  Kenneth Lau

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  in each case
  with a copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Latham and
  Watkins LLP

  
	
   

  	
   

  	
  885 Third
  Avenue, Suite 1000

  
	
   

  	
   

  	
  New York, New
  York 10022

  
	
   

  	
   

  	
  Facsimile: (212)
  751-4864

  
	
   

  	
   

  	
  Attention: Jane
  Summers

  
	
   

  	
   

  	
  John Giouroukakis

  

 

SIGNATURE PAGES TO
STOCKHOLDERS AND REGISTRATION RIGHTS AGREEMENT

 

 

	
   

  	
  ZM Private
  Equity Fund I, L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ QUINN MORGAN

  
	
   

  	
  Name:

  	
  Quinn Morgan

  
	
   

  	
  Title:

  	
  Authorized
  Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  c/o ZM Private
  Equity Fund I, L.P.

  
	
   

  	
   

  	
  745 Fifth
  Avenue, 16th Floor

  
	
   

  	
   

  	
  New York, New
  York 10151

  
	
   

  	
   

  	
  Facsimile: (646)
  720-9086

  
	
   

  	
   

  	
  Attention: Quinn
  Morgan

  
	
   

  	
   

  	
  Kenneth Lau

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  in each case
  with a copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Latham and
  Watkins LLP

  
	
   

  	
   

  	
  885 Third
  Avenue, Suite 1000

  
	
   

  	
   

  	
  New York, New
  York 10022

  
	
   

  	
   

  	
  Facsimile: (212)
  751-4864

  
	
   

  	
   

  	
  Attention: Jane
  Summers

  
	
   

  	
   

  	
  John Giouroukakis

  

 

SIGNATURE PAGES TO
STOCKHOLDERS AND REGISTRATION RIGHTS AGREEMENT

 

 

	
   

  	
  ZM Private Equity
  Fund II, L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ QUINN MORGAN

  
	
   

  	
  Name:

  	
  Quinn Morgan

  
	
   

  	
  Title:

  	
  Authorized
  Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  c/o ZM Private
  Equity Fund I, L.P.

  
	
   

  	
   

  	
  745 Fifth
  Avenue, 16th Floor

  
	
   

  	
   

  	
  New York, New
  York 10151

  
	
   

  	
   

  	
  Facsimile: (646)
  720-9086

  
	
   

  	
   

  	
  Attention: Quinn
  Morgan

  
	
   

  	
   

  	
  Kenneth Lau

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  in each case
  with a copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Latham and
  Watkins LLP

  
	
   

  	
   

  	
  885 Third
  Avenue, Suite 1000

  
	
   

  	
   

  	
  New York, New
  York 10022

  
	
   

  	
   

  	
  Facsimile: (212)
  751-4864

  
	
   

  	
   

  	
  Attention: Jane
  Summers

  
	
   

  	
   

  	
  John Giouroukakis

  

 

SIGNATURE PAGES TO
STOCKHOLDERS AND REGISTRATION RIGHTS AGREEMENTExhibit 10.1

 

INDEMNIFICATION
AGREEMENT

 

THIS
INDEMNIFICATION AGREEMENT (the “Agreement”)
is made and entered into as of
                  ,
2010 between ERICKSON AIR-CRANE INCORPORATED, a Delaware corporation (the “Company”), and
                            
(“Indemnitee”).

 

RECITALS

 

A.                                   Highly competent persons have become more
reluctant to serve corporations as directors or officers unless they are
provided with adequate protection through insurance or adequate indemnification
against inordinate risks of claims and actions against them arising out of
their service to and activities on behalf of the corporation;

 

B.                                     The Board of Directors of the Company
(the “Board”) has determined that,
in order to attract and retain qualified individuals, the Company will attempt
to maintain on an ongoing basis, at its sole expense, liability insurance to
protect persons serving the Company and its subsidiaries from certain
liabilities.  Although the furnishing of
such insurance has been a customary and widespread practice among United
States-based corporations and other business enterprises, the Company believes
that, given current market conditions and trends, such insurance may be
available to it in the future only at higher premiums and with more exclusions.  At the same time, directors and officers, of
corporations or business enterprises are being increasingly subjected to
expensive and time-consuming litigation relating to, among other things,
matters that traditionally would have been brought only against the Company or
business enterprise itself.  The Amended
and Restated Bylaws (“Bylaws”) and
Second Amended and Restated Certificate of Incorporation (“Certificate
of Incorporation”) of the Company require indemnification of the
officers and directors of the Company.  Indemnitee may also be entitled to
indemnification pursuant to the General Corporation Law of the State of
Delaware (“DGCL”).  The Bylaws and Certificate of Incorporation
and the DGCL expressly provide that the indemnification provisions set forth
therein are not exclusive, and thereby contemplate that contracts may be
entered into between the Company and members of the board of directors,
officers and other persons with respect to indemnification;

 

C.                                     The uncertainties relating to such
insurance and to indemnification have increased the difficulty of attracting
and retaining such persons;

 

D.                                    The Board has determined that the
increased difficulty in attracting and retaining such persons is detrimental to
the best interests of the Company’s stockholders and that the Company should
act to assure such persons that there will be increased certainty of such
protection in the future;

 

E.                                      It is reasonable, prudent and necessary
for the Company contractually to obligate itself to indemnify, and to advance
expenses on behalf of, such persons to the fullest extent permitted by
applicable law so that they will serve or continue to serve the Company free
from undue concern that they will not be so indemnified;

 

F.                                      This Agreement is a supplement to and in
furtherance of the Bylaws and Certificate of Incorporation of the Company and
any resolutions adopted pursuant thereto, and 

 

 

shall not be deemed a
substitute therefor, nor to diminish or abrogate any rights of Indemnitee
thereunder; and

 

G.                                     Indemnitee does not regard the protection
available under the Company’s Bylaws and Certificate of Incorporation and
insurance as adequate in the present circumstances, and may not be willing to
serve as an officer or director without adequate protection, and the Company
desires Indemnitee to serve in such capacity. 
Indemnitee is willing to serve, continue to serve and to take on
additional service for or on behalf of the Company on the condition that he be
so indemnified.

 

AGREEMENT

 

The
parties hereto agree as follows:

 

1.                                       Indemnity of Indemnitee. 
The Company hereby agrees to hold harmless and indemnify Indemnitee to
the fullest extent permitted by law, as such may be amended from time to
time.  In furtherance of the foregoing
indemnification, and without limiting the generality thereof:

 

(a)                                  Proceedings Other Than Proceedings by or
in the Right of the Company.  Indemnitee
shall be entitled to the rights of indemnification provided in this Section l(a) if,
by reason of his Corporate Status (as defined in Section 13 of this
Agreement), the Indemnitee is, or is threatened to be made, a party to or
participant in any Proceeding (as defined in Section 13 of this
Agreement) other than a Proceeding by or in the right of the Company.  Pursuant to this Section 1(a),
Indemnitee shall be indemnified against all Expenses (as defined in Section 13
of this Agreement), judgments, penalties, and fines actually and reasonably
incurred by him, or on his behalf, in connection with such Proceeding or any
claim, issue or matter therein, if the Indemnitee acted in good faith and in a
manner the Indemnitee reasonably believed to be in or not opposed to the best
interests of the Company, and with respect to any criminal Proceeding, had no
reasonable cause to believe the Indemnitee’s conduct was unlawful.

 

(b)                                 Proceedings by or in the Right of the
Company.  Indemnitee shall be entitled to the rights of
indemnification provided in this Section 1(b) if, by reason of
his Corporate Status, the Indemnitee is, or is threatened to be made, a party
to or participant in any Proceeding brought by or in the right of the
Company.  Pursuant to this Section 1(b),
Indemnitee shall be indemnified against all Expenses (but excluding amounts
paid in settlement by or on behalf of the Indemnitee) actually and reasonably
incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection with
such Proceeding if the Indemnitee acted in good faith and in a manner the
Indemnitee reasonably believed to be in or not opposed to the best interests of
the Company; provided, however, if applicable law so provides, no
indemnification against such Expenses shall be made in respect of any claim,
issue or matter in such Proceeding as to which Indemnitee shall have been
finally adjudged, in a judgment not subject to appeal, to be liable to the
Company by a court of competent jurisdiction, unless and only to the extent
that the court in which such proceeding was brought shall determine upon
application that, despite the adjudication of liability but in view of all the
circumstances of the case, such person is fairly and reasonably entitled to
indemnity for such amounts which the court shall deem proper.

 

2

 

(c)                                  Indemnification for Expenses of a Party
Who is Wholly or Partly Successful.  Notwithstanding
any other provision of this Agreement, to the extent that Indemnitee is, by
reason of his Corporate Status, a party to and is successful, on the merits or
otherwise, in any Proceeding, he shall be indemnified to the maximum extent
permitted by law, as such may be amended from time to time, against all
Expenses actually and reasonably incurred by him or on his behalf in connection
therewith.  If Indemnitee is not wholly
successful in such Proceeding but is successful, on the merits or otherwise, as
to one or more but less than all claims, issues or matters in such Proceeding,
the Company shall indemnify Indemnitee against all Expenses actually and
reasonably incurred by him or on his behalf in connection with each
successfully resolved claim, issue or matter. 
For purposes of this Section and without limitation, the
termination of any claim, issue or matter in such a Proceeding by dismissal,
with or without prejudice, shall be deemed to be a successful result as to such
claim, issue or matter.

 

2.                                       Additional Indemnity. 
In addition to, and without regard to any limitations on, the
indemnification provided for in Section 1 of this Agreement, the
Company shall and hereby does indemnify and hold harmless Indemnitee against
all Expenses, judgments, penalties, and fines actually and reasonably incurred
by him or on his behalf if, by reason of his Corporate Status, he is, or is
threatened to be made, a party to or participant in any Proceeding (including a
Proceeding by or in the right of the Company), including, without limitation,
all liability arising out of the negligence or active or passive wrongdoing of
Indemnitee.  The only limitation that
shall exist upon the Company’s obligations pursuant to this Agreement shall be
that the Company shall not be obligated to make any payment to Indemnitee that
is finally determined (under the procedures, and subject to the presumptions,
set forth in Sections 6 and 7 hereof) to be unlawful.

 

3.                                       Contribution.

 

(a)                                  Whether or not the indemnification
provided in Sections 1 and 2 hereof is available, in respect of
any threatened, pending or completed action, suit or proceeding in which the
Company is jointly liable with Indemnitee (or would be if joined in such
action, suit or proceeding), the Company shall pay, in the first instance, the
entire amount of any judgment or settlement of such action, suit or proceeding
without requiring Indemnitee to contribute to such payment and the Company
hereby waives and relinquishes any right of contribution it may have against
Indemnitee.  The Company shall not enter
into any settlement of any action, suit or proceeding in which the Company is
jointly liable with Indemnitee (or would be if joined in such action, suit or
proceeding) unless such settlement provides for a full and final release of all
claims asserted against Indemnitee.

 

(b)                                 Without diminishing or impairing the
obligations of the Company set forth in the preceding subparagraph, if, for any
reason, Indemnitee shall elect or be required to pay all or any portion of any
judgment or settlement in any threatened, pending or completed action, suit or
proceeding in which the Company is jointly liable with Indemnitee (or would be
if joined in such action, suit or proceeding), the Company shall contribute to
the amount of Expenses, judgments and fines actually and reasonably incurred
and paid or payable by Indemnitee in proportion to the relative benefits
received by the Company and all officers, directors or employees of the
Company, other than Indemnitee, who are jointly liable with Indemnitee (or
would be if joined in such action, suit or proceeding), on the one hand, and 

 

3

 

Indemnitee, on the
other hand, from the transaction from which such action, suit or proceeding
arose; provided, however, that the proportion determined on the basis of
relative benefit may, to the extent necessary to conform to law, be further
adjusted by reference to the relative fault of the Company and all officers,
directors or employees of the Company other than Indemnitee who are jointly
liable with Indemnitee (or would be if joined in such action, suit or
proceeding), on the one hand, and Indemnitee, on the other hand, in connection
with the events that resulted in such Expenses, judgments or fines, as well as
any other equitable considerations which applicable law may require to be
considered.  The relative fault of the
Company and all officers, directors or employees of the Company, other than
Indemnitee, who are jointly liable with Indemnitee (or would be if joined in
such action, suit or proceeding), on the one hand, and Indemnitee, on the other
hand, shall be determined by reference to, among other things, the degree to
which their actions were motivated by intent to gain personal profit or
advantage, the degree to which their liability is primary or secondary and the
degree to which their conduct is active or passive.

 

(c)                                  The Company hereby agrees to fully
indemnify and hold Indemnitee harmless from any claims of contribution which
may be brought by officers, directors or employees of the Company, other than
Indemnitee, who may be jointly liable with Indemnitee.

 

(d)                                 To the fullest extent permissible under
applicable law, if the indemnification provided for in this Agreement is
unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of
indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee,
whether for judgments, fines, penalties, excise taxes and/or for Expenses, in
connection with any claim relating to an indemnifiable event under this
Agreement, in such proportion as is deemed fair and reasonable in light of all
of the circumstances of such Proceeding in order to reflect (i) the
relative benefits received by the Company and Indemnitee as a result of the
event(s) and/or transaction(s) giving rise to such Proceeding; and/or
(ii) the relative fault of the Company (and its directors, officers,
employees and agents) and Indemnitee in connection with such event(s) and/or
transaction(s).

 

4.                                       Indemnification for Expenses of a Witness. 
Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee is, by reason of his Corporate Status, a witness, or is made
(or asked to) respond to discovery requests, in any Proceeding to which
Indemnitee is not a party, he shall be indemnified against all Expenses
actually and reasonably incurred by him or on his behalf in connection
therewith.

 

5.                                       Advancement of Expenses. 
Notwithstanding any other provision of this Agreement, the Company shall
advance all Expenses incurred by or on behalf of Indemnitee in connection with
any Proceeding by reason of Indemnitee’s Corporate Status within thirty (30)
days after the receipt by the Company of a statement or statements from
Indemnitee requesting such advance or advances from time to time, whether prior
to or after final disposition of such Proceeding.  Such statement or statements shall reasonably
evidence the Expenses incurred by Indemnitee and shall include or be preceded
or accompanied by a written undertaking by or on behalf of Indemnitee to repay
any Expenses advanced if it shall ultimately be determined that Indemnitee is
not entitled to be indemnified against such Expenses.  Any advances and undertakings to repay
pursuant to this Section 5 shall be unsecured, interest free and
without 

 

4

 

regard to either
Indemnitee’s ability to repay the expenses or  Indemnitee’s
ultimate entitlement to indemnification under the other provisions of this
Agreement. The right to advances under this Section shall continue until
final disposition of any proceeding, including any appeal therein

 

6.                                       Procedures and Presumptions for
Determination of Entitlement to Indemnification.  It is the
intent of this Agreement to secure for Indemnitee rights of indemnity that are
as favorable as may be permitted under the DGCL and public policy of the State
of Delaware.  Accordingly, the parties
agree that the following procedures and presumptions shall apply in the event
of any question as to whether Indemnitee is entitled to indemnification under
this Agreement:

 

(a)                                  To obtain indemnification under this
Agreement, Indemnitee shall submit to the Company a written request, including
therein or therewith such documentation and information as is reasonably
available to Indemnitee and is reasonably necessary to determine whether and to
what extent Indemnitee is entitled to indemnification.  The Secretary of the Company shall, promptly
upon receipt of such a request for indemnification, advise the Board in writing
that Indemnitee has requested indemnification. 
Notwithstanding the foregoing, any failure of Indemnitee to provide such
a request to the Company, or to provide such a request in a timely fashion,
shall not relieve the Company of any liability that it may have to Indemnitee
unless, and to the extent that, such failure actually and materially prejudices
the interests of the Company.

 

(b)                                 Upon written request by Indemnitee for
indemnification pursuant to the first sentence of Section 6(a) hereof,
a determination with respect to Indemnitee’s entitlement thereto shall be made
in the specific case by one of the following four methods, which shall be at
the election of the Board:  (1) by a
majority vote of the Disinterested Directors (as defined in Section 13
of this Agreement), even though less than a quorum, (2) by a committee of
Disinterested Directors designated by a majority vote of the Disinterested
Directors, even though less than a quorum, (3) by Independent Counsel (as
defined in Section 13 of this Agreement) in a written opinion to
the Board, a copy of which shall be delivered to the Indemnitee, or (4) by
the stockholders of the Company.

 

(c)                                  If the determination of entitlement to
indemnification is to be made by Independent Counsel pursuant to Section 6(b) hereof,
the Independent Counsel shall be selected as provided in this Section 6(c).  The Independent Counsel shall be selected by
the mutual agreement between Indemnitee and the Board of Directors. If
Indemnitee and the Company cannot agree on the selection of an Independent
Counsel, either the Company or Indemnitee may petition the Court of Chancery of
the State of Delaware or other court of competent jurisdiction for the
appointment as Independent Counsel of a person selected by the court or by such
other person as the court shall designate, and the person so appointed shall
act as Independent Counsel under Section 6(b) hereof.  The Company shall pay any and all reasonable
fees and expenses of Independent Counsel incurred by such Independent Counsel
in connection with acting pursuant to Section 6(b) hereof, and
the Company shall pay all reasonable fees and expenses incident to the
procedures of this Section 6(c), regardless of the manner in which
such Independent Counsel was selected or appointed.

 

5

 

(d)                                 In making a determination with respect to
entitlement to indemnification hereunder, the person or persons or entity
making such determination shall presume that Indemnitee is entitled to
indemnification under this Agreement. 
Anyone seeking to overcome this presumption shall have the burden of
proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company
(including by its directors or Independent Counsel) to have made a
determination prior to the commencement of any action pursuant to this
Agreement that indemnification is proper in the circumstances because
Indemnitee has met the applicable standard of conduct, nor an actual
determination by the Company (including by its directors or Independent
Counsel) that Indemnitee has not met such applicable standard of conduct, shall
be a defense to the action or create a presumption that Indemnitee has not met
the applicable standard of conduct.

 

(e)                                  Indemnitee shall be deemed to have acted
in good faith if Indemnitee’s action is based on the records or books of
account of the Enterprise (as defined in Section 13 of this
Agreement), including financial statements, or on information supplied to
Indemnitee by the officers of the Enterprise in the course of their duties, or
on the advice of legal counsel for the Enterprise or on information or records
given or reports made to the Enterprise by an independent certified public
accountant or by an appraiser or other expert selected with reasonable care by
the Enterprise.  In addition, the
knowledge or actions, or failure to act, of any director, officer, agent or
employee of the Enterprise shall not be imputed to Indemnitee for purposes of
determining the right to indemnification under this Agreement.  Whether or not the foregoing provisions of
this Section 6(e) are satisfied, it shall in any event be
presumed that Indemnitee has at all times acted in good faith and in a manner
he reasonably believed to be in or not opposed to the best interests of the
Company.  Anyone seeking to overcome this
presumption shall have the burden of proof and the burden of persuasion by
clear and convincing evidence.

 

(f)                                    If the person, persons or entity
empowered or selected under Section 6 to determine whether
Indemnitee is entitled to indemnification shall not have made a determination
within forty-five (45) days after receipt by the Company of the request
therefor, the requisite determination of entitlement to indemnification shall
be deemed to have been made and Indemnitee shall be entitled to such
indemnification absent (i) a misstatement by Indemnitee of a material
fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for
indemnification, or (ii) a prohibition of such indemnification under
applicable law; provided, however, that such forty-five (45) day period may be
extended for a reasonable time, not to exceed an additional thirty (30) days,
if the person, persons or entity making such determination with respect to
entitlement to indemnification in good faith requires such additional time to
obtain or evaluate documentation and/or information relating thereto; and
provided, further, that the foregoing provisions of this Section 6(g) shall
not apply if the determination of entitlement to indemnification is to be made
by the stockholders pursuant to Section 6(b) of this Agreement
and if (A) within fifteen (15) days after receipt by the Company of the
request for such determination, the Board or the Disinterested Directors, if
appropriate, resolve to submit such determination to the stockholders for their
consideration at an annual meeting thereof to be held within seventy-five (75)
days after such receipt and such determination is made thereat, or (B) a
special meeting of stockholders is called within fifteen (15) days after such
receipt for the purpose of making such determination, such meeting is held for
such purpose within sixty (60) days after having been so called and such
determination is made thereat.

 

6

 

(g)                                 Indemnitee shall cooperate with the
person, persons or entity making such determination with respect to Indemnitee’s
entitlement to indemnification, including providing to such person, persons or
entity upon reasonable advance request any documentation or information which
is not privileged or otherwise protected from disclosure and which is
reasonably available to Indemnitee and reasonably necessary to such determination.  Any Independent Counsel, member of the Board
or stockholder of the Company shall act reasonably and in good faith in making
a determination regarding the Indemnitee’s entitlement to indemnification under
this Agreement.  Any costs or expenses
(including attorneys’ fees and disbursements) incurred by Indemnitee in so
cooperating with the person, persons or entity making such determination shall
be borne by the Company (irrespective of the determination as to Indemnitee’s
entitlement to indemnification) and the Company hereby indemnifies and agrees
to hold Indemnitee harmless therefrom.

 

(h)                                 The Company acknowledges that a
settlement or other disposition short of final judgment may be successful if it
permits a party to avoid expense, delay, distraction, disruption and
uncertainty.  In the event that any
action, claim or proceeding to which Indemnitee is a party is resolved in any
manner other than by adverse judgment against Indemnitee (including, without
limitation, settlement of such action, claim or proceeding with or without
payment of money or other consideration) it shall be presumed that Indemnitee
has been successful on the merits or otherwise in such action, suit or
proceeding.  Anyone seeking to overcome this
presumption shall have the burden of proof and the burden of persuasion by
clear and convincing evidence.

 

(i)                                     The termination of any Proceeding or of
any claim, issue or matter therein, by judgment, order, settlement or
conviction, or upon a plea of nolo contendere or its equivalent, shall not
(except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that
Indemnitee did not act in good faith and in a manner which he reasonably
believed to be in or not opposed to the best interests of the Company or, with
respect to any criminal Proceeding, that Indemnitee had reasonable cause to
believe that his conduct was unlawful.

 

7.                                       Remedies of Indemnitee.

 

(a)                                  In the event that (i) a
determination is made pursuant to Section 6 of this Agreement that
Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement
of Expenses is not timely made pursuant to Section 5 of this
Agreement, (iii) no determination of entitlement to indemnification is
made pursuant to Section 6(b) of this Agreement within
forty-five (45) days after receipt by the Company of the request for
indemnification, (iv) payment of indemnification is not made pursuant to
this Agreement within ten (10) days after receipt by the Company of a
written request therefor or (v) payment of indemnification is not made
within ten (10) days after a determination has been made that Indemnitee
is entitled to indemnification or such determination is deemed to have been
made pursuant to Section 6 of this Agreement, Indemnitee shall be
entitled to an adjudication in an appropriate court of the State of Delaware,
or in any other court of competent jurisdiction, of Indemnitee’s entitlement to
such indemnification. The Company shall not oppose Indemnitee’s right to seek
any such adjudication.

 

7

 

(b)                                 In the event that a determination shall
have been made pursuant to Section 6(b) of this Agreement that
Indemnitee is not entitled to indemnification, any judicial proceeding
commenced pursuant to this Section 7 shall be conducted in all
respects as a de novo trial on the merits, and Indemnitee shall not be
prejudiced by reason of the adverse determination under Section 6(b).

 

(c)                                  If a determination shall have been made
pursuant to Section 6(b) of this Agreement that Indemnitee is
entitled to indemnification, the Company shall be bound by such determination
in any judicial proceeding commenced pursuant to this Section 7,
absent (i) a misstatement by Indemnitee of a material fact, or an omission
of a material fact necessary to make Indemnitee’s misstatement not materially
misleading in connection with the application for indemnification, or (ii) a
prohibition of such indemnification under applicable law.

 

(d)                                 In the event that Indemnitee, pursuant to
this Section 7, seeks a judicial adjudication of his rights under,
or to recover damages for breach of, this Agreement, or to recover under any
directors’ and officers’ liability insurance policies maintained by the
Company, the Company shall pay on his behalf, in advance, any and all Expenses
actually and reasonably incurred by him in such judicial adjudication,
regardless of whether Indemnitee ultimately is determined to be entitled to
such indemnification, advancement of expenses or insurance recovery.

 

(e)                                  The Company shall be precluded from
asserting in any judicial proceeding commenced pursuant to this Section 7
that the procedures and presumptions of this Agreement are not valid, binding
and enforceable and shall stipulate in any such court that the Company is bound
by all the provisions of this Agreement. 
The Company shall indemnify Indemnitee against any and all Expenses and,
if requested by Indemnitee, shall (within ten (10) days after receipt by
the Company of a written request therefore) advance, to the extent not
prohibited by law, such Expenses to Indemnitee, which are incurred by
Indemnitee in connection with any action brought by Indemnitee for
indemnification or advance of Expenses from the Company under this Agreement or
under any directors’ and officers’ liability insurance policies maintained by
the Company, regardless of whether Indemnitee ultimately is determined to be
entitled to such indemnification, advancement of Expenses or insurance
recovery, as the case may be.

 

8.                                       Non-Exclusivity; Survival of Rights;
Insurance; Primacy of Indemnification; Subrogation.

 

(a)                                  The rights of indemnification as provided
by this Agreement shall not be deemed exclusive of any other rights to which
Indemnitee may at any time be entitled under applicable law, the Certificate of
Incorporation, the Bylaws, any agreement, a vote of stockholders, a resolution
of directors or otherwise, of the Company. 
No amendment, alteration or repeal of this Agreement or of any provision
hereof shall limit or restrict any right of Indemnitee under this Agreement in
respect of any action taken or omitted by such Indemnitee in his Corporate
Status prior to such amendment, alteration or repeal.  To the extent that a change in the DGCL, whether
by statute or judicial decision, permits greater indemnification than would be
afforded currently under the Certificate of Incorporation, Bylaws and this
Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy
by this Agreement the greater benefits so 

 

8

 

afforded by such
change.  No right or remedy herein
conferred is intended to be exclusive of any other right or remedy, and every
other right and remedy shall be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise.  The assertion or employment
of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other right or remedy.

 

(b)                                 To the extent that the Company maintains
an insurance policy or policies providing liability insurance for directors,
officers, employees, or agents or fiduciaries of the Company or of any other
corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise that such person serves at the request of the Company, Indemnitee
shall be covered by such policy or policies in accordance with its or their
terms to the maximum extent of the coverage available for any director,
officer, employee, agent or fiduciary under such policy or policies.  If, at the time of the receipt of a notice of
a claim pursuant to the terms hereof, the Company has director and officer
liability insurance in effect, the Company shall give prompt notice of the
commencement of such proceeding to the insurers in accordance with the
procedures set forth in the respective policies.  The Company shall thereafter take all
necessary or desirable action to cause such insurers to pay, on behalf of the
Indemnitee, all amounts payable as a result of such proceeding in accordance
with the terms of such policies.

 

(c)                                  The Company hereby acknowledges that
Indemnitee has certain rights to indemnification, advancement of expenses
and/or insurance provided by one or more parties other than the Company or an
affiliate of the Company (collectively, the “Secondary Indemnitors”).  The Company hereby agrees (i) that it is
the indemnitor of first resort (i.e., its obligations to Indemnitee are primary
and any obligation of the Secondary Indemnitors to advance expenses or to
provide indemnification for the same expenses or liabilities incurred by
Indemnitee are secondary), (ii) that it shall be required to advance the
full amount of expenses incurred by Indemnitee and shall be liable for the full
amount of all Expenses, judgments, penalties, fines and amounts paid in
settlement to the extent legally permitted and as required by the terms of this
Agreement and the Certificate of Incorporation or Bylaws of the Company (or any
other agreement between the Company and Indemnitee), without regard to any
rights Indemnitee may have against the Secondary Indemnitors, and, (iii) 
that it irrevocably waives, relinquishes and releases the Secondary Indemnitors
from any and all claims against the Secondary Indemnitors for contribution,
subrogation or any other recovery of any kind in respect thereof.  The Company further agrees that no
advancement or payment by the Secondary Indemnitors on behalf of Indemnitee
with respect to any claim for which Indemnitee has sought indemnification from
the Company shall affect the foregoing and the Secondary Indemnitors shall have
a right of contribution and/or be subrogated to the extent of such advancement
or payment to all of the rights of recovery of Indemnitee against the
Company.  The Company and Indemnitee
agree that the Secondary Indemnitors are express third party beneficiaries of
the terms of this Section 8(c).

 

(d)                                 Except as provided in paragraph (c) above,
in the event of any payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of
Indemnitee (other than against the Secondary Indemnitors), who shall execute
all papers required and take all action necessary to secure such rights,
including execution of such documents as are necessary to enable the Company to
bring suit to enforce such rights.

 

9

 

(e)                                  Except as provided in paragraph (c) above,
the Company shall not be liable under this Agreement to make any payment of
amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee
has otherwise actually received such payment under any insurance policy,
contract, agreement or otherwise.

 

(f)                                    Except as provided in paragraph (c) above,
the Company’s obligation to indemnify or advance Expenses hereunder to
Indemnitee who is or was serving at the request of the Company as a director,
officer, employee or agent of any other corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise shall be reduced by any amount
Indemnitee has actually received as indemnification or advancement of expenses
from such other corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise.

 

9.                                       Exception to Right of Indemnification. Notwithstanding any provision in this
Agreement, the Company shall not be obligated under this Agreement to make any
indemnity in connection with any claim made against Indemnitee:

 

(a)                                  for which payment has actually been made
to or on behalf of Indemnitee under any insurance policy or other indemnity
provision, except with respect to any excess beyond the amount paid under any
insurance policy or other indemnity provision, provided, that the foregoing
shall not affect the rights of Indemnitee or the Secondary Indemnitors set
forth in Section 8(c) above; or

 

(b)                                 for an accounting of profits made from
the purchase and sale (or sale and purchase) by Indemnitee of securities of the
Company within the meaning of Section 16(b) of the Securities
Exchange Act of 1934, as amended, or similar provisions of state statutory law
or common law; or

 

(c)                                  in connection with any Proceeding (or any
part of any Proceeding) initiated by Indemnitee, including any Proceeding (or
any part of any Proceeding) initiated by Indemnitee against the Company or its
directors, officers, employees or other indemnitees, unless (i) the Board
of Directors of the Company authorized the Proceeding (or any part of any
Proceeding) prior to its initiation or (ii) the Company provides the
indemnification, in its sole discretion, pursuant to the powers vested in the
Company under applicable law.

 

10.                                 Duration of Agreement. 
All agreements and obligations of the Company contained herein shall
continue during the period Indemnitee is an officer or director of the Company
(or is or was serving at the request of the Company as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or
other enterprise) and shall continue thereafter so long as Indemnitee shall be
subject to any Proceeding (or any proceeding commenced under Section 7
hereof) by reason of his Corporate Status, whether or not he is acting or
serving in any such capacity at the time any liability or expense is incurred
for which indemnification can be provided under this Agreement.  This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the parties hereto and their
respective successors (including any direct or indirect successor by purchase,
merger, consolidation or otherwise to all or substantially all of the business
or assets of the Company), assigns, spouses, heirs, executors and personal and
legal representatives.

 

10

 

 

11.                                 Security.  To the extent
requested by Indemnitee and approved by the Board, the Company may at any time
and from time to time provide security to Indemnitee for the Company’s
obligations hereunder through an irrevocable bank line of credit, funded trust
or other collateral.  Any such security,
once provided to Indemnitee, may not be revoked or released without the prior
written consent of the Indemnitee.

 

12.                                 Enforcement and Binding Effect.

 

(a)                                  The Company expressly confirms and agrees
that it has entered into this Agreement and assumes the obligations imposed on
it hereby in order to induce Indemnitee to serve as an officer or director of
the Company, and the Company acknowledges that Indemnitee is relying upon this
Agreement in serving as an officer or director of the Company.

 

(b)                                 Without limiting any of the rights of
Indemnitee under the Bylaws of the Company as they may be amended from time to
time, this Agreement constitutes the entire agreement between the parties
hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties
hereto with respect to the subject matter hereof.

 

13.                                 Definitions. 
For purposes of this Agreement:

 

(a)                                  “Corporate
Status” describes the status of a person who is or was a director,
officer, employee, agent or fiduciary of the Company or of any other
corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise that such person is or was serving at the express written request of
the Company.

 

(b)                                 “Disinterested
Director” means a director of the Company who is not and was not a
party to the Proceeding in respect of which indemnification is sought by
Indemnitee.

 

(c)                                  “Enterprise”
shall mean the Company and any other corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise that Indemnitee is or was
serving at the express written request of the Company as a director, officer,
employee, agent or fiduciary.

 

(d)                                 “Expenses”
shall be broadly construed and shall include, without limitations, direct and
indirect costs of any type or nature whatsoever (including, without limitation,
all attorneys’, witness, or other professional fees and related disbursements,
and other out-of-pocket costs of whatever nature), actually and reasonably
incurred by Indemnitee in connection with the investigation, defense or appeal
of a Proceeding or establishing or enforcing a right to indemnification under
this Agreement, Delaware Law or otherwise, and amounts paid in settlement by or
on behalf of Indemnitee, but shall not include any judgments, fines or
penalties actually levied against Indemnitee for such individual’s violations
of law. Expenses shall also include Expenses incurred in connection with any
appeal resulting from any Proceeding, including without limitation the premium,
security for, and other costs relating to any cost bond, supersede as bond, or
other appeal bond or its equivalent.

 

11

 

(e)                                  “Independent
Counsel” means a law firm, or a member of a law firm, that is
experienced in matters of corporation law and neither presently is, nor in the
past five years has been, retained to represent:  (i) the Company or Indemnitee in any
matter material to either such party (other than with respect to matters
concerning Indemnitee under this Agreement, or of other indemnitees under
similar indemnification agreements), or (ii) any other party to the
Proceeding giving rise to a claim for indemnification hereunder.  Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of
professional conduct then prevailing, would have a conflict of interest in
representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. 
The Company agrees to pay the reasonable fees of the Independent Counsel
referred to above and to fully indemnify such counsel against any and all
Expenses, claims, liabilities and damages arising out of or relating to this
Agreement or its engagement pursuant hereto.

 

(f)                                    “Proceeding”
shall be broadly construed and shall include, without limitation, any
threatened, pending or completed action, suit, arbitration, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing or any
other actual, threatened or completed proceeding, whether brought by or in the
right of the Company or otherwise and whether civil, criminal, administrative
or investigative, in which Indemnitee was, is or will be involved as a party or
otherwise, by reason of the fact that Indemnitee is or was an officer or
director of the Company, by reason of any action taken by him or of any
inaction on his part while acting as an officer or director of the Company, or
by reason of the fact that he is or was serving at the request of the Company
as a director, officer, employee, agent or fiduciary of another corporation,
partnership, joint venture, trust or other Enterprise; in each case whether or
not he is acting or serving in any such capacity at the time any liability or
expense is incurred for which indemnification can be provided under this
Agreement; including one pending on or before the date of this Agreement, but
excluding one initiated by an Indemnitee pursuant to Section 7 of
this Agreement to enforce his rights under this Agreement.

 

14.                                 Severability. The invalidity or unenforceability of
any provision hereof shall in no way affect the validity or enforceability of
any other provision.  Without limiting
the generality of the foregoing, this Agreement is intended to confer upon
Indemnitee indemnification rights to the fullest extent permitted by applicable
laws.  In the event any provision hereof
conflicts with any applicable law, such provision shall be deemed modified,
consistent with the aforementioned intent, to the extent necessary to resolve
such conflict.

 

15.                                 Modification and Waiver. 
No supplement, modification, termination or amendment of this Agreement
shall be binding unless executed in writing by both of the parties hereto.  No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other provisions
hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver.

 

16.                                 Notice By Indemnitee. 
Indemnitee agrees promptly to notify the Company in writing upon being
served with or otherwise receiving any summons, citation, subpoena, complaint,
indictment, information or other document relating to any Proceeding or matter
which may be subject to indemnification covered hereunder.  The failure to so notify the Company shall
not relieve the Company of any obligation which it may have to Indemnitee 

 

12

 

under this
Agreement or otherwise unless and only to the extent that such failure or delay
materially prejudices the Company.

 

17.                                 Notices.  All notices
and other communications given or made pursuant to this Agreement shall be in
writing and shall be deemed effectively given: 
(a) upon personal delivery to the party to be notified, (b) when
sent by confirmed electronic mail or facsimile if sent during normal business
hours of the recipient, and if not so confirmed, then on the next business day,
(c) three (3) days after having been sent by registered or certified
mail, return receipt requested, postage prepaid, or (d) one (1) day
after deposit with a nationally recognized overnight courier, specifying next
day delivery, with written verification of receipt.  All communications shall be sent:

 

(a)                                  To Indemnitee at the address set forth
below Indemnitee’s signature hereto.

 

(b)                                 To the Company at:

 

5550 SW Macadam
Avenue, Suite 200

Portland, Oregon 97239

Attention: General Counsel

 

or to such other
address as may have been furnished to Indemnitee by the Company or to the
Company by Indemnitee, as the case may be.

 

18.                                 Counterparts. 
This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same Agreement.  This
Agreement may also be executed and delivered by facsimile signature and in two
or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

 

19.                                 Headings.  The headings
of the paragraphs of this Agreement are inserted for convenience only and shall
not be deemed to constitute part of this Agreement or to affect the
construction thereof.

 

20.                                 Governing Law and Consent to
Jurisdiction.  This Agreement and the legal relations among
the parties shall be governed by, and construed and enforced in accordance
with, the laws of the State of Delaware, without regard to its conflict of laws
rules. The Company and Indemnitee hereby irrevocably and unconditionally (i) agree
that any action or proceeding arising out of or in connection with this
Agreement shall be brought only in the Chancery Court of the State of Delaware
(the “Delaware Court”), and not in
any other state or federal court in the United States of America or any court
in any other country, (ii) consent to submit to the exclusive jurisdiction
of the Delaware Court for purposes of any action or proceeding arising out of
or in connection with this Agreement, (iii) waive any objection to the
laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive,
and agree not to plead or to make, any claim that any such action or proceeding
brought in the Delaware Court has been brought in an improper or inconvenient
forum.

 

[signature page follows]

 

13

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of
the day and year first above written.

 

 

	
   

  	
  ERICKSON
  AIR-CRANE INCORPORATED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  Udo Rieder

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  INDEMNITEE

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

14

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