Document:

Exhibit 10.9

 

SEVEN STARS CLOUD GROUP, INC.

 

AMENDED AND RESTATED 2010 EQUITY INCENTIVE
PLAN

 

		1.	Purposes of the Plan. YOU on Demand Holdings, Inc., a Nevada corporation (the “Company”) hereby establishes the Seven Stars Cloud Group, Inc. Amended and Restated 2010 Equity Incentive Plan (the “Plan”).The purposes of this Plan are to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to Employees, Directors and Consultants, and to promote the long-term growth and profitability of the Company. The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, Performance Units and Performance Shares as the Administrator may determine.

 

		2.	Definitions. The following definitions will apply to the terms in the Plan:

 

“Administrator” means
the Board or any of its Committees as will be administering the Plan, in accordance with Section 4.

 

“Applicable Laws” means
the requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S. federal and state
securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable
laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan.

 

“Award” means, individually
or collectively, a grant under the Plan of Options, SARs, Restricted Stock, Restricted Stock Units, Performance Units or Performance
Shares.

 

“Award Agreement” means
the written or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan. The
Award Agreement is subject to the terms and conditions of the Plan.

 

“Board” means the Board
of Directors of the Company.

 

“Change in Control” means
the occurrence of any of the following events:

 

(i)              Any
“person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the "beneficial owner"
(as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent
(50%) or more of the total voting power represented by the Company's then outstanding voting securities; provided however, that
for purposes of this subsection (i) any acquisition of securities directly from the Company shall not constitute a Change in Control;
or

 

(ii)             The
consummation of the sale or disposition by the Company of all or substantially all of the Company's assets;

 

(iii)           
A change in the composition of the Board occurring within a two-year period, as a result of which fewer than a majority of the
directors are Incumbent Directors. “Incumbent Directors” means directors who either (A) are Directors as of the effective
date of the Plan, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority
of the Incumbent Directors at the time of such election or nomination (but will not include an individual whose election or nomination
is in connection with an actual or threatened proxy contest relating to the election of directors to the Company); or

 

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(iv)            The
consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which
would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of
the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately
after such merger or consolidation.

 

For avoidance of doubt, a transaction will
not constitute a Change in Control if: (i) its sole purpose is the change the state of the Company’s incorporation, or (ii)
its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held
the Company’s securities immediately before such transaction.

 

“Code” means the Internal
Revenue Code of 1986, as amended. Any reference in the Plan to a section of the Code will be a reference to any successor or amended
section of the Code.

 

“Committee” means a committee
of Directors or of other individuals satisfying Applicable Laws appointed by the Board in accordance with Section 4 hereof.

 

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

 

“Company” means YOU on
Demand Holdings, Inc., a Nevada corporation, or any successor thereto.

 

“Consultant” means any
person, including an advisor, engaged by the Company or a Parent or Subsidiary to render services to such entity.

 

“Director” means a member
of the Board.

 

“Disability” means total
and permanent disability as determined by the Administrator in its discretion in accordance with uniform and non-discriminatory
standards adopted by the Administrator from time to time.

 

“Employee” means any
person, including Officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. Neither service as
a Director nor payment of a director's fee by the Company will be sufficient to constitute "employment" by the Company.

 

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

 

“Exchange Program” means
a program under which (i) outstanding Awards are surrendered or cancelled in exchange for Awards of the same type (which may have
lower exercise prices and different terms), Awards of a different type and/or cash, and/or (ii) the exercise price of an outstanding
Award is reduced.

  

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“Fair Market Value” means,
as of any date, the value of Common Stock determined as follows:

 

(i)              If
the Common Stock is listed on any established stock exchange or a national market system, including without limitation any division
or subdivision of the Nasdaq Stock Market, its Fair Market Value will be the closing sales price for such stock (or the closing
bid, if no sales were reported) as quoted on such exchange or system on the day of determination, as reported in The Wall Street
Journal or such other source as the Administrator deems reliable;

 

(ii)             If
the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, including without limitation
quotation through the over the counter bulletin board (“OTCBB”) quotation service administered by the Financial Industry
Regulatory Authority (“FINRA”) , the Fair Market Value of a Share will be the mean between the high bid and low asked
prices for the Common Stock on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator
deems reliable; or

 

(iii)           
In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator,
and to the extent Section 15 applies (a) with respect to ISOs, the Fair Market Value shall be determined in a manner consistent
with Code section 422 or (b) with respect to NSOs or SARs, the Fair Market Value shall be determined in a manner consistent with
Code section 409A.

 

“Fiscal Year” means the
fiscal year of the Company.

 

“Grant Date” means, for
all purposes, the date on which the Administrator determines to grant an Award, or such other later date as is determined by the
Administrator, provided that the Administrator cannot grant an Award prior to the date the material terms of the Award are established.
Notice of the Administrator’s determination to grant an Award will be provided to each Participant within a reasonable time
after the Grant Date.

 

“Incentive Stock Option”
or “ISO” means an Option that by its terms qualifies and is otherwise intended to qualify as an incentive stock
option within the meaning of Section 422 of the Code and the regulations promulgated thereunder.

 

“Nonstatutory Stock Option”
or “NSO” means an Option that by its terms does not qualify or is not intended to qualify as an ISO.

 

“Officer” means a person
who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated
thereunder.

 

“Option” means a stock
option granted pursuant to the Plan.

 

“Optioned Shares” means
the Common Stock subject to an Option.

 

“Optionee” means the
holder of an outstanding Option.

 

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“Parent” means a “parent
corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code.

 

“Participant” means the
holder of an outstanding Award.

 

“Performance Share” means
an Award denominated in Shares which may vest in whole or in part upon attainment of performance goals or other vesting criteria
as the Administrator may determine pursuant to Section 10.

 

“Performance Unit” means
an Award which may vest in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator
may determine and which may be settled for cash, Shares or other securities or a combination of the foregoing pursuant to Section
10.

 

“Period of Restriction”
means the period during which Shares of Restricted Stock are subject to forfeiture or restrictions on transfer pursuant to Section
7.

 

“Plan” means this 2010
Equity Incentive Plan.

 

“Restricted Stock” means
Shares awarded to a Participant which are subject to forfeiture and restrictions on transferability in accordance with Section
7.

 

“Restricted Stock Unit”
means the right to receive one Share at the end of a specified period of time, which right is subject to forfeiture in accordance
with Section 8 of the Plan.

 

“Rule 16b-3” means Rule
16b-3 of the Exchange Act or any successor to Rule 16b-3.

 

“Section” means a paragraph
or section of this Plan.

 

“Section 16(b)” means
Section 16(b) of the Exchange Act.

 

“Service Provider” means
an Employee, Director or Consultant.

 

“Share” means a share
of the Common Stock, as adjusted in accordance with Section 13.

 

“Stock Appreciation Right”
or “SAR” means the right to receive payment from the Company in an amount no greater than the excess of the
Fair Market Value of a Share at the date the SAR is exercised over a specified price fixed by the Administrator in the Award Agreement,
which shall not be less than the Fair Market Value of a Share on the Grant Date. In the case of a SAR which is granted in connection
with an Option, the specified price shall be the Option exercise price.

 

“Subsidiary” means a
"subsidiary corporation", whether now or hereafter existing, as defined in Section 424(f) of the Code.

 

“Ten Percent Owner” means
any Service Provider who is, on the grant date of an ISO, the owner of Shares (determined with application of ownership attribution
rules of Code Section 424(d)) possessing more than 10% of the total combined voting power of all classes of stock of the Company
or any of its Subsidiaries.

 

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		3.	Stock Subject to the Plan.

 

	 	a.	Stock Subject to the Plan. Subject to the provisions of Section 13, the maximum aggregate number of Shares that may be issued under the Plan is thirty one million five hundred thousand (31,500,000) Shares. The Shares may be authorized but unissued, or reacquired Common Stock.

 

	 	b.	Lapsed Awards. If an Award expires or becomes unexercisable without having been exercised in full or, with respect to Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units, is forfeited in whole or in part to the Company, the unpurchased Shares (or for Awards other than Options and SARs, the forfeited or unissued Shares) which were subject to the Award will become available for future grant or sale under the Plan (unless the Plan has terminated). With respect to SARs, only Shares actually issued pursuant to a SAR will cease to be available under the Plan; all remaining Shares subject to the SARs will remain available for future grant or sale under the Plan (unless the Plan has terminated). Shares that have actually been issued under the Plan under any Award will not be returned to the Plan and will not become available for future distribution under the Plan; provided, however, that if Shares issued pursuant to Awards of Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units are forfeited to the Company, such Shares will become available for future grant under the Plan. Shares withheld by the Company to pay the exercise price of an Award or to satisfy tax withholding obligations with respect to an Award will become available for future grant or sale under the Plan. To the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment will not result in reducing the number of Shares available for issuance under the Plan.

 

	 	c.	Share Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as will be sufficient to satisfy the requirements of the Plan.

 

		4.	Administration of the Plan.

 

	 	a.	Procedure. The Plan shall be administered by the Board or a Committee (or Committees) appointed by the Board, which Committee shall be constituted to comply with Applicable Laws. If and so long as the Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, the Board shall consider in selecting the Administrator and the membership of any committee acting as Administrator the requirements regarding (i) “nonemployee directors” within the meaning of Rule 16b-3 under the Exchange Act; (ii) “independent directors” as described in the listing requirements for any stock exchange on which Shares are listed; and (iii) Section 15(b)(i) of the Plan if the Company pays salaries for which it claims deductions that are subject to the Code section 162(m) limitation on its U.S. tax returns. The Board may delegate the responsibility for administering the Plan with respect to designated classes of eligible Participants to different committees consisting of two or more members of the Board, subject to such limitations as the Board or the Administrator deems appropriate. Committee members shall serve for such term as the Board may determine, subject to removal by the Board at any time.

  

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	 	b.	Powers of the Administrator. Subject to the provisions of the Plan and the approval of any relevant authorities, and in the case of a Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator will have the authority, in its discretion:

 

	 	i.	to determine the Fair Market Value;

 

	 	ii.	to select the Service Providers to whom Awards may be granted hereunder;

 

	 	iii.	to determine the number of Shares to be covered by each Award granted hereunder;

 

	 	iv.	to approve forms of agreement for use under the Plan;

 

	 	v.	to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on continued employment, continued service or performance criteria), any vesting acceleration (whether by reason of a Change of Control or otherwise) or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator, in its sole discretion, will determine;

 

	 	vi.	subject to Section 15(c) of the Plan, to reduce, without prior stockholder approval, the exercise price of any Award to the then current Fair Market Value of the Common Stock covered by such Award if the Fair Market Value has declined since the Grant Date;

 

	 	vii.	to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan, including the right to construe disputed or doubtful Plan and Award provisions;

 

	 	viii.	to prescribe, amend and rescind rules and regulations relating to the Plan;

 

	 	ix.	to modify or amend each Award (subject to Section 19(c)) to the extent any modification or amendment is consistent with the terms of the Plan. The Administrator shall have the discretion to extend the exercise period of Options generally provided the exercise period is not extended beyond the earlier of the original term of the Option or 10 years from the original grant date, or specifically (1) if the exercise period of an Option is extended (but to no more than 10 years from the original grant date) at a time when the exercise price equals or exceeds the fair market value of the Optioned Shares or (2) an Option cannot be exercised because such exercise would violate Applicable Laws, provided that the exercise period is not extended more than 30 days after the exercise of the Option would no longer violate Applicable Laws.

 

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	 	x.	to allow Participants to satisfy withholding tax obligations in such manner as prescribed in Section 14;

 

	 	xi.	to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted by the Administrator;

 

	 	xii.	to delay issuance of Shares or suspend Participant’s right to exercise an Award as deemed necessary to comply with Applicable Laws; and

 

	 	xiii.	to make all other determinations deemed necessary or advisable for administering the Plan.

 

	 	c.	Effect of Administrator's Decision. The Administrator’s decisions, determinations and interpretations will be final and binding on all Participants and any other holders of Awards. Any decision or action taken or to be taken by the Administrator, arising out of or in connection with the construction, administration, interpretation and effect of the Plan and of its rules and regulations, shall, to the maximum extent permitted by Applicable Laws, be within its absolute discretion (except as otherwise specifically provided in the Plan) and shall be final, binding and conclusive upon the Company, all Participants and any person claiming under or through any Participant.

 

		5.	Eligibility. NSOs, Restricted Stock, Restricted Stock Units, SARs, Performance Units and Performance Shares may be granted to Service Providers. ISOs may be granted as specified in Section 15(a).

 

		6.	Stock Options.

 

	 	a.	Grant of Options. Subject to the terms and conditions of the Plan, the Administrator, at any time and from time to time, may grant Options to Service Providers in such amounts as the Administrator will determine in its sole discretion. For purposes of the foregoing sentence, Service Providers shall include prospective employees or consultants to whom Options are granted in connection with written offers of employment or engagement of services, respectively, with the Company; provided that no Option granted to a prospective employee or consultant may be exercised prior to the commencement of employment or services with the Company. The Administrator may grant NSOs, ISOs, or any combination of the two. ISOs shall be granted in accordance with Section 15(a) of the Plan.

 

	 	b.	Option Award Agreement. Each Option shall be evidenced by an Award Agreement that shall specify the type of Option granted, the Option price, the exercise date, the term of the Option, the number of Shares to which the Option pertains, and such other terms and conditions (which need not be identical among Participants) as the Administrator shall determine in its sole discretion. If the Award Agreement does not specify that the Option is to be treated as an ISO, the Option shall be deemed a NSO.

  

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	 	c.	Exercise Price. The per Share exercise price for the Shares to be issued pursuant to exercise of an Option will be no less than the Fair Market Value per Share on the Grant Date.

 

	 	d.	Term of Options. The term of each Option will be stated in the Award Agreement. Unless terminated sooner in accordance with the remaining provisions of this Section 6, each Option shall expire either ten (10) years after the Grant Date, or after a shorter term as may be fixed by the Board.

 

	 	e.	Time and Form of Payment.

 

	 	i.	Exercise Date. Each Award Agreement shall specify how and when Shares covered by an Option may be purchased. The Award Agreement may specify waiting periods, the dates on which Options become exercisable or “vested” and, subject to the termination provisions of this section, exercise periods. The Administrator may accelerate the exercisability of any Option or portion thereof.

 

	 	ii.	Exercise of Option. Any Option granted hereunder will be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share. An Option will be deemed exercised when the Company receives: (1) notice of exercise (in such form as the Administrator specify from time to time) from the person entitled to exercise the Option, and (2) full payment for the Shares with respect to which the Option is exercised (together with all applicable withholding taxes). Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan (together with all applicable withholding taxes). Shares issued upon exercise of an Option will be issued in the name of the Optionee or, if requested by the Optionee, in the name of the Optionee and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Optioned Shares, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 13.

 

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	 	iii.	Payment. The Administrator will determine the acceptable form of consideration for exercising an Option, including the method of payment. Such consideration may consist entirely of:

 

(1)              
cash;

 

(2)              
check;

 

(3)              
to the extent not prohibited by Section 402 of the Sarbanes-Oxley Act of 2002, a promissory note;

 

(4)              
other Shares, provided Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares
as to which said Option will be exercised;

 

(5)              
to the extent not prohibited by Section 402 of the Sarbanes-Oxley Act of 2002, in accordance with any broker-assisted cashless
exercise procedures approved by the Company and as in effect from time to time;

 

(6)              
by asking the Company to withhold Shares from the total Shares to be delivered upon exercise equal to the number of Shares having
a value equal to the aggregate Exercise Price of the Shares being acquired;

 

(7)              
any combination of the foregoing methods of payment; or

 

(8)              
such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws.

 

	 	f.	Forfeiture of Options. All unexercised Options shall be forfeited to the Company in accordance with the terms and conditions set forth in the Award Agreement and again will become available for grant under the Plan.

 

		7.	Restricted Stock.

 

	 	a.	Grant of Restricted Stock. Subject to the terms and conditions of the Plan, the Administrator, at any time and from time to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator will determine in its sole discretion.

 

	 	b.	Restricted Stock Award Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction, the number of Shares granted, and such other terms and conditions (which need not be identical among Participants) as the Administrator will determine in its sole discretion. Unless the Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted Stock until the restrictions on such Shares have lapsed.

  

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	 	c.	Vesting Conditions and Other Terms.

 

	 	i.	Vesting Conditions. The Administrator, in its sole discretion, may impose such conditions on the vesting of Shares of Restricted Stock as it may deem advisable or appropriate, including but not limited to, achievement of Company- wide, business unit, or individual goals (including, but not limited to, continued employment or service), or any other basis determined by the Administrator in its discretion. The Administrator, in its discretion, may accelerate the time at which any restrictions will lapse or be removed. The Administrator may, in its discretion, also provide for such complete or partial exceptions to an employment or service restriction as it deems equitable.

 

	 	ii.	Voting Rights. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise.

 

	 	iii.	Dividends and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator determines otherwise. If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability and forfeitability as the Shares of Restricted Stock with respect to which they were paid.

 

	 	iv.	Transferability. Except as provided in this Section, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction.

 

	 	d.	Removal of Restrictions. All restrictions imposed on Shares of Restricted Stock shall lapse and the Period of Restriction shall end upon the satisfaction of the vesting conditions imposed by the Administrator. Vested Shares of Restricted Stock will be released from escrow as soon as practicable after the last day of the Period of Restriction or at such other time as the Administrator may determine, but in no event later than the 15th day of the third month following the end of the year in which vesting occurred.

 

	 	e.	Forfeiture of Restricted Stock. On the date set forth in the Award Agreement, the Shares of Restricted Stock for which restrictions have not lapsed will be forfeited and revert to the Company and again will become available for grant under the Plan.

 

		8.	Restricted Stock Units.

 

	 	a.	Grant of Restricted Stock Units. Subject to the terms and conditions of the Plan, the Administrator, at any time and from time to time, may grant Restricted Stock Units to Service Providers in such amounts as the Administrator will determine in its sole discretion.

 

	 	b.	Restricted Stock Units Award Agreement. Each Award of Restricted Stock Units will be evidenced by an Award Agreement that will specify the number of Restricted Stock Units granted, vesting criteria, form of payout, and such other terms and conditions (which need not be identical among Participants) as the Administrator will determine in its sole discretion.

 

 

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	 	c.	Vesting Conditions. The Administrator shall set vesting criteria in its discretion, which, depending on the extent to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The Administrator may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals (including, but not limited to, continued employment or service), or any other basis determined by the Administrator in its discretion. At any time after the grant of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout.

 

	 	d.	Time and Form of Payment. Upon satisfaction of the applicable vesting conditions, payment of vested Restricted Stock Units shall occur in the manner and at the time provided in the Award Agreement, but in no event later than the 15th day of the third month following the end of the year in which vesting occurred. Except as otherwise provided in the Award Agreement, Restricted Stock Units may be paid in cash, Shares, or a combination thereof at the sole discretion of the Administrator. Restricted Stock Units that are fully paid in cash will not reduce the number of Shares available for issuance under the Plan.

 

	 	e.	Forfeiture of Restricted Stock Units. All unvested Restricted Stock Units shall be forfeited to the Company on the date set forth in the Award Agreement and again will become available for grant under the Plan.

 

		9.	Stock Appreciation Rights.

 

	 	a.	Grant of SARs. Subject to the terms and conditions of the Plan, the Administrator, at any time and from time to time, may grant SARs to Service Providers in such amounts as the Administrator will determine in its sole discretion.

 

	 	b.	Award Agreement. Each SAR grant will be evidenced by an Award Agreement that will specify the exercise price, the number of Shares underlying the SAR grant, the term of the SAR, the conditions of exercise, and such other terms and conditions (which need not be identical among Participants) as the Administrator will determine in its sole discretion.

 

	 	c.	Exercise Price and Other Terms. The per Share exercise price for the exercise of an SAR will be no less than the Fair Market Value per Share on the Grant Date.

 

	 	d.	Time and Form of Payment of SAR Amount. Upon exercise of a SAR, a Participant will be entitled to receive payment from the Company in an amount no greater than: (i) the difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times (ii) the number of Shares with respect to which the SAR is exercised. An Award Agreement may provide for a SAR to be paid in cash, Shares of equivalent value, or a combination thereof.

  

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	 	e.	Forfeiture of SARs. All unexercised SARs shall be forfeited to the Company in accordance with the terms and conditions set forth in the Award Agreement and again will become available for grant under the Plan.

 

		10.	Performance Units and Performance Shares.

 

	 	a.	Grant of Performance Units and Performance Shares. Performance Units or Performance Shares may be granted to Service Providers at any time and from time to time, as will be determined by the Administrator, in its sole discretion. The Administrator will have complete discretion in determining the number of Performance Units and Performance Shares granted to each Participant.

 

	 	b.	Award Agreement. Each Award of Performance Units and Shares will be evidenced by an Award Agreement that will specify the initial value, the Performance Period, the number of Performance Units or Performance Shares granted, and such other terms and conditions (which need not be identical among Participants) as the Administrator will determine in its sole discretion.

 

	 	c.	Value of Performance Units and Performance Shares. Each Performance Unit will have an initial value that is established by the Administrator on or before the Grant Date. Each Performance Share will have an initial value equal to the Fair Market Value of a Share on the Grant Date.

 

	 	d.	Vesting Conditions and Performance Period. The Administrator will set performance objectives or other vesting provisions (including, without limitation, continued status as a Service Provider) in its discretion which, depending on the extent to which they are met, will determine the number or value of Performance Units or Performance Shares that will be paid out to the Service Providers. The time period during which the performance objectives or other vesting provisions must be met will be called the “Performance Period.” The Administrator may set performance objectives based upon the achievement of Company-wide, divisional, or individual goals or any other basis determined by the Administrator in its discretion.

 

	 	e.	Time and Form of Payment. After the applicable Performance Period has ended, the holder of Performance Units or Performance Shares will be entitled to receive a payout of the number of vested Performance Units or Performance Shares by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding performance objectives or other vesting provisions have been achieved. Vested Performance Units or Performance Shares will be paid as soon as practicable after the expiration of the applicable Performance Period, but in no event later than the 15th day of the third month following the end of the year the applicable Performance Period expired. An Award Agreement may provide for the satisfaction of Performance Unit or Performance Share Awards in cash or Shares (which have an aggregate Fair Market Value equal to the value of the vested Performance Units or Performance Shares at the close of the applicable Performance Period) or in a combination thereof.

 

	 	f.	Forfeiture of Performance Units and Performance Shares. All unvested Performance Units or Performance Shares will be forfeited to the Company on the date set forth in the Award Agreement, and again will become available for grant under the Plan.

  

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		11.	Leaves of Absence/Transfer Between Locations. Unless the Administrator provides otherwise or as required by Applicable Laws, vesting of Awards will be suspended during any unpaid leave of absence. An Employee will not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary.

 

		12.	Transferability of Awards. Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award transferable, such Award will contain such additional terms and conditions as the Administrator deems appropriate.

 

		13.	Adjustments; Dissolution or Liquidation; Merger or Change in Control.

 

	 	a.	Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, shall appropriately adjust the number and class of Shares that may be delivered under the Plan and/or the number, class, and price of Shares covered by each outstanding Award.

 

	 	b.	Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, an Award will terminate immediately prior to the consummation of such proposed action.

 

	 	c.	Change in Control. In the event of a merger or Change in Control, any or all outstanding Awards may be assumed by the successor corporation, which assumption shall be binding on all Participants. In the alternative, the successor corporation may substitute equivalent Awards (after taking into account the existing provisions of the Awards). The successor corporation may also issue, in place of outstanding Shares of the Company held by the Participant, substantially similar shares or other property subject to vesting requirements and repurchase restrictions no less favorable to the Participant than those in effect prior to the merger or Change in Control.

 

In the event that the successor corporation
does not assume or substitute for the Award, unless the Administrator provides otherwise, the Participant will fully vest in and
have the right to exercise all of his or her outstanding Options and SARs, including Shares as to which such Awards would not otherwise
be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Performance
Shares and Performance Units, all Performance Goals or other vesting criteria will be deemed achieved at target levels and all
other terms and conditions met. In addition, if an Option or SAR is not assumed or substituted in the event of a Change in Control,
the Administrator will notify the Participant in writing or electronically that the Option or SAR will be exercisable for a period
of time determined by the Administrator in its sole discretion, and the Option or SAR will terminate upon the expiration of such
period.

  

    	 	A-13	 

     

    

  

For the purposes of this Section 13(c),
an Award will be considered assumed if, following the Change in Control, the Award confers the right to purchase or receive, for
each Share subject to the Award immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities
or property) or, in the case of a SAR upon the exercise of which the Administrator determines to pay cash or a Performance Share
or Performance Unit which the Administrator can determine to pay in cash, the fair market value of the consideration received in
the merger or Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if
holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding
Shares); provided, however, that if such consideration received in the Change in Control is not solely common stock of the successor
corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration
to be received upon the exercise of an Option or SAR or upon the payout of a Restricted Stock Unit, Performance Share or Performance
Unit, for each Share subject to such Award (or in the case of Restricted Stock Units and Performance Units, the number of implied
shares determined by dividing the value of the Restricted Stock Units and Performance Units, as applicable, by the per share consideration
received by holders of Common Stock in the Change in Control), to be solely common stock of the successor corporation or its Parent
equal in fair market value to the per share consideration received by holders of Common Stock in the Change in Control.

 

Notwithstanding anything in this Section
13(c) to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more performance goals will not
be considered assumed if the Company or its successor modifies any of such performance goals without the Participant's consent;
provided, however, a modification to such performance goals only to reflect the successor corporation's post-Change in Control
corporate structure will not be deemed to invalidate an otherwise valid Award assumption.

 

		14.	Tax Withholding.

 

	 	a.	Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the Company will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local, foreign or other taxes required by Applicable Laws to be withheld with respect to such Award (or exercise thereof).

 

	 	b.	Withholding Arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation) (i) paying cash, (ii) electing to have the Company withhold otherwise deliverable Shares having a Fair Market Value equal to the amount required to be withheld, or (iii) delivering to the Company already-owned Shares having a Fair Market Value equal to the amount required to be withheld. The amount of the withholding requirement will be deemed to include any amount which the Administrator agrees may be withheld at the time the election is made. The Fair Market Value of the Shares to be withheld or delivered will be determined as of the date that the taxes are required to be withheld.

 

    	 	A-14	 

     

    

  

		15.	Provisions Applicable In the Event the Company or the Service Provider is Subject to U.S. Taxation.

 

	 	a.	Grant of Incentive Stock Options. If the Administrator grants Options to Employees subject to U.S. taxation, the Administrator may grant such Employee an ISO and the following terms shall also apply:

 

	 	i.	Maximum Amount. Subject to the provisions of Section 13, to the extent consistent with Section 422 of the Code, not more than an aggregate of thirty one million five hundred thousand (31,500,000) Shares may be issued as ISOs under the Plan.

 

	 	ii.	General Rule. Only Employees shall be eligible for the grant of ISOs.

 

	 	iii.	Continuous Employment. The Optionee must remain in the continuous employ of the Company or its Subsidiaries from the date the ISO is granted until not more than three months before the date on which it is exercised. A leave of absence approved by the Company may exceed ninety (90) days if reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then three (3) months following the ninety-first (91st) day of such leave any ISO held by the Optionee will cease to be treated as an ISO.

 

	 	iv.	Award Agreement.

 

(1)              
The Administrator shall designate Options granted as ISOs in the Award Agreement. Notwithstanding such designation, to the extent
that the aggregate Fair Market Value of the Shares with respect to which ISOs are exercisable for the first time by the Optionee
during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000),
Options will not qualify as an ISO. For purposes of this section, ISOs will be taken into account in the order in which they were
granted. The Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted.

 

    	 	A-15	 

     

    

 

(2)              
The Award Agreement shall specify the term of the ISO. The term shall not exceed ten (10) years from the Grant Date or five (5)
years from the Grant Date for Ten Percent Owners.

 

(3)              
The Award Agreement shall specify an exercise price of not less than the Fair Market Value per Share on the Grant Date or one hundred
ten percent (110%) of the Fair Market Value per Share on the Grant Date for Ten Percent Owners.

 

(4)              
The Award Agreement shall specify that an ISO is not transferable except by will, beneficiary designation or the laws of descent
and distribution.

 

	 	v.	Form of Payment. The consideration to be paid for the Shares to be issued upon exercise of an ISO, including the method of payment, shall be determined by the Administrator at the time of grant in accordance with Section 6(e)(iii).

 

	 	vi.	“Disability”, for purposes of an ISO, means total and permanent disability as defined in Section 22(e)(3) of the Code.

 

	 	vii.	Notice. In the event of any disposition of the Shares acquired pursuant to the exercise of an ISO within two years from the Grant Date or one year from the exercise date, the Optionee will notify the Company thereof in writing within thirty (30) days after such disposition. In addition, the Optionee shall provide the Company with such information as the Company shall reasonably request in connection with determining the amount and character of Optionee’s income, the Company’s deduction, and the Company’s obligation to withhold taxes or other amounts incurred by reason of a disqualifying disposition, including the amount thereof.

 

	 	b.	Performance-based Compensation. If the Company pays salaries for which it claims deductions that are subject to the Code section 162(m) limitation on its U.S. tax returns, then the following terms shall be applied in a manner consistent with the requirements of, and only to the extent required for compliance with, the exclusion from the limitation on deductibility of compensation under Code Section 162(m):

 

	 	i.	Outside Directors. The Board shall consider in selecting the Administrator and the membership of any committee acting as Administrator the provisions regarding “outside directors” within the meaning of Code Section 162(m).

 

	 	ii.	Maximum Amount.

 

(1)              
Subject to the provisions of Section 13, the maximum number of Shares that can be awarded to any individual Participant in the
aggregate in any one fiscal year of the Company is one hundred million (100,000,000) Shares;

 

    	 	A-16	 

     

    

  

(2)              
For Awards denominated in Shares and satisfied in cash, the maximum Award to any individual Participant in the aggregate in any
one fiscal year of the Company is the Fair Market Value of fifty million (50,000,000) Shares on the Grant Date; and

 

(3)              
The maximum amount payable pursuant to any cash Awards to any individual Participant in the aggregate in any one fiscal year of
the Company is the Fair Market Value of fifty million (50,000,000) Shares on the Grant Date.

 

	 	iii.	Performance Criteria. All performance criteria must be objective and be established in writing prior to the beginning of the performance period or at later time as permitted by Code Section 162(m). Performance criteria may include alternative and multiple performance goals and may be based on one or more business and/or financial criteria. In establishing the performance goals, the Committee in its discretion may include one or any combination of the following criteria in either absolute or relative terms, for the Company or any Subsidiary:

 

(1)              
Increased revenue;

 

(2)              
Net income measures (including but not limited to income after capital costs and income before or after taxes);

 

(3)              
Stock price measures (including but not limited to growth measures and total stockholder return);

 

(4)              
Market share;

 

(5)              
Earnings per Share (actual or targeted growth);

 

(6)              
Earnings before interest, taxes, depreciation, and amortization (“EBITDA”);

 

(7)              
Cash flow measures (including but not limited to net cash flow and net cash flow before financing activities);

 

(8)              
Return measures (including but not limited to return on equity, return on average assets, return on capital, risk-adjusted return
on capital, return on investors’ capital and return on average equity);

 

(9)              
Operating measures (including operating income, funds from operations, cash from operations, after-tax operating income, sales
volumes, production volumes, and production efficiency);

 

(10)            
Expense measures (including but not limited to overhead cost and general and administrative expense);

 

(11)            
Margins;

 

 

    	 	A-17	 

     

    

  

(12)            
Stockholder value;

 

(13)            
Total stockholder return;

 

(14)            
Proceeds from dispositions;

 

(15)            
Production volumes;

 

(16)            
Total market value; and

 

(17)            
Corporate values measures (including but not limited to ethics compliance, environmental, and safety).

 

	 	c.	Stock Options and SARs Exempt from Code section 409A. If the Administrator grants Options or SARs to Employees subject to U.S. taxation the Administrator may not modify or amend the Options or SARs to the extent that the modification or amendment adds a feature allowing for additional deferral within the meaning of Code section 409A.

 

		16.	No Effect on Employment or Service. Neither the Plan nor any Award will confer upon any Participant any right with respect to continuing the Participant's relationship as a Service Provider with the Company or any Parent or Subsidiary of the Company, nor will they interfere in any way with the Participant's right or the Company's or its Parent’s or Subsidiary’s right to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws.

 

		17.	Effective Date. The Plan’s effective date is the date on which it is adopted by the Board, so long as it is approved by the Company’s stockholders at any time within 12 months of such adoption. Upon approval of the Plan by the stockholders of the Company, all Awards issued pursuant to the Plan on or after the Effective Date shall be fully effective as if the stockholders of the Company had approved the Plan on the Effective Date. If the stockholders fail to approve the Plan within one year before or after the Effective Date, any Awards made hereunder shall be null and void and of no effect.

 

		18.	Term of Plan. The Plan will terminate 10 years following the earlier of (i) the date it was adopted by the Board or (ii) the date it became effective upon approval by stockholders of the Company, unless sooner terminated by the Board pursuant to Section 19.

 

		19.	Amendment and Termination of the Plan.

 

	 	a.	Amendment and Termination. The Board may at any time amend, alter, suspend or terminate the Plan.

 

	 	b.	Stockholder Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply with Applicable Laws.

 

	 	c.	Effect of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan will impair the rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. Termination of the Plan will not affect the Administrator's ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.

  

    	 	A-18	 

     

    

  

		20.	Conditions Upon Issuance of Shares.

 

	 	a.	Legal Compliance. The Administrator may delay or suspend the issuance and delivery of Shares, suspend the exercise of Options or SARs, or suspend the Plan as necessary to comply Applicable Laws. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such compliance.

 

	 	b.	Investment Representations. As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.

 

		21.	Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority will not have been obtained.

 

		22.	Exchange Programs. The Administrator may authorize the Company, without prior stockholder approval, to institute one or more Exchange Programs. An Exchange Program may, at the discretion of the Administrator, be offered to individual Participants selected by the Administrator on a case-by-case basis, or to a class of Participants identified by the Administrator. The terms and conditions of any Exchange Program will be determined by the Administrator in its sole discretion, not inconsistent with the terms of the Plan, including without limitation, Section 15(c); provided however, that no Exchange Program may adversely affect the rights of a Participant under an outstanding Award unless the Participant consents in writing to be bound by the terms and conditions of the Exchange Program..

 

		23.	Substitution and Assumption of Awards. The Administrator may make Awards under the Plan that assume, substitute or replace performance shares, phantom shares, stock awards, stock options, stock appreciation rights or similar awards granted by another entity (including a Parent or Subsidiary), if such assumption, substitution or replacement is in connection with an asset acquisition, stock acquisition, merger, consolidation or similar transaction involving the Company (and/or its Parent or Subsidiary) and such other entity (and/or its affiliate). The Administrator may also cause the Plan to assume an equity-based award granted by the Company prior to the adoption and approval of the Plan or substitute or replace such prior award with a similar type of Award under this Plan. Notwithstanding any provision of the Plan (other than the maximum number of shares of Common Stock that may be issued under the Plan), ,(i) in the case of an Award that assumes, substitutes or replaces an award of another entity pursuant to a corporate transaction, such Award shall be subject to the same terms and conditions as the original award, with such adjustments or modifications as the Administrator deems necessary and appropriate to give effect to the relevant provisions of any agreement entered into in connection with the such corporate transaction or (ii) in the case of an Award that assumes, substitutes or replaces a prior Company award, such Award shall be subject to the same terms and conditions as the original award, except to the extent that any such term or condition is inconsistent with the Plan, in which event the terms of the Plan shall control. Notwithstanding the foregoing, in no event may the assumption, substitution or replacement of a prior Company award with an Award under the Plan adversely affect the Participant’s rights under the prior Company award unless the Participant consents in writing to such assumption, substitution or replacement. Shares issued pursuant to assumed, substituted or replaced awards shall count against the total number of shares authorized to be issued under the Plan pursuant to Section 3.

 

		24.	Governing Law. The Plan and all Agreements shall be construed in accordance with and governed by the laws of the State of Nevada.

 

    	 	A-19EX-10.1

 Exhibit 10.1 

ABL facilities agreement amendment request letter 

To:    BARCLAYS BANK PLC 
 as Agent
under the Facilities Agreement (as defined below) and on behalf of the Finance Parties under the Facilities Agreement 
  

			
	Address:	  	745 7th Avenue
New York
NY 10019
	Electronic mail address:	  	 vanessa.kurbatskiy@barclays.com

/komal.ramkirath@barclays.com

	For the attention of:	  	Vanessa Kurbatskiy/Komal Ramkirath

 November 7, 2018 

Dear Sirs, 
 ABL Facilities Agreement – Amendment
Request 
  

	1.	 BACKGROUND 

1.1    We refer to the ABL facilities agreement dated 17 April 2018 between, amongst others, Barclays Bank PLC (as agent), Bristow
Norway AS and Bristow Helicopters Limited as borrowers and guarantors and Bristow Group Inc. as a guarantor as amended from time to time (the “Facilities Agreement”). 

1.2    In accordance with Clause 42 (Amendments and Waivers) of the Facilities Agreement we (on behalf of ourselves and as
Obligors’ Agent on behalf of each other Obligor) request that the Majority Lenders consent to the terms of this letter and certain amendments to the Facilities Agreement set forth herein (collectively, the “Amendments”) which
shall take effect on the Effective Date (as defined below). 
  

	2.	 AMENDMENTS 

 

	2.1	 With effect on and from the Effective Date (as defined below): 

 

	 	(a)	 each of the following new definitions shall be inserted in Clause 1.1 (Definitions) of the Facilities
Agreement at its appropriate place in the alphabetical order of such Clause: 

 ““Restricted
Subsidiary” of a Person means any Subsidiary of such Person that is not an Unrestricted Subsidiary. Unless the context otherwise requires, references to a Restricted Subsidiary shall be to a Restricted Subsidiary of the Parent.” 

““Unrestricted Subsidiary” has the meaning given to that term in the Secured Bonds Indenture and for the avoidance of
doubt does not include any Subsidiary of the Parent which is or becomes a Borrower and/or a Guarantor.” 
  

	 	(b)	 paragraph (a) of the definition of “Material Adverse Effect” in Clause 1.1
(Definitions) of the Facilities Agreement shall be deleted and replaced with the following: 

“(a)     the business, operations, property or financial condition of (i) the Parent, (ii) each Obligor
individually and/or (iii) the Parent and the Restricted Subsidiaries taken as a whole;” 

 ABL facilities agreement amendment request letter 

 

	 	(c)	 paragraph (g) of the definition of “Material Indebtedness” in Clause 1.1
(Definitions) of the Facilities Agreement shall be deleted and replaced with the following: 

  

	 	“(g)	 any indenture or other agreement governing Financial Indebtedness of the Parent or any Restricted Subsidiary
under which an aggregate principal amount in excess of USD 50,000,000 is outstanding at any time;” 

  

	 	(d)	 paragraph (c) of Clause 24.2 (Status) of the Facilities Agreement shall be deleted and replaced
with the following: 

 “(c)     It and each Restricted Subsidiary has the power to own its assets
and carry on its business as it is being conducted.” 
  

	 	(e)	 paragraph (b) of Clause 24.12 (No default) of the Facilities Agreement shall be deleted and
replaced with the following: 

 “(b)     No other event or circumstance is outstanding which
constitutes (or, with the expiry of a grace period, the giving of notice, the making of any determination or any combination of any of the foregoing, would constitute) a default or termination event (however described) under any other agreement or
instrument which is binding on it or any Restricted Subsidiary or to which its (or any Restricted Subsidiary’s) assets are subject which has or is reasonably likely to have a Material Adverse Effect.” 

 

	 	(f)	 Clause 24.23 (Good title to assets) of the Facilities Agreement shall be deleted and replaced with the
following: 

 “24.23    Good title to assets  

It and each Restricted Subsidiary has a good, valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations
to use, the assets necessary to carry on its business as presently conducted but only to the extent that a failure to so have would have or would reasonably likely to have Material Adverse Effect.” 

 

	 	(g)	 Clause 28.5 (Cross default) of the Facilities Agreement shall be deleted and replaced with the
following: 

 “28.5    Cross default  

 

	 	(a)	 Any Material Indebtedness of the Parent or any Restricted Subsidiary or any Financial Indebtedness of any
Borrower is not paid when due nor within any originally applicable grace period. 

  

	 	(b)	 Any Material Indebtedness of the Parent or any Restricted Subsidiary or any Financial Indebtedness of any
Borrower is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described). 

  

	 	(c)	 Any commitment for any Material Indebtedness of the Parent or any Restricted Subsidiary or any Financial
Indebtedness of any Borrower is cancelled or suspended by a creditor of any member of the Group as a result of an event of default (however described). 

  

	 	(d)	 Any creditor of the Parent or any Restricted Subsidiary becomes entitled to declare any Material Indebtedness
of the Parent or any Restricted Subsidiary due and payable prior to its specified maturity as a result of an event of default (however described) or any creditor of any Borrower becomes entitled to declare any Financial Indebtedness of any Borrower
due and payable prior to its specified maturity as a result of an event of default (however described) any Financial Indebtedness of any Borrower. 

 ABL facilities agreement amendment request letter 

 

	 	(e)	 No Event of Default will occur under this Clause 28.5 if the aggregate amount of Financial Indebtedness or
commitment for Financial Indebtedness falling within Clause 28.5(a) to Clause 28.5(d) is: 

  

	 	(i)	 in relation to Material Indebtedness, less than USD 50,000,000 (or its equivalent in any other currency or
currencies); or 

  

	 	(ii)	 in relation to Financial Indebtedness of the Borrowers, less than an aggregate amount of USD 10,000,000 (or its
equivalent in any other currency or currencies).” 

  

	 	(h)	 Clause 28.6 (Insolvency) of the Facilities Agreement shall be deleted and replaced with the following:

 “28.6    Insolvency 

 

	 	(a)	 The Parent or any Restricted Subsidiary: 

 

	 	(i)	 is unable or admits inability to pay its debts as they fall due; 

 

	 	(ii)	 is deemed to, or is declared to, be unable to pay its debts under applicable law; 

 

	 	(iii)	 suspends or threatens to suspend making payments on any of its debts; or 

 

	 	(iv)	 by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its
creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its indebtedness. 

  

	 	(b)	 The value of the assets of the Parent or any Restricted Subsidiary is less than its liabilities (taking into
account contingent and prospective liabilities). 

  

	 	(c)	 A moratorium is declared in respect of any Financial Indebtedness of any Borrower or any Material Indebtedness,
in each case exceeding the applicable thresholds for such Financial Indebtedness in Clause 28.5(e). If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.” 

 

	 	(i)	 Clause 28.7 (Insolvency proceedings) of the Facilities Agreement shall be deleted and replaced with the
following: 

 “28.7    Insolvency proceedings 

 

	 	(a)	 Any corporate action, legal proceedings or other procedure or step is taken in relation to:

  

	 	(i)	 the suspension of payments, a moratorium of any indebtedness,
winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of the Parent or any Restricted Subsidiary; 

 ABL facilities agreement amendment request letter 

 

	 	(ii)	 a composition, compromise, assignment or arrangement with any creditor or group of creditors in anticipation of
financial difficulties of the Parent or any Restricted Subsidiary; 

  

	 	(iii)	 the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other
similar officer in respect of the Parent, any Restricted Subsidiary or any of their respective assets; or 

  

	 	(iv)	 enforcement of any Security over any assets of any Borrower in respect of Financial Indebtedness exceeding USD
10,000,000, 

 or any analogous procedure or step is taken in any jurisdiction (other than in relation to any Unrestricted
Subsidiary). 
  

	 	(b)	 Clause 28.7(a) shall not apply to any winding-up petition which is
frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement or any solvent liquidation, dissolution, merger or similar action in relation to any member of the Group (excluding any Unrestricted Subsidiary) which is
not an Obligor.” 

  

	 	(j)	 Clause 28.8 (Creditors’ process) of the Facilities Agreement shall be deleted and replaced with the
following: 

 “28.8    Creditors’ process 

Any expropriation, attachment, sequestration, distress or execution or any analogous process in any jurisdiction affects any asset or assets of
the Parent or any Restricted Subsidiary having an aggregate value of: 
  

	 	(a)	 USD 50,000,000 in the case of the Parent or any Restricted Subsidiary; or 

 

	 	(b)	 USD 10,000,000 in the case of the Borrowers, 

and, in each case, is not discharged within 21 days.” 
  

	 	(k)	 Clause 28.12 (Expropriation) of the Facilities Agreement shall be deleted and replaced with the
following: 

 “28.12    Expropriation 

The authority or ability of the Parent or any Restricted Subsidiary to conduct its business is limited or wholly or substantially curtailed by
any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person, in the event that the assets or value of the business the subject of such
action have an aggregate value in excess of: 
  

	 	(a)	 USD 50,000,000 in the case of the Parent and its Restricted Subsidiaries; or 

 

	 	(b)	 USD 10,000,000 in the case of the Borrowers.” 

 ABL facilities agreement amendment request letter 

 

	 	(l)	 Clause 28.14 (Litigation) of the Facilities Agreement shall be deleted and replaced with the following:

 “28.14    Litigation 

Any litigation, arbitration, administrative, regulatory proceedings or investigations of, or before, any court, arbitral body or agency are
started or threatened, or any judgment or order of a court, arbitral body or agency is made in relation to the Finance Documents or the transactions contemplated in the Finance Documents or against the Parent, any Restricted Subsidiary or any of
their respective assets which have or are reasonably likely to have a Material Adverse Effect.” 
 2.2    We request that each
Lender confirms its response to the above requests and the Amendments by no later than 12:00 p.m. in New York on 8 November 2018 or such later time and/or date as we may notify to the Agent pursuant to paragraph 2.3 below (the “Consent
Deadline”). 
 2.3    We reserve the right to extend the Consent Deadline at our absolute discretion by written notice to the
Agent. By providing its consent to the terms of this letter pursuant to paragraph 2.2., each such Lender providing such consent also authorizes the Agent and the Security Agent to enter into such additional documentation and take such other action
as it is reasonably required to give effect to the Amendments. 
 2.4    We request that the Agent promptly notify us when it has
received from the Lenders the required consents requested in this letter. 
  

	3.	 MISCELLANEOUS 

3.1    Any confirmation or consent given by a Lender in response to the requests made under this letter will be irrevocable and will bind
that Lender and its permitted transferees or assignees. 
 3.2    Terms defined in the Facilities Agreement have the same meanings in
this letter unless the context otherwise requires. The provisions of Clause 1.2 (Construction) of the Facilities Agreement apply to this letter as though they were set out in full in this letter except that references to the Facilities
Agreement are to be construed as references to this letter. 
 3.3    Bristow Group Inc. enters into this letter for itself and in its
capacity as the Obligors’ Agent (in accordance with Clause 2.4 (Obligors’ Agent) of the Facilities Agreement). 

3.4    By your countersignature of this letter, you confirm that the consents requested in this letter have been given by the Majority
Lenders. 
 3.5    Save as expressly set out in this letter: 
  

	 	(a)	 the Finance Documents remain in full force and effect; and 

 

	 	(b)	 nothing in this letter shall constitute or be construed as a waiver or compromise of any other term or
condition of the Finance Documents or any of the Finance Parties’ rights in relation to them which for the avoidance of doubt shall continue to apply in full force and effect. 

3.6    With effect from the Effective Date this letter is designated as a Finance Document for the purposes of the Facilities Agreement.
With effect from the Effective Date, the Facilities Agreement and this letter will be read and construed as one document and the Amendments shall be effective. For the purposes of this letter the “Effective Date” means the date on
which the Agent provides the Obligors’ Agent with a copy of this letter countersigned by the Agent. The Agent shall promptly after the Effective Date occurs confirm the same to the Lenders and the Obligors’ Agent. 

3.7    This letter may be executed in any number of counterparts and all those counterparts taken together shall be deemed to constitute
one and the same letter. Delivery of a counterpart of this letter by e-mail attachment or telecopy shall be an effective mode of delivery. 

 ABL facilities agreement amendment request letter 

 

 3.8    This letter and any non-contractual
obligations arising out of or in connection with it are governed by English law. 
 3.9    The provisions of Clauses 40 (Partial
invalidity) and 49 (Enforcement) of the Facilities Agreement apply to this letter as though they were set out in full in this letter except that references to the Facilities Agreement are to be construed as references to this letter. 

Please sign and return to us a counterpart of this letter in order to indicate your agreement to its terms. 

Yours faithfully 
  

	
	 /s/ L. Don Miller

	
	 Senior Vice President and Chief Financial Officer

for and on behalf of
 Bristow Group Inc.

for itself and as Obligors’ Agent for and on behalf of each other Obligor

 ABL facilities agreement amendment request letter 

 

 We acknowledge and agree to the terms of this letter and confirm that the consents requested in this letter
have been given by the Majority Lenders and that the Amendments shall take effect on the Effective Date. 
 THE AGENT 

 

			
	For and on behalf of
	
	Barclays Bank PLC
as Agent and on behalf of the Finance Parties
		
	By:	 	 /s/ Joseph Jordan

		
	By:	 	 Joseph Jordan

	
	Date: November 7, 2018

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