Document:

EX-10.2

 Exhibit 10.2 

Execution Version 
  

JEFFERIES FINANCE LLC 
 520
Madison Avenue 
 New York, NY 10022 

CONFIDENTIAL 

November 9, 2018 

COMMITMENT LETTER 
 Bristow Group
Inc. 
 2103 City West Blvd., 4th Floor 
 Houston, Texas 77042

 Attention: L. Don Miller, Chief Financial Officer 

Re: Project Emerald 

Ladies and Gentlemen: 
 You have advised
Jefferies Finance LLC (“Jefferies Finance”, “we” or “us”) that Bear Acquisition I, LLC, a Delaware limited liability company (the “Acquiror”), a
newly-formed domestic unrestricted subsidiary controlled by Bristow Group Inc. (the “Parent” and together with the Acquiror, “you”), intends to acquire (the
“Acquisition”) directly, or indirectly through one or more subsidiaries, all of the issued and outstanding capital stock of Columbia Helicopters, Inc., an Oregon corporation (the “Target” and, together
with its subsidiaries, the “Acquired Business”), from the existing shareholders of the Target (collectively, the “Seller”) and to refinance (together with any applicable prepayment premium or fee, with
the commitments thereunder being terminated, and all guarantees, liens and security interests in respect thereof being released) all of the Existing Debt (as defined on Exhibit C hereto) (collectively, the
“Refinancing”). We understand that, in connection with the Acquisition, you intend to directly or indirectly consummate the transactions described in the Transaction Summary attached as Annex B hereto (the
“Transaction Summary”), and that the total purchase price for the Acquisition (including fees, commissions and expenses and the Refinancing) (the “Purchase Price”) will be financed from the sources
described therein. You and your subsidiaries (including, following the Acquisition, the Target and its subsidiaries) are collectively referred to herein as the “Company.” As used in this Commitment Letter and the other Debt
Financing Letters (as defined below), the words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” Capitalized terms used but not defined herein and
defined in any exhibit hereto have the meanings assigned to them in such exhibit. 
 1. The Commitments. 

In connection with the foregoing, Jefferies Finance (either directly or through one of its affiliates) is pleased to advise you of its
commitment to provide 100% of the principal amount of the Bridge Loan Facility. 

 The commitments described in this Section 1 are collectively
referred to herein as the “Commitments.” Our Commitments are, in each case, on the terms and subject to the conditions set forth in (i) this letter (including the exhibits, schedules and annexes hereto, collectively,
this “Commitment Letter”), (ii) the fee letter, dated as of the date hereof (the “Fee Letter”), between you and us, (iii) the engagement letter, dated as of the date hereof (together with any
exhibits, schedules and annexes thereto, collectively, the “Engagement Letter”) between you and Jefferies LLC (“Jefco”), and (iv) the fee credit letter, dated as of the date hereof (the
“Fee Credit Letter”, and, together with this Commitment Letter, the Fee Letter, and the Engagement Letter, the “Debt Financing Letters”), between you, us and Jefco. Notwithstanding anything to the
contrary in any Debt Financing Letter, the terms of this Commitment Letter are intended as an outline of certain of the material provisions of the Bridge Loan Facility, but do not include all of the terms and other provisions that will be contained
in the definitive documents relating to the Debt Financing, which shall be prepared by our counsel and which shall be negotiated in good faith by the parties, giving due regard to the business, asset profile, size and customer concentration of the
Acquired Business and its operational and strategic requirements (collectively, the “Definitive Debt Documents”); provided that there shall be no closing condition to the Bridge Loan Facility contained in the
Definitive Debt Documents that is not specifically set forth (x) in Section 3 hereof, (y) on Exhibit A to this Commitment Letter under the heading “Conditions Precedent” or (z) on Exhibit
C to this Commitment Letter. Those matters that are not covered or made clear in the Debt Financing Letters are subject to mutual agreement of the parties hereto. No party hereto has been authorized by us to make any oral or written statements
or representations that are inconsistent with the Debt Financing Letters. Each of the parties hereto agrees that each of this Commitment Letter and each of the other Debt Financing Letters is a binding and enforceable agreement with respect to the
subject matter contained herein or therein, and the parties agree to negotiate in good faith the Definitive Debt Documents in a manner consistent with this Commitment Letter and the other Debt Financing Letters, it being acknowledged and agreed that
the commitments provided hereunder are subject to conditions precedent as provided herein. 
 2. Titles and Roles. As consideration
for the Commitments, you agree that you hereby retain and will cause your affiliates to retain (a) Jefferies Finance to act, and Jefferies Finance hereby agrees to act, as sole book-runner and sole lead arranger for the Bridge Loan Facility (in
such capacity, the “Arranger”), (b) Jefferies Finance to act, and Jefferies Finance hereby agrees to act, as sole administrative agent and sole collateral agent for the Bridge Loan Facility, and (c) Jefferies Finance to
act, and Jefferies Finance hereby agrees to act, as sole syndication agent for the Bridge Loan Facility. No other titles shall be awarded and no compensation (other than that expressly
contemplated by the Debt Financing Letters) shall be paid in connection with the Bridge Loan Facility, unless mutually agreed. In addition, you hereby retain and will cause your respective affiliates to retain Jefco to act in the capacities and in
connection with the matters set forth in the Engagement Letter. 
 Without limiting the foregoing, you shall not, and shall not permit the
Target or any of your or its affiliates, directly or indirectly, to contact or use any other financial institution or other source of capital in connection with any financing referred to above, unless mutually agreed. 

3. Conditions Precedent. The closing of the Bridge Loan Facility and the making of the initial loans and other extensions of credit
under the Bridge Loan Facility on the Closing Date are conditioned solely upon satisfaction or waiver by us of each of the following conditions: (i) since the date of the Most Recent Balance Sheet (as defined in the Purchase Agreement as in
effect on the date hereof) there has not been any Material Adverse Effect (as defined below), (ii) the Specified Purchase Agreement Representations (as defined below) shall be true and correct in all material respects, (iii) the other
conditions expressly set forth in Exhibit A to this Commitment Letter under the heading “Conditions Precedent”, and (iv) the other conditions referred to on Exhibit C. 

  
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 For purposes hereof, “Material Adverse Effect” has the meaning
provided in the Purchase Agreement as of the date hereof. 
 Notwithstanding anything in the Debt Financing Letters, Definitive Debt
Documents, or any other letter agreement or other undertaking concerning the financing of the Transactions to the contrary, (i) the only representations and warranties the accuracy of which shall be a condition to the availability of the Bridge
Loan Facility on the Closing Date shall be (A) such of the representations and warranties made by (or with respect to) the Acquired Business in the Purchase Agreement as are material to the interests of the Lenders or the Arranger, but only to
the extent that you have (or your applicable affiliate has) the right to terminate your (or its) obligations under the Purchase Agreement or to decline to consummate the Acquisition as a result of a breach of such representations and warranties (as
determined without giving effect to any waiver, amendment or other modification thereto, but after giving effect to any notice or cure periods contained in the Purchase Agreement) (collectively, the “Specified Purchase
Agreement Representations”) and (B) the Specified Representations (as defined below) and (ii) the terms of the Definitive Debt Documents shall be in a form such that they do not impair availability of the Bridge Loan Facility
on the Closing Date if the conditions set forth in Section 3 of this Commitment Letter (which shall also include, for the avoidance of doubt, the conditions set forth in Exhibit C to this Commitment Letter) are satisfied or waived by the
Arranger (it being understood that, to the extent any lien search is not or cannot be provided or Collateral (other than to the extent that a lien on such Collateral may be perfected (x) by the filing of a financing statement under the Uniform
Commercial Code, (y) by the delivery of stock certificates of the domestic subsidiaries of the Borrower together with undated stock powers executed in blank or (z) by the filing of a security agreement on the applicable form with the
United States Patent and Trademark Office or the United States Copyright Office) is not or cannot be perfected, in each case, on the Closing Date after your use of commercially reasonable efforts to do so (without undue burden or cost), the
provision of such lien searches and the perfection of such Collateral shall not constitute a condition precedent to the availability of the Bridge Loan Facility on the Closing Date, but the Borrower shall be required to have perfected within 60 days
(or 120 days in the case of real property and related fixtures and perfection of aircraft collateral) after the Closing Date (subject to extensions agreed to in writing by the Administrative Agent)). For purposes hereof, “Specified
Representations” means the representations and warranties set forth in the Definitive Debt Documents relating to corporate or other organizational existence the Credit Parties (as defined in Exhibit C hereto), organizational
power and authority of the Credit Parties (as to execution, delivery and performance of the applicable Definitive Debt Documents), the due authorization, execution, delivery and enforceability of the applicable Definitive Debt Documents as to the
Credit Parties, solvency of the Borrower and its subsidiaries on a consolidated basis on the Closing Date after giving effect to the Transactions (with solvency to be defined in a manner consistent with the solvency certificate attached as
Schedule A to Exhibit C hereto), no conflicts of the Definitive Debt Documents with charter documents, material laws or material agreements, Federal Reserve margin regulations, the Patriot Act, Beneficial Ownership Regulation, use of
proceeds not violating the (i) FCPA, (ii) OFAC/AML and (iii) other anti-terrorism laws, the Investment Company Act, and, subject to permitted liens and the limitations set forth in the prior sentence, the creation, validity, perfection and
priority of security interests. This paragraph shall be referred to herein as the “Certain Funds Provision”. 
 4.
Syndication. 
 (a) We reserve the right, at any time prior to or after execution of the Definitive Debt Documents, to syndicate all
or part of our Commitments to a syndicate of banks, financial institutions and other entities (which may include the Arranger) identified by us in consultation with you (collectively, the “Lenders”); provided that we
will not syndicate to those persons that are (i) identified by name in writing to us by you prior to our signing of this Commitment Letter or (ii) competitors of you and your subsidiaries or of the Acquired Business that are separately
identified in writing by you or the Borrower 

  
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to us from time to time (which list of competitors may be supplemented by the Borrower after the Closing Date by means of a written notice to the Administrative Agent but which supplementation
shall not apply retroactively to disqualify any persons (x) that have previously acquired an assignment or participation in the Bridge Loan Facility or (y) who have entered into a trade for either of the foregoing) or (iii) any
affiliates of any person identified in (i) or (ii) above (which, for the avoidance of doubt, shall not include any bona fide debt investment funds that are affiliates of the persons referenced in clause (ii) above) that are either
(A) identified by you or the Borrower to us in writing from time to time or (B) readily identifiable on the basis of affiliate names (collectively, the “Disqualified Institutions”); provided further that, no
such syndication shall relieve us of our obligation to fund the Commitments on the Closing Date upon satisfaction or waiver of all applicable conditions on the Closing Date; provided, further, that unless you agree in writing, we shall retain
exclusive control over the rights and obligations with respect to our Commitments in respect of the Bridge Loan Facility, including all rights with respect to consents, modifications, supplements and amendments, until the Closing Date has occurred.
We will exclusively manage all aspects of any syndication in consultation with you, including decisions as to the selection of prospective Lenders to be approached, when they will be approached, when their commitments will be accepted, which
prospective Lenders will participate (subject to your rights under the first sentence of this paragraph), the allocation of the commitments among the Lenders, any naming rights and the amount and distribution of fees to such Lenders. To assist us in
our syndication efforts, you agree to prepare and provide (and to use your commercially reasonable efforts to cause the Acquired Business to prepare and provide) promptly to us all customary information with respect to the Borrower and the
Transactions, including such Projections (defined below) as we may reasonably request in connection with the syndication of the Commitments. Following the consummation of the Acquisition, you shall cause the Acquired Business to prepare and provide
us with such information if not previously provided. 
 (b) We intend to commence our syndication efforts promptly upon your execution of
this Commitment Letter, and you agree to assist us actively (and, in all events, using your commercially reasonable efforts to the extent not in contravention of the terms of the Purchase Agreement) to complete a timely syndication that is
reasonably satisfactory to us until the date that is the earlier of (i) 75 days after the Closing Date and (ii) the date on which a Successful Syndication (as defined in the Fee Letter) is achieved but in no event shall such date be earlier
than the Closing Date (such earlier date referred to in clause (i) and (ii), the “Syndication Date”). Such assistance shall include, in each case to the extent not in contravention of the terms of the Purchase Agreement:

 (i) using commercially reasonable efforts to ensure that our efforts benefit from your, the Parent’s and the Acquired Business’
existing lending and investment banking relationships, 
 (ii) direct contact between your and the Parent’s senior management,
representatives and advisors, on the one hand, and the senior management, representatives and advisors of the proposed Lenders, on the other hand (and (x) prior to the consummation of the Acquisition, your using commercially reasonable efforts
to cause, and (y) thereafter, your causing direct contact between senior management, representatives and advisors of the Acquired Business on the one hand, and the senior management, representatives and advisors of the proposed Lenders, on the
other hand); 
 (iii) your assistance (and (x) prior to the consummation of the Acquisition, your using commercially reasonable efforts
to cause, and (y) thereafter, your causing, the Acquired Business to assist) in the preparation of a confidential information memorandum (the “Confidential Information Memorandum”), and other reasonably necessary
marketing materials to be used in connection with the syndication of our Commitments (together with the Confidential Information Memorandum the “Materials”); 

  
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 (iv) the provision to us of copies of any due diligence reports or memoranda prepared and
delivered at your direction or at the direction of any of your affiliates by legal, accounting, tax or other third party advisors in connection with the Acquisition, subject to the delivery by us to you of customary
non-disclosure and non-reliance agreements as shall be reasonably requested;  

(v) your using commercially reasonable efforts to cause us to receive for distribution to the prospective Lenders, at least five business days
prior to the Closing Date (or such shorter period of time as agreed by the Arranger), a copy of the definitive bridge loan agreement in respect of the Bridge Loan Facility in the form agreed to by the Arranger and the Borrower; 

(vi) your using commercially reasonable efforts to obtain, prior to the launch of primary syndication, a monitored public corporate rating and
a monitored public corporate family rating for the Borrower, after giving effect to the Transactions, from each of S&P Global Ratings, a division of S&P Global Inc. (“S&P”) and Moody’s Investors Service, Inc.
(“Moody’s”), respectively, and monitored public facility ratings from each of S&P and Moody’s for the Notes; and 

(vii) the hosting, with us, of at least one customary “bank meeting” of prospective Lenders (and, to the extent we request that
senior management or representatives of the Acquired Business attend, using commercially reasonable efforts to cause such senior management or representatives to attend), and any number of additional meetings that we may deem reasonably necessary,
which shall be at times and in such places as are mutually agreed. 
 (c) You agree, at our request, to assist in the preparation of a
version of any Materials consisting exclusively of information and documentation that is either (i) publicly available or (ii) not material with respect to the Company, their affiliates or any of its or their securities for purposes of
United States federal and state securities laws (such information and Materials, “Public Information”). In addition, you and we agree that, unless specifically labeled “Private – Contains Non-Public Information,” no Materials disseminated to potential Lenders in connection with the syndication of the Bridge Loan Facility, whether through an Internet website, electronically, in presentations, at
meetings or otherwise, will contain any Material Non-Public Information (as defined below). Unless expressly identified as “Public Information”, including pursuant to the final sentence of this
paragraph, each document to be disseminated by us to any Lender in connection with the syndication of the Bridge Loan Facility will be deemed to contain Material Non-Public Information and we will not make any
such materials available to potential Lenders who do not wish to receive Material Non-Public Information. Any information and documentation that is not Public Information is referred to herein as
“Material Non-Public Information.” It is understood that in connection with your assistance described above, authorization letters will be included in any information package and
presentation whereby you authorize the distribution of such information to prospective Lenders, it being understood that the authorization letter for Public Information shall contain a representation by you to the Lenders that the Public Information
does not include any such Material Non-Public Information and each letter shall contain a customary “10b-5” representation. You acknowledge and agree that the
following documents contain and shall contain solely Public Information (unless you notify us promptly that any such document contains Material Non-Public Information): (i) drafts and final Definitive Debt
Documents with respect to the Bridge Loan Facility, (ii) administrative materials prepared by us for prospective Lenders (including a lender meeting invitation, Lender allocations, if any, and funding and closing memoranda), and
(iii) notification of changes in the terms of the Bridge Loan Facility. If reasonably requested by us, you shall identify Public Information by clearly and conspicuously marking the same as “PUBLIC”. 

(d) You agree that all Materials and Information (as defined below) (including draft and execution versions of the Definitive Debt Documents
and draft or final offering materials relating to contemporaneous or prior securities issuances by the Borrower) may be disseminated in accordance with 

  
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our standard syndication practices (including through hard copy and via one or more internet sites (including an IntraLinks, SyndTrak or similar workspace),
e-mail or other electronic transmissions). Without limiting the foregoing, you will use commercially reasonable efforts to obtain contractual undertakings from the Acquired Business to authorize the use of its
logo in connection with any such dissemination. Notwithstanding anything in Section 9 to the contrary, you further agree that, at our expense and, prior to closing of the Transactions, subject to your approval (not to be
unreasonably withheld or delayed), we may place advertisements in financial and other newspapers and periodicals or on a home page or similar place for dissemination of information on the Internet or worldwide web as we may choose, and circulate
similar promotional materials, after the closing of the Transactions in the form of a “tombstone” or otherwise, containing information customarily included in such advertisements and materials, including (i) the names of the Borrower
and its subsidiaries (or any of them), (ii) our and our affiliates’ titles and roles in connection with the Transactions, and (iii) the amount, type and closing date of such Transactions. 

(e) We agree that none of the advertisements, tombstones or other promotional materials placed or disseminated by us in connection with the
syndication of the Commitments will state or imply, directly or indirectly, that the Parent has, will or may (i) guarantee the Bridge Loans or (ii) have any direct or indirect obligation after the Closing Date to subscribe for additional
equity in the Borrower, maintain or preserve the Borrower’s financial condition or to achieve any specified level of the Borrower’s operating results. 

5. Information. You represent, warrant and covenant that (and, with respect to the Target and its subsidiaries, to the best of your
knowledge that): 
 (a) all written information and data other than the Projections (as defined below) and forward-looking statements and
information of a general economic or industry-specific nature that has been or will be made available to us by or on behalf of you or the Acquired Business or any of your or their respective representatives in connection with the Transactions
(including the Materials, the “Information”), taken as a whole, is or will be, when furnished, complete and correct in all material respects, 

(b) none of the Information shall, when furnished or on the Closing Date and when taken as a whole, contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements contained therein not misleading in light of the circumstances under which such statements are made, and 

(c) all projections and other forward-looking information that have been or will be made available to us by or on behalf of you or the
Acquired Business or any of your or their respective representatives (collectively, the “Projections”) have been or will be prepared in good faith based upon (i) accounting principles consistent with the most recent
historical audited financial statements of the Target, and (ii) assumptions that are believed by you to be reasonable at the time made and at the time the related Projections are made available to us (it being understood that any such
Projections are subject to uncertainties and contingencies, some of which are beyond your control, that no assurance can be given that any particular Projections will be realized, that actual results may differ and that such differences may be
material). 
 You agree that, if at any time prior to the later of the Closing Date and the Syndication Date, you become aware that any of
the representations and warranties in the preceding sentence would be incorrect if the Information or Projections were then being furnished and such representations and warranties were then being made, you shall, at such time, supplement promptly
such Information and/or Projections, as the case may be, in order that such representations and warranties will be correct under those circumstances. 

  
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 You shall be solely responsible for Information and the Projections, including the contents
of all Materials other than any contents relating to us or our respective affiliates. We (i) will be relying on Information, the Projections and data provided by or on behalf of you or the Acquired Business or any of your or their respective
representatives or otherwise available from generally recognized public sources, without having independently verified the accuracy or completeness of the same, (ii) do not assume responsibility for the accuracy or completeness of any such
Information, Projections and data and (iii) will not make an appraisal of the assets or liabilities of the Acquired Business. You shall (i) furnish us with all Information and data that we may reasonably request in connection with our
activities on behalf of you and your affiliates and (ii) provide us full access, as reasonably requested, to your officers, directors, employees and professional advisors and use commercially reasonable efforts to provide us full access, as
reasonably requested, to those of the Acquired Business; provided that, following the consummation of the Acquisition, you shall cause the Acquired Business to provide us full access, as reasonably requested, to such persons or entities. 

6. Clear Market. You agree that, from the date hereof until the earlier of (a) the date on which a Successful Syndication has been
achieved; provided that such date shall not be earlier than the Closing Date, and (b) the date that is 75 days after the Closing Date, you will not, and you will use your commercially reasonable efforts not to permit the Acquired
Business or any of your or its respective affiliates to, directly or indirectly, (i) syndicate, place, sell or issue, (ii) attempt or offer to syndicate, place, sell or issue, (iii) announce or authorize the announcement of the
syndication, placement, sale or issuance of, or (iv) engage in discussions concerning the syndication, placement, offering, sale or issuance of, (x) any debt facility, or debt, equity-linked or equity security of the Acquired Business or
any of its subsidiaries and/or (y) any debt facility or debt security of the Parent (in each case, other than (1) ordinary course capital leases, letters of credit and purchase money and equipment financings, aircraft leases transactions
and debt financings in connection therewith (including, without limitation, sale and leaseback transactions) by the Parent and its affiliates other than the Acquired Business, (2) the Debt Financing contemplated hereby, the offering of the
Permanent Securities (as defined in the Fee Letter) and the offering of the Convertible Notes described in the Transaction Description, (3) debt permitted to be incurred by the Acquired Business pursuant to the Purchase Agreement and (4) a
working capital revolving debt facility at the Acquired Business or any of its subsidiaries in an amount not to exceed $20.0 million (including after giving effect to any consent by you or any of your affiliates to any such incurrence after the
date hereof that you determine that you or any of your affiliates are required to give pursuant to the terms of the Purchase Agreement)), including any renewals or refinancings of any Existing Debt, without our prior written consent, which may be
given or withheld in our sole discretion. 
 7. Fees and Expenses. As consideration for the Commitments and our other undertakings
hereunder, you hereby agree to pay or cause to be paid to us and Jefco for our respective accounts the fees, expenses and other amounts set forth in the Debt Financing Letters. 

8. Indemnification and Waivers. As consideration for the Commitments and our other undertakings hereunder, you agree to the provisions
with respect to indemnification, waivers and other matters contained in Annex A hereto, which is hereby incorporated by reference in this Commitment Letter. 

9. Confidentiality. This Commitment Letter is delivered to you on the understanding that neither the existence of this Commitment
Letter or any other Debt Financing Letter nor any of their terms or substance will be disclosed by you, directly or indirectly, to any other person or entity except (a) as required by applicable law or compulsory legal process (in which case
you agree to inform us promptly 

  
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thereof, to the extent lawfully permitted to do so, and to cooperate with us in securing a protective order in respect thereof to the extent lawfully permitted to do so), (b) to your
officers, directors, employees, attorneys, accountants and advisors on a confidential and need-to-know basis and only in connection with the Transactions, (c) the
existence of this Commitment Letter may be disclosed (but not the contents of this Commitment Letter or the Fee Letter) to rating agencies in connection with their review of the Bridge Loan Facility or the Acquired Business, (d) the information
contained in this Commitment Letter (but not that contained in the Fee Letter) may be disclosed in the Confidential Information Memorandum or in connection with the syndication of the Bridge Loan Facility, (e) this Commitment Letter and, if
redacted in a manner satisfactory to us, the Fee Letter may be disclosed to the Acquired Business, the Seller and their respective officers, directors, employees, attorneys, accountants and advisors, in each case on a confidential and need-to-know basis and only in connection with the Transactions, and (f) you may disclose this Commitment Letter (but not the Fee Letter) and its contents in any
information memorandum or syndication distribution or offering memorandum related to the Notes or other debt financing, as well as in any proxy statement or other public filing relating to the Acquisition or the Bridge Loan Facility. You may also
disclose, on a confidential basis, the aggregate amount of fees payable under the Fee Letter as part of a generic disclosure regarding sources and uses (but without disclosing any specific fees set forth therein) in connection with the syndication
of the Bridge Loan Facility and/or the Notes Offering. 
 We agree to (and to cause our affiliates and our and our affiliates’
employees, representatives or other agents to) maintain the confidentiality of all confidential information provided to us by or on behalf of you, the Target and/or your respective subsidiaries (“Company Information”), except
that Company Information may be disclosed (a) to our and our affiliates’ directors, officers, employees, agents, advisors and other representatives, including accountants, legal counsel and other advisors (it being understood that the
persons to whom such disclosure is made will be informed of the confidential nature of such Company Information and instructed to keep such Company Information confidential), (b) to the extent requested by any regulatory authority, (c) pursuant
to the order of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by any governmental or self-regulatory authority, applicable law or regulation or by any subpoena or similar legal
process, (d) in connection with the exercise of any remedies hereunder or under any of the Definitive Debt Documents or any suit, action or proceeding relating to this Commitment Letter or any of the Definitive Debt Documents, or the
enforcement of rights hereunder or thereunder, (e) subject to an agreement containing provisions substantially the same as those of this paragraph, to any actual or prospective counterparty (or its advisors) to any swap or derivative
transaction relating to you and your obligations, (f) with your express prior written consent, (g) to prospective lenders, participants or any rating agency or as is otherwise required in connection with the syndication, (h) for
purposes of establishing a “due diligence” defense or (i) to the extent such Company Information (1) becomes publicly available other than as a result of a breach of this paragraph by us or (2) becomes
available to us or any of our affiliates on a non-confidential basis from a source other than you, so long as such source is not, to our knowledge, subject to confidentially obligations to you or the Target;
provided, that the disclosure of any such Company Information to Lenders or prospective Lenders or participants or prospective participants referred to above shall be made subject to the acknowledgment and acceptance by such party that such
information is being disseminated on a confidential basis (on substantially the terms set forth in this paragraph or as is otherwise reasonably acceptable to you and us, including, without limitation, as set forth in any confidential information
memorandum or other marketing materials) in accordance with our standard syndication processes or market standards for dissemination of such type of information, which shall in any event require “click through” or other affirmative action
on the part of the recipient to access such confidential information and acknowledge its confidentiality obligations in respect thereof. Any person required to maintain the confidentiality of Company Information as provided in this paragraph shall
be considered to have complied with its obligation to do so if such person has exercised the same degree of care to maintain the confidentiality of such Company Information as such person would accord to its own

  
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confidential information. Our obligations set forth in this paragraph shall terminate upon the earlier of (i) two years from the date hereof and (ii) the date of execution and delivery
of the Definitive Debt Documents, at which time this paragraph shall be superseded by the relevant terms and provisions therein; provided that the termination of our (and our affiliates’ and our and our affiliates’ employees,
representatives or other agents’) obligations under this paragraph shall not relieve our responsibilities in respect of any breach of this paragraph prior to such termination. 

Notwithstanding anything herein to the contrary, you and we (and any of your and our respective employees, representatives or other agents)
may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by the Debt Financing Letters and all materials of any kind (including opinions or other tax analyses) that are
provided to you or us relating to such tax treatment and tax structure, except that (i) tax treatment and tax structure shall not include the identity of any existing or future party (or any affiliate of such party) to any Debt Financing
Letter, and (ii) neither you nor we shall disclose any information relating to such tax treatment and tax structure to the extent nondisclosure is reasonably necessary in order to comply with applicable securities laws. For this purpose, the
tax treatment of the transactions contemplated by the Debt Financing Letters is the purported or claimed U.S. federal income tax treatment of such transactions and the tax structure of such transactions is any fact that may be relevant to
understanding the purported or claimed U.S. federal income tax treatment of such transactions. 
 10. Conflicts of Interest; Absence of
Fiduciary Relationship. You acknowledge and agree that: 
 (a) we and/or our affiliates and subsidiaries (the “Jefferies
Group”), in our and their respective capacities as principal or agent are involved in a wide range of commercial banking and investment banking activities globally (including investment advisory, asset management, research, securities
issuance, trading, and brokerage) from which conflicting interests or duties may arise and, therefore, conflicts may arise between (i) our interests and duties hereunder and (ii) the duties or interests or other duties or interests of
another member of the Jefferies Group, 
 (b) we and any other member of the Jefferies Group may, at any time, (i) provide services to
any other person, (ii) engage in any transaction (on our or its own account or otherwise) with respect to you or any member of the same group as you or (iii) act in relation to any matter for any other person whose interests may be adverse
to you or any member of your group (a “Third Party”), and may retain for our or its own benefit any related remuneration or profit, notwithstanding that a conflict of interest exists or may arise and/or any member of the
Jefferies Group is in possession or has come or comes into possession (whether before, during or after the consummation of the transactions contemplated hereunder) of information confidential to you; provided that such confidential
information shall not be used by us or any other member of the Jefferies Group in entering into any transaction with (for its own account or otherwise), or performing services for or providing advice to, any Third Party. You accept that permanent or
ad hoc arrangements/information barriers may be used between and within our divisions or divisions of other members of the Jefferies Group for this purpose and that locating directors, officers or employees in separate workplaces is not
necessary for such purpose, 
 (c) information that is held elsewhere within us or the Jefferies Group, but of which none of the individual
directors, officers or employees having primary responsibility for the consummation of the transactions contemplated by this Commitment Letter actually has knowledge (or can properly obtain knowledge without breach of internal procedures), shall not
for any purpose be taken into account in determining our responsibilities to you hereunder, 

  
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 (d) neither we nor any other member of the Jefferies Group shall have any duty to disclose
to you, or utilize for your benefit, any non-public information acquired in the course of providing services to any other person, engaging in any transaction (on our or its own account or otherwise) or
otherwise carrying on our or its business, 
 (e) we and our affiliates have been retained by the Parent as an advisor (in such capacity,
the “Advisor”) in connection with the Acquisition. You agree to such retention, and further agree not to assert any claim you might allege based on any actual or potential conflicts of interest that might be asserted to arise
or result from the engagement of the Advisor and/or its affiliates’ in arranging or providing or contemplating arranging or providing any buy-side financial advice and assistance to the Parent, on the one
hand, and our and our affiliates’ relationships with you as described and referred to herein, on the other hand. You acknowledge that, in such capacity, the Advisor may recommend that the Parent not pursue or accept the terms of the Acquisition
or advise the Parent in other manners adverse to your interests. Each of the parties hereto acknowledges (i) our retention as the Advisor and (ii) that such relationship does not create any fiduciary duties or fiduciary responsibilities to
such party on the part of us or our affiliates. 
 (f) (i) except as described in clause (e) above and for the obligations expressly
provided for under the Debt Financing Letters or any other separate engagement letter, neither we nor any of our affiliates have assumed any advisory responsibility or any other obligation in favor of the Company or any of its affiliates,
(ii) we and our affiliates, on the one hand, and the Company and its affiliates, on the other hand, have an arm’s-length business relationship that does not directly or indirectly give rise to, nor
does the Company or any of its affiliates rely on, any fiduciary duty on the part of us or any of our affiliates and (iii) we are (and are affiliated with) full service financial firms and as such may effect from time to time transactions for
our own account or the account of customers, and hold long or short positions in debt, equity-linked or equity securities or loans of companies that may be the subject of the transactions contemplated by this Commitment Letter (and, in particular,
we and any other member of the Jefferies Group may at any time hold debt or equity securities for our or its own account in the Company). With respect to any securities and/or financial instruments so held by us, any of our affiliates or any of our
respective customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of such rights, in its sole discretion. You hereby waive and release, to the fullest extent
permitted by law, any claims you have, or may have, with respect to (i) any breach or alleged breach of fiduciary duty (and agree that we shall have no liability (whether direct or indirect) to you in respect of such a fiduciary duty claim or
to any person asserting a fiduciary duty claim on behalf of or in right of you, including your stockholders, employees or creditors) or (ii) any conflict of interest arising from such transactions, activities, investments or holdings, or
arising from our failure or the failure of any of our affiliates to bring such transactions, activities, investments or holdings to your attention, and 

(g) neither we nor any of our affiliates are advising you as to any legal, tax, investment, accounting or regulatory matters in any
jurisdiction. You shall consult with your own advisors concerning such matters and shall be responsible for making your own independent investigation and appraisal of the transactions contemplated by the Debt Financing Letters, and neither we nor
our affiliates shall have responsibility or liability to you with respect thereto other than as expressly set forth herein. Any review by us, or on our behalf, of the Company, the Transactions, the other transactions contemplated by the Debt
Financing Letters or other matters relating to such transactions will be performed solely for our benefit and shall not be on behalf of you or any of your affiliates. 

11. Choice of Law; Jurisdiction; Waivers. The Debt Financing Letters, and any claim, controversy or dispute arising under or related to
the Debt Financing Letters (whether based upon contract, tort or otherwise), shall be governed by, and construed in accordance with, the laws of the State 

  
 10 

 
of New York without regard to conflict of law principles (other than sections 5-1401 and 5-1402 of the New
York General Obligations Law). To the fullest extent permitted by applicable law, you and we hereby irrevocably submit to the exclusive jurisdiction of any New York State court or Federal court sitting in the County of New York and the Borough of
Manhattan in respect of any claim, suit, action or proceeding arising out of or relating to the provisions of any Debt Financing Letter and irrevocably agree that all claims in respect of any such claim, suit, action or proceeding may be heard and
determined in any such court and that service of process therein may be made by certified mail, postage prepaid, to their respective addresses set forth above; provided that suit for the recognition or enforcement of any judgment obtained in
any such New York State or Federal court may be brought in any other court of competent jurisdiction. You and we hereby waive, to the fullest extent permitted by applicable law, any objection that you or we may now or hereafter have to the laying of
venue of any such claim, suit, action or proceeding brought in any such court, and any claim that any such claim, suit, action or proceeding brought in any such court has been brought in an inconvenient forum. You and we hereby waive, to the fullest
extent permitted by applicable law, any right to trial by jury with respect to any claim, suit, action or proceeding (whether based upon contract, tort or otherwise) arising out of or relating to the Debt Financing Letters, any of the Transactions
or any of the other transactions contemplated hereby or thereby. The provisions of this Section 11 are intended to be effective upon the execution of this Commitment Letter without any further action by you, and the
introduction of a true copy of this Commitment Letter into evidence shall be conclusive and final evidence as to such matters. 
 12.
Miscellaneous. 
 (a) This Commitment Letter may be executed in one or more counterparts, each of which will be deemed an original,
but all of which taken together will constitute one and the same instrument. Delivery of an executed signature page of this Commitment Letter by facsimile, PDF or other electronic transmission will be effective as delivery of a manually executed
counterpart hereof. 
 (b) You may not assign any of your rights, or be relieved of any of your obligations, under this Commitment Letter
without our prior written consent, which may be given or withheld in our sole discretion (and any purported assignment without such consent, at our sole option, shall be null and void). We may at any time and from time to time assign all or any
portion of our Commitments hereunder to one or more of our affiliates or to one or more Lenders, whereupon we shall be released from the portion of our Commitments hereunder so assigned; provided that such assignment shall not relieve us of
our obligation to fund on the Closing Date the portion of our Commitments so assigned to the extent such assignee fails, upon satisfaction or waiver by us of all conditions to such assignee making its initial extensions of credit on the Closing
Date, to fund such assigned Commitments on the Closing Date. Any and all obligations of, and services to be provided by, us hereunder (including the Commitments) may be performed, and any and all of our rights hereunder may be exercised, by or
through any of our affiliates or branches and we reserve the right to allocate, in whole or in part, to our affiliates or branches certain fees payable to us in such manner as we and our affiliates may agree in our and their sole discretion. You
further acknowledge that we may share with any of our affiliates, and such affiliates may share with us, any information relating to the Transactions, you or the Acquired Business (and your and their respective affiliates), or any of the matters
contemplated in the Debt Financing Letters in accordance with Section 9. 
 (c) This Commitment Letter has been
and is made solely for the benefit of you, us and the indemnified persons (as defined in Annex A hereto) and your, our and their respective successors and permitted assigns, and nothing in this Commitment Letter, expressed or implied, is
intended to confer or does confer on any other person or entity any rights or remedies under or by reason of this Commitment Letter or your and our agreements contained herein. 

  
 11 

 (d) The Debt Financing Letters set forth the entire understanding of the parties hereto as
to the scope of the Commitments and our obligations hereunder and thereunder. The Debt Financing Letters supersede all prior understandings and proposals, whether written or oral, between us and you relating to any financing or the transactions
contemplated hereby and thereby. 
 (e) Notwithstanding anything in Section 9 to the contrary, you agree that we or any of our
affiliates may make customary disclosures of information about the Transactions to market data collectors and similar service providers to the financing community, following consummation of the Transactions. 

(f) We hereby notify you and, upon its becoming bound by the provisions hereof, each other party hereto, that pursuant to the requirements of
the USA PATRIOT Improvement and Reauthorization Act, Pub. L. 109-177 (signed into law March 9, 2006) (as amended from time to time, the “Patriot Act”), we and each Lender may be
required to obtain, verify and record information that identifies the Credit Parties, which information includes the name, address, tax identification number and other information regarding the Credit Parties that will allow us or such Lender to
identify the Credit Parties in accordance with the Patriot Act. This notice is given in accordance with the requirements of the Patriot Act and is effective as to us and each Lender. You agree that we shall be permitted to share any or all such
information with the Lenders. 
 13. Amendment; Waiver. This Commitment Letter may not be modified or amended except in a writing
duly executed by the parties hereto. No waiver by any party of any breach of, or any provision of, this Commitment Letter shall be deemed a waiver of any similar or any other breach or provision of this Commitment Letter at the same or any prior or
subsequent time. To be effective, a waiver must be set forth in writing signed by the waiving party and must specifically refer to this Commitment Letter and the breach or provision being waived. 

14. Surviving Provisions. Notwithstanding anything to the contrary in this Commitment Letter: (i) Sections 7 to and
including 15 hereof shall (except for our confidentiality obligations in Section 9 which shall terminate or be superseded by the Definitive Debt Documents as provided therein) survive the expiration or termination of this
Commitment Letter, regardless of whether the Definitive Debt Documents have been executed and delivered or the Transactions consummated, and (ii) Sections 2 and 4 to and including 13 hereof shall (except for our
confidentiality obligations in Section 9 which shall terminate or be superseded by the Definitive Debt Documents as provided therein; provided, for the avoidance of doubt, your confidentiality obligations in Section 9
shall remain in full force and effect except as otherwise provided herein) survive execution and delivery of the Definitive Debt Documents and the consummation of the Transactions. 

15. Acceptance, Expiration and Termination. Please indicate your acceptance of the terms of the Debt Financing Letters by returning to
us executed counterparts of the Debt Financing Letters not later than 11:59 p.m., New York City time, on November 9, 2018 (the “Deadline”). The Debt Financing Letters are conditioned upon your contemporaneous
execution and delivery to us, and the contemporaneous receipt by us, of executed counterparts of each Debt Financing Letter on or prior to the Deadline. This Commitment Letter will expire at such time in the event that you have not returned such
executed counterparts to us by such time. Thereafter, except with respect to any provision that expressly survives pursuant to Section 14, this Commitment Letter (but not the Fee Letter) will terminate automatically on the earliest of
(i) the date of termination of the Purchase Agreement, (ii) the closing of the Acquisition, (iii) the acceptance by the Target or any of its affiliates (or any of their respective equityholders) of an offer for all or any substantial
part of the capital stock or property and assets of the Acquired Business (or any parent company thereof) other than as part of the Transactions, and (iv) 5:00 p.m., New York City time, on the Termination Date (as defined in the
Purchase Agreement on 

  
 12 

 
the date hereof). In addition, our Commitment hereunder to provide Bridge Loans shall terminate upon the closing of the sale of the Notes (in escrow or otherwise). 

[Remainder of page intentionally blank] 

  
 13 

 We are pleased to have the opportunity to work with you in connection with this important
financing. 
  

			
	Very truly yours,
	
	JEFFERIES FINANCE LLC
		
	By:	 	 /s/ Jason Kennedy

		 	Name: Jason Kennedy
		 	Title: Managing Director

 Accepted and agreed to as of the 

date first above written: 
  

			
	BRISTOW GROUP INC.
		
	By:	 	 /s/ L. Don Miller

		 	Name: L. Don Miller
		 	 Title: Senior Vice President and Chief
Financial Officer

 [Signature Page to Commitment Letter] 

 ANNEX A TO COMMITMENT LETTER 

INDEMNIFICATION AND WAIVER 

Except as otherwise defined in this Annex A, capitalized terms used but not defined herein have the meanings assigned to them
elsewhere in this Commitment Letter. 
 Bristow Group Inc. (“you”) hereby agree (i) to indemnify and hold
harmless Jefferies Finance LLC (“we” or “us”) and our affiliates and subsidiaries (including Jefferies & Company, Inc. (“Jefco”)) and each of the respective officers,
directors, partners, trustees, employees, advisors, agents, representatives, attorneys-in-fact, members, successors, assigns and controlling persons of each of the
foregoing (each, an “indemnified person”) from and against any and all losses, claims, damages and liabilities (collectively, “Losses”) to which any such indemnified person, directly or indirectly, may
become subject arising out of, relating to, resulting from or otherwise in connection with the Debt Financing Letters, the Debt Financing, the use of the proceeds therefrom, the Transactions, any of the other transactions contemplated by the Debt
Financing Letters, or any action, claim, suit, litigation, investigation, inquiry or proceeding (each, a “Claim”) directly or indirectly arising out of, relating to, resulting from or otherwise in connection with any of the
foregoing (IN ALL CASES, WHETHER OR NOT CAUSED OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNIFIED PERSON), regardless of whether any indemnified person is a named party thereto or
whether such Claim is brought by you, any of your affiliates or a third party and (ii) to reimburse each indemnified person promptly following written demand (together with reasonably detailed documentation describing such Claim) for all
reasonable and documented costs and expenses (including, without limitation, fees and expenses of counsel) incurred by the indemnified person (including all such costs and expenses incurred to enforce the terms of this Commitment Letter) as they are
actually incurred in connection with investigating, preparing, defending or settling any Claim, directly or indirectly, arising out of, relating to, resulting from or otherwise in connection with any of the foregoing, whether or not any indemnified
person is a named party thereto or whether such Claim is brought by you, any of your affiliates or a third party, (including in connection with the enforcement of the indemnification obligations and waivers set forth in this
Annex A); provided, however, that no indemnified person will be entitled to indemnity hereunder in respect of any Loss or reimbursement for costs and expenses relating to any Loss to the extent that it is
found by a final, non-appealable judgment of a court of competent jurisdiction that such Loss resulted directly from the bad faith, gross negligence or willful misconduct of such indemnified person, and such
indemnified person shall promptly repay such reimbursed costs and expenses to you. In addition, in no event will you or any of your affiliates or the Acquired Business or any indemnified person be liable for consequential, special, exemplary,
punitive or indirect damages (including any loss of profits, business or anticipated savings), whether, directly or indirectly, as a result of any failure to fund all or any portion of the Debt Financing or otherwise arising out of, relating to,
resulting from or otherwise in connection with the Debt Financing or arising out of, relating to, resulting from or otherwise in connection with any Claim or otherwise; provided, for the avoidance of doubt, that the foregoing does not limit
or otherwise modify your and your affiliates’ and the Acquired Business’s and any indemnified person’s indemnification obligations as provided elsewhere herein. In addition, no indemnified person will be liable for any damages arising
from the use by unauthorized persons of Information, Projections or other Materials sent through electronic, telecommunications or other information transmission systems that are intercepted or otherwise obtained by such persons except to the extent
it is found by a final, non-appealable judgment of a court of competent jurisdiction that such damages resulted directly from the bad faith, gross negligence or willful misconduct of such indemnified person.
You shall not be liable for any settlement of any proceeding effected without your written consent (such consent not to be unreasonably withheld, delayed or conditioned) unless (1) such settlement is entered into more than 30 days after receipt
by you of an indemnified person’s request to settle such action, (ii) you shall not have reimbursed the indemnified 

  
 Annex A-1 

 
person in accordance with the indemnified person’s request of you to reimburse the indemnified person for the reasonable and documented fees and expenses of counsel as contemplated herein
prior to the date of such settlement and (iii) such indemnified person shall have given you at least 30 days’ prior notice of its intention to settle. 

You shall not settle or compromise or consent to the entry of any judgment in or otherwise seek to terminate any pending or threatened Claim
in which any indemnified person is or could be a party and as to which indemnification or contribution could have been sought by such indemnified person hereunder whether or not such indemnified person is a party to any Debt Financing Letter, unless
(i) such indemnified person and each other indemnified person from which such indemnified person could have sought indemnification or contribution have given their prior written consent, which shall not be unreasonably withheld, conditioned or
delayed, or (ii) the settlement, compromise, consent or termination (A) includes an express unconditional release of all indemnified persons and their respective affiliates from all Losses, directly or indirectly, arising out of, relating
to, resulting from or otherwise in connection with such Claim and (B) does not include any statement as to or any admission or assumption of fault, culpability, wrongdoing or a failure to act by or on behalf of any indemnified person. 

If for any reason (other than the bad faith, gross negligence or willful misconduct of an indemnified person as provided above) the foregoing
indemnity is unavailable to an indemnified person or insufficient to hold an indemnified person harmless, then you to the fullest extent permitted by law, shall contribute to the amount paid or payable by such indemnified person as a result of such
Losses in such proportion as is appropriate to reflect the relative benefits received by you, on the one hand, and by us, on the other hand, from the Transactions or, if allocation on that basis is not permitted under applicable law, in such
proportion as is appropriate to reflect not only the relative benefits received by you, on the one hand, and us, on the other hand, but also the relative fault of you, on the one hand, and us, on the other hand, as well as any relevant equitable
considerations. Notwithstanding the provisions hereof, the aggregate contribution of all indemnified persons to all Losses shall not exceed the amount of fees actually received by us and Jefco pursuant to the Fee Letter and the Engagement Letter.
For the purposes of this paragraph, it is hereby further agreed that (i) the relative benefits to you, on the one hand, and us, on the other hand, with respect to the Transactions shall be deemed to be in the same proportion as (x) the
total value paid or received or contemplated to be paid or received by you, your equityholders and/or your or their respective affiliates, as the case may be, in the Transactions, whether or not the Transactions are consummated, bears to
(y) the fees actually paid to us and Jefco under the Fee Letter and the Engagement Letter and (ii) the relative fault of you, on the one hand, and us, on the other hand, with respect to the Transactions shall be determined by reference to,
among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by you, any of your affiliates and/or any of your or their respective
officers, directors, partners, trustees, employees, affiliates, shareholders, advisors, agents, representatives, attorneys-in-fact and controlling persons or by us, as
well as your and our relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

The indemnity, contribution and expense reimbursement obligations set forth herein (i) shall be in addition to any liability you may have
to any indemnified person at law, in equity or otherwise, (ii) shall survive the expiration or termination of the Debt Financing Letters (other than, to the extent covered by the Definitive Debt Documents, upon our execution of the Definitive
Debt Documents), (iii) shall apply to any modification, amendment, waiver or supplement of our and any of our affiliates’ commitment and/or engagement, (iv) shall remain operative and in full force and effect regardless of any
investigation made by or on behalf of us or any other indemnified person and (v) shall be binding on any successor or assign of you and the successors or assigns to any substantial portion of your business and assets. 

*    *    * 

  
 Annex A-2 

 ANNEX B TO COMMITMENT LETTER 

TRANSACTION SUMMARY: PROJECT EMERALD 

Capitalized terms used but not defined in this Transaction Summary shall have the meanings set forth in the other Exhibits and Annexes to the
Commitment Letter to which this Transaction Summary is attached (the “Commitment Letter”). In the case of any such capitalized term that is subject to multiple and differing definitions, the appropriate meaning thereof in
this Transaction Summary shall be determined by reference to the context in which it is used. 
 Bristow Group Inc. (the
“Parent”) and its newly formed wholly owned bankruptcy remote domestic subsidiary Bear Acquisition I, LLC, a Delaware limited liability company (“Merger Sub 1”), (which will be designated substantially
simultaneously with its formation as an “unrestricted subsidiary” under the documents governing the Parent’s applicable outstanding indebtedness and which shall have been created as a bankruptcy remote subsidiary pursuant to
documentation reasonably satisfactory to the Arranger) have entered into a Stock Purchase Agreement (the “Purchase Agreement”) to acquire (the “Acquisition”) all of the issued and outstanding capital
stock of Columbia Helicopters, Inc., an Oregon corporation (the “Target”), from the existing shareholders of the Target (collectively, the “Sellers”) and to refinance (together with any applicable
prepayment premium or fee, with the commitments thereunder being terminated, and all guarantees, liens and security interests in respect thereof being released) all of the Existing Debt. In connection therewith, it is intended that: 

(a) Prior to the Closing Date, Merger Sub 1 will issue and sell senior secured notes (the “Notes”) in a
Rule 144A or other private placement in an amount equal to the amount of the Bridge Loan Facility described in the Summary of Terms of the Bridge Loan Facility attached as Exhibit A to the Commitment Letter or in such lesser amount as Merger
Sub 1 shall determine in its sole discretion prior to the launch of the syndication of the Bridge Loan Facility; to the extent that less than the full amount of the Notes are obtained on or prior to the Closing Date, Merger Sub 1 (including its
successor) will borrow up to the difference in Bridge Loans (as defined elsewhere in the Commitment Letter) under the Bridge Loan Facility. Prior to or contemporaneously with any sale and issuance of Notes, the Parent shall have made a cash capital
contribution to Merger Sub 1 (the “Accrued Interest Escrow”) at least equal to interest that would accrue on the Notes from the date of issuance to the last possible date of the Acquisition (the
“Deadline”); such amount, together with the proceeds of the Notes, shall be deposited in an escrow (such funds, the “Escrowed Funds”). If the Acquisition occurs on or before the Deadline, the Escrowed
Funds shall be released to Merger Sub 1 (including its successor); the Notes will be subject to mandatory redemption (funded by the Escrowed Funds) if the Acquisition has not occurred by the Deadline. 

(b) On the Closing Date, the Parent will issue and sell $150,000,000 of its convertible secured notes (the
“Convertible Notes”) as described in a commitment letter entered into on the date of the Purchase Agreement (such commitment letter as in effect on the date hereof, the “Convertible Notes Commitment
Letter”), and the Parent will use (1) cash approximately in the amount of $25,000,000 less the Accrued Interest Escrow and (2) the proceeds of the Convertible Notes to capitalize Bear Acquisition II, Inc., a Delaware
corporation (including its successors, “Merger Sub 2”), another newly formed wholly owned bankruptcy remote domestic subsidiary of the Parent which will be designated substantially simultaneously with its formation as an
“unrestricted subsidiary” under the documents governing the Parent’s applicable outstanding indebtedness and which shall have been created as a bankruptcy remote subsidiary pursuant to documentation reasonably satisfactory to the
Arranger; such capitalization will consist of Merger Sub 2 capital stock and Merger Sub 2 warrants, with the warrants exercisable in the event of the Parent’s bankruptcy. The Parent will convey the Merger Sub 2 warrants to the initial holders
of the Convertible Notes. 

  
 Annex B-1 

 (c) The Parent will issue Parent common stock with a value (as determined in
accordance with the Purchase Agreement) of approximately $67,000,000 to the Sellers as part of the consideration for the Target stock, with the result that such Target stock will be in the name of Merger Sub 2. 

(d) Certain employees of the Target will be entitled to phantom awards from the Target as a result of the change of control
effected by the Acquisition. Merger Sub 1 has agreed to cause the Parent to pay and discharge all of such awards; certain of such employees has agreed to use a portion of such employees’s award to purchase approximately $10,000,000 of Parent
common stock (valued as per the Purchase Agreement). 
 (e) On the Closing Date: 

 

	 	a.	 the Escrowed Funds shall be released from escrow; 

 

	 	b.	 Merger Sub 1 shall merge into Merger Sub 2, with Merger Sub 2 as the survivor; 

 

	 	c.	 Merger Sub 2 shall acquire all of the Target’s issued and outstanding capital stock from the Sellers for
Parent common stock (as described in clause (c) above) and cash; 

  

	 	d.	 Merger Sub 2 shall merge into the Target, with the Target as the survivor, and upon such merger the Target
shall become an “unrestricted subsidiary” under the documents governing the Parent’s applicable outstanding indebtedness; 

  

	 	e.	 Concurrently with the merger of Merger Sub 2 into the Target, the Target shall be redomiciled in Delaware and
its organizational documents shall be amended to reflect the bankruptcy remote features corresponding to those in the organizational documents for Merger Sub 2; 

 

	 	f.	 the Existing Debt shall be repaid, together with any applicable prepayment premium or fee, with the commitments
thereunder being terminated and all guarantees, liens and security interests in respect thereof being released (collectively, the “Refinancing”); 

 

	 	g.	 the Target shall assume the obligations under all outstanding Notes and/or Bridge Loans; 

 

	 	h.	 certain subsidiaries of the Target shall guarantee all of the outstanding Notes and/or Bridge Loans;

  

	 	i.	 the Merger Sub 2 warrants conveyed to the initial holders of the Convertible Notes shall become warrants for
Target capital stock, to be exercisable for 2/3 of the outstanding Target capital stock (after giving effect to the exercise of the warrants), and the pledge of Merger Sub 2 capital stock to secure the Convertible Notes will become a pledge of
Target capital stock; and 

  

	 	j.	 all fees, premiums, expenses and other transaction costs incurred in connection with the Transactions (the
“Transactions Costs”) will be paid. 

 The issuance of the Notes and/or the borrowing of the
Bridge Loans is referred to as the “Debt Financing” and the contributions by the Parent to or on behalf of Merger Sub 1 and Merger Sub 2 (with all such contributions to be in the form of common equity) in the aggregate amount
(inclusive of cash and non-cash contributions, and including the transactions described in clauses (c) and (d) above) of at least $250,000,000 are referred to collectively as the “Equity
Contribution.” The Debt Financing and the Equity Contribution, together with the Acquisition, the merger of Merger Sub 1 into Merger Sub 2, the merger of Merger Sub 2 into the Target, the Refinancing and the payment of the Transactions
Costs, are collectively referred to as the “Transactions.” 
 If there is no change in the total consideration for
the Acquisition, any increase of the Equity Contribution over $250,000,000 on the Closing Date shall result in an automatic and permanent reduction of the amount of commitments in respect of the Bridge Loan Facility by the amount of such increase
(the “Bridge Reduction”). 

  
 Annex B-2 

 EXHIBIT A TO COMMITMENT LETTER 

SUMMARY OF TERMS OF THE BRIDGE FACILITY 

Set forth below is a summary of certain of the terms of the Bridge Loan Facility and the documentation related thereto. Capitalized terms
used and not otherwise defined in this Exhibit A have the meanings set forth elsewhere in this Commitment Letter. 
  

	I.	 Parties 

 

	 Borrower 
	Initially, the Acquiror; provided that upon consummation of the Acquisition, Target shall become the borrower (the “Borrower”). 

 

	 Guarantors 
	Each of the direct and indirect wholly-owned subsidiaries of the Borrower (other than (i) any subsidiary that is a “controlled foreign corporation” within the meaning of section 957 of the United States Tax Code of 1986, as
amended (a “CFC”), to the extent making such CFC a guarantor would result in non de minimis adverse tax consequences to the Borrower, and any and all direct or indirect subsidiaries of such CFC, (ii) any
subsidiary that has no material assets other than equity of CFCs described in (i) (a “CFC Holding Company”), and CFC Holding Companies and (iii) certain immaterial subsidiaries subject to a materiality threshold to be
agreed) (collectively, the “Guarantors;” the Borrower and the Guarantors, collectively, the “Credit Parties”). 

 

	 Lead Arranger, Syndication Agent and Book-Runner 
	Jefferies Finance LLC (“Jefferies Finance”) and/or one or more of its affiliate designees (in such capacities, the “Arranger”). The Arranger will perform the duties customarily associated with such
role. 

  

	 Administrative Agent 
	Jefferies Finance and/or one or more of its affiliate designees (in such capacity, the “Administrative Agent”). The Administrative Agent will perform the duties customarily associated with such role. 

 

	 Collateral Agent: 
	Jefferies Finance and/or one or more of its affiliate designees (in such capacity, the “Collateral Agent”). The Collateral Agent will perform the duties customarily associated with such role. 

 

	 Lenders 
	A syndicate of banks, financial institutions and other entities, excluding Disqualified Institutions (which may include the Arranger, collectively, the “Lenders”), arranged by the Arranger in consultation with the
Borrower. 

  
 Exhibit A-1 

	 Closing Date 
	The date, on or before the date on which the Commitments are terminated in accordance with Section 15 of this Commitment Letter, on which the Acquisition is consummated (the “Closing Date”). 

 

	 Bridge Loan Documents 
	The definitive documentation governing or evidencing the Bridge Loans, the Extended Term Loans and the Exchange Notes (collectively, the “Bridge Loan Documents”). 

 

	II.	 Bridge Loan Facility 

 

	 Bridge Loans 
	An aggregate principal amount of $360.0 million of Senior Secured Increasing Rate Bridge Loans (the “Bridge Loans”) (as such amount may be reduced by any Bridge Reduction described in Annex B to the Commitment
Letter and the gross cash proceeds from any Senior Notes or other debt securities received by the Borrower on or prior to the Closing Date). 

  

	 Use of Proceeds 
	To finance, in part, the Transactions and to pay fees and expenses in connection with the foregoing. 

  

	 Maturity 
	One year from the initial funding date of the Bridge Loans (the “Bridge Loan Maturity Date”). 

  

	 Rollover 
	If the Bridge Loans are not repaid in full on or prior to the Bridge Loan Maturity Date, and provided that no Conversion Default (as defined below) has occurred and is continuing, the Bridge Loans shall be automatically converted on the
Bridge Loan Maturity Date into senior secured term loans due on the fourth anniversary of the Bridge Loan Maturity Date (the “Extended Term Loans”) in an aggregate principal amount equal to the aggregate
principal amount of Bridge Loans so converted. The Extended Term Loans will have the terms set forth in Exhibit B to this Commitment Letter. 

  

	 	 At the option of the Lenders, Extended Term Loans may be exchanged by the holders thereof for exchange notes
(“Exchange Notes”), which will have the terms set forth in Exhibit B to this Commitment Letter. The Exchange Notes will be issued under an indenture that will have the terms set forth in Exhibit B to
this Commitment Letter. In connection with each such exchange, if requested by any Lender that is a Lender as of the Closing Date (each, an “Initial Bridge Lender”), the Borrower shall (i) deliver to the Lender that is
receiving Exchange Notes, and to such other Lenders as such Initial Bridge Lender requests, an offering memorandum of the type customarily utilized in a Rule 144A offering of high yield

  
 Exhibit A-2 

	 	 
securities covering the resale of such Exchange Notes by such Lenders, in such form and substance as reasonably acceptable to the Borrower and such Initial Bridge Lender, and keep such offering
memorandum updated in a manner as would be required pursuant to a customary Rule 144A securities purchase agreement, (ii) execute an exchange agreement containing provisions customary in Rule 144A securities purchase agreements (including
indemnification provisions), if requested by such Initial Bridge Lender, (iii) deliver or cause to be delivered such opinions and accountants’ comfort letters addressed to the Initial Bridge Lender and such certificates as the Initial
Bridge Lender may request in form and substance satisfactory to the Initial Bridge Lender and (iv) take such other actions, and cause its advisors, auditors and counsel to take such actions, as reasonably requested by the Initial Bridge Lender
in connection with issuances or resales of Exchange Notes, including providing such information regarding the business and operations of the Borrower and its subsidiaries as is reasonably requested by any prospective holder of Exchange Notes and
customarily provided in due diligence investigations in connection with purchases or resales of securities. Notwithstanding the foregoing, the Borrower shall not be required to exchange Extended Term Loans for Exchange Notes unless at least
$75.0 million of Exchange Notes would be outstanding immediately after such exchange and will not be required to issue Exchange Notes more than a number of times to be agreed in any calendar year. 

 

	 	“Conversion Default” shall mean any payment or bankruptcy Event of Default under the Bridge Loan Documents. 

 

	 	The Extended Term Loans will be governed by the provisions of the Bridge Loan Documents and will have the same terms as the Bridge Loans except as expressly set forth in Exhibit B to this Commitment Letter.

	III.	 Certain Payment Provisions 

 

	 Interest 
	The Bridge Loans will bear interest at a rate per annum equal to three month LIBOR, adjusted quarterly, plus a spread of 8.00% (the “Rate”). The Rate will increase by (i) 50 basis points upon the
three-month anniversary of the Closing Date, plus (ii) an additional 50 basis points upon each subsequent three-month anniversary following the initial three-month anniversary of the Closing Date. Interest on the Bridge Loans
(excluding default interest, if any) shall not exceed the Total Cap (as defined in the Fee Letter). Interest will be payable quarterly in arrears, on the Bridge Loan Maturity Date and on the date of any prepayment of the Bridge Loans.

  
 Exhibit A-3 

	 Default Rate 
	After the occurrence and during the continuation of an event of default under the Bridge Loan Facility, outstanding Bridge Loans and other amounts payable under the Bridge Loan Facility shall bear interest at 2.00% above the rate applicable to
the Bridge Loans and shall be payable in cash on demand. 

  

	 Optional Repayment 
	The Bridge Loans may be repaid, in whole or in part, on a pro rata basis, at the option of the Borrower at any time upon 3 business days’ prior written notice (or such shorter time as is agreed by the
Administrative Agent), at a price equal to 100% of the principal amount thereof, plus all accrued and unpaid interest and fees to the date of repayment. 

  

	 Mandatory Repayment 
	The Borrower will repay the Bridge Loans with the net proceeds from (i) any direct or indirect public offering or private placement of Notes or any other issuance or sale of (x) debt securities or equity securities of the Borrower, or
(y) debt securities or equity securities of any of its subsidiaries (in each case, other than debt and equity securities issued or sold to the Parent or its subsidiaries), (ii) the incurrence of any other indebtedness for borrowed money
(other than certain limited exceptions to be mutually agreed upon, including a working capital revolver (the “Working Capital Revolver” in an amount and with terms (including an intercreditor agreement) to be mutually agreed
upon) by the Borrower or any of its subsidiaries, (iii) sales of assets or any issuance or sales of equity of any subsidiary of the Borrower (other than certain limited exceptions and customary reinvestment rights to be mutually agreed upon),
and (iv) Extraordinary Receipts (to be defined) (in each case, with customary exceptions and reinvestment rights to be mutually agreed upon) or receipt of insurance or condemnation proceeds (in each case, with customary exceptions and
reinvestment rights to be mutually agreed upon) by the Borrower or any of its subsidiaries (in connection with insurance or condemnation proceeds related to the Borrower or its subsidiaries), in each case, at 100% of the principal amount of the
Bridge Loans repaid, plus accrued fees and all accrued and unpaid interest and fees to the date of the repayment. 

  

	 Change of Control 
	 Each holder of the Bridge Loans will be entitled to require the Borrower, and the Borrower shall offer, to repay the Bridge Loans held by such holder,
at a price of 100% of the principal amount thereof, plus all accrued 

  
 Exhibit A-4 

	 	 
fees and all accrued and unpaid interest to the date of repayment, upon the occurrence of a “change of control” (to be defined in the Bridge Loan Documents in a manner to be mutually
agreed). For the avoidance of doubt, the exercise of warrants by the holders of the Convertible Notes (as defined in Annex B hereto) and/or the foreclosure of share pledge in connection therewith will not constitute a change of control.

  

	IV.	 Collateral and Guarantees 

 

	 Collateral 
	The obligations under the Bridge Loan Facility will be secured by a perfected first-priority security interest in all or substantially all of the assets of Borrower and the Guarantors (but limited, in the case of voting stock of a CFC or a CFC
Holding Company, to 66% of all such voting stock to the extent that the pledge of a greater percentage would result in non de minimis adverse tax consequences to the Borrower) (the items described above and all proceeds thereof, but excluding
the Excluded Assets (as defined below), the “Collateral”). All security arrangements, including an intercreditor agreement with respect to the liens on accounts receivable, inventory and related assets securing the Working
Capital Revolver, will be in form and substance reasonably satisfactory to the Collateral Agent and, subject to the Certain Funds Provision, will be perfected on the Closing Date, and none of the Collateral will be subject to any other liens or
encumbrances, except as set forth in this section, subject to customary exceptions to be mutually agreed upon. 

  

	 	 Notwithstanding anything to the contrary, the Collateral shall exclude the following: (i) any fee-owned real property subject to a value threshold to be agreed and any leasehold interests; (ii) motor vehicles and other assets subject to certificates of title, letter of credit rights (except to the
extent perfection can be obtained by filing of uniform commercial code financing statements) and commercial tort claims with a value of less than an amount to be agreed; (iii) any lease, license or other similar agreement or any property
subject to a purchase money security interest or similar arrangement permitted under the Bridge Loan Documents to the extent that a grant of a security interest therein would violate or invalidate such lease, license or similar agreement or purchase
money arrangement or create a right of termination in favor of any other party thereto (other than the Borrower or a Guarantor) or requires a consent not obtained of any governmental authority or any other person (other than the Borrower or a
Guarantor and, in 

  
 Exhibit A-5 

	 	 
each case, after your using commercially reasonable efforts to obtain such consent), in each case, after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code
and other applicable law (including the U.S. Bankruptcy Code), other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the Uniform Commercial Code notwithstanding such prohibition; (iv) any
governmental licenses or state or local franchises, charters and authorizations, to the extent security interests in such licenses, franchises, charters or authorizations are prohibited or restricted thereby, (v) intent to use trademarks or
service mark applications until such time that an applicant with respect thereto file eithers a 15 U.S.C. 1051(c) amendment or a 15 U.S.C. 1051(d) verified statement of use, (vi) equity interests in subsidiaries that have no assets and do not
conduct business activities, (vii)(A) deposit accounts exclusively used for payroll taxes or employee benefits (including, without limitation, pension fund accounts and 401(k) accounts), (B) deposit accounts exclusively used for taxes, including,
without limitation, sales taxes, (C) escrow accounts, (D) fiduciary or trust accounts or cash collateral accounts supporting letters of credit, (E) deposit accounts that are zero balance accounts, (F) accounts having a minimum
balance (individually and in the aggregate) to be mutually agreed, and (viii) aircraft with an aggregate fair market value of no more than a percentage (to be agreed) of the aggregate fair market value of all aircraft of the Borrower and the
Guarantors, as determined by the Borrower using the most recent desktop appraisals (the foregoing described in clauses (i) through (viii) are collectively, the “Excluded Assets”). 

 

	 	 All the above-described pledges, security interests and mortgages shall be created on terms to be set forth in the Bridge Loan
Documents; and none of the Collateral shall be subject to other pledges, security interests or mortgages (subject to customary exceptions for financings of this kind to be mutually agreed). Subject to the following paragraph, the security documents
will not require that liens be perfected if such security interests cannot be perfected by (a) filing of UCC-1 financing statements (including with respect to commercial tort claims), (b) if an aircraft
is registered with the Federal Aviation Authority (the “FAA”), the recording or filing of aircraft security agreements with the FAA and the international registry under the Cape Town Convention, (c) the filing of a
security agreement on the applicable form with the United States Patent and Trademark Office or the United States Copyright Office, (d) the delivery of 

  
 Exhibit A-6 

	 	 
certificates evidencing capital stock or promissory notes, (e) delivery of chattel paper above a threshold to be agreed and (f) control agreements with respect to any deposit or
securities accounts or uncertificated securities constituting pledged equity, and any reference herein or in the Definitive Debt Documents to perfected liens shall be a reference only to such methods of perfection. 

 

	 	Notwithstanding the foregoing, the Bridge Loan Documents will include limitations on jurisdictions of registration and operations of the aircraft to be agreed; provided however that the Borrower and the Guarantors shall
have the right to transport aircraft to jurisdictions outside the United States (i) for use in connection with a customer contract or en route to or returning from any such operations on behalf of a customer (which transport shall be for
limited periods to be agreed), (iii) for short term storage, maintenance and repair in the ordinary course of business, (iv) on a temporary basis in connection with flights in the ordinary course of business and (v) for such other purposes
as are set forth in the security agreements. 

  

	 Guarantees 
	The Guarantors will unconditionally, and jointly and severally, guarantee the obligations of the Borrower in respect of the Bridge Loans (the “Guarantees”). Such Guarantees will be in form and substance reasonably
satisfactory to the Administrative Agent and the Arranger. All Guarantees shall be guarantees of payment and performance, and not of collection. 

  

	V.	 Other Provisions 

 

	 Conditions Precedent 
	Subject to the Certain Funds Provision, the incurrence of the Bridge Loans under the Bridge Loan Facility on the Closing Date will be subject only to the applicable conditions precedent set forth in Section 3 of the Commitment Letter, the
following paragraph and Exhibit C to the Commitment Letter. 

  

	 	Subject on the Closing Date to the Certain Funds Provision, (i) delivery of notice of borrowing (which shall contain no representations or warranties), and (ii) accuracy in all material respects of the
Specified Acquisition Agreement Representations and the Specified Representations. 

  

	 Representations and Warranties 
	 Customary for facilities and transactions of this type, taking into account the business, asset profile, size and customer concentration of the Acquired
Business and its strategic and operational requirements, the following (to 

  
 Exhibit A-7 

	 	 
be applicable to the Borrower and its subsidiaries): organization and qualification, status and powers; due authorization, execution, delivery and enforceability of the Bridge Loan Documents; no
conflicts; accuracy of financial statements, projections and other information; no material adverse effect; ownership of properties; intellectual property; equity interests and subsidiaries; litigation and compliance with laws (including laws
regulating the Borrower’s business and industry and other regulatory matters) and governmental approvals; organizational documents, contractual obligations and material agreements; federal reserve regulations; Investment Company Act of 1940, as
amended; use of proceeds; taxes; labor matters; solvency; employee benefit plans and ERISA; environmental matters; insurance; security documents and creation, validity, perfection and priority of security interests in the Collateral (subject to
permitted liens); acquisition documents; anti-terrorism laws, money laundering activities and dealing with embargoed persons (including, without limitation, FCPA, Patriot Act, Beneficial Ownership Regulation, OFAC/AML and other anti-terrorism and
export control laws); subject, in the case of certain of the foregoing representations and warranties, to “baskets”, exceptions and qualifications including for materiality to be mutually agreed upon. 

 

	 Affirmative Covenants 
	Customary for facilities and transactions of this type, taking into account the business, asset profile, size and customer concentration of the Acquired Business and its strategic and operational requirements, the following (to be applicable to
the Borrower and its subsidiaries): delivery of financial statements, annual budget, accountants’ letters, projections, officers’ certificates and other information; notices of default, litigation and other material events; existence;
maintenance of business and properties; maintenance of insurance; payment of taxes; employee benefits and ERISA; maintaining books and records; access to properties and inspections; use of proceeds; compliance with laws (including environmental laws
and other regulatory matters); environmental reports; additional collateral and additional guarantors; further assurances, including as to security; information regarding Collateral; regulatory matters; and maintenance of ratings (at no particular
level). The affirmative covenants will be subject to “baskets”, exceptions and qualifications including for materiality to be mutually agreed upon. 

  

	 Negative Covenants 
	 Customary for facilities and transactions of this type but in any case no less restrictive to the Borrower than the

  
 Exhibit A-8 

	 	 
negative covenants described in that certain Senior Secured Notes term sheet dated as of November 8, 2018, at 10:40 P.M. ET, and provided to you separately, and the business, asset profile, size
and customer concentration of the Acquired Business and its strategic and operational requirements (to be applicable to the Borrower and its subsidiaries); provided, that prior to the Bridge Loan Maturity Date, the liens, debt and restricted
payments covenants of the Bridge Loans may be more restrictive than is customary for high yield senior debt securities in a manner customary for bridge financings as reasonably agreed by the Arranger and the Borrower. For the avoidance of doubt, the
restricted payments covenant will permit the distribution of 100% of the proceeds of the Bridge Loans to be used as a portion of the Purchase Price. 

  

	 	The negative covenants will also include a maintenance covenant related to the maintenance and preservation of the Borrower’s bankruptcy remote status. 

 

	 	The negative covenants will be subject to exceptions, qualifications including as to materiality and “baskets” to be mutually agreed upon. 

 

	 Financial Maintenance Covenants 
	None. 

  

	 Events of Default; Remedies 
	Customary for facilities and transactions of this type, the following: nonpayment of principal when due; nonpayment of interest, fees or other amounts when due; inaccuracy of representations and warranties in any material respect; violation of
covenants; cross-default and cross-acceleration; bankruptcy and insolvency events; material judgments; ERISA events; and actual or asserted invalidity or impairment of guarantees, security documents, or any other Bridge Loan Documents (including the
failure of any lien on any material (defined in a manner to be agreed) portion of the Collateral to remain perfected with the priority required under the Bridge Loan Documents) or a material portion of the Collateral; subject to threshold, notice
and grace period provisions to be agreed. 

  

	 Voting 
	 Amendments and waivers with respect to the Bridge Loan Documents will require the approval of Lenders holding not less than a majority of the aggregate
principal amount of the Bridge Loans, Extended Term Loans or Exchange Notes, as the case may be (the “Required Lenders”), except that (i) the consent of each Lender directly affected thereby shall be required with
respect to (a) reductions in the amount or extensions of the final 

  
 Exhibit A-9 

	 	 
maturity of any Bridge Loan, Extended Term Loan or Exchange Note, as the case may be, or the reduction of the non-call period for any Exchange Note, as
applicable, (b) reductions in the rate of interest (other than a waiver of default interest) or any fee (including any prepayment fee) or other amount payable or extensions of any due date thereof, (c) increases in the amount or extensions
of the expiration date of any Lender’s commitment or (d) modifications to the assignment provisions of the Bridge Loan Documents that further restrict assignments thereunder and (ii) the consent of 100% of the Lenders shall be
required with respect to (a) reductions of any of the voting percentages or the pro rata provisions, (b) releases of all or substantially all of the value of the guarantees of the Guarantors or all or substantially all of the Collateral or
(c) alterations of (or additions to) the restrictions on the ability of Lenders to exchange Extended Term Loans for Exchange Notes, (d) modification of the rights to exchange Extended Term Loans into Exchange Notes or (e) assignments
by any party hereto of its rights or obligations under the Bridge Loan Facility. 

  

	 Transferability 
	Each holder of Bridge Loans will be free to (x) sell or transfer all or, subject to minimum amounts to be agreed, any part of its Bridge Loans to any third party (other than Disqualified Institutions and natural persons) with the consent of
the Administrative Agent (not to be unreasonably withheld) in compliance with applicable law, provided, that no such consent shall be required for any assignment by any holder of Bridge Loans to any of its affiliates, related funds or funds
managed by the same manager (provided that such holder shall give prompt written notice to the Administrative Agent and the Borrower of any such sale or transfer); provided that, prior to the Bridge Loan Maturity Date, unless a payment
or bankruptcy Event of Default has occurred and is continuing or there has been a Demand Failure (as defined in the Fee Letter), the Lenders may not assign more than 50% of the principal amount of the Bridge Loans without the consent of the Borrower
(not to be unreasonably withheld), (y) sell participations in all or a portion of the Bridge Loans (subject to customary voting restrictions), and (z) pledge any or all of the Bridge Loans in accordance with applicable law. 

 

	 Cost and Yield Protection 
	 Each holder of Bridge Loans will receive cost and interest rate protection customary for facilities and transactions of this type, including
compensation in respect of prepayments, taxes (including gross-up provisions for withholding taxes imposed by any 

  
 Exhibit A-10 

	 	 
governmental authority, subject to customary limitations), changes in capital requirements, guidelines or policies or their interpretation or application after the Closing Date (including, for
the avoidance of doubt (and regardless of the date adopted or enacted), with respect to (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations with respect thereto and (y) all requests, rules,
guidelines and directions promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any similar or successor agency, or the United States or foreign regulatory authorities, in each case, pursuant to Basel
III)), illegality, change in circumstances, reserves and other provisions deemed reasonably necessary by the Arranger to provide customary protection for U.S. and non-U.S. financial institutions and other
lenders. 

  

	 Expenses 
	The Borrower shall pay (i) all reasonable and reasonably documented out-of-pocket expenses of the Administrative Agent, the Collateral Agent and the Arranger
associated with the syndication of the Bridge Loan Facility and the preparation, negotiation, execution, delivery, filing and administration of the Bridge Loan Documents and any amendment or waiver with respect thereto (including fees and expenses
of counsel (which shall be a single firm of attorneys (and, in the case of an actual or perceived conflict of interest, of another firm of attorneys in each relevant jurisdiction) and if necessary, aviation counsel, and the fees and expenses of any
other independent experts retained by Jefferies after consultation with the Borrower), in each case to the Administrative Agent, the Collateral Agent, the Arranger and the Lenders, and the charges of IntraLinks, SyndTrak or a similar service) and
(ii) all reasonable and reasonably documented out-of-pocket expenses of the Administrative Agent, the Collateral Agent, the Arranger, any other agent appointed in
respect of the Bridge Loan Facility and the Lenders (including the fees, disbursements and other charges of external counsel and consultants) in connection with the enforcement of, or protection or preservation of rights under, the Bridge Loan
Documents. 

  

	 Indemnification 
	 The Bridge Loan Documents will contain customary indemnities to be mutually agreed for (i) the Arranger, the Collateral Agent, the Administrative
Agent and the Lenders, (ii) each affiliate of any of the foregoing persons and (iii) each of the respective officers, directors, partners, trustees, employees, affiliates, shareholders, advisors, agents, attorneys-in-fact and controlling persons 

  
 Exhibit A-11 

	 	 
of each of the foregoing persons referred to in clauses (i) and (ii) above (other than as a result of such person’s gross negligence, willful misconduct, or bad faith as determined by a
court of competent jurisdiction in a final and non-appealable ruling). 

  

	 Governing Law and Forum 
	State of New York. 

  

	 No Recourse 
	The Bridge Loan Documents will provide that there is (a) no recourse to the Parent or any of its subsidiaries other than the Borrower and its subsidiaries (the Parent and such subsidiaries, the “Restricted Group”)
and (b) no direct or indirect obligation by any member of the Restricted Group to (1) subscribe for additional equity in the Borrower or any of its subsidiaries or (2) maintain or preserve the financial condition of the Borrower or
any of its subsidiaries or to cause any of them to achieve any specified level of operating results. 

  

	 Counsel to the Arranger and the Administrative Agent 
	Latham & Watkins LLP 

 *    *    * 

  
 Exhibit A-12 

 EXHIBIT B TO COMMITMENT LETTER 

SUMMARY OF TERMS OF EXTENDED TERM LOANS 

AND EXCHANGE NOTES 

Set forth below is a summary of certain of the terms of the Extended Term Loans and the Exchange Notes and the documentation related
thereto. Capitalized terms used and not otherwise defined in this Exhibit B have the meanings set forth elsewhere in this Commitment Letter. 

Extended Term Loans 

On the Bridge Loan Maturity Date, so long as no Conversion Default has occurred and is continuing, the outstanding Bridge Loans will be
converted automatically into Extended Term Loans. The Extended Term Loans will be governed by the provisions of the Bridge Loan Documents and, except as expressly set forth below, will have the same terms as the Bridge Loans. 

 

	 Maturity 
	The Extended Term Loans will mature on the fourth anniversary of the Bridge Loan Maturity Date. 

  

	 Interest Rate 
	The Extended Term Loans will bear interest at a rate per annum (the “Interest Rate”) equal to the Total Cap. 

  

	 	Notwithstanding the foregoing, after the occurrence and during the continuation of (i) a payment or bankruptcy default or event of default, or (ii) upon the request of the Required Lenders, any other event of
default, interest will accrue on the Extended Term Loans at the then-applicable rate plus 2.0% per annum. 

  

	 Covenants and Events of Default 
	From and after the Bridge Loan Maturity Date, the covenants, defaults and events of default applicable to the Extended Term Loans will conform to those applicable to the Exchange Notes. 

  
 Exhibit B-1 

 Exchange Notes 

At any time on or after the Bridge Loan Maturity Date, upon five or more business days’ prior notice, the Extended Term Loans may, at the option of any
Lender, be exchanged for a principal amount of Exchange Notes equal to 100% of the aggregate principal amount of the Extended Term Loans so exchanged (plus any accrued interest thereon not required to be paid in cash). The Borrower will issue
Exchange Notes under an indenture (the “Indenture”). The Borrower will appoint a trustee reasonably acceptable to the Arranger. 
  

	 Maturity Date 
	The Exchange Notes will mature on the fourth anniversary of the Bridge Loan Maturity Date. 

  

	 Interest Rate 
	Each Exchange Note will bear interest at a rate per annum equal to the Total Cap. 

  

	 	Interest will be payable in arrears semi-annually in arrears. Default interest will be payable on demand. 

  

	 	Notwithstanding the foregoing, after the occurrence and during the continuation of a default or an event of default, interest will accrue on the Exchange Notes at the then-applicable rate plus 2.0% per annum.

  

	 Transferability 
	If the Extended Term Loans are converted to Exchange Notes, the Borrower, upon request by any holder of such Exchange Notes or the Administrative Agent, shall be required to ensure that such Exchange Notes are
DTC-eligible. 

  

	 	Each holder of Exchange Notes will have the right to transfer its Exchange Notes in whole or in part to an Eligible Holder. “Eligible Holder” will mean (a) an institutional “accredited investor”
within the meaning of Rule 501 under the Securities Act of 1933, as amended (the “Securities Act”), (b) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act, (c) a person acquiring the
Exchange Notes pursuant to an offer and sale occurring outside of the United States within the meaning of Regulation S under the Securities Act or (d) a person acquiring the Exchange Notes in a transaction that is, in the opinion of counsel
reasonably acceptable to the Borrower, exempt from the registration requirements of the Securities Act; provided that in each case such Eligible Holder represents that it is acquiring the Exchange Notes for its own account and that it is not
acquiring such Exchange Notes with a view to, or for offer or sale in connection with, any distribution thereof (within the meaning of the Securities Act) that would be in violation of the securities laws of the United States or any state thereof.

  
 Exhibit B-2 

	 Optional Redemption 
	Exchange Notes will be non-callable until the first anniversary of the Bridge Loan Maturity Date (subject to “equity clawback” provisions acceptable to the Arranger and a customary
“make-whole” premium calculated using a discount rate equal to the yield on comparable Treasury securities plus 50 basis points). Thereafter, each Exchange Note will be callable at par plus accrued interest plus a premium equal to
one half of the coupon on such Exchange Note, which premium shall decline ratably on each yearly anniversary of the Bridge Loan Maturity Date to zero on the date that is the third anniversary of the Bridge Loan Maturity Date. 

 

	 Defeasance Provisions 
	Customary defeasance provisions for offerings and transactions of this type to be mutually agreed. 

  

	 Modification 
	Customary modification provisions for offerings and transaction of this type to be mutually agreed. 

  

	 Change of Control 
	The Borrower will be required to repurchase the Exchange Notes following the occurrence of a “change of control” (to be defined in a manner to be agreed) at 101% of the outstanding principal amount thereof. 

 

	 Covenants 
	The Indenture will include covenants similar to those contained in indentures governing publicly traded high yield debt securities (but more restrictive in certain respects), to be mutually agreed. For the avoidance of doubt, there will be no
financial maintenance covenants. 

  

	 Events of Default 
	The Indenture will provide for events of default similar to those contained in indentures governing publicly traded high yield debt securities, to be mutually agreed. 

 

	 Registration Rights 
	None. 

  
 *    *    * 

	 	

  
 Exhibit B-3 

 EXHIBIT C TO COMMITMENT LETTER 

CLOSING CONDITIONS 

Capitalized terms used but not defined in this Exhibit C have the meanings assigned to them elsewhere in this Commitment Letter. The
closing of the Bridge Loan Facility and the making of the loans under the Bridge Loan Facility are conditioned only upon satisfaction of the conditions precedent contained in Section 3 of this Commitment Letter, the other
conditions set forth in Exhibit A to this Commitment Letter under the heading “Conditions Precedent” and those conditions below. For purposes of this Exhibit C, references to “we”,
“us” or “our” means Jefferies Finance, Jefco and their respective affiliates. 
 GENERAL CONDITIONS

 1. Concurrent Financings. Prior to, or substantially concurrently with, the making of the loans under the Bridge Loan Facility,
the Equity Contribution shall have been made substantially in the manner and in at least the amount set forth in the Transaction Summary which, together with the proceeds on the Closing Date from the Debt Financing, shall be sufficient to pay the
Purchase Price, the Refinancing and all related fees, commissions and expenses. The Definitive Debt Documents shall be prepared by our counsel, shall be consistent with the Debt Financing Letters and Exhibit A and this Exhibit C, shall
have been executed and delivered by the Borrower and the Guarantors to the Administrative Agent. The Collateral Agent, for the benefit of the Lenders under the Bridge Loan Facility and the other secured parties thereunder, shall have been granted
perfected first-priority (subject to permitted liens exceptions to be agreed) security interests in all or substantially all of the assets of the Borrower and the Guarantors to the extent described in Exhibit A to this Commitment Letter under
the caption “Collateral” in form and substance satisfactory to the Arranger; provided that this condition is subject to the Certain Funds Provision. 

2. Transactions. The Transactions (including the Acquisition) shall have been consummated or will be consummated substantially
concurrently with or immediately following the making of the Equity Contribution, the borrowing of the Bridge Loans (or the issuance of the Notes in lieu of the Bridge Loans) and the receipt by the Acquiror of the proceeds of the foregoing, and the
Target shall have become a wholly-owned bankruptcy-remote unrestricted subsidiary of the Borrower. The executed Stock Purchase Agreement, dated as of November 9, 2018 (together with the annexes, schedules, exhibits and attachments thereto, the
“Purchase Agreement”), among you, the Acquired Business and the Seller shall not have been amended or modified and no waiver thereof or any consent thereunder shall have become granted, in each case, in any
manner adverse to the interests of the Lenders or the Arranger in their respective capacities as such without the consent of the Arranger (it being understood and agreed that (1) any change in the provisions of the Purchase Agreement that
determine the amount of the consideration to be paid on the Closing Date which results in a change in the consideration to be paid on the Closing Date shall be deemed to be adverse to the interests of the Lenders and the Arranger, unless
(x) any increase in the amount of consideration is funded solely with an increase in the amount of the Equity Contribution, (y) any decrease in the amount of consideration does not exceed 10% of the consideration under the Purchase
Agreement on the date of the Commitment Letter (provided that, in the event of such a decrease, the amount of the Equity Contribution and Debt Financing shall be reduced on a no worse than pro rata basis (or, at the Borrower’s option, on
a non pro rata basis in favor of the Debt Financing) to give effect to such reduction in the amount of consideration to be paid) or (z) pursuant to the purchase price or similar adjustment provisions set forth in the Purchase Agreement,
(2) any change to the definition of “Material Adverse Effect” or any similar definition shall be deemed to be adverse to the interests of the Lenders and the Arranger, and (3) any modifications to any of the provisions relating
to the Administrative Agent’s, the Collateral Agent’s, the Arranger’s or any Lender’s 

  
 Exhibit C-1 

 
liability, jurisdiction or status as a third party beneficiary under the Purchase Agreement shall be deemed to be adverse to the interests of the Lenders and the Arranger), and the Acquisition
shall be consummated in accordance with the Purchase Agreement. 
 3. Refinancing of Existing Debt. Substantially concurrently with
the consummation of the Acquisition, the Refinancing of the indebtedness of the Acquired Business pursuant to (i) that certain Third Amended and Restated Credit Agreement, dated April 11, 2018, among the Target, as borrower, Wells Fargo
Bank, National Association, as administrative agent and lender, and Bank of America, N.A., as lender, as amended by (x) First Amendment to Third Amended and Restated Credit Agreement, dated June 4, 2018; and (y) Second Amendment to
Third Amended and Restated Credit Agreement, dated July 24, 2018; (ii) ISDA Master Agreement, dated April 28, 2004, between the Target and Wells Fargo Bank, National Association, as amended by (x) Amendment No. 1 to ISDA Master
Agreement, dated July 21, 2004, (y) Second Amendment to ISDA Master Agreement, dated November 8, 2011, and (z) Third Amendment to ISDA Master Agreement, dated May 15, 2015; (iii) that certain
Non-Negotiable Subordinated Promissory Note, dated January 21, 2015, payable by the Target to the Kathleen M. Hanel Revocable Living Trust Dated May 13, 1993; and (iv) that certain Promissory
Note for Split-Dollar Loan, dated February 28, 2014, by Gregory A. Damico, Trustee of the Lematta 2013 Irrevocable Trust, in favor of the Target. (collectively, the “Existing Debt”) shall have been consummated, and the
Arranger shall have received reasonably satisfactory evidence that all commitments relating thereto shall have been terminated and all liens or security interests related thereto shall have been terminated or released. After giving effect to the
Transactions, the Borrower and its subsidiaries shall have outstanding no indebtedness for borrowed money or preferred stock (or direct or indirect guarantee or other credit support in respect thereof) other than (i) the indebtedness in respect
of the Debt Financing (or the Notes in lieu of the Bridge Loan Facility), (ii) such other limited indebtedness as may be permitted pursuant to the Definitive Documentation. 

4. Financial Information. We shall have received (A) audited consolidated balance sheets and related statements of income or
operations (as applicable) and cash flows of (x) the Parent as of March 31, 2018 and March 31, 2017 and for the fiscal years ended March 31, 2018, March 31, 2017 and March 31, 2016 and (y) the Target as of
December 31, 2017 and December 31, 2016 and for the fiscal years ended December 31, 2017, December 31, 2016 and December 31, 2015 and (B) unaudited consolidated balance sheets and related statements of income or
operations (as applicable) and cash flows of the Parent and the Target for each subsequent interim quarterly period ended at least 45 days prior to the Closing Date (and the corresponding period for the prior fiscal year) after the most recent
fiscal period for which audited financial statements have been provided pursuant to clause (A) hereof, which such unaudited information described in this clause (B) shall have been reviewed by the auditors of the Parent and Target,
respectively and as appropriate, in accordance with Statement on Auditing Standards No. 100, “Interim Financial Information,” as published by the American Institute of Certified Public Accountants. 

5. Payment of Fees and Expenses. All costs, fees, expenses (including legal fees and expenses) and other compensation and amounts
contemplated by the Debt Financing Letters or otherwise payable to us on or prior to the Closing Date and that have been invoiced at least three business days prior to the anticipated Closing Date, the Lenders or any of our or their respective
affiliates, shall have been paid to the extent due. 
 6. Customary Closing Documents. The following documents required to be
delivered under the Definitive Debt Documents shall have been delivered: lien, litigation and tax searches (subject to the Certain Funds Provision), customary legal opinions, customary corporate records and good standing certificates and customary
closing date officers’ certificates as to the accuracy in all material respects of the Specified Acquisition Agreement Representations and the Specified Representations. Without limiting the foregoing, you shall also have delivered (a) at
least three business days prior to the Closing 

  
 Exhibit C-2 

 
Date (or such later date as may be agreed by the Arranger), to the extent requested at least ten business days prior to the Closing Date, all documentation and other information required by U.S.
regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation and (b) a certificate from the chief financial officer of
the Borrower in the form attached as Schedule A hereto certifying that the Borrower and its subsidiaries on a consolidated basis after giving effect to the Transactions are solvent. 

7. Consent Solicitation. The indenture relating to Parent’s 8.75% Senior Secured Notes Due 2023 shall have been amended to exclude
from the definition of “Excluded Assets” therein any proceeds, products, substitutions or replacements of the collateral set forth on Exhibit B to the Convertible Notes Commitment Letter. 

8. Convertible Notes. The Parent shall have issued and sold the Convertible Notes contemplated by the Convertible Notes Commitment
Letter in effect as of the date hereof. 
 9. Prior Marketing of Permanent Securities. With respect to the Bridge Loan Facility,
(a) you shall have retained one or more investment banks reasonably acceptable to the Arranger (the “Investment Banks”) to act as “initial purchasers” in a “Rule 144A-for-life offering” of Notes, (b) you shall deliver to the Investment Banks an offering memorandum (the “Offering Memorandum”) suitable for use in a customary roadshow
for high yield debt securities sold pursuant to Rule 144A, which Offering Memorandum shall include historical financial statements of Target, including “as adjusted” metrics to be mutually agreed (but in no event historical financial
statements other than those detailed in paragraph 4 above), business and other financial data and other information (including, but not limited to, “Management’s Discussion and Analysis of Financial Condition and Results of
Operations”) of the type required in a registered offering of non-convertible debt securities by Regulation S-X and Regulation
S-K under the Securities Act of 1933, as amended, subject to the following sentence, and in form and substance necessary for the Investment Banks to receive customary comfort letters (including “negative
assurance” comfort and pro forma comfort) from the Target’s independent accountants consistent with recent high yield debt securities transactions under Rule 144A (drafts of which comfort letters have been delivered to the Investment Banks
prior to commencement of the Marketing Period and which letters such accountants have indicated that they are prepared to deliver upon completion of customary procedures upon the pricing and closing of such offering of Notes) (together with the
Offering Memorandum, the “Required Bond Information”) and (c) you shall have provided the Investment Banks with a period (the “Marketing Period”) of at least 15 consecutive business days following
receipt of the Required Bond Information to seek to place the Notes with qualified purchasers thereof; provided, that the Marketing Period shall exclude (A) November 22 through November 26, 2018, January 21, 2019 and
February 18, 2019 (each, a “Black-Out Date”); and (B) if such 15 consecutive business day period shall not have fully elapsed on or prior to December 21, 2018, then such
period shall not commence any earlier than January 3, 2019; it is understood and agreed that any Black-Out Date after the commencement of the Marketing Period shall be disregarded for purposes of
calculating the 15 consecutive business days constituting the Marketing Period. For the avoidance of doubt, the Offering Memorandum will not be required to include segment reporting or consolidating and other financial statements or data required by
Rules 3-03(e), 3-09, 3-10 or 3-16 of Regulation
S-X (provided that data customarily included in an offering memorandum for a Rule 144A offering of Notes as to the total assets, revenue, EBITDA and adjusted EBITDA or comparable metrics reasonably acceptable
to the Investment Banks (including on a pro forma basis giving effect to the Transactions) of guarantor and non-guarantor subsidiaries shall be provided), CD&A and other information required by Item 402(b)
of Regulation S-K and information regarding executive compensation and related pension disclosure rules related to SEC Release Nos. 33-8732A, 34-54302A and IC-27444A or other information or financial data customarily excluded from an offering memorandum for a “Rule 144A Offering”. This condition will be
deemed satisfied if the Offering Memorandum excludes sections that would customarily be provided by the Investment Banks, which sections consist of the “Description of Notes” and “Plan of Distribution”, but is otherwise complete.

  
 Exhibit C-3 

 Notwithstanding the foregoing, the Marketing Period shall be deemed not to have commenced,
if prior to the completion of such 15 consecutive business day period, (A) any auditor shall have withdrawn its audit opinion with respect to any year end audited financial statements set forth in the Offering Memorandum, in which case the
Marketing Period shall not be deemed to commence unless and until a new unqualified audit opinion is issued with respect to such financial statements by the applicable auditor or another independent accounting firm reasonably acceptable to the
Arranger, (B) the financial statements included in the Offering Memorandum would be required to be updated under Rule 3-12 of Regulation S-X in order to be
sufficiently current on any day during such 15 consecutive business day period to permit a registration statement using such financial statements to be declared effective by the SEC on the last day of such 15 consecutive business day period, in
which case the Marketing Period shall not be deemed to commence until the receipt of updated financial information that would be required under Rule 3-12 of Regulation
S-X to permit a registration statement using such financial statements to be declared effective by the SEC on the last day of such new 15 consecutive business day period, and (C) the Target shall have
publicly announced any intention to restate any material financial information included in the Offering Memorandum or that any such restatement is under consideration, in which case the Marketing Period shall be deemed not to commence unless and
until such restatement has been completed or the Target has determined that no restatement shall be required. 
 If you shall in good faith
reasonably believe you have provided the Required Bond Information, you may deliver to the Arranger a written notice to that effect (stating when you believe you completed such delivery), in which case you shall be deemed to have provided the
Required Bond Information on the date specified in such notice and the Marketing Period shall be deemed to have commenced on the date specified in such notice unless the Arranger in good faith reasonably believes you have not completed the delivery
of such Required Bond Information and, within three business days after the delivery of such notice by you, delivers a written notice to you to that effect (stating with specificity which Required Bond Information you have not delivered). 

*    * 

  
 Exhibit C-4 

 SCHEDULE A TO EXHIBIT C 

TO COMMITMENT LETTER 

FORM OF SOLVENCY CERTIFICATE 

Reference is made to that certain Bridge Loan Agreement (the “Bridge Loan Agreement”) dated as of [●], by and
among the Borrower, the Lenders from time to time party thereto, Jefferies Finance LLC, as administrative agent and collateral agent and the other parties thereto. Capitalized terms used but not defined herein shall have the meaning given to such
terms in the Bridge Loan Agreement. The undersigned, [●], Chief Financial Officer of [                    ], a [Delaware] [corporation]
(the “Borrower”), solely in his capacity as Chief Financial Officer of the Borrower and not in any individual capacity, does herby certify pursuant to Section [    ] of the Bridge Loan Agreement as
follows: 
 Both immediately before and immediately after the consummation of the Transactions to occur on the Closing Date and immediately
following the making of the Loans on the Closing Date: 
  

	 	1.	 The fair value of the properties of the Borrower and its Subsidiaries, taken as a whole, will exceed their
consolidated debts and liabilities, subordinated, contingent or otherwise; 

  

	 	2.	 The present fair saleable values of the property of the Borrower and its Subsidiaries, taken as a whole, will
be greater than the amount that will be required to pay the probable liability of their consolidated debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured;

  

	 	3.	 The Borrower and its Subsidiaries, taken as a whole, will be able to pay their consolidated debts and
liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; 

  

	 	4.	 The Borrower and its Subsidiaries, taken as a whole, will not have unreasonably small capital with which to
conduct the business in which they are engaged as such business is now conducted and is proposed, contemplated or about to be conducted following the Closing Date; 

 

	 	5.	 The Borrower has not incurred (by way of assumption or otherwise) any obligation or liability (contingent or
otherwise) under the Definitive Debt Documents with actual intent to hinder, delay or defraud either present or future creditors of the Borrower and its Subsidiaries or any of their affiliates, as case may be; 

 

	 	6.	 In reaching the conclusions set forth in this Certificate, the undersigned has considered such facts,
circumstances and matters as the undersigned has deemed appropriate and has made such investigations and inquiries as the undersigned has deemed appropriate, having taken into account the nature of the particular business anticipated to be conducted
by the Borrower after consummation of the Transactions. 

 The undersigned understands that the Lenders are relying on the
truth and accuracy of contents of this Certificate in connection with the making of the Loans pursuant to the Bridge Loan Agreement. 

  
 Exhibit C-5 

 
			
	By:	 	  

		 	Name:
		 	Title: Chief Financial Officer

  
 Schedule C-6EX-10.3

 Exhibit 10.3 

Execution Version 

CONFIDENTIAL 

November 9, 2018 

CONVERTIBLE NOTES 

COMMITMENT LETTER 
 Bristow Group
Inc. 
 2103 City West Blvd., 4th Floor 
 Houston, Texas 77042

 Attention: L. Don Miller, Chief Financial Officer 

Re: Project Emerald 

Ladies and Gentlemen: 
 You have advised the
undersigned (“Investors”, “we” or “us”) that Bear Acquisition I, LLC, a Delaware limited liability company (the “Acquiror”), a newly-formed domestic
unrestricted subsidiary controlled by Bristow Group Inc. (the “Parent” and together with the Acquiror, “you”), intends to acquire (the “Acquisition”) directly, or
indirectly through one or more subsidiaries, all of the issued and outstanding capital stock of Columbia Helicopters, Inc., an Oregon corporation (the “Target” and, together with its subsidiaries, the “Acquired
Business”), from the existing shareholders of the Target (collectively, the “Seller”) and to refinance (together with any applicable prepayment premium or fee, with the commitments thereunder being terminated,
and all guarantees, liens and security interests in respect thereof being released) all of the existing indebtedness of the Acquired Business (collectively, the “Refinancing”). We understand that, in connection with the
Acquisition, you intend to directly or indirectly consummate the transactions described in the Transaction Summary attached as Annex A hereto (the “Transaction Summary”), and that the total purchase price for the
Acquisition (including fees, commissions and expenses and the Refinancing) (the “Purchase Price”) will be financed from the sources described therein. You and your subsidiaries (including, following the Acquisition, the
Target and its subsidiaries) are collectively referred to herein as the “Company.” As used in this Commitment Letter, the words “include,” “includes” and “including” shall be deemed to be
followed by the phrase “without limitation.” Capitalized terms used but not defined herein and defined in any annex or exhibit hereto have the meanings assigned to them in such exhibit. 

1. The Commitments. 
 In
connection with the foregoing, each Investor (either directly or through one of its affiliates) is pleased to advise you of its commitment, severally and not jointly, to purchase the principal amount set forth opposite its name on Schedule I
to this Commitment Letter of Convertible Senior Secured Notes with the terms set forth on Exhibit B to this Commitment Letter (the “Convertible Senior Secured Notes”); provided that each Investor
may, at its option by providing written notice to Parent not later than 5:00 p.m., New York City time, on December 14, 2018, reduce the principal amount of its commitment to an amount no lower than the reduced principal amount of its commitment
set forth on Schedule I. The Parent hereby agrees (the “Parent Obligation”) to sell to each Investor (either directly or through one of its affiliates) the principal amount set forth opposite its name on Schedule
I to this Commitment Letter of Convertible Senior Secured Notes (as such amount may be reduced in accordance with this Section 1) on the Closing Date and to cause Merger Sub 2 (as defined below) to issue to each
Investor its pro rata portion of the warrants described on Exhibit B. 

 The Investors’ commitments described in this Section 1 are
collectively referred to herein as the “Commitments.” Each Investor’s Commitment is its independent and several obligation, and no Investor shall be obligated with respect to any other Investor’s Commitment. The
performance by any Investor with respect to its Commitment is not subject to the performance by any other Investor of such other Investor’s Commitment. Each Investor’s Commitment is, in each case, on the terms and subject to the conditions
set forth in this letter (including the exhibits, schedules and annexes hereto, collectively, this “Commitment Letter”). The terms of this Commitment Letter are intended as an outline of certain of the material provisions of
the Convertible Senior Secured Notes, but do not include all of the terms and other provisions that will be contained in the definitive documents relating to the Convertible Note Financing (including the pledge agreement with respect to the Pledge
(as defined below) and the Merger Sub 2 warrants described below) which shall be prepared by our counsel based on the drafts most recently sent by our counsel to your counsel prior to execution of this Commitment Letter and which shall be negotiated
in good faith by the parties (collectively, the “Definitive Note Documents”); provided that there shall be no closing condition to the Convertible Senior Secured Notes contained in the Definitive Note Documents that is
not specifically set forth (x) in Section 2 hereof or (y) on Exhibit A to this Commitment Letter; and provided, further, that without limiting the foregoing the parties shall negotiate in good faith
to execute and deliver a definitive purchase agreement relating to the Convertible Senior Secured Notes, which shall include a transactional indemnity from the Parent to each Investor and otherwise shall contain terms no less favorable to Investors
than the terms set forth in the draft most recently sent by our counsel to your counsel prior to execution of this Commitment Letter (the “Securities Purchase Agreement”), on the last VWAP Trading Day of the Initial
Measurement Period (as defined in Exhibit B). Upon execution of the Securities Purchase Agreement, the agreement of each Investor to purchase the Convertible Senior Secured Notes and other terms and conditions set forth therein shall
supersede and replace the Commitment of such Investor and other terms and conditions set forth herein. Those matters that are not covered or made clear in this Commitment Letter are subject to mutual agreement of the parties hereto. No party hereto
has been authorized by us to make any oral or written statements or representations that are inconsistent with the Commitment Letter. Each of the parties hereto agrees that this Commitment Letter is a binding and enforceable agreement with respect
to the subject matter contained herein, and the parties agree to negotiate in good faith the Definitive Note Documents in a manner consistent with this Commitment Letter, it being acknowledged and agreed that the Commitments provided hereunder are
subject to conditions precedent as provided herein. 
 2. Conditions Precedent. The Commitment of each Investor to purchase
Convertible Senior Secured Notes on the Closing Date is conditioned solely upon satisfaction or waiver by each Investor of each of the following conditions: (i) the Specified Representations (as defined below) shall be true and correct in all
material respects as of the date such Specified Representations are made and as of the closing date for the Convertible Senior Secured Notes (after giving effect to the Acquisition), and (ii) the other conditions referred to on Exhibit
A. The Parent Obligation is conditioned solely upon consummation of the Acquisition and, unless each Investor has waived the Consent Solicitation Condition, the Consent Solicitation Condition. In the event each Investor has waived the Consent
Solicitation Condition, any proceeds, products, substitutions or replacements of the Merger Sub 2 capital stock shall be excluded from the Collateral, notwithstanding any other provision of this Commitment Letter. Parent will use its commercially
reasonable efforts to commence on November 13, 2018 a consent solicitation to satisfy the Consent Solicitation Condition and will use its commercially reasonable efforts to satisfy the Consent Solicitation Condition. 

For purposes hereof, “Specified Representations” means the representations and warranties set forth in the Definitive
Note Documents relating to corporate or other organizational existence of the 

  
 2 

 
Parent and Merger Sub 2, organizational power and authority of the Parent and Merger Sub 2 (as to execution, delivery and performance of the applicable Definitive Note Documents), the due
authorization, execution, delivery and enforceability of the applicable Definitive Note Documents as to the Parent and Merger Sub 2, the due authorization, execution, delivery and enforceability of the warrants as to the Target, the legality, due
authorization and reservation of the maximum number of shares of the Parent’s common stock that are issuable upon conversion of the Convertible Senior Secured Notes as to the Parent (assuming the requisite stockholder approval contemplated in
Exhibit B is obtained, all Convertible Senior Secured Notes are settled by physical settlement and the maximum number of shares of the Parent’s common stock issuable in connection with a make-whole fundamental change are issued), the
legality, due authorization and reservation of the maximum number of shares of the Target’s common stock that are issuable upon exercise of the warrants as to the Target, solvency of the Parent and its subsidiaries on a consolidated basis on
the Closing Date after giving effect to the Transactions, no conflicts of the Definitive Note Documents with charter documents, material laws or material agreements, the Patriot Act, Beneficial Ownership Regulation, use of proceeds not violating the
(i) FCPA, (ii) OFAC/AML and (iii) other anti-terrorism laws, the accuracy, completeness and timeliness of all documents required to be filed by the Company under the Securities Exchange Act of 1934 or the Securities Act of 1933, the
listing of the shares of the Parent’s common stock that are issuable upon conversion of the Convertible Senior Secured Notes, the Investment Company Act, and the creation, validity, perfection and priority of security interests on the
Collateral (as defined below). 
 3. Clear Market. You agree that, from the date hereof until the earlier of (a) the date on
which the Commitments are terminated in accordance with Section 13 of this Commitment Letter or (b) the date on which the Acquisition is consummated (the “Closing
Date”), you will not, and you will use your commercially reasonable efforts not to permit the Acquired Business or any of your or its respective affiliates to, directly or indirectly, (i) syndicate, place, sell or
issue, (ii) attempt or offer to syndicate, place, sell or issue, (iii) announce or authorize the announcement of the syndication, placement, sale or issuance of, or (iv) engage in discussions concerning the syndication, placement,
offering, sale or issuance of, (x) any debt facility, or debt, equity-linked or equity security of the Acquired Business or any of its subsidiaries and/or (y) any debt facility, debt security, equity-linked or equity security of the Parent
(in each case, other than (1) ordinary course capital leases, letters of credit and purchase money and equipment financings, aircraft leases transactions and debt financings in connection therewith (including, without limitation, sale and
leaseback transactions) by the Parent and its affiliates other than in connection with the Acquired Business, (2) the Debt Financing described in the Transaction Description, the refinancing of the Debt Financing and the offering of the
Convertible Senior Secured Notes contemplated hereby (including the offering of Convertible Senior Secured Notes in the principal amount of any reduction in an Investors Commitment contemplated hereby to third parties), (3) debt permitted to be
incurred by the Acquired Business pursuant to the Purchase Agreement and (4) a working capital revolving debt facility at the Acquired Business or any of its subsidiaries entered after the issuance of the Convertible Senior Secured Notes in an
amount not to exceed $20.0 million (including after giving effect to any consent by you or any of your affiliates to any such incurrence after the date hereof that you determine that you or any of your affiliates are required to give pursuant
to the terms of the Purchase Agreement)), including any renewals or refinancings of any Existing Debt, without our prior written consent, which may be given or withheld in our sole discretion. 

4. Fees and Expenses. Each of the parties to this Commitment Letter will bear and pay all costs and expenses incurred by it or on its
behalf in connection with the transactions contemplated hereby, except that you shall pay, upon the execution of this Commitment Letter, the fees and expenses of counsel for the Investors in an amount not to exceed $250,000. 

5. Indemnification and Waivers. As consideration for the Commitments and our other undertakings hereunder, you agree to indemnify each
Investor, its Representatives and its affiliates 

  
 3 

 
(collectively, “Indemnified Parties”) from, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations, litigation or
inquiries), demands, and causes of action, and, in connection therewith, and promptly upon demand, pay or reimburse each of them for all costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever (including the reasonable fees
and disbursements of counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them), whether or not
involving a Third-Party Claim, as a result of, arising out of, or in any way related to the transactions contemplated by this Commitment Letter, except to the extent resulting from the bad faith of such Investor or its Indemnified Parties. No
Indemnified Party shall be entitled to recover (i) any exemplary, punitive or speculative damages under this Commitment Letter or (ii) any special, indirect, consequential, incidental damages or lost profits under this Commitment Letter,
except (x) in the case of clause (ii), to the extent any such damages or lost profits would otherwise be recoverable under New York law in an action for breach of contract or (y) in the case of clause (i) or clause (ii), any such
damages or lost profits arising from a breach of this Commitment Letter that are payable in respect of Third Party Claims. As used herein, (i) “Representatives” means, with respect to a specified Investor, the investors,
officers, directors, managers, employees, agents, advisors, counsel, accountants, investment bankers and other representatives of such Investor and (ii) “Third Party Claims” means any indemnifiable claim hereunder, or the
commencement of any action, suit or proceeding by a third person, which any Indemnified Party believes in good faith is an indemnifiable claim under this Commitment Letter. 

6. Confidentiality. This Commitment Letter is delivered to you on the understanding that neither the existence of this Commitment
Letter nor any of its terms or substance will be disclosed by you, directly or indirectly, to any other person or entity except (a) as required by applicable law or compulsory legal process (in which case you agree to inform us promptly
thereof, to the extent lawfully permitted to do so, and to cooperate with us in securing a protective order in respect thereof to the extent lawfully permitted to do so), (b) to your officers, directors, employees, attorneys, accountants and
advisors on a confidential and need-to-know basis and only in connection with the Transactions, (c) the existence of this Commitment Letter, including the aggregate
amount of the Commitment but not the amount of each Investor’s several Commitment, may be disclosed (but not the contents of this Commitment Letter) to rating agencies in connection with their review of the Convertible Senior Secured Notes or
the Acquired Business, (d) the information contained in this Commitment Letter, including the aggregate amount of the Commitment but not the amount of each Investor’s several Commitment, may be disclosed in the Confidential Information
Memorandum or in connection with the syndication of the Bridge Loan Facility, (e) this Commitment Letter may be disclosed to the Acquired Business, the Seller and their respective officers, directors, employees, attorneys, accountants and
advisors, in each case on a confidential and need-to-know basis and only in connection with the Transactions, and (f) you may disclose this Commitment Letter and
its contents, including the aggregate amount of the Commitment but not the amount of each Investor’s several Commitment, in any information memorandum or syndication distribution or offering memorandum related to the Notes or other debt
financing, as well as in any proxy statement or other public filing relating to the Acquisition or the Bridge Loan Facility. 
 We hereby
acknowledge the existence of the Confidentiality Agreement between the Parent and the Investor. The Confidentiality Agreement shall continue to be in full force and effect, pursuant to the terms and conditions thereof. 

Notwithstanding anything herein to the contrary, you and we (and any of your and our respective employees, representatives or other agents)
may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by the Commitment Letter and all materials of any kind (including opinions or other tax analyses) that are
provided to you or us relating to such tax treatment and tax structure, except that (i) tax treatment and tax structure shall not include the 

  
 4 

 
identity of any existing or future party (or any affiliate of such party) to the Commitment Letter, and (ii) neither you nor we shall disclose any information relating to such tax treatment
and tax structure to the extent nondisclosure is reasonably necessary in order to comply with applicable securities laws. For this purpose, the tax treatment of the transactions contemplated by the Commitment Letter is the purported or claimed U.S.
federal income tax treatment of such transactions and the tax structure of such transactions is any fact that may be relevant to understanding the purported or claimed U.S. federal income tax treatment of such transactions. 

7. Timely Disclosure. Notwithstanding anything herein to the contrary, on or before 8:30 a.m. eastern standard time on the date of this
Commitment Letter, the Company shall issue a publicly available press release or file with the Securities and Exchange Commission a Current Report on Form 8-K disclosing all material terms of the Acquisition,
the transactions set forth in the Transaction Summary and this Commitment Letter, including the aggregate amount of the Commitment but not the amount of each Investor’s several Commitment. Upon the release of such press release or Current
Report on Form 8-K, the Parent hereby confirms that the Investors will no longer possess any material non-public information concerning the Parent, the Acquired
Business, the transactions set forth in the Transaction Summary or the Transaction contemplated by this Commitment Letter. The Parent also hereby acknowledges that the Investors will not receive any material
non-public information after the release of such press release of Current Report on Form 8-K and that the Investors disclaim any duty to refrain from transacting in the
securities of the Parent following such release. 
 8. Conflicts of Interest; Absence of Fiduciary Relationship. You acknowledge and
agree that: 
 (a) Each Investor and/or its affiliates and subsidiaries (each, an “Investor Group”),
in its and their respective capacities as principal or agent are involved in a wide range of commercial banking and investment banking activities globally (including investment advisory, asset management, research, securities issuance, trading, and
brokerage) from which conflicting interests or duties may arise and, therefore, conflicts may arise between (i) any Investor Group’s interests and duties hereunder and (ii) the duties or interests or other duties or interests of
another member of such Investor Group, 
 (b) Each Investor and any other member of its Investor Group may, at any time, (i) provide
services to any other person, (ii) engage in any transaction (on its own account or otherwise) with respect to you or any member of the same group as you or (iii) act in relation to any matter for any other person whose interests may be
adverse to you or any member of your group (a “Third Party”), and may retain for its own benefit any related remuneration or profit, notwithstanding that a conflict of interest exists or may arise and/or any member of its
Investor Group is in possession or has come or comes into possession (whether before, during or after the consummation of the transactions contemplated hereunder) of information confidential to you; provided that such confidential information
shall not be used by us or any other member of an Investor Group in entering into any transaction with (for its own account or otherwise), or performing services for or providing advice to, any Third Party. You accept that permanent or ad hoc
arrangements/information barriers may be used between and within any Investor’s divisions or divisions of other members of any Investor Group for this purpose and that locating directors, officers or employees in separate workplaces is not
necessary for such purpose, 
 (c) Information that is held elsewhere within any Investor or any Investor Group, but of which none of the
individual directors, officers or employees having primary responsibility for the consummation of the transactions contemplated by this Commitment Letter actually has knowledge (or can properly obtain knowledge without breach of internal
procedures), shall not for any purpose be taken into account in determining any Investor’s responsibilities to you hereunder, 

  
 5 

 (d) Neither any Investor nor any other member of any Investor Group shall have any duty to
disclose to you, or utilize for your benefit, any non-public information acquired in the course of providing services to any other person, engaging in any transaction (on its own account or otherwise) or
otherwise carrying on our or its business, 
 (e) (i) Neither we nor any of our affiliates have assumed any advisory responsibility or any
other obligation in favor of the Company or any of its affiliates, (ii) we and our affiliates, on the one hand, and the Company and its affiliates, on the other hand, have an arm’s-length business
relationship that does not directly or indirectly give rise to, nor does the Company or any of its affiliates rely on, any fiduciary duty on the part of us or any of our affiliates and (iii) each Investor is (and is affiliated with) full
service financial firms and as such may effect from time to time transactions for its own account or the account of customers, and hold long or short positions in debt, equity-linked or equity securities or loans of companies that may be the subject
of the transactions contemplated by this Commitment Letter (and, in particular, we and any other member of any Investor Group may at any time hold debt or equity securities for its own account in the Company). With respect to any securities and/or
financial instruments so held by us, any of our affiliates or any of our respective customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of such rights, in its
sole discretion. You hereby waive and release, to the fullest extent permitted by law, any claims you have, or may have, with respect to (i) any breach or alleged breach of fiduciary duty (and agree that no Investor shall have any liability
(whether direct or indirect) to you in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of you, including your stockholders, employees or creditors) or (ii) any conflict of
interest arising from such transactions, activities, investments or holdings, or arising from our failure or the failure of any of our affiliates to bring such transactions, activities, investments or holdings to your attention, and 

(f) Neither any Investor nor any of its affiliates are advising you as to any legal, tax, investment, accounting or regulatory matters in any
jurisdiction. You shall consult with your own advisors concerning such matters and shall be responsible for making your own independent investigation and appraisal of the transactions contemplated by this Commitment Letter, and neither any Investor
nor any of its affiliates shall have responsibility or liability to you with respect thereto other than as expressly set forth herein. Any review by any Investor, or on its behalf, of the Company, the Transactions, the other transactions
contemplated by this Commitment Letter Letter or other matters relating to such transactions will be performed solely for such Investor’s benefit and shall not be on behalf of you or any of your affiliates. 

9. Choice of Law; Jurisdiction; Waivers. The Commitment Letter, and any claim, controversy or dispute arising under or related to the
Commitment Letter (whether based upon contract, tort or otherwise), shall be governed by, and construed in accordance with, the laws of the State of New York without regard to conflict of law principles (other than sections 5-1401 and 5-1402 of the New York General Obligations Law). To the fullest extent permitted by applicable law, you and we hereby irrevocably submit to the exclusive
jurisdiction of any New York State court or Federal court sitting in the County of New York and the Borough of Manhattan in respect of any claim, suit, action or proceeding arising out of or relating to the provisions of any Commitment Letter and
irrevocably agree that all claims in respect of any such claim, suit, action or proceeding may be heard and determined in any such court and that service of process therein may be made by certified mail, postage prepaid, to their respective
addresses set forth above; provided that suit for the recognition or enforcement of any judgment obtained in any such New York State or Federal court may be brought in any other court of competent jurisdiction. You and we hereby waive, to the
fullest extent permitted by applicable law, any objection that you or we may now or hereafter have to the laying of venue of any such claim, suit, action or proceeding brought in any such court, and any claim that any such claim, suit, action or
proceeding brought in any such court has been brought in an inconvenient forum. You and we hereby waive, to the fullest extent permitted by 

  
 6 

 
applicable law, any right to trial by jury with respect to any claim, suit, action or proceeding (whether based upon contract, tort or otherwise) arising out of or relating to the Commitment
Letter, any of the Transactions or any of the other transactions contemplated hereby or thereby. The provisions of this Section 9 are intended to be effective upon the execution of this Commitment Letter without any further
action by you, and the introduction of a true copy of this Commitment Letter into evidence shall be conclusive and final evidence as to such matters. 

10. Miscellaneous. 
 (a)
This Commitment Letter may be executed in one or more counterparts, each of which will be deemed an original, but all of which taken together will constitute one and the same instrument. Delivery of an executed signature page of this Commitment
Letter by facsimile, PDF or other electronic transmission will be effective as delivery of a manually executed counterpart hereof. 
 (b)
You may not assign any of your rights, or be relieved of any of your obligations, under this Commitment Letter without our prior written consent, which may be given or withheld in our sole discretion (and any purported assignment without such
consent, at our sole option, shall be null and void). Each Investor may at any time and from time to time assign all or any portion of its Commitment hereunder to one or more of its affiliates or any funds managed by the same manager and, with your
consent, which may be given or withheld in your sole discretion, to any other assignee (each, an “Assignee”), whereupon it shall be released from the portion of its Commitment hereunder so assigned; provided that, in
the event of an assignment to an Assignee that is not an affiliate, such assignment shall not relieve such Investor of our obligation to fund on the Closing Date the portion of its Commitment so assigned to the extent such assignee fails, upon
satisfaction or waiver by us of all conditions to such assignee making its initial extension of credit on the Closing Date, to fund such assigned Commitments on the Closing Date. Any and all obligations of, and services to be provided by, us
hereunder (including the Commitments) may be performed, and any and all of our rights hereunder may be exercised, by or through any of our affiliates, branches or any funds managed by the same manager and we reserve the right to allocate, in whole
or in part, to our affiliates, branches or any funds managed by the same manager certain fees payable to us in such manner as we and our affiliates may agree in our and their sole discretion. 

(c) This Commitment Letter has been and is made solely for the benefit of you and us and your, our and their respective successors and
permitted assigns, and nothing in this Commitment Letter, expressed or implied, is intended to confer or does confer on any other person or entity any rights or remedies under or by reason of this Commitment Letter or your and our agreements
contained herein. 
 (d) The Commitment Letter set forth the entire understanding of the parties hereto as to the scope of the Commitments
and our obligations hereunder and thereunder. The Commitment Letter supersedes all prior understandings and proposals, whether written or oral, between us and you relating to any financing or the transactions contemplated hereby and thereby. 

(e) Notwithstanding anything in Section 6 to the contrary, you agree that we or any of our affiliates may make
customary disclosures of information about the Transactions to market data collectors and similar service providers to the financing community, following consummation of the Transactions. 

(f) We hereby notify you and, upon its becoming bound by the provisions hereof, each other party hereto, that pursuant to the requirements of
the USA PATRIOT Improvement and Reauthorization Act, Pub. L. 109-177 (signed into law March 9, 2006) (as amended from time to time, the “Patriot Act”), we and each Assignee may be required to
obtain, verify and record information that 

  
 7 

 
identifies the Parent, which information includes the name, address, tax identification number and other information regarding the Parent that will allow us or such Assignee to identify the
Parent in accordance with the Patriot Act. This notice is given in accordance with the requirements of the Patriot Act and is effective as to us and each Assignee. You agree that we shall be permitted to share any or all such information with the
Assignees. 
 11. Amendment; Waiver. This Commitment Letter may not be modified or amended except in a writing duly executed by the
parties hereto. No waiver by any party of any breach of, or any provision of, this Commitment Letter shall be deemed a waiver of any similar or any other breach or provision of this Commitment Letter at the same or any prior or subsequent time. To
be effective, a waiver must be set forth in writing signed by the waiving party and must specifically refer to this Commitment Letter and the breach or provision being waived. 

12. Surviving Provisions. Notwithstanding anything to the contrary in this Commitment Letter: (i) Sections 4 to and
including 12 hereof and the last sentence of Section 13 hereof shall survive the expiration or termination of this Commitment Letter, regardless of whether the Definitive Note Documents have been executed and
delivered or the Transactions consummated, and (ii) Sections 4 and to and including 11 hereof shall survive execution and delivery of the Definitive Note Documents and the consummation of the Transactions. 

13. Acceptance, Expiration and Termination. Please indicate your acceptance of the terms of the Commitment Letter by returning to us
executed counterparts of the Commitment Letter not later than 6:00 a.m., New York City time, on November 9, 2018 (the “Deadline”). The Commitment Letter is conditioned upon your contemporaneous execution and delivery to
us, and the contemporaneous receipt by us, of executed counterparts of the Commitment Letter on or prior to the Deadline. This Commitment Letter will expire at such time in the event that you have not returned such executed counterparts to us by
such time. Thereafter, except with respect to any provision that expressly survives pursuant to Section 12, this Commitment Letter will terminate automatically on the earliest of (i) the date of termination of the
Purchase Agreement, (ii) the acceptance by the Target or any of its affiliates (or any of their respective equityholders) of an offer for all or any substantial part of the capital stock or property and assets of the Acquired Business (or any
parent company thereof) other than as part of the Transactions, (iii) the execution of the Securities Purchase Agreement, (iv) the failure to timely meet the Consent Solicitation Condition set forth on Exhibit A and (v) 5:00 p.m., New York
City time, on the Termination Date (as defined in the Purchase Agreement on the date hereof). As provided in Exhibit B, interest on the Convertible Senior Secured Notes that are issued on the Closing Date will accrue from the date of this Commitment
Letter. If this Commitment Letter is terminated other than as a result of the execution of the Securities Purchase Agreement, or if the Securities Purchase Agreement is executed but is subsequently terminated without the Convertible Senior Secured
Notes being issued, the Parent agrees to pay each Investor interest on the “Commitment Principal Amount of Convertible Senior Secured Notes” with respect to such Investor as indicated on Schedule I at the interest rate applicable to the
Convertible Senior Secured Notes, as indicated on Exhibit B, from and including the date of this Commitment Letter to but excluding the date of such termination, such interest payment to be paid on the date of such termination. 

[Remainder of page intentionally blank] 

  
 8 

 We are pleased to have the opportunity to work with you in connection with this important
financing. 
  

					
	Very truly yours,
	
	1992 MSF INTERNATIONAL LTD.
	
	By: Highbridge Capital Management LLC,
	as Trading Manager
		
	By:	 	 /s/ Jonathan Segal

		 	Name:	 	Jonathan Segal
		 	Title:	 	Managing Director
	
	1992 TACTICAL CREDIT MASTER FUND, L.P.
	
	By: Highbridge Capital Management LLC,
	as Trading Manager
		
	By:	 	 /s/ Jonathan Segal

		 	Name:	 	Jonathan Segal
		 	Title:	 	Managing Director

  
 [Signature Page to
Convertible Notes Commitment Letter] 

 We are pleased to have the opportunity to work with you in connection with this important
financing. 
  

					
	Very truly yours,
	
	ARISTEIA CAPITAL L.L.C.
	Solely in its Capacity as Investment Manager to Underlying Funds
		
	By:	 	 /s/ William R. Techar

		 	Name:	 	William R. Techar
		 	Title:	 	 Manager
 Aristeia Capital,
L.L.C.

		
	By:	 	 /s/ Andrew B. David

		 	Name:	 	Andrew B. David
		 	Title:	 	 Chief Operating Officer

Aristeia Capital, L.L.C.

  
 [Signature Page to
Convertible Notes Commitment Letter] 

 We are pleased to have the opportunity to work with you in connection with this important
financing. 
  

					
	Very truly yours,
	
	WHITEBOX ASYMMETRIC PARTNERS, LP
		
	By:	 	 /s/ Mark Strefling

		 	Name:	 	Mark Strefling
		 	Title:	 	Partner & CEO
	
	WHITEBOX CREDIT PARTNERS, LP
		
	By:	 	 /s/ Mark Strefling

		 	Name:	 	Mark Strefling
		 	Title:	 	Partner & CEO
	
	WHITEBOX GT FUND, LP
		
	By:	 	 /s/ Mark Strefling

		 	Name:	 	Mark Strefling
		 	Title:	 	Partner & CEO
	
	WHITEBOX MULTI-STRATEGY PARTNERS, LP
		
	By:	 	 /s/ Mark Strefling

		 	Name:	 	Mark Strefling
		 	Title:	 	Partner & CEO
	
	WHITEBOX RELATIVE VALUE PARTNERS, LP
		
	By:	 	 /s/ Mark Strefling

		 	Name:	 	Mark Strefling
		 	Title:	 	Partner & CEO
	
	PANDORA SELECT PARTNERS, LP
		
	By:	 	 /s/ Mark Strefling

		 	Name:	 	Mark Strefling
		 	Title:	 	Partner & CEO

  
 [Signature Page to
Convertible Notes Commitment Letter] 

 Accepted and agreed to as of the 

date first above written: 
  

			
	BRISTOW GROUP INC.
		
	By:	 	 /s/ L. Don Miller

		 	Name: L. Don Miller
		 	 Title:   Senior Vice President and
  Chief Financial
Officer

  
 [Signature Page to
Convertible Notes Commitment Letter] 

 ANNEX A TO COMMITMENT LETTER 

TRANSACTION SUMMARY: PROJECT EMERALD 

Capitalized terms used but not defined in this Transaction Summary shall have the meanings set forth in the other Exhibits and Annexes to the
Commitment Letter to which this Transaction Summary is attached (the “Commitment Letter”). In the case of any such capitalized term that is subject to multiple and differing definitions, the appropriate meaning thereof in
this Transaction Summary shall be determined by reference to the context in which it is used. 
 Bristow Group Inc. (the
“Parent”) and its newly formed wholly owned bankruptcy remote domestic subsidiary Bear Acquisition I, LLC, a Delaware limited liability company (“Merger Sub 1”), (which will be designated substantially
simultaneously with its formation as an “unrestricted subsidiary” under the documents governing the Parent’s applicable outstanding indebtedness and which shall have been created as a bankruptcy remote subsidiary) have entered into a
Stock Purchase Agreement (the “Purchase Agreement”) to acquire (the “Acquisition”) all of the issued and outstanding capital stock of Columbia Helicopters, Inc., an Oregon corporation (the
“Target”), from the existing shareholders of the Target (collectively, the “Sellers”) and to refinance (together with any applicable prepayment premium or fee, with the commitments thereunder being
terminated, and all guarantees, liens and security interests in respect thereof being released) all of the indebtedness of the Acquired Business (the “Existing Debt”). In connection therewith, it is intended that: 

(a) Prior to the Closing Date, Merger Sub 1 will issue and sell senior secured notes (the “Notes”) in a Rule 144A or
other private placement in an amount equal to the amount of the Bridge Loan Facility described in the Summary of Terms of the Bridge Loan Facility attached as Exhibit A to the commitment letter relating thereto entered into on the date of the
Purchase Agreement or in such lesser amount as Merger Sub 1 shall determine in its sole discretion prior to the launch of the syndication of the Bridge Loan Facility; to the extent that less than the full amount of the Notes are obtained on or prior
to the Closing Date, Merger Sub 1 (including its successor) will borrow up to the difference in Bridge Loans (as defined in the commitment letter relating to the Bridge Loan Facility). Prior to or contemporaneously with any sale and issuance of
Notes, the Parent shall have made a cash capital contribution to Merger Sub 1 (the “Accrued Interest Escrow”) at least equal to interest that would accrue on the Notes from the date of issuance to the last possible date of
the Acquisition (the “Deadline”); such amount, together with the proceeds of the Notes, shall be deposited in an escrow (such funds, the “Escrowed Funds”). If the Acquisition occurs on or before the
Deadline, the Escrowed Funds shall be released to Merger Sub 1 (including its successor); the Notes will be subject to mandatory redemption (funded by the Escrowed Funds) if the Acquisition has not occurred by the Deadline. 

(b) On the Closing Date, the Parent will issue and sell up to $150,000,000 of Convertible Senior Secured Notes, and the Parent will use
(1) cash approximately in the amount of $25,000,000 less the Accrued Interest Escrow and (2) the proceeds of the Convertible Notes to capitalize Bear Acquisition II, Inc., a Delaware corporation (including its successors,
“Merger Sub 2”), another newly formed wholly owned bankruptcy remote domestic subsidiary of the Parent which will be designated substantially simultaneously with its formation as an “unrestricted subsidiary” under
the documents governing the Parent’s applicable outstanding indebtedness and which shall have been created as a bankruptcy remote subsidiary; such capitalization will consist of Merger Sub 2 capital stock and Merger Sub 2 warrants, with the
warrants exercisable in the event of the Parent’s bankruptcy. The Convertible Senior Secured Notes will be convertible into the Parent’s common stock and will be secured by a pledge (the “Pledge”) of all of the
Merger Sub 2 capital stock and any proceeds, products, substitutions or replacements thereof (the “Collateral”). The Parent will issue Parent common stock with a value (as determined in accordance with the Purchase Agreement)
of approximately $67,000,000 to the Sellers as part of the consideration for the Target stock, with the result that such Target stock will be in the name of Merger Sub 2. 

 (c) Certain employees of the Target will be entitled to phantom awards from the Target as a
result of the change of control effected by the Acquisition. Merger Sub 1 has agreed to cause the Parent to pay and discharge all of such awards; certain of such employees has agreed to use a portion of such employees’ award to purchase
approximately $10,000,000 of Parent common stock (valued as per the Purchase Agreement). 
 (d) On the Closing Date: 

 

	 	a.	 the Escrowed Funds shall be released from escrow; 

 

	 	b.	 Merger Sub 1 shall merge into Merger Sub 2, with Merger Sub 2 as the survivor; 

 

	 	c.	 Merger Sub 2 shall acquire all of the Target’s issued and outstanding capital stock from the Sellers for
Parent common stock (as described in clause (c) above) and cash; 

  

	 	d.	 Merger Sub 2 shall merge into the Target, with the Target as the survivor, and upon such merger the Target
shall become an “unrestricted subsidiary” under the documents governing the Parent’s applicable outstanding indebtedness; 

  

	 	e.	 Concurrently with the merger of Merger Sub 2 into the Target, the Target shall be redomiciled in Delaware and
its organizational documents shall be amended to reflect the bankruptcy remote features corresponding to those in the organizational documents for Merger Sub 2; 

 

	 	f.	 the Existing Debt shall be repaid, together with any applicable prepayment premium or fee, with the commitments
thereunder being terminated and all guarantees, liens and security interests in respect thereof being released (collectively, the “Refinancing”); 

 

	 	g.	 the Target shall assume the obligations under all outstanding Notes and/or Bridge Loans; 

 

	 	h.	 certain subsidiaries of the Target shall guarantee all of the outstanding Notes and/or Bridge Loans;

  

	 	i.	 the Merger Sub 2 warrants shall become warrants for Target capital stock, issued to the Investors, to be
exercisable for the percentage of the outstanding Target capital stock set forth in Exhibit B to the Commitment Letter (after giving effect to the exercise of the warrants), and the pledge of Merger Sub 2 capital stock and any proceeds, products,
substitutions or replacements thereof to secure the Convertible Notes will become a pledge of all of the Target capital stock and any proceeds, products, substitutions or replacements thereof; and 

 

	 	j.	 all fees, premiums, expenses and other transaction costs incurred in connection with the Transactions (the
“Transactions Costs”) will be paid. 

 The issuance of the Notes and/or the borrowing of the
Bridge Loans is referred to as the “Debt Financing”, the issuance of the Convertible Senior Secured Notes is referred to as the “Convertible Note Financing” and the contributions by the Parent to or on
behalf of Merger Sub 1 and Merger Sub 2 (with all such contributions to be in the form of common equity) in the aggregate amount (inclusive of cash and non-cash contributions, and including the transactions
described in clauses (c) and (d) above) of at least $250,000,000 are referred to collectively as the “Equity Contribution.” The Debt Financing and the Equity Contribution, together with the Acquisition, the merger of
Merger Sub 1 into Merger Sub 2, the merger of Merger Sub 2 into the Target, the Refinancing and the payment of the Transactions Costs, are collectively referred to as the “Transactions.” 

 EXHIBIT A TO COMMITMENT LETTER 

CLOSING CONDITIONS 

Capitalized terms used but not defined in this Exhibit A have the meanings assigned to them elsewhere in this Commitment Letter. The
Commitment of each Investor to purchase Convertible Senior Secured Notes on the Closing Date is conditioned only upon satisfaction of the conditions precedent contained in Section 2 of this Commitment Letter and those
conditions below. For purposes of this Exhibit A, references to “we”, “us” or “our” means each of the Investors and their respective affiliates. 

GENERAL CONDITIONS TO COMMITMENTS OF INVESTORS 

1. Transactions. The Transactions (including the Acquisition) shall have been consummated or will be consummated substantially
concurrently with or immediately following the purchase and sale of the Convertible Senior Secured Notes. The Acquisition shall be consummated pursuant to the terms set forth in the Purchase Agreement in the form as of the date of the Commitment
Letter. 
 2. Securities Purchase Agreement. The parties shall have entered into a mutually agreeable Securities Purchase Agreement
no later than the last VWAP Trading Day (as defined in Exhibit B) of the Initial Measurement Period (as defined in Exhibit B). 
 3.
DTC. The Convertible Senior Secured Notes shall be delivered to Investors in book-entry form through the facilities of The Depositary Trust Company. 

4. Customary Closing Documents. The following documents required to be delivered under the Definitive Note Documents shall have been
delivered: customary legal opinions, customary corporate records (including evidence that the maximum number of shares of the Parent’s common stock and shares of the Target’s common stock issuable upon conversion of the Convertible Senior
Secured Notes and exercise of the warrants have been reserved), and good standing certificates, customary closing date officers’ certificates as to the accuracy in all material respects of the Specified Representations and any documents
necessary to perfect the first-priority security interest in the Collateral (including evidence of any required payments for filing fees, taxes and other amounts payable in connection with such perfection). 

5. Consent Solicitation. The indenture relating to Parent’s 8.75% Senior Secured Notes Due 2023 shall have been amended to
exclude from the definition of Excluded Assets therein any proceeds, products, substitutions or replacements of the Collateral set forth on Exhibit B (the “Consent Solicitation Condition”). 

6. No Impediments. No temporary restraining order, preliminary or permanent injunction or other judgment or order issued by any
governmental authority and no law shall be in effect restraining, enjoining, making illegal or otherwise prohibiting the consummation of the transactions contemplated by the Definitive Note Documents and there shall not be pending any suit, action
or proceeding by any governmental authority seeking to restrain, enjoin or prohibit the consummation of the transactions contemplated by the Definitive Note Documents. 

  
 Exhibit A-1 

 EXHIBIT B 

TO COMMITMENT LETTER 

CONVERTIBLE SENIOR SECURED NOTES TERM SHEET 

  
 Exhibit B-1 

 Project Emerald 

 $150.0 million of Convertible Senior Secured Notes 

Summary of Principal Terms and Conditions 
  

			
	Issuer	  	Bristow Group Inc., a Delaware corporation (the “Issuer”).
		
	Guarantors	  	None.
		
	Investors	  	Signatories to the commitment letter to which this term sheet is attached.
		
	Securities	  	$150,000,000 principal amount of convertible senior secured notes due 2024 (the “Notes”).
		
	Acquisition	  	The acquisition by the Issuer of Columbia Helicopters, Inc., an Oregon corporation (after giving effect to any merger and/or redomestication of such entity in connection with the acquisition,
“Columbia”)
		
	Contingent Warrants	  	The Investors will receive warrants (“Warrants”) representing a portion of the common equity capital of Columbia equal to 60% of such capitalization (if $150,000,000 principal amount of the Notes are issued)
or 54% (if $135,000,000 principal amount of the Notes are issued), with such percentage proportionately adjusted for any aggregate principal amount between such amounts, in each case, after giving effect to full exercise of the Warrants. The
Warrants will be exercisable solely following certain events of bankruptcy, insolvency and reorganization with respect to the Issuer. The exercise price of the Warrants will be payable solely by tender of the related pro rata portion of the
Notes.
		
	Collateral	  	The Notes will be secured by a pledge of all of the capital stock of Columbia and proceeds thereof pursuant to a Pledge Agreement (the “Pledge Agreement”).
		
	 Negative Covenants Applicable to Issuer
	  	 The Issuer will agree to be bound by the covenant regarding limitations on restricted payments contained in the indenture governing the
Issuer’s 6 1/4% senior unsecured notes due 2022 as in effect on the date hereof, regardless of whether such notes remain outstanding or such indenture remains in effect or is subsequently amended.

 
 In addition, the Issuer shall not (a) create, incur or permit to exist any lien on
the Collateral other than the lien granted pursuant to the Pledge Agreement, (b) sell, lease, transfer or otherwise dispose of (including by means of merger, consolidation, share exchange, combination or other
similar

  
 Exhibit B-2 

			
		  	transaction) any Collateral or (c) permit Columbia or any of its subsidiaries to sell, lease, transfer or otherwise dispose of (including by means of merger, consolidation, share exchange, combination or other similar
transaction) all or substantially all of the assets of Columbia and its subsidiaries, taken as a whole.
		
	 Negative Covenants Applicable to Columbia
	  	 

 The Indenture will require that the Issuer cause Columbia and its
Restricted Subsidiaries (to be defined in Columbia’s Senior Secured Notes Indenture) to comply with the covenants with respect to debt, liens, restricted payments, dividends and investments, and transactions with affiliates, as in effect on the
initial issuance date of senior secured notes thereunder, regardless of whether Columbia’s senior secured notes remain outstanding or such Senior Secured Notes Indenture remains in effect or is subsequently amended. Such covenants included in
the Senior Secured Notes Indenture shall be no more permissible than those described in the Senior Secured Notes Illustrative Term Sheet provided to the Investors on November 8, 2018 at 10:40 P.M., Eastern time.

		
	Use of Proceeds	  	The proceeds of the offering of the Notes will be used for the Acquisition.
		
	Authorized Denominations	  	A principal amount of Notes equal to $1,000 or any integral multiple of $1,000 in excess thereof
		
	Common Stock	  	Common stock of the Issuer, par value $0.01 per share (“Common Stock”). The Common Stock is listed on The New York Stock Exchange (“NYSE”) under the symbol “BRS.”
		
	Offering Type	  	Section 4(a)(2) private placement. The Issuer will cause the Notes to be issued in global form pursuant to the facilities of The Depository Trust Company (“DTC”).
		
	 No Registration Rights; Additional Interest
	  	 

 The offer and sale of the Notes and shares of Common Stock, if any,
issuable upon the conversion of the Notes will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. However, if, at any time during the six-month period beginning on, and including, the date that is six months after the Last Original Issue Date (as defined below) of the Notes,

  
 Exhibit B-3 

			
		  	 •  the Issuer fails to timely file any report (other than Form 8-K reports) that the Issuer is required to file with the SEC pursuant to Section 13 or 15(d) of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”) (after giving
effect to all applicable grace periods thereunder); or
  

•  such Notes are not otherwise Freely Tradable (as defined below),

 
 then additional interest will accrue on such Notes for each day during such period on
which such failure is continuing or such Notes are not Freely Tradable.
  
 In
addition, additional interest will accrue on any Notes on each day on which such Notes are not Freely Tradable on or after the fifth business day after the Free Trade Date (as defined below”).

 
 Any additional interest that accrues on any Note will be payable on the same dates and
in the same manner as the stated interest on such Note and will accrue at a rate per annum equal to 0.50% of the principal amount thereof. However, in no event will additional interest accruing as a result of the failure by the Issuer to timely file
any report pursuant to the Exchange Act, together with any special interest that accrues pursuant to the provisions described below under the caption “Events of Default,” accrue on any day on a Note at a combined rate per annum that
exceeds 0.50%. For the avoidance of doubt, any additional interest that accrues on the Notes will be in addition to the stated interest, and any supplemental interest (as defined below under the caption “Conversion Settlement”), that
accrues on such Notes and, subject to the preceding sentence, in addition to any special interest that accrues on such Notes.
  

The Issuer will use commercially reasonable efforts to prevent any of its controlled affiliates from acquiring any Note (or any beneficial interest therein),
unless such note is surrendered to the trustee for cancellation.
  
 The accrual of
additional interest will be the exclusive remedy available to noteholders for the failure of their Notes to become Freely Tradable.
  

“Free Trade Date” means, with respect to any Note, the date that is one year after the Last Original Issue Date of such Note.

 
 “Freely Tradable” means, with respect to any Note, that such
Note would be eligible to be offered, sold or otherwise transferred pursuant to Rule 144 under the Securities Act or

  
 Exhibit B-4 

			
		  	 otherwise if held by a person that is not an affiliate of the Issuer, and that has not been an affiliate of the Issuer during the immediately
preceding three months, without any requirements as to volume, manner of sale, availability of current public information or notice under the Securities Act (except that, during the six-month period beginning
on, and including, the date that is six months after the Last Original Issue Date of such Note, any such requirement as to the availability of current public information will be disregarded if the same is satisfied at that time); provided,
however, that from and after the Free Trade Date of such Note, such Note will not be “Freely Tradable” unless such Note (x) is not identified by a “restricted” CUSIP or ISIN number; and (y) is not represented by
any certificate that bears a restricted note legend. The indenture and the certificates initially representing each Note issued in the offering will provide that if the Issuer sends notice to the trustee that the restricted note legend affixed to
such note no longer applies, then such legend will be deemed to be removed from such Note and such Note will be deemed to be identified by the “unrestricted” CUSIP and ISIN numbers that the Issuer has obtained for the Notes in connection
with the offering. However, if such note is a global note and DTC requires a mandatory exchange or other procedure to cause such global note to be identified by “unrestricted” CUSIP and ISIN numbers in its facilities, then (x) the
Issuer will effect such exchange or procedure as soon as reasonably practicable; and (y) for purposes of this definition of “Freely Tradable” and the provisions described above under the caption “No Registration Rights;
Additional Interest,” such global note will not be deemed to be identified by “unrestricted” CUSIP and ISIN numbers until such time as the exchange or procedure is effected.

 
 “Last Original Issue Date” means, with respect to the Notes and
any Notes issued in exchange therefor or in substitution thereof, the date of first issuance of such Notes. The Issuer may not issue any additional Notes after the completion of the offering.

		
	 Maturity Date
	  	December 1, 2024, unless earlier repurchased, redeemed or converted.
		
	 Interest
	  	Cash interest will accrue from the date of the commitment letter to which this term sheet is attached and will be payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2019 (each,
an “Interest Payment Date”).

  
 Exhibit B-5 

			
		  	The stated interest rate of the Notes will be 7.0% per annum.
		
	 Conversion Rights
	  	 Noteholders may convert their Notes at their option only in the following circumstances:

 
 •  during any calendar quarter
commencing after the calendar quarter ending on [March 31, 2019]1, if the last reported sale price per share of the Common Stock exceeds 130% of the Conversion Price for each of at least 20
trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;
  

•  during the five consecutive business days immediately after any five consecutive trading day
period (such five consecutive trading day period, the “Measurement Period”) in which the Trading Price per $1,000 principal amount of Notes for each trading day of the Measurement Period was less than 98% of the product of
the last reported sale price per share of Common Stock on such trading day and the Conversion Rate on such trading day;
  

•  upon the occurrence of (i) customary specified distributions on the Common Stock; or
(ii) customary specified corporate events, including a Fundamental Change, a Make-Whole Fundamental Change (other than a Make-Whole Fundamental Change occurring pursuant to clause (ii) of the definition thereof) and common stock change
events (“Specified Corporate Events”);
  

•  if the Issuer calls the Notes for redemption; and

 
 •  at any time from, and
including, June 1, 2024 until the close of business on the scheduled trading day immediately before the Maturity Date.
  

“Trading Price” of the Notes on any trading day means the average of the secondary market bid quotations, expressed as a cash amount
per $1,000 principal amount of Notes, obtained by the Bid Solicitation Agent for five million dollars ($5,000,000) (or such lesser amount as may then be outstanding) in principal amount of Notes at approximately 3:30 p.m., New York City time, on
such trading day from three (3) nationally recognized independent securities dealers selected by the Issuer; provided, however, that, if three (3) such bids cannot reasonably
be

  

 

	1 	 To be the last date of first calendar quarter ending after the 30th trading day following the initial closing
date of the Notes. 

  
 Exhibit B-6 

			
		  	 obtained by the Bid Solicitation Agent but two (2) such bids are obtained, then the average of the two (2) bids will be used, and
if only one (1) such bid can reasonably be obtained by the Bid Solicitation Agent, then that one (1) bid will be used. If, on any trading day, (A) the Bid Solicitation Agent cannot reasonably obtain at least one (1) bid for five
million dollars ($5,000,000) (or such lesser amount as may then be outstanding) in principal amount of Notes from a nationally recognized independent securities dealer; (B) the Issuer is not acting as the Bid Solicitation Agent and the Issuer
fails to instruct the Bid Solicitation Agent to obtain bids when required; or (C) the Bid Solicitation Agent fails to solicit bids when required, then, in each case, the Trading Price per $1,000 principal amount of Notes on such trading day
will be deemed to be less than ninety eight percent (98%) of the product of the last reported sale price per share of Common Stock on such trading day and the Conversion Rate on such trading day.

 
 “Bid Solicitation Agent” means the person who is required to
obtain bids for the Trading Price in accordance with the Indenture. The initial Bid Solicitation Agent on the Issue Date will be the Issuer; provided, however, that the Issuer may appoint any other person (including itself or any of its
subsidiaries) to be the Bid Solicitation Agent at any time after the Issue Date without prior notice.
  

“Conversion Price” means, as of any time, an amount equal to (ii) $1,000, divided by (ii) the Conversion Rate (as defined
below) in effect at such time.

		
	 Conversion Rate
	  	 The initial Conversion Rate for the Notes will be an amount, rounded down to the nearest fourth decimal place, equal to (i) $1,000,
divided by (ii) the greater of (x) 110% of the Reference Price and (y) 120% of the Measurement Price.
  

“Reference Price” means the closing price per share of Common Stock on the last VWAP Trading Day of the Initial Measurement Period.

 
 “Measurement Price” means the arithmetic average of the Daily
VWAPs for each VWAP Trading Day in the Initial Measurement Period.
  

“Initial Measurement Period” means the three (3) consecutive VWAP Trading Days beginning on, and including, the VWAP Trading Day
immediately following the date the receipt of the Required Consent is first publicly announced (or, if such public announcement is made on a VWAP Trading Day before the

  
 Exhibit B-7 

			
		  	  
 open of trading on the NYSE on such VWAP Trading Day, beginning on,
and including, such date of first public announcement).
  
 The Conversion Rate for the
Notes will be subject to customary anti-dilution adjustments, including for any dividends on the Common Stock. In addition, if a Make-Whole Fundamental Change (as defined below) occurs and a Note is converted with a conversion date occurring during
the related Make-Whole Fundamental Change Conversion Period (as defined below), then the Issuer will, in certain circumstances, increase the Conversion Rate applicable to such conversion, with such increase to be determined by reference to a
customary “make-whole” table.
  
 “Make-Whole Fundamental
Change” means (i) a Fundamental Change (as defined below) (determined after giving effect to the proviso immediately after clause (v) of the definition thereof, but without regard to the proviso to clause (ii) of such
definition); or (ii) the sending of any notice of redemption pursuant to the provisions described below under the caption “Optional Redemption.”
  

“Make-Whole Fundamental Change Conversion Period” has the following meaning:

 
 (i) in the case of a Make-Whole Fundamental Change pursuant to
clause (i) of the definition thereof, the period from, and including, the Make-Whole Fundamental Change Effective Date (as defined below) of such Make-Whole Fundamental Change to, and including, the 35th trading day after such Make-Whole
Fundamental Change Effective Date (or, if such Make-Whole Fundamental Change also constitutes a Fundamental Change, to, but excluding, the related Fundamental Change Repurchase Date (as defined below)); and

 
 (ii) in the case of a Make-Whole Fundamental Change pursuant to
clause (ii) of the definition thereof, the period from, and including, the date the Issuer sends the redemption notice for the related redemption to, and including, the business day immediately before the related redemption date.

 
 “Make-Whole Fundamental Change Effective Date”
means (i) with respect to a Make-Whole Fundamental Change pursuant to clause (i) of the definition thereof, the date on which such Make-Whole Fundamental Change occurs or becomes effective; and (ii) with respect to a Make-Whole
Fundamental Change pursuant to clause (ii) of the definition thereof, the date the Issuer sends the related notice of redemption.

  
 Exhibit B-8 

			
		  	  
 “Required Consent” means the consent under
the Issuer’s 8.75% senior secured notes due 2023 described in Exhibit A to the Commitment Letter.

		
	 Conversion Settlement
	  	 The Issuer will settle conversions by paying or delivering, as applicable, cash (“Cash Settlement”),
shares of Common Stock (“Physical Settlement”) or a combination of cash and shares of Common Stock (“Combination Settlement,” and, together with Cash Settlement and Physical
Settlement, the “Settlement Methods”), at the Issuer’s election, but subject to the provisions described below.
  

 
 The consideration due upon conversion of each $1,000 principal amount of a Note will be
as follows (in addition to accrued and unpaid interest):
  

•  if Physical Settlement applies, a number of shares of Common Stock equal to the Conversion Rate in
effect on the conversion date for such conversion;
  

•  if Cash Settlement applies, cash in an amount equal to the sum of the Daily Conversion Values for
each VWAP Trading Day in the Observation Period for such conversion (each, as defined below); or
  

•  if Combination Settlement applies, (i) a number of shares of Common Stock equal to the sum of
the Daily Share Amounts (as defined below) for each VWAP Trading Day in the Observation Period for such conversion; and (ii) an amount of cash equal to the sum of the Daily Cash Amounts (as defined below) for each VWAP Trading Day in such
Observation Period.
  
 However, in lieu of delivering any fractional share of Common
Stock otherwise due upon conversion, the Issuer will pay cash based on (i) the Daily VWAP on the applicable conversion date (or, if such conversion date is not a VWAP Trading Day, the immediately preceding VWAP Trading Day), in the case of
Physical Settlement; or (ii) the Daily VWAP on the last VWAP Trading Day of the applicable Observation Period, in the case of combination settlement.
  

Except as described below, the Issuer must use the same Settlement Method for all conversions with a conversion date that occurs on the same day, but the
Issuer will not be obligated to use the same Settlement Method for conversions with conversion dates that occur on different days. All conversions

  
 Exhibit B-9 

			
		  	  
 with a conversion date that occurs on or after June 1, 2024 will
be settled using the same Settlement Method, and the Issuer will send notice of such Settlement Method to noteholders no later than the open of business on June 1, 2024. If the Issuer elects a Settlement Method for a conversion with a
conversion date that occurs before June 1, 2024, then the Issuer will send notice of such Settlement Method to the converting noteholder no later than the close of business on the business day immediately after the conversion date.
Notwithstanding anything to the contrary described above, but subject to the immediately following paragraph, if the Issuer calls any Notes for redemption, then (i) the Issuer will specify in the related redemption notice the Settlement Method
that will apply to all conversions with a conversion date that occurs on or after the date the Issuer send such redemption notice and before the related redemption date; and (ii) if the related redemption date is on or after June 1, 2024,
then such Settlement Method must be the same Settlement Method that applies to all conversions with a conversion date that occurs on or after June 1, 2024.
  

Notwithstanding anything to the contrary described above, Cash Settlement will apply to the conversion of any Note whose conversion date occurs before the date
the Requisite Stockholder Approval (as defined below) is obtained. For the avoidance of doubt, the Issuer will not be permitted to elect Physical Settlement or Combination Settlement with respect to any such conversion.

 
 The Issuer will use its reasonable best efforts to obtain the Requisite Stockholder
Approval, including by seeking such approval, if not previously obtained, at each future regular annual meeting of its stockholders and endorsing its approval in the related proxy materials. The Company will promptly notify the noteholders if the
Requisite Stockholder Approval is obtained.
  
 Supplemental interest will accrue on
the Notes on each day after the first regular annual meeting of the Issuer’s stockholders, if the Requisite Stockholder Approval has not been obtained as of such day.
  

Any supplemental interest that accrues on any Note will be payable on the same dates and in the same manner as the stated interest on such Note and will accrue
at a rate per annum equal to 0.50% of the principal amount thereof. For the avoidance of doubt, any supplemental interest that accrues on the Notes will be in addition to the stated interest, and any special interest or additional interest, that
accrues on such Notes.

  
 Exhibit B-10 

			
		  	  
 “VWAP Trading Day” means a day on which
(i) there is no market disruption event; and (ii) trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then
listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded. If the Common Stock is not so listed or traded, then “VWAP Trading Day” means a business day.

 
 “Observation Period” means, with respect to any Note to be
converted:
  
 •  subject to the
immediately following bullet, if the conversion date for such Notes occurs on or before the 45th scheduled trading day immediately before the Maturity Date, the 40 consecutive VWAP Trading Days beginning on, and including, the third VWAP Trading Day
immediately after such Conversion Date;
  

•  if such conversion date occurs on or after the date the Issuer has sent a redemption notice and
before the related redemption date, the 40 consecutive VWAP Trading Days beginning on, and including, the 41st scheduled trading day immediately before such redemption date; and

 
 •  subject to the immediately
preceding bullet, if such conversion date occurs after the 45th scheduled trading day immediately before the Maturity Date, the 40 consecutive VWAP Trading Days beginning on, and including, the 41st scheduled trading day immediately before the
Maturity Date.
  
 “Daily VWAP” means, for any VWAP Trading
Day, the per share volume-weighted average price of the Common Stock as displayed under the heading “Bloomberg VWAP” on Bloomberg page “BRS <EQUITY> AQR” (or, if such page is not available, its equivalent successor page) in
respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such VWAP Trading Day (or, if such volume-weighted average price is unavailable, the market value of one share of Common
Stock on such VWAP Trading Day, determined, using a volume-weighted average price method, by a nationally recognized independent investment banking firm selected by the Issuer). The Daily VWAP will be determined without regard to after-hours trading
or any other trading outside of the regular trading session.

  
 Exhibit B-11 

			
		  	 “Daily Conversion Value” means, with respect to any VWAP Trading Day,
one-40th of the product of (i) the Conversion Rate on such VWAP Trading Day; and (ii) the Daily VWAP per share of Common Stock on such VWAP Trading Day.

 
 “Daily Share Amount” means, with respect to any VWAP Trading
Day, the quotient obtained by dividing (i) the excess, if any, of the Daily Conversion Value for such VWAP Trading Day over the applicable Daily Maximum Cash Amount (as defined below) by (ii) the Daily VWAP for such VWAP Trading Day. For
the avoidance of doubt, the Daily Share Amount will be zero for such VWAP Trading Day if such Daily Conversion Value does not exceed such Daily Maximum Cash Amount.
  

“Daily Maximum Cash Amount” means, with respect to the conversion of any Note, the quotient obtained by dividing (i) the Specified
Dollar Amount (as defined below) applicable to such conversion by (ii) 40.
  

“Specified Dollar Amount” means, with respect to the conversion of a Note to which Combination Settlement applies, the maximum cash
amount per $1,000 principal amount of such Note deliverable upon such conversion (excluding cash in lieu of any fractional share of Common Stock), which shall not be less than $1,000.

 
 “Daily Cash Amount” means, with respect to any VWAP Trading
Day, the lesser of (i) the applicable Daily Maximum Cash Amount; and (ii) the Daily Conversion Value for such VWAP Trading Day.
  

“Requisite Stockholder Approval” means the stockholder approval contemplated by NYSE Listing Standard Rule 312.03(c) with respect to
the issuance of shares of Common Stock upon conversion of the Notes in excess of the limitations imposed by such rule; provided, however, that the Requisite Stockholder Approval will be deemed to be obtained if, due to any amendment or
binding change in the interpretation of the applicable listing standards of the NYSE, such stockholder approval is no longer required for the Issuer to settle all conversions of the Notes by Physical Settlement.

		
	Optional Redemption	  	The Issuer may not redeem the Notes prior to December 1, 2022 and until the Issuer has received the Requisite Stockholder Approval. If the Requisite Stockholder Approval has
been

  
 Exhibit B-12 

			
		  	  
 attained, the Notes will be redeemable, in whole and not in part, at
the Issuer’s option at any time on a redemption date occurring on or after December 1, 2022, for cash, but only if the last reported sale price per share of Common Stock exceeds 150% of the Conversion Price on (i) each of at least 20
trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Issuer sends the related redemption notice; and (ii) the trading day immediately before
the date the Issuer sends such notice (an “Optional Redemption”).
  

The redemption price for any Note called for Optional Redemption will be the principal amount of such Note plus accrued and unpaid interest on such Note to,
but excluding, the redemption date. However, if the redemption date is after a regular record date and on or before the next Interest Payment Date, then (i) the holder of such Note at the close of business on such regular record date will be
entitled, notwithstanding such redemption, to receive, on or, at the Issuer’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date; and (ii) the
redemption price will not include accrued and unpaid interest on such Note to, but excluding, such redemption date.
  

The Issuer will give notice of any such redemption not less than 45 nor more than 75 scheduled trading days before the redemption date.

		
	Fundamental Change	  	 If a Fundamental Change (as defined below) occurs, then each noteholder will have the right to require the Issuer to repurchase its Notes (or
any portion thereof in an authorized denomination) for cash on a date (the “Fundamental Change Repurchase Date”) of the Issuer’s choosing, which must be a business day that is no more than 35, nor less than 20, business
days after the date the Issuer sends the related fundamental change notice, as described below.
  

The repurchase price (the “Fundamental Change Repurchase Price”) for a Note tendered for repurchase will be the principal amount of
such Note plus accrued and unpaid interest on such Note to, but excluding, the Fundamental Change Repurchase Date. However, if the Fundamental Change Repurchase Date is after a regular record date and on or before the next Interest Payment Date,
then (i) the holder of such Note at the close of business on such regular record date will be entitled, notwithstanding such repurchase, to receive, on or, at the Issuer’s election, before such Interest Payment Date, the
unpaid

  
 Exhibit B-13 

			
		  	  
 interest that would have accrued on such Note to, but excluding, such
Interest Payment Date; and (ii) the Fundamental Change Repurchase Price will not include accrued and unpaid interest on such Note to, but excluding, the Fundamental Change Repurchase Date.

 
 On or before the 15th business day after the occurrence of a Fundamental Change, the
Issuer will send to each noteholder notice of such Fundamental Change containing customary information.
  

“Fundamental Change” means any of the following events:
  

(i) a “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act), becomes the direct or
indirect “beneficial owner” (as defined below) of shares of the Common Stock representing more than 50% of the voting power of all of the then-outstanding Common Stock entitled to vote generally in the election of directors and
(1) files a Schedule 13D or Schedule TO or any other schedule, form or report under the Exchange Act disclosing such beneficial ownership or (2) the Issuer otherwise becomes aware of any such person or group; provided that this
clause (i) will not apply to a transaction described in clause (ii) below (including the proviso thereto);
  

(ii) the consummation of (A) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a
share split or share combination or changes solely to par value) as a result of which all of the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or
merger of the Issuer pursuant to which all of the Common Stock will be converted into cash, securities or other property or assets; or (C) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially
all of the consolidated assets of the Issuer and its subsidiaries, taken as a whole, to any person other than one of its wholly owned subsidiaries; provided, however, that neither (a) a transaction or event or series of
transactions or events described in clause (A) or (B) above in which the holders of all classes of the Issuer’s common equity immediately prior to such transaction or event or series of transactions or events own, directly or indirectly,
more than 50% of all classes of common equity of the continuing or surviving corporation or transferee, or the parent thereof, immediately after such transaction or event or series of transactions or events in substantially the same proportions as
such ownership

  
 Exhibit B-14 

			
		  	  
 immediately prior thereto nor (b) any merger or consolidation of
the Issuer solely for the purpose of changing its jurisdiction of incorporation that results in a reclassification, conversion or exchange of the outstanding Common Stock solely into shares of common stock of the surviving entity will be a
Fundamental Change pursuant to this clause (v);
  
 (iii) any sale,
lease or other transfer (including by means of merger, consolidation, share exchange, combination or other similar transaction), in one transaction or a series of transactions, of 25% or more of the consolidated net tangible assets of Columbia, to
any person other than a wholly owned subsidiary of Columbia; or
  

(iv) the Common Stock ceases to be listed for trading on the NYSE, the NASDAQ Global Select Market or the NASDAQ Global Market and
continues not to be so listed as of the date that the Company sends the related Fundamental Change Repurchase Notice;
  

(v) the Issuer’s stockholders approve any plan or proposal for the Issuer’s liquidation or dissolution;

 
 provided, however, that a Fundamental Change will be deemed not to have
occurred pursuant to clause (i) or (ii) above pursuant to a transaction or series of transactions if more than 90% of the consideration in such transaction or transactions (other than cash payments for fractional shares and cash payments made
in respect of dissenters’ appraisal rights) which otherwise would constitute a Fundamental Change under clause (ii) above consists of shares of common stock traded or to be traded immediately following such transaction or transactions on
the NYSE, the NASDAQ Global Select Market or the NASDAQ Global Market and, as a result of the transaction or transactions, the Notes become convertible, upon satisfaction of the conditions to conversion, into such common stock (and any rights
attached thereto) (subject to the Issuer’s right to settle conversions by Physical Settlement, Combination Settlement or Cash Settlement).
  

Whether a person is a “beneficial owner,” and whether shares are “beneficially owned,” will be determined in accordance with Rule 13d-3 under the Exchange Act.

		
	 Consolidation, Merger and Asset Sale
	  	The Issuer will not consolidate with or merge with or into, or sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the consolidated assets
of

  
 Exhibit B-15 

			
		  	  
 the Issuer and its subsidiaries, taken as a whole, to another person
(a “Business Combination Event”), unless:
  

•  the resulting, surviving or transferee person is the Issuer or, if not the Issuer, is a
corporation (the “Successor Corporation”) duly organized and existing under the laws of the United States of America, any State thereof or the District of Columbia that expressly assumes (by executing and delivering to the
trustee for the Notes, at or before the effective time of such Business Combination Event, a supplemental indenture) all of the Issuer’s obligations under the Notes and the indenture governing the Note; and

 
 •  immediately after giving
effect to such Business Combination Event, no default or Event of Default will have occurred and be continuing.
  

At the effective time of a Business Combination Event that complies with the provisions described above, the Successor Corporation (if not the Issuer) will
succeed to, and may exercise every right and power of, us under the Notes and the indenture governing the Notes, and, except in the case of a lease, the predecessor company will be discharged from its obligations under such indenture and the
Notes.

		
	 Events of Default
	  	 The Notes will be subject to customary remedy provisions upon an Event of Default.

 
 An “Event of Default” means the occurrence of any of the
following:
  
 (1) a default in the payment of any principal
amount, redemption price or Fundamental Change Repurchase Price for any Note, in each case when due and payable, whether at maturity, upon redemption, repurchase upon Fundamental Change, acceleration or otherwise;

 
 (2) a default in the payment of any interest under the Notes when
due, which default continues for 30 days;
  
 (3) a default in the
Issuer’s obligation to convert a Note upon the exercise of the conversion right with respect thereto, which default continues for five business days;
  

(4) the Issuer’s failure to provide, when required, a fundamental change notice;

 
 (5) a default in the Issuer’s obligations described above
under the caption “Consolidation, Merger and Asset Sale”;

  
 Exhibit B-16 

			
		  	  
 (6) a default in any of the Issuer’s
obligations or agreements under the indenture for the Notes or under the Notes (other than a default described in paragraphs (1), (2), (3), (4) or (5) above), where such default is not cured or waived within 60 days after notice to the Issuer
by the trustee, or to the Issuer and the trustee by holders of at least 25% of the aggregate principal amount of Notes then outstanding, which notice must specify such default, demand that it be remedied and state that such notice is a “notice
of default”;
  
 (7) a default under any mortgage, indenture
or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Issuer or any of its subsidiaries, other than any subsidiary that is designated an “Unrestricted
Subsidiary” under the supplemental indenture governing the Issuer’s 61⁄4% senior notes due 2022 (the “2022 Indenture) or any other
indenture or supplemental indenture containing substantially similar provisions related to unrestricted subsidiaries or similar concepts that are no less restrictive than those under the 2022 Indenture (collectively, “Unrestricted
Subsidiaries”) (or the payment of which is guaranteed by the Issuer or any of its subsidiaries (other than Unrestricted Subsidiaries)), which default is caused by a failure to pay principal of or premium or interest on such indebtedness
prior to the expiration of any grace period provided in such indebtedness, including any extension thereof (a “payment default”), or results in the acceleration of such indebtedness prior to its stated maturity and, in each
case, the principal amount of any such indebtedness, together with the principal amount of any other such indebtedness under which there has been a payment default or the maturity of which has been so accelerated, aggregates in excess of $50,000,000
(or the foreign currency equivalent thereof); provided, however, that if any such default is cured or waived or any such acceleration rescinded, or such indebtedness is repaid, within a period of 10 days from the continuation of such
default beyond the applicable grace period or the occurrence of such acceleration, as the case may be, then such event of default and any consequential acceleration of the Notes will be automatically rescinded, so long as such rescission does not
conflict with any judgment or decree;
  
 (8) a final judgment for
the payment of $50,000,000 (or the foreign currency equivalent thereof) or more (excluding amounts covered by insurance) is rendered against the Issuer or any of its “significant subsidiaries” (as defined in Regulation S-X

  
 Exhibit B-17 

			
		  	  
 under the Securities Act) (other than Unrestricted Subsidiaries),
which judgment is not discharged or stayed within 60 days after (i) the date on which the right to appeal thereof has expired, if no such appeal has commenced; or (ii) the date on which all rights to appeal have been extinguished;

 
 (9) certain events of bankruptcy, insolvency and reorganization
with respect to the Issuer or any of its significant subsidiaries (other than Unrestricted Subsidiaries); and
  

(10) (i) the Pledge Agreement ceases for any reason to be enforceable; (ii) the lien purported to be granted under the Pledge
Agreement ceases to be an enforceable and perfected first-priority lien in the Collateral; or (iii) the Issuer or any person validly acting on behalf of the Issuer denies or disaffirms, in writing, any obligation of the Issuer set forth in or
arising under the Pledge Agreement.
  
 The Issuer may elect that the sole remedy for
certain customary reporting events of default will, for each of the first 180 calendar days on which a reporting event of default has occurred and is continuing, consist exclusively of the accrual of special interest on the Notes. Any special
interest that accrues on a Note will be payable on the same dates and in the same manner as the stated interest on such Note and will accrue at a rate per annum equal to 0.25% of the principal amount thereof. However, in no event will special
interest, together with any additional interest that accrues pursuant to the provisions described above under the caption “No Registration Rights; Additional Interest” as a result of the failure by the Issuer to timely file any report
pursuant to the Exchange Act, accrue on any day on a Note at a combined rate per annum that exceeds 0.50%. For the avoidance of doubt, any special interest that accrues on the Notes will be in addition to the stated interest, and any supplemental
interest, that accrues on such Notes and, subject to the preceding sentence, in addition to any additional interest that accrues on such Notes.
  

Upon acceleration of the Notes following an Event of Default, holders will be entitled to receive a make-whole premium equal to the discounted present value of
the remaining interest payments scheduled to occur on the Notes from the date of acceleration to the Maturity Date.

		
	 Covenant Defeasance; Release of Collateral
	  	 

 If:

 
 •  the Requisite Stockholder
Approval has been obtained;

  
 Exhibit B-18 

			
		  	 •  the Issuer has caused there to be irrevocably deposited, with the trustee or the
paying agent for the benefit of the noteholders, cash in an aggregate amount equal to the sum of (i) the remaining scheduled interest payments on each Note outstanding as of the time of such deposit (assuming, for these purposes, that
additional interest and special interest would accrue on such Note at their respective maximum rates per annum); and (ii) 100% of the principal amount of each Note outstanding as of the time of such deposit;

 
 •  with respect to each Note, if
any, for which a conversion date has occurred, but the consideration due upon such conversion has not been fully paid or delivered, as of the time of the deposit referred to in the bullet point above, the Issuer has caused there to be irrevocably
deposited, with the trustee or the conversion agent for the benefit of the noteholders, the maximum kind and amount of consideration due in respect of such conversion;
  

•  as of the time of the deposits referred into in the preceding bullets, no default in the payment
or delivery of any amount or property on any Note has occurred and is continuing;
  

•  the Issuer has irrevocably elected Physical Settlement, or Combination Settlement with a Specified
Dollar Amount not exceeding $1,000 per $1,000 principal amount of Notes, to apply to all subsequent conversions of Notes;
  

•  the Issuer has delivered to the trustee an opinion of counsel confirming that the noteholders will
not recognize any income, gain or loss for federal income tax purposes as a result of the covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times, as would have been the case if the
covenant defeasance had not occurred; and
  

•  the Issuer has delivered to the trustee an officer’s certificate and an opinion of counsel,
each stating that all conditions precedent relating to the covenant defeasance have been complied with,
  

then the provisions described above under the caption “Negative Covenants” will thereafter cease to apply, and the pledge of the capital stock of
Columbia will be released.

	  
 Ranking
	  	  
 The Notes will be the Issuer’s senior secured obligations and
will rank:

  
 Exhibit B-19 

			
		  	 •  senior in right of payment to any of the Issuer’s indebtedness that is
expressly subordinated in right of payment to the Notes;
  

•  effectively senior to any of the Issuer’s unsecured indebtedness to the extent of the value
of the collateral securing the Notes;
  

•  equal in right of payment to any of the Issuer’s indebtedness that is not subordinated to the
Notes; and
  
 •  structurally
junior to all indebtedness and other liabilities (including trade payables) of the Issuer’s subsidiaries.

		
	 Trustee, Paying Agent, Registrar and Conversion Agent
	  	 

 U.S. Bank National Association

		
	 Tax
	  	For purposes of Section 1273(c) of the Internal Revenue Code of 1986, as amended, and Treasury Regulations section 1.1273-2(h), the Issuer and each Holder and beneficial owner agree to
allocate 99.90% of the price paid to acquire the Notes and the Warrants to the Notes and 0.10% to the Warrants.

  
 Exhibit B-20

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