Document:

a0660942.htm

    
      
         

      

      
         

        
        

      

      
         

        
          EXECUTION
COPY

          

          Exhibit
4.2

          

        

      

    

    SERIES SUPPLEMENT

     

    This
SERIES SUPPLEMENT dated as of November 6, 2009 (this “Supplement”), by and
between ENTERGY TEXAS RESTORATION FUNDING, LLC, a limited liability company
created under the laws of the State of Delaware (the “Issuer”), and THE
BANK OF NEW YORK MELLON, a New York banking corporation (“BNYM”), in its
capacity as indenture trustee (the “Indenture Trustee”)
for the benefit of the Secured Parties under the Indenture dated as of November
6, 2009, by and between the Issuer and BNYM, in its capacity as Indenture
Trustee and in its separate capacity as securities intermediary (the “Indenture”).

     

    PRELIMINARY
STATEMENT

     

    Section 9.01 of
the Indenture provides, among other things, that the Issuer and the Indenture
Trustee may at any time enter into an indenture supplemental to the Indenture
for the purposes of authorizing the issuance by the Issuer of the Transition
Bonds and specifying the terms thereof.  The Issuer has duly
authorized the creation of the Transition Bonds with an initial aggregate
principal amount of $545,900,000 to be known as Entergy Texas Restoration
Funding, LLC Transition Bonds (the “Transition Bonds”),
and the Issuer and the Indenture Trustee are executing and delivering this
Supplement in order to provide for the Transition Bonds.

     

    All terms
used in this Supplement that are defined in the Indenture, either directly or by
reference therein, have the meanings assigned to them therein, except to the
extent such terms are defined or modified in this Supplement or the context
clearly requires otherwise.  In the event that any term or provision
contained herein shall conflict with or be inconsistent with any term or
provision contained in the Indenture, the terms and provisions of this
Supplement shall govern.

     

    GRANTING
CLAUSE

     

    With
respect to the Transition Bonds, the Issuer hereby Grants to the Indenture
Trustee, as Indenture Trustee for the benefit of the Secured Parties of the
Transition Bonds, all of the Issuer’s right, title and interest (whether now
owned or hereafter acquired or arising) in and to (a) the Transition
Property created under and pursuant to the Financing Order, and transferred by
the Seller to the Issuer pursuant to the Sale Agreement (including, to the
fullest extent permitted by law, the right to impose, collect and receive
Transition Charges, all revenues, collections, claims, rights, payments, money
or proceeds of or arising from the Transition Charges authorized in the
Financing Order and any Tariffs filed pursuant thereto and any contractual
rights to collect such Transition Charges from Customers and REPs), (b) all
Transition Charges related to such Transition Property, (c) the Sale
Agreement and the Bill of Sale executed in connection therewith and all property
and interests in property transferred under the Sale Agreement and the Bill of
Sale with respect to such Transition Property and the Transition Bonds,
(d) the Servicing Agreement, the Administration Agreement and any
subservicing, agency, intercreditor, administration or collection agreements
executed in connection therewith, to the extent related to the foregoing
Transition Property and the Transition Bonds, (e) the Collection Account,
all subaccounts thereof and all amounts of cash, instruments, investment
property or other assets on deposit therein or credited thereto from time to
time and all financial assets and securities entitlements carried therein or
credited thereto, (f) all rights to compel the Servicer to file for and
obtain adjustments to the Transition Charges in accordance with
Section 36.402 and Section 39.307 of the Securitization Law, the
Financing Order or any Tariff filed in connection therewith, (g) all
deposits, guarantees, surety bonds, letters of credit and other forms of credit
support provided by or on behalf of REPs pursuant to the Financing Order or such
Tariff, including investment earnings thereon and all amounts on deposit in the
REP Deposit Accounts, (h) all present and future claims, demands, causes
and choses in action in respect of any or all of the foregoing, whether such
claims, demands, causes and choses in action constitute Transition Property,
accounts, general intangibles, instruments, contract rights, chattel paper or
proceeds of such items or any other form of property, (i) all accounts,
chattel paper, deposit accounts, documents, general intangibles, goods,
instruments, investment property, letters of credit, letters-of-credit rights,
money, commercial tort claims and supporting obligations related to the
foregoing, and (j) all payments on or under, and all proceeds in respect
of, any or all of the foregoing; it being understood that the
following do not constitute Transition Bond
Collateral:  (i) cash that has been released pursuant to
Section 8.02(e)(x)
of the Indenture and, following retirement of all Outstanding Transition Bonds,
cash that has been released pursuant to Section 8.02(e)(xii)
of the Indenture and (ii) amounts deposited with the Issuer on the Closing
Date, for payment of costs of issuance with respect to the Transition Bonds
(together with any interest earnings thereon), it being understood that such
amounts described in clauses (i) and
(ii) above
shall not be subject to Section 3.17 of
the Indenture.

     

    The
foregoing Grant is made in trust to secure the payment of principal of and
premium, if any, interest on, and any other amounts owing in respect of, the
Transition Bonds and all fees, expenses, indemnity amounts, counsel fees and
other amounts due and payable to the Indenture Trustee (collectively, the “Secured Obligations”)
equally and ratably without prejudice, priority or distinction, except as
expressly provided in the Indenture, to secure compliance with the provisions of
the Indenture with respect to the Transition Bonds, all as provided in the
Indenture and to secure the performance by the Issuer of all of its obligations
under the Indenture.  The Indenture and this Series Supplement
constitutes a security agreement within the meaning of the Securitization Law
and under the UCC to the extent that the provisions of the UCC are applicable
hereto.

     

    The
Indenture Trustee, as indenture trustee on behalf of the Secured Parties of the
Transition Bonds, acknowledges such Grant and accepts the trusts under this
Supplement and the Indenture in accordance with the provisions of this
Supplement and the Indenture.

     

    SECTION 1.  Designation.  The
Transition Bonds shall be designated generally as the Transition Bonds and
further denominated as Tranches A-1 through A-3.

     

    SECTION 2.  Initial Principal Amount;
Transition Bond Interest Rate; Scheduled Final Payment Date; Final Maturity
Date.  The Transition Bonds of each Tranche shall have the
initial principal amount, bear interest at the rates per annum and shall have
the Scheduled Final Payment Dates and the Final Maturity Dates set forth
below:

     

    
      	
              Tranche

            	
              Initial

              Principal

              Amount

            	
              Transition
      Bond

              Interest

              Rate

            	
              Scheduled
      Final

              Payment

              Date

            	
              Final

              Maturity

              Date

            	 
      
	
              A-1

            	
              $
      182,500,000

            	
              2.12%

            	
              2/1/2015

            	
              2/1/2016

            
	
              A-2

            	
              $144,800,000

            	
              3.65%

            	
              8/1/2018

            	
              8/1/2019

            
	
              A-3

            	
              $218,600,000

            	
              4.38%

            	
              8/1/2022

            	
              11/1/2023

            

    

    

    The
Transition Bond Interest Rate shall be computed on the basis of a 360-day year
of twelve 30-day months.

     

    SECTION 3.  Authentication Date; Payment
Dates; Expected Amortization Schedule for Principal; Periodic Interest; No
Premium; Other Terms.

     

    (a)           Authentication
Date.  The Transition Bonds that are authenticated and
delivered by the Indenture Trustee to or upon the order of the Issuer on
November 6, 2009 (the “Closing Date”) shall
have as their date of authentication November 6, 2009.

     

    (b)           Payment
Dates.  The Payment Dates for the Transition Bonds are February
1st and
August 1st of
each year, and on the final maturity date, or, if any such date is not a
Business Day, the next succeeding Business Day, commencing on August 1, 2010 and
continuing until the earlier of repayment of the Tranche A-3 Transition Bonds in
full and the Final Maturity Date for the Tranche A-3 Transition
Bonds.

     

    (c)           Expected Amortization
Schedule for Principal.  Unless an Event of Default shall have
occurred and be continuing on each Payment Date, the Indenture Trustee shall
distribute to the Holders of record as of the related Record Date amounts
payable pursuant to Section 8.02(e)
of the Indenture as principal, in the following order and
priority:  (1) to the holders of the Tranche A-1 Transition Bonds,
until the Outstanding Amount of such Tranche of Transition Bonds thereof has
been reduced to zero; (2) to the holders of the Tranche A-2 Transition
Bonds, until the Outstanding Amount of such Tranche of Transition Bonds thereof
has been reduced to zero; and (3) to the holders of the Tranche A-3
Transition Bonds, until the Outstanding Amount of such Tranche of Transition
Bonds thereof has been reduced to zero; provided, however, that in no
event shall a principal payment pursuant to this Section 3(c) on
any Tranche on a Payment Date be greater than the amount necessary to reduce the
Outstanding Amount of such Tranche of Transition Bonds to the amount specified
in the Expected Amortization Schedule which is attached as Schedule A
hereto for such Tranche and Payment Date.

     

    (d)           Periodic
Interest.  Periodic Interest will be payable on each Tranche of
the Transition Bonds on each Payment Date in an amount equal to one-half of the
product of (i) the applicable Transition Bond Interest Rate and
(ii) the Outstanding Amount of the related Tranche of Transition Bonds as
of the close of business on the preceding Payment Date after giving effect to
all payments of principal made to the Holders of the related Tranche of
Transition Bonds on such preceding Payment Date; provided, however, that with
respect to the Initial Payment Date, or, if no payment has yet been made,
interest on the outstanding principal balance will accrue from and including the
Closing Date to, but excluding, the following Payment Date, and provided in the
case of the Final Maturity Date of the A-3 Transition Bonds, one quarter of the
product of (i) the applicable Transition Bond Interest Rate and (ii) the
Outstanding Amount of the Tranche A-3 Transition Bonds as of the close of
business on the preceding Payment Date after giving effect to all payments of
principal made to the Holders of the related Tranche A-3 Transition Bonds on
such preceding Payment Date.

     

    (e)           Book-Entry Transition
Bonds.  The Transition Bonds shall be Book-Entry Transition
Bonds and the applicable provisions of Section 2.11 of
the Indenture shall apply to such Transition Bonds.

     

    (f)           Waterfall
Cap.  The amount payable with respect to the Transition Bonds
pursuant to Section 8.02(e)(i)
of the Indenture shall not exceed $1,000,000 annually.

     

    SECTION 4.  Minimum
Denominations.  The Transition Bonds shall be issuable in the
Minimum Denomination and integral multiples thereof.

     

    SECTION 5.  Certain Defined
Terms.  Article I of the
Indenture provides that the meanings of certain defined terms used in the
Indenture shall, when applied to the Transition Bonds, be as defined in Appendix A to
the Indenture.  Additionally, Article II of
the Indenture provides that certain terms will have the meanings specified in
this Supplement.  With respect to the Transition Bonds, the following
definitions shall apply:

     

    “Initial Payment Date”
shall mean the first Payment Date for a Tranche of the Transition Bonds
specified in the Expected Amortization Schedule which is attached as Schedule A
hereto.

     

    “Minimum Denomination”
shall mean $100,000.

     

    “Payment Date” has the
meaning set forth in Section 3(b) of
this Supplement.

     

    “Periodic Interest”
has the meaning set forth in Section 3(d) of
this Supplement.

     

    “Transition Bond Interest
Rate” has the meaning set forth in Section 2 of
this Supplement.

     

    SECTION 6.  Delivery and Payment for the
Transition Bonds; Form of the Transition Bonds.  The Indenture
Trustee shall deliver the Transition Bonds to the Issuer when authenticated in
accordance with Section 2.03 of
the Indenture.  The Transition Bonds of each Tranche shall be in the
form of Exhibits A-1
through A-3 hereto.

     

    SECTION 7.  Ratification of
Agreement.  As supplemented by this Supplement, the Indenture
is in all respects ratified and confirmed and the Indenture, as so supplemented
by this Supplement, shall be read, taken, and construed as one and the same
instrument.  This Supplement amends, modifies and supplemented the
Indenture only in so far as it relates to the Transition Bonds.

     

    SECTION 8.  Counterparts.  This
Supplement may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all of such counterparts shall
together constitute but one and the same instrument.

     

    SECTION 9.  GOVERNING
LAW.  THIS SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE NEW YORK
GENERAL OBLIGATIONS LAW AND SECTIONS 9-301 THROUGH
9-306 OF THE NY UCC), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS; PROVIDED
THAT THE CREATION, ATTACHMENT AND PERFECTION OF ANY LIENS CREATED UNDER THE
INDENTURE IN TRANSITION PROPERTY, AND ALL RIGHTS AND REMEDIES OF THE INDENTURE
TRUSTEE AND THE HOLDERS WITH RESPECT TO SUCH TRANSITION PROPERTY, SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF TEXAS.

     

    SECTION 10.  Issuer
Obligation.  No recourse may be taken directly or indirectly,
by the Holders with respect to the obligations of the Issuer on the Transition
Bonds, under the Indenture or under this Supplement or any certificate or other
writing delivered in connection herewith or therewith, against (i) the
Indenture Trustee or the Managers in their respective individual capacities,
(ii) any owner of a beneficial interest in the Issuer (including ETI) or
(iii) any shareholder, partner, owner, beneficiary, agent, officer,
director, employee or agent of the Indenture Trustee, the Managers or any owner
of a beneficial interest in the Issuer (including ETI) in its individual
capacity, or of any successor or assign of any of them in their respective
individual or corporate capacities, except as any such Person may have expressly
agreed (it being understood that none of the Indenture Trustee, the Managers and
ETI have any such obligations in their respective individual or corporate
capacities).

     

    SECTION 11.  Application of Transition
Bond Proceeds; Costs of Issuance Account.  The proceeds of the
Transition Bond Proceeds shall be applied to pay the costs of issuing the
Transition Bonds and to purchase the Transition Property, as directed in an
Officer’s Certificate.  The Indenture Trustee shall, pursuant to an
Issuer Order, deposit the amounts directed to be applied to the payment of the
costs of issuance into a segregated trust account (the “Costs of Issuance
Account”).  Amounts in the Costs of Issuance Account shall be applied
from time to time as directed by an Officer’s Certificate, to pay costs of
issuing the Transition Bonds, and, upon payment of all such costs, for deposit
into the General Subaccount and applied as a credit against Transition Charges
as required by the Financing Order.  Pending such application, amounts
in the Costs of Issuance Account may be invested in the same manner and subject
to the same restrictions as amounts in the General Subaccount, provided that any
amount earned, or gains or losses, shall be credited to the Costs of Issuance
Account.

    
 

    IN
WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this
Supplement to be duly executed by their respective officers thereunto duly
authorized as of the first day of the month and year first above
written.

     

    
      	 
      	
               

              ENTERGY
      TEXAS RESTORATION FUNDING, LLC, as Issuer

               

            
	 
      	
              By:  /s/ Steven C. McNeal

              Name: Steven C.
      McNeal

              Title: Vice President and
      Treasurer

               

            
	 
      	 
      
	 
      	 
      
	 
      	
              THE
      BANK OF NEW YORK MELLON, as Indenture Trustee

               

            
	 
      	 
      
	 
      	
              By:  /s/ Jared Fischer

              Name: Jared
Fischer

              Title: Senior
      Associate

               

            

    

    

    SCHEDULE
A

     

    EXPECTED
AMORTIZATION SCHEDULE*

     

    

     

    OUTSTANDING
PRINCIPAL BALANCE OF EACH TRANCHE

     

    

    
      	
              Semi-Annual Payment Date

            	
              Tranche
      A-1 Balance

            	
              Tranche
      A-2 Balance

            	
              Tranche
      A-3 Balance

            
	
              Closing
      Date

            	
              $182,500,000

            	
              $144,800,000

            	
              $218,600,000

            
	 
      	 
      	 
      	 
      
	
              8/1/2010

            	
              169,766,346

            	
              144,800,000

            	
              218,600,000

            
	
              2/1/2011

            	
              148,680,805

            	
              144,800,000

            	
              218,600,000

            
	
              8/1/2011

            	
              132,004,549

            	
              144,800,000

            	
              218,600,000

            
	
              2/1/2012

            	
              110,334,448

            	
              144,800,000

            	
              218,600,000

            
	
              8/1/2012

            	
              93,436,006

            	
              144,800,000

            	
              218,600,000

            
	
              2/1/2013

            	
              71,468,800

            	
              144,800,000

            	
              218,600,000

            
	
              8/1/2013

            	
              54,046,659

            	
              144,800,000

            	
              218,600,000

            
	
              2/1/2014

            	
              31,527,654

            	
              144,800,000

            	
              218,600,000

            
	
              8/1/2014

            	
              13,816,410

            	
              144,800,000

            	
              218,600,000

            
	
              2/1/2015

            	
              –

            	
              135,847,004

            	
              218,600,000

            
	
              8/1/2015

            	
              –

            	
              117,462,135

            	
              218,600,000

            
	
              2/1/2016

            	
              –

            	
              94,004,300

            	
              218,600,000

            
	
              8/1/2016

            	
              –

            	
              74,898,861

            	
              218,600,000

            
	
              2/1/2017

            	
              –

            	
              50,711,257

            	
              218,600,000

            
	
              8/1/2017

            	
              –

            	
              30,768,708

            	
              218,600,000

            
	
              2/1/2018

            	
              –

            	
              5,791,594

            	
              218,600,000

            
	
              8/1/2018

            	
              –

            	
              –

            	
              203,613,397

            
	
              2/1/2019

            	
              –

            	
              –

            	
              177,772,194

            
	
              8/1/2019

            	
              –

            	
              –

            	
              155,968,524

            
	
              2/1/2020

            	
              –

            	
              –

            	
              129,104,710

            
	
              8/1/2020

            	
              –

            	
              –

            	
              106,214,411

            
	
              2/1/2021

            	
              –

            	
              –

            	
              78,262,965

            
	
              8/1/2021

            	
              –

            	
              –

            	
              54,257,249

            
	
              2/1/2022

            	
              –

            	
              –

            	
              25,193,355

            
	
              8/1/2022

            	
              –

            	
              –

            	
              –

            
	 
      	 
      	 
      	 
      

    

    __________________

     

    *Dollar
amounts in the schedule are rounded to the nearest dollar.ex10w1-110909.htm

Exhibit 10.1

INDEMNITY AGREEMENT dated as of                       ,

made between BRISTOW GROUP INC.,

a Delaware corporation (the “Company”),

and                     (“Indemnitee”).

WHEREAS, the Company is aware that competent and experienced persons are increasingly reluctant to serve as directors, officers or agents of corporations unless they are protected by comprehensive liability insurance or indemnification, as a result of increased exposure to litigation costs and risks resulting from their service to such corporations,
and because the exposure frequently bears no reasonable relationship to the compensation of such directors, officers and other agents;

WHEREAS, the statutes and judicial decisions regarding the duties of directors and officers are often difficult to apply, ambiguous, or conflicting, and therefore fail to provide such directors, officers and agents with adequate, reliable knowledge of legal risks to which they are exposed or information regarding the proper course of action
to take;

WHEREAS, plaintiffs often seek damages in such large amounts and the costs of litigation may be so enormous (whether or not the case is meritorious) that the defense or settlement of such litigation is often beyond the personal resources of directors, officers and other agents;

WHEREAS, the Company believes that it is unfair for its directors, officers and agents and the directors, officers and agents of its subsidiaries to assume the risk of judgments and other expenses which may occur in cases in which the director, officer or agent received no personal profit and in cases where the director, officer or agent
was not culpable;

WHEREAS, the Company recognizes that the issues in controversy in litigation against a director, officer or agent of a corporation such as the Company or any of its subsidiaries are often related to the knowledge, motives and intent of such director, officer or agent, that he or she is usually the only witness with knowledge of the essential
facts and exculpating circumstances regarding such matters, and that the long period of time that usually elapses before the trial or other disposition of such litigation often extends beyond the time that the director, officer or agent can reasonably recall such matters; and may extend beyond the normal time for retirement for such director, officer or agent with the result that he or she (after retirement) or (in the event of his or her death), his or her spouse, heirs, executors or administrators, may be faced
with limited ability and undue hardship in maintaining an adequate defense, which may discourage such a director, officer or agent from serving in that position;

WHEREAS, based upon the experience of members of the Board of Directors as business managers, the Board of Directors of the Company (the “Board”) (i) has concluded that, to retain and attract talented and experienced individuals to serve as directors, officers and agents of the Company and its subsidiaries and to encourage
such individuals to take the business risks necessary for the success of the Company and its subsidiaries, it is necessary for the Company to contractually indemnify its directors, officers and agents and the directors, officers and agents of its subsidiaries, and to assume for itself maximum liability for expenses and damages in connection with claims against such directors, officers and agents in connection with their service to the Company and its subsidiaries, and (ii) has further concluded that the
failure to provide such contractual indemnification could result in great harm to the Company and its subsidiaries and the Company’s stockholders;

WHEREAS, Section 145 of the General Corporation Law of Delaware, under which the Company is organized (“Section 145”), empowers the Company to indemnify its directors, officers, employees and agents by agreement and to indemnify persons who serve, at the request of the Company,
as the directors, officers, employees or agents of other corporations or enterprises, and expressly provides that the indemnification provided by Section 145 is not exclusive;

WHEREAS, the Company desires and has requested Indemnitee to serve or continue to serve as a director, officer or agent of the Company or one or more subsidiaries of the Company free from undue concern for claims for damages arising out of or related to such services to the Company or one or more subsidiaries of the Company; and

 

 

 

WHEREAS, Indemnitee is willing to serve, or to continue to serve, the Company or one or more subsidiaries of the Company, provided that Indemnitee is furnished the indemnity provided for herein.

NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows:

SECTION 1. Definitions.

(a) Agent.  For the purposes of this Agreement, “agent” of the Company means any person who (i) is or was a director, officer, employee or other
agent of the Company or a subsidiary of the Company, (ii) is or was serving at the request of, for the convenience of, or to represent the interests of the Company or a subsidiary of the Company as a director, officer, employee or agent of another foreign or domestic corporation, partnership, joint venture, trust or other enterprise, (iii) was a director, officer, employee or agent of a foreign or domestic corporation which was a predecessor corporation of the Company or a subsidiary of the Company,
or (iv) was a director, officer, employee or agent of another enterprise at the request of, for the convenience of, or to represent the interests of such predecessor corporation.

(b) ERISA.  For the purposes of this Agreement, “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

(c) Expenses.  For purposes of this Agreement, “expenses” includes all direct and indirect costs of any type or nature whatsoever (including, without
limitation, all attorneys’ fees and related disbursements, other out-of-pocket costs and reasonable compensation for time spent by the Indemnitee for which Indemnitee is not otherwise compensated by the Company or any third party) actually and reasonably incurred by the Indemnitee in connection with either the investigation, defense or appeal of a proceeding or the establishment or enforcement of a right to indemnification under this Agreement or Section 145 or
otherwise; provided, however, that “expenses” shall not include any judgments, fines, ERISA excise taxes or penalties, or amounts paid in settlement of a proceeding.

(d) Proceeding.  For the purposes of this Agreement, “proceeding” means any threatened, pending, or completed action, suit or other proceeding, whether
civil, criminal, administrative, investigative or any other type whatsoever.

(e) Subsidiary.  For purposes of this Agreement, “subsidiary” means any corporation of which more than 50% of
the outstanding voting securities is owned directly or indirectly by the Company, by the Company and one or more other subsidiaries of the Company, or by one or more other subsidiaries of the Company.

SECTION 2. Agreement to Serve.  Indemnitee agrees to serve or continue to serve as an agent of the Company, at its will (or under separate agreement, if such agreement
exists), in the capacity Indemnitee currently serves as an agent of the Company, so long as Indemnitee is duly appointed or elected and qualified in accordance with the applicable provisions of the Bylaws of the Company or any subsidiary of the Company or until such time as Indemnitee tenders Indemnitee’s resignation in writing; provided, however, that nothing contained in this
Agreement is intended to create any right to continued employment by Indemnitee.

SECTION 3. Liability Insurance.

(a) Maintenance of D&O Insurance.  The Company hereby covenants and agrees that, so long as Indemnitee shall continue to serve as an agent of the Company and
thereafter so long as Indemnitee shall be subject to any possible proceeding by reason of the fact that Indemnitee was an agent of the Company, the Company, subject to Section 3(c), shall promptly obtain and maintain in full force and effect directors’ and officers’ liability insurance (“D&O Insurance”) in reasonable amounts from established and reputable insurers.

(b) Rights and Benefits.  In all policies of D&O Insurance, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights
and benefits as are accorded to the most favorably insured of the Company’s directors, if Indemnitee is a director, or of the Company’s officers, if Indemnitee is not a director of the Company but is an officer, or of the Company’s key employees, if Indemnitee is not a director or officer.

(c) Limitation on Required Maintenance of D&O Insurance.  Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain D&O
Insurance if the Company determines in good faith that such insurance is not reasonably available, the, premium costs for such insurance are disproportionate to the amount of coverage provided, the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit, or Indemnitee is covered by similar insurance maintained by a subsidiary of the Company or by another person pursuant to a contractual obligation owed to the Company or Indemnitee.

 

 

 

SECTION 4. Mandatory Indemnification.  Subject to Section 9 below, the Company shall indemnify Indemnitee as follows:

(a) Successful Defense.  To the extent Indemnitee has been successful on the merits or otherwise in defense of any proceeding (including, without limitation, an
action by or in the right of the Company) to which Indemnitee was a party by reason of the fact that Indemnitee is or was or had agreed to become an agent of the Company at any time, the Company shall indemnify Indemnitee against all expenses of any type whatsoever actually and reasonably incurred by Indemnitee in connection with the investigation, defense or appeal of such proceeding.

(b) Third-Party Actions.  If Indemnitee was or is a party or is threatened to be made a party to any proceeding (other than an action by or in the right of the
Company) by reason of the fact that Indemnitee is or was or had agreed to become an agent of the Company, or by reason of anything done or not done by Indemnitee in any such capacity, the Company shall indemnify Indemnitee against any and all expenses and liabilities of any type whatsoever (including, without limitation, judgments, fines, ERISA excise taxes and penalties, and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the investigation, defense, settlement or
appeal of such proceeding, provided Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and its stockholders, and, with respect to any criminal action or proceeding, had no reasonable cause to believe Indemnitee’s conduct was unlawful.

(c) Derivative Actions.  If Indemnitee was or is a party or is threatened to be made a party to any proceeding by or in the right of the Company to procure a judgment
in its favor by reason of the fact that Indemnitee is or was or had agreed to become an agent of the Company, or by reason of anything done or not done by Indemnitee in any such capacity, the Company shall indemnify Indemnitee against any amounts paid in settlement of any such proceeding and all expenses actually and reasonably incurred by him in connection with the investigation, defense, settlement, or appeal of such proceeding, provided Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and its stockholders.  The Company shall indemnify Indemnitee against judgments, fines, ERISA excise taxes and penalties to the same extent and subject to the same conditions as described in the immediately preceding sentence.  Notwithstanding the foregoing, no indemnification under this subsection 4(c) shall be made in respect of any claim, issue or matter as to
which Indemnitee shall have been finally adjudged to be liable to the Company by a court of competent jurisdiction unless (and only to the extent that) the court in which such proceeding was brought or the Court of Chancery of Delaware shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such amounts which the court shall deem proper.

(d) Actions where Indemnitee is Deceased.  If Indemnitee was or is a party or is threatened to be made a party to any proceeding by reason of the fact that Indemnitee
is or was or had agreed to become an agent of the Company, or by reason of anything done or not done by Indemnitee in any such capacity, and if prior to, during the pendency of or after completion of such proceeding Indemnitee becomes deceased, the Company shall indemnify Indemnitee’s heirs, executors and administrators against any and all expenses and liabilities of any type whatsoever (including, without limitation, judgments, fines, ERISA excise taxes and penalties, and amounts paid in settlement) actually
and reasonably incurred to the extent Indemnitee would have been entitled to indemnification pursuant to Section 4(a), 4(b) or 4(c) above were Indemnitee still alive.

(e) Limit to Indemnity.  Notwithstanding the foregoing, the Company shall not be obligated to indemnify Indemnitee for expenses or liabilities of any type whatsoever
(including, without limitation, judgments, fines, ERISA excise taxes and penalties, and amounts paid in settlement) for which payment is actually made to Indemnitee under a valid and collectible policy of D&O Insurance, or under a valid and enforceable indemnity clause, bylaw or other agreement, except in respect of any excess beyond payment under such insurance, clause, bylaw or agreement.

(f) Good Faith Defined.  For purposes of this Agreement, Indemnitee shall be deemed to have acted in good faith and in a manner Indemnitee reasonably believed
to be in or not opposed to the best interests of the Company and its stockholders, or, with respect to any criminal action or proceeding, to have had no reasonable cause to believe Indemnitee’s conduct was unlawful, if in either such case Indemnitee’s action is based on the records or books of account of the Company or any of its subsidiaries, or on information supplied to Indemnitee by the officers of the Company or any of its subsidiaries in the course of Indemnitee’s duties, or on the advice
(which advice shall, in the case of any criminal act or proceeding, be in writing) of legal counsel for the Company or any of its subsidiaries, or on information or records given or reports made to the Company or any of its subsidiaries by an independent certified public accountant or by an appraiser or other expert selected by the Company or any of its subsidiaries.  The provisions of this paragraph (t) shall not be deemed to be exclusive or to limit in any way the circumstances in which Indemnitee
may be deemed to have met the applicable standard of conduct required to entitle Indemnitee to indemnification hereunder.  Further, the termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best
interests of the Company or its stockholders and, with respect to any criminal action or proceeding, had reasonable cause to believe that such Indemnitee’s conduct was unlawful.

 

 

 

SECTION 5. Partial Indemnification.  If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of
any expenses or liabilities of any type whatsoever (including, without limitation, judgments, fines, ERISA excise taxes and penalties, and amounts paid in settlement) incurred by Indemnitee in the investigation, defense, settlement or appeal of a proceeding, but is not entitled to indemnification for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which the Indemnitee is entitled.

SECTION 6. Mandatory Advancement of Expenses.  Subject to Section 9(a) below, the Company shall advance all expenses incurred by Indemnitee in connection with
the investigation, defense, settlement or appeal of any proceeding to which Indemnitee is a party or is threatened to be made a party by reason of the fact that Indemnitee is or was or had agreed to become an agent of the Company, provided that the Company may require, as a condition to the advancement of expenses with respect to a proceeding, that Indemnitee reaffirm in respect of such proceeding Indemnitee’s undertaking in the next sentence.  The
Indemnitee hereby undertakes to repay such amounts advanced only if, and to the extent that, it shall be ultimately determined pursuant to Section 8 hereof that Indemnitee is not entitled to be indemnified hereunder by the Company with respect thereto.  The advances to be made hereunder shall be paid by the Company to Indemnitee within 20 days following delivery of a written request therefor by Indemnitee to the Company.

SECTION 7. Notice and Other Indemnification Procedures.

(a) Promptly after receipt by Indemnitee of notice of the commencement, of or the threat of commencement of, any proceeding, the Indemnitee shall, if the Indemnitee believes that indemnification with respect thereto may be sought from
the Company under this Agreement, notify the Company of the commencement, or threat of commencement, thereof, provided that any failure to so notify shall not relieve the Company from any liability it may have to Indemnitee hereunder except to the extent the Company is materially prejudiced thereby.

(b) If, at the time of the receipt of a notice of the commencement of a proceeding pursuant to Section 7(a) hereof, the Company has D&O Insurance in effect, the Company shall give prompt notice of the commencement of such proceeding
to the insurers in accordance with the procedures set forth in the respective policies.  The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

(c) In the event the Company shall be obligated to pay the expenses of any proceeding against Indemnitee, the Company, if appropriate, shall be entitled to assume the defense of such proceeding, with counsel reasonably satisfactory to
Indemnitee, upon the delivery to Indemnitee of written notice of its election so to do. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by the Indemnitee with respect to the same proceeding; provided, however, that (i) Indemnitee shall have the right to employ
separate counsel in any such proceeding at Indemnitee’s expense and (ii) if (A) the employment of separate counsel by Indemnitee has been previously authorized by the Company, (B) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense, or (C) the Company shall not, in fact, have employed counsel within a reasonable period of time to assume the defense of such proceeding, the fees and expenses
of Indemnitee’s separate counsel shall be at the expense of the Company.

 

 

 

SECTION 8. Determination of Right to Indemnification.

(a) To the extent Indemnitee has been successful on the merits or otherwise in the defense of any proceeding referred to in Section 4(a), 4(b), 4(c) or 4(d) of this Agreement or in the defense of any claim, issue or matter described therein,
the Company shall indemnify Indemnitee against expenses actually and reasonably incurred by Indemnitee in connection with the investigation, defense or appeal of such proceeding.

(b) Indemnitee shall be entitled to select the forum for determining, as described below, the validity of any claim by the Company that Indemnitee is not entitled to indemnification hereunder, which forum shall determine that Indemnitee
is entitled to such indemnification unless the Company shall prove by clear and convincing evidence that (i) Indemnitee has not met the applicable standard of conduct required to entitle Indemnitee to such indemnification or that indemnification is otherwise not required pursuant to Section 4 or 9 hereof and (ii) the requirements of Section 8(a) have not been met.  The forum shall determine that Indemnitee is entitled to enforce a claim for advancement of expenses pursuant to Section 6
hereof unless the Company shall prove by clear and convincing evidence that Indemnitee has not tendered the required undertaking to the Company. Indemnitee shall be entitled to select the forum from the following list:

(i) a quorum of the Board consisting of directors who are not parties to the proceeding for which indemnification is being sought;

(ii) the stockholders of the Company;

(iii) legal counsel selected by Indemnitee, and reasonably approved by the Board, which counsel shall make such determination in a written opinion; or

(iv) a panel of three arbitrators, one of whom is selected by the Company, another of whom is selected by Indemnitee and the last of whom is selected by the first two arbitrators so selected.

(c) As soon as practicable, and in no event later than 30 days after written notice of Indemnitee’s choice of forum pursuant to Section 8(b) above, the Company shall, at its own expense, submit to the selected forum, in such manner
as Indemnitee or Indemnitee’s counsel may reasonably request, its claim that Indemnitee is not entitled to indemnification, and the Company shall act in the utmost good faith to assure Indemnitee a complete opportunity to defend against such claim.

(d) Any right to indemnification or advances granted by this Agreement to Indemnitee shall be enforceable by or on behalf of Indemnitee in the Court of Chancery of Delaware, the court in which that proceeding is or was pending or any
other court of competent jurisdiction, if (i) the claim for indemnification or advances is denied, in whole or in part, or (ii) no disposition of such claim is made within 90 days of request therefor.  Indemnitee shall be entitled to indemnification unless the Company shall prove by clear and convincing evidence that (i) Indemnitee has not met the applicable standard of conduct required to entitle Indemnitee to such indemnification or that indemnification is otherwise not required pursuant
to Section 4 or 9 hereof and (ii) the requirements of Section 8(a) have not been met. Indemnitee shall be entitled to enforce a claim for expenses pursuant to Section 6 hereof unless the Company shall prove by clear and convincing evidence that Indemnitee has not tendered the required undertaking to the Company.  Neither the failure of the Company (including its Board of Directors or its stockholders) to have made a determination prior to the commencement of such enforcement action that indemnification
of Indemnitee is proper in the circumstances nor an actual determination by the Company (including its Board of Directors or its stockholders) that such indemnification is improper shall be a defense to the action or create a presumption that the Indemnitee is not entitled to indemnification under this Agreement or otherwise.

(e) Notwithstanding any other provision in this Agreement to the contrary, the Company shall indemnify Indemnitee against all expenses incurred by Indemnitee in connection with any hearing or proceeding under this Section 8 involving
Indemnitee and against all expenses incurred by Indemnitee in connection with any other proceeding between the Company and Indemnitee involving the interpretation or enforcement of the rights of Indemnitee under this Agreement, unless a court of competent jurisdiction finds that each of the claims or defenses of Indemnitee in any such proceeding was frivolous or made in bad faith.

 

 

 

SECTION 9. Exceptions.  Any other provision herein to the contrary notwithstanding:

(a) Claims Initiated by the Indemnitee.  The Company shall not be obligated pursuant to the terms of this Agreement to indemnify or advance expenses to Indemnitee
with respect to proceedings or claims initiated or brought voluntarily by Indemnitee and not by way of defense, unless (i) such indemnification is expressly required to be made by law, (ii) the proceeding was authorized by the Board, (iii) such indemnification is provided by the Company, in its sole discretion, pursuant to the powers vested in the Company under the General Corporation Law of Delaware or (iv) the proceeding is brought to establish or enforce a right to indemnification under
this Agreement or any other statute or law or otherwise as required under Section 145.

(b) Lack of Good Faith.  The Company shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee for any expenses incurred by Indemnitee
with respect to any proceeding instituted by the Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous.

(c) Unauthorized Settlements.  The Company shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee under this Agreement for any
amounts paid in settlement (without the authorization of the Company) of a proceeding unless Indemnitee in making such settlement acted reasonably and in good faith.

SECTION 10. Nonexclusivity.  The provisions for indemnification and advancement of expenses set forth in this Agreement shall not be deemed exclusive of any other
rights which Indemnitee may have under any provision of law, the direction (howsoever embodied) of any court of competent jurisdiction, the Company’s Certificate of Incorporation or Bylaws, the vote of the Company’s stockholders or disinterested directors, other agreements, or otherwise, both as to action in Indemnitee’ s official capacity and to action in another capacity while occupying Indemnitee’s position as an agent of the Company, and Indemnitee’s rights hereunder shall continue
after Indemnitee has ceased acting as an agent of the Company and shall inure to the benefit of the heirs, executors and administrators of Indemnitee.

SECTION 11. Subrogation.  In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all the rights of recovery
of Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce such rights.

SECTION 12. Survival of Rights.

(a) All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an agent of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible claim or threatened,
pending or completed action, suit or proceeding, whether civil, criminal, arbitrational, administrative or investigative, by reason of the fact that Indemnitee was serving in the capacity referred to herein.

(b) The Company shall require any successor to the Company or to all or substantially all the business or assets of the Company (whether direct or indirect, by purchase, merger, consolidation or otherwise, and through a single transaction
or a series of transactions), expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

SECTION 13. Interpretation of Agreement.  It is understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide indemnification
to Indemnitee to the fullest extent permitted by law, including those circumstances in which indemnification would otherwise be discretionary.

SECTION 14. Severability.  If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (i) the
validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and (ii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing
any such provision held to be invalid, illegal or unenforceable that are not themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held to be invalid, illegal or unenforceable and to give effect to Section 8 hereof.

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

 

 

 

SECTION 16. Notice.  All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given (i) if
delivered by hand and receipted for by the party addressee or (ii) if mailed by certified or registered mail with postage prepaid, on the third business day after the mailing date. Addresses for notice to either party are as shown opposite such party’s signature to this Agreement or as subsequently modified by written notice.

SECTION 17. Governing Law.  This Agreement shall be governed exclusively by and construed according to the laws of the State of Delaware as applied to contracts
between Delaware residents entered into and to be performed entirely within Delaware.

SECTION 18. Consent to Jurisdiction.  The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the State of Delaware for
all purposes in connection with any action or proceeding which arises out of or relates to this Agreement and agree that any action instituted under this Agreement shall be brought only in the state courts of the State of Delaware.

SECTION 19. Counterparts.  This agreement may be executed in multiple counterparts, each of which shall be considered an original.

IN WITNESS WHEREOF AND INTENDING TO BE LEGALLY BOUND HEREBY, the parties hereto have entered into this Indemnity Agreement effective as of the date first above written.

	  	
THE COMPANY:

 

BRISTOW GROUP INC.

 

By:                                                                

William E. Chiles

President and Chief Executive Officer

	  	
 

INDEMNITEE:

 

 

 

78647v1

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