Exhibit
10.3 - William E. Chiles Restricted Stock Award Documents
May
3,
2007
William
E. Chiles
2000
W.
Sam Houston Pkwy. S.
Houston,
Texas 777042
Dear
Bill:
Effective
as of May 3, 2007 (the “Award Date”), Bristow Group Inc. (the
“Company”) hereby grants to you 34,000 restricted shares (“Restricted Stock”) of
the common stock, $.01 par value (“Common Stock”) in accordance with
the Bristow Group Inc. 2004 Stock Incentive Plan (the
“Plan”). Your award is more fully described in the attached Appendix
A, Terms and Conditions of Employee Restricted Stock Award (which together
with
this letter is the “Award Letter”).
Unless
otherwise provided in the attached Appendix A, the restrictions on all 34,000
of
your shares of Restricted Stock will lapse and such shares will vest on the
third anniversary of the Award Date. Except as otherwise expressly provided
in
Appendix A, the Restricted shares will vest and the restrictions will lapse
in
accordance with the foregoing sentence provided that you are and have been
continuously employed by the Company from the Award Date through the date
of
vesting and the lapse of restrictions (the “Vesting Date”). Except as
expressly provided in Appendix A, all shares of Restricted Stock as to which
the
restrictions thereon have not previously lapsed and are unvested will
automatically be forfeited upon your termination of employment for any reason
(temporarily or permanently) prior to the Vesting Date. In the event
that a Vesting Date is a Saturday, Sunday or holiday, such particular
installment of shares will instead vest on the first business day immediately
following the Vesting Date.
Note
that
in most circumstances, on the date your restricted stock award vests, the
fair
market value of the stock on the vesting date will be taxable income to you.
You
should closely review Appendix A and the Plan Prospectus for important details
about the tax treatment of your award. Your Restricted Stock is subject to
the terms and conditions set forth in the enclosed Plan, this Award Letter,
the
Prospectus for the Plan, and any rules and regulations adopted by the
Compensation Committee of the Company’s Board of Directors. This award
is subject to the approval of the Plan by the stockholders of the Company
at its
Annual Meeting of Stockholders to be held in August 2007. In the event the
Plan
is not so approved this award will be null and void.
This
Award Letter, the Plan and any other attachments hereto should be retained
in
your files for future reference.
Very
truly yours,
Thomas
C.
Knudson
Chairman
of the Board
Enclosures
Appendix
A
Terms
and Conditions of
Employee
Restricted Stock Award
May
3, 2007
The
restricted shares (“Restricted Stock”) granted to you by Bristow Group Inc. (the
“Company”) of common stock, $.01 par value (“Common Stock”) of the Company are
subject to the terms and conditions set forth in the Bristow Group Inc. 2007
Long Term Incentive Plan (the “Plan”), any rules and regulations adopted by the
Compensation Committee of the Company’s Board of Directors (the “Committee”),
this Award Letter and the Prospectus for the Plan. Any terms used and
not defined in the Award Letter have the meanings set forth in the
Plan. In the event there is an inconsistency between the terms of the
Plan and this Award Letter, the terms of the Plan will control.
1. Lapse
of Risk of Forfeiture and Vesting
The
Restricted Stock granted pursuant to your Award Letter will no longer be
subject
to forfeiture on the Vesting Dates as set forth in your Award
Letter. In certain circumstances described below, the possibility of
forfeiture of your Restricted Stock may lapse and the shares may become 100%
vested before the scheduled Vesting Date.
2. Restrictions
on the Restricted Stock
Until
the
restrictions on your Restricted Stock have lapsed and your shares have become
vested in accordance with this Award Letter, you may not sell, transfer,
assign
or pledge the shares. Shares in the amount of your Restricted Stock
Award will be registered in your name as of the Award Date, but will be held
by
the Company on your behalf until the restrictions on such shares lapse. If
certificated, each stock certificate shall bear the following
legend:
the
transferability of this certificate and the shares of stock represented hereby
are subject to the restrictions, terms and conditions (including forfeiture
and
restrictions against transfer) contained in the award letter for such Restricted
shares entered into between the registered owner of such shares and bristow
group inc. a copy of the award letter is on file in the office of the
Secretary of bristow group inc, located at 2000 w. sam houston parkway
south, suite 1700, houston, texas 77042.
When
the
restrictions on shares of your Restricted Stock lapse and the shares become
vested, a certificate representing such shares will be delivered to you or,
in
the event of your death, to your beneficiary in accordance with the
Plan.
3. Dividends
and Voting
You
will
have the right to vote your Restricted Stock, even if it remains subject
to
forfeiture until it is forfeited. From the Award Date, all cash
dividends payable with respect to your Restricted Stock will be paid directly
to
you at the same time dividends are paid with respect to all other shares
of
Common Stock unless and until any shares of the Restricted Stock are
forfeited.
4. Termination
of Employment
(a)
Forfeiture and Vesting. Except as
provided in this Section 4 and Section 5, if your employment is terminated
your
unvested shares of Restricted Stock for which the restrictions have not lapsed
shall be immediately forfeited. Any shares of Restricted Stock
forfeited hereunder shall automatically revert to the Company and become
cancelled shares and shall be again subject to the Plan as provided in Section
1.4 of the Plan.
(b)
Death or Disability. If your employment is
terminated by reason of death or disability (as determined by the Committee),
all of your shares of Restricted Stock will no longer be subject to the
possibility of future forfeiture and will be 100% vested.
(c)
Retirement. If your employment terminates by reason of
retirement for the convenience of the Company or under a retirement program
of
the Company or one of its subsidiaries or otherwise after attaining age 62
with
five continuous years of service (in either case as determined by the
Committee), all of your shares of Restricted Stock will no longer be subject
to
the possibility of future forfeiture and will be 100% vested.
(d)
Other Termination of Employment. If your employment terminates
for any reason other than those provided in paragraphs (b) and (c) above,
any of
your shares of Restricted Stock as to which the risk of forfeiture has not
previously lapsed and are unvested prior to your termination of employment
will
be forfeited, unless otherwise determined by the Committee in its sole
discretion.
(e)
Adjustments by the Committee. The Committee may, in its sole
discretion, exercised before or after your termination of employment, eliminate
the risk of future forfeiture and accelerate the vesting of all or any portion
of your shares of Restricted Stock.
(f)
Committee Determinations. The Committee shall have absolute
discretion to determine the date and circumstances of termination of your
employment, and its determination shall be final, conclusive and binding
upon
you.
5. Change
in Control
Acceleration
of Lapse of Restrictions. All of your shares of Restricted Stock
will no longer be subject to forfeiture immediately and will be 100% vested
upon
a Change in Control of the Company. A Change in Control of the
Company shall be deemed to have occurred as of the first day any one or more
of
the following conditions shall have been satisfied:
(a)
The
acquisition by any individual, entity or group (within the meaning of Section
13(d)(3) or 14(d)(2) of the Exchange Act (a “Person”) of beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of
shares
representing 35% or more of the combined voting power of the then outstanding
voting securities of the Company entitled to vote generally in the election
of
directors (the “Outstanding Company Voting Securities”); provided, however, that
for purposes of this subsection (a), the following acquisitions shall not
constitute a Change in Control: (i) any acquisition directly from the Company,
(ii) any acquisition by the Company, (iii) any acquisition by any employee
benefit plan (or related trust) sponsored or maintained by the Company or
any
corporation or other entity controlled by the Company, or (iv) any acquisition
by any corporation or other entity pursuant to a transaction which complies
with
clauses (i), (ii) and (iii) of Section 5 (c); or
(b)
Individuals who, as of the effective date of the Plan (as defined in the
Plan),
are members of the Board of Directors of the Company (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board of Directors
of the Company; provided, however, that for purposes of this paragraph of
this
Section 5., any individual becoming a director subsequent to the date hereof
whose election, or nomination for election by the Company’s shareholders, was
approved by a vote of at least a majority of the directors then comprising
the
Incumbent Board, shall be considered as though such individual were a member
of
the Incumbent Board, but excluding, for this purpose, any such individual
whose
initial assumption of office occurs as a result of an actual or threatened
election contest with respect to the election or removal of directors or
other
actual or threatened solicitation of proxies or consents by or on behalf
of a
Person other than the Board of Directors of the Company; or
(c)
Consummation of a reorganization, merger, conversion or consolidation or
sale or
other disposition of all or substantially all of the assets of the Company
(a
“Business Combination”), in each case, unless, following such Business
Combination, (i) all or substantially all of the individuals and entities
who
were the beneficial owners, respectively, of the Outstanding Company Voting
Securities immediately prior to such Business Combination beneficially own,
directly or indirectly, more than 50% of the then outstanding combined voting
power of the then outstanding voting securities entitled to vote generally
in
the election of directors of the corporation or other entity resulting from
such
Business Combination (including, without limitation, a corporation or other
entity which as a result of such transaction owns the Company or all or
substantially all of the Company’s assets either directly or through one or more
subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Business Combination of the Outstanding Company
Voting
Securities, (ii) no Person (excluding any corporation or other entity resulting
from such Business Combination or any employee benefit plan (or related trust)
of the Company or such corporation or other entity resulting from such Business
Combination) beneficially owns, directly or indirectly, 35% or more of the
combined voting power of the then outstanding voting securities of the
corporation or other entity resulting from such Business Combination except
to
the extent that such ownership existed prior to the Business Combination
and
(iii) at least a majority of the members of the board of directors of the
corporation or other entity resulting from such Business Combination were
members of the Incumbent Board at the time of the execution of the initial
agreement, or of the action of the Board of Directors of the Company, providing
for such Business Combination; or
(d)
Approval by the shareholders of the Company of a complete liquidation or
dissolution of the Company other than in connection with the transfer of
all or
substantially all of the assets of the Company to an affiliate or a Subsidiary
of the Company.
6. Tax
Consequences and Income Tax Withholding
You
should review the Plan Prospectus for a general summary of the federal income
tax consequences of your shares of Restricted Stock based on currently
applicable provisions of the Code and related regulations. The
summary does not discuss state and local tax laws, which may differ from
the
federal tax law. Neither the Company nor the Committee guarantees the
tax consequences of your Award Letter. You are advised to consult
your own tax advisor regarding the application of tax laws to your particular
situation.
This
Award Letter is subject to your satisfaction of the income tax withholding
requirements. Unless the Committee in its sole discretion determines
otherwise, to satisfy any applicable federal, state or local withholding
tax
liability arising from the grant of or lapse of the risk of forfeiture on
your
Restricted Stock, the Company will retain a certain number of shares of Common
Stock having a value equal to the amount of your minimum statutory withholding
obligation from the shares otherwise deliverable to you upon your Restricted
Stock becoming fee of the risk of forfeiture. As a condition of this award,
you
agree to waive your right to make an election under Code Section
83(b). Accordingly, no such election will be recognized by the
Company.
7. Restrictions
on Resale
Other
than the restrictions referenced in Section 2., there are no restrictions
imposed by the Plan on the resale of Common Stock acquired under the
Plan. However, under the provisions of the Securities Act of 1933
(the “Securities Act”) and the rules and regulations of the Securities and
Exchange Commission (the “SEC”), resales of shares acquired under the Plan by
certain officers and directors of the Company who may be deemed to be
“affiliates” of the Company must be made pursuant to an appropriate effective
registration statement filed with the SEC, pursuant to the provisions of
Rule
144 issued under the Securities Act, or pursuant to another exemption from
registration provided in the Securities Act. At the present time, the
Company does not have a currently effective registration statement pursuant
to
which such resales may be made by affiliates. There are no
restrictions imposed by the SEC on the resale of shares acquired under the
Plan
by persons who are not affiliates of the Company; provided, however, that
all
employees and the grant of Restricted Stock and any Common Stock deliverable
hereunder are subject to the Company’s policies against insider trading
(including black-out periods during which no sales are permitted), and to
other
restrictions on resale that may be imposed by the Company from time to time
if
it determines said restrictions are necessary or advisable to comply with
applicable law.
8. Effect
on Other Benefits
Income
recognized by you as a result of your Restricted Stock award will not be
included in the formula for calculating benefits under any of the Company’s
retirement and disability plans or any other benefit plans.
9. Compliance
with Laws
This
Award Letter and the Restricted Stock and any Common Stock deliverable hereunder
shall be subject to all applicable federal and state laws and the rules of
the
exchange on which shares of the Company’s Common Stock are traded.
10. Miscellaneous
(a)
Not an Agreement for Continued Employment or Services. This
Award Letter shall not, and no provision of this Award Letter shall be construed
or interpreted to, create any right to be employed by or to provide services
to
or continue your employment with or provide services to the Company, the
Company’s affiliates, parent, subsidiary or their affiliates.
(b)
Community Property. Each spouse individually is bound by, and
such spouse’s interest, if any, in the grant of Restricted Stock or in any
shares of Common Stock is subject to, the terms of this Award
Letter. Nothing in this Award Letter shall create a community
property interest where none otherwise exists.
If
you
have any questions regarding your Restricted Stock award or would like to
obtain
additional information about the Plan, please contact the Company’s General
Counsel, Bristow Group Inc., 2000 W. Sam Houston Parkway South, Suite 1700,
Houston, Texas 77042 (telephone (713) 267 - 7600). Your Award
Letter and all attachments should be retained in your files for future
reference.
This
Award Letter has been executed and delivered as of the Award Date.