Bristow Group Inc. (NYSE:BRS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Vice President and Chief Commercial Officer (the Effective
Departure Date). Mr. Akiri and the Company have entered into a
Separation Agreement and Release in Full, dated June 28, 2017
(the Separation Agreement) to specify the terms of his departure
from the Company, to which he will receive benefits generally
consistent with the termination without cause terms set forth in
the Bristow Group Inc. Management Severance Benefits Plan for
U.S. Employees effective June 4, 2014 (the Severance Plan).
entitled to each of the following items:
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Cash Payments
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A lump sum cash payment of $752,716 will be paid to Mr.
Akiri on or prior to August 8, 2017 (the Payment Date) as severance pay equal to twelve months salary, his target bonus for fiscal year 2018 and a pro-rated portion of his target bonus covering the period from April 1, 2017 to his Effective Departure Date; |
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The Company will pay Mr. Akiri his annual bonus for the
fiscal year ended March 31, 2017, in accordance with the Companys Annual Incentive Compensation Plan and based on actual performance results, in the amount of $94,542; and |
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A separate payment of $30,925 will be paid to Mr. Akiri on
or prior to the Payment Date as payment for unused vacation days. |
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Equity Treatment and Performance Awards
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Mr. Akiris unvested stock options and unvested restricted
stock unit grants awarded in June 2015 and June 2016 shall fully vest on the Payment Date; |
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Mr. Akiris vested stock options shall remain exercisable
for twelve months following the Payment Date; and |
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Mr. Akiris performance cash awards that were awarded in
June 2015 and June 2016 shall become fully vested and earned at the target performance level, and shall be paid to Mr. Akiri on the Payment Date. |
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Miscellaneous Benefits
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Mr. Akiri will also receive outplacement services for up to
twelve months following the Effective Departure Date; |
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The Company will pay to Mr. Akiri certain relocation
benefits under the Companys U.S. Relocation Policy such that Mr. Akiri retains the sum of $42,000 after satisfaction of all applicable taxes with respect to such payment; |
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The Company will pay to Mr. Akiri additional compensation
of $35,416.67 so long as he provides diligent assistance with the transition of his duties during the thirty days following the Effective Departure Date; and |
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The Company will reimburse Mr. Akiri and his beneficiaries
for COBRA insurance coverage for up to 18 months starting on the first day of the month following the Effective Departure Date. |
and confidentiality provisions, including non-compete,
non-solicitation and non-disparagement obligations continuing for
twelve months after the Effective Departure Date.
qualified in its entirety by the Separation Agreement, which is
filed as Exhibit 10.1 hereto and is incorporated herein by
reference. The description of the payments, awards, and benefits
above is qualified in its entirety by the Severance Plan, which
is filed as Exhibit 10.70 to the Form 10-K filed by the Company
on May 20, 2015 and is incorporated herein by reference.
between the Company and Chet Akiri
Bristow Group Inc ExhibitEX-10.1 2 ex101-6302017.htm EXHIBIT 10.1 Exhibit SEPARATION AGREEMENT AND RELEASE IN FULLTHIS SEPARATION AGREEMENT AND RELEASE IN FULL (the “Agreement”) is effective as of June 8,…To view the full exhibit click here About Bristow Group Inc. (NYSE:BRS)
Bristow Group Inc. is an industrial aviation services provider and helicopter service provider to the offshore energy industry. The Industrial Aviation Services segment’s operations are conducted primarily through four regions: Europe Caspian, Africa, Americas and Asia Pacific. The Europe Caspian region consists of all its operations and affiliates in Europe and Central Asia, including Norway, the United Kingdom and Turkmenistan. The Africa region consists of all its operations and affiliates on the African continent, including Nigeria, Tanzania and Egypt. The Americas region consists of all its operations and affiliates in North America and South America, including Brazil, Canada, Trinidad and the United States Gulf of Mexico. The Asia Pacific region consists of all its operations and affiliates in Australia and Southeast Asia, including Malaysia and Sakhalin. Additionally, it operates a training unit, Bristow Academy.