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 OfficersItem 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 8, 2017, Mr. William J. Collins III departed the Company as Senior Vice President, Operations (the “Effective Departure Date”). Mr. Collins and the Company have entered into a Separation Agreement and Release in Full, dated June 30, 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”).
to the Separation Agreement and Severance Plan, Mr. Collins will be entitled to each of the following items:
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A lump sum cash payment of $575,606 will be paid to Mr. Collins 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 the Effective Departure Date; |
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The Company will pay Mr. Collins his annual bonus for the fiscal year ended March 31, 2017, in accordance with the Company’s Annual Incentive Compensation Plan and based on actual performance results, in the amount of $30,733; and |
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A separate payment of $19,175 will be paid to Mr. Collins on or prior to the Payment Date as payment for unused vacation days. |
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Mr. Collins 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. Collins certain relocation benefits under the Company’s U.S. Relocation Policy so long as he complies with the conditions and terms thereof; and |
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The Company will reimburse Mr. Collins 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. |
The Separation Agreement contains certain restrictive covenants and confidentiality provisions, including non-compete, non-solicitation and non-disparagement obligations continuing for twelve months after the Effective Departure Date.
The description of the Separation Agreement set forth above is 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.
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Item 5.02 |
Financial Statement and Exhibits |
(d) Exhibits
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Exhibit Number |
Description of Exhibit |
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10.1 |
Separation Agreement and Release in Full dated June 30, 2017 between the Company and WilliamJ.Collins III |
Bristow Group Inc ExhibitEX-10.1 2 ex101collins6302017.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.