Era Group Inc. (NYSE:ERA) 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
Era Group Inc. (NYSE:ERA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e)
On June 16, 2017, Mr. Andrew Puhala departed Era Group Inc. (the “Company”) as Senior Vice President, Chief Financial Officer. Mr. Puhala and the Company have entered into a Separation and Consulting Agreement dated June 22, 2017 (the “Separation Agreement”) to specify the terms of his departure from the Company. to the Separation Agreement, Mr. Puhala’s employment with the Company ceased effective as of June 16, 2017 (the “Separation Date”).
The Separation Agreement provides Mr. Puhala with the following principal severance benefits, contingent upon Mr. Puhala’s execution and delivery of a customary release of claims: (i) a lump sum cash payment of $42,835 in respect of previously awarded but deferred incentive cash bonuses and any interest accrued thereon; (ii) a lump sum cash payment following termination of the Consulting Period (as defined below) of $65,000 in respect of a pro-rated portion of Mr. Puhala’s fiscal year 2017 annual bonus; (iii) a cash payment in respect of accrued but unused vacation time through the Separation Date; (iv) 40,826 shares of unvested Company restricted common stock held by Mr. Puhala will vest and become non-forfeitable; and (v) Mr. Puhala’s unvested stock options to acquire 10,000 of the Company’s shares will vest and become exercisable through the earlier of (A) the 90th day following the end of the Consulting Period and (B) the expiration of the original term of the applicable stock option.
Under the terms of the Separation Agreement, Mr. Puhala will serve as a consultant to the Company, on an as-needed basis regarding the Company’s business and operations and the transition of his duties, beginning on or about June 22, 2017 to and ending on or about October 22, 2017; provided that the consulting term will expire earlier upon Mr. Puhala’s death or disability or upon a breach by Mr. Puhala (as applicable, the “Consulting Period”). For these services, Mr. Puhala will receive a consulting fee of $22,916.67 per month.
to the Separation Agreement, Mr. Puhala is required to comply with certain restrictive covenants regarding nondisclosure of Company information, non-disparagement, non-competition and non-solicitation of Company customers and employees.
About Era Group Inc. (NYSE:ERA)
Era Group Inc. is engaged in operating helicopters. The Company’s helicopters transport personnel to, from and between offshore oil and gas production platforms, drilling rigs and other installations. The Company also dry-leases helicopters to third-party helicopter operators and foreign affiliates. The primary users of the Company’s helicopter services are international, integrated and independent oil and gas exploration, development and production companies. In addition to serving the oil and gas industry, it provides air medical services; utility services, including support of firefighting, mining, power line and pipeline survey activities, and Alaska flightseeing tours, among other activities. It owns and operates a range of classes of helicopters, such as Heavy helicopters, Medium helicopters and Light helicopters. Heavy helicopters have twin engines and passenger capacity ranging from 16 to 19. Medium helicopters have twin engines and passenger capacity ranging from 11 to 12.
Era Group Inc. is engaged in operating helicopters. The Company’s helicopters transport personnel to, from and between offshore oil and gas production platforms, drilling rigs and other installations. The Company also dry-leases helicopters to third-party helicopter operators and foreign affiliates. The primary users of the Company’s helicopter services are international, integrated and independent oil and gas exploration, development and production companies. In addition to serving the oil and gas industry, it provides air medical services; utility services, including support of firefighting, mining, power line and pipeline survey activities, and Alaska flightseeing tours, among other activities. It owns and operates a range of classes of helicopters, such as Heavy helicopters, Medium helicopters and Light helicopters. Heavy helicopters have twin engines and passenger capacity ranging from 16 to 19. Medium helicopters have twin engines and passenger capacity ranging from 11 to 12.
