Amendment to Agreement dated October 14, 2011



 Exhibit 10.1 
 SECOND AMENDMENT TO AGREEMENT 
 This SECOND AMENDMENT TO
AGREEMENT (this “Agreement”) is entered into as of October 14, 2011, by and between Great Lakes Aviation, Ltd., an Iowa corporation, with its principal place of business at 1022 Airport Parkway, Cheyenne, Wyoming 82001
(“Great Lakes”) and Raytheon Aircraft Credit Corporation, a Kansas corporation, with its principal place of business at 8300 E. Thorn Drive, Suite 100, Wichita, Kansas 67226 (“RACC”). 

WHEREAS, Great Lakes and RACC are parties to twenty-five (25) separate Amended and Restated Promissory Notes or Second Amended and
Restated Promissory Notes, each of which is dated March 23, 2007, and as amended on June 10, 2011 and August 31, 2011 (each a “Promissory Note” and collectively, the “Promissory Notes”) and
twenty-five (25) separate Security Agreements or Amended and Restated Security Agreements, each of which is dated as of December 31, 2002, as each of which was amended by a First Amendment dated as of March 23, 2007, the supplement to
which is dated May 1, 2008, and each of which was amended by a Second Amendment dated June 10, 2011, and each of which was further amended by a Third Amendment dated August 31, 2011 (each originally executed and as amended, restated
or supplemented and currently in effect, a “Security Agreement” and collectively, the “Security Agreements”), and pursuant to which RACC is currently financing Great Lakes’ purchase of twenty-five
(25) used Beech 1900D Airliners that have the following manufacturer’s serial numbers: UE-100, UE-122, UE-153, LIE-154, UE-169, UE-170, UE-184, UE-192, UE-195, UE-201, UE-202, UE-208, UE-210, UE-211, UE-219, UE-220, UE-240, UE-245, UE-247,
UE-251, UE-253, UE-254, UE-255, UE-257 and UE-261 (the Promissory Notes and Security Agreements are hereinafter sometimes referred to collectively, but as further modified in the next recital, as the “Finance Documents”);

 WHEREAS, by an Agreement dated as of June 10, 2011, as amended by an Amendment to Agreement dated as of August 31,
2011 (collectively, as so amended and together with the amendments and other documents executed in connection with such Agreement and such Amendment, the “Original Agreement”) Great Lakes and RACC agreed, in some specific respects,
to modify certain of the “Finance Documents” (which term, as used hereinafter, shall mean the Finance Documents as amended and modified by, or in connection with, the Original Agreement); 

WHEREAS, the Promissory Notes, as modified by the Original Agreement, require Great Lakes to pay in full the entire remaining balance of
principal and interest due under each Promissory Note (the “Balloon Payments”) on or before October 17, 2011 (the “Amended Balloon Payment Date”) and, as of the date of this Agreement, Great Lakes has disclosed
and acknowledges that it is unable to timely and fully pay the Balloon Payments to RACC as required under the Promissory Notes; 

WHEREAS, Great Lakes has requested that RACC agree to extend the Amended Balloon Payment Date from October 17, 2011 to
November 17, 2011; and 







 WHEREAS, on and subject to the terms and conditions provided in this Agreement, RACC is
willing to agree to so extend the Amended Balloon Payment Date, 
 NOW, THEREFORE, in consideration of the foregoing premises,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and fully intending to be legally bound by this Agreement, the parties hereto agree as follows: 

1. Extension of Balloon Payment Date; Extension Fee. 

(a) On the terms and conditions provided in this Agreement, the parties hereto hereby agree that Amended Balloon Payment Date is extended
from October 17, 2011 to November 17, 2011. Great Lakes irrevocably and unconditionally agrees (i) to make payments of $27,600 on each Promissory Note on or before October 30, 2011, and (ii) to pay any and all amounts
outstanding and unpaid, including, without limitation, all principal and accrued interest, on each Promissory Note on or before November 17, 2011. The modification to each of the Promissory Notes agreed to under this Agreement shall be
reflected in a Third Amendment to Amended and Restated Promissory Note or a Third Amendment to Second Amended and Restated Promissory Note (as the case may be) to each Promissory Note dated the date hereof and shall be in the form attached to this
Agreement as Exhibit A. For the avoidance of any possible doubt, the payment and performance by Great Lakes of each and all of its obligations under and in connection with, among other things, the Promissory Notes, as amended by the Third
Amendment to Amended and Restated Promissory Note or Third Amendment to Second Amended and Restated Promissory Note (as the case may be) provided for under this Agreement, are, and continue to be, secured by each Security Agreement, and each
Promissory Note, as so amended, is and constitutes a “Transaction Document”, as that term is defined in the Amended and Restated Restructuring Agreement dated as of March 9, 2007 by and between Great Lakes and RACC. To memorialize
that understanding, the parties hereto on the date hereof are entering into a Fourth Amendment to the Security Agreements, which shall be in the form attached to this Agreement as Exhibit B. 

(b) Great Lakes agrees to pay to RACC, on the date hereof, an extension fee in the amount of One Hundred Twenty-Five Thousand Dollars
($125,000), which shall be fully earned when paid and not refundable, and which is in addition to paying RACC’s reasonable costs and expenses as hereinafter provided. 
 2. Continued Effectiveness of Finance Documents; No Waiver; Etc. 

(a) Except as expressly modified by this Agreement, the parties hereby confirm and ratify each of the other terms and conditions of the
Finance Documents, and agree that all of the provisions of each Finance Document remain in full force and effect and Great Lakes hereby confirms and ratifies each of its obligations under the Finance Documents. The parties also agree that, in
addition to any other Event of Default (as defined in the relevant document), any breach of any provision of this Agreement shall constitute an immediate Event of Default under each of the Finance Documents, the Leases (as hereinafter defined) and
the Senior Note Documents (as hereinafter defined, and, collectively with the Finance Documents and the Leases, the “GLUX/RACC Documents”). 







 (b) Great Lakes hereby acknowledges and agrees that except as expressly provided herein,
the GLUX/RACC Documents remain in full force and effect and that, if it defaults in any of its obligations to RACC, RACC is fully entitled to exercise any or all of its rights and remedies as provided in, and in accordance with the provisions of,
the GLUX/RACC Documents. 
 (c) Great Lakes hereby acknowledges and agrees that RACC’s agreement to extend the Balloon
Payment Date in this Agreement does not constitute a waiver or forgiveness of any obligation and that, in granting the extension under the Original Agreement and the extension provided herein, RACC is not agreeing to, or suggesting in any way, that
there will or might be any further extension, accommodation or any waiver of any right or remedy in any of the GLUX/RACC Documents and Great Lakes acknowledges and agrees that it will not assume or rely upon the possibility or prospect of any
possible future extension or accommodation by RACC. 
 3. No Impact on Other Agreements. The parties hereto hereby
agree as follows: 
 (a) Leases. Great Lakes currently is leasing three (3) used Beech 1900D Airliners under three
(3) separate Operating Leases (the “Leases”), each of which is identified on Exhibit C, which is attached to this Agreement. As contemplated by the Leases, on or about May 4, 2011 RACC gave Great Lakes a Notice of
Termination for each Lease, each of which was modified by a letter dated August 19, 2011, agreed to by Great Lakes and RACC, which provides the date of termination for each Lease. Great Lakes acknowledges its receipt of, and the correctness in
all respects and effectiveness of, such amended Notices of Terminations and hereby confirms and ratifies each of its obligations under the Leases. Except for such confirmation and ratification and the provisions of Sections 2 and 4 of this
Agreement, this Agreement does not affect the Leases in any way, all of which shall remain in full force and effect, subject, however, to the above-described amended Notices of Termination. 

(b) Senior Note. Great Lakes currently is obligated to RACC under a Senior Note dated March 23, 2007 (the “Senior
Note”) that is secured by four (4) Aircraft Security Agreements, (the “Embraer Security Agreements” and, collectively with the Senior Note, the “Senior Note Documents”), each of which relates to an
Embraer Model EMB-120ER aircraft. Great Lakes acknowledges its obligations under the Senior Note Documents and hereby confirms and ratifies each of its obligations under the Senior Note Documents. Except for such confirmation and ratification and
the provisions of Sections 2 and 4 of this Agreement, this Agreement does not affect the Senior Note Documents in any way, each of which shall remain in full force and effect. 
 4. Other Agreements and General Provisions. 
 4.1 Information
To Be Provided; Co-operation; Etc. Great Lakes agrees to continue to make business and financial information available to RACC on a timely basis, consistent with the reports and information provided previously by Great Lakes to RACC. Great
Lakes also agrees to advise RACC as soon as practicable regarding any business or financial development that Great Lakes reasonably believes is material to its operations or its refinancing efforts. In addition, Great Lakes agrees to reasonably
co-operate with any actual or potential transferee of any or all of RACC’s rights or interests in Great Lakes, including, without limitation, under or in connection with the GLUX/RACC Documents. 







 4.2 Documentation and Filings; Costs; Etc. To the extent
that RACC, in its sole discretion, determines that this Agreement or any provision hereof or for any other reason, or in connection with any transfer of any of RACC’s rights or interests in Great Lakes, including, without limitation, under or
in connection with the GLUX/RACC Documents, requires or makes appropriate additional documentation or filings with any state, federal or international authority or registry, including, without limitation, the Cape Town International Registry, RACC
is authorized to do so on its own behalf and, as may be reasonably necessary in RACC’s sole discretion, on behalf of Great Lakes and Great Lakes hereby consents to any and all such filings. Notwithstanding the right of RACC to effect any or all
such filings without Great Lakes’ participation, Great Lakes agrees to cooperate with RACC in preparing and effecting any filings. In addition, by not later than the fifth (5th) business day after the date hereof, Great Lakes shall file with the Securities and Exchange Commission any
necessary amendment to its registration statement on Form S-1 (File No. 333159256), as may be necessary to continue the ability of RACC to sell under the registration statement. All of RACC’s reasonable costs and expenses for preparing
this Agreement, any filings or other matters involving this Agreement shall be paid by Great Lakes on the date hereof or, if later invoiced, not later than five (5) days after Great Lakes’ initial receipt thereof 

4.3 [Intentionally omitted.] 
 4.4 Governing Law, Jurisdiction and Venue and Informed Choice. THIS AGREEMENT WAS MADE AND ENTERED INTO IN THE STATE OF KANSAS AND THE LAW GOVERNING THIS TRANSACTION SHALL BE THAT OF THE STATE
OF KANSAS AS IT MAY FROM TIME TO TIME EXIST. THE LAWS OF THE STATE OF KANSAS SHALL APPLY TO ANY AND ALL MATTERS ARISING FROM OR RELATED TO THIS AGREEMENT. THE PARTIES AGREE THAT ANY LEGAL PROCEEDING BASED UPON THE PROVISIONS OF THIS AGREEMENT SHALL
BE BROUGHT EXCLUSIVELY IN EITHER THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS AT WICHITA, KANSAS OR IN THE EIGHTEENTH JUDICIAL DISTRICT COURT OF SEDGWICK COUNTY, KANSAS TO THE EXCLUSION OF ALL OTHER COURTS AND TRIBUNALS.
NOTWITHSTANDING THE ABOVE, RACC, AT ITS SOLE OPTION, MAY INSTITUTE A LEGAL PROCEEDING IN ANY JURISDICTION AS MAY BE APPROPRIATE IN ORDER FOR RACC TO OBTAIN POSSESSION OF ANY PROPERTY OR ASSETS IN WHICH RACC HAS, OR MAY CLAIM, ANY RIGHT OR INTEREST
INVOLVING OR RELATED TO GREAT LAKES. THE PARTIES CONSENT AND AGREE TO BE SUBJECT TO THE JURISDICTION OF THE AFORESAID COURTS IN SUCH PROCEEDING. EACH PARTY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON
THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT, THE FINANCE DOCUMENTS, THE LEASES, THE SENIOR LOAN DOCUMENTS OR ANY OTHER DOCUMENT
RELATED THERETO. EACH PARTY WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH APPLICABLE STATE. 







 4.5 WAIVER OF JURY TRIAL. EACH PARTY TO THIS AGREEMENT WAIVES TRIAL BY JURY IN
ANY ACTION ARISING OUT OF, CONCERNING OR OTHERWISE INVOLVING THIS AGREEMENT. 
 4.6 Successors and Assigns.
This Agreement shall be binding upon and inure to the benefit of Great Lakes and RACC and their respective successors and assigns, provided that RACC, but not Great Lakes, may transfer or assign any or all of its rights, interests, duties or
obligations hereunder or under any of the GLUX/RACC Documents and, in connection with any such transfer or assignment, Great Lakes hereby consents to such transfers and memorializing such transfers by filings as contemplated by Section 4.2 of
this Agreement 
 4.7 Counterparts; Execution. This Agreement may be executed in any number of counterparts, but
all such counterparts shall together constitute but one and the same agreement. In making proof of this Agreement, it shall not be necessary to produce or account for more than one counterpart thereof signed by each of the parties hereto. Delivery
of an executed signature page to this Agreement by emailed PDF file or facsimile transmission shall be as effective as delivery of a manually executed counterpart of this Agreement. 

4.8 Amendment; Integration. No provision or term of this Agreement may be amended, modified, revoked, supplemented, waived
or otherwise changed except by a written instrument duly executed by Great Lakes and RACC and expressly designated as an amendment, supplement or waiver. This Agreement, and the GLUX/RACC Documents, constitute the entire agreement and understanding
between Great Lakes and RACC and supersedes any and all prior agreements and understandings, both written and oral, between the parties, with respect to the subject matter hereof, the GLUX/RACC Documents and the arrangements between Great Lakes and
RACC. 
 4.9 Severability. If any provision in this Agreement shall be held invalid, illegal or unenforceable in
any jurisdiction, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be impaired thereby, nor shall the validity, legality or enforceability of any such defective provision be in any way affected or
impaired in any other jurisdiction. 
 4.10 Waiver and Release of Claims and Defenses. 

(a) Great Lakes hereby acknowledges, agrees and affirms that neither it nor any affiliate possesses any claims, defenses, offsets,
recoupment, or counterclaims of any kind or nature against RACC or its affiliates or with respect to any of the GLUX/RACC Documents or this Agreement or the enforcement thereof (collectively, the “Claims”), nor do Great Lakes
or its affiliates now have knowledge of any facts that would or might give rise to any Claims. If facts now exist that would or could give rise to any Claim against RACC or any of its affiliates or with respect to any of the GLUX/RACC Documents or
this Agreement, or the enforcement thereof, Great Lakes, on its own behalf and on behalf of its affiliates, hereby unconditionally, 







 
irrevocably, and unequivocally waives and fully releases any and all such Claims as if such Claims were the subject of a lawsuit, adjudicated to final judgment from which no appeal could be
taken, and therein dismissed with prejudice. In no event shall RACC or its affiliates be liable to Great Lakes or its affiliates, and Great Lakes, on its own behalf and on behalf of its affiliates, hereby waives, releases and agrees not to sue for
any special, indirect, punitive, exemplary, or consequential damages suffered by Great Lakes or its affiliates in connection with, or arising out of, or in any way related to any of the GLUX/RACC Documents or this Agreement, including without
limitation lost profits, whatever the nature of a breach by RACC or its affiliates of any of their obligations under any of the GLUX/RACC Documents or this Agreement, and Great Lakes and RACC, each on its own behalf and on behalf of its affiliates,
hereby waives all claims for special, indirect, punitive, exemplary, or consequential damages. 
 (b) Great Lakes, on its own
behalf and on behalf of its affiliates hereby agrees, represents and warrants to RACC and its affiliates that Great Lakes for its own behalf and on behalf of its affiliates realizes and acknowledges that factual matters now unknown may have given or
may hereafter give rise to causes of action, claims, demands, debts, controversies, damages, costs, losses and expenses which are presently unknown, unanticipated and unsuspected, and Great Lakes, on its own behalf and on behalf of its affiliates,
further agrees, represents and warrants that the release provided hereunder has been negotiated and agreed upon in light of that realization and that Great Lakes, on its own behalf and on behalf of its affiliates, nevertheless hereby intends to, and
does, release, discharge and acquit RACC and its affiliates from any such unknown causes of action, claims, demands, debts, controversies, damages, costs, losses and expenses which are in any manner set forth in or related to any of the GLUXIRACC
Documents or this Agreement and all dealings in connection therewith. 
 4.11 Acknowledgment. By its execution of
this Agreement, Great Lakes hereby ratifies and confirms in all respects all of its obligations to RACC under or in connection with each of the GLUXIRACC Documents and agrees that they remain in full force and effect (subject to the terms hereof)
and no defenses exist to RACC’s enforcement thereof. Great Lakes acknowledges and agrees that nothing contained herein shall constitute a waiver of any default or Event of Default (as defined in any of the GLUXIRACC Documents) that exists or
might occur under any of the GLUXIRACC Documents or the payment of any amount or the satisfaction of any obligation except as, and to the extent, expressly so provided herein. 
 4.12 Time of the Essence. The parties hereto agree that for all purposes under any of the GLUX/RACC Documents or this Agreement that time is of the essence for the performance and the
accomplishment of each obligation under any of the foregoing. 
 4.13 Disclosure of this Agreement. Each party
agrees that the other party and/or its respective affiliates may disclose this Agreement as may be required under applicable securities laws and as the disclosing party may otherwise, in the exercise of its commercially reasonable judgment,
determine to be necessary or appropriate for proper commercial purposes. 
 [SIGNATURE PAGE TO FOLLOW] 








							
	GREAT LAKES:	 		 	GREAT LAKES AVIATION, LTD.
				
		 		 	By:  	 	/s/    Michael O. Matthews        
		 		 		 	Name: Michael O. Matthews
		 		 		 	Title: Chief Financial Officer
			
	RACC:	 		 	RAYTHEON AIRCRAFT CREDIT CORPORATION
				
		 		 	By:	 	/s/    David A. Williams
		 		 		 	David A. Williams,
		 		 		 	Vice President — General Counsel








 Exhibit A 
 To Second Amendment to Agreement 
 Model: Beechcraft 1900D Airliner 

Manufacturer’s Serial No.:
            -             
 Aircraft Registration No.: N             
 THIRD AMENDMENT TO 
 [SECOND] AMENDED AND RESTATED PROMISSORY
NOTE 
 Effective this 14th day of October, 2011, this Third Amendment to the [Second] Amended and Restated Promissory
Note (this “Amendment”) is made and entered into by and between RAYTHEON AIRCRAFT CREDIT CORPORATION (hereinafter, together with its successors and assigns, “RACC”) and GREAT LAKES AVIATION, LTD.
(hereinafter “Debtor”). 
 WHEREAS, on or about March 23, 2007, the parties entered into that certain
[Second] Amended and Restated Promissory Note pertaining to the above-identified Aircraft (as amended and currently in effect, the “Promissory Note”), to which was attached a Schedule 1, Aircraft Note Payment and Amortization
Schedule, containing a payment schedule as provided in Section 3 of the Promissory Note; 
 WHEREAS, the parties have
reached an agreement to further amend Section_ 3 of the Promissory Note and, in some respects, the related Payment Schedule and to extend from October 17, 2011 to November 17, 2011 the date by which Debtor agrees to pay in full all amounts
due under the Promissory Note; and 
 WHEREAS, the parties desire to enter into this Amendment in order to memorialize their
agreement, 
 NOW, THEREFORE, for and in consideration of the mutual promises, covenants and agreements set forth herein and in
the Promissory Note, the sufficiency and receipt of which are hereby acknowledged, the parties agree as follows: 
  

	 	1.	Capitalized Terms: Unless otherwise defined herein, the capitalized terms as used in this Amendment shall have the meanings ascribed to them in the Promissory
Note. 

  

	 	2.	Amendment to Section 3: Section 3 of the Promissory Note is hereby amended to read as follows: 


Payment Schedule: Payment of the principal balance together with accrued interest shall be made in monthly
installments payable in arrears, until November 17, 2011, when Debtor shall pay all unpaid amounts in full. The first installment payment shall be due and payable to RACC on March 30, 2007. Each subsequent installment payment shall be due
and payable to RACC on the 30th day of each month
thereafter, until November 17, 2011, on which date the entire remaining balance of principal, accrued interest and any and all other amounts outstanding and unpaid under or in respect of the Promissory Note shall be due and payable in full to
RACC. The amount of each 








	 	
installment payment will be as set forth on Schedule 1 hereto. Notwithstanding the foregoing, in the event of loss, theft, confiscation or substantial damage to the Aircraft, Debtor shall
pay all amounts owing under this Promissory Note upon the earlier of (i) thirty (30) days following demand by RACC or (ii) the date on which all amounts first become due and payable under the Promissory Note, whether at maturity,
after acceleration or otherwise. 

  

	 	3.	Amendment to Schedule 1 to Promissory Note: Schedule 1 to the Promissory Note, entitled Aircraft Note Payment and Amortization Schedule, is hereby amended by
deleting the last three (3) payments, that is, the payments designated as Payment # “55”, “56” and “Balloon” thereon, and inserting in lieu thereof the three (3) payments contained on Exhibit A,
which is attached to this Amendment. 

  

	 	4.	Ratification: Except as specifically provided herein, each party hereby ratifies the other terms and conditions of the Promissory Note, including all prior
amendments thereto, and Debtor hereby confirms and ratifies each of its obligations under the Promissory Note as modified by this Amendment. 

  

	 	5.	Miscellaneous: This Amendment, the Promissory Note and related security, collateral and other executed agreements between RACC and Debtor contain the entire
agreement of the parties with respect to the subject matter hereof. There are no oral understandings, agreements, representations or warranties between the parties that are not expressly set forth in this Amendment and the Promissory Note or the
other documents executed by and between RACC and Debtor. This Amendment may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single document. Delivery of an executed
signature page to this Amendment by emailed PDF file or facsimile transmission shall be as effective as delivery of a manually executed counterpart of this Amendment. RACC, but not the Debtor, may transfer or assign any or all of its rights under
the Promissory Note and this Amendment. Time is of the essence for all purposes of the Promissory Note and this Amendment, including, without limitation, for the performance and the accomplishment of each of Debtor’s obligations.


 IN WITNESS OF THE FOREGOING, the parties have caused their duly authorized officers to execute and deliver this
Amendment under seal effective as of the date first written above. 
  

									
	 RAYTHEON AIRCRAFT CREDIT
 CORPORATION
	 		 	GREAT LAKES AVIATION, LTD.
					
	By:  	 	 	 		 	By:  	 	 
		 	 David A. Williams
 Vice
President — General Counsel
	 		 		 	 Michael Matthews
 Chief
Financial Officer

					
		 	                “RACC”	 		 		 	                “Debtor”

  







 Exhibit A, Amending Schedule 1 

 

											
	 Payment #
	 	 Date
	 	 Payment
	 	 Interest
	 	 Principal
	 	 Loan Balance

	55	 	9/30/2011	 	27,600.00	 	9,262.56	 	18,337.44	 	1,251,957.19
	56	 	10/30/2011	 	27,600.00	 	9,685.06	 	17,914.94	 	1,234,042.25
	Balloon	 	11/17/2011	 	1,239,741.13	 	5,698.88	 	1,234,042.25	 	0.00








 Exhibit B 
 To Second Amendment to Agreement 
 FOURTH AMENDMENT TO SECURITY
AGREEMENTS 
 This FOURTH AMENDMENT TO SECURITY AGREEMENTS is made and entered into this 14th day of October, 2011 (this
“Fourth Amendment”), by and between Raytheon Aircraft Credit Corporation (the “Secured Party”) and Great Lakes Aviation, Ltd. (the “Debtor”). 

W1TNESSETH: 
 WHEREAS, Debtor and Secured Party have entered into a Second Amendment To Agreement dated as of the date hereof (the “Second Amendment”), which is an amendment to an Agreement
dated as of June 10, 2011, as amended by an Amendment To Agreement dated as of August 31, 2011 (collectively, the “2011 Agreement”), to further extend the final payment date of each of the twenty-five
(25) separate Amended and Restated Promissory Notes or Second Amended and Restated Promissory Notes, each of which is dated March 23, 2007, issued by Debtor to Secured Party (each, as originally executed, as amended and currently in
effect, a “Promissory Note” and collectively, the “Promissory Notes”) in connection with that certain Amended and Restated Restructuring Agreement dated as of March 9, 2007 (the “2007
Restructuring Agreement”); 
 WHEREAS, in connection with the 2007 Restructuring Agreement and to further secure
the Promissory Notes, Debtor provided Secured Party with twenty-five (25) separate First Amendments, dated as of March 23, 2007, a Second Amendment to Security Agreements, dated June 10, 2011, and a Third Amendment to Security
Agreements dated August 31, 2011, to twenty-five (25) Security Agreements or Amended and Restated Security Agreements, each of which is dated as of December 31, 2002, all as further described in Exhibit A attached hereto
(collectively the “Original Security Agreements”); 
 WHEREAS, in addition to the Original Security
Agreements, Debtor and Secured Party entered into that Security Agreement dated as of May 1, 2008, as recorded by the Federal Aviation Administration (“FAA”) on June 12, 2008 as Conveyance No. LA000196; and as
supplemented by that certain Security Agreement Supplement No. I dated May 27, 2009, between Debtor and Secured Party, recorded by the FAA on June 10, 2009 as Conveyance No. SF002448, and supplemented by that certain Security Agreement
Supplement No. 2 dated January 27, 2010, between Debtor and Secured Party, recorded by the FAA on February 23, 2010 as Conveyance No. MS003073, and supplemented by that certain Security Agreement Supplement No. 3 dated
April 15, 2010, between Debtor and Secured Party, recorded by the FAA on May 4, 2010 as Conveyance No. MC006524, and supplemented by that certain Security Agreement Supplement No. 4 dated October 27, 2010, between Debtor and
Secured Party, recorded by the FAA on November 22, 2010 as Conveyance No. WH002898, and further supplemented by that certain Security Agreement Supplement No. 5 dated April 25, 2011, between Debtor and Secured Party, recorded by the
FAA on May 25, 2011 as Conveyance No. DV010100, and further supplemented by that certain Security Agreement Supplement No. 6 dated August 25, 2011, between Debtor and Secured Party, recorded by the FAA on September








 
26, 2011 as Conveyance No. DP002952 (collectively, the “2008 Security Agreement” and, the 2008 Security Agreement and the Original Security Agreements, as they are being
amended hereby and as they are amended from time to time. are hereinafter referred to as the “Security Agreements”); 
 WHEREAS, Debtor previously has amended the Promissory Notes and on or about the date hereof is further amending the Promissory Notes by executing twenty-five (25) separate Third Amendments to the
Amended and Restated Promissory Notes or Third Amendments to Second Amended and Restated Promissory Notes, each of which is dated on the date hereof, to further amend the Promissory Notes (as so amended, the “Amended Promissory
Notes”) to reflect new installment payments and a modified final due date, all as provided in the Second Amendment; and 
 WHEREAS, Debtor and Secured Party wish to execute this Fourth Amendment to reflect that (i) the references in the Security Agreements to the “Restructuring Agreement” are to the 2007
Restructuring Agreement, the 2011 Agreement and the Second Amendment, (ii) the references in the Security Agreements to the “Promissory Note” are to the Amended Promissory Notes, and (iii) the Original Security Agreements and the
2008 Security Agreement continue to secure all of the obligations of Debtor to Secured Party. 
 NOW THEREFORE, in consideration
of the premises and other good and valuable consideration, receipt of which is hereby acknowledged, Debtor and Secured Party hereby agree as follows: 
  

	 	1.	Unless otherwise defined herein, the capitalized terms as used in this Fourth Amendment shall have the meaning assigned to them in the Security Agreements.


  

	 	2.	The definition of the Promissory Note in the Security Agreements is hereby amended to mean the Amended Promissory Notes, as they may be further amended, modified,
extended or amended and restated and in effect from time to time. 

  

	 	3.	The definition of the “Restructuring Agreement” in the Security Agreements is hereby amended to mean the 2007 Restructuring Agreement, the 2011 Agreement and
the Second Amendment, as they may be amended, modified, extended or amended and restated and in effect from time to time. 

  

	 	4.	Regarding the Cape Town Treaty, (a) Debtor shall establish a valid and existing account with the International Registry, appoint an Administrator and/or a
Professional User acceptable to Secured Party to make registration in regards to the Collateral and Additional Collateral identified in the Security Agreements as may be requested by Secured Party, and (b) Secured Party and Debtor shall
register a first priority Prospective International Interest in connection with the Collateral and Additional Collateral identified in each of the Security Agreements as may be requested by Secured Party which shall be perfected and searchable in
the International Registry to the satisfaction of Secured Party. 

  

	 	5.	 Secured Party may transfer or assign all or any part of its interest in the Security Agreements, as amended and further supplemented, without the
consent of Debtor or any 










	 	
other party. Debtor hereby consents to any and all assignments or sales of, or the granting of participations in this Fourth Amendment by Secured Party or any assignee of an interest in the
Security Agreements. Debtor shall not assign, transfer, encumber or convey any of its interests in the Collateral, Additional Collateral or in the Security Agreements without the prior written consent of Secured Party. 


 

	 	6.	Unless amended by the terms and conditions of this Fourth Amendment, the parties hereby (i) ratify all remaining terms and conditions of the Security Agreements as
if the same were restated herein (and without limitation as a precautionary matter, the Debtor hereby re-grants to Secured Party a security interest in the Collateral and Additional Collateral subject to the Security Agreements and under the terms
of the Security Agreements), and (ii) confirm that the Security Agreements otherwise remain in full force and effect as to any and all collateral subject thereto. 


 

	 	7.	GOVERNING LAW AND FORUM SELECTION. THIS FOURTH AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF KANSAS. ANY LEGAL
PROCEEDINGS RELATING TO THIS FOURTH AMENDMENT SHALL BE BROUGHT IN THE EIGHTEENTH JUDICIAL DISTRICT AT WICHITA, KANSAS, OR THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS AT WICHITA, KANSAS, TO THE EXCLUSION OF ALL OTHER COURTS AND
TRIBUNALS. NOTWITHSTANDING THE ABOVE, SECURED PARTY (AT ITS SOLE OPTION) MAY INSTITUTE A LEGAL PROCEEDING IN ANY JURISDICTION AS MAY BE APPROPRIATE IN ORDER FOR SECURED PARTY TO EXERCISE ITS RIGHTS AND REMEDIES UNDER THIS FOURTH AMENDMENT. THE
PARTIES HEREBY IRREVOCABLY CONSENT AND AGREE TO BE SUBJECT TO THE JURISDICTION OF THE AFORESAID COURTS IN SUCH PROCEEDINGS. 

  

	 	8.	This Fourth Amendment and the other written agreements entered into by the parties hereto constitute the entire agreement by and between the parties with respect to the
subject matter hereof. There are no oral understandings, agreements, representations or warranties not expressly set forth in this Fourth Amendment or the other written agreements between the parties hereto. Neither this Fourth Amendment nor the
Security Agreements shall be changed orally, but only by writing signed by the parties. This Fourth Amendment may be executed in any number of counterparts, but all such counterparts shall together constitute but one and the same agreement. In
making proof of this Fourth Amendment, it shall not be necessary to produce or account for more than one counterpart thereof signed by each of the parties hereto. Delivery of an executed signature page to this Fourth Amendment by emailed PDF file or
facsimile transmission shall be as effective as delivery of a manually executed counterpart of this Fourth Amendment. 








 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Fourth Amendment
under seal as of the date first set forth above. 

			
	GREAT LAKES AVIATION, LTD., Debtor
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	RAYTHEON AIRCRAFT CREDIT CORPORATION,
Secured Party
		
	By:	 	 
	Name:	 	David A. Williams
	Title:	 	Vice President — General Counsel









 EXHIBIT “A” 

To Fourth Amendment to Security Agreements 
 Security Agreement UE-100 
 Amended and Restated Security Agreement dated as of
December 31, 2002, between Great Lakes, (“Great Lakes”) as debtor, and Raytheon Aircraft Credit Corporation (“RACC”), as secured party, recorded by the Federal Aviation Administration (the
“FAA”) on March 10, 2003, as Conveyance Number T071645, and amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party,
recorded by the FAA on September 19, 2007, as Conveyance Number Q079643, as further amended by the Second Amendment to the Security Agreements dated as of June 10, 2011 (the “Second Amendment”), between Great Lakes, as
debtor, and RACC, as secured party, recorded by the FAA on September 19, 2011, as Conveyance Number AB003879, and as further amended by the Third Amendment to the Security Agreements dated as of August 31, 2011 (the “Third
Amendment”), between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 19, 2011, as Conveyance No. AB003881. 
 Security Agreement UE-122 
 Amended and Restated Security Agreement dated as of
December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 20, 2003, as Conveyance Number JJ000799, as amended by the First Amendment to Amended and Restated Security Agreement dated as
of March 23, 2007 between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 19, 2007, as Conveyance Number PP036045, as further amended by the Second Amendment, and as further amended by the Third
Amendment. 
 Security Agreement UE-153 
 Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on March 10, 2003, as Conveyance Number
T071657, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 12, 2007, as Conveyance Number
FF008509, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement
UE-154 
 Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured
party, recorded by the FAA on February 20, 2003, as Conveyance Number JJ000800, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured
party, recorded by the FAA on September 19, 2007, as Conveyance Number PP036046, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-169 
 Security Agreement dated as of December 31, 2002, between
Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 20, 2003, as Conveyance Number JJ000807, as amended by the First Amendment to Security Agreement dated as of March 23, 2007, between








 
Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 19, 2007, as Conveyance Number PP036047, as further amended by the Second Amendment, and as further
amended by the Third Amendment. 
 Security Agreement UE-170 
 Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 24, 2003, as Conveyance Number QQ026578, as amended
by the First Amendment to Security Agreement dated as of March 23, 2007, by Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 18, 2007, as Conveyance Number K043465, as further amended by the Second
Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-184 

Amended and Restated Security Agreement dated December 31, 2002 with Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on
February 21, 2003, as Conveyance Number QQ026561, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on
September 26, 2007, as Conveyance Number HH045092, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-192 
 Amended and Restated Security Agreement dated as of
December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 27, 2003, as Conveyance Number T071584, as amended by the First Amendment to Amended and Restated and Restated Security
Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 21, 2007, as Conveyance Number W008675, as further amended by the Second Amendment, and as further amended
by the Third Amendment. 
 Security Agreement UE-195 
 Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 20, 2003, as Conveyance Number
QQ026557, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 21, 2007, as Conveyance Number
W008675, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement
UE-201 
 Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the
FAA on March 10, 2003, as Conveyance Number T071656, as amended by the First Amendment to Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 19,
2007, as Conveyance Number PP036048, as further amended by the Second Amendment, and as further amended by the Third Amendment. 

  
 B-2









 Security Agreement UE-202 
 Security Agreement with. dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on March 3, 2003, as Conveyance Number T071592, as amended
by the First Amendment to Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 19, 2007, as Conveyance Number PP036058, as further amended by the Second
Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-208 

Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on March 4,
2003, as Conveyance Number T071604; as amended by the First Amendment to Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 21, 2007, as Conveyance
Number PP036059, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security
Agreement UE-210 
 Security Agreement dated as of December 31, 2002 between Great Lakes, as debtor, and RACC, as secured party,
recorded by the FAA on March 3, 2003, as Conveyance Number T071598, as amended by the First Amendment to Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on
September 19, 2007, as Conveyance Number PP036061, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-211 
 Security Agreement dated as of December 31, 2002 between
Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 21, 2003, as Conveyance Number JJ000830, as amended by the First Amendment to Security Agreement dated as of March 23, 2007 between Great Lakes, as debtor,
and RACC, as secured party, recorded by the FAA on September 21, 2007, as Conveyance Number PP036062, as further amended by the Second Amendment, and as further amended by the Third Amendment. 

Security Agreement UE-219 

Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the
FAA on February 25, 2003, and assigned Conveyance Number JJ000836, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party,
recorded by the FAA on September 19, 2007, as Conveyance Number K043466, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-220 
 Amended and Restated Security Agreement dated as of
December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 25, 2003, as Conveyance Number T071538, as amended by the First Amendment to Amended and Restated Security


  
 B-3









 
Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 21, 2007, as Conveyance Number PP036060, as further
amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-240 

Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the
FAA on February 25, 2003, as Conveyance Number T071540, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the
FAA on September 21, 2007, as Conveyance Number K043471, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-245 
 Amended and Restated Security Agreement dated as of
December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 26, 2003, as Conveyance Number T071578, as amended by the First Amendment to Amended and Restated Security Agreement dated as of
March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 19, 2007, as Conveyance Number K043468, as further amended by the Second Amendment, and as further amended by the Third Amendment.

 Security Agreement UE-247 
 Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 21, 2003, as Conveyance Number
QQ026565, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 19, 2007, as Conveyance Number
K043469, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement
UE-251 
 Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured
party, recorded by the FAA on February 27, 2003, as Conveyance Number T071580, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured
party, recorded by the FAA on September 19, 2007, as Conveyance Number K043470, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-253 
 Amended and Restated Security Agreement dated as of
December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 27, 2003, as Conveyance Number T071582, as amended by the First Amendment to Amended and Restated Security Agreement dated as of
March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 19, 2007, as Conveyance Number K043467, as further amended by the Second Amendment, and as further amended by the Third Amendment.


  
 B-4









 Security Agreement UE-254 
 Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 20, 2003, as Conveyance Number JJ000815, as amended
by the First Amendment to Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd. as debtor, and RACC, as secured party, recorded by the FAA on September 21, 2007, as Conveyance Number K043473, as further amended
by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-255 

Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on
February 20, 2003, as Conveyance Number JJ000823, as amended by the First Amendment to Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 21,
2007, as Conveyance Number K043472as further amended by the Second Amendment, and as further amended by the Third Amendment. 

Security Agreement UE-257 

Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the
FAA on February 24, 2003, as Conveyance Number JJ000832, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the
FAA on September 19, 2007, as Conveyance Number PP036044, as further amended by the Second Amendment, and as further amended by the Third Amendment. 
 Security Agreement UE-261 
 Amended and Restated Security Agreement dated as of
December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 25, 2003, as Conveyance Number JJ000838, as amended by the First Amendment to Amended and Restated Security Agreement dated as
of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 21, 2007, as Conveyance Number K043474, as further amended by the Second Amendment, and as further amended by the Third
Amendment. 

  
 B-5









 Exhibit C 
 To Second Amendment to Agreement 
 Identification of Operating Leases

  

	 	1.	Used Beech 1900D Airliner Operating Lease Agreement Pertaining to Aircraft Serial No. UE-231 Dated December 17, 2008 


 

	 	2.	Used Beech 1900D Airliner Operating Lease Agreement Pertaining to Aircraft Serial No. UE-182 Dated February 2, 2009 


 

	 	3.	Used Beech 1900D Airliner Operating Lease Agreement Pertaining to Aircraft Serial No. UE-165 Dated April 9, 2009 


  
 B-6