# EDGAR Filing Document

**Accession Number:** 0000353184
**File Stem:** 0000353184-25-000140
**Filing Date:** 2025-12
**Character Count:** 1092496
**Document Hash:** 34ca2c8864bf22394d57370be68dde17
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000353184-25-000140.hdr.sgml**: 20251218

**ACCESSION NUMBER**: 0000353184-25-000140

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 477

**CONFORMED PERIOD OF REPORT**: 20251218

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251218

**DATE AS OF CHANGE**: 20251218

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIR T INC
- **CENTRAL INDEX KEY:** 0000353184
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR COURIER SERVICES [4513]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 521206400
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35476
- **FILM NUMBER:** 251583670

**BUSINESS ADDRESS:**
- **STREET 1:** 11020 DAVID TAYLOR DRIVE
- **STREET 2:** SUITE 305
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28262
- **BUSINESS PHONE:** 980-595-2840

**MAIL ADDRESS:**
- **STREET 1:** 11020 DAVID TAYLOR DRIVE
- **STREET 2:** SUITE 305
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28262

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIR TRANSPORTATION HOLDING CO INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ATLANTA EXPRESS AIRLINE CORP
- **DATE OF NAME CHANGE:** 19840321

?xml version='1.0' encoding='ASCII'? airt-20251218

______________________________________________________________________________

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549** 

______________________________________________________________________________

**FORM 8-K** 

______________________________________________________________________________

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of report (Date of earliest event reported):** <u>December 15, 2025</u>

______________________________________________________________________________

**AIR T, INC.**

**(Exact Name of Registrant as Specified in Charter)** 

______________________________________________________________________________

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| | | |
|:---|:---|:---|
| <u>Delaware</u> | 001-35476 | 52-1206400 |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission**<br>**File Number)** | **(I.R.S. Employer**<br>**Identification No.)** |

---

11020 David Taylor Drive, Suite 305,

<u>Charlotte, North Carolina 28262</u>

**(Address of Principal Executive Offices, and Zip Code)**

<u>________________(980) 595-2840__________________</u>

**Registrant's Telephone Number, Including Area Code**

<u>Not applicable</u>___

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock | AIRT | NASDAQ Capital Market |
| Alpha Income Preferred Securities (also referred to as 8% Cumulative Capital Securities) ("AIP") | AIRTP | NASDAQ Global Market |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

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| | |
|:---|:---|
| | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). |
| ☐ | Emerging growth company  |
| ☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |

---

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**Item 1.01&nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement**

*Air T Completes Regional Express Holdings Limited Acquisition and Related Financings*

On December 17, 2025, Air T, Inc. (the "Company") completed the acquisition of all the outstanding capital stock of Regional Express Holdings Limited ("Rex Express"), a leading Australian regional airline, in consideration for $1.00 and the assumption of Rex Express's liabilities which were approximately A$108,000,000 on the date of closing. On December 15, 2025, the Company and its wholly-owned subsidiary Air T Acquisition 25.1, LLC, a Minnesota limited liability company ("Acquisition 25.1") completed a US$40,000,000 financing, which funds were used in part to help finance Rex Express. The acquisition was completed by the Company, Acquisition 25.1 and Air T Rex Acquisition, Inc., a Delaware corporation ("Rex Acquisition"), a wholly-owned subsidiary of Acquisition 25.1. Rex Express is the parent entity for seven (7) operating entities: Rex Investment Holdings Pty Ltd, Regional Express Pty Ltd., Air Partners Pty Ltd., AAPA Victoria Pty Ltd, Australian Airline Pilot Academy Pty Ltd, Rex Flyer Pty Ltd., and Australian Aero Propeller Maintenance Pty Ltd. (collectively herein, the "Rex Companies").

*Investor Financing*

On December 15, 2025, the Company and Acquisition 25.1, entered into a Note Purchase Agreement (the "Agreement") with Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Fund (together the "Investors"). Pursuant to the Agreement, Acquisition 25.1 issued to the Investors a 11.5% Senior Secured Note due December 15, 2031 in the aggregate principal amount of US$40,000,000 (the "Investor Note"). The loan proceeds were made immediately available to Acquisition 25.1's wholly-owned subsidiary Air T Lending 25.1, LLC, a Minnesota limited liability company ("Lending 25.1") and used to provide financing to Rex Express pursuant to the Syndicated Loan Note Subscription Agreement – Project Mustang dated December 17, 2025 between and among Lending 25.1, Regional Express and additional parties (the "New Cap Note Facility"). The New Cap Note Facility provides a A$50,000,000 line of credit, matures five years from the date of closing, and bears interest at 12.0% per annum. Interest on the New Cap Note Facility must be paid equally between cash and capitalization (*i.e.*, paid-in-kind through the issuance of additional debt), during the initial period, as defined in the Intercreditor Deed (*i.e.*, the period commencing on December 17, 2025 and ending on the earlier of the date the applicable availability period in the New Facility Agreement (as defined below) has ended and the facilities under such loan agreement are fully drawn). The New Facility Agreement provides for differing availability periods: (i) a three-year availability period for the $A40,000,000 facility for engine care and maintenance; and (ii) a two-year availability period for the $A20,000,000 business operations facility. Interest under the New Cap Note Facility is first payable on December 31, 2025, and such interest is payable quarterly thereafter. The New Cap Note Facility further permits the Rex Companies to incur other unsecured financial indebtedness up to an aggregate limit of A$10,000,000.

Interest on the Investor Note accrues commencing on April 10, 2026 at the rate of 11.5% per annum on the basis of a 30/360-day year (and actual days elapsed), commences on April 10, 2026, and is payable quarterly in arrears. The Investor Note matures on December 15, 2031 and may not be prepaid, in whole or in part, prior to June 15, 2027 unless the prepayment premium specified therein has been paid. The Investor Note is secured by a pledge of all equity interests of Acquisition 25.1 and is guaranteed by the Company, which guarantee generally covers twenty-five percent (25%) of principal and interest due under the Investor Note and related documents. The Agreement includes customary covenants and events of default and restricts, among other things, change of control transactions, dividends and other restricted payments by Acquisition 25.1. The Investors are entitled to appoint two directors to the board of directors of Rex Express as described below.

In connection with the Investor Note, the Company, Acquisition 25.1, Rex Acquisition and the Investors entered into a Contingent Payment Agreement that provides the Investors with the right to receive up to A$8,000,000 of contingent payments after the Investor Note has been repaid in full, based on the gross revenues of Rex Acquisition and its direct and indirect subsidiaries on a consolidated basis.

*Rex Express Acquisition*

On December 17, 2025, the Company, through its indirect wholly-owned subsidiary Rex Acquisition, acquired all the outstanding capital stock of Rex Express for a purchase price of $1.00 plus the assumption of liabilities which, at the time of acquisition, was approximately A$108,000,000. In connection with the acquisition, the parties entered into the Creditors' Trust Deed.

On December 17, 2025, the Company and certain of its subsidiaries, Rex Express and the Rex Companies, the Commonwealth of Australia, as represented by the Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts (the "Commonwealth"), 25.1 Lending (or an affiliate thereof), and P.T. Limited, as trustee (the "Air T Security Trustee"), entered into an Intercreditor Deed – Regional Express Airlines (the "Intercreditor Deed"). The Intercreditor Deed establishes the relative priority of security interests and the application of proceeds among the Commonwealth and certain Company subsidiaries as the parties providing financing. The Intercreditor Deed also provides for an Excess Cash Flow sweep following the cash sweep commencement date (which date is defined therein). Under the Intercreditor Deed:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Commonwealth's security interest ranks first over specified aircraft and simulator assets, with the Company's security interest ranking first over other collateral, in each case to the specified priority caps;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "Air T Priority Amount," the amount the Company has first priority to on the event of liquidation, is A$50,000,000 (plus interest and costs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notwithstanding the asset-specific security priorities described above, upon any enforcement action or liquidation event, proceeds from collateral will generally be distributed *pari passu* among the Commonwealth and the Company based on a weighted formula (crediting 100% of the Company and Commonwealth New Facility debts and 66.67% of the Commonwealth Perpetual Facility debt);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Excess Cash Flow is required to be applied periodically (commencing 18 months after the closing date) to the Commonwealth and the Company in specified proportions (*i.e.*, generally 70% to the Commonwealth and 30% to the Company so long as the Commonwealth's legacy debt balance remains above 50% of its opening balance, and 50%/50% thereafter); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if a principal non-payment on the Company's notes occurs and continues for at least 30 days, the Commonwealth has a step-in right to acquire all equity in the Rex Companies for A$1.00 and, during a 90-day period thereafter, an option to purchase all Air T new capital notes at a price equal to 75% of the aggregate of the then-outstanding principal plus accrued but unpaid interest, in each case on the terms set forth in the Intercreditor Deed.

Also on December 17, 2025, the Rex Companies and the Commonwealth entered into (i) an amendment and restatement of the Commonwealth Facility Agreement originally dated November 11, 2024 (the "Perpetual Facility Agreement"), and (ii) a new facility agreement (the "New Facility Agreement" and, together with the Perpetual Facility Agreement, the "Commonwealth Facilities"). The Perpetual Facility Agreement does not bear interest, provided that if the Rex Companies fail to maintain compliance with certain 'Rex Regional Commitments' (and a resulting event of default date occurs), interest shall accrue on the outstanding principal at a rate of 2.00% per annum during the period of such non-compliance. The New Facility Agreement bears interest at 12.0% per annum (which rate shall increase by 2.00% per annum if the Rex Companies fail to maintain compliance with certain "Rex Regional Commitments" regarding flight service levels and route profitability). The interest rate applicable to the New Facility is subject to adjustment from time to time in accordance with the Intercreditor Deed to match the interest rate applicable to the New Cap Note Facility.

The Commonwealth Facilities are secured by general security deeds and certain real property and aircraft-related security and, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• include a financial covenant requiring the Rex Companies to maintain a minimum cash balance of A$5,000,000 at all times until the New Cap Note Facility is fully drawn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require application of Excess Cash Flow as mandatory prepayments pursuant to the Intercreditor Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• under the New Facility Agreement, provide for advances for approved purposes (including engine care and operations), with a stated Operations Facility limit of A$20,000,000 and an Engine Facility limit of A$40,000,000, a repayment date seven years from the "Restructure Effective Date," and mandatory prepayments from asset sale proceeds, insurance proceeds not applied to repair or replacement, and Excess Cash Flow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrict the sale or disposal of assets outside the ordinary course of business, subject to a basket for disposals where the market value or consideration does not exceed A$1,000,000 in any financial year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• under the Perpetual Facility Agreement, provide for an initial term of 30 years, and permit extension of the termination date by up to an additional 20 years (in two 10-year increments) subject to specified conditions and require mandatory prepayments from Excess Cash Flow in accordance with the Intercreditor Deed.

As part of the overall financing, the Commonwealth will remain a secured creditor of the Rex Companies with an aggregate outstanding principal balance of approximately A$108,000,000 under the Perpetual Facility Agreement as of closing. In addition, as stated above, the Company has made available to the Rex Companies, through Lending 25.1, a credit facility to support operations in an aggregate amount of up to A$50,000,000, funded with proceeds of the Investor Note.

*Acquisition 25.1 Warrant Issuances*

On December 17, 2025, Acquisition 25.1 sold for nominal consideration ten year warrants to purchase an aggregate of 19% of the equity interests of Acquisition 25.1 to Messrs. D. Philp, N. Swenson and J. Golbus. The warrants do not vest until certain conditions are met, are exercisable for a period of ten years from the date of vesting and have an exercise price of $393,750, each for an ownership interest of 5.25% (for Messrs. Philp and Golbus) and $637,500 for an ownership interest of 8.5% (for Mr. Swenson). The warrant holders have agreed to guarantee their pro rata portion of the Investor Note in the event the first-loss guarantee is drawn upon. If a warrant holder departs the Company or a subsidiary voluntarily, the Company may repurchase the warrant from the holder for the greater of $2 million or the fair market value of the warrant. The warrant holders will share in any excess cash flow on an as exercised basis if the Investors or any future debt holder of Acquisition 25.1 does not have a claim on the cash flow. Furthermore, if there is a deficit due to a differential between the cash interest received from Rex Express as

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compared to the cash interest required for the Investor Note, then the warrant holders will be required to fund their pro rata amount of the losses up to a total of A$500,000.

The foregoing summaries of the Agreement, the Investor Note, the related pledge and guaranty, the Contingent Payment Agreement, the Intercreditor Deed, the Perpetual Facility Agreement, the New Facility Agreement, the New Cap Note and related security documents and the Warrants and related Purchase Agreements do not purport to be complete and are qualified in their entirety by reference to the full text of such agreements, which are filed as exhibits to this Current Report on Form 8 K and incorporated herein by reference.

**Item 2.01&nbsp;&nbsp;&nbsp;&nbsp;Completion of Acquisition or Disposition of Assets.**

On December 17, 2025, the Company, through Rex Acquisition, completed the acquisition of all of the outstanding capital stock of Regional Express Holdings Limited ("Rex Express") for cash consideration of $1.00 and the assumption of Rex Express's liabilities. The Rex Express corporate group includes the Rex Companies. The acquisition was approved by order of the Federal Court of Australia, New South Wales Registry, dated December 11, 2025. The financing arrangements described under Item 1.01 of this Current Report on Form 8-K were entered into in connection with the acquisition and the ongoing operations and restructuring of the Rex Express business in Australia. The total amount paid by the Air T parties for the equity of Rex was $1.00 and assumption of approximately A$108,000,000 in liabilities.

The description of the acquisition in this Item 2.01 is qualified in its entirety by reference to the information contained in Items 1.01 of this Current Report on Form 8-K and the agreements filed as exhibits to this Current Report on Form 8-K, which are incorporated herein by reference.

**Item 2.03&nbsp;&nbsp;&nbsp;&nbsp;Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

To the extent required by Item 2.03 of Form 8-K, the information contained in Items 1.01 and 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.Financial Statements of Businesses or Funds Acquired**

The required financial statements of the Rex Companies will be filed by amendment to this Current Report on Form 8-K not later than March 2, 2026 (which is 75 calendar days after the date that the Rex Express acquisition was completed – December 17, 2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.Pro Forma Financial Statements**

The require pro forma financial statements will be filed by amendment to this Current Report on Form 8-K not later than March 2, 2026 (which is 75 calendar days after the date that the Rex Express acquisition was completed – December 17, 2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.Not applicable**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.Exhibits**

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| | |
|:---|:---|
| 99.1 | <u>[Press Release issued by Air T, Inc. dated December 17, 2025 announcing the closing of the Rex Express acquisition.](a991-rexcloseprdraft.htm)</u> |
| 10.1 | <u>[Form of Note Purchase Agreement among Air T Acquisition 25.1, LLC, Air T, Inc. and Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Fund dated December 15, 2025.](a1001-notepurchaseagreem.htm)</u> |
| 10.2 | <u>[Form of Senior Secured Note of Air T Acquisition 25.1, LLC to Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Fund dated December 15, 2025.](a1002-notexairtxhoneywel.htm)</u> |
| 10.3 | <u>[Form of Pledge Agreement of Air T, Inc., in favor of Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Fund dated December 15, 2025.](a1003-pledgeagreementxai.htm)</u> |
| 10.4 | <u>[Form of Parent Guaranty of Air T, Inc. dated December 15, 2025.](a1004-guarantyxairtxhone.htm)</u> |
| 10.5 | <u>[Form of Contingent Payment Agreement by and among Air T, Inc., Air T Acquisition 25.1, LLC, Air T Rex Acquisition, Inc. and Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Fund dated December 15, 2025.](a1005-contingentpaymenta.htm)</u> |
| 10.6 | <u>[Order dated December 11, 2025 of the Federal Court of Australia, New South Wales Registry, Division: General – In the Matter of: The Joint and Several Deed Administrators of each of the Regional Express Holdings Ltd (Subject to Deed of Company Arrangement) (ACN 099 547 270) and others named in the schedule, approving the Rex Express Acquisition.](a1006-20251211ordersstew.htm)</u> |
| 10.7 | <u>[Form of Rex Group Creditors' Trust Deed dated December 17, 2025.](a1007-creditorstrustdeed.htm)</u> |
| 10.8\* | <u>[Form of Intercreditor Deed – Regional Express Airlines between and among the Commonwealth of Australia, Air T Lending 25.1, LLC, the Air T Security Trustee and Regional Express Holdings Limited, Rex Investment Holdings Pty Ltd, Regional Express Pty Ltd., Air Partners Pty Ltd., AAPA Victoria Pty Ltd., Australian Airline Pilot Academy Pty Ltd, Rex Flyer Pty Ltd., and Australian Aero Propeller Maintenance Pty Ltd. dated December 17, 2025.](a1008-rexxintercreditord.htm)</u> |
| 10.9 | <u>[Form of Commonwealth Facility Agreement originally dated November 11, 2024, as further amended and restated.](a1009-rexxamendedcommonw.htm)</u> |
| 10.10 | <u>[Form of Commonwealth Facility Agreement dated December 17, 2025.](a1010-rexxamendmentdeed3.htm)</u> |
| 10.11 | <u>[Form of General Security Deed dated December 17, 2025.](a1011-rexxnewgeneralsecu.htm)</u> |
| 10.12 | <u>[Form of New Facility Agreement between and among the Commonwealth of Australia and Regional Express Holdings Limited, Rex Investment Holdings Pty Ltd, Regional Express Pty Ltd., Air Partners Pty Ltd., Rex Flyer Pty Ltd., Australian Aero Propeller Maintenance Pty Ltd., Australian Airline Pilot Academy Pty Ltd., and AAPA Victoria Pty Ltd. dated December 17, 2025.](a1012-rexxnewloanfacilit.htm)</u> |
| 10.13 | <u>[Form of New Cap Note Facility dated December 17, 2025.](a1013-syndicatedloannote.htm)</u> |
| 10.14 | <u>[Form of Air T Acquisition 25.1, LLC Securities Purchase Agreement with Messrs. D. Philp, N. Swenson and J. Golbus dated December 17, 2025.](a1014-formxsecuritiespur.htm)</u> |
| 10.15 | <u>[Form of Air T Acquisition 25.1, LLC Warrant Agreement issued to Messrs. D. Philp, N. Swenson and J. Golbus dated December 17, 2025.](a1015-formofwarrantairta.htm)</u> |

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\* Portions of the transaction exhibit have been omitted for confidential treatment.

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: December 18, 2025

AIR T, INC.

By: <u>/s/ Tracy Kennedy</u> 

Tracy Kennedy, Chief Financial Officer

## Exhibit 10.1

![](a1001-notepurchaseagreem001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;1 NOTE PURCHASE AGREEMENT This NOTE PURCHASE AGREEMENT (this "Agreement"), dated as of December 15, 2025 among Air T Acquisition 25.1, LLC, a Minnesota limited liability company (the "Issuer"), Air T, Inc., a Delaware corporation (the "US Parent"), and Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust (each, an "Investor" and together, the "Investors"). WHEREAS, substantially concurrently with the entering into of this Agreement, Air T Rex Acquisition, Inc., a Delaware corporation ("Air T Rex Acquisition") is acquiring all of the assets of Rex Regional Express Holdings Limited (the "Australian Operating Parent"), Air Partners Pty Ltd, Regional Express Pty Ltd, and Rex Investment Holdings Pty Ltd, each an Australian domiciled entity (collectively, the "Asset Holding Acquisition Counterparties"), such acquisition being made under and pursuant to that certain Sale and Implementation Deed dated October 21, 2025, among (i) US Parent, (ii) the Asset Holding Acquisition Counterparties, and (iii) collectively, Samuel Freeman, Justin Walsh and Adam Nikitins in their capacity as joint and several voluntary administrators of the Asset Holding Acquisition Counterparties (the "Sale and Implementation Deed"); WHEREAS, as a condition of the Sale and Implementation Deed and the related Transaction Documents (as defined in the Sale and Implementation Deed), US Parent is required, directly or indirectly, to fund at least $53,700,000.00 Australian Dollars into the Australian Operating Parent to be used for general operating and corporate purposes; WHEREAS, US Parent is the parent entity and holder of 100% of the interests in Issuer, Issuer is the parent entity and holder of 100% of the interests in Air T Rex Acquisition and, upon consummation of the transactions described in the Sale and Implementation Deed and the related Transaction Documents, Air T Rex Acquisition will be the parent entity and holder of 100% of the interests in Australian Operating Parent; WHEREAS, Issuer desires to issue 11.5% senior secured notes (the "Notes") due December 15, 2031, in the aggregate principal amount of $40,000,000.00 (the "Loan Amount"), substantially in the form attached hereto as Exhibit A; WHEREAS, Issuer shall pay the Investors a closing fee equal to 1% of the aggregate face amount of the Notes; WHEREAS, the US Parent, the Issuer and the Investors are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"); WHEREAS, contemporaneously with the execution and delivery of this Agreement, the US Parent is executing and delivering a Parent Guaranty, substantially in the form attached hereto as Exhibit C (the "US Parent Guaranty"), pursuant to which US Parent will guaranty certain obligations hereunder and under the Note Transaction Documents (as defined below); and WHEREAS, contemporaneously with the execution and delivery of this Agreement, the

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![](a1001-notepurchaseagreem002.jpg)

2 US Parent, the Issuer and the Investors are executing and delivering a Pledge Agreement, substantially in the form attached hereto as Exhibit B (the "Pledge Agreement"), pursuant to which 100% of the equity interests of the Issuer will be pledged by the US Parent to Investors as Equity Collateral (as defined in the Pledge Agreement) to secure the indebtedness outstanding under the Notes. NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the US Parent, the Issuer and the Investors hereby agree as follows: 1. Closing. The date and time of the closing (the "Closing") shall be 9:30 a.m., New York City time, on the date hereof (or such other date and time as is mutually agreed upon by the US Parent, the Issuer and the Investors) after notification of satisfaction (or waiver) of the conditions to the Closing set forth in Section 5, electronically, by exchange of documents and certificates (or by such other method as is mutually agreed upon by the US Parent, the Issuer and the Investors) (the day on which the Closing takes place, the "Closing Date"). Advances of Loan Proceeds shall be made under and pursuant to this Agreement and as further set forth in the Note, with allocations to each Investor thereunder determined and agreed upon by and between the Investors. 2. Investors' Representations and Warranties. Each Investor represents and warrants that, as of the Closing Date: (a) No Public Sale or Distribution. The Investors are acquiring the Notes for their own account and not with a view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered or exempted under the Securities Act; provided, however, that by making the representations herein, the Investors do not agree to hold the Notes for any minimum or other specific term and reserve the right to dispose of the Notes at any time in accordance with or pursuant to a registration statement or an exemption under the Securities Act. The Investors are acquiring the Notes hereunder in the ordinary course of their business. The Investors do not presently have any agreement or understanding, directly or indirectly, with any Person (as hereinafter defined) to distribute the Notes. For purposes of this Agreement, "Person" means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and any government or any department or agency thereof. (b) Accredited Investor Status. Each Investor is an "accredited investor" as that term is defined in Rule 501 (a) of Regulation D as promulgated by the U. S. Securities and Exchange Commission (the "SEC") under the Securities Act. (c) Reliance on Exemptions. The Investors understand that the Notes are being offered and sold in reliance on specific exemptions from the registration requirements of U.S. federal and state securities laws and that the US Parent and the Issuer are relying in part upon the truth and accuracy of, and each Investors' compliance with, the representations, warranties, agreements, acknowledgments and understandings set forth herein in order to determine the availability of such exemptions and the eligibility of such Investors to acquire the Notes.

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3 (d) Information. The Investors and their advisors or representatives have been furnished with all materials relating to the business, finances and operations of the Company Group (as defined below) that have been requested by the Investors. The Investors and their advisors or representatives have been afforded the opportunity to ask questions of the Company Group. Neither such inquiries nor any other due diligence investigations conducted by the Investors or their advisors or representatives shall modify, amend or in any other way affect the Investors' right to rely on the representations and warranties of the Company Group contained herein. The Investors understand that the Notes involve a high degree of risk. (e) Sophisticated Investor. Each Investor acknowledges that it is a sophisticated investor capable of assessing and assuming investment risks with respect to securities, including securities such as the Notes, and further acknowledges that the US Parent and the Issuer are entering into this Agreement with the Investors in reliance on this acknowledgment and with such Investor's understanding, acknowledgment and agreement that the US Parent and the Issuer are privy to material non-public information regarding the Company Group (collectively, the "Non- Public Information"), which Non-Public Information may be material to a reasonable investor, such as the Investors, when making investment decisions, including the decision to enter into this Agreement, and each Investor's decision to enter into this Agreement is being made with full recognition and acknowledgment that the US Parent and the Issuer are privy to the Non-Public Information, irrespective of whether such Non-Public Information has been provided to the Investors. Each Investor hereby waives any claim, or potential claim, it has or may have against the US Parent and the Issuer relating to their possession of Non-Public Information. (f) No Governmental Review. Each Investor understands that no U.S. federal or state agency or any other governmental agency has passed on, reviewed, or made any recommendation or endorsement of the Notes. (g) Transfer or Resale. Each Investor understands that (i) the Notes have not been and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (A) subsequently registered thereunder or (B) if requested by the Issuer, an Investor shall have delivered to the Issuer an opinion of counsel to the effect that the Note to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such registration; and (ii) neither the Issuer nor any other Person is under any obligation to register a Note under the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder. (h) Legend. The Investors understand that the Notes shall bear any legend as required by the "blue sky" laws of any state and a restrictive legend in substantially the following form (and a stop-transfer order may be placed against transfer of such Note): THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS

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4 AMENDED, OR (B) AN OPINION OF COUNSEL SELECTED BY THE HOLDER OF THIS NOTE, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT. 3. Representations and Warranties of the US Parent and the Issuer. The US Parent and Issuer, together with their respective direct and indirect subsidiaries, including Air T Rex Acquisition, the Australian Operating Parent and their respective direct and indirect subsidiaries (collectively, the "Company Group") (for the avoidance of doubt, the "Company Group" includes the "Australian Company Group" (as defined below); provided that, as to the Australian Company Group, all representations and warranties herein are limited to the knowledge of US Parent and Issuer, and are based solely on the diligence undertaken by US Parent and Issuer in connection with the acquisition described in the Sale and Implementation Deed and the related Transaction Documents), make the following representations and warranties to each Investor, as of the date hereof and as of the Closing Date: (a) Organization and Qualification. Each member of the Company Group is an entity duly organized and validly existing and in good standing under the laws of the jurisdiction in which it is formed, and has the requisite power and authority to own its properties and to carry on its business as now being conducted and as presently proposed to be conducted (including, without limitation, the business proposed to be conducted by the Australian Company Group (and each reference in this Agreement to the business as now being conducted and as presently proposed to be conducted shall include the business proposed to be conducted by the Australian Company Group)). Each member of the Company Group is duly qualified as a foreign entity to do business and is in good standing in every jurisdiction in which its ownership of property or the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a Material Adverse Effect. As used in this Agreement, "Material Adverse Effect" means any material adverse effect on the business, properties, assets, the Collateral (as defined below), liabilities, operations, results of operations, condition (financial or otherwise) or prospects of the US Parent, the Issuer or the Australian Operating Parent individually, the Australian Operating Parent together with its direct and indirect subsidiaries (collectively, the "Australian Company Group") taken as a whole, or the Company Group taken as a whole, or on the transactions contemplated hereby or in the other Note Transaction Documents (as defined in (b) below) or by the agreements and instruments to be entered into in connection herewith or therewith, or on the authority or ability of the US Parent or the Issuer to perform any of its obligations under any of the Note Transaction Documents. (b) Authorization; Enforcement; Validity. Each of the US Parent and the Issuer have the requisite power and authority to enter into and perform their respective obligations under this Agreement, the Notes, the US Parent Guaranty, the Pledge Agreement, and each of the other agreements entered into by the parties hereto in connection with the transactions contemplated by this Agreement (collectively, the "Note Transaction Documents") and, for Issuer, to issue the Notes in accordance with the terms hereof and thereof. The execution and delivery of this Agreement and the other Note Transaction Documents by the US Parent and the Issuer and the consummation by the US Parent and the Issuer of the transactions contemplated hereby and thereby, including, without limitation, the issuance of the Notes, have been duly authorized by the board of directors or similar governing body of the US Parent and the Issuer and no further filing, consent or authorization is required by the US Parent, the Issuer, or their respective board of

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5 directors (or similar governing body), stockholders or members. This Agreement and the other Note Transaction Documents have been duly executed and delivered by the US Parent and the Issuer, and constitute the legal, valid and binding obligations of the US Parent and the Issuer, enforceable against the US Parent and the Issuer in accordance with their respective terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors' rights and remedies. (c) Issuance of Notes. The issuance of the Notes has been duly authorized and, upon issuance, shall be validly issued and free from all preemptive or similar rights, taxes, liens, charges and other encumbrances with respect to the issue thereof. Assuming the accuracy of each of the representations and warranties set forth in Section 2 of this Agreement, the offer and issuance by the Issuer of the Notes is exempt from registration under the Securities Act. (d) No Conflicts. The execution, delivery and performance of the Note Transaction Documents by the US Parent and the Issuer and the consummation by the US Parent and the Issuer of the transactions contemplated hereby and thereby will not (i) result in a violation of any articles or memorandum of association, certificate of incorporation, certificate of formation, bylaws, operating agreement, certificate of designations or other constituent documents of any member of the Company Group (collectively, the "Company Group Organizational Documents"), or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) in any respect under, are prohibited or restricted by, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument (including, without limitation, the Sale and Implementation Deed or any of the other Note Transaction Documents to which any member of the Company Group is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including other foreign, federal and state securities laws and regulations and the rules and regulations of the Principal Market and including all applicable laws of the State of Delaware and any foreign, federal and state laws, rules and regulations) applicable to any member of the Company Group or by which any property or asset of any member of the Company Group is bound or affected. As used in this Agreement, "Principal Market" means NASDAQ Capital Market. (e) Consents. No member of the Company Group is required to obtain any consent, authorization or order of, or make any filing or registration with any court, governmental agency or any regulatory or self-regulatory agency or any other Person in order for it to execute, deliver or perform any of its obligations under or contemplated by the Note Transaction Documents, in each case in accordance with the terms hereof or thereof or as has otherwise been obtained and evidence thereof has been provided to the Investors. All consents, authorizations, orders, filings and registrations which any member of the Company Group is required to obtain pursuant to the preceding sentence have been obtained or effected on or prior to the Closing Date, and the Issuer and US Parent are unaware of any facts or circumstances that might prevent the US Parent or the Issuer from obtaining or effecting any of the registrations, applications, consents or filings pursuant to the preceding sentence. (f) Collateral. The US Parent has good title to, rights in, and the power to transfer each item of the collateral upon which it purports to grant the Investors a security interest

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6 hereunder, under the Pledge Agreement or in any of the other Note Transaction Documents (the "Collateral"), free and clear of any and all liens. (g) SEC Documents; Financial Statements. During the two (2) years prior to the date hereof, the US Parent and Issuer have timely filed all reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the reporting requirements of the Securities Exchange Act or 1934, as amended (the "Exchange Act") except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect (all of the foregoing filed prior to the date hereof or prior to the Closing Date, and all exhibits included therein and financial statements, and schedules thereto and documents incorporated by reference therein being hereinafter referred to as the "SEC Documents"). All of the SEC Documents are available on the SEC's EDGAR system. As of their respective filing dates, the SEC Documents complied in all material respects with the requirements of the Exchange Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. As of their respective filing dates, the financial statements of the US Parent and Issuer included in the SEC Documents complied as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance with generally accepted accounting principles, consistently applied, during the periods involved ("GAAP") (except (i) as may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed or summary statements) and fairly present in all material respects the consolidated financial position of the Company Group as of the dates thereof and the consolidated results of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments which will not be material). No other information provided by or on behalf of the US Parent or the Issuer to the Investors which is not included in the SEC Documents, including, without limitation, information referred to in Section 2(d) of this Agreement, contains any untrue statement of a material fact or omits to state any material fact necessary in order to make the statements therein, in the light of the circumstance under which they are or were made, not misleading. (h) No Undisclosed Events, Liabilities, Developments or Circumstances. No event, liability, development or circumstance has occurred or exists, or is contemplated to occur with respect to any member of the Company Group or their respective businesses, properties, prospects, operations or financial condition, that would be required to be disclosed by the US Parent or the Issuer under applicable federal securities laws in a report filed pursuant to the Exchange Act which has not been publicly announced. (i) Conduct of Business; Regulatory Permits. No member of the Company Group is in violation of any term of or in default under any of the applicable Company Group Organizational Documents. No member of the Company Group is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to such member of the Company Group, and no member of the Company Group will conduct its business in violation of any of the foregoing, except for possible violations which could not reasonably be expected to

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7 have a Material Adverse Effect. Each member of the Company Group possesses all certificates, consents, authorizations, licenses and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses including, without limitation, as contemplated by the Australian Company Group and the transactions contemplated by the Sale and Implementation Deed and Transaction Documents (as defined in the Sale and Implementation Deed), except where the failure to possess such certificates, consents, authorizations, licenses or permits would not have a Material Adverse Effect, and no member of the Company Group has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit. (j) Foreign Corrupt Practices. No member of the Company Group, nor, to the US Parent's knowledge, any director, officer, agent, employee or other Person acting on behalf of any member of the Company Group has in the course of its actions for, or on behalf of, any member of the Company Group (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity, (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds, (iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee. (k) Sarbanes-Oxley Act. Each member of the Company Group is in compliance in all material respects with any and all applicable requirements of the Sarbanes-Oxley Act of 2002, as amended ("Sarbanes-Oxley Act"), that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the SEC thereunder that are effective as of the date hereof. (l) Equity Capitalization. As of the Closing Date, the equity interests of the Issuer consists of one hundred (100) membership interests ("Issuer Equity Interests"). All of the Issuer Equity Interests are validly issued and are fully paid and nonassessable. Issuer is the owner of 100% of the equity interests of Air T Rex Acquisition (the "Air T Rex Acquisition Equity Interests"), and upon consummation of the transactions described in the Sale and Implementation Deed and the related Transaction Documents, Air T Rex Acquisition will be the owner of 100% of the equity interests of the Australian Operating Parent (the "Australian Operating Parent Equity Interests"). None of the Issuer Equity Interests, Air T Rex Acquisition Equity Interests or Australian Operating Parent Equity Interests are subject to preemptive rights or any other similar rights or any liens or encumbrances. Except as set forth in the SEC Documents or as relates to the Investors or any entity under common control with an Investor: (i) (i) there are no financing statements securing obligations in any material amounts, either singly or in the aggregate, filed in connection with a member of the Company Group, except for financings described in the US Parent's SEC Documents (and including any financing statements on the Collateral in favor of the Investors, as secured parties, in connection with this Agreement and the Note Transaction Documents); (ii) there are no securities or instruments containing anti-dilution or similar provisions that will be triggered by the issuance of the Notes; and (iii) no member of the Company Group has any material liabilities or obligations required to be disclosed in the SEC Documents but not so disclosed in the SEC Documents, other than those incurred in the ordinary course of the Company Group's business and which do not or would not have a Material Adverse Effect (and

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8 including any financing statements on the Collateral in favor of the Investors, as secured parties, in connection with this Agreement and the Note Transaction Documents). (m) Other Contracts. No member of the Company Group is a party to any contract, agreement or instrument, the violation of which, or default under which, by the other party(ies) to such contract, agreement or instrument could reasonably be expected to result in a Material Adverse Effect. (n) Absence of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by the Principal Market, any court, public board, government agency, self- regulatory organization or body pending or, to the US Parent's knowledge, threatened against or affecting the common stock of the US Parent, any member of the Company Group, or any officers or directors of any member of the Company Group, whether of a civil or criminal nature or otherwise, in their capacities as such, except for matters which could not reasonably be expected to have a Material Adverse Effect. (o) Insurance. Each member of the Company Group is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which members of the Company Group are engaged. The US Parent believes that it either will be able to renew its existing insurance coverage as and when such coverage expires or obtain similar coverage from similar insurers, in each case, at a cost that the US Parent believes would not reasonably be expected to have a Material Adverse Effect. (p) Employee Relations. (i) No member of the Company Group is a party to any collective bargaining agreement or employs any member of a union. The members of the Company Group believe that their relations with their respective employees are good. To the US Parent and the Issuer's knowledge, no executive officer has notified any member of the Company Group that such officer intends to leave the Company Group or otherwise terminate such officer's employment with the Company Group. No executive officer, to the US Parent and the Issuer's knowledge, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement, non-competition agreement, or any other contract or agreement or any restrictive covenant, and, to the US Parent and the Issuer's knowledge, the continued employment of each such executive officer does not subject the Company Group to any liability with respect to any of the foregoing matters. (ii) Each member of the Company Group is in compliance with all federal, state, local and foreign laws and regulations respecting labor, employment and employment practices and benefits, terms and conditions of employment and wages and hours, except where failure to be in compliance would not reasonably be expected to result in a Material Adverse Effect. (q) Title. Except where failure to do so would not reasonably be expected to result in a Material Adverse Effect, each member of the Company Group has title to all real and personal property owned by them which is material to the business of such member of the Company Group, in each case free and clear of all liens, encumbrances and defects except such as

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9 do not materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company Group. Any real property and facilities held under lease by any member of the Company Group are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the use made and proposed to be made of such property and buildings by the Company Group. (r) Intellectual Property Rights. To the US Parent and the Issuer's knowledge, the members of the Company Group own or possess adequate rights or licenses to use all trademarks, trade names, service marks, service mark registrations, service names, original works of authorship, patents, patent rights, copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets and other intellectual property rights and all applications and registrations therefor ("Intellectual Property Rights") necessary to conduct their respective businesses as now conducted and as presently proposed to be conducted. Neither the US Parent or the Issuer have any knowledge of any infringement by any member of the Company Group of Intellectual Property Rights of others. There is no claim, action or proceeding being made or brought, or to the US Parent and the Issuer's knowledge, being threatened, against any member of the Company Group regarding its Intellectual Property Rights other than by defendants in actions brought by a member of the Company Group in the ordinary course of its business. No member of the Company Group is aware of any facts or circumstances which might give rise to any of the foregoing infringements or claims, actions or proceedings. The Company Group has taken reasonable security measures to protect the secrecy and confidentiality of all of their Intellectual Property Rights. (s) Subsidiary Rights. Except where failure to do so would not reasonably be expected to result in a Material Adverse Effect (other than with respect to the Australian Operating Parent Equity Interests the Collateral, for which no qualification shall apply except as set forth, if at all, in the Pledge Agreement), and except as set forth in the SEC Documents, the members of the Company Group (i) own all Equity Interests of members of the Company Group (other than the Equity Interests of the US Parent) free and clear of any liens and all of the issued and outstanding shares of capital stock or comparable equity interests are validly issued and are fully paid, non-assessable and free of preemptive and similar rights (other than the lien on the Collateral in favor of the Investors in connection with this Agreement and the other Note Transaction Documents), and (ii) have the unrestricted right to vote, and (subject to limitations imposed by applicable law) to receive dividends and distributions on, all Equity Interests owned by them. (t) Investment Company Status. No member of the Company Group is, and for so long an Investor holds an Note will be, an "investment company," a company controlled by an "investment company" or an "affiliated person" of, or "promoter" or "principal underwriter" for, an "investment company" as such terms are defined in the Investment Company Act of 1940, as amended. (u) Tax Status. Except where failure to do so would not reasonably be expected to result in a Material Adverse Effect, each member of the Company Group (i) has made or filed all U.S. federal, state and foreign income and all other tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except those being contested in good faith, and (iii) has set aside on its books

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10 provision reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the US Parent know of no basis for any such claim. (v) Internal Accounting and Disclosure Controls. The US Parent's disclosure controls and procedures and internal controls over financial reporting are effective. Each member of the Company Group maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset and liability accountability, (iii) access to assets or incurrence of liabilities is permitted only in accordance with management's general or specific authorization, and (iv) the recorded accountability for assets and liabilities is compared with the existing assets and liabilities at reasonable intervals and appropriate action is taken with respect to any difference. Each member of the Company Group maintains disclosure controls and procedures (as such term is defined in Rule 13 a-15 under the Exchange Act) that are effective in ensuring that information required to be disclosed by the US Parent in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the SEC, including, without limitation, controls and procedures designed to ensure that information required to be disclosed by the US Parent in the reports that it files or submits under the Exchange Act is accumulated and communicated to the US Parent's management, including its principal executive officer or officers and its principal financial officer or officers, as appropriate, to allow timely decisions regarding required disclosure. (w) Exchange Act Reporting Requirements. The US Parent is subject to the Exchange Act reporting requirements pursuant to Section 12(b) of the Exchange Act. (x) Quotation Requirements. The US Parent has not, in the 12 months preceding the Closing Date, received notice from the national securities exchange or automated quotation system, if any, upon which the US Parent's common stock is or has been listed or quoted to the effect that the US Parent is not in compliance with the listing or maintenance requirements of such national securities exchange or automated quotation system. (y) Off Balance Sheet Arrangements. There is no transaction, arrangement, or other relationship between the US Parent and an unconsolidated or other off balance sheet entity that is required to be disclosed by the US Parent in its Exchange Act filings and is not so disclosed or that otherwise would be reasonably likely to have a Material Adverse Effect. (z) No Additional Agreements. No member of the Company Group has any agreement or understanding with an Investor with respect to the transactions contemplated by the Note Transaction Documents other than as specified in the Note Transaction Documents. (aa) Disclosure. All disclosure provided to the Investors in or pursuant to this Agreement and the other Note Transaction Documents regarding the Company Group, their respective businesses and the transactions contemplated hereby and thereby, furnished by or on behalf of the members of the Company Group is true and correct in all material respect and does not contain any untrue statement of a material fact or omit to state any material fact necessary in

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11 order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. All of the written information furnished after the date hereof by or on behalf of any member of the Company Group to the Investors pursuant to or in connection with this Agreement and the other Note Transaction Documents, taken as a whole, are and will be true and correct in all material respects as of the date on which such information is so provided and will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they are made, not misleading. Each press release issued by any member of the Company Group during the twelve (12) months preceding the Closing Date did not at the time of release contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. No event or circumstance has occurred or information exists with respect to the Company Group or its or their businesses, properties, liabilities, prospects, operations (including results thereof) or conditions (financial or otherwise), which, under applicable law, rule or regulation, requires public disclosure by the US Parent at or before the Closing Date or announcement by the US Parent but which has not been so publicly announced or disclosed. The US Parent acknowledges and agrees that the Investors do not make and have not made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 2. (bb) Compliance with Anti-Money Laundering Laws. The operations of each member of the Company Group are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements and all other applicable U.S. and non-U.S. anti-money laundering laws and regulations, including, but not limited to. those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the USA Patriot Act of 2001 and the applicable money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "Anti-Money Laundering Laws"), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving any member of the Company Group with respect to the Anti- Money Laundering Laws is pending or, to the US Parent and the Issuer's knowledge, threatened. (cc) Compliance with laws. No member of the Company Group has made any contribution or other payment to any official of, or candidate for, any federal, state or foreign office in violation of any law which violation is required to be disclosed in a prospectus under the Securities Act. No member of the Company Group, nor, to the US Parent and the Issuer's knowledge, any director, officer, employee, agent, affiliate or other Person associated with or acting on behalf of any member of the Company Group is, or is directly or indirectly owned or controlled by, a Person that is currently the subject or the target of any sanctions administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets (Control of the U.S. Department of the Treasury or the U.S. Departments of State or Commerce and including, without limitation, the designation as a "specially designated national" or "blocked person"), the United Nations Security Council, the European Union, Her Majesty's Treasury or any other relevant sanctions authority (collectively, the "Sanctions"), nor is any member of the Company Group located, organized or resident in a county or territory that is the subject or target of a comprehensive embargo or Sanctions prohibiting trade with the country or territory (each, a "Sanctioned Country"). No action of any member of the Company Group in connection with (i)

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12 the execution, delivery and performance of this Agreement and the other Note Transaction Documents, (ii) the issuance of the Notes, or (iii) the direct or indirect use of proceeds from the Notes or the consummation of any other transaction contemplated hereby or by the other Note Transaction Documents or the fulfillment of the terms hereof or thereof, will result in the proceeds of the transactions contemplated hereby and by the other Note Transaction Documents being used, or loaned, contributed or otherwise made available, directly or indirectly, to any subsidiary, joint venture partner or other Person or entity, for the purpose of (A) unlawfully funding or facilitating any activities of or business with any Person that, at the time of such funding or facilitation, is the subject on target of Sanctions, (B) unlawfully funding or facilitating any activities of or business in any Sanctioned Country or (C) in any other manner that will result in a violation by any Person of Sanctions. For the five-year period prior to the Closing Date, no member of the Company Group has knowingly engaged in and is not now knowingly engaged in any dealings or transactions with any Person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country. (dd) Australian Acquisition. On or prior to the Closing Date, the transactions contemplated by the Sale and Implementation Deed and the related Transaction Documents (as defined in the Sale and Implementation Deed) have been fully consummated and copies of the Sale and Implementation Deed and the related Transaction Documents (as defined in the Sale and Implementation Deed) have been provided to the Investors. True and correct copies of the organizational documents of Air T Rex Acquisition and the Australian Operating Parent, as such documents are in effect as of the Closing Date, have been provided to the Investors. The Issuer is the owner of 100% of the equity interests of Air T Rex Acquisition, and Air T Rex Acquisition is the owner of 100% of the Australian Operating Parent Equity Interests. 4. Covenants. US Parent and the Issuer covenant and agree, until repayment of the amounts evidenced by the Notes and the Note Transaction Documents in full, to each of the covenants set forth in this Section 4. (a) Use of Note Proceeds. (i) The Issuer shall use proceeds of the Notes ("Loan Proceeds") only to directly or indirectly capitalize the Australian Operating Parent in an amount equal to 100% of the net cash proceeds received from the issuance of the Notes (such proceeds to be net only of the closing fees and expenses payable hereunder to Investors as of the Closing Date and related costs and expenses incurred by US Parent and Issuer in connection herewith and with the transactions relating to the Sale and Implementation Deed), which capitalization shall be classified as an intercompany investment in consideration of the Issuer's indirect ownership interest in the Australian Operating Parent and (ii) the Issuer shall cause the Australian Operating Parent to use such funds for general operating and corporate purposes not otherwise prohibited hereby, under the Note Transaction Documents or under the Sale and Implementation Deed and the related Transaction Documents (as defined in the Sale and Implementation Deed); provided, that no Loan Proceeds shall be used to make any Restricted Payment (as defined below). (b) Change of Control. The US Parent and/or the Issuer shall not cause or permit a Change of Control (as defined below) to occur. "Change of Control" means the occurrence of any of the following events: (a) the US Parent shall cease to directly own and control 100% of the Issuer Equity Interests or shall cease in any way to fully control the Issuer, (b) the Issuer shall cease to directly own and control 100% of the Air T Rex Acquisition Equity Interests

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13 or shall cease in any way to fully control Air T Rex Acquisition, (c) Air T Rex Acquisition shall cease to directly own and control 100% of the Australian Operating Parent Equity Interests or shall cease in any way to fully control the Australian Operating Parent, (d) the Australian Operating Parent shall cease to, directly or indirectly, own and control 100% of each class of the outstanding equity interests of each of the Asset Holding Acquisition Counterparties other than the Australian Operating Parent, or (e) the Australian Operating Parent shall cease to, directly or indirectly, own and control 100% of each class of the outstanding equity interests of each of its direct and indirect subsidiaries (not including the Asset Holding Acquisition Counterparties, which are covered by prong (d) of this definition). (c) Restricted Payments (Dividends and Distributions). None of the Issuer, Air T Rex Acquisition or the Australian Operating Parent shall make any Restricted Payment (as defined below). "Restricted Payment" means, with respect to any applicable Person, (a) any dividend, payment or other distribution, direct or indirect, on account of any shares (or equivalent) of any class of its equity interests, (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares (or equivalent) of any class of its equity interests, now or hereafter outstanding, (c) any payment, directly or indirectly, made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares (or equivalent) of any class of its equity interests, now or hereafter outstanding, (d) any payment or prepayment (whether mandatory or optional, direct or indirect) of principal of, or premium, if any, or interest on, or any redemption, defeasance, repurchase or any other payment in respect of any indebtedness which ranks junior to the payment, or as to the distribution of assets upon any liquidation, dissolution or winding up of such applicable entity to the obligations evidenced hereby, the Notes or the other Note Transaction Documents, (e) any payment of management fees, consulting fees, transaction fees, or similar fees (however denominated) to any, direct or indirect, holder of any its equity interests or affiliates or (f) any payment (other than reimbursement of reasonable and documented costs and expenses) to members of the board of directors (or similar governing body); provided, Restricted Payments shall not include (i) appropriate (and appropriately allocated) and documented corporate overhead pass-throughs and shared service arrangements consistent with past practice of the US Parent and the Company Group, as reasonably supported by written agreements and opinions of the external auditors and advisors of the US Parent, such evidence and supporting documentation being provided to the Investors, and (ii) distributions of Excess Cash Flow (as defined in the Notes), solely to the extent distributed within, and retained by, the Company Group or paid and applied to Investors in accordance with the Notes and the applicable provisions of the Intercreditor Deed. (d) Investors' Board of Directors Right. The US Parent, Issuer and Air T Rex Acquisition shall cause the board of directors or similar governing body of the Australian Operating Parent (CAN 099 547 270) to appoint two (2) board members as selected by the Investors ("Investor Board Appointees"), which Investor Board Appointees shall have all of the voting, notice and information rights of any other member of such board of directors (or similar governing body) and the organizational documents of the Australian Operating Parent shall include such requirement, such requirement to remain in effect until the later of (i) the full repayment of the obligations evidenced by this Agreement, the Notes and the other Note Transaction Documents, and (ii) satisfaction in full of payment of the Upside Rights (as further documented in the definitive documentation required to be delivered at Closing (as set forth below)), following which the board appointee rights shall automatically terminate and expire. The Investor Board

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14 Appointees will be chosen by the Investors from any of (i) Dominick DeAlto, Wang Wen-Ching, John Mikros, Gregg Fisher, (ii) any other person mutually agreed to by the Investors and the US Parent, and (iii) if a default or Event of Default exists under this Agreement, any other Note Transaction Document, or any document or agreement evidencing or relating to the Upside Rights, any person chosen by the Investors in their sole discretion. The US Parent, the Issuer and Air T Rex Acquisition shall cause all management oversight of the Australian Operating Parent and its direct and indirect subsidiaries to occur at the Australian Operating Parent and be governed by the board of directors (or similar governing body) of the Australian Operating Parent, pursuant to which the foregoing Investor board and Investor Board Appointees' rights relate, and such board (or similar governing body) shall meet no less than two (2) times per year. (e) Fees and Expenses. (i) Closing Fees: At the Closing, the US Parent will pay Investors a closing fee in the amount of 1% (equal to $400,000.00) of the Loan Amount, in immediately available funds; provided, Investors may deduct any such fees and expenses from Loan Proceeds distributed to Issuer. The closing fee is fully earned as of the Closing Date and non-refundable. (ii) Broker Fees: None of the Company Group have engaged any placement agent, financial advisor or broker relating to or arising out of the transactions contemplated hereby. The US Parent and Issuer shall pay, and hold the Investors harmless against, any liability, loss or expense (including, without limitation, reasonable attorneys' fees and out-of- pocket expenses) arising in connection with any breach of this Section 4(e). (iii) Investor Expenses: The US Parent, Issuer and Air T Rex Acquisition shall be responsible for the out-of-pocket fees and expenses incurred by Investors in connection with this Agreement, the other Note Transaction Documents, and the Closing, and shall pay such amounts to Investors promptly upon demand; provided, Investors may deduct any such fees and expenses from Loan Proceeds distributed to Issuer. (f) Reporting. The US Parent shall provide the Investors all of the same monthly reporting that the Company Group (or any member thereof) provides to any Australian governmental entity (and shall cause such reporting to be delivered substantially concurrently with delivering to any such Australian Government Entity). The US Parent, Air T Rex Acquisition and Issuer, upon reasonable advance notice from Investors, shall cause its executive and key management personnel to meet with Investors not less than annually, and which meetings may be in person (at the request of Investors), and which the Investors travel and related expenses in connection with attending such meetings shall be reimbursed to the Investors by the US Parent. (g) Conduct of Business; Change in Business. The business of the Company Group shall not be conducted in violation of any law, ordinance or regulation of any governmental entity, except where such violations would not result in the aggregate, in a Material Adverse Effect. No member of the Australian Company Group may engage to any material extent in any line of business substantially different from those lines of business conducted (or proposed to be conducted) by such member of the Australian Company Group on the Closing Date or representing a reasonable expansion thereof, without the advance written consent of the Investors.

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15 (h) Issuer and Air T Rex Acquisition; Holding Covenant. Neither of Issuer or Air T Rex Acquisition shall carry on any business, incur any indebtedness (other than the indebtedness evidenced hereby and under the Notes and Note Transaction Documents), permit to exist any liens or encumbrances on its assets, or make any investments or own any asset, other than (a) its investments in and ownership of the equity interests of its direct and indirect subsidiaries (including, without limitation, (i) for Air T Rex Acquisition, the Australian Operating Parent Equity Interests and (ii) for Issuer, the equity interests of Air T Lending 25.1, LLC), activities to maintain its existence and activities directly incidental or related to any of the foregoing, (b) its participation in tax, accounting and other administrative matters as a member of the consolidated group with the Company Group, including compliance with laws and legal, tax and accounting matters related thereto and activities relating to its officers, directors, employees, managers, partners, consultants and independent contractors, (c) the holding of de minimis cash and cash equivalents, (d) preparing reports to governmental authorities and to the holders of its equity interests, (e) holding manager and equity holder meetings, preparing organizational records and other organizational activities required to maintain its separate organizational structure or to comply with applicable law, (f) complying with applicable law, (g) entering into and performing its obligations under this Agreement and the Note Transaction Documents, (h) entering into the Sale and Implementation Deed and the related Transaction Documents (as defined in the Sale and Implementation Deed) and consummating the transactions contemplated thereby, and (i) receiving and making the dividends, distributions and payments permitted to be made to or by it pursuant to this Agreement and the Note Transaction Documents and the Sale and Implementation Deed and the related Transaction Documents (as defined in the Sale and Implementation Deed). 5. Conditions to Closing. (a) The obligation of the US Parent and the Issuer hereunder to issue the Notes to the Investors at Closing is subject to the satisfaction, at or before the Closing Date, of each of the following conditions, provided that these conditions are for the sole benefit of the US Parent and the Issuer and may be waived by the US Parent and Issuer at any time in their sole discretion by providing the Investors with prior written notice thereof: (i) Each Investor shall have duly executed each of the Note Transaction Documents to which it is a party and delivered the same to the US Parent and the Issuer. (ii) The representations and warranties of each Investor shall be true and correct as of the date when made and as of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific date which shall be true and correct as of such specified date), and each Investor shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by such Investor at or prior to the Closing Date. (b) The obligation of the Investors hereunder to acquire the Notes and fund the advance of Loan Proceeds at Closing is subject to the satisfaction, at or before the Closing Date, of each of the following conditions, provided that these conditions are for the Investors' sole benefit and may be waived by the Investors at any time in their sole discretion by providing the US Parent and the Issuer with prior written notice thereof:

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16 (i) The US Parent and the Issuer shall have duly executed each of the Note Transaction Documents to which they are a party and delivered the same to the Investors. (ii) The US Parent, the Issuer and Air T Rex Acquisition shall have delivered to the Investors a certificate evidencing the formation and good standing of (A) the US Parent in its jurisdiction of formation issued by the Secretary of State of such jurisdiction, as of a date within ten (10) days of the Closing Date, and (B) the Issuer in its jurisdiction of formation issued by the Secretary of State of such jurisdiction, as of a date within ten (10) days of the Closing Date, and (C) Air T Rex Acquisition in its jurisdiction of formation issued by the Secretary of State of such jurisdiction, as of a date within ten (10) days of the Closing Date. (iii) The US Parent and the Issuer shall have delivered to the Investors a certificate, executed by an executive officer of the US Parent and the Issuer, as applicable, and dated as of the Closing Date, certifying and attaching (i) the resolutions consistent with the representations in Section 3(b) as adopted by each of the US Parent and the Issuer's Board of Directors (or similar governing body) in a form reasonably acceptable to the Investors, (ii) the certificates evidencing the formation of the US Parent and the Issuer, and (iii) the bylaws, operating agreement or similar applicable governing documents of each of the US Parent and the Issuer, each as in effect as of the Closing. (iv) The representations and warranties of the Company Group shall be true and correct in all material respects (except for those representations and warranties that are qualified by materiality or Material Adverse Effect, which shall be accurate in all respects) as of the date when made and as of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific date which shall be true and correct as of such specified date) and the US Parent and the Issuer shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by the Note Transaction Documents to be performed, satisfied or complied with by the US Parent and the Issuer at or prior to the Closing Date (except for covenants, agreements and conditions that are qualified by materiality or Material Adverse Effect, which shall be performed, satisfied or complied with, in all respects). The Investors shall have received a certificate, executed by an executive officer of the US Parent and the Issuer, dated as of the Closing Date, to the foregoing effect and as to such other matters as may be reasonably requested by the Investors. (v) Air T Rex Acquisition shall have provided fully executed copies of the Sale and Implementation Deed and the related Transaction Documents (as defined in the Sale and Implementation Deed), and the consummation of the acquisition of the Asset Holding Acquisition Counterparties thereunder shall occur substantially concurrently with, the Closing (subject to the provisions of Paragraph 4(e) of the Note), and the Investors shall have received satisfactory confirmation of the same, all such documents and the transactions contemplated thereby in form and substance reasonably acceptable to the US Parent, the Issuer and the Investors. (vi) The US Parent, the Issuer, Air T Rex Acquisition and the Australian Operating Parent shall have obtained all governmental, regulatory or third-party consents and approvals, if any, necessary for issuance of the Notes and the consummation of the acquisition of the Asset Holding Acquisition Counterparties, the entering into of the Sale and Implementation Deed and the related Transaction Documents (as defined in the Sale and Implementation Deed),

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17 and the transactions contemplated thereby, and the Investors shall have received satisfactory confirmation of the same. (vii) The US Parent, the Issuer and the Investors, as applicable, shall have entered into definitive documentation and agreements relating to the "Upside Rights", in form and substance mutually acceptable to Investors, US Parent and the Issuers, and their respective legal, tax, accounting and similar advisors and consultants. (viii) The US Parent and the Issuer shall have delivered to the Investors such other documents relating to the transactions contemplated by this Agreement as the Investors or its counsel may reasonably request. (ix) The US Parent shall have delivered to Investors any physical share certificates representing Equity Collateral (as defined in the Pledge Agreement), duly endorsed or subscribed in blank, or accompanied by appropriate stock or membership powers or other instruments of transfer, pledge or assignment, all as further set forth in the Pledge Agreement. 6. Miscellaneous. (a) Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of the Note Transaction Documents shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection with any Note Transaction Document or with any transaction contemplated thereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under the Note Transaction Documents and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THE NOTE TRANSACTION DOCUMENTS OR ANY TRANSACTION CONTEMPLATED THEREBY. (b) Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party; provided that an electronic signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original.

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18 (c) Headings. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement. (d) Severability. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the prohibition, invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s). (e) Entire Agreement. This Agreement and the other Note Transaction Documents supersede all other prior oral or written agreements between the Investors, the US Parent, the Issuer, their affiliates and Persons acting on their behalf with respect to the matters discussed herein, and this Agreement, the other Note Transaction Documents and the instruments referenced herein and therein contain the entire understanding of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the US Parent, the Issuer nor the Investors make any representation, warranty, covenant or undertaking with respect to such matters. For the avoidance of doubt, nothing herein or in the other Note Transaction Documents shall supersede or affect any existing note purchase agreements and related documents involving the Investors, the US Parent and other of its affiliates with respect to the matters covered therein. (f) Amendments. Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the US Parent, the Issuer and the Investors; provided, that a waiver need only be signed by the party granting the waiver. Any amendment or waiver effected in accordance with this Section 6(f) shall be binding upon the Investors, the US Parent and the Issuer. For the avoidance of doubt, all the terms of this Agreement and the Notes, including the principal amount of the Notes, interest rate and maturity, can be amended through a written agreement amongst the US Parent, the Issuer and the Investors. (g) Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement or any of the other Note Transaction Document's must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon delivery, when sent by electronic mail (provided that the sending party does not receive an automated rejection or out-of-office notice); or (iii) one (1) business day after deposit with a nationally recognized overnight delivery service that provides evidence of delivery, in each case properly addressed to the party to receive the same. The addresses and email addresses for such communications shall be:

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19 If to the US Parent or the Issuer: Air T, Inc. 11020 David Taylor Drive, Suite 305 Charlotte, North Carolina 28262 Attn.: Mark Jundt Email: xxxx@airt.com With a copy (for informational purposes only) to: Winthrop & Weinstine, P.A. 225 South 6th Street, Suite 3500 Minneapolis, Minnesota 55402 Attn.: Philip T. Colton Email: xxxx@winthrop.com If to the Investors: 8 Campus Drive, Suite 105 Parsippany, NJ 07054 Attn: John Mikros Email: xxxx@honeywell.com With a copy (for informational purposes only) to: Rutan & Tucker, LLP 18575 Jamboree Road, 9th Floor Irvine, CA 92612 Attn.: Garett Sleichter Email: xxxx@rutan.com or such other address and email address to the attention of such other Person as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender's email containing the time, date, and recipient email address, or (C) provided by a courier or overnight courier service shall be rebuttable evidence of personal service, receipt by email or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively. (h) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns, including any purchasers of the Notes. Neither the US Parent or the Issuer may assign this Agreement or any rights or obligations hereunder without the prior written consent of the holder of the Notes. Any Investor may assign some or all of its rights and obligations hereunder in connection with the transfer of a Note with the consent of the US Parent (which consent shall not be unreasonably withheld or

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20 delayed and which consent shall not be required for transfers to an affiliate of such Investor), in which event such assignee shall be deemed to be an Investor hereunder with respect to such assigned rights and obligations, and the US Parent and the Issuer shall use their best efforts to ensure that such transferee is registered as a holder of such Note. Notwithstanding the foregoing, an Investor shall not transfer a Note to a direct competitor of the US Parent without the prior written consent of the US Parent. (i) No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except that each Indemnitee (as hereinafter defined) shall have the right to enforce the obligations of the US Parent and the Issuer with respect to Section 6(1). (j) Survival. The provisions set forth herein, in the Notes and in the Note Transaction Documents shall survive the Closing and the indemnification obligations hereunder, and any other provisions that expressly survive repayment in full of the obligations evidenced by this Agreement, the Note and the Note Transaction Documents, shall survive repayment in full of the obligations evidenced by this Agreement, the Note and the Note Transaction Documents. (k) Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby. (l) Indemnification. In consideration of the Investors' execution and delivery of the Note Transaction Documents and acquiring the Notes thereunder and in addition to all of the other obligations of the US Parent and the Issuer under the Note Transaction Documents, the US Parent shall defend, protect, indemnify and hold harmless each Investor and any future holder of a Note and all of their stockholders, partners, members, officers, directors, employees and direct or indirect investors and any of the foregoing Persons' agents or other representatives (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the "Indemnitees") from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any such Indemnitee is a party to the action for which indemnification hereunder is sought), and including reasonable attorneys' fees and disbursements (collectively, the "Indemnified Liabilities"), incurred by any Indemnitee as a result of, or arising out of, or relating to (i) any misrepresentation or breach of any representation or warranty made by the any member of the Company Group in the Note Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby, (ii) any breach of any covenant, agreement or obligation of any member of the Company Group contained in the Note Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby or (iii) any cause of action, suit or claim brought or made against such Indemnitee by a third party (including for these purposes a derivative action brought on behalf of a member of the Company Group) and arising out of or resulting from (A) the execution, delivery, performance or enforcement of the Note Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby, or (B) the status of the Investor or holder

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21 of the Note as an investor in the Company Group pursuant to the transactions contemplated by the Note Transaction Documents. To the extent that the foregoing undertaking by the US Parent may be unenforceable for any reason, the US Parent shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities up to the aggregate principal amount of the Notes. The US Parent will not be liable under this Section 6(1) to the extent, but only to the extent, that a claim is attributable to a material breach of any of the representations, warranties, covenants or agreements made by an Investor in this Agreement. Notwithstanding the foregoing, no claim for indemnification under this Section 6(1) made by the Indemnitees will be payable by the US Parent to the Indemnitees in excess of the aggregate principal amount of the Notes outstanding at the time of the claim. (m) No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. (n) Remedies. The Investors and any subsequent holder of a Note shall have all rights and remedies set forth in the Note Transaction Documents and all rights and remedies which such holder has been granted at any time under any other agreement or contract and all of the rights which such holder have under any law. Any Person having any rights under any provision of this Agreement shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. Furthermore, each of the US Parent and the Issuer recognizes that in the event that it fails to perform, observe, or discharge any or all of its obligations under the Note Transaction Documents, any remedy at law may prove to be inadequate relief to the Investors. The US Parent and the Issuer therefore agree that the Investors shall be entitled to seek temporary and permanent injunctive relief in any such case without the necessity of proving actual damages and without posting a bond or other security. (o) Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) the Note Transaction Documents, whenever an Investor exercises a right, election, demand or option under a Note Transaction Document and the US Parent or the Issuer does not timely perform its related obligations within the periods therein provided, then such Investor may rescind or withdraw, in its sole discretion from time to time upon written notice to the US Parent or the Issuer, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights. (p) Payment Set Aside. To the extent that the US Parent or the Issuer makes a payment or payments to an Investor hereunder or pursuant to any of the other Note Transaction Documents or an Investor enforces or exercises its rights hereunder or thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the US Parent, the Issuer, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, foreign, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

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22 [Signature page follows.]

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[Signature Page to Note Purchase Agreement] IN WITNESS WHEREOF, the Investors, the US Parent and the Issuer have caused their respective signature page to this Note Purchase Agreement to be duly executed as of the date first written above. US PARENT: AIR T, INC. By: Name: Tracy Kennedy Title: Chief Financial Officer ISSUER: AIR T ACQUISITION 25.1, LLC By: Name: Tracy Kennedy Title: Chief Financial Officer INVESTORS: HONEYWELL COMMON INVESTMENT FUND By: Name: John Mikros Title: Authorized Signatory HONEYWELL INTERNATIONAL INC. MASTER RETIREMENT TRUST By: Name: John Mikros Title: Authorized Signatory Docusign Envelope ID: 79CB8FEB-9A84-49B0-99C1-333C6B760EEC

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&nbsp;&nbsp;&nbsp;&nbsp;A-1 EXHIBIT A FORM OF NOTE THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL SELECTED BY THE HOLDER OF THIS NOTE, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT. SENIOR SECURED NOTE December 15, 2025 $40,000,000.00 FOR VALUE RECEIVED, AIR T ACQUISITION 25.1, LLC, a Minnesota limited liability company (the "Issuer") promises to pay to the order of (i) Honeywell Common Investment Fund and (ii) Honeywell International Inc. Master Retirement Trust (individually and collectively, the "Investor" and the "Investors"), or its registered assigns, the principal sum of $40,000,000.00, or, if less, the aggregate unpaid principal amount of all loans made by the Investor pursuant to this Note, payable at the rate provided in Paragraph 1 of this note (this "Note"), on December 15, 2031 (subject to the provisions of Paragraph 4(e) below, the "Maturity Date"), with interest thereon at the rates set forth below. 1. Interest. (a) Rate of Interest. The Note shall bear interest on the unpaid principal amount thereof from the date issued (the "Issue Date") through the date this Note is paid in full in cash (whether upon final maturity (including due to the incurrence of the Early Maturity Date Trigger, as defined below), by redemption, prepayment, acceleration or otherwise) computed at an annual interest rate equal to 11.5% (subject to adjustment as provided in Paragraph 1(b)). Interest on the Note shall be computed on the basis of a 30/360-day year and actual days elapsed and shall be payable quarterly, in arrears, on the tenth (10th) day of each April, July, October and January during the term hereof, commencing on April 10, 2026. (b) Default Interest. Following the occurrence and during the continuation of any Event of Default, this Note shall bear interest at rate that is 2.0% in excess of the interest rate otherwise applicable (the "Default Rate") until such time as the Event of Default is cured or waived as provided herein. Any interest payable pursuant to the foregoing sentence which is not paid when due shall be added to the outstanding principal amount of the Note and shall bear interest at the Default Rate, to the extent permitted by applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;A-2 (c) Usury Savings. Notwithstanding any other provision herein, the Investor does not intend to charge, and the Issuer shall not be required to pay, interest or other fees or charges in excess of the maximum permitted by applicable law; payments in excess of such maximum shall first be credited to reduce any accrued and unpaid interest on this Note, second to reduce the outstanding principal balance of this Note and thereafter refunded to the Issuer. 2. Note Purchase Agreement. The Note is being issued pursuant to the term of that certain Note Purchase Agreement, dated as of the date hereof (the "Note Purchase Agreement"), by and among Air T, Inc. (the "US Parent"), the Issuer and the Investors party thereto (including the Investor). Capitalized terms used herein are used as defined in the Note Purchase Agreement, unless otherwise indicated. The terms of the Note include those stated in the Note Purchase Agreement. The Note is subject to all terms and provisions of the Note Purchase Agreement, and the Investor is referred to the Note Purchase Agreement for a statement of such terms and provisions. If and to the extent that any provision of the Note limits, qualifies or conflicts with a provision of the Note Purchase Agreement, such provision of the Note Purchase Agreement shall control. This Note is in favor of each Investor, jointly and severally, and advances made in connection with the Note Purchase Agreement shall be evidenced by this Note, with allocations to each Investor hereunder determined and agreed upon by and between the Investors. 3. Loan Proceeds; Advances. Subject to satisfaction of all requirements for Closing as set forth in the Note Purchase Agreement, and provided no default or Event of Default of the Issuer or the US Parent then exists under the Note Purchase Agreement, this Note or any other Note Transaction Document, and subject to satisfaction of all requirements for Closing as set forth in the Note Purchase Agreement, and upon no less than three (3) business days written notice to Investors of a request for an advance of Loan Proceeds (which notice shall include, without limitation, the date such advance of Loan Proceeds is requested to be made), the Investors shall advance to the Issuer such Loan Proceeds. The aggregate outstanding principal amount of Loan Proceeds advanced hereunder shall not exceed the face amount of this Note and all Loan Proceeds shall be advanced at Closing. Any fees or expenses due by Issuer under this Note or the Note Purchase Agreement may be deducted from Loan Proceeds distributed to Issuer by the Investors. 4. Payment; Prepayment; Early Maturity Date Trigger. (a) Payment of the outstanding principal balance of this Note together with all accrued and unpaid interest thereon shall be made by check or wire transfer in same day immediately available United States funds at such place as the Investors may from time to time designate in writing to the Issuer. If only a partial payment is made, such payment shall be applied first to any accrued interest then due and payable and. second, to the outstanding principal balance due under this Note. Any payment of the principal balance of this Note shall be accompanied by all accrued interest and applicable prepayment premiums or fees (if any) on the amount so paid. (b) (i) Except as set forth herein, the outstanding principal balance of this Note may not be prepaid, in whole or in part, prior to June 15, 2027 (the "Prepayment Lockout End Date"); notwithstanding the foregoing, and except as otherwise provided in clause (b)(iii) below, in the event that all or any portion of the principal balance of this Note is paid before the

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&nbsp;&nbsp;&nbsp;&nbsp;A-3 Prepayment Lockout End Date, whether due to acceleration of this Note following an Event of Default or otherwise, the Issuer shall be required to pay, and such payment shall be accompanied by, the corresponding Make Whole Premium. The "Make Whole Premium" shall be an amount, calculated immediately prior to the applicable payment of the Note, equal to the sum of all scheduled interest (determined with reference to the interest rate then in effect) in respect of the amount of the Note to be paid immediately prior to the applicable payment for the period from the date of such payment through and including the Prepayment Lockout End Date, such amount to be calculated by the Investors. (ii) From and after the Prepayment Lockout End Date, the Issuer may prepay the Note at its option, in whole at any time, or in part from time to time in an aggregate principal amount no less than $500,000, upon at least 10 days' notice to the Investor, without any premium or prepayment fee. (iii) On each Payment Date (as set forth in that certain Intercreditor Deed executed and delivered in connection with the Sale and Implementation Deed and which is a Transaction Document thereunder (the "Intercreditor Deed")), and notwithstanding the prepayment prohibitions set forth in clause (i) above, the Issuer shall cause all remaining Excess Cash Flow (as defined in and subject to the applicable provisions of the Intercreditor Deed) distributed to US Parent or any other member of the Company Group to be retained in the Company Group or distributed to Investors to be applied to pay down the principal balance of the Notes (along with any accrued interest, fees and premiums thereon) (any such payment, an "Excess Cash Flow Payment"). Each Excess Cash Flow Payment shall be accompanied by supporting backup and detail as to the calculation of Excess Cash Flow (as defined in the Intercreditor Deed) and any other distributions therefrom; to the extent Excess Cash Flow is retained within the Company Group, US Parent shall promptly, after each Payment Date, notify Investors of the same and provide calculations of Excess Cash Flow and reasonable detail regarding its distribution and retention within the Company Group. The Make Whole Premium shall not apply to any Excess Cash Flow Payments. (c) Notwithstanding anything to the contrary set forth herein, in the event that any payments of principal are made, whether via Excess Cash Flow Payments, voluntary prepayments, mandatory payments after acceleration, or otherwise, prior to the Maturity Date, in an aggregate amount exceeding $5,000,000 of principal on this Note in any one year (based on the date hereof; e.g., December 15, 2025 through December 15, 2026 is one year, etc.), the Issuer shall be required to pay to Investors a fee equal to 1% of such amount of principal repaid in excess of $5,000,000 for such calendar year, which fee shall be due and owing on the earlier of (i) the Maturity Date of this Note, (ii) the day this Note is repaid in full, or (iii) acceleration of this Note following an Event of Default; provided, any such fee shall be deemed fully earned and non- refundable on the day such annual principal payments exceed $5,000,000. (d) The Issuer will not be required to make any mandatory redemption or sinking fund payments with respect to the Note. (e) Notwithstanding the Maturity Date set forth above, (i) in the event that Closing occurs and Loan Proceeds are advanced as contemplated herein and the Note Purchase Agreement, and (ii) the consummation of the acquisition of the Asset Holding Acquisition

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&nbsp;&nbsp;&nbsp;&nbsp;A-4 Counterparties does not occur within ten (10) business days after the Closing Date the "Maturity Date" shall be such date that is ten (10) business days after the Closing Date, as may be extended by the Investors in their sole and absolute discretion (with any such extension to be in writing), and all amounts outstanding under the Note and Note Purchase Agreement shall be immediately due and payable; any triggering of such early Maturity Date due to the failure to consummate the acquisition within such time frame shall be deemed the "Early Maturity Date Trigger". Promptly upon consummation of the acquisition of the Asset Holding Acquisition Counterparties, Issuer shall provide evidence reasonably satisfactory to Investors of such consummation. 5. Grant of Security Interest. (a) Pursuant to that certain Pledge Agreement, dated as of the date hereof (the "Pledge Agreement"), by and among the US Parent, the Issuer and the investors party thereto (including the Investor), the US Parent grants and pledges to the Investor a security interest in the Equity Collateral (as defined in the Pledge Agreement) to secure prompt repayment of any and all obligations of the Note and to secure prompt performance by the Issuer of each of its covenants and duties under the Note. (b) Except as expressly permitted herein, the US Parent hereby agrees not to sell, transfer, assign, mortgage, pledge, lease, grant a security interest in, or otherwise encumber any of the Collateral. (c) Investor's lien on the Collateral shall remain in effect for so long as the Note remains outstanding. 6. Events of Default. For so long as the Note remains outstanding, each of the following shall constitute an "Event of Default" under this Note and the Note Purchase Agreement: (a) the US Parent and the Issuer fail to pay the principal of, or interest on, this Note, or any other obligations, as and when due and payable (including, without limitation, on the Maturity Date (as may be modified due to incurrence of the Early Maturity Date Trigger)); (b) any representation or warranty made or deemed made by the Company Group in the Note Purchase Agreement or which is contained in any certificate, document, opinion, or financial or other statement furnished at any time under or in connection with this Note shall prove to have been incorrect, incomplete, or misleading in any material respect on or as of the date made or deemed made; (c) the US Parent and the Issuer fail or neglect to perform, or cause to be performed, any obligation, or violate any covenant in the Note Purchase Agreement or fail or neglect to perform, keep, cause to be performed, or observe any other material term, provision, condition, covenant or agreement contained in this Note; (d) if there is (i) a breach or default in any agreement to which the US Parent. the Issuer or any member of the Australian Company Group is a party with a third party or parties resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any indebtedness in an amount in excess of $100,000 or that could result in a Material Adverse Effect, or (ii) a breach or default by any member of the Company Group under the Sale

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&nbsp;&nbsp;&nbsp;&nbsp;A-5 and Implementation Deed, the Intercreditor Deed or any of the related Transaction Documents (as defined in the Sale and Implementation Deed), or any such documented is terminated; (e) (i) the US Parent, the Issuer or any member of the Australian Company Group is unable to pay its debts (including trade debts) as they become due or otherwise becomes insolvent, (ii) the US Parent, the Issuer or any member of the Australian Company Group begins an Insolvency Proceeding, or (iii) an Insolvency Proceeding is begun against the US Parent, the Issuer or any member of the Australian Company Group and not dismissed or stayed within 60 days; (f) one or more judgments, orders, or decrees for the payment of money in an amount, individually or in the aggregate, of at least $100,000 (not covered by independent third- party insurance as to which liability has been accepted by such insurance carrier) shall be rendered against the US Parent, the Issuer or any member of the Australian Company Group and shall remain unsatisfied, unvacated, or unstayed for a period of 30 days after the entry thereof; (g) an event of default shall have occurred under any other agreement between the Investor and the US Parent and/or the Issuer; and (h) the occurrence of a Change of Control. For purposes of this Paragraph 6. "Insolvency Proceeding" is any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy or insolvency law (including the laws of the Commonwealth of Australia), including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 7. Rights and Remedies. Following the occurrence and during the continuation of any Event of Default, following a five (5) day cure period, the Investor may, without notice or demand to the US Parent or the Issuer, do any or all of the following: (a) declare the Note and all other obligations payable thereunder to be forthwith due and payable, whereupon the Note and all such obligations shall become and be forthwith due and payable, without presentment, demand, protest, or further notice of any kind, all of which are hereby expressly waived by the US Parent and the Issuer (but if an Event of Default described in Paragraph 6(e) occurs all Note obligations are immediately due and payable without any action by the Investor); (b) make any payments and do any acts it considers necessary or reasonable to protect its security interest in the Collateral. The US Parent and the Issuer shall assemble the Collateral if the Investor requests and make it available as the Investor designates. The Investor may enter premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise any lien which appears to be prior or superior to its security interest and pay all expenses incurred. The US Parent and the Issuer grant the Investor a license to enter and occupy any of its premises, without charge, to exercise any of the Investor's rights or remedies;

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&nbsp;&nbsp;&nbsp;&nbsp;A-6 (c) ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. The Investor is hereby granted a non-exclusive, royalty- free license or other right to use, without charge, the US Parent's and the Issuer's labels, patents, copyrights, mask works, rights of use of any name, trade secrets, trade names, trademarks, service marks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with the Investor's exercise of its rights under this Paragraph 7. the US Parent's and Issuer's rights under all licenses and all franchise agreements inure to the Investor's benefit; (d) demand and receive possession of the Issuer's book and records; and (e) exercise all rights and remedies available to the Investor under this Note or at law or equity, including all remedies provided by the Uniform Commercial Code (the "UCC") (including disposal of the Collateral pursuant to the terms thereof). 8. Specific Performance. Many of the rights of the Investor under this Note, whether arising from an Event of Default or otherwise, relate to unique assets and to restrictive covenants, including the right to preclude the US Parent and the Issuer from taking various actions. The US Parent, the Issuer and the Investor recognize that the Investor will not obtain the full benefit of its bargain through the receipt of money damages but must receive specific performance of the terms of this Note. Accordingly, the Issuer and the Investor hereby express their intention that a court award equitable relief and enforce specifically the rights of the Investor under this Note. 9. Remedies Cumulative. The Investor's failure, at any time or times, to require strict performance by the US Parent and the Issuer of any provision of this Note shall not waive, affect, or diminish any right of the Investor thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder shall be effective unless signed by the Investor and then is only effective for the specific instance and purpose for which it is given. The Investor's rights and remedies under this Note are cumulative. The Investor has all rights and remedies provided under the UCC, by law, or in equity. The Investor's exercise of one right or remedy is not an election, and the Investor's waiver of any Event of Default is not a continuing waiver. The Investor's delay in exercising any remedy is not a waiver, election, or acquiescence. 10. Application of Collateral Proceeds. The Investor will apply the proceeds of sale, to the extent actually received in cash, in the manner and order it determines in its sole discretion, and as prescribed by applicable law. 11. Miscellaneous. (a) Amendments. Etc. No amendment, modification, termination, or waiver of any provision of this Note, nor consent to any departure by the Issuer or US Parent of any provision of this Note, shall in any event be effective unless the same shall be in writing and signed by the Investor, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. (b) No Waiver. No failure or delay on the part of the Investor in exercising any right, power, or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power, or remedy preclude any other or further exercise thereof or the

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&nbsp;&nbsp;&nbsp;&nbsp;A-7 exercise of any other right, power, or remedy hereunder. The rights and remedies provided herein are cumulative, and are not exclusive of any other rights, powers, privileges, or remedies, now or hereafter existing, at law or in equity or otherwise. (c) Severability of Provisions. Any provision of this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Note or affecting the validity or enforceability of such provision in any other jurisdiction. (d) Headings. Paragraph headings in this Note are included for the convenience of reference only and shall not constitute a part of this Note for any other purpose. (e) Counterparts. This Note may be executed in any number of counterparts and by different parties hereto in separate counterparts, including by facsimile or electronic copy, with the same effect as if all parties had signed the same document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument. (f) Jury Trial Waiver. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW. THE COMPANY. THE ISSUER AND THE INVESTOR EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS NOTE OR ANY CONTEMPLATED TRANSACTION. INCLUDING CONTRACT. TORT. BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. [Intentionally left blank. Signature page to follow]

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&nbsp;&nbsp;&nbsp;&nbsp;A-8 IN WITNESS WHEREOF, the undersigned has caused this Senior Secured Note to be issued as of the date first set forth above. US PARENT: AIR T, INC. By: Name: Title: ISSUER: AIR T ACQUISITION 25.1, LLC By: Name: Title: ACKNOWLEDGED AND AGREED AS OF THE DATE OF THIS NOTE: HONEYWELL COMMON INVESTMENT FUND By: Name: John Mikros Title: Authorized Signatory HONEYWELL INTERNATIONAL INC. MASTER RETIREMENT TRUST By: Name: John Mikros Title: Authorized Signatory

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT B FORM OF PLEDGE AGREEMENT

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&nbsp;&nbsp;&nbsp;&nbsp;B-1 PLEDGE AGREEMENT This PLEDGE AGREEMENT, (this "Agreement") is made and entered into as of December 15, 2025, by Air T, Inc. ("Pledgor") for the benefit of Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust (each, a Secured Party, and together, the "Secured Parties"). WHEREAS, the Secured Parties have made a loan Air T Acquisition 25.1, LLC, a Minnesota limited liability company (the "Issuer"), a wholly owned subsidiary of Pledgor, in the principal amount of $40,000,000.00, as evidenced by senior secured notes of even date herewith (the "Notes") made by the Issuer and payable to the order of the Secured Parties. The Notes are governed by that certain Note Purchase Agreement of even date herewith (the "Note Purchase Agreement" and, together with the Notes, the "Note Documents"), among the Pledgor, the Issuer and the Secured Parties. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Note Documents; WHEREAS, this Agreement is given by the Pledgor in favor of the Secured Parties to secure the payment and performance of all of the Secured Obligations; and WHEREAS, it is a condition to the obligations of the Secured Parties to make the loan under the Note Documents that the Pledgor execute and deliver this Agreement. NOW, THEREFORE, in consideration of the mutual covenants, terms and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. Definitions. (a) Unless otherwise specified herein, all references to Sections and Schedules herein are to Sections and Schedules of this Agreement. (b) Unless otherwise defined herein, terms used herein that are defined in the UCC shall have the meanings assigned to them in the UCC. However, if a term is defined in Article 9 of the UCC differently than in another Article of the UCC, the term has the meaning specified in Article 9. (c) For purposes of this Agreement, the following terms shall have the following meanings: "Collateral" means the Equity Collateral. "Equity Collateral" has the meaning set forth in Section 2. "Equity Interests" means any security, share, unit, partnership interest, membership interest, ownership interest, equity interest, option, warrant, participation, "equity security" (as such term is defined in Rule 3(a)11-1 of the General Rules and Regulations of the Securities Exchange Act of 1934, as amended, or any similar statute then in effect, promulgated by the Securities and Exchange Commission and any successor thereto) or analogous interest (regardless of how designated) of or in a corporation,

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&nbsp;&nbsp;&nbsp;&nbsp;B-2 partnership, limited partnership, limited liability company, business trust or other entity, of whatever nature, type, series or class, whether voting or nonvoting, certificated or uncertificated, common or preferred, and all rights and privileges incident thereto. "Event of Default" has the meaning set forth in the Note Documents. "Pledged Interests" means all Equity Interests in Issuer, as further set forth on Schedule I attached hereto, as such Schedule may be updated from time to time after the date hereof. "Proceeds" means "proceeds" as such term is defined in Section 9-102 of the UCC and, in any event, shall include, without limitation, all dividends or other income from the Pledged Interests, collections thereon or distributions with respect thereto. "Secured Obligations" has the meaning set forth in Section 3. "UCC" means the Uniform Commercial Code as in effect in the State of New York; provided, in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, each Secured Party's security interest in the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term "UCC" shall mean the Uniform Commercial Code as in effect in such other jurisdiction; provided further, that to the extent that the UCC is used to define any term herein and such term is defined differently in different Articles or Divisions of the UCC, the definition of such term contained in Article or Division 9 shall govern. 2. Pledge. The Pledgor hereby pledges, assigns and grants to each Secured Party, and hereby creates a continuing first priority lien and security interest in favor of each Secured Party in and to all of its right, title and interest in and to the following, wherever located, whether now existing or hereafter from time to time arising or acquired (collectively, the "Equity Collateral"): (a) the Pledged Interests; and (b) all Proceeds and products of the foregoing. 3. Secured Obligations. The Collateral secures the due and prompt payment and performance of: (a) the obligations of the Pledgor under this Agreement, the obligations of the Pledgor and the Issuer from time to time arising under the Note Documents, or otherwise with respect to the due and prompt payment of (i) the principal of and premium, if any, and interest on any loan (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and (ii) all other monetary obligations, including fees, costs, attorneys' fees and disbursements, reimbursement obligations, contract causes of action, expenses and indemnities, whether primary, secondary, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar

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&nbsp;&nbsp;&nbsp;&nbsp;B-3 proceeding, regardless of whether allowed or allowable in such proceeding), of the Pledgor under or in respect of the Note Documents or the Pledgor under or in respect to this Agreement, as the case may be; and (b) all other covenants, duties, debts, obligations and liabilities of any kind of the Pledgor under or in respect of the Note Documents or the Pledgor under or in respect of this Agreement, or any other document made, delivered or given in connection with any of the foregoing, in each case whether evidenced by a note or other writing, whether allowed in any bankruptcy, insolvency, receivership or other similar proceeding, whether arising from an extension of credit, issuance of a letter of credit, acceptance, loan, guaranty, indemnification or otherwise, and whether primary, secondary, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, fixed or otherwise (all such obligations, covenants, duties, debts, liabilities, sums and expenses set forth in Section 3 being herein collectively called the "Secured Obligations"). 4. Perfection of Pledge. (a) Promptly after the execution of this Agreement, the Pledgor shall deliver to the Secured Parties the certificates representing all of the Pledged Interests, in form and content acceptable to the Secured Parties, duly endorsed or subscribed in blank, or accompanied by appropriate stock or membership interest powers or other instruments of transfer, pledge or assignment, including, without limitation, the certificates for the Pledged Interests, and resignation(s) from all management positions in the Issuer, and enter into such other arrangements as may be necessary to give control of any Collateral to the Secured Parties within the meaning of Section 8-106 of the UCC. (b) The Pledgor shall, from time to time, as may be required by each Secured Party with respect to all Collateral, immediately take all actions as may be requested by each Secured Party to perfect the security interest of each Secured Party in the Collateral, including, without limitation, with respect to all Collateral over which control may be obtained within the meaning of Section 8-106 of the UCC, the Pledgor shall immediately take all actions as may be requested from time to time by each Secured Party so that control of such Collateral is obtained and at all times held by each Secured Party. All of the foregoing shall be at the sole cost and expense of the Pledgor. (c) The Pledgor hereby irrevocably authorize each Secured Party at any time and from time to time to file in any relevant jurisdiction any financing statements and amendments thereto that contain the information required by Article 9 of the UCC of each applicable jurisdiction for the filing of any financing statement or amendment relating to the Collateral, without the signature of the Pledgor where permitted by law. The Pledgor agrees to provide all information required by each Secured Party pursuant to this Section promptly to each Secured Party upon request. All of the foregoing shall be at the sole cost and expense of the Pledgor. 5. [Intentionally Omitted]. 6. Representations and Warranties. Pledgor represents and warrants as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;B-5 (b) Each Secured Party agrees that the Pledgor may, unless an Event of Default shall have occurred and be continuing, receive and retain all dividends and other distributions with respect to the Pledged Interests. 8. Further Assurances. (a) The Pledgor shall, at its own cost and expense, defend title to the Collateral and the first priority lien and security interest of each Secured Party therein against the claim of any person claiming against or through the Pledgor and shall maintain and preserve such perfected first priority security interest for so long as this Agreement shall remain in effect. (b) Pledgor agrees that at any time and from time to time, at its own expense, it will promptly execute and deliver all further instruments and documents, obtain such agreements from third parties, and take all further action, that may be necessary or desirable, or that the Secured Parties may reasonably request, in order to create and/or maintain the validity, perfection or priority of and protect any security interest granted or purported to be granted hereby or to enable each Secured Party to exercise and enforce its rights and remedies hereunder or under any other agreement with respect to any Collateral. 9. Transfers and Other Liens. Pledgor agrees that it will not sell, offer to sell, dispose of, convey, assign or otherwise transfer, grant any option with respect to, restrict, or grant, create, permit or suffer to exist any mortgage, pledge, lien, security interest, option, right of first offer, encumbrance or other restriction or limitation of any nature whatsoever on, any of the Collateral or any interest therein except as expressly provided for herein or with the prior written consent of each Secured Party. 10. Secured Party Appointed Attorney-in-Fact. Pledgor hereby appoints each Secured Party Pledgor's attorney-in-fact, with full authority in the place and stead of Pledgor and in the name of Pledgor or otherwise, from time to time during the continuance of an Event of Default in the Secured Parties' discretion to take any action and to execute any instrument which the Secured Parties may deem necessary or advisable to accomplish the purposes of this Agreement, including, without limitation, to receive, endorse and collect all instruments made payable to Pledgor representing any dividend, interest payment or other distribution in respect of the Collateral or any part thereof and to give full discharge for the same (but the Secured Parties shall not be obligated to and shall have no liability to Pledgor or any third party for failure to do so or take action). Such appointment, being coupled with an interest, shall be irrevocable. Pledgor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. 11. Secured Party May Perform. If a Pledgor fails to perform any obligation contained in this Agreement, each Secured Party may itself perform, or cause performance of, such obligation, and the expenses of each Secured Party incurred in connection therewith shall be payable by Pledgor; provided that the Secured Parties shall not be required to perform or discharge any obligation of Pledgor. 12. Reasonable Care. Each Secured Party shall have no duty with respect to the care and preservation of the Collateral beyond the exercise of reasonable care. Each Secured Party shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in

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&nbsp;&nbsp;&nbsp;&nbsp;B-6 its possession if the Collateral is accorded treatment substantially equal to that which such Secured Party accords its own property, it being understood that each Secured Party shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not such Secured Party has or is deemed to have knowledge of such matters, or (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral. Nothing set forth in this Agreement, nor the exercise by each Secured Party of any of the rights and remedies hereunder, shall relieve the Pledgor from the performance of any obligation on the Pledgor's part to be performed or observed in respect of any of the Collateral. 13. Remedies Upon Default. (a) If any Event of Default shall have occurred and be continuing, each Secured Party may, with notice to, but without demand upon the Pledgor, assert all rights and remedies of a Secured Party under the UCC or other applicable law, including, without limitation, the right to take possession of, hold, collect, sell, lease, deliver, grant options to purchase or otherwise retain, liquidate or dispose of all or any portion of the Collateral. If notice prior to disposition of the Collateral or any portion thereof is necessary under applicable law, written notice mailed to the Pledger at its notice address as provided in Section 17 hereof 10 days prior to the date of such disposition shall constitute reasonable notice, but notice given in any other reasonable manner shall be sufficient. So long as the sale of the Collateral is made in a commercially reasonable manner, each Secured Party may sell such Collateral on such terms and to such purchaser(s) as such Secured Party in its absolute discretion may choose, without assuming any credit risk and without any obligation to advertise or give notice of any kind other than that necessary under applicable law. Without precluding any other methods of sale, the sale of the Collateral or any portion thereof shall have been made in a commercially reasonable manner if conducted in conformity with reasonable commercial practices of creditors disposing of similar property. At any sale of the Collateral, if permitted by applicable law, each Secured Party may be the purchaser, licensee, assignee or recipient of the Collateral or any part thereof and shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold, assigned or licensed at such sale, to use and apply any of the Secured Obligations as a credit on account of the purchase price of the Collateral or any part thereof payable at such sale. To the extent permitted by applicable law, Pledgor waives all claims, damages and demands it may acquire against each Secured Party arising out of the exercise by it of any rights hereunder. Pledgor hereby waives and releases to the fullest extent permitted by law all rights, if any, of marshalling the Collateral and any other security for the Secured Obligations or otherwise. At any such sale, unless prohibited by applicable law, each Secured Party or any custodian may bid for and purchase all or any part of the Collateral so sold. Neither Secured Party nor any custodian shall be liable for failure to collect or realize upon any or all of the Collateral or for any delay in so doing, nor shall it be under any obligation to take any action whatsoever with regard thereto. (b) If any Event of Default shall have occurred and be continuing, all rights of Pledgor to (i) exercise the voting and other consensual rights it would otherwise be entitled to exercise pursuant to Section 7(a) and (ii) receive the dividends and other distributions which it would otherwise be entitled to receive and retain pursuant to Section 7(b), shall immediately cease, and all such rights shall thereupon become vested in each Secured Party, which shall have the sole

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&nbsp;&nbsp;&nbsp;&nbsp;B-7 right to exercise such voting and other consensual rights and receive and hold such dividends and other distributions as Collateral. (c) If any Event of Default shall have occurred and be continuing, any cash held by each Secured Party as Collateral and all cash Proceeds received by such Secured Party in respect of any sale of, collection from, or other realization upon all or any part of the Collateral shall be applied in whole or in part by such Secured Party to the payment of expenses incurred by such Secured Party in connection with the foregoing or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of such Secured Party hereunder, including reasonable attorneys' fees, and the balance of such proceeds shall be applied or set off against all or any part of the Secured Obligations in such order as such Secured Party shall elect. Any surplus of such cash or cash Proceeds held by a Secured Party and remaining after payment in full of all the Unsecured Obligations shall be paid over to the Pledgor or to whomsoever may be lawfully entitled to receive such surplus. (d) If a Secured Party shall determine to exercise its rights to sell all or any of the Collateral pursuant to this Section, Pledgor agrees that, upon request of such Secured Party, Pledgor will, at its own expense, do or cause to be done all such acts and things as may be necessary to make such sale of the Collateral or any part thereof valid and binding and in compliance with applicable law. 14. No Waiver and Cumulative Remedies. A Secured Party shall not by any act (except by a written instrument pursuant to Section 16), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any default or Event of Default. All rights and remedies herein provided me cumulative and me not exclusive of any rights or remedies provided by law. 15. Security Interest Absolute. Pledgor hereby waives demand, notice, protest, notice of acceptance of this Agreement, notice of loans made, credit extended, Collateral received or delivered or other action taken in reliance hereon and all other demands and notices of any description. All rights of each Secured Party and liens and security interests hereunder, and all Secured Obligations of Pledgor hereunder, shall be absolute and unconditional irrespective of: (a) any illegality or lack of validity or enforceability of any Secured Obligation or any related agreement or instrument; (b) any change in the time, place or manner of payment of, or in any other term of, the Secured Obligations, or any rescission, waiver, amendment or other modification of the Note Documents, this Agreement or any other agreement, including any increase in the Secured Obligations resulting from any extension of additional credit or otherwise; (c) any taking, exchange, substitution, release, impairment or non-perfection of any Collateral or any other collateral, or any taking, release, impairment, amendment, waiver or other modification of any guaranty, for all or any of the Secured Obligations; (d) any manner of sale, disposition or application of proceeds of any Collateral or any other collateral or other assets to all or part of the Secured Obligations;

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&nbsp;&nbsp;&nbsp;&nbsp;B-8 (e) any default, failure or delay, willful or otherwise, in the performance of the Secured Obligations; (f) any defense, set-off or counterclaim (other than a defense of payment or performance) that may at any time be available to, or be asserted by, a Pledgor against a Secured Party; or (g) any other circumstance (including, without limitation, any statute of limitations) or manner of administering the loans or any existence of or reliance on any representation by a Secured Party that might vary the risk of the Pledgor or otherwise operate as a defense available to, or a legal or equitable discharge of, the Pledgor or any other grantor, guarantor or surety. 16. Amendments. None of the terms or provisions of this Agreement may be amended, modified, supplemented, terminated or waived, and no consent to any departure by the Pledgor therefrom shall be effective unless the same shall be in writing and signed by the Secured Parties and the Pledgor, and then such amendment, modification, supplement, waiver or consent shall be effective only in the specific instance and for the specific purpose for which made or given. 17. Addresses For Notices. All notices and other communications provided for in this Agreement shall be in writing and shall be given in the manner and become effective as set forth in the Note Documents. 18. Continuing Security Interest; Further Actions. This Agreement shall create a continuing first priority lien and security interest in the Collateral and shall (a) subject to Section 19, remain in full force and effect until payment and performance in full of the Secured Obligations, (b) be binding upon Pledgor, its successors and assigns, and (c) inure to the benefit of each Secured Party and its successors, transferees and assigns; provided that a Pledgor may not assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the Secured Parties. 19. Termination; Release. On the date on which all loans and other Secured Obligations have been paid and performed in full, the Secured Parties will, at the request and sole expense of the Pledgor, (a) duly assign, transfer and deliver to or at the direction of the Pledgor (without recourse and without any representation or warranty) such of the Collateral as may then remain in the possession of the Secured Parties, together with any monies at the time held by the Secured Parties hereunder, and (b) execute and deliver to the Pledgor a proper instrument or instruments acknowledging the satisfaction and termination of this Agreement. 20. Governing Law. This Agreement and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the laws of the State of New York. The other provisions of Section 6(a) of the Note Documents are incorporated herein, mutatis mutandis, as if a part hereof. 21. Payment of Costs. The Pledger shall pay all expenses and costs (including, without limitation, all attorneys' fees and expenses) incurred by it or its affiliates in connection with the transactions contemplated by this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;B-9 22. Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, including by facsimile or electronic copy, with the same effect as if all parties had signed the same document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument. This Agreement constitute the entire contract among the parties with respect to the subject matter hereof and supersede all previous agreements and understandings, oral or written, with respect thereto. [Signature page follows]

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&nbsp;&nbsp;&nbsp;&nbsp;B-10 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. AIR T, INC., as Pledgor By: Name: Title: HONEYWELL COMMON INVESTMENT FUND, as Secured Party By: Name: John Mikros Title: Authorized Signatory HONEYWELL INTERNATIONAL INC. MASTER RETIREMENT TRUST, as Secured Party By: Name: John Mikros Title: Authorized Signatory

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE I PLEDGED INTERESTS NAME OF PLEDGOR CERTIFICATE NUMBER ISSUER AND INTERESTS Air T, Inc. C-1 Issuer: Air T Acquisition 25.1, LLC Interests: 100% of the membership interests of Air T Acquisition 25.1, LLC

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RT Draft 12/9/25 039721-0003 22766843 EXHIBIT C FORM OF PARENT GUARANTY This PARENT GUARANTY (this "Guaranty"), dated as of December 15, 2025, is executed and delivered by Air T, Inc., a Delaware corporation (the "Guarantor"), in favor of Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust ((each, an "Investor" and together, the "Investors"), in light of the following: WHEREAS, Air T Acquisition 25.1, LLC, a Minnesota limited liability company (the "Issuer"), the Guarantor, and the Investors are, contemporaneously herewith, entering into that certain Note Purchase Agreement of even date herewith (as amended, restated, supplemented or otherwise modified from time to time in accordance with its terms, the "Note Purchase Agreement"); WHEREAS, in order to induce the Investors to enter into the Note Purchase Agreement and the other Note Transaction Documents and to induce the Investors to extend the loans and other financial accommodations to the Issuer pursuant to the Note Transaction Documents, and in consideration thereof, and in consideration of any loans or other financial accommodations heretofore or hereafter extended by the Investors to the Issuer pursuant to the Note Transaction Documents, the Guarantor has agreed to guarantee the obligations under the Note Purchase Agreement and the other Note Transaction Documents; and WHEREAS, in consideration of the direct and indirect financial and other support and benefits that the Issuer has provided to the Guarantor, and such direct and indirect financial and other support and benefits as the Issuer may in the future provide, to the Guarantor, which significantly facilitates the business operations of the Issuer and the Guarantor, the Guarantor is willing to guarantee the Guaranteed Obligations (as defined below) pursuant to the terms and conditions set forth in this Guaranty. NOW, THEREFORE, in consideration of the foregoing, the Guarantor hereby agrees as follows: 1. Definitions and Construction. (a) Definitions. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Note Purchase Agreement. The following terms, as used in this Guaranty, shall have the following meanings: "Guaranteed Obligations" means: (1)(a) twenty-five percent (25%) of principal and interest due to the Investors under the Note Transaction Documents, and (b) all of the obligations now or hereafter existing, whether for premiums, including any Make Whole Premium, Closing Fees, liabilities, obligations (including indemnification obligations), any other fees, charges, costs, or otherwise, and any and all expenses (including reasonable and documented out-of-pocket counsel fees and expenses) reasonably incurred by the Investors (or any of them) in enforcing any rights under this Guaranty; provided that nothing in this clause (1)(b) shall increase Guarantor's obligations hereunder with respect to any guarantee of principal and interest, as limited pursuant to clause (1)(a) hereof and (b) no interest, Make Whole Premium or other fees, charges or costs

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&nbsp;&nbsp;&nbsp;&nbsp;039721-0003 22766843 -2- first accruing after the commencement of any Insolvency Proceeding shall constitute Guaranteed Obligations; and (2)(a) upon the incurrence of the Early Maturity Date Trigger, one hundred percent (100%) of principal and interest due to the Investors under the Note Transaction Documents (including any interest that accrues on such principal amount after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), and (b) all of the obligations now or hereafter existing, whether for premiums, including any Make Whole Premium, Closing Fees, liabilities, obligations (including indemnification obligations), any other fees, charges, costs (including any fees or expenses that accrue after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), or otherwise, and any and all expenses (including reasonable and documented out-of-pocket counsel fees and expenses) reasonably incurred by the Investors (or any of them) in enforcing any rights under this Guaranty. Without limiting the generality of the foregoing, Guaranteed Obligations shall include all amounts that constitute part of the Guaranteed Obligations and would be owed by the Issuer to the Investors, but for the fact that they are unenforceable or not allowable, including due to the existence of a bankruptcy, reorganization, other Insolvency Proceeding or similar proceeding involving the Issuer or any other guarantor. "Guarantor" has the meaning set forth in the preamble to this Guaranty. "Guaranty" has the meaning set forth in the preamble to this Guaranty. "Investor" and "Investors" has the meaning set forth in the preamble to this Guaranty. "Issuer" has the meaning set forth in the preamble to this Guaranty. "Note Purchase Agreement" has the meaning set forth in the recitals to this Guaranty. "Record" means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable in perceivable form. "Voidable Transfer" has the meaning set forth in Section 13 of this Guaranty. (b) Construction. Unless the context of this Guaranty clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms "includes" and "including" are not limiting, and the term "or" has, except where otherwise indicated, the inclusive meaning represented by the phrase "and/or." The words "hereof," "herein," "hereby," "hereunder," and other similar terms in this Guaranty refer to this Guaranty as a whole and not to any particular provision of this Guaranty. Section, subsection, clause, schedule, and exhibit references herein are to this Guaranty unless otherwise specified. Any reference in this Guaranty to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein). The words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all

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&nbsp;&nbsp;&nbsp;&nbsp;039721-0003 22766843 -3- tangible and intangible assets and properties, including cash, securities, accounts, and contract rights. This Guaranty has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of the Guarantor and the Investors. Any reference herein to the satisfaction, repayment, or payment in full of the Guaranteed Obligations shall mean the repayment in full in cash or immediately available funds of all of the Guaranteed Obligations other than contingent indemnification obligations which are not yet due and payable. Any reference herein to any Person shall be construed to include such Person's successors and assigns. Any requirement of a writing contained herein shall be satisfied by the transmission of a Record. The captions and headings are for convenience of reference only and shall not affect the construction of this Guaranty. 2. Guaranteed Obligations. The Guarantor hereby irrevocably and unconditionally guaranties to the Investors, as and for its own debt, until the final payment in full thereof, in cash, has been made, the due payment and performance of the Guaranteed Obligations, when and as the same shall become due and payable, whether at maturity, pursuant to a mandatory prepayment requirement, by acceleration, or otherwise, and after the expiration of any applicable grace and notice period under the Note Purchase Agreement or any of the other Note Transaction Documents; it being the intent of the Guarantor that the guaranty set forth herein shall be a guaranty of payment and not a guaranty of collection. The Guarantor hereby agrees that this Guaranty is an absolute, irrevocable and unconditional guaranty of payment and is not a guaranty of collection. 3. Continuing Guaranty; Discharge Only Upon Payment in Full. The Guarantor's obligations hereunder shall constitute a continuing and irrevocable guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until all Guaranteed Obligations shall have been paid in full in cash, at which time, subject to all the foregoing conditions, the guaranties made hereunder shall automatically terminate. This Guaranty includes Guaranteed Obligations arising under successive transactions entered into by the Issuer continuing, compromising, extending, increasing, modifying, releasing, or renewing the Guaranteed Obligations, changing the interest rate, payment terms, or other terms and conditions thereof, or creating new or additional Guaranteed Obligations after prior Guaranteed Obligations have been satisfied in whole or in part. To the maximum extent permitted by law, the Guarantor hereby waives any right to revoke this Guaranty as to future Guaranteed Obligations. If such a revocation is effective notwithstanding the foregoing waiver, the Guarantor acknowledges and agrees that (a) no such revocation shall be effective until written notice thereof has been provided to the Investors, (b) no such revocation shall apply to any Guaranteed Obligations in existence on the date of receipt by the Investors of such written notice (including any subsequent continuation, extension, or renewal thereof, or change in the interest rate, payment terms, or other terms and conditions thereof), (c) no such revocation shall apply to any Guaranteed Obligations made or created after such date to the extent made or created pursuant to a legally binding commitment of any Investor in existence on the date of such revocation, (d) no payment by the Guarantor, the Issuer, or from any other source, prior to the date of the Investors' receipt of written notice of such revocation shall reduce the maximum obligation of the Guarantor hereunder, and (e) any payment by the Issuer or from any source other than the Guarantor subsequent to the date of such revocation shall first be applied to that portion of the Guaranteed Obligations as to which the revocation is effective and which are not, therefore, guaranteed hereunder, and to the extent so applied shall not reduce the maximum obligation of the Guarantor hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;039721-0003 22766843 -4- 4. Performance Under this Guaranty. In the event that the Issuer fails to make any payment of any Guaranteed Obligations, on or prior to the due date thereof, the Guarantor immediately shall cause, as applicable, such payment in respect of the Guaranteed Obligations to be made or such obligation to be performed, kept, observed, or fulfilled. 5. Primary Obligations. (a) This Guaranty is a primary and original obligation of the Guarantor, is not merely the creation of a surety relationship, and is an absolute, unconditional, and continuing guaranty of payment and performance which shall remain in full force and effect without respect to future changes in conditions. The Guarantor hereby agrees that it is directly, jointly and severally with any other guarantor of the Guaranteed Obligations, liable to the Investors, that the obligations of the Guarantor hereunder are independent of the obligations of the Issuer or any other guarantor, and that a separate action may be brought against the Guarantor, whether such action is brought against the Issuer or any other guarantor or whether the Issuer or any other guarantor is joined in such action. The Guarantor hereby agrees that its liability hereunder shall be immediate and shall not be contingent upon the exercise or enforcement by any Investor of whatever remedies they may have against the Issuer or any other guarantor, or the enforcement of any lien or realization upon any security by any Investor. The Guarantor hereby agrees that any release which may be given by the Investors to the Issuer or any other guarantor, or with respect to any property or asset subject to a lien or encumbrance, shall not release the Guarantor. The Guarantor consents and agrees that no Investor shall be under any obligation to marshal any property or assets of the Issuer or any other guarantor in favor of the Guarantor, or against or in payment of any or all of the Guaranteed Obligations. (b) Without limiting the generality of the foregoing clause (a), the obligations of the Guarantor hereunder shall not be released, discharged or otherwise affected by: (i) any change in the corporate, partnership, limited liability company or other existence, structure or ownership of the Issuer or any other guarantor of any of the Guaranteed Obligations, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Issuer or any other guarantor of the Guaranteed Obligations, or any of their respective assets or any resulting release or discharge of any obligation of the Issuer or any other guarantor of any of the Guaranteed Obligations; (ii) the existence of any claim, setoff or other rights which the Guarantor may have at any time against the Issuer, any other guarantor of any of the Guaranteed Obligations, any Investor or any other Person, whether in connection herewith or in connection with any unrelated transactions, provided that nothing herein shall prevent the assertion of any such claim by separate suit or compulsory counterclaim; (iii) the enforceability or validity of the Guaranteed Obligations or any part thereof under applicable law, or the genuineness, enforceability or validity of any agreement relating thereto or with respect to any collateral securing the Guaranteed Obligations or any part thereof, or any other invalidity or unenforceability relating to or against the Issuer or any other guarantor of any of the Guaranteed Obligations, for any reason related to the Note Purchase Agreement or any other Note Transaction Document, or any provision of applicable law purporting

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&nbsp;&nbsp;&nbsp;&nbsp;039721-0003 22766843 -5- to prohibit the payment by the Issuer or any other guarantor of the Guaranteed Obligations, of any of the Guaranteed Obligations or otherwise affecting any term of any of the Guaranteed Obligations; (iv) the failure of the Investors to take any steps to perfect and maintain any security interest in, or to preserve any rights to, any security or collateral for the Guaranteed Obligations, if any; (v) the election by, or on behalf of, any Investor, in any proceeding instituted under Chapter 11 of Title 11 of the United States Code (11 U.S.C. 101 et seq.) (or any successor statute, the "Bankruptcy Code"), of the application of Section 1111(b)(2) of the Bankruptcy Code or any other applicable federal, state, provincial, municipal, local or foreign law relating to such matters; (vi) any borrowing or grant of a security interest by the Issuer, as debtor- in-possession, under Section 364 of the Bankruptcy Code or any other applicable federal, state, provincial, municipal, local or foreign law relating to such matters; (vii) the disallowance, under Section 502 of the Bankruptcy Code or any other applicable federal, state, provincial, municipal, local or foreign law relating to such matters, of all or any portion of the claims of the Investors for repayment of all or any part of the Guaranteed Obligations; (viii) the failure of any other guarantor to sign or become party to this Guaranty or any amendment, change, or reaffirmation hereof; or (ix) any other act or omission to act or delay of any kind by the Issuer, any other guarantor of the Guaranteed Obligations, any Investor or any other Person or any other circumstance whatsoever which might, but for the provisions of this Section 5(b), constitute a legal or equitable discharge of the Guarantor's obligations hereunder or otherwise reduce, release, prejudice or extinguish its liability under this Guaranty. 6. Waivers. (a) To the fullest extent permitted by applicable law, the Guarantor hereby waives: (i) notice of acceptance hereof; (ii) notice of any loans or other financial accommodations made or extended under the Note Purchase Agreement, or the creation or existence of any Guaranteed Obligations; (iii) notice of the amount of the Guaranteed Obligations, subject, however, to the Guarantor's right to make inquiry of the Investors to ascertain the amount of the Guaranteed Obligations at any reasonable time; (iv) notice of any adverse change in the financial condition of the Issuer or of any other fact that might increase the Guarantor's risk hereunder; (v) notice of presentment for payment, intent to accelerate, acceleration, demand, protest, and notice thereof as to any instrument among the Note Transaction Documents; (vi) notice of any default or Event of Default under any of the Note Transaction Documents; and (vii) all other notices (except if such notice is specifically required to be given to the Guarantor under this Guaranty or any other Note Transaction Documents to which the Guarantor is a party) and demands to which the Guarantor might otherwise be entitled.

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&nbsp;&nbsp;&nbsp;&nbsp;039721-0003 22766843 -6- (b) To the fullest extent permitted by applicable law, the Guarantor hereby waives the right by statute or otherwise to require any Investor to institute suit against the Issuer or any other guarantor or to exhaust any rights and remedies which any Investor has or may have against the Issuer or any other guarantor. In this regard, the Guarantor agrees that it is bound to the payment of each and all Guaranteed Obligations, whether now existing or hereafter arising, as fully as if the Guaranteed Obligations were directly owing to the Investors by the Guarantor. To the extent permitted by applicable law, the Guarantor further waives any defense arising by reason of any disability or other defense (other than the defense that the Guaranteed Obligations shall have been fully and finally performed and indefeasibly paid in full in cash, to the extent of any such payment) of the Issuer or by reason of the cessation from any cause whatsoever of the liability of the Issuer in respect thereof. (i) To the fullest extent permitted by applicable law, the Guarantor hereby waives: (A) any right to assert against any Investor any defense (legal or equitable), set- off, counterclaim, or claim which the Guarantor may now or at any time hereafter have against the Issuer or any other party liable to any Investor; (B) any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the Guaranteed Obligations or any security therefor; (C) any right or defense arising by reason of any claim or defense based upon an election of remedies by any Investor , including any defense based upon an impairment or elimination of the Guarantor's rights of subrogation, reimbursement, contribution, or indemnity of the Guarantor against the Issuer or other guarantors or sureties; (D) the benefit of any statute of limitations affecting the Guarantor's liability hereunder or the enforcement thereof, and any act which shall defer or delay the operation of any statute of limitations applicable to the Guaranteed Obligations shall similarly operate to defer or delay the operation of such statute of limitations applicable to the Guarantor's liability hereunder and (E) any election by the Investors under the Bankruptcy Code to limit the amount of, or any collateral securing, its claim against the Guarantor. (ii) The Guarantor will not exercise any rights that it may now or hereafter acquire against any other guarantor that arise from the existence, payment, performance or enforcement of the Guarantor's obligations under this Guaranty, including any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Investors against any other guarantor or any Collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including the right to take or receive from any other guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security solely on account of such claim, remedy or right, unless and until all of the Guaranteed Obligations and all other amounts payable under this Guaranty shall have been paid in full in cash and the Note Transaction Documents have been terminated. If any amount shall be paid to the Guarantor in violation of the immediately preceding sentence, such amount shall be held in trust for the benefit of the Investors and shall forthwith be paid to the Investors to be credited and applied to the Guaranteed Obligations and all other amounts payable under this Guaranty, whether matured or unmatured, in accordance with the terms of the Note Purchase Agreement, or to be held as Collateral for any Guaranteed Obligations or other amounts payable under this Guaranty thereafter arising. (c) If any of the Guaranteed Obligations or the obligations of the Guarantor under this Guaranty at any time are secured by a mortgage or deed of trust upon real property, any

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&nbsp;&nbsp;&nbsp;&nbsp;039721-0003 22766843 -7- Investor may elect, in its sole discretion, upon a default with respect to the Guaranteed Obligations or the obligations of the Guarantor under this Guaranty, to foreclose such mortgage or deed of trust judicially or nonjudicially in any manner permitted by law, before or after enforcing this Guaranty, without diminishing or affecting the liability of the Guarantor hereunder. The Guarantor understands that (i) by virtue of the operation of anti-deficiency law applicable to nonjudicial foreclosures, an election by any Investor to nonjudicially foreclose on such a mortgage or deed of trust probably would have the effect of impairing or destroying rights of subrogation, reimbursement, contribution, or indemnity of the Guarantor against the Issuer or other guarantors or sureties, and (ii) absent the waiver given by the Guarantor herein, such an election would estop any Investor from enforcing this Guaranty against the Guarantor. Understanding the foregoing, and understanding that the Guarantor is hereby relinquishing a defense to the enforceability of this Guaranty, the Guarantor hereby waives any right to assert against any Investor any defense to the enforcement of this Guaranty, whether denominated "estoppel" or otherwise, based on or arising from an election by any Investor to nonjudicially foreclose on any such mortgage or deed of trust or as a result of any other exercise of remedies, whether under a mortgage or deed of trust or under any personal property security agreement. The Guarantor understands that the effect of the foregoing waiver may be that the Guarantor may have liability hereunder for amounts with respect to which the Guarantor may be left without rights of subrogation, reimbursement, contribution, or indemnity against the Issuer or other guarantors or sureties. (d) The Guarantor waives any defense arising by reason of or deriving from (i) any claim or defense based upon an election of remedies by the Investors; or (ii) any election by the Investors under the Bankruptcy Code, to limit the amount of, or any collateral securing, its claim against the Guarantor. 7. Releases. The Guarantor consents and agrees that, without notice to or by the Guarantor and without affecting or impairing the obligations of the Guarantor hereunder, any Investor may, by action or inaction, compromise or settle, shorten or extend the Maturity Date or any other period of duration or the time for the payment of the obligations under the Note Transaction Documents, or discharge the performance of the obligations under the Note Transaction Documents, or may refuse to enforce the obligations under the Note Transaction Documents, or otherwise elect not to enforce the obligations under the Note Transaction Documents, or may, by action or inaction, release all or any one or more parties to, any one or more of the terms and provisions of the Note Purchase Agreement or any of the other Note Transaction Documents, or may grant other indulgences to the Issuer or any other guarantor in respect thereof, or may amend or modify in any manner and at any time (or from time to time) any one or more of the obligations under the Note Transaction Documents (including any increase or decrease in the principal amount of any obligations under the Note Transaction Documents or the interest, fees or other amounts that may accrue from time to time in respect thereof), or may, by action or inaction, release or substitute the Issuer or the Guarantor, if any, of the Guaranteed Obligations, or may enforce, exchange, release, or waive, by action or inaction, any security for the Guaranteed Obligations or any other guaranty of the Guaranteed Obligations, or any portion thereof. 8. Subordination of Guarantor Indebtedness. The Guarantor agrees that any and all claims of the Guarantor against the Issuer or any other Guarantor hereunder (each an "Obligor") with respect to any "Guarantor Indebtedness" (as hereinafter defined), any endorser, obligor or

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&nbsp;&nbsp;&nbsp;&nbsp;039721-0003 22766843 -8- any other guarantor of all or any part of the Guaranteed Obligations, or against any of its properties, shall be subordinate and subject in right of payment to the prior payment, in full and in cash, of all Guaranteed Obligations; provided that, as long as no Event of Default has occurred and is continuing, the Guarantor may receive payments of principal and interest from any Obligor with respect to Guarantor Indebtedness. Notwithstanding any right of the Guarantor to ask, demand, sue for, take or receive any payment from any Obligor, all rights, liens and security interests of the Guarantor, whether now or hereafter arising and howsoever existing, in any assets of any other Obligor shall be and are subordinated to the rights of the Investors in those assets. The Guarantor shall not have any right to possession of any such asset or to foreclose upon any such asset, whether by judicial action or otherwise, unless and until all of the Guaranteed Obligations shall have been fully paid and satisfied (in cash) and all financing arrangements pursuant to any Note Transaction Document have been terminated. If all or any part of the assets of any Obligor, or the proceeds thereof, are subject to any distribution, division or application to the creditors of such Obligor, whether partial or complete, voluntary or involuntary, and whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other action or proceeding, or if the business of any such Obligor is dissolved or if substantially all of the assets of any such Obligor are sold, then, and in any such event (such events being herein referred to as an "Insolvency Event"), any payment or distribution of any kind or character, either in cash, securities or other property, which shall be payable or deliverable upon or with respect to any indebtedness of any Obligor to the Guarantor ("Guarantor Indebtedness") shall be paid or delivered directly to the Investors for application on any of the Guaranteed Obligations, due or to become due, until such Guaranteed Obligations shall have first been fully paid and satisfied (in cash). Should any payment, distribution, security or instrument or proceeds thereof be received by the applicable Guarantor upon or with respect to the Guarantor Indebtedness after any Insolvency Event and prior to the satisfaction of all of the Guaranteed Obligations and the termination of all financing arrangements pursuant to any Note Transaction Document among any Issuer and the Investors, the Guarantor shall receive and hold the same in trust, as trustee, for the benefit of the Investors and shall forthwith deliver the same to the Investors in precisely the form received (except for the endorsement or assignment of the Guarantor where necessary), for application to any of the Guaranteed Obligations, due or not due, and, until so delivered, the same shall be held in trust by the Guarantor as the property of the Investors. If any the Guarantor fails to make any such endorsement or assignment to the Investors or any of their officers or employees is irrevocably authorized to make the same. The Guarantor agrees that until the Guaranteed Obligations have been paid in full (in cash) and satisfied and all financing arrangements pursuant to any Note Transaction Document among the Issuer and the Investors have been terminated, the Guarantor will not assign or transfer to any Person (other than the Investors) any claim the Guarantor has or may have against any Obligor. 9. Contribution with Respect to Guaranteed Obligations. (a) To the extent that the Guarantor shall make a payment under this Guaranty (a "Guarantor Payment") which, taking into account all other Guarantor Payments then previously or concurrently made by any other Guarantor, exceeds the amount which otherwise would have been paid by or attributable to the Guarantor if the Guarantor had paid the aggregate Guaranteed Obligations satisfied by the Guarantor Payment in the same proportion as the Guarantor's "Allocable Amount" (as defined below) (as determined immediately prior to the Guarantor Payment) bore to the aggregate Allocable Amounts of the Guarantor as determined immediately

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&nbsp;&nbsp;&nbsp;&nbsp;039721-0003 22766843 -9- prior to the making of the Guarantor Payment, then, following indefeasible payment in full in cash of the Guarantor Payment and the Guaranteed Obligations, and the Note Purchase Agreement has terminated, the Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to the Guarantor Payment. (b) As of any date of determination, the "Allocable Amount" of the Guarantor shall be equal to the excess of the fair saleable value of the property of the Guarantor over the total liabilities of the Guarantor (including the maximum amount reasonably expected to become due in respect of contingent liabilities, calculated, without duplication, assuming each other Guarantor that is also liable for such contingent liability pays its ratable share thereof), giving effect to all payments made by other guarantors as of such date in a manner to maximize the amount of such contributions. (c) This Section 9 is intended only to define the relative rights of the Guarantor, and nothing set forth in this Section 9 is intended to or shall impair the obligations of the Guarantor, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Guaranty. (d) The parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of the Guarantor or other guarantors to which such contribution and indemnification is owing. (e) The rights of the indemnified Guarantor against other guarantors under this Section 9 shall be exercisable upon the full and indefeasible payment of the Guaranteed Obligations in cash and the termination of the Note Purchase Agreement. 10. Limitation of Guaranty. Notwithstanding any other provision of this Guaranty, the amount guaranteed by the Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of the Guarantor's obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation, indemnification or contribution which the Guarantor may have under this Guaranty, any other agreement or applicable law shall be taken into account. 11. Stay of Acceleration. If acceleration of the time for payment of any amount payable by the Issuer under the Note Purchase Agreement or any other Note Transaction Document is stayed upon the insolvency, bankruptcy or reorganization of the Issuer or any other guarantor of obligations under the Note Transaction Documents, all such amounts otherwise subject to acceleration under the terms of the Note Purchase Agreement or any other Note Transaction Document shall nonetheless be payable by the Guarantor hereunder forthwith on demand by the Investors. 12. No Election. The Investors shall have the right to seek recourse against the Guarantor to the fullest extent provided for herein and no election by any Investor to proceed in

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&nbsp;&nbsp;&nbsp;&nbsp;039721-0003 22766843 -10- one form of action or proceeding, or against any party, or on any obligation, shall constitute a waiver of the Investors' right to proceed in any other form of action or proceeding or against other parties unless the Investors has expressly waived such right in writing. Specifically, but without limiting the generality of the foregoing, no action or proceeding by the Investors under any document or instrument evidencing the Guaranteed Obligations shall serve to diminish the liability of the Guarantor under this Guaranty except to the extent that the Investors finally and unconditionally shall have realized indefeasible payment in full of the Guaranteed Obligations by such action or proceeding. 13. Revival and Reinstatement. If the incurrence or payment of the Guaranteed Obligations or the obligations of the Guarantor under this Guaranty by the Guarantor or the transfer by the Guarantor to the Investors of any property of the Guarantor should for any reason subsequently be declared to be void or voidable under any state or federal law relating to creditors' rights, including provisions of the Bankruptcy Code relating to fraudulent conveyances, preferences, or other voidable or recoverable payments of money or transfers of property (including pursuant to any settlement entered into by an Investor in its discretion) (collectively, a "Voidable Transfer"), and if the Investors are required to repay or restore, in whole or in part, any such Voidable Transfer then, as to any such Voidable Transfer, or the amount thereof that the Investors are required or elect to repay or restore, and as to all reasonable costs and expenses, and reasonable and documented out-of-pocket attorneys' fees of the Investors related thereto, the liability of the Guarantor automatically shall be revived, reinstated, and restored and shall exist as though such Voidable Transfer had never been made. 14. Financial Condition. The Guarantor represents and warrants to the Investors that it is currently informed of the financial condition of the Issuer, any other guarantors and any and all endorsers and/or other guarantors of all or any part of the Guaranteed Obligations, and of all other circumstances which a diligent inquiry would reveal and which bear upon the risk of nonpayment of the Guaranteed Obligations. The Guarantor further represents and warrants to the Investors that it has read and understands the terms and conditions of the Note Purchase Agreement and each other Note Transaction Document. The Guarantor hereby covenants that it will continue to keep itself informed of the Issuer' financial condition, the financial condition of other guarantors, if any, and of all other circumstances which bear upon the risk of nonpayment or nonperformance of the Guaranteed Obligations. The Guarantor hereby agrees that none of the Investors shall have any duty to advise the Guarantor of information known to any of them regarding such condition or any such circumstances. In the event any Investor, in its sole discretion, undertakes at any time or from time to time to provide any such information to a Guarantor or the Investors shall be under no obligation (a) to undertake any investigation not a part of its regular business routine, (b) to disclose any information which the Investors, pursuant to accepted or reasonable commercial finance or banking practices, wishes to maintain confidential or (c) to update such information or make any other or future disclosures of such information or any other information to the Guarantor. 15. Payments; Application. All payments to be made hereunder by the Guarantor shall be made in Dollars, in immediately available funds, and without deduction (except as otherwise required by applicable law) or offset and shall be applied to the Guaranteed Obligations in accordance with the terms of the Note Purchase Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;039721-0003 22766843 -11- 16. Fees and Costs. The Guarantor agrees to pay, on demand, all reasonable and documented out-of-pocket attorneys' fees and all other reasonable costs and expenses which may be incurred by the Investors in connection with the enforcement of this Guaranty or in any way arising out of, or consequential to, the protection, assertion, or enforcement of the Guaranteed Obligations (or any security therefor), irrespective of whether suit is brought. 17. Setoff. At any time after all or any part of the Guaranteed Obligations have become due and payable (by acceleration or otherwise), the Investors may, with the express written consent of the Investors and without notice to the Guarantor, and regardless of the acceptance of any security or collateral for the payment hereof, set off and apply toward the payment of all or any part of the Guaranteed Obligations any and all deposits (general or special, time or demand, provisional or final and in whatever currency denominated at any time held) and other obligations at any time owing by any Investor or any of their Affiliates to or for the credit or the account of the Guarantor against any of and all the Guaranteed Obligations, irrespective of whether or not such Investor shall have made any demand under this Guaranty and although such obligations may be unmatured. The rights of each Investor under this Section 17 are in addition to other rights and remedies (including other rights of setoff) which such Investor may have. 18. Notices. All notices and other communications hereunder to the Investors shall be in writing and shall be mailed, sent, or delivered in accordance with Section 6(g) of the Note Purchase Agreement. 19. No Waiver; Cumulative Remedies. No remedy under this Guaranty, under the Note Purchase Agreement or any other Note Transaction Document, is intended to be exclusive of any other remedy, but each and every remedy shall be cumulative and in addition to any and every other remedy given under this Guaranty, under the Note Purchase Agreement, or any other Note Transaction Document, and those provided by law. No delay or omission by the Investors to exercise any right under this Guaranty shall impair any such right nor be construed to be a waiver thereof. No failure on the part of any Investor to exercise, and no delay in exercising, any right under this Guaranty shall operate as a waiver thereof; nor shall any single or partial exercise of any right under this Guaranty preclude any other or further exercise thereof or the exercise of any other right. 20. Severability of Provisions. Each provision of this Guaranty shall be severable from every other provision of this Guaranty for the purpose of determining the legal enforceability of any specific provision. 21. Entire Agreement; Amendments. This Guaranty constitutes the entire agreement between the Guarantor and the Investors pertaining to the subject matter contained herein. This Guaranty may not be altered, amended, or modified, nor may any provision hereof be waived or noncompliance therewith consented to, except by means of a writing executed by the Guarantor and the Investors. Any such alteration, amendment, modification, waiver, or consent shall be effective only to the extent specified therein and for the specific purpose for which given. No course of dealing and no delay or waiver of any right or default under this Guaranty shall be deemed a waiver of any other, similar or dissimilar, right or default or otherwise prejudice the rights and remedies hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;039721-0003 22766843 -12- 22. Successors and Assigns. This Guaranty shall be binding upon the Guarantor and its successors and assigns and shall inure to the benefit of the successors and assigns of each Investor; provided, however, the Guarantor shall not assign this Guaranty or delegate any of its duties hereunder without the Investors' prior written consent and any unconsented to assignment shall be absolutely null and void. In the event of any assignment, participation, or other transfer of rights by the Investors, the rights and benefits herein conferred upon the Investors shall automatically extend to and be vested in such assignee or other transferee. 23. No Third Party Beneficiary. This Guaranty is solely for the benefit of each Investor and each of their successors and assigns and may not be relied on by any other Person. 24. Service of Process; Choice of Law and Venue; Jury Trial Waiver. (a) Each party to this Guaranty irrevocably consents to service of process in the manner provided for notices in Section 18 of this Guaranty, and the Guarantor hereby appoints the Issuer as its agent for service of process. Nothing in this Guaranty or any other Note Transaction Document will affect the right of any party to this Guaranty to serve process in any other manner permitted by law. (b) The provisions regarding choice of law and venue and jury trial waiver set forth in Section 6(a) of the Note Purchase Agreement are applicable to the Guarantor fully as though the Guarantor were a party thereto, and such providers are hereby incorporated herein by reference, mutatis mutandis. 25. Counterparts; Electronic Execution. This Guaranty may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Guaranty. Delivery of an executed counterpart of this Guaranty by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Guaranty. Any party delivering an executed counterpart of this Guaranty by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Guaranty but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Guaranty. The foregoing shall apply to each other Note Transaction Document mutatis mutandis. 26. Interpretation. Neither this Guaranty nor any uncertainty or ambiguity herein shall be construed against any Investor or the Guarantor, whether under any rule of construction or otherwise. On the contrary, this Guaranty has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of all parties hereto. 27. Agreement to be Bound. The Guarantor hereby acknowledges that the Guarantor has received a copy of the Note Purchase Agreement and agrees to be bound by each and all of the terms and provisions of the Note Purchase Agreement applicable to the Guarantor. Without limiting the generality of the foregoing, by its execution and delivery of this Guaranty, the Guarantor hereby makes to the Investors each of the representations and warranties set forth in the Note Purchase Agreement applicable to the Guarantor fully as though the Guarantor were a party

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&nbsp;&nbsp;&nbsp;&nbsp;039721-0003 22766843 -13- thereto, and such representations and warranties are incorporated herein by this reference, mutatis mutandis. In addition to the foregoing, the Guarantor covenants that, so long as any Investor has any Loan Amount outstanding under the Note or any amount payable under the Note Transaction Documents or any other obligations (other than contingent indemnification obligations which are not yet due and payable) shall remain unpaid, it will, and, if necessary, will cause the Issuer to fully comply with those covenants and agreements of the Issuer applicable to the Guarantor set forth in the Note Purchase Agreement. 28. Conflict. In the event of a conflict of the terms or provisions of this Guaranty and the Note Purchase Agreement, the terms and provisions of the Note Purchase Agreement shall govern. [Signature page to follow]

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&nbsp;&nbsp;&nbsp;&nbsp;E-1 IN WITNESS WHEREOF, the undersigned has executed and delivered this Guaranty as of the date first written above. AIR T, INC., as Guarantor By: Name: Title:

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## Exhibit 10.2

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3113/039721-0003 23152022 THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL SELECTED BY THE HOLDER OF THIS NOTE, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT. SENIOR SECURED NOTE December 15, 2025 $40,000,000.00 FOR VALUE RECEIVED, AIR T ACQUISITION 25.1, LLC, a Minnesota limited liability company (the "Issuer") promises to pay to the order of (i) Honeywell Common Investment Fund and (ii) Honeywell International Inc. Master Retirement Trust (individually and collectively, the "Investor" and the "Investors"), or its registered assigns, the principal sum of $40,000,000.00, or, if less, the aggregate unpaid principal amount of all loans made by the Investor pursuant to this Note, payable at the rate provided in Paragraph 1 of this note (this "Note"), on December 15, 2031 (subject to the provisions of Paragraph 4(e) below, the "Maturity Date"), with interest thereon at the rates set forth below. 1. Interest. (a) Rate of Interest. The Note shall bear interest on the unpaid principal amount thereof from the date issued (the "Issue Date") through the date this Note is paid in full in cash (whether upon final maturity (including due to the incurrence of the Early Maturity Date Trigger, as defined below), by redemption, prepayment, acceleration or otherwise) computed at an annual interest rate equal to 11.5% (subject to adjustment as provided in Paragraph 1(b)). Interest on the Note shall be computed on the basis of a 30/360-day year and actual days elapsed and shall be payable quarterly, in arrears, on the tenth (10th) day of each April, July, October and January during the term hereof, commencing on April 10, 2026. (b) Default Interest. Following the occurrence and during the continuation of any Event of Default, this Note shall bear interest at rate that is 2.0% in excess of the interest rate otherwise applicable (the "Default Rate") until such time as the Event of Default is cured or waived as provided herein. Any interest payable pursuant to the foregoing sentence which is not paid when due shall be added to the outstanding principal amount of the Note and shall bear interest at the Default Rate, to the extent permitted by applicable law. (c) Usury Savings. Notwithstanding any other provision herein, the Investor does not intend to charge, and the Issuer shall not be required to pay, interest or other fees or charges in excess of the maximum permitted by applicable law; payments in excess of such maximum shall first be credited to reduce any accrued and unpaid interest on this Note, second to reduce the outstanding principal balance of this Note and thereafter refunded to the Issuer.

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3113/039721-0003 23152022 -2- 2. Note Purchase Agreement. The Note is being issued pursuant to the term of that certain Note Purchase Agreement, dated as of the date hereof (the "Note Purchase Agreement"), by and among Air T, Inc. (the "US Parent"), the Issuer and the Investors party thereto (including the Investor). Capitalized terms used herein are used as defined in the Note Purchase Agreement, unless otherwise indicated. The terms of the Note include those stated in the Note Purchase Agreement. The Note is subject to all terms and provisions of the Note Purchase Agreement, and the Investor is referred to the Note Purchase Agreement for a statement of such terms and provisions. If and to the extent that any provision of the Note limits, qualifies or conflicts with a provision of the Note Purchase Agreement, such provision of the Note Purchase Agreement shall control. This Note is in favor of each Investor, jointly and severally, and advances made in connection with the Note Purchase Agreement shall be evidenced by this Note, with allocations to each Investor hereunder determined and agreed upon by and between the Investors. 3. Loan Proceeds; Advances. Subject to satisfaction of all requirements for Closing as set forth in the Note Purchase Agreement, and provided no default or Event of Default of the Issuer or the US Parent then exists under the Note Purchase Agreement, this Note or any other Note Transaction Document, and subject to satisfaction of all requirements for Closing as set forth in the Note Purchase Agreement, and upon no less than three (3) business days written notice to Investors of a request for an advance of Loan Proceeds (which notice shall include, without limitation, the date such advance of Loan Proceeds is requested to be made), the Investors shall advance to the Issuer such Loan Proceeds. The aggregate outstanding principal amount of Loan Proceeds advanced hereunder shall not exceed the face amount of this Note and all Loan Proceeds shall be advanced at Closing. Any fees or expenses due by Issuer under this Note or the Note Purchase Agreement may be deducted from Loan Proceeds distributed to Issuer by the Investors. 4. Payment; Prepayment; Early Maturity Date Trigger. (a) Payment of the outstanding principal balance of this Note together with all accrued and unpaid interest thereon shall be made by check or wire transfer in same day immediately available United States funds at such place as the Investors may from time to time designate in writing to the Issuer. If only a partial payment is made, such payment shall be applied first to any accrued interest then due and payable and. second, to the outstanding principal balance due under this Note. Any payment of the principal balance of this Note shall be accompanied by all accrued interest and applicable prepayment premiums or fees (if any) on the amount so paid. (b) (i) Except as set forth herein, the outstanding principal balance of this Note may not be prepaid, in whole or in part, prior to June 15, 2027 (the "Prepayment Lockout End Date"); notwithstanding the foregoing, and except as otherwise provided in clause (b)(iii) below, in the event that all or any portion of the principal balance of this Note is paid before the Prepayment Lockout End Date, whether due to acceleration of this Note following an Event of Default or otherwise, the Issuer shall be required to pay, and such payment shall be accompanied by, the corresponding Make Whole Premium. The "Make Whole Premium" shall be an amount, calculated immediately prior to the applicable payment of the Note, equal to the sum of all scheduled interest (determined with reference to the interest rate then in effect) in respect of the amount of the Note to be paid immediately prior to the applicable payment for the period from the

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3113/039721-0003 23152022 -3- date of such payment through and including the Prepayment Lockout End Date, such amount to be calculated by the Investors. (ii) From and after the Prepayment Lockout End Date, the Issuer may prepay the Note at its option, in whole at any time, or in part from time to time in an aggregate principal amount no less than $500,000, upon at least 10 days' notice to the Investor, without any premium or prepayment fee. (iii) On each Payment Date (as set forth in that certain Intercreditor Deed executed and delivered in connection with the Sale and Implementation Deed and which is a Transaction Document thereunder (the "Intercreditor Deed")), and notwithstanding the prepayment prohibitions set forth in clause (i) above, the Issuer shall cause all remaining Excess Cash Flow (as defined in and subject to the applicable provisions of the Intercreditor Deed) distributed to US Parent or any other member of the Company Group to be retained in the Company Group or distributed to Investors to be applied to pay down the principal balance of the Notes (along with any accrued interest, fees and premiums thereon) (any such payment, an "Excess Cash Flow Payment"). Each Excess Cash Flow Payment shall be accompanied by supporting backup and detail as to the calculation of Excess Cash Flow (as defined in the Intercreditor Deed) and any other distributions therefrom; to the extent Excess Cash Flow is retained within the Company Group, US Parent shall promptly, after each Payment Date, notify Investors of the same and provide calculations of Excess Cash Flow and reasonable detail regarding its distribution and retention within the Company Group. The Make Whole Premium shall not apply to any Excess Cash Flow Payments. (c) Notwithstanding anything to the contrary set forth herein, in the event that any payments of principal are made, whether via Excess Cash Flow Payments, voluntary prepayments, mandatory payments after acceleration, or otherwise, prior to the Maturity Date, in an aggregate amount exceeding $5,000,000 of principal on this Note in any one year (based on the date hereof; e.g., December 15, 2025 through December 15, 2026 is one year, etc.), the Issuer shall be required to pay to Investors a fee equal to 1% of such amount of principal repaid in excess of $5,000,000 for such calendar year, which fee shall be due and owing on the earlier of (i) the Maturity Date of this Note, (ii) the day this Note is repaid in full, or (iii) acceleration of this Note following an Event of Default; provided, any such fee shall be deemed fully earned and non- refundable on the day such annual principal payments exceed $5,000,000. (d) The Issuer will not be required to make any mandatory redemption or sinking fund payments with respect to the Note. (e) Notwithstanding the Maturity Date set forth above, (i) in the event that Closing occurs and Loan Proceeds are advanced as contemplated herein and the Note Purchase Agreement, and (ii) the consummation of the acquisition of the Asset Holding Acquisition Counterparties does not occur within ten (10) business days after the Closing Date the "Maturity Date" shall be such date that is ten (10) business days after the Closing Date, as may be extended by the Investors in their sole and absolute discretion (with any such extension to be in writing), and all amounts outstanding under the Note and Note Purchase Agreement shall be immediately due and payable; any triggering of such early Maturity Date due to the failure to consummate the acquisition within such time frame shall be deemed the "Early Maturity Date Trigger". Promptly

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3113/039721-0003 23152022 -4- upon consummation of the acquisition of the Asset Holding Acquisition Counterparties, Issuer shall provide evidence reasonably satisfactory to Investors of such consummation. 5. Grant of Security Interest. (a) Pursuant to that certain Pledge Agreement, dated as of the date hereof (the "Pledge Agreement"), by and among the US Parent, the Issuer and the investors party thereto (including the Investor), the US Parent grants and pledges to the Investor a security interest in the Equity Collateral (as defined in the Pledge Agreement) to secure prompt repayment of any and all obligations of the Note and to secure prompt performance by the Issuer of each of its covenants and duties under the Note. (b) Except as expressly permitted herein, the US Parent hereby agrees not to sell, transfer, assign, mortgage, pledge, lease, grant a security interest in, or otherwise encumber any of the Collateral. (c) Investor's lien on the Collateral shall remain in effect for so long as the Note remains outstanding. 6. Events of Default. For so long as the Note remains outstanding, each of the following shall constitute an "Event of Default" under this Note and the Note Purchase Agreement: (a) the US Parent and the Issuer fail to pay the principal of, or interest on, this Note, or any other obligations, as and when due and payable (including, without limitation, on the Maturity Date (as may be modified due to incurrence of the Early Maturity Date Trigger)); (b) any representation or warranty made or deemed made by the Company Group in the Note Purchase Agreement or which is contained in any certificate, document, opinion, or financial or other statement furnished at any time under or in connection with this Note shall prove to have been incorrect, incomplete, or misleading in any material respect on or as of the date made or deemed made; (c) the US Parent and the Issuer fail or neglect to perform, or cause to be performed, any obligation, or violate any covenant in the Note Purchase Agreement or fail or neglect to perform, keep, cause to be performed, or observe any other material term, provision, condition, covenant or agreement contained in this Note; (d) if there is (i) a breach or default in any agreement to which the US Parent. the Issuer or any member of the Australian Company Group is a party with a third party or parties resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any indebtedness in an amount in excess of $100,000 or that could result in a Material Adverse Effect, or (ii) a breach or default by any member of the Company Group under the Sale and Implementation Deed, the Intercreditor Deed or any of the related Transaction Documents (as defined in the Sale and Implementation Deed), or any such documented is terminated; (e) (i) the US Parent, the Issuer or any member of the Australian Company Group is unable to pay its debts (including trade debts) as they become due or otherwise becomes insolvent, (ii) the US Parent, the Issuer or any member of the Australian Company Group begins

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3113/039721-0003 23152022 -5- an Insolvency Proceeding, or (iii) an Insolvency Proceeding is begun against the US Parent, the Issuer or any member of the Australian Company Group and not dismissed or stayed within 60 days; (f) one or more judgments, orders, or decrees for the payment of money in an amount, individually or in the aggregate, of at least $100,000 (not covered by independent third- party insurance as to which liability has been accepted by such insurance carrier) shall be rendered against the US Parent, the Issuer or any member of the Australian Company Group and shall remain unsatisfied, unvacated, or unstayed for a period of 30 days after the entry thereof; (g) an event of default shall have occurred under any other agreement between the Investor and the US Parent and/or the Issuer; and (h) the occurrence of a Change of Control. For purposes of this Paragraph 6. "Insolvency Proceeding" is any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy or insolvency law (including the laws of the Commonwealth of Australia), including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 7. Rights and Remedies. Following the occurrence and during the continuation of any Event of Default, following a five (5) day cure period, the Investor may, without notice or demand to the US Parent or the Issuer, do any or all of the following: (a) declare the Note and all other obligations payable thereunder to be forthwith due and payable, whereupon the Note and all such obligations shall become and be forthwith due and payable, without presentment, demand, protest, or further notice of any kind, all of which are hereby expressly waived by the US Parent and the Issuer (but if an Event of Default described in Paragraph 6(e) occurs all Note obligations are immediately due and payable without any action by the Investor); (b) make any payments and do any acts it considers necessary or reasonable to protect its security interest in the Collateral. The US Parent and the Issuer shall assemble the Collateral if the Investor requests and make it available as the Investor designates. The Investor may enter premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise any lien which appears to be prior or superior to its security interest and pay all expenses incurred. The US Parent and the Issuer grant the Investor a license to enter and occupy any of its premises, without charge, to exercise any of the Investor's rights or remedies; (c) ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. The Investor is hereby granted a non-exclusive, royalty- free license or other right to use, without charge, the US Parent's and the Issuer's labels, patents, copyrights, mask works, rights of use of any name, trade secrets, trade names, trademarks, service marks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with the Investor's

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3113/039721-0003 23152022 -6- exercise of its rights under this Paragraph 7. the US Parent's and Issuer's rights under all licenses and all franchise agreements inure to the Investor's benefit; (d) demand and receive possession of the Issuer's book and records; and (e) exercise all rights and remedies available to the Investor under this Note or at law or equity, including all remedies provided by the Uniform Commercial Code (the "UCC") (including disposal of the Collateral pursuant to the terms thereof). 8. Specific Performance. Many of the rights of the Investor under this Note, whether arising from an Event of Default or otherwise, relate to unique assets and to restrictive covenants, including the right to preclude the US Parent and the Issuer from taking various actions. The US Parent, the Issuer and the Investor recognize that the Investor will not obtain the full benefit of its bargain through the receipt of money damages but must receive specific performance of the terms of this Note. Accordingly, the Issuer and the Investor hereby express their intention that a court award equitable relief and enforce specifically the rights of the Investor under this Note. 9. Remedies Cumulative. The Investor's failure, at any time or times, to require strict performance by the US Parent and the Issuer of any provision of this Note shall not waive, affect, or diminish any right of the Investor thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder shall be effective unless signed by the Investor and then is only effective for the specific instance and purpose for which it is given. The Investor's rights and remedies under this Note are cumulative. The Investor has all rights and remedies provided under the UCC, by law, or in equity. The Investor's exercise of one right or remedy is not an election, and the Investor's waiver of any Event of Default is not a continuing waiver. The Investor's delay in exercising any remedy is not a waiver, election, or acquiescence. 10. Application of Collateral Proceeds. The Investor will apply the proceeds of sale, to the extent actually received in cash, in the manner and order it determines in its sole discretion, and as prescribed by applicable law. 11. Miscellaneous. (a) Amendments. Etc. No amendment, modification, termination, or waiver of any provision of this Note, nor consent to any departure by the Issuer or US Parent of any provision of this Note, shall in any event be effective unless the same shall be in writing and signed by the Investor, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. (b) No Waiver. No failure or delay on the part of the Investor in exercising any right, power, or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power, or remedy preclude any other or further exercise thereof or the exercise of any other right, power, or remedy hereunder. The rights and remedies provided herein are cumulative, and are not exclusive of any other rights, powers, privileges, or remedies, now or hereafter existing, at law or in equity or otherwise. (c) Severability of Provisions. Any provision of this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of

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3113/039721-0003 23152022 -7- such prohibition or unenforceability without invalidating the remaining provisions of this Note or affecting the validity or enforceability of such provision in any other jurisdiction. (d) Headings. Paragraph headings in this Note are included for the convenience of reference only and shall not constitute a part of this Note for any other purpose. (e) Counterparts. This Note may be executed in any number of counterparts and by different parties hereto in separate counterparts, including by facsimile or electronic copy, with the same effect as if all parties had signed the same document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument. (f) Jury Trial Waiver. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW. THE COMPANY. THE ISSUER AND THE INVESTOR EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS NOTE OR ANY CONTEMPLATED TRANSACTION. INCLUDING CONTRACT. TORT. BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. [Intentionally left blank. Signature page to follow]

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[Signature Page to Senior Secured Note] IN WITNESS WHEREOF, the undersigned has caused this Senior Secured Note to be issued as of the date first set forth above. US PARENT: AIR T, INC. By: Name: Tracy Kennedy Title: Chief Financial Officer ISSUER: AIR T ACQUISITION 25.1, LLC By: Name: Tracy Kennedy Title: Chief Financial Officer ACKNOWLEDGED AND AGREED AS OF THE DATE OF THIS NOTE: HONEYWELL COMMON INVESTMENT FUND By: Name: John Mikros Title: Authorized Signatory HONEYWELL INTERNATIONAL INC. MASTER RETIREMENT TRUST By: Name: John Mikros Title: Authorized Signatory Docusign Envelope ID: 79CB8FEB-9A84-49B0-99C1-333C6B760EEC

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## Exhibit 10.3

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3113/039721-0003 23152093 PLEDGE AGREEMENT This PLEDGE AGREEMENT, (this "Agreement") is made and entered into as of December 15, 2025, by Air T, Inc. ("Pledgor") for the benefit of Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust (each, a Secured Party, and together, the "Secured Parties"). WHEREAS, the Secured Parties have made a loan Air T Acquisition 25.1, LLC, a Minnesota limited liability company (the "Issuer"), a wholly owned subsidiary of Pledgor, in the principal amount of $40,000,000.00, as evidenced by senior secured notes of even date herewith (the "Notes") made by the Issuer and payable to the order of the Secured Parties. The Notes are governed by that certain Note Purchase Agreement of even date herewith (the "Note Purchase Agreement" and, together with the Notes, the "Note Documents"), among the Pledgor, the Issuer and the Secured Parties. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Note Documents; WHEREAS, this Agreement is given by the Pledgor in favor of the Secured Parties to secure the payment and performance of all of the Secured Obligations; and WHEREAS, it is a condition to the obligations of the Secured Parties to make the loan under the Note Documents that the Pledgor execute and deliver this Agreement. NOW, THEREFORE, in consideration of the mutual covenants, terms and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. Definitions. (a) Unless otherwise specified herein, all references to Sections and Schedules herein are to Sections and Schedules of this Agreement. (b) Unless otherwise defined herein, terms used herein that are defined in the UCC shall have the meanings assigned to them in the UCC. However, if a term is defined in Article 9 of the UCC differently than in another Article of the UCC, the term has the meaning specified in Article 9. (c) For purposes of this Agreement, the following terms shall have the following meanings: "Collateral" means the Equity Collateral. "Equity Collateral" has the meaning set forth in Section 2. "Equity Interests" means any security, share, unit, partnership interest, membership interest, ownership interest, equity interest, option, warrant, participation, "equity security" (as such term is defined in Rule 3(a)11-1 of the General Rules and Regulations of the Securities Exchange Act of 1934, as amended, or any similar statute then in effect, promulgated by the Securities and Exchange Commission and any successor thereto) or analogous interest (regardless of how designated) of or in a corporation,

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3113/039721-0003 23152093 -2- partnership, limited partnership, limited liability company, business trust or other entity, of whatever nature, type, series or class, whether voting or nonvoting, certificated or uncertificated, common or preferred, and all rights and privileges incident thereto. "Event of Default" has the meaning set forth in the Note Documents. "Pledged Interests" means all Equity Interests in Issuer, as further set forth on Schedule I attached hereto, as such Schedule may be updated from time to time after the date hereof. "Proceeds" means "proceeds" as such term is defined in Section 9-102 of the UCC and, in any event, shall include, without limitation, all dividends or other income from the Pledged Interests, collections thereon or distributions with respect thereto. "Secured Obligations" has the meaning set forth in Section 3. "UCC" means the Uniform Commercial Code as in effect in the State of New York; provided, in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, each Secured Party's security interest in the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term "UCC" shall mean the Uniform Commercial Code as in effect in such other jurisdiction; provided further, that to the extent that the UCC is used to define any term herein and such term is defined differently in different Articles or Divisions of the UCC, the definition of such term contained in Article or Division 9 shall govern. 2. Pledge. The Pledgor hereby pledges, assigns and grants to each Secured Party, and hereby creates a continuing first priority lien and security interest in favor of each Secured Party in and to all of its right, title and interest in and to the following, wherever located, whether now existing or hereafter from time to time arising or acquired (collectively, the "Equity Collateral"): (a) the Pledged Interests; and (b) all Proceeds and products of the foregoing. 3. Secured Obligations. The Collateral secures the due and prompt payment and performance of: (a) the obligations of the Pledgor under this Agreement, the obligations of the Pledgor and the Issuer from time to time arising under the Note Documents, or otherwise with respect to the due and prompt payment of (i) the principal of and premium, if any, and interest on any loan (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and (ii) all other monetary obligations, including fees, costs, attorneys' fees and disbursements, reimbursement obligations, contract causes of action, expenses and indemnities, whether primary, secondary, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar

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3113/039721-0003 23152093 -3- proceeding, regardless of whether allowed or allowable in such proceeding), of the Pledgor under or in respect of the Note Documents or the Pledgor under or in respect to this Agreement, as the case may be; and (b) all other covenants, duties, debts, obligations and liabilities of any kind of the Pledgor under or in respect of the Note Documents or the Pledgor under or in respect of this Agreement, or any other document made, delivered or given in connection with any of the foregoing, in each case whether evidenced by a note or other writing, whether allowed in any bankruptcy, insolvency, receivership or other similar proceeding, whether arising from an extension of credit, issuance of a letter of credit, acceptance, loan, guaranty, indemnification or otherwise, and whether primary, secondary, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, fixed or otherwise (all such obligations, covenants, duties, debts, liabilities, sums and expenses set forth in Section 3 being herein collectively called the "Secured Obligations"). 4. Perfection of Pledge. (a) Promptly after the execution of this Agreement, the Pledgor shall deliver to the Secured Parties the certificates representing all of the Pledged Interests, in form and content acceptable to the Secured Parties, duly endorsed or subscribed in blank, or accompanied by appropriate stock or membership interest powers or other instruments of transfer, pledge or assignment, including, without limitation, the certificates for the Pledged Interests, and resignation(s) from all management positions in the Issuer, and enter into such other arrangements as may be necessary to give control of any Collateral to the Secured Parties within the meaning of Section 8-106 of the UCC. (b) The Pledgor shall, from time to time, as may be required by each Secured Party with respect to all Collateral, immediately take all actions as may be requested by each Secured Party to perfect the security interest of each Secured Party in the Collateral, including, without limitation, with respect to all Collateral over which control may be obtained within the meaning of Section 8-106 of the UCC, the Pledgor shall immediately take all actions as may be requested from time to time by each Secured Party so that control of such Collateral is obtained and at all times held by each Secured Party. All of the foregoing shall be at the sole cost and expense of the Pledgor. (c) The Pledgor hereby irrevocably authorize each Secured Party at any time and from time to time to file in any relevant jurisdiction any financing statements and amendments thereto that contain the information required by Article 9 of the UCC of each applicable jurisdiction for the filing of any financing statement or amendment relating to the Collateral, without the signature of the Pledgor where permitted by law. The Pledgor agrees to provide all information required by each Secured Party pursuant to this Section promptly to each Secured Party upon request. All of the foregoing shall be at the sole cost and expense of the Pledgor. 5. [Intentionally Omitted]. 6. Representations and Warranties. Pledgor represents and warrants as follows:

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3113/039721-0003 23152093 -5- (b) Each Secured Party agrees that the Pledgor may, unless an Event of Default shall have occurred and be continuing, receive and retain all dividends and other distributions with respect to the Pledged Interests. 8. Further Assurances. (a) The Pledgor shall, at its own cost and expense, defend title to the Collateral and the first priority lien and security interest of each Secured Party therein against the claim of any person claiming against or through the Pledgor and shall maintain and preserve such perfected first priority security interest for so long as this Agreement shall remain in effect. (b) Pledgor agrees that at any time and from time to time, at its own expense, it will promptly execute and deliver all further instruments and documents, obtain such agreements from third parties, and take all further action, that may be necessary or desirable, or that the Secured Parties may reasonably request, in order to create and/or maintain the validity, perfection or priority of and protect any security interest granted or purported to be granted hereby or to enable each Secured Party to exercise and enforce its rights and remedies hereunder or under any other agreement with respect to any Collateral. 9. Transfers and Other Liens. Pledgor agrees that it will not sell, offer to sell, dispose of, convey, assign or otherwise transfer, grant any option with respect to, restrict, or grant, create, permit or suffer to exist any mortgage, pledge, lien, security interest, option, right of first offer, encumbrance or other restriction or limitation of any nature whatsoever on, any of the Collateral or any interest therein except as expressly provided for herein or with the prior written consent of each Secured Party. 10. Secured Party Appointed Attorney-in-Fact. Pledgor hereby appoints each Secured Party Pledgor's attorney-in-fact, with full authority in the place and stead of Pledgor and in the name of Pledgor or otherwise, from time to time during the continuance of an Event of Default in the Secured Parties' discretion to take any action and to execute any instrument which the Secured Parties may deem necessary or advisable to accomplish the purposes of this Agreement, including, without limitation, to receive, endorse and collect all instruments made payable to Pledgor representing any dividend, interest payment or other distribution in respect of the Collateral or any part thereof and to give full discharge for the same (but the Secured Parties shall not be obligated to and shall have no liability to Pledgor or any third party for failure to do so or take action). Such appointment, being coupled with an interest, shall be irrevocable. Pledgor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. 11. Secured Party May Perform. If a Pledgor fails to perform any obligation contained in this Agreement, each Secured Party may itself perform, or cause performance of, such obligation, and the expenses of each Secured Party incurred in connection therewith shall be payable by Pledgor; provided that the Secured Parties shall not be required to perform or discharge any obligation of Pledgor. 12. Reasonable Care. Each Secured Party shall have no duty with respect to the care and preservation of the Collateral beyond the exercise of reasonable care. Each Secured Party shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in

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3113/039721-0003 23152093 -6- its possession if the Collateral is accorded treatment substantially equal to that which such Secured Party accords its own property, it being understood that each Secured Party shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not such Secured Party has or is deemed to have knowledge of such matters, or (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral. Nothing set forth in this Agreement, nor the exercise by each Secured Party of any of the rights and remedies hereunder, shall relieve the Pledgor from the performance of any obligation on the Pledgor's part to be performed or observed in respect of any of the Collateral. 13. Remedies Upon Default. (a) If any Event of Default shall have occurred and be continuing, each Secured Party may, with notice to, but without demand upon the Pledgor, assert all rights and remedies of a Secured Party under the UCC or other applicable law, including, without limitation, the right to take possession of, hold, collect, sell, lease, deliver, grant options to purchase or otherwise retain, liquidate or dispose of all or any portion of the Collateral. If notice prior to disposition of the Collateral or any portion thereof is necessary under applicable law, written notice mailed to the Pledger at its notice address as provided in Section 17 hereof 10 days prior to the date of such disposition shall constitute reasonable notice, but notice given in any other reasonable manner shall be sufficient. So long as the sale of the Collateral is made in a commercially reasonable manner, each Secured Party may sell such Collateral on such terms and to such purchaser(s) as such Secured Party in its absolute discretion may choose, without assuming any credit risk and without any obligation to advertise or give notice of any kind other than that necessary under applicable law. Without precluding any other methods of sale, the sale of the Collateral or any portion thereof shall have been made in a commercially reasonable manner if conducted in conformity with reasonable commercial practices of creditors disposing of similar property. At any sale of the Collateral, if permitted by applicable law, each Secured Party may be the purchaser, licensee, assignee or recipient of the Collateral or any part thereof and shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold, assigned or licensed at such sale, to use and apply any of the Secured Obligations as a credit on account of the purchase price of the Collateral or any part thereof payable at such sale. To the extent permitted by applicable law, Pledgor waives all claims, damages and demands it may acquire against each Secured Party arising out of the exercise by it of any rights hereunder. Pledgor hereby waives and releases to the fullest extent permitted by law all rights, if any, of marshalling the Collateral and any other security for the Secured Obligations or otherwise. At any such sale, unless prohibited by applicable law, each Secured Party or any custodian may bid for and purchase all or any part of the Collateral so sold. Neither Secured Party nor any custodian shall be liable for failure to collect or realize upon any or all of the Collateral or for any delay in so doing, nor shall it be under any obligation to take any action whatsoever with regard thereto. (b) If any Event of Default shall have occurred and be continuing, all rights of Pledgor to (i) exercise the voting and other consensual rights it would otherwise be entitled to exercise pursuant to Section 7(a) and (ii) receive the dividends and other distributions which it would otherwise be entitled to receive and retain pursuant to Section 7(b), shall immediately cease, and all such rights shall thereupon become vested in each Secured Party, which shall have the sole

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3113/039721-0003 23152093 -7- right to exercise such voting and other consensual rights and receive and hold such dividends and other distributions as Collateral. (c) If any Event of Default shall have occurred and be continuing, any cash held by each Secured Party as Collateral and all cash Proceeds received by such Secured Party in respect of any sale of, collection from, or other realization upon all or any part of the Collateral shall be applied in whole or in part by such Secured Party to the payment of expenses incurred by such Secured Party in connection with the foregoing or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of such Secured Party hereunder, including reasonable attorneys' fees, and the balance of such proceeds shall be applied or set off against all or any part of the Secured Obligations in such order as such Secured Party shall elect. Any surplus of such cash or cash Proceeds held by a Secured Party and remaining after payment in full of all the Unsecured Obligations shall be paid over to the Pledgor or to whomsoever may be lawfully entitled to receive such surplus. (d) If a Secured Party shall determine to exercise its rights to sell all or any of the Collateral pursuant to this Section, Pledgor agrees that, upon request of such Secured Party, Pledgor will, at its own expense, do or cause to be done all such acts and things as may be necessary to make such sale of the Collateral or any part thereof valid and binding and in compliance with applicable law. 14. No Waiver and Cumulative Remedies. A Secured Party shall not by any act (except by a written instrument pursuant to Section 16), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any default or Event of Default. All rights and remedies herein provided me cumulative and me not exclusive of any rights or remedies provided by law. 15. Security Interest Absolute. Pledgor hereby waives demand, notice, protest, notice of acceptance of this Agreement, notice of loans made, credit extended, Collateral received or delivered or other action taken in reliance hereon and all other demands and notices of any description. All rights of each Secured Party and liens and security interests hereunder, and all Secured Obligations of Pledgor hereunder, shall be absolute and unconditional irrespective of: (a) any illegality or lack of validity or enforceability of any Secured Obligation or any related agreement or instrument; (b) any change in the time, place or manner of payment of, or in any other term of, the Secured Obligations, or any rescission, waiver, amendment or other modification of the Note Documents, this Agreement or any other agreement, including any increase in the Secured Obligations resulting from any extension of additional credit or otherwise; (c) any taking, exchange, substitution, release, impairment or non-perfection of any Collateral or any other collateral, or any taking, release, impairment, amendment, waiver or other modification of any guaranty, for all or any of the Secured Obligations; (d) any manner of sale, disposition or application of proceeds of any Collateral or any other collateral or other assets to all or part of the Secured Obligations;

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3113/039721-0003 23152093 -8- (e) any default, failure or delay, willful or otherwise, in the performance of the Secured Obligations; (f) any defense, set-off or counterclaim (other than a defense of payment or performance) that may at any time be available to, or be asserted by, a Pledgor against a Secured Party; or (g) any other circumstance (including, without limitation, any statute of limitations) or manner of administering the loans or any existence of or reliance on any representation by a Secured Party that might vary the risk of the Pledgor or otherwise operate as a defense available to, or a legal or equitable discharge of, the Pledgor or any other grantor, guarantor or surety. 16. Amendments. None of the terms or provisions of this Agreement may be amended, modified, supplemented, terminated or waived, and no consent to any departure by the Pledgor therefrom shall be effective unless the same shall be in writing and signed by the Secured Parties and the Pledgor, and then such amendment, modification, supplement, waiver or consent shall be effective only in the specific instance and for the specific purpose for which made or given. 17. Addresses For Notices. All notices and other communications provided for in this Agreement shall be in writing and shall be given in the manner and become effective as set forth in the Note Documents. 18. Continuing Security Interest; Further Actions. This Agreement shall create a continuing first priority lien and security interest in the Collateral and shall (a) subject to Section 19, remain in full force and effect until payment and performance in full of the Secured Obligations, (b) be binding upon Pledgor, its successors and assigns, and (c) inure to the benefit of each Secured Party and its successors, transferees and assigns; provided that a Pledgor may not assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the Secured Parties. 19. Termination; Release. On the date on which all loans and other Secured Obligations have been paid and performed in full, the Secured Parties will, at the request and sole expense of the Pledgor, (a) duly assign, transfer and deliver to or at the direction of the Pledgor (without recourse and without any representation or warranty) such of the Collateral as may then remain in the possession of the Secured Parties, together with any monies at the time held by the Secured Parties hereunder, and (b) execute and deliver to the Pledgor a proper instrument or instruments acknowledging the satisfaction and termination of this Agreement. 20. Governing Law. This Agreement and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the laws of the State of New York. The other provisions of Section 6(a) of the Note Documents are incorporated herein, mutatis mutandis, as if a part hereof. 21. Payment of Costs. The Pledger shall pay all expenses and costs (including, without limitation, all attorneys' fees and expenses) incurred by it or its affiliates in connection with the transactions contemplated by this Agreement.

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3113/039721-0003 23152093 -9- 22. Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, including by facsimile or electronic copy, with the same effect as if all parties had signed the same document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument. This Agreement constitute the entire contract among the parties with respect to the subject matter hereof and supersede all previous agreements and understandings, oral or written, with respect thereto. [Signature page follows]

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[Signature Page to Pledge Agreement] IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. AIR T, INC., as Pledgor By: Name: Tracy Kennedy Title: Chief Financial Officer HONEYWELL COMMON INVESTMENT FUND, as Secured Party By: Name: John Mikros Title: Authorized Signatory HONEYWELL INTERNATIONAL INC. MASTER RETIREMENT TRUST, as Secured Party By: Name: John Mikros Title: Authorized Signatory Docusign Envelope ID: 79CB8FEB-9A84-49B0-99C1-333C6B760EEC

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3113/039721-0003 23152093 -S-1- SCHEDULE I PLEDGED INTERESTS NAME OF PLEDGOR CERTIFICATE NUMBER ISSUER AND INTERESTS Air T, Inc. 100 Issuer: Air T Acquisition 25.1, LLC Interests: 100% of the membership interests of Air T Acquisition 25.1, LLC

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## Exhibit 10.4

![](a1004-guarantyxairtxhone001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;3113/039721-0003 23152113 PARENT GUARANTY This PARENT GUARANTY (this "Guaranty"), dated as of December 15, 2025, is executed and delivered by Air T, Inc., a Delaware corporation (the "Guarantor"), in favor of Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust ((each, an "Investor" and together, the "Investors"), in light of the following: WHEREAS, Air T Acquisition 25.1, LLC, a Minnesota limited liability company (the "Issuer"), the Guarantor, and the Investors are, contemporaneously herewith, entering into that certain Note Purchase Agreement of even date herewith (as amended, restated, supplemented or otherwise modified from time to time in accordance with its terms, the "Note Purchase Agreement"); WHEREAS, in order to induce the Investors to enter into the Note Purchase Agreement and the other Note Transaction Documents and to induce the Investors to extend the loans and other financial accommodations to the Issuer pursuant to the Note Transaction Documents, and in consideration thereof, and in consideration of any loans or other financial accommodations heretofore or hereafter extended by the Investors to the Issuer pursuant to the Note Transaction Documents, the Guarantor has agreed to guarantee the obligations under the Note Purchase Agreement and the other Note Transaction Documents; and WHEREAS, in consideration of the direct and indirect financial and other support and benefits that the Issuer has provided to the Guarantor, and such direct and indirect financial and other support and benefits as the Issuer may in the future provide, to the Guarantor, which significantly facilitates the business operations of the Issuer and the Guarantor, the Guarantor is willing to guarantee the Guaranteed Obligations (as defined below) pursuant to the terms and conditions set forth in this Guaranty. NOW, THEREFORE, in consideration of the foregoing, the Guarantor hereby agrees as follows: 1. Definitions and Construction. (a) Definitions. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Note Purchase Agreement. The following terms, as used in this Guaranty, shall have the following meanings: "Guaranteed Obligations" means: (1)(a) twenty-five percent (25%) of principal and interest due to the Investors under the Note Transaction Documents, and (b) all of the obligations now or hereafter existing, whether for premiums, including any Make Whole Premium, Closing Fees, liabilities, obligations (including indemnification obligations), any other fees, charges, costs, or otherwise, and any and all expenses (including reasonable and documented out-of-pocket counsel fees and expenses) reasonably incurred by the Investors (or any of them) in enforcing any rights under this Guaranty; provided that nothing in this clause (1)(b) shall increase Guarantor's obligations hereunder with respect to any guarantee of principal and interest, as limited pursuant to clause (1)(a) hereof and (b) no interest, Make Whole Premium or other fees, charges or costs first accruing after the commencement of any Insolvency Proceeding shall constitute Guaranteed Obligations; and (2)(a) upon the incurrence of the Early Maturity Date Trigger, one hundred

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3113/039721-0003 23152113 -2- percent (100%) of principal and interest due to the Investors under the Note Transaction Documents (including any interest that accrues on such principal amount after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), and (b) all of the obligations now or hereafter existing, whether for premiums, including any Make Whole Premium, Closing Fees, liabilities, obligations (including indemnification obligations), any other fees, charges, costs (including any fees or expenses that accrue after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), or otherwise, and any and all expenses (including reasonable and documented out-of-pocket counsel fees and expenses) reasonably incurred by the Investors (or any of them) in enforcing any rights under this Guaranty. Without limiting the generality of the foregoing, Guaranteed Obligations shall include all amounts that constitute part of the Guaranteed Obligations and would be owed by the Issuer to the Investors, but for the fact that they are unenforceable or not allowable, including due to the existence of a bankruptcy, reorganization, other Insolvency Proceeding or similar proceeding involving the Issuer or any other guarantor. "Guarantor" has the meaning set forth in the preamble to this Guaranty. "Guaranty" has the meaning set forth in the preamble to this Guaranty. "Investor" and "Investors" has the meaning set forth in the preamble to this Guaranty. "Issuer" has the meaning set forth in the preamble to this Guaranty. "Note Purchase Agreement" has the meaning set forth in the recitals to this Guaranty. "Record" means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable in perceivable form. "Voidable Transfer" has the meaning set forth in Section 13 of this Guaranty. (b) Construction. Unless the context of this Guaranty clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms "includes" and "including" are not limiting, and the term "or" has, except where otherwise indicated, the inclusive meaning represented by the phrase "and/or." The words "hereof," "herein," "hereby," "hereunder," and other similar terms in this Guaranty refer to this Guaranty as a whole and not to any particular provision of this Guaranty. Section, subsection, clause, schedule, and exhibit references herein are to this Guaranty unless otherwise specified. Any reference in this Guaranty to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein). The words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts, and contract rights. This Guaranty has been reviewed by all parties and shall be construed and interpreted

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3113/039721-0003 23152113 -3- according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of the Guarantor and the Investors. Any reference herein to the satisfaction, repayment, or payment in full of the Guaranteed Obligations shall mean the repayment in full in cash or immediately available funds of all of the Guaranteed Obligations other than contingent indemnification obligations which are not yet due and payable. Any reference herein to any Person shall be construed to include such Person's successors and assigns. Any requirement of a writing contained herein shall be satisfied by the transmission of a Record. The captions and headings are for convenience of reference only and shall not affect the construction of this Guaranty. 2. Guaranteed Obligations. The Guarantor hereby irrevocably and unconditionally guaranties to the Investors, as and for its own debt, until the final payment in full thereof, in cash, has been made, the due payment and performance of the Guaranteed Obligations, when and as the same shall become due and payable, whether at maturity, pursuant to a mandatory prepayment requirement, by acceleration, or otherwise, and after the expiration of any applicable grace and notice period under the Note Purchase Agreement or any of the other Note Transaction Documents; it being the intent of the Guarantor that the guaranty set forth herein shall be a guaranty of payment and not a guaranty of collection. The Guarantor hereby agrees that this Guaranty is an absolute, irrevocable and unconditional guaranty of payment and is not a guaranty of collection. 3. Continuing Guaranty; Discharge Only Upon Payment in Full. The Guarantor's obligations hereunder shall constitute a continuing and irrevocable guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until all Guaranteed Obligations shall have been paid in full in cash, at which time, subject to all the foregoing conditions, the guaranties made hereunder shall automatically terminate. This Guaranty includes Guaranteed Obligations arising under successive transactions entered into by the Issuer continuing, compromising, extending, increasing, modifying, releasing, or renewing the Guaranteed Obligations, changing the interest rate, payment terms, or other terms and conditions thereof, or creating new or additional Guaranteed Obligations after prior Guaranteed Obligations have been satisfied in whole or in part. To the maximum extent permitted by law, the Guarantor hereby waives any right to revoke this Guaranty as to future Guaranteed Obligations. If such a revocation is effective notwithstanding the foregoing waiver, the Guarantor acknowledges and agrees that (a) no such revocation shall be effective until written notice thereof has been provided to the Investors, (b) no such revocation shall apply to any Guaranteed Obligations in existence on the date of receipt by the Investors of such written notice (including any subsequent continuation, extension, or renewal thereof, or change in the interest rate, payment terms, or other terms and conditions thereof), (c) no such revocation shall apply to any Guaranteed Obligations made or created after such date to the extent made or created pursuant to a legally binding commitment of any Investor in existence on the date of such revocation, (d) no payment by the Guarantor, the Issuer, or from any other source, prior to the date of the Investors' receipt of written notice of such revocation shall reduce the maximum obligation of the Guarantor hereunder, and (e) any payment by the Issuer or from any source other than the Guarantor subsequent to the date of such revocation shall first be applied to that portion of the Guaranteed Obligations as to which the revocation is effective and which are not, therefore, guaranteed hereunder, and to the extent so applied shall not reduce the maximum obligation of the Guarantor hereunder. 4. Performance Under this Guaranty. In the event that the Issuer fails to make any payment of any Guaranteed Obligations, on or prior to the due date thereof, the Guarantor

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3113/039721-0003 23152113 -4- immediately shall cause, as applicable, such payment in respect of the Guaranteed Obligations to be made or such obligation to be performed, kept, observed, or fulfilled. 5. Primary Obligations. (a) This Guaranty is a primary and original obligation of the Guarantor, is not merely the creation of a surety relationship, and is an absolute, unconditional, and continuing guaranty of payment and performance which shall remain in full force and effect without respect to future changes in conditions. The Guarantor hereby agrees that it is directly, jointly and severally with any other guarantor of the Guaranteed Obligations, liable to the Investors, that the obligations of the Guarantor hereunder are independent of the obligations of the Issuer or any other guarantor, and that a separate action may be brought against the Guarantor, whether such action is brought against the Issuer or any other guarantor or whether the Issuer or any other guarantor is joined in such action. The Guarantor hereby agrees that its liability hereunder shall be immediate and shall not be contingent upon the exercise or enforcement by any Investor of whatever remedies they may have against the Issuer or any other guarantor, or the enforcement of any lien or realization upon any security by any Investor. The Guarantor hereby agrees that any release which may be given by the Investors to the Issuer or any other guarantor, or with respect to any property or asset subject to a lien or encumbrance, shall not release the Guarantor. The Guarantor consents and agrees that no Investor shall be under any obligation to marshal any property or assets of the Issuer or any other guarantor in favor of the Guarantor, or against or in payment of any or all of the Guaranteed Obligations. (b) Without limiting the generality of the foregoing clause (a), the obligations of the Guarantor hereunder shall not be released, discharged or otherwise affected by: (i) any change in the corporate, partnership, limited liability company or other existence, structure or ownership of the Issuer or any other guarantor of any of the Guaranteed Obligations, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Issuer or any other guarantor of the Guaranteed Obligations, or any of their respective assets or any resulting release or discharge of any obligation of the Issuer or any other guarantor of any of the Guaranteed Obligations; (ii) the existence of any claim, setoff or other rights which the Guarantor may have at any time against the Issuer, any other guarantor of any of the Guaranteed Obligations, any Investor or any other Person, whether in connection herewith or in connection with any unrelated transactions, provided that nothing herein shall prevent the assertion of any such claim by separate suit or compulsory counterclaim; (iii) the enforceability or validity of the Guaranteed Obligations or any part thereof under applicable law, or the genuineness, enforceability or validity of any agreement relating thereto or with respect to any collateral securing the Guaranteed Obligations or any part thereof, or any other invalidity or unenforceability relating to or against the Issuer or any other guarantor of any of the Guaranteed Obligations, for any reason related to the Note Purchase Agreement or any other Note Transaction Document, or any provision of applicable law purporting to prohibit the payment by the Issuer or any other guarantor of the Guaranteed Obligations, of any

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3113/039721-0003 23152113 -5- of the Guaranteed Obligations or otherwise affecting any term of any of the Guaranteed Obligations; (iv) the failure of the Investors to take any steps to perfect and maintain any security interest in, or to preserve any rights to, any security or collateral for the Guaranteed Obligations, if any; (v) the election by, or on behalf of, any Investor, in any proceeding instituted under Chapter 11 of Title 11 of the United States Code (11 U.S.C. 101 et seq.) (or any successor statute, the "Bankruptcy Code"), of the application of Section 1111(b)(2) of the Bankruptcy Code or any other applicable federal, state, provincial, municipal, local or foreign law relating to such matters; (vi) any borrowing or grant of a security interest by the Issuer, as debtor- in-possession, under Section 364 of the Bankruptcy Code or any other applicable federal, state, provincial, municipal, local or foreign law relating to such matters; (vii) the disallowance, under Section 502 of the Bankruptcy Code or any other applicable federal, state, provincial, municipal, local or foreign law relating to such matters, of all or any portion of the claims of the Investors for repayment of all or any part of the Guaranteed Obligations; (viii) the failure of any other guarantor to sign or become party to this Guaranty or any amendment, change, or reaffirmation hereof; or (ix) any other act or omission to act or delay of any kind by the Issuer, any other guarantor of the Guaranteed Obligations, any Investor or any other Person or any other circumstance whatsoever which might, but for the provisions of this Section 5(b), constitute a legal or equitable discharge of the Guarantor's obligations hereunder or otherwise reduce, release, prejudice or extinguish its liability under this Guaranty. 6. Waivers. (a) To the fullest extent permitted by applicable law, the Guarantor hereby waives: (i) notice of acceptance hereof; (ii) notice of any loans or other financial accommodations made or extended under the Note Purchase Agreement, or the creation or existence of any Guaranteed Obligations; (iii) notice of the amount of the Guaranteed Obligations, subject, however, to the Guarantor's right to make inquiry of the Investors to ascertain the amount of the Guaranteed Obligations at any reasonable time; (iv) notice of any adverse change in the financial condition of the Issuer or of any other fact that might increase the Guarantor's risk hereunder; (v) notice of presentment for payment, intent to accelerate, acceleration, demand, protest, and notice thereof as to any instrument among the Note Transaction Documents; (vi) notice of any default or Event of Default under any of the Note Transaction Documents; and (vii) all other notices (except if such notice is specifically required to be given to the Guarantor under this Guaranty or any other Note Transaction Documents to which the Guarantor is a party) and demands to which the Guarantor might otherwise be entitled.

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3113/039721-0003 23152113 -6- (b) To the fullest extent permitted by applicable law, the Guarantor hereby waives the right by statute or otherwise to require any Investor to institute suit against the Issuer or any other guarantor or to exhaust any rights and remedies which any Investor has or may have against the Issuer or any other guarantor. In this regard, the Guarantor agrees that it is bound to the payment of each and all Guaranteed Obligations, whether now existing or hereafter arising, as fully as if the Guaranteed Obligations were directly owing to the Investors by the Guarantor. To the extent permitted by applicable law, the Guarantor further waives any defense arising by reason of any disability or other defense (other than the defense that the Guaranteed Obligations shall have been fully and finally performed and indefeasibly paid in full in cash, to the extent of any such payment) of the Issuer or by reason of the cessation from any cause whatsoever of the liability of the Issuer in respect thereof. (i) To the fullest extent permitted by applicable law, the Guarantor hereby waives: (A) any right to assert against any Investor any defense (legal or equitable), set- off, counterclaim, or claim which the Guarantor may now or at any time hereafter have against the Issuer or any other party liable to any Investor; (B) any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the Guaranteed Obligations or any security therefor; (C) any right or defense arising by reason of any claim or defense based upon an election of remedies by any Investor , including any defense based upon an impairment or elimination of the Guarantor's rights of subrogation, reimbursement, contribution, or indemnity of the Guarantor against the Issuer or other guarantors or sureties; (D) the benefit of any statute of limitations affecting the Guarantor's liability hereunder or the enforcement thereof, and any act which shall defer or delay the operation of any statute of limitations applicable to the Guaranteed Obligations shall similarly operate to defer or delay the operation of such statute of limitations applicable to the Guarantor's liability hereunder and (E) any election by the Investors under the Bankruptcy Code to limit the amount of, or any collateral securing, its claim against the Guarantor. (ii) The Guarantor will not exercise any rights that it may now or hereafter acquire against any other guarantor that arise from the existence, payment, performance or enforcement of the Guarantor's obligations under this Guaranty, including any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Investors against any other guarantor or any Collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including the right to take or receive from any other guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security solely on account of such claim, remedy or right, unless and until all of the Guaranteed Obligations and all other amounts payable under this Guaranty shall have been paid in full in cash and the Note Transaction Documents have been terminated. If any amount shall be paid to the Guarantor in violation of the immediately preceding sentence, such amount shall be held in trust for the benefit of the Investors and shall forthwith be paid to the Investors to be credited and applied to the Guaranteed Obligations and all other amounts payable under this Guaranty, whether matured or unmatured, in accordance with the terms of the Note Purchase Agreement, or to be held as Collateral for any Guaranteed Obligations or other amounts payable under this Guaranty thereafter arising. (c) If any of the Guaranteed Obligations or the obligations of the Guarantor under this Guaranty at any time are secured by a mortgage or deed of trust upon real property, any

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3113/039721-0003 23152113 -7- Investor may elect, in its sole discretion, upon a default with respect to the Guaranteed Obligations or the obligations of the Guarantor under this Guaranty, to foreclose such mortgage or deed of trust judicially or nonjudicially in any manner permitted by law, before or after enforcing this Guaranty, without diminishing or affecting the liability of the Guarantor hereunder. The Guarantor understands that (i) by virtue of the operation of anti-deficiency law applicable to nonjudicial foreclosures, an election by any Investor to nonjudicially foreclose on such a mortgage or deed of trust probably would have the effect of impairing or destroying rights of subrogation, reimbursement, contribution, or indemnity of the Guarantor against the Issuer or other guarantors or sureties, and (ii) absent the waiver given by the Guarantor herein, such an election would estop any Investor from enforcing this Guaranty against the Guarantor. Understanding the foregoing, and understanding that the Guarantor is hereby relinquishing a defense to the enforceability of this Guaranty, the Guarantor hereby waives any right to assert against any Investor any defense to the enforcement of this Guaranty, whether denominated "estoppel" or otherwise, based on or arising from an election by any Investor to nonjudicially foreclose on any such mortgage or deed of trust or as a result of any other exercise of remedies, whether under a mortgage or deed of trust or under any personal property security agreement. The Guarantor understands that the effect of the foregoing waiver may be that the Guarantor may have liability hereunder for amounts with respect to which the Guarantor may be left without rights of subrogation, reimbursement, contribution, or indemnity against the Issuer or other guarantors or sureties. (d) The Guarantor waives any defense arising by reason of or deriving from (i) any claim or defense based upon an election of remedies by the Investors; or (ii) any election by the Investors under the Bankruptcy Code, to limit the amount of, or any collateral securing, its claim against the Guarantor. 7. Releases. The Guarantor consents and agrees that, without notice to or by the Guarantor and without affecting or impairing the obligations of the Guarantor hereunder, any Investor may, by action or inaction, compromise or settle, shorten or extend the Maturity Date or any other period of duration or the time for the payment of the obligations under the Note Transaction Documents, or discharge the performance of the obligations under the Note Transaction Documents, or may refuse to enforce the obligations under the Note Transaction Documents, or otherwise elect not to enforce the obligations under the Note Transaction Documents, or may, by action or inaction, release all or any one or more parties to, any one or more of the terms and provisions of the Note Purchase Agreement or any of the other Note Transaction Documents, or may grant other indulgences to the Issuer or any other guarantor in respect thereof, or may amend or modify in any manner and at any time (or from time to time) any one or more of the obligations under the Note Transaction Documents (including any increase or decrease in the principal amount of any obligations under the Note Transaction Documents or the interest, fees or other amounts that may accrue from time to time in respect thereof), or may, by action or inaction, release or substitute the Issuer or the Guarantor, if any, of the Guaranteed Obligations, or may enforce, exchange, release, or waive, by action or inaction, any security for the Guaranteed Obligations or any other guaranty of the Guaranteed Obligations, or any portion thereof. 8. Subordination of Guarantor Indebtedness. The Guarantor agrees that any and all claims of the Guarantor against the Issuer or any other Guarantor hereunder (each an "Obligor") with respect to any "Guarantor Indebtedness" (as hereinafter defined), any endorser, obligor or

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3113/039721-0003 23152113 -8- any other guarantor of all or any part of the Guaranteed Obligations, or against any of its properties, shall be subordinate and subject in right of payment to the prior payment, in full and in cash, of all Guaranteed Obligations; provided that, as long as no Event of Default has occurred and is continuing, the Guarantor may receive payments of principal and interest from any Obligor with respect to Guarantor Indebtedness. Notwithstanding any right of the Guarantor to ask, demand, sue for, take or receive any payment from any Obligor, all rights, liens and security interests of the Guarantor, whether now or hereafter arising and howsoever existing, in any assets of any other Obligor shall be and are subordinated to the rights of the Investors in those assets. The Guarantor shall not have any right to possession of any such asset or to foreclose upon any such asset, whether by judicial action or otherwise, unless and until all of the Guaranteed Obligations shall have been fully paid and satisfied (in cash) and all financing arrangements pursuant to any Note Transaction Document have been terminated. If all or any part of the assets of any Obligor, or the proceeds thereof, are subject to any distribution, division or application to the creditors of such Obligor, whether partial or complete, voluntary or involuntary, and whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other action or proceeding, or if the business of any such Obligor is dissolved or if substantially all of the assets of any such Obligor are sold, then, and in any such event (such events being herein referred to as an "Insolvency Event"), any payment or distribution of any kind or character, either in cash, securities or other property, which shall be payable or deliverable upon or with respect to any indebtedness of any Obligor to the Guarantor ("Guarantor Indebtedness") shall be paid or delivered directly to the Investors for application on any of the Guaranteed Obligations, due or to become due, until such Guaranteed Obligations shall have first been fully paid and satisfied (in cash). Should any payment, distribution, security or instrument or proceeds thereof be received by the applicable Guarantor upon or with respect to the Guarantor Indebtedness after any Insolvency Event and prior to the satisfaction of all of the Guaranteed Obligations and the termination of all financing arrangements pursuant to any Note Transaction Document among any Issuer and the Investors, the Guarantor shall receive and hold the same in trust, as trustee, for the benefit of the Investors and shall forthwith deliver the same to the Investors in precisely the form received (except for the endorsement or assignment of the Guarantor where necessary), for application to any of the Guaranteed Obligations, due or not due, and, until so delivered, the same shall be held in trust by the Guarantor as the property of the Investors. If any the Guarantor fails to make any such endorsement or assignment to the Investors or any of their officers or employees is irrevocably authorized to make the same. The Guarantor agrees that until the Guaranteed Obligations have been paid in full (in cash) and satisfied and all financing arrangements pursuant to any Note Transaction Document among the Issuer and the Investors have been terminated, the Guarantor will not assign or transfer to any Person (other than the Investors) any claim the Guarantor has or may have against any Obligor. 9. Contribution with Respect to Guaranteed Obligations. (a) To the extent that the Guarantor shall make a payment under this Guaranty (a "Guarantor Payment") which, taking into account all other Guarantor Payments then previously or concurrently made by any other Guarantor, exceeds the amount which otherwise would have been paid by or attributable to the Guarantor if the Guarantor had paid the aggregate Guaranteed Obligations satisfied by the Guarantor Payment in the same proportion as the Guarantor's "Allocable Amount" (as defined below) (as determined immediately prior to the Guarantor Payment) bore to the aggregate Allocable Amounts of the Guarantor as determined immediately

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3113/039721-0003 23152113 -9- prior to the making of the Guarantor Payment, then, following indefeasible payment in full in cash of the Guarantor Payment and the Guaranteed Obligations, and the Note Purchase Agreement has terminated, the Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to the Guarantor Payment. (b) As of any date of determination, the "Allocable Amount" of the Guarantor shall be equal to the excess of the fair saleable value of the property of the Guarantor over the total liabilities of the Guarantor (including the maximum amount reasonably expected to become due in respect of contingent liabilities, calculated, without duplication, assuming each other Guarantor that is also liable for such contingent liability pays its ratable share thereof), giving effect to all payments made by other guarantors as of such date in a manner to maximize the amount of such contributions. (c) This Section 9 is intended only to define the relative rights of the Guarantor, and nothing set forth in this Section 9 is intended to or shall impair the obligations of the Guarantor, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Guaranty. (d) The parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of the Guarantor or other guarantors to which such contribution and indemnification is owing. (e) The rights of the indemnified Guarantor against other guarantors under this Section 9 shall be exercisable upon the full and indefeasible payment of the Guaranteed Obligations in cash and the termination of the Note Purchase Agreement. 10. Limitation of Guaranty. Notwithstanding any other provision of this Guaranty, the amount guaranteed by the Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of the Guarantor's obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation, indemnification or contribution which the Guarantor may have under this Guaranty, any other agreement or applicable law shall be taken into account. 11. Stay of Acceleration. If acceleration of the time for payment of any amount payable by the Issuer under the Note Purchase Agreement or any other Note Transaction Document is stayed upon the insolvency, bankruptcy or reorganization of the Issuer or any other guarantor of obligations under the Note Transaction Documents, all such amounts otherwise subject to acceleration under the terms of the Note Purchase Agreement or any other Note Transaction Document shall nonetheless be payable by the Guarantor hereunder forthwith on demand by the Investors. 12. No Election. The Investors shall have the right to seek recourse against the Guarantor to the fullest extent provided for herein and no election by any Investor to proceed in

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3113/039721-0003 23152113 -10- one form of action or proceeding, or against any party, or on any obligation, shall constitute a waiver of the Investors' right to proceed in any other form of action or proceeding or against other parties unless the Investors has expressly waived such right in writing. Specifically, but without limiting the generality of the foregoing, no action or proceeding by the Investors under any document or instrument evidencing the Guaranteed Obligations shall serve to diminish the liability of the Guarantor under this Guaranty except to the extent that the Investors finally and unconditionally shall have realized indefeasible payment in full of the Guaranteed Obligations by such action or proceeding. 13. Revival and Reinstatement. If the incurrence or payment of the Guaranteed Obligations or the obligations of the Guarantor under this Guaranty by the Guarantor or the transfer by the Guarantor to the Investors of any property of the Guarantor should for any reason subsequently be declared to be void or voidable under any state or federal law relating to creditors' rights, including provisions of the Bankruptcy Code relating to fraudulent conveyances, preferences, or other voidable or recoverable payments of money or transfers of property (including pursuant to any settlement entered into by an Investor in its discretion) (collectively, a "Voidable Transfer"), and if the Investors are required to repay or restore, in whole or in part, any such Voidable Transfer then, as to any such Voidable Transfer, or the amount thereof that the Investors are required or elect to repay or restore, and as to all reasonable costs and expenses, and reasonable and documented out-of-pocket attorneys' fees of the Investors related thereto, the liability of the Guarantor automatically shall be revived, reinstated, and restored and shall exist as though such Voidable Transfer had never been made. 14. Financial Condition. The Guarantor represents and warrants to the Investors that it is currently informed of the financial condition of the Issuer, any other guarantors and any and all endorsers and/or other guarantors of all or any part of the Guaranteed Obligations, and of all other circumstances which a diligent inquiry would reveal and which bear upon the risk of nonpayment of the Guaranteed Obligations. The Guarantor further represents and warrants to the Investors that it has read and understands the terms and conditions of the Note Purchase Agreement and each other Note Transaction Document. The Guarantor hereby covenants that it will continue to keep itself informed of the Issuer' financial condition, the financial condition of other guarantors, if any, and of all other circumstances which bear upon the risk of nonpayment or nonperformance of the Guaranteed Obligations. The Guarantor hereby agrees that none of the Investors shall have any duty to advise the Guarantor of information known to any of them regarding such condition or any such circumstances. In the event any Investor, in its sole discretion, undertakes at any time or from time to time to provide any such information to a Guarantor or the Investors shall be under no obligation (a) to undertake any investigation not a part of its regular business routine, (b) to disclose any information which the Investors, pursuant to accepted or reasonable commercial finance or banking practices, wishes to maintain confidential or (c) to update such information or make any other or future disclosures of such information or any other information to the Guarantor. 15. Payments; Application. All payments to be made hereunder by the Guarantor shall be made in Dollars, in immediately available funds, and without deduction (except as otherwise required by applicable law) or offset and shall be applied to the Guaranteed Obligations in accordance with the terms of the Note Purchase Agreement.

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3113/039721-0003 23152113 -11- 16. Fees and Costs. The Guarantor agrees to pay, on demand, all reasonable and documented out-of-pocket attorneys' fees and all other reasonable costs and expenses which may be incurred by the Investors in connection with the enforcement of this Guaranty or in any way arising out of, or consequential to, the protection, assertion, or enforcement of the Guaranteed Obligations (or any security therefor), irrespective of whether suit is brought. 17. Setoff. At any time after all or any part of the Guaranteed Obligations have become due and payable (by acceleration or otherwise), the Investors may, with the express written consent of the Investors and without notice to the Guarantor, and regardless of the acceptance of any security or collateral for the payment hereof, set off and apply toward the payment of all or any part of the Guaranteed Obligations any and all deposits (general or special, time or demand, provisional or final and in whatever currency denominated at any time held) and other obligations at any time owing by any Investor or any of their Affiliates to or for the credit or the account of the Guarantor against any of and all the Guaranteed Obligations, irrespective of whether or not such Investor shall have made any demand under this Guaranty and although such obligations may be unmatured. The rights of each Investor under this Section 17 are in addition to other rights and remedies (including other rights of setoff) which such Investor may have. 18. Notices. All notices and other communications hereunder to the Investors shall be in writing and shall be mailed, sent, or delivered in accordance with Section 6(g) of the Note Purchase Agreement. 19. No Waiver; Cumulative Remedies. No remedy under this Guaranty, under the Note Purchase Agreement or any other Note Transaction Document, is intended to be exclusive of any other remedy, but each and every remedy shall be cumulative and in addition to any and every other remedy given under this Guaranty, under the Note Purchase Agreement, or any other Note Transaction Document, and those provided by law. No delay or omission by the Investors to exercise any right under this Guaranty shall impair any such right nor be construed to be a waiver thereof. No failure on the part of any Investor to exercise, and no delay in exercising, any right under this Guaranty shall operate as a waiver thereof; nor shall any single or partial exercise of any right under this Guaranty preclude any other or further exercise thereof or the exercise of any other right. 20. Severability of Provisions. Each provision of this Guaranty shall be severable from every other provision of this Guaranty for the purpose of determining the legal enforceability of any specific provision. 21. Entire Agreement; Amendments. This Guaranty constitutes the entire agreement between the Guarantor and the Investors pertaining to the subject matter contained herein. This Guaranty may not be altered, amended, or modified, nor may any provision hereof be waived or noncompliance therewith consented to, except by means of a writing executed by the Guarantor and the Investors. Any such alteration, amendment, modification, waiver, or consent shall be effective only to the extent specified therein and for the specific purpose for which given. No course of dealing and no delay or waiver of any right or default under this Guaranty shall be deemed a waiver of any other, similar or dissimilar, right or default or otherwise prejudice the rights and remedies hereunder.

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3113/039721-0003 23152113 -12- 22. Successors and Assigns. This Guaranty shall be binding upon the Guarantor and its successors and assigns and shall inure to the benefit of the successors and assigns of each Investor; provided, however, the Guarantor shall not assign this Guaranty or delegate any of its duties hereunder without the Investors' prior written consent and any unconsented to assignment shall be absolutely null and void. In the event of any assignment, participation, or other transfer of rights by the Investors, the rights and benefits herein conferred upon the Investors shall automatically extend to and be vested in such assignee or other transferee. 23. No Third Party Beneficiary. This Guaranty is solely for the benefit of each Investor and each of their successors and assigns and may not be relied on by any other Person. 24. Service of Process; Choice of Law and Venue; Jury Trial Waiver. (a) Each party to this Guaranty irrevocably consents to service of process in the manner provided for notices in Section 18 of this Guaranty, and the Guarantor hereby appoints the Issuer as its agent for service of process. Nothing in this Guaranty or any other Note Transaction Document will affect the right of any party to this Guaranty to serve process in any other manner permitted by law. (b) The provisions regarding choice of law and venue and jury trial waiver set forth in Section 6(a) of the Note Purchase Agreement are applicable to the Guarantor fully as though the Guarantor were a party thereto, and such providers are hereby incorporated herein by reference, mutatis mutandis. 25. Counterparts; Electronic Execution. This Guaranty may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Guaranty. Delivery of an executed counterpart of this Guaranty by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Guaranty. Any party delivering an executed counterpart of this Guaranty by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Guaranty but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Guaranty. The foregoing shall apply to each other Note Transaction Document mutatis mutandis. 26. Interpretation. Neither this Guaranty nor any uncertainty or ambiguity herein shall be construed against any Investor or the Guarantor, whether under any rule of construction or otherwise. On the contrary, this Guaranty has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of all parties hereto. 27. Agreement to be Bound. The Guarantor hereby acknowledges that the Guarantor has received a copy of the Note Purchase Agreement and agrees to be bound by each and all of the terms and provisions of the Note Purchase Agreement applicable to the Guarantor. Without limiting the generality of the foregoing, by its execution and delivery of this Guaranty, the Guarantor hereby makes to the Investors each of the representations and warranties set forth in the Note Purchase Agreement applicable to the Guarantor fully as though the Guarantor were a party

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3113/039721-0003 23152113 -13- thereto, and such representations and warranties are incorporated herein by this reference, mutatis mutandis. In addition to the foregoing, the Guarantor covenants that, so long as any Investor has any Loan Amount outstanding under the Note or any amount payable under the Note Transaction Documents or any other obligations (other than contingent indemnification obligations which are not yet due and payable) shall remain unpaid, it will, and, if necessary, will cause the Issuer to fully comply with those covenants and agreements of the Issuer applicable to the Guarantor set forth in the Note Purchase Agreement. 28. Conflict. In the event of a conflict of the terms or provisions of this Guaranty and the Note Purchase Agreement, the terms and provisions of the Note Purchase Agreement shall govern. [Signature page to follow]

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## Exhibit 10.5

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&nbsp;&nbsp;&nbsp;&nbsp;2165/039721-0003 23102125.8 CONTINGENT PAYMENT AGREEMENT This CONTINGENT PAYMENT AGREEMENT (this "Agreement"), dated as of December 15, 2025 ("Effective Date"), is by and among Air T, Inc., a Delaware corporation ("US Parent"), Air T Acquisition 25.1, LLC, a Minnesota limited liability company ("Air T Acquisition"), Air T Rex Acquisition, Inc., a Delaware corporation ("Rex Acquisition" and, together with US Parent and Air T Acquisition, each an "Air T Party" and, collectively, the "Air T Parties"), and Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust (each, an "Investor" and, together, the "Investors"). WHEREAS, US Parent, Air T Acquisition, and the Investors are parties to that certain Note Purchase Agreement dated as of the Effective Date (the "Purchase Agreement"). Capitalized terms that are used but not defined in this Agreement shall have the meaning ascribed to such terms in the Purchase Agreement. WHEREAS, Rex Acquisition is a wholly owned subsidiary of Air T Acquisition. WHEREAS, as a material inducement to Investors entering into the Purchase Agreement and acquiring the Notes thereunder, Rex Acquisition agrees to make certain payments to Investors on the terms set forth in this Agreement, which is entered into and delivered pursuant to Section 5(b)(viii) of the Purchase Agreement. NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Air T Parties and the Investors hereby agree as follows: 1. Contingent Payment Obligation. (a) Commencing upon repayment in full of the Notes, Rex Acquisition shall pay the Investors an amount (each, a "Contingent Payment" and, collectively, the "Contingent Payments") equal to one-half percent (0.5%) of Australia Gross Revenue (as defined below) for each Contingent Payment Year (as defined below), until the Investors have received aggregate Contingent Payments of $8,000,000.00 Australian Dollars (and all dollar amounts described and referred to herein shall be in Australian Dollars) ("Maximum Contingent Payment Amount"). Notwithstanding the foregoing, if Australia Gross Revenue for any Contingent Payment Year exceeds $400,000,000.00 (i.e., would result in a Contingent Payment in excess of $2,000,000.00), the Contingent Payment for such Contingent Payment Year shall equal (i.e., be capped at) $2,000,000.00 (the "Annual Contingent Payment Cap") and the portion of such Contingent Payment in excess of the Annual Contingent Payment Cap (a "Rollover Amount") shall be included in the Contingent Payment for the immediately subsequent Contingent Payment Year (provided, however, that any Rollover Amount(s), or portions thereof, that would cause the Contingent Payment for any subsequent Contingent Payment Year to exceed the Annual Contingent Payment Cap will similarly roll forward to the next subsequent Contingent Payment Year for which the Annual Contingent Payment Cap is not exceeded; provided, further, that any unpaid Rollover Amounts, if any, shall be extinguished upon the Investors receiving payment in full of the Maximum Contingent Payment Amount). Each Contingent Payment shall (i) be paid by Rex Acquisition within thirty (30) days of the end of the applicable Contingent Payment Year and (ii) be accompanied by delivery by Rex Acquisition to the Investors (which shall be given pursuant

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&nbsp;&nbsp;&nbsp;&nbsp;2165/039721-0003 23102125.8 -2- to Section 5(g)) of Rex Acquisition's calculation of such Contingent Payment. "Australia Gross Revenue" means the aggregate gross revenue of Rex Regional Express Holdings Limited (the "Australian Operating Parent") and its direct and indirect subsidiaries, calculated on a consolidated basis. "Contingent Payment Year" means (x) the fiscal year of Rex Acquisition during which the Notes are repaid in full, and (y) each subsequent fiscal year of Rex Acquisition until the Investors have received payment in full of the Maximum Contingent Payment Amount. (b) Notwithstanding Section 1(a), if and solely to the extent Australian Operating Parent's (together with its direct and indirect subsidiaries) ability to dividend, distribute, or otherwise pay to Rex Acquisition an amount equal to any Contingent Payment or any portion thereof (each such Contingent Payment or portion thereof, as applicable, a "Restricted Contingent Payment Amount") is prohibited pursuant to the Sale and Implementation Deed and the related Transaction Documents (as defined in the Sale and Implementation Deed) (collectively, "Australia Restrictions"), such Restricted Contingent Payment Amount(s) (or portion thereof) shall be paid by Rex Acquisition to the Investors within thirty (30) days after the date the Australia Restrictions no longer prohibit such dividend, distribution, or other payment of such amounts. For clarity, Rex Acquisition's payment obligation for Restricted Contingent Payment Amounts in accordance with the immediately preceding sentence is not subject to the Annual Contingent Payment Cap. Upon the Investors' written request, Rex Acquisition shall from time to time provide the Investors evidence deemed satisfactory to the Investors in their reasonable determination of the Australia Restrictions giving rise to any Restricted Contingent Payment Amount. (c) Notwithstanding anything (including, without limitation, Section 1(b)) in this Agreement to the contrary, the Maximum Contingent Payment Amount, less the amount of Contingent Payments previously received by the Investors, if any, (i) shall be immediately due and payable in full by Rex Acquisition to the Investors upon the occurrence of a Change in Control, and (ii) may be prepaid in whole or in part by Rex Acquisition at any time upon providing at least five (5) Business Days' notice to the Investors. (d) Contingent Payments (including, if applicable, any Restricted Contingent Payment Amounts): (i) shall be allocated between the Investors as may be determined by the Investors in their discretion, and (ii) shall be paid by wire transfer of immediately available funds by Rex Acquisition to an account or accounts designated by the Investors in writing. 2. Restricted Payments (Dividends and Distributions). Rex Acquisition shall not make any Restricted Payment prior to the Investors receiving payment in full of the Annual Contingent Payment Cap amount for any applicable Contingent Payment Year. "Restricted Payment" means, with respect to Rex Acquisition, (a) any dividend, payment, or other distribution, direct or indirect, on account of any shares (or equivalent) of any class of its equity interests, (b) any redemption, retirement, sinking fund or similar payment, purchase, or other acquisition for value, direct or indirect, of any shares (or equivalent) of any class of its equity interests, now or hereafter outstanding, or (c) any payment, directly or indirectly, made to retire, or to obtain the surrender of, any outstanding warrants, options, or other rights to acquire shares (or equivalent) of any class of its equity interests, now or hereafter outstanding. 3. Board of Director Rights. The Air T Parties shall cause the board of directors or similar governing body of the Australian Operating Parent (CAN 099 547 270) to appoint two (2) board members as selected by the Investors ("Investor Board Appointees"), which Investor Board

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&nbsp;&nbsp;&nbsp;&nbsp;2165/039721-0003 23102125.8 -3- Appointees shall have all of the voting, notice, and information rights of any other member of such board of directors (or similar governing body) and the organizational documents of the Australian Operating Parent shall include such requirement, such requirement to remain in effect until the later of (i) the full repayment of the obligations evidenced by the Purchase Agreement, the Notes, and the other Note Transaction Documents, and (ii) payment in full of the Maximum Contingent Payment Amount, following which the board appointee rights shall automatically terminate and expire. The Investor Board Appointees will be chosen by the Investors from any of (i) Dominick DeAlto, Wang Wen-Ching, John Mikros, Gregg Fisher, (ii) any other person mutually agreed to by the Investors and US Parent, and (iii) if a default or Event of Default exists under this Agreement, the Purchase Agreement, any other Note Transaction Document, any person chosen by the Investors in their sole discretion. The Air T Parties shall cause all management oversight of the Australian Operating Parent and its direct and indirect subsidiaries to occur at the Australian Operating Parent and be governed by the board of directors (or similar governing body) of the Australian Operating Parent, pursuant to which the foregoing Investor board and Investor Board Appointees' rights relate, and such board (or similar governing body) shall meet no less than two (2) times per year. 4. Audit Rights. Until the Investors have received payment in full of the Maximum Contingent Payment Amount, upon the Investors' request and providing reasonable prior notice to Rex Acquisition, Rex Acquisition and its direct and indirect subsidiaries shall make their books and records available for audit by the Investors (or their authorized representative) for purposes of confirming the accuracy of the determination of Australia Gross Revenue used to make the corresponding calculation of any Contingent Payment; provided that the Investors shall not conduct more than one audit per Contingent Payment Year. If, as a result of such audit, it is determined that there was an underpayment of any Contingent Payment, (a) Rex Acquisition shall promptly pay to the Investors any amount shown to be deficient, plus interest on such amount at the rate of ten percent (10%) per annum calculated from the original due date for such Contingent Payment, and (b) if any Contingent Payment is found deficient by more than two percent (2%), Rex Acquisition shall reimburse the Investors for the cost of the audit. 5. Miscellaneous. (a) Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement, and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection with this Agreement or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action, or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action, or proceeding is brought in an inconvenient forum or that the venue of such suit, action, or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action, or proceeding by mailing a copy thereof to such party at the address for such notices to it under Section 5(g) and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be

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&nbsp;&nbsp;&nbsp;&nbsp;2165/039721-0003 23102125.8 -4- deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, THE OTHER NOTE TRANSACTION DOCUMENTS, OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. (b) Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party; provided that an electronic signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original. (c) Headings. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement. (d) Severability. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid, or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the prohibition, invalidity, or unenforceability of such provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity, or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid, or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid, or unenforceable provision(s). (e) Entire Agreement. This Agreement and the other Note Transaction Documents supersede all other prior oral or written agreements between the Air T Parties, the Investors, their respective affiliates, and Persons acting on their behalf with respect to the matters discussed herein, and this Agreement, the other Note Transaction Documents, and the instruments referenced herein and therein contain the entire understanding of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, no party make any representation, warranty, covenant, or undertaking with respect to such matters. For the avoidance of doubt, nothing herein or in the other Note Transaction Documents shall supersede or affect any existing note purchase agreements and related documents involving the Investors, the US Parent, and other of its affiliates with respect to the matters covered therein. (f) Amendments. Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Air T Parties and the Investors; provided, that a waiver need only be signed by the party granting the waiver. Any amendment or waiver effected in accordance with this Section 5(f) shall be binding upon the Air T Parties and the Investors.

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2165/039721-0003 23102125.8 -5- (g) Notices. Any notices, consents, waivers, or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon delivery, when sent by electronic mail (provided that the sending party does not receive an automated rejection or out- of-office notice); or (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service that provides evidence of delivery, in each case properly addressed to the party to receive the same. The addresses and email addresses for such communications shall be: If to the Air T Parties: Air T, Inc. 11020 David Taylor Drive, Suite 305 Charlotte, North Carolina 28262 Attn.: Mark Jundt Email: xxxx@airt.com With a copy (for informational purposes only) to: Winthrop & Weinstine, P.A. 225 South 6th Street, Suite 3500 Minneapolis, Minnesota 55402 Attn.: Philip T. Colton Email: xxxx@winthrop.com If to the Investors: 8 Campus Drive, Suite 105 Parsippany, NJ 07054 Attn: John Mikros Email: xxxx@honeywell.com With a copy (for informational purposes only) to: Rutan & Tucker, LLP 18575 Jamboree Road, 9th Floor Irvine, CA 92612 Attn.: Garett Sleichter Email: xxxx@rutan.com or such other address and email address to the attention of such other Person as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver, or other communication, (B) mechanically or electronically generated by the sender's email containing the time, date, and recipient email address, or (C) provided by a courier or overnight courier service shall be rebuttable evidence of personal service, receipt by email, or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii), or (iii) above, respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;2165/039721-0003 23102125.8 -6- (h) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns. No Air T Party may assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investors. Any Investor may assign some or all of its rights and obligations hereunder in connection with the transfer of its rights to receive Contingent Payments (including, if applicable, any Restricted Contingent Payment Amount) with the consent of the Rex Acquisition (which consent shall not be unreasonably withheld or delayed and which consent shall not be required for transfers to an affiliate of such Investor), in which event such assignee shall be deemed to be an Investor hereunder with respect to such assigned rights and obligations, and the Rex Acquisition shall use its best efforts to ensure that such transferee is registered as a holder of such rights to receive Contingent Payments (including, if applicable, any Restricted Contingent Payment Amount). Notwithstanding the foregoing, an Investor shall not transfer its rights to receive Contingent Payments (including, if applicable, any Restricted Contingent Payment Amount) to a direct competitor of the US Parent without the prior written consent of the US Parent. (i) No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except that each Indemnitee (as hereinafter defined) shall have the right to enforce the obligations of the US Parent with respect to Section 5(1). (j) Survival. The indemnification obligations under Section 5(l), as well as any other covenant or agreement herein that, in order to give proper effect to its intent, should survive payment in full of the Maximum Contingent Payment Amount, shall survive payment in full of the Maximum Contingent Payment Amount. (k) Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments, and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby. (l) Indemnification. In consideration of the Investors' execution and delivery of this Agreement and the other Note Transaction Documents and acquiring the Notes thereunder, and in addition to all of the other obligations of the Air T Parties under this Agreement and the other Note Transaction Documents, the US Parent shall defend, protect, indemnify, and hold harmless each Investor (including, without limitation, any successor Investor pursuant to Section 5(h)) and all of their stockholders, partners, members, officers, directors, employees, and direct or indirect investors and any of the foregoing Persons' agents or other representatives (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the "Indemnitees") from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities, and damages, and expenses in connection therewith (irrespective of whether any such Indemnitee is a party to the action for which indemnification hereunder is sought), and including reasonable attorneys' fees and disbursements (collectively, the "Indemnified Liabilities"), incurred by any Indemnitee as a result of, or arising out of, or relating to (i) any misrepresentation or breach of any representation or warranty made by the any member of the Company Group in this Agreement, the other Note Transaction Documents, or any other certificate, instrument, or document contemplated hereby or

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&nbsp;&nbsp;&nbsp;&nbsp;2165/039721-0003 23102125.8 -7- thereby, (ii) any breach of any covenant, agreement, or obligation of any member of the Company Group contained in this Agreement, the other Note Transaction Documents, or any other certificate, instrument, or document contemplated hereby or thereby, or (iii) any cause of action, suit, or claim brought or made against such Indemnitee by a third party (including for these purposes a derivative action brought on behalf of a member of the Company Group) and arising out of or resulting from (A) the execution, delivery, performance, or enforcement of this Agreement, the other Note Transaction Documents, or any other certificate, instrument, or document contemplated hereby or thereby, or (B) the status of the Investor (including, without limitation, any successor Investor pursuant to Section 5(h)) as an investor in the Company Group pursuant to the transactions contemplated by this Agreement or the other Note Transaction Documents. To the extent that the foregoing undertaking by the US Parent may be unenforceable for any reason, the US Parent shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities up to the Maximum Contingent Payment Amount. The US Parent will not be liable under this Section 5(1) to the extent, but only to the extent, that a claim is attributable to a material breach of any of the representations, warranties, covenants, or agreements made by an Investor in this Agreement. Notwithstanding the foregoing, no claim for indemnification under this Section 5(1) made by the Indemnitees will be payable by the US Parent to the Indemnitees in excess of the aggregate remaining unpaid amount of the Maximum Contingent Payment Amount. (m) Payment Set Aside. To the extent that any Air T Party makes a payment or payments to an Investor hereunder or pursuant to any of the other Note Transaction Documents or an Investor enforces or exercises its rights hereunder or thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid, or otherwise restored to any of the Air T Parties or a trustee, receiver, or any other Person under any law (including, without limitation, any bankruptcy law, foreign, state or federal law, common law, or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred. (n) Intended Treatment. Upon repayment in full of the Notes, the Air T Parties and the Investors intend for the rights and obligations under this Agreement to vest and be treated as preferred equity of Rex Acquisition for all purposes, including U.S. federal income tax purposes. Consistent with the foregoing, Rex Acquisition shall report for U.S. federal income tax purposes all Contingent Payments as distributions described in Section 301(a) of the U.S. Internal Revenue Code of 1986, as amended. [Signature page follows.]

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&nbsp;&nbsp;&nbsp;&nbsp;2165/039721-0003 23102125 Signature Page to Contingent Payment Agreement IN WITNESS WHEREOF, the parties have caused their respective signature page to this Contingent Payment Agreement to be duly executed as of the date first written above. US PARENT: AIR T, INC. By: Name: Tracy Kennedy Title: Chief Financial Officer AIR T ACQUISITION: AIR T ACQUISITION 25.1, LLC By: Name: Tracy Kennedy Title: Chief Financial Officer REX ACQUISITION: AIR T REX ACQUISITION, INC. By: Name: Tracy Kennedy Title: Chief Financial Officer INVESTORS: HONEYWELL COMMON INVESTMENT FUND By: Name: John Mikros Title: Authorized Signatory HONEYWELL INTERNATIONAL INC. MASTER RETIREMENT TRUST By: Name: John Mikros Title: Authorized Signatory Docusign Envelope ID: 79CB8FEB-9A84-49B0-99C1-333C6B760EEC

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## Exhibit 10.6

![](a1006-20251211ordersstew001.jpg)

Prepared in the New South Wales Registry, Federal Court of Australia Level 17, Law Courts Building, Queens Square, Sydney, Telephone XXXX Federal Court of Australia District Registry: New South Wales Registry Division: General No: NSD1050/2024 SAMUEL FREEMAN, JUSTIN WALSH AND ADAM NIKITINS IN THEIR CAPACITY AS JOINT AND SEVERAL DEED ADMINISTRATORS OF EACH OF REGIONAL EXPRESS HOLDINGS LTD (SUBJECT TO DEED OF COMPANY ARRANGEMENT) (ACN 099 547 270) and others named in the schedule Plaintiff ORDER JUDGE: Justice Stewart DATE OF ORDER: 11 December 2025 WHERE MADE: Sydney THE COURT ORDERS THAT: 1. Pursuant to s 444GA(1)(b) of the Corporations Act 2001 (Cth), the first plaintiffs (Deed Administrators) have leave to transfer all of the existing shares (Shares) in the capital of Regional Express Holdings Ltd (Subject to Deed of Company Arrangement) (Company) from the members (as defined in the Corporations Act) of the Company to Air T Rex Acquisition Inc (Air T), in accordance with cl 8.5(f) of the deed of company arrangement dated 14 November 2025 entered into by, amongst others, the Deed Administrators, Air T Inc and the Company (DOCA). 2. Pursuant to s 447A(1) of the Corporations Act and s 90-15(1) of the Insolvency Practice Schedule (Corporations), being Sch 2 to the Corporations Act (IPSC), any of the Deed Administrators may, jointly or severally, in their capacity as Deed Administrators of the Company: (a) execute share transfer forms and any other documents ancillary or incidental to effecting the transfer of the Shares referred to in order 1 above; and (b) enter or procure the entry of the name of Air T into the share register of the Company in respect of all Shares transferred to Air T in accordance with order 1 above. 3. To the extent necessary, pursuant to s 447A(1) of the Corporations Act and s 90-15(1) of the IPSC:

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- 2 - Prepared in the New South Wales Registry, Federal Court of Australia Level 17, Law Courts Building, Queens Square, Sydney, Telephone XXXX (a) Part 5.3A of the Corporations Act is to operate in relation to the Company as if: (i) the reference to the word "shares" in s 444GA(1) of the Corporations Act includes: (A) all vested or unvested, exercised or unexercised, share options, warrants or shares in the Company offered pursuant to a Gift Offer (as that term is defined in the affidavit of Samuel John Freeman affirmed 19 November 2025 (Freeman Affidavit)); and (B) other instruments convertible into securities in the Company, including any shares or options the Instrument Beneficiaries (as that term is defined in the Freeman Affidavit) are entitled to, (together, the Options); and (ii) the reference to the phrase "members of the company" in s 444GA(3) of the Corporations Act includes the holders of the Options; and (b) the Deed Administrators be granted leave to transfer all of the existing Options from the holders of the Options to Air T, in accordance with cl 8.5(f) of the DOCA. 4. Pursuant to s 447A(1) of the Corporations Act and s 90-15(1) of the IPSC, any of the Deed Administrators may, jointly or severally, in their capacity as Deed Administrators of the Company: (a) execute share transfer forms and any other documents ancillary or incidental to effecting the transfer of the Options referred to in order 3 above; and (b) enter or procure the entry of the name of Air T into the share register of the Company in respect of all Options transferred to Air T in accordance with order 3 above. 5. To the extent necessary, pursuant to s 477(2B) of the Corporations Act, approval be granted to the joint and several liquidators of the sixth plaintiff (Rex Airlines) to enter into and perform (and cause Rex Airlines to enter into and perform) the CFA Initial Amendment Agreement (as that term is defined in the Freeman Affidavit) in substantively the form of the agreement exhibited to the Freeman Affidavit. 6. The plaintiffs' costs:

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- 3 - Prepared in the New South Wales Registry, Federal Court of Australia Level 17, Law Courts Building, Queens Square, Sydney, Telephone XXXX (a) of and incidental to the relief in orders 1-4 above be costs and expenses in the deed administration of the Company; and (b) of and incidental to the relief in order 5 above be costs and expenses in the liquidation of Rex Airlines. Date orders authenticated: 11 December 2025 Note: Entry of orders is dealt with in Rule 39.32 of the Federal Court Rules 2011.

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- 4 - Prepared in the New South Wales Registry, Federal Court of Australia Level 17, Law Courts Building, Queens Square, Sydney, Telephone XXXX Schedule No: NSD1050/2024 Federal Court of Australia District Registry: New South Wales Registry Division: General Second Plaintiff REGIONAL EXPRESS HOLDINGS LTD (SUBJECT TO DEED OF COMPANY ARRANGEMENT) (ACN 099 547 270) Third Plaintiff AIR PARTNERS PTY LTD (SUBJECT TO DEED OF COMPANY ARRANGEMENT) (ACN 065 221 356) Fourth Plaintiff REX INVESTMENT HOLDINGS PTY LIMITED (SUBJECT TO DEED OF COMPANY ARRANGEMENT) (ACN 101 317 677) Fifth Plaintiff REGIONAL EXPRESS PTY LTD (SUBJECT TO DEED OF COMPANY ARRANGEMENT) (ACN 101 325 642) Sixth Plaintiff REX AIRLINES PTY LTD (IN LIQUIDATION) (ACN 642 400 048) Interested Person TRANSPORT, REGIONAL DEVELOPMENT, COMMUNICATIONS, SPORT AND THE ARTS DEPARTMENT OF INFRASTRUCTURE Interested Person AIR T, INC.

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## Exhibit 10.7

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corrs.com.au Rex Group Creditors' Trust Deed Samuel Freeman, Justin Walsh and Adam Nikitins in their capacity as joint and several deed administrators of the Companies Samuel Freeman, Justin Walsh and Adam Nikitins in their capacity as joint and several trustees of the Rex Group Creditors' Trust The Companies Air T, Inc. Execution Version

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Corrs Chambers Westgarth 3449-9198-7773v15 i Rex Group Creditors' Trust Deed Contents 1 Interpretation 2 1.1 Definitions 2 2 Commencement Date 4 3 Payment of Fund Amount 4 4 Declaration of Trust 4 4.1 Declaration 4 4.2 Name of Trust 4 4.3 Trustees' powers 4 4.4 Exercise of discretion and powers 6 4.5 Objects of the Trust 6 5 Trust Fund 7 5.1 Trust Fund 7 5.2 Trust Fund pools 7 5.3 Distribution of the Employee Pool 7 5.4 Distribution of the Agreed Assets Pool 7 5.5 Distribution of the General Pool 8 5.6 Insured Claims 8 5.7 Employee Entitlement Claims 9 5.8 Distributions to Trust Creditors 9 5.9 True-Up Process 9 5.10 Postponement 11 5.11 Unclaimed moneys 11 6 Perpetuity Period 12 7 Claims 12 7.1 Admissibility of Claims 12 7.2 Trustees' discretion 12 7.3 Adjudication of Claims 12 7.4 Access to Records 13 7.5 Non-Participating Superannuation Debts not Admissible 13 7.6 Creditors' costs and expenses 13 7.7 Abandonment of Claims 14 7.8 Discharge of Claims 14 7.9 Claims extinguished 14 7.10 Bar 14 7.11 Non-Participating Claims 14 8 GST on Claims 14 8.1 Definitions 14

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Corrs Chambers Westgarth 3449-9198-7773v15 ii Rex Group Creditors' Trust Deed 8.2 GST credits on Claims which have been or will be claimed by the Companies 14 8.3 GST credits for Administration Debts and Deed Administrators' Costs 15 8.4 GST credits during operation of Trust 15 9 Meetings of Trust Creditors 15 9.1 Convening meetings by Trustees 15 9.2 Right of Trust Creditors to attend meetings 15 9.3 Instructions from Trust Creditors 15 10 Remuneration 16 10.1 Remuneration of Trustees 16 10.2 Acknowledgement 16 11 Committee of Inspection 16 12 Indemnity 17 12.1 Indemnity 17 12.2 Continuing indemnity 17 12.3 Indemnity not to be affected or prejudiced 17 12.4 Trustees' lien 18 13 Liability 18 13.1 Exclusion of liability 18 13.2 Proceedings against co-trustee 19 13.3 Reliance on advice 19 13.4 Conflicts 19 14 Trustees' resignation 19 15 Trustees not obliged to take action 19 16 Termination 20 16.1 Termination of the Trust 20 16.2 Meeting of Trust Creditors 20 16.3 Termination of the Trust by Court order and Trust Creditors' resolution 20 16.4 Report to Trust Creditors 20 16.5 Previous operation of this document preserved 20 16.6 Variation of Trust Deed 21 17 Notices 21 17.1 General 21 17.2 How to give a communication 21 17.3 Particulars for delivery of notices 21 17.4 Communications by post 22 17.5 Communications by email 23 17.6 After hours communications 23 17.7 Process service 23

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Corrs Chambers Westgarth 3449-9198-7773v15 iii Rex Group Creditors' Trust Deed 17.8 Copies of communications 23 18 General 23 18.1 Inconsistency with Act or Regulations 23 18.2 Other inconsistencies 23 18.3 Books and records 23 18.4 Document components 23 18.5 Effect of execution 24 18.6 Legal costs 24 18.7 Amendment 24 18.8 Waiver and exercise of rights 24 18.9 Rights cumulative 24 18.10 Consents 24 18.11 Further steps 24 18.12 Business Days 24 18.13 Governing law and jurisdiction 24 18.14 Creditors' Power of Attorney 25 18.15 Assignment 25 18.16 Liability 25 18.17 Counterparts 25 18.18 Electronic execution 25 18.19 Entire understanding 25 18.20 Further action to be taken at each party's own expense 25 18.21 Severance 26 18.22 Relationship of parties 26 18.23 Duty 26 18.24 No reliance 26 18.25 Construction 26 18.26 Costs 27 18.27 Survival 27 18.28 Headings 27 18.29 Deed 27 Execution 28

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Corrs Chambers Westgarth 3449-9198-7773v15 1 Rex Group Creditors' Trust Deed Date Parties 1 Samuel Freeman, Justin Walsh and Adam Nikitins each in their capacity as joint and several deed administrators of the Companies of Ernst & Young Australia, 8 Exhibition Street, Melbourne VIC 3000 (Deed Administrators) 2 Samuel Freeman, Justin Walsh and Adam Nikitins each in their capacity as joint and several trustees of the Rex Group Creditors' Trust of Ernst & Young Australia, 8 Exhibition Street, Melbourne VIC 3000 (Trustees) 3 Air T, Inc. of 11020 David Taylor Drive, Suite 305, Charlotte, North Carolina 28262 (Deed Proponent) Each of: 4 Regional Express Holdings Limited (subject to deed of company arrangement) ACN 099 547 270 5 Air Partners Pty Ltd (subject to deed of company arrangement) ACN 065 221 356 6 Rex Investment Holdings Pty Ltd (subject to deed of company arrangement) ACN 101 317 677 7 Regional Express Pty Ltd (subject to deed of company arrangement) ACN 101 325 642 8 Rex Flyer Pty Ltd (subject to deed of company arrangement) ACN 671 816 621 9 Australian Aero Propeller Maintenance Pty Ltd (subject to deed of company arrangement) ACN 131 278 889 10 Australian Airline Pilot Academy Pty Ltd (subject to deed of company arrangement) ACN 128 392 469 11 AAPA Victoria Pty Ltd (subject to deed of company arrangement) ACN 118 837 586 of c/- Ernst & Young Australia, 8 Exhibition Street, Melbourne VIC 3000 (together, the Companies) Background A On the Appointment Date, Samuel Freeman, Justin Walsh and Adam Nikitins were appointed as joint and several administrators of the Companies pursuant to Part 5.3A of the Corporations Act. B At the meetings held concurrently on 11 November 2025 and convened pursuant to section 439A of the Corporations Act, the Creditors of each of the Companies resolved that the Companies execute a deed of company arrangement proposed under section 444B(2)(b) of the Corporations Act. C On or about the date of this document, the Deed Administrators and the Companies executed the DOCA pursuant to section 444B(2)(a) of the Corporations Act. D The Fund Contribution will be transferred to the Trustees to settle the Trust in accordance with clauses 8.5(b) (Cash Contribution) and 8.6(c) (Air T Contribution) of the DOCA.

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Corrs Chambers Westgarth 3449-9198-7773v15 2 Rex Group Creditors' Trust Deed E The parties enter into this document as contemplated by the DOCA in order to facilitate a distribution by the Trustees to the Trust Creditors in their capacity as beneficiaries of the Trust Fund. Agreed terms 1 Interpretation 1.1 Definitions The meanings of the terms used in this document are set out below. Otherwise, terms used in this document that are not set out below have the meaning set out in the DOCA: Admitted Claim The Claim of any Trust Creditor admitted by the Trustees after adjudication in accordance with clause 7 of this document. Agreed Assets Adjustment Payments Has the meaning given to it in clause 5.9(d). Commencement Date The date of Completion under the DOCA. Committee of Inspection The committee of inspection formed: (a) in accordance with Division 75 and 80 of the IPS and Division 75 of the IPR, as amended by orders of the Court in respect of the administration of the Companies; and (b) by resolution of creditors of the Companies on 11 November 2025, as that committee is constituted from time to time. Court The Federal Court of Australia or the Supreme Court of New South Wales, or any court having jurisdiction to hear and determine matters under the Corporations Act and the Trustee Act. Deed Administrators' Costs Includes costs, charges and expenses, including those incurred in connection with advisers, incurred in connection with the performance of the Deed Administrators' duties, obligations and responsibilities under the Corporations Act and the DOCA during the Administration Period and the Deed Period. Deed Proponent Air T, Inc. Dispute Notice Has the meaning given to it in clause 5.9(c)(iii). Dividend Any amount paid to a Trust Creditor in respect of that Trust Creditors' Admitted Claim. DOCA The deed of company arrangement dated 14 November 2025 in respect of each Company.

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Corrs Chambers Westgarth 3449-9198-7773v15 3 Rex Group Creditors' Trust Deed Draft True-Up Statement A statement to be provided in connection with the True-Up setting out the Trustees' calculations as to: (a) the Agreed Assets Amount as at the Commencement Date; and (b) a reconciliation of the amount of Accrued Expenses due for payment and whether any Accrued Expenses have been discharged by the Company. Final Dividend The last Dividend payment to be made by the Trustees to any Trust Creditor under this document. Final Objection Date The fifth Business Day after receipt by the Deed Proponent of a Draft True-Up Statement. Final True-Up Statement Has the meaning given to it in clause 5.9(c)(iv) and must satisfy the requirement in clause 5.9(f). GST Has the meaning given to that term in the GST Act. GST Act The A New Tax System (Goods and Services Tax) Act 1999 (Cth). Liability Any liability or obligation (whether actual, contingent or prospective), including for any Loss of whatever description irrespective of when the acts, events or things giving rise to the liability or obligation occurred. Loss Includes any loss, damage, Liability, obligation, compensation, fine, penalty, charge, payment, cost or expense (including any legal cost and expense) however it arises and whether it is present or future, fixed or unascertained, actual or contingent but excluding any consequential or indirect loss, economic loss or loss of profits. Secured Lender The Commonwealth of Australia as represented by the Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts ABN 86 267 354 017. Total Agreed Assets Contribution The aggregate amount for which the Companies may be liable to pay in respect of the Agreed Assets Contribution and the net amount of any Agreed Assets Adjustment Payments. True-Up The mechanism and process set out in clause 5.9(a).. True-Up Commencement Date The date which is two weeks after the Commencement Date. True-Up Date (a) the True-Up Commencement Date; and (b) monthly following the True-Up Commencement Date. Trust The "Rex Group Creditors' Trust" established by this document. Trust Creditor A Creditor who holds a Trust Creditor's Claim Trust Creditor's Claim A Claim, other than a Preserved Claim or a Non-Participating Claim. Trustee Act The Trustee Act 1925 (NSW). Trustees' Costs The costs, charges and expenses, incurred by the Trustees in connection with the performance of their duties, obligations and responsibilities and the exercise of their powers and discretions under

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Corrs Chambers Westgarth 3449-9198-7773v15 5 Rex Group Creditors' Trust Deed (vi) to, at any time, call meetings of the Trust Creditors for the purpose of considering the variation or termination of this document in accordance with the provisions of this document; (vii) to admit Claims to proof in accordance with the provisions of the DOCA and this document; (viii) to determine Admitted Claims and then to pay Dividends in accordance with the terms of this document; (ix) to act as attorney for the Companies or any other person for any purpose associated with the Trust or this document; (x) to enforce compliance with the terms of this document; (xi) to accept the transfer of any shares, stocks, debentures, debenture stock, annuities, bonds, obligations or other securities of whatever nature that may at any time be transferred to the Trustees; (xii) to enter upon or take possession of the Trust Fund and to collect the revenue or income from or interest on the Trust Fund and exercise any rights or powers relating to any part of the Trust Fund; (xiii) to continue, bring, prosecute and defend any claim, action, suit or proceeding, which includes the power to bring and defend any claim, counter-claim, set-off, action, suit or proceeding in the Companies' names (only with the consent of the Companies) or (if necessary, after assignment) in the Trustees' name, to enforce any right, claim or cause of action that forms part of, or relates to a claim against the Trust Fund, and to that end: (A) to issue or accept service of any writ, summons or other legal process and to appear or be represented in any court and before all wardens, magistrates or judicial or other officers as the Trustees think fit and to commence or defend and conduct any action or other proceeding in any court of justice in relation to the Trust Fund and any claim, proceeding or action forming part of the Trust Fund and to prosecute, discontinue, compromise, stay, terminate or abandon that proceeding or action as the Trustees think fit; (B) to appoint any solicitor and counsel to prosecute or defend in those proceedings as occasion may require; and (C) to take any other lawful ways and means for the recovering or getting in any of the Trust Fund or defending claims made against the Trustees or in respect of the Trust Fund; (xiv) to convene and hold meetings of the Trust Creditors for any purpose as the Trustees consider fit; (xv) to permit any person authorised by the Trustees to operate any account in the name of the Trust; (xvi) to do all acts and execute in the name and on behalf of the Trust all deeds, receipts and other documents; (xvii) to draw, accept, make or endorse any bill of exchange or promissory note in the name and on behalf of the Trust;

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Corrs Chambers Westgarth 3449-9198-7773v15 6 Rex Group Creditors' Trust Deed (xviii) subject to the Corporations Act, to prove in the winding up of or under any scheme of arrangement entered into by, or deed of company arrangement executed by, any contributory or debtor of the Trust; (xix) to bring or defend an application for the vesting or winding up of the Trust; (xx) to report to the Trust Creditors from time to time; (xxi) to make interim or other distributions of the Trust Fund; (xxii) to appoint agents to do any business or attend to any matter or affairs of the Trust that the Trustees are unable to do, or that it is unreasonable to expect the Trustees to do, in person; (xxiii) to appoint a solicitor, accountant or other professionally qualified person to assist the Trustees; (xxiv) to compromise any claim, action, suit or proceeding brought by or against the Trustees on such terms as the Trustees consider fit, which power includes the power to compromise any claim, action, suit or proceeding referred to in paragraph (xiii) of this clause; (xxv) to provision for and set aside a sum or sums equal to an amount which the Trustees reasonably anticipate may be payable in respect of any tax, including income tax, capital gains tax or GST; (xxvi) to do anything incidental to exercising a power set out in this document; (xxvii) to do anything else that is necessary or convenient for administering the Trust; and (xxviii)to pay any amounts from the Trust Fund for which an indemnity exists under this document. (b) Without limiting the Trustees' powers under any law with respect to trustees or otherwise, the Trustees may deal with the property comprising the Trust Fund in any manner as if the Trustees were the legal and beneficial owners of that property, and may also exercise any power in respect of the property comprising the Trust Fund and the Trustees' functions under this document as the Deed Administrators are or were entitled to exercise under the terms of the DOCA. 4.4 Exercise of discretion and powers (a) The Trustees may exercise any discretion under this document in the Trustee's absolute and unfettered discretion. (b) The Trustees shall not be required to give any reason for the exercise of, or failure to exercise, any of the Trustee's powers. (c) None of the Trustees' powers shall limit the generality of any other of the Trustees' powers, and the Trustees shall have the power to do anything the Trustees consider incidental to any of the Trustees' powers. 4.5 Objects of the Trust The Trustees shall receive and hold the Trust Fund on trust for the benefit of the Trust Creditors and will distribute the Trust Fund in accordance with the terms of this document.

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Corrs Chambers Westgarth 3449-9198-7773v15 7 Rex Group Creditors' Trust Deed 5 Trust Fund 5.1 Trust Fund The Trust Fund shall be comprised of the Fund Contribution and any interest accruing from time to time on the Fund Contribution. 5.2 Trust Fund pools (a) The Trust Fund will be segregated into the following pools: (i) the Employee Pool, which will: (A) comprise a portion of the Fund Contribution equal to the amount of the Employee Contribution; and (B) only be available for satisfaction of the Claims of the Trust Creditors or transfer to the General Pool as specified in clause 5.3; (ii) the Agreed Assets Pool, which will: (A) comprise a portion of the Fund Contribution equal to the amount of the Agreed Assets Contribution and the Expense Cash Contribution; and (B) only be available for satisfaction of the liabilities and payments specified in clause 5.4; and (iii) the General Pool, which will: (A) compromise a portion of the Fund Contribution equal to the Costs Cash Contribution and any amounts transferred from the Employee Pool as specified in clause 5.3; and (B) only be available for satisfaction of the Claims of the Trust Creditors and other liabilities and payments specified in clause 5.5. (b) Subject to clause 5.3(b), each pool must remain segregated and may not be applied in satisfaction of the Claims of Trust Creditors or other payments or liabilities to which each other pool is to be applied in accordance with clause 5.2(a). 5.3 Distribution of the Employee Pool The Employee Pool will be available for distribution as follows: (a) first, to any Employees on account of any Employee Entitlement Claim; and (b) next, to the extent of any surplus, that surplus is to be applied to the General Pool for distribution in accordance with clause 5.5. 5.4 Distribution of the Agreed Assets Pool The Agreed Assets Pool will be available for distribution as follows: (a) as required by clause 5.9(f)(ii) or at such other time determined by the Trustees in their sole discretion, on account of payment of Accrued Expenses which are due and payable and which have not otherwise been paid by a Company; (b) to the Companies on account of any distribution they are entitled to in accordance with clause 5.9(f)(i);

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Corrs Chambers Westgarth 3449-9198-7773v15 8 Rex Group Creditors' Trust Deed (c) to REX on account of any Agreed Assets Adjustment Payments they are entitled to in accordance with clause 5.9(d); and (d) to REX on account of any surplus they are entitled to following completion of the True- Up in accordance with clause 5.9(g). 5.5 Distribution of the General Pool The General Pool will be available for distribution as follows: (a) first, to the Administrators and Deed Administrators (even though they may have ceased to be Administrators or Deed Administrators) for any accrued Administration Debt and any related amount recoverable by the Administrators under clause 17 of the DOCA; (b) next, to the Administrators and Deed Administrators (even though they may have ceased to be Administrators or Deed Administrators) for any Remuneration and Costs and any other amount which they are entitled to be paid or indemnified for under clause 14 (Administrators' and Deed Administrators' remuneration and indemnity) of the DOCA and any related amount recoverable by the Administrators under clause 17 of the DOCA; (c) next, to the Trustees in satisfaction of the Trustees' Remuneration and the Trustee's Costs; (d) next, to the extent of any surplus, to the Secured Lender on account of its Trust Creditor's Claim; (e) next, to the extent of any surplus, to any Trust Creditor whose Trust Creditor's Claim is entitled to priority under law over other Trust Creditor's Claims, on account of such priority Claims and in accordance with any applicable priority; and (f) next, to the extent of any surplus, to each other Trust Creditor on account of its Trust Creditor's Claim in an amount equal to its pro rata portion of the remaining assets of the Trust; and (g) next, to the extent that there is: (i) a surplus or balance in the General Pool after the Trust Creditors have received their distribution in accordance with clause 5.5(f); or (ii) a remaining balance of any distribution of trust property to Trust Creditors which has remained under the control of the Trustees and has been unclaimed for more than six months after the day on which the Trustees declare their intention to distribute a Final Dividend in accordance with this document, such surplus or balance will be paid by the Trustees to REX. 5.6 Insured Claims Notwithstanding clauses 5.2, 5.3 and 5.5, and in accordance with the requirements under clause 6.2 (Insured Claims) of the DOCA, any Creditor who would have been entitled to priority over other unsecured creditors under section 562 of the Corporations Act in respect of any amount forming part of the Creditor Pools (as applicable) will retain a priority in respect of the assets of the Creditor Pools at least equal to that to which they would have been entitled to if the property of the Company had been applied in accordance with section 562 of the Corporations Act.

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Corrs Chambers Westgarth 3449-9198-7773v15 9 Rex Group Creditors' Trust Deed 5.7 Employee Entitlement Claims Notwithstanding clause 5.2, 5.3 and 5.5, and in accordance with the requirements under clause 8.8 (Consistency with the Corporations Act) of the DOCA, any Creditor whose Employee Entitlement Claim would have been entitled to priority over other unsecured creditors under sections 556, 560 and 561 of the Corporations Act in respect of any amount forming part of the Creditor Pools will retain a priority in respect of the assets of that Creditor Pools at least equal to that to which they would have been entitled to if the property of the Company had been applied in accordance with such provisions of the Corporations Act. 5.8 Distributions to Trust Creditors (a) No distributions will be made to Trust Creditors in accordance with clause 5.5, unless that Trust Creditor's Claim is an Admitted Claim. (b) The Trustees may distribute the Trust Fund at such times as the Trustees consider, in their absolute discretion, that is appropriate and feasible to do so, including making distributions (whether interim or final) under any provision of clauses 5.3 to 5.5 in advance of making any payments under any other provision of clauses 5.3 to 5.5 on the basis that they have retained sufficient funds to ensure that any payments to be made under any provision of clauses 5.3 to 5.5 having higher priority may be made when the time comes to do so. 5.9 True-Up Process (a) For a period of six months following the Commencement Date, the Agreed Assets Contribution and the Accrued Expenses Amount will be reviewed by the Trustees and the Deed Proponent on a rolling basis as part of the True-Up as set out in this clause. (b) The purpose of the True-Up is to: (i) determine whether the Agreed Assets Amount as at the Commencement Date differs from the estimate of the Agreed Assets Amount in the Completion Statement provided to the Deed Proponent by the Deed Administrators in accordance with clause 8.2 (Steps prior to Completion Date) of the DOCA; and (ii) reconcile the amount of Accrued Expenses due for payment and whether any Accrued Expenses have been discharged by the Company. (c) The procedures for the True-Up are as follows: (i) a True-Up of the Agreed Assets Contribution (which includes the Agreed Assets Amount) and the Accrued Expense Amount (which includes the Accrued Expenses) will occur on each True-Up Date; (ii) the Trustees will prepare and deliver to the Deed Proponent on each True-Up Date a Draft True-Up Statement, along with supporting evidence of the basis for such calculations to the Deed Proponent's reasonable satisfaction; (iii) if the Deed Proponent disagrees with any aspect of a Draft True-Up Statement, the Deed Proponent may deliver a notice (Dispute Notice) to the Trustees on or before the Final Objection Date for that Draft True-Up Statement setting out: (A) a reasonable description of, and the grounds for, the dispute or disagreement the subject of the Dispute Notice (which grounds may include inadequacy of supporting information); and

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Corrs Chambers Westgarth 3449-9198-7773v15 10 Rex Group Creditors' Trust Deed (B) its proposed adjustments to the Draft True-Up Statement, together with supporting calculations setting out the basis for such proposed adjustments; (iv) if the Deed Proponent does not give a Dispute Notice to the Trustees on or before the relevant Final Objection Date in respect of a Draft True-Up Statement, that Draft True-Up Statement will be taken to be final and binding upon the parties (then a Final True-Up Statement); and (v) if the Deed Proponent does give a Dispute Notice on or before the Final Objection Date in respect of a Draft True-Up Statement: (A) the Deed Proponent and Trustees must: (1) enter into good faith negotiations and use reasonable endeavours to resolve the dispute in respect of that Draft True-Up Statement by agreeing a Final True-Up Statement within five Business Days after delivery of the relevant Dispute Notice by the Deed Proponent; and (2) provide all relevant information in each such party's reasonable control or possession regarding the matters which are the subject of the Dispute Notice to the other parties to assist with resolution of such dispute; and (B) to the extent the dispute referred to in the Dispute Notice is not resolved in accordance with clause 5.9(c)(v)(A) above, the Deed Proponent or Trustees may refer the matter for final determination to an independent expert selected by: (1) agreement between the parties; or (2) if no agreement is reached between the parties within 10 Business Days after delivery by the Deed Proponent of the Dispute Notice, the Chair of the Resolution Institute at the request of the Deed Proponent and/or the Trustees, in accordance with the rules and procedures determined by agreement between the parties, or as otherwise determined by the independent expert (including as to costs). The Deed Proponent and the Trustees agree that the Draft True-Up Statement as confirmed or varied by such independent expert's final determination will be deemed to be the Final True-Up Statement. (d) Subject to clause 5.9(e), to the extent any Final True-Up Statement reflects: (i) any additional assets resulting in a higher Agreed Assets Amount than in the Completion Statement (as adjusted by any prior Final True-Up Statements), the Companies will pay or cause to be paid from the proceeds of a draw under the Air T Facility an amount equal to the difference between the Agreed Assets Amount in the Completion Statement (as adjusted by any prior Final True-Up Statements) and the higher Agreed Assets Amount (in cleared funds) to the Trust Fund to form part of the Agreed Assets Pool; or (ii) a lower Agreed Assets Amount than in the Completion Statement (as adjusted by any prior Final True-Up Statements), the Trustees will pay an amount equal to the difference between the Agreed Assets Amount in the Completion Statement (as

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Corrs Chambers Westgarth 3449-9198-7773v15 11 Rex Group Creditors' Trust Deed adjusted by any prior Final True-Up Statements) and the lower Agreed Assets Amount (in cleared funds) to REX under clause 5.4(c), (Agreed Assets Adjustment Payments) within five Business Days of the relevant Final True-Up Statement being delivered to the Deed Proponent. (e) The parties acknowledge and agree that: (i) the Total Agreed Assets Contribution shall not exceed the Agreed Assets Cap; and (ii) to the extent that payment of any Agreed Assets Adjustment Payments by the Companies under clause 5.9(d) would result in the Total Agreed Assets Contribution exceeding the Agreed Assets Cap, the Agreed Assets Adjustment Payment required to be paid by the Companies will be reduced by the amount of such excess. (f) Each Final True-Up Statement in relation to the Accrued Expenses will confirm whether any amounts detailed in the Completion Statement have become due for payment and have been paid by the Trustees or a Company. To the extent that: (i) a Company has discharged all or part of an Accrued Expense, the Trustees will make a distribution to that Company under clause 5.4(b) in an amount equal to the amount of such Accrued Expense which the Company has discharged; and (ii) an Accrued Expense is due and payable but not yet paid, the Trustees will discharge such liability under clause 5.4(a). (g) On the day which is six months after the Commencement Date, the final True-Up Date will occur and the parties will undertake a final True-Up process. Following the completion of that True-Up process and any payments in accordance with this clause 5.9, to the extent any surplus remains in the Agreed Asset Pool, such surplus will be distributed to REX under clause 5.4(d). 5.10 Postponement Should proceedings be brought by any person in respect of the distribution of the Trust Fund, then the Trustees are entitled at their sole discretion to postpone the payment of any entitlement until determined by the Trustees. 5.11 Unclaimed moneys In the event that the Trustees, for any reason, are unable to locate a Trust Creditor, or if any cheque sent by the Trustees to a Trust Creditor has not been presented within six months, then: (a) the Trustees shall stop payment of such cheque; (b) the moneys represented by such stopped cheque or held by the Trustees on behalf of the Trust Creditor shall be paid to ASIC; and (c) the provisions of sections 544(1) and 544(3) of the Corporations Act will apply, with such modifications as are necessary to such payment as if references in those sections to "liquidator" were references to the "Trustees".

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Corrs Chambers Westgarth 3449-9198-7773v15 12 Rex Group Creditors' Trust Deed 6 Perpetuity Period Notwithstanding any other provision in this document, each: (a) interest in property; and (b) Trustees' power over or in connection with property, created or granted by this document that, but for this provision, might vest, take effect, or be exercisable after the expiry of 80 years commencing on the date of this document, but which has not vested or taken effect by that date, (c) will vest or take effect on the last day of that period; and (d) is exercisable only on or before the last day of that period. 7 Claims 7.1 Admissibility of Claims (a) Upon this document being settled, and in accordance with clause 5.7 (Conversion of Claims) of the DOCA, all Claims of the Trust Creditors against the Companies will convert to and become claims against the Creditor Pools of the Trust Fund under this document, equal in amount to the Trust Creditor's entitlement to a distribution in respect of the Trust Creditor's released Claim in accordance with clauses 5.3 to 5.5 of this document. (b) Interest will not accrue or be payable on any Admitted Claim. 7.2 Trustees' discretion The Trustees may, in their absolute discretion: (a) call for proofs of debt or claim; (b) admit all or part of a Claim; (c) reject all or part of a Claim; or (d) pay any Admitted Claim, in accordance with the provisions of this document. 7.3 Adjudication of Claims (a) Subdivisions A, B, C and E of Division 6 of Part 5.6 of the Corporations Act apply to Claims under this document as if references to the liquidator were references to the Trustees and references to winding up were references to this document, and with such other modifications as are necessary to give effect to this document, except to the extent that those provisions are varied or excluded expressly or impliedly by this document. (b) Regulations 5.6.11, 5.6.37, 5.6.39 to 5.6.43 (inclusive), 5.6.44 to 5.6.53 (inclusive) and 5.6.55 to 5.6.72 (inclusive) of the Regulations shall apply to this document and to the Trustees as if references to the liquidator were references to the Trustees and references to winding up were references to this document, and with such other

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Corrs Chambers Westgarth 3449-9198-7773v15 13 Rex Group Creditors' Trust Deed modifications as are necessary to give effect to this document, except to the extent that those provisions are varied or excluded expressly or impliedly by this document. (c) The Trustees may make interim distributions of trust property under this document. (d) The Trustees may make any distribution by electronic funds transfer to a bank account nominated by the relevant Trust Creditor. (e) The Trustees must declare and distribute trust property under this document as soon as practicable after the Trust comes into effect under clause 4.1. However, subject to clauses 7.3(a) and 7.3(b), the Trustees have an absolute and unfettered discretion as to the admission of Claims, and the amount and timing of the distribution of the trust property in payment of Admitted Claims. (f) Where the Trustees propose to reject a Claim (whether in part or in full) the Trustees shall send a notice to the Creditor informing the Creditor of the proposed rejection and giving the party 14 days within which to make an application to the Court to determine the questions relating to the Claim. (g) The Trustees are entitled to rely upon any steps and determinations made by the Deed Administrators for the purposes of this Clause in respect of whether a claim asserted for the purposes of claiming under this document is an Admitted Claim, together with any information and proofs or particulars of debt provided to the Administrators or Deed Administrators. 7.4 Access to Records (a) The Trustees may at any time inspect and take copies of the books and records of the Companies at no cost and the Companies authorise the Trustees and their staff to enter the Companies' premises on any Business Day during the hours of 9.00 am and 5.00 pm with no less than 24 hours' notice, for the purpose of conducting such an inspection and for the purpose of doing anything necessary or desirable in the exercise of their powers and discretions and the performance of their duties, obligations and responsibilities as Trustees under this document, including to take photocopies or images of any books and records for that purpose. (b) The Companies must provide copies of their books and records as reasonably requested by the Trustees from time to time to facilitate the Trustee's exercise of their powers and discretions and the performance of their duties, obligations and responsibilities as Trustees under this document. (c) The Companies must provide assistance to the Trustees by the provision of information and access to staff with relevant technical expertise reasonably requested by the Trustees to facilitate the exercise of their powers and discretions and the performance of the Trustees' duties, obligations and responsibilities as Trustees under this document. 7.5 Non-Participating Superannuation Debts not Admissible A Non-Participating Superannuation Debt is not admissible to proof against the Trust Fund. 7.6 Creditors' costs and expenses Any costs and expenses incurred by a Trust Creditor in asserting a Claim under this document (including any application under clause 7.3(f)) will be borne by that Trust Creditor and will not form part of that Trust Creditor's Claim under this document.

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Corrs Chambers Westgarth 3449-9198-7773v15 14 Rex Group Creditors' Trust Deed 7.7 Abandonment of Claims A Trust Creditor will have abandoned, and will be taken for all purposes to have abandoned, all Claims and all other entitlements (if any) in the Trust Fund: (a) which are not the subject of a proof lodged with the Deed Administrators or the Trustees in the form required by the Trustees prior to the declaration of a Final Dividend; or (b) which have been rejected by the Trustees and which are not the subject of any appeal or application to the Court within the time allowed under clause 7.3(f). 7.8 Discharge of Claims (a) All persons having a Claim must accept their Admitted Claims under this document (if any) in full satisfaction and complete discharge of all claims which they have or claim to have against the Trustees or the Trust Fund and each of them will, if called upon to do so, execute and deliver to the Trustees such forms of release of any such Claim as the Trustees require. (b) The Trustees must take all steps reasonably required by the Deed Proponent to obtain such releases from any Trust Creditors nominated by the Deed Proponent. 7.9 Claims extinguished On payment of the Final Dividend to the Trust Creditors from the Trust Fund: (a) all Claims against the Trust Fund are extinguished, and each Trust Creditor will, if called upon to do so, execute and deliver to the Trustees such forms of release of any Claim as the Trustees require; and (b) the obligations of the Trustees to the Trust Creditors under the Trust will be fully and finally discharged. 7.10 Bar After distribution of the Final Dividend from the Trust Fund, the Trustees may plead this document in bar to any Claim. 7.11 Non-Participating Claims No Creditor is entitled to participate in or receive any distribution from the Trust Fund in respect of a Non-Participating Claim. 8 GST on Claims 8.1 Definitions Words and expressions used in this clause 8 which are defined in the GST Act have the same meaning in this clause. 8.2 GST credits on Claims which have been or will be claimed by the Companies To the extent that input tax credits on Admitted Claims have been or will be claimed by the Companies, the parties agree and acknowledge that following the payment of distributions to those Creditors by the Trustees from the Trust Fund, the Companies by their directors will be responsible for making any adjustment required by the provisions of the GST Act insofar as

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Corrs Chambers Westgarth 3449-9198-7773v15 15 Rex Group Creditors' Trust Deed those adjustments relate to those Admitted Claims and Practice Statement PS LA 2012/1 (GA) will be applied by the Companies to calculate the impact of those adjustments. 8.3 GST credits for Administration Debts and Deed Administrators' Costs To the extent that: (a) an input tax credit is available in respect of an Administration Debt or a Deed Administrators' Cost; and (b) neither the Administrators nor the Deed Administrators are able to claim that input tax credit because it is attributable to a tax period that arises after the date on which the GST registration of the Administrators or the Deed Administrators ends, then, the parties agree and acknowledge that the Companies are responsible for claiming that input tax credit. 8.4 GST credits during operation of Trust The parties agree and acknowledge that to the extent that an input tax credit is available in respect of a Trustee Cost which is incurred and paid for by the Trustees during the operation of the Trust, the Trustees (acting in their capacity as Trustees of the Trust) will be responsible for the claiming those input tax credits. 9 Meetings of Trust Creditors 9.1 Convening meetings by Trustees The Trustees may at any time convene a meeting of Trust Creditors and except to the extent (if any) they are excluded or modified by or are inconsistent with the terms of this document, Division 75 of Part 3 of the IPR applies, with such modifications as are necessary, to meetings of the Trust Creditors as if references to the "external administrator" or chairperson, as the case may be, were references to the Trustees. 9.2 Right of Trust Creditors to attend meetings Trust Creditors who have been paid the full amount of their entitlement in respect of their Admitted Claim under this document will no longer be entitled to attend and participate in the meetings of Trust Creditors. 9.3 Instructions from Trust Creditors In the exercise of the Trustees' powers, the Trustees: (a) may (if they see fit), but are not obliged to, seek from the Trust Creditors at a meeting convened in accordance with this clause 9, instructions, including (without limitation) approval in respect of variations to the terms of this document; (b) may, but shall not be obliged to, have regard to the instructions (if any) given by the Trust Creditors at a meeting so convened; and (c) in the absence of instructions given by the Trust Creditors at a meeting so convened, do what is, in the Trustees' opinion, in the best interests of Creditors.

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Corrs Chambers Westgarth 3449-9198-7773v15 16 Rex Group Creditors' Trust Deed 10 Remuneration 10.1 Remuneration of Trustees (a) The Trustees: (i) are to be remunerated at the usual rates charged by Ernst & Young Australia from time to time in respect of any work done by the Trustees, and any partner or employee of the Trustees, in connection with: (A) the exercise of their powers and discretions and performance of their duties, obligations and responsibilities as Administrators and/or Deed Administrators, even though that remuneration has not been approved by the Creditors pursuant to Division 60 Subdivision B of the IPS; (B) the calling for and adjudicating upon proofs of Claims; (C) the distribution of the Trust Fund; and (D) the exercise of their powers and discretions and performance of their duties, obligations and responsibilities as Trustees under this document; and (ii) acknowledge that the Trustees' Costs, including costs, charges and expenses (including those incurred in connection with advisers) incurred in connection with the foregoing, including any stamp duty payable by them in respect of this document, will be payable from the General Pool of the Trust Fund. (b) The Trustees' Remuneration and the Trustees' Costs referred to in this clause 10.1 and all other costs shall be reimbursed and/or paid out of the General Pool of the Trust Fund. The Trustees shall be entitled to draw such amounts from the General Pool of the Trust Fund from time to time. For the avoidance of doubt, where the Trustees are liable to pay GST in respect of any taxable supply (within the meaning of the GST Act) they make under this document, the Trustees are entitled to recover an additional amount equal to the amount of that GST liability from the General Pool of the Trust Fund. 10.2 Acknowledgement The parties acknowledge that the Trustees' Remuneration as referred to in clause 10.1(a)(i) includes remuneration and costs incurred by the Trustees in connection with or as a result of their duties, obligations and responsibilities as Administrators and/or Deed Administrators. 11 Committee of Inspection (a) The Trustees may convene meetings of the Committee of Inspection from time to time for the purpose of consulting with the Committee of Inspection on matters arising in the course of the administration of the Trust including in respect of the Trustees' Remuneration. (b) The Committee of Inspection will operate as a consultative committee and will not have power to direct or bind the Trustees in any way. (c) The:

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Corrs Chambers Westgarth 3449-9198-7773v15 17 Rex Group Creditors' Trust Deed (i) appointment and removal of members of the Committee of Inspection will be governed by Division 80-15 of the IPS and Division 80-10 of the IPR; (ii) power to convene meetings of the Committee of Inspection will be governed by Division 80-27 of the IPS; and (iii) obligations of members of the Committee of Inspection will be governed by Division 80-55 of the IPS, with such amendments in form and substance as are necessary to give efficacy to the administration of the Trust by the Trustees. (d) Subject to the discretion of the Trustees to make such disclosures as are necessary or convenient for the purposes of the administration of the Trust, the affairs of the Committee of Inspection will be conducted on a confidential basis. (e) The Committee of Inspection may, if requested, approve the Trustees' Remuneration by a majority in attendance at the relevant meeting. 12 Indemnity 12.1 Indemnity The Trustees are entitled to be indemnified out of the Trust Fund for all actions, suits, proceedings, accounts, claims and demands arising out of or relating to this document which may be commenced, incurred by or made on the Trustees by any person and against all costs, charges and expenses incurred by the Trustees in respect of them, provided that the Trustees shall not be entitled to an indemnity in respect of any liabilities or demands to the extent that the indemnification contravenes the Corporations Act or the Trustee Act. 12.2 Continuing indemnity This indemnity takes effect on and from the Commencement Date and will be without limitation as to time and will operate notwithstanding the removal of the Trustees (or any one of them) and the appointment of new trustees or the termination of this Trust for any reason whatsoever. 12.3 Indemnity not to be affected or prejudiced The indemnity under clause 12.1 will not: (a) be affected, limited or prejudiced in any way by any irregularity, defect or invalidity in the appointment of the Trustees and will extend to all actions, suits, proceedings, accounts, liabilities, claims and demands arising in any way out of any defect in the appointment of the Trustees, the approval and execution of this document or otherwise; or (b) affect or prejudice all or any rights that the Trustees may have against any other person to be indemnified against the costs, charges, expenses and liabilities incurred by the Trustees of or incidental to the exercise or performance of any of the powers of authorities conferred on the Trustees by this document or otherwise.

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Corrs Chambers Westgarth 3449-9198-7773v15 18 Rex Group Creditors' Trust Deed 12.4 Trustees' lien The Trustees (whether or not they are still acting in their capacity as trustees of the Trust) are entitled to exercise a lien over the Trust Fund for all amounts in respect of which they are entitled to an indemnity from the Trust Fund under clause 12.1. 13 Liability 13.1 Exclusion of liability (a) The Trustees, and the Trustees' partners and employees, are not liable for any loss or damage occasioned to the trust property or to any person by: (i) the exercise of any discretion or power conferred by this document or by law on the Trustees or any delay or failure to exercise any of those discretions or powers; (ii) any breach of duty or trust, unless it is proved to have been committed, made or omitted in personal, conscious and fraudulent bad faith by the Trustees, partner or employee; or (iii) any disclosure by the Trustees or the officer of any document, matter or thing relating to the Trust, the trust property or any Trust Creditor. (b) All persons claiming any interest in the trust property must be treated as taking it with and subject to notice of the protection conferred by this clause 13. (c) Notwithstanding any other provision of this document: (i) the Trustees are entering into and performing this document in their capacity as joint and several trustees of the Trust and are not contracting in their personal capacity; (ii) the Trustees make no representations or warranties in relation to any matter whatsoever in their personal capacity; (iii) the Trustees are not personally liable for, and do not accept or assume any personal liability in respect of any Liability incurred by them in acting as joint and several trustees of the Trust; (iv) no Claim may be brought against the Trustees in their personal capacity in respect of, in connection with or incidental to, this document, the Trust or any document, matter or thing relating to it; and (v) the Trustees' liability is limited to the extent of the amount for which the Trustees are actually indemnified for that Liability in accordance with clause 12.1 , at law or in equity; (d) The limitations of liability under this clause 13: (i) will continue notwithstanding the Trustees ceasing to act as trustees of the Trust; (ii) will operate as a waiver of any claims in tort and restitution as well as under the law of contract; and (iii) will be in addition to, and not in substitution for, any right of indemnity or relief otherwise available to the Trustees and will continue notwithstanding the entry into any transaction or arrangement in connection with this document.

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Corrs Chambers Westgarth 3449-9198-7773v15 19 Rex Group Creditors' Trust Deed (e) Notwithstanding the provisions of this clause 13, the Trustees are liable in their personal capacity and are not released to the extent that a Liability under this document arises out of their own fraud or wilful default that disentitles them from indemnity under clause 12.1 in relation to the relevant liability. (f) This clause 13 survives termination of this document. 13.2 Proceedings against co-trustee The Trustees are not bound to take any proceeding against a co-trustee for any breach or alleged breach of trust committed by the co-trustee. 13.3 Reliance on advice Where the Trustees act in reliance upon the advice of any solicitor instructed on behalf of the Trust in relation to the interpretation of the provisions of this document or any document or statute or any matter concerning the administration of the Trust, the Trustees are not liable to any person in respect of any act done or omitted to be done by the Trustees in accordance with the advice. 13.4 Conflicts All powers and discretions of the Trustee may be exercised notwithstanding that any person being a partner, employee or related party of the Trustee is a beneficiary or may have been a beneficiary or has a direct, indirect or personal interest (in whatever capacity) in the manner of, or as a result of exercising such power or discretion or may benefit directly or indirectly as a result of any such power or discretion. 14 Trustees' resignation Any Trustee may resign at any time by giving not less than 14 days' prior written notice to the Companies unless that resignation would result in there being no remaining Trustees, in which event the Trustees must: (a) convene a meeting of Trust Creditors in accordance with clause 9 of this document for the purpose of nominating a replacement trustee; (b) assign to a replacement trustee nominated by the Trust Creditors the Trustees' rights, title and benefit under this document; and (c) do all things reasonably necessary to effect the assignment referred to in clause 14(b). 15 Trustees not obliged to take action The Trustees will not be obliged to take any action under this document until such time as there are sufficient funds in hand and immediately available to them to pay the Trustee's Remuneration and Trustee's Costs.

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Corrs Chambers Westgarth 3449-9198-7773v15 20 Rex Group Creditors' Trust Deed 16 Termination 16.1 Termination of the Trust This Trust will terminate and the Trustees will resign as soon as reasonably practicable: (a) after distribution of the Final Dividend from the Trust Fund and the Trustees determining that the Trust should terminate; or (b) upon the expiry of the perpetuity period referred to in clause 6, whichever occurs first. 16.2 Meeting of Trust Creditors The Trustees must convene a meeting of Trust Creditors to consider a resolution to vary this document or terminate the Trust if: (a) at any time prior to the termination of the Trust, the Trustees determine that it is no longer practicable or desirable to continue to implement or carry out this document; or (b) the Court so orders. 16.3 Termination of the Trust by Court order and Trust Creditors' resolution (a) This Trust will terminate if: (i) a Court so orders; or (ii) the Trust Creditors pass a resolution terminating this Trust at a meeting duly convened pursuant to clause 16.2. (b) In that event, either of the following may occur: (i) if all Trust Creditors have received their distribution in accordance with clauses 5.3 to 5.5, any remaining part of the Trust Fund must be immediately paid to or at the direction of the Deed Proponent and shall not be available for distribution to Trust Creditors; or (ii) if any Trust Creditors have not received their distribution in accordance with clauses 5.3 to 5.5, then any remaining part of the Fund Contribution will be refunded to the Deed Proponent and any other remaining funds in the Trust Fund will be returned to the Companies and shall not be available for distribution to Trust Creditors. 16.4 Report to Trust Creditors Upon a meeting being convened pursuant to clause 16.2, the Trustees must send each Trust Creditor prior to the meeting a report as to the state of affairs of the Trust accompanied by such financial statements as the Trustees think fit. The report must include: (a) a statement explaining the circumstances which have caused the Trustees to convene the meeting pursuant to clause 16.2; and (b) a statement that this Trust will be terminated if the Trust Creditors so resolve. 16.5 Previous operation of this document preserved The termination or avoidance, in whole or in part, of this Trust does not affect the efficacy of any act done prior to the termination or avoidance.

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Corrs Chambers Westgarth 3449-9198-7773v15 21 Rex Group Creditors' Trust Deed 16.6 Variation of Trust Deed This document may be varied: (a) following application of the Employee Pool of the Trust Fund in accordance with clause 5.3, with the consent of: (i) the Deed Proponent (not to be unreasonably withheld or delayed); and (ii) the Trustees, by resolution passed at a meeting of Trust Creditors by (subject to clause 16.6(a)(i)) a majority of Trust Creditors in number and in value, but only if the variation is not materially different from the proposed variation set out in the notice of that meeting and provided that the variation does not materially prejudice the interests of any class of Trust Creditors without the approval of a majority of that class of Trust Creditors in number and value; or (b) by the Court upon application of any of the Trust Creditors or the Trustees pursuant to the Trustee Act. 17 Notices 17.1 General A notice, demand, certification, process or other communication relating to this document must be in writing in English and may be given by an agent of the sender. 17.2 How to give a communication In addition to any other lawful means, a communication may be given by being: (a) personally delivered; (b) left at the party's current delivery address for notices; (c) sent to the party's current postal address for notices by pre-paid ordinary mail or, if the address is outside Australia, by pre-paid airmail; or (d) sent by email to the party's current email address for notices. 17.3 Particulars for delivery of notices (a) The particulars for delivery of notices are initially: Deed Administrators Delivery address: c/- Ernst & Young Australia, 8 Exhibition Street, Melbourne VIC 3000 Postal address: Same as delivery address Email: Attention: Samuel Freeman, Justin Walsh and Adam Nikitins Trustees

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Corrs Chambers Westgarth 3449-9198-7773v15 22 Rex Group Creditors' Trust Deed Delivery address: c/- Ernst & Young Australia, 8 Exhibition Street, Melbourne VIC 3000 Postal address: Same as delivery address Email: Attention: Samuel Freeman, Justin Walsh and Adam Nikitins Companies Delivery address: c/- Ernst & Young Australia, 8 Exhibition Street, Melbourne VIC 3000 Postal address: Same as delivery address Email: Attention: Samuel Freeman, Justin Walsh and Adam Nikitins Deed Proponent Delivery address: 11020 David Taylor Drive, Suite 305, Charlotte, North Carolina 28262, United States of America with a copy to Corrs Chambers Westgarth, 50 Bridge Street, Sydney NSW 2000 Postal address: Same as delivery address Email: with a copy to and Attention: Nick Swenson, Mark Jundt, Jeremy Horwood, Tom Schinckel (b) Each party may change its particulars for delivery of notices by notice to each other party. 17.4 Communications by post Subject to clause 17.6, a communication is given if posted: (a) within Australia to an Australian postal address, three Business Days after posting; or (b) outside of Australia to an Australian postal address or within Australia to an address outside of Australia, 10 Business Days after posting.

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Corrs Chambers Westgarth 3449-9198-7773v15 23 Rex Group Creditors' Trust Deed 17.5 Communications by email Subject to clause 17.6, a notice sent by email is taken to be received at the time the email enters the recipient's email system (provided the sender does not receive a delivery failure message). 17.6 After hours communications If a communication is given: (a) after 5.00 pm in the place of receipt; or (b) on a day which is a Saturday, Sunday or bank or public holiday in the place of receipt, it is taken as having been given at 9.00 am on the next day which is not a Saturday, Sunday or bank or public holiday in that place. 17.7 Process service Any process or other document relating to litigation, administrative or arbitral proceedings relating to this document may be served by any method contemplated by this clause 17 or in accordance with any applicable law. 17.8 Copies of communications If the particulars of delivery in clause 17.3 provide for copies of communication to be sent to specified addresses, delivery will not be deemed effective unless the communication is sent to both the party and the copied address in accordance with clause 17.3, and delivery to the copy address alone shall not be effective communication or service under this clause 17. 18 General 18.1 Inconsistency with Act or Regulations If there is any inconsistency between the provisions of this document and the Corporations Act, or the IPR, the IPS, the Trustee Act or the Regulations, this document shall prevail to the extent permitted by law. 18.2 Other inconsistencies If there is any inconsistency between the provisions of this document and the constitution of the Companies and any other obligation binding on the Companies, the provisions of this document shall prevail to the extent of the inconsistency, and all persons bound by this document agree to sign all documents and do all things necessary to remove such inconsistency, the costs of which shall be borne by the Companies. 18.3 Books and records The Trustees may retain copies of or access to the books and records of the Companies following termination of the Trust, only for the purpose of doing anything necessary or reasonably desirable in the exercise of the Trustees' performance or exercise of their duties, obligations and responsibilities under the Corporations Act and this document. 18.4 Document components This document includes any schedule to this document.

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Corrs Chambers Westgarth 3449-9198-7773v15 24 Rex Group Creditors' Trust Deed 18.5 Effect of execution This document is not binding on any party unless it or a counterpart has been duly executed by each person named as a party to this document. 18.6 Legal costs Except as expressly stated otherwise in this document, each party must pay its own legal and other costs and expenses of negotiating, preparing, executing and performing its obligations under this document. 18.7 Amendment This document may only be amended in accordance with clause 16.6. 18.8 Waiver and exercise of rights (a) A single or partial exercise or waiver by a party of a right relating to this document does not prevent any other exercise of that right or the exercise of any other right. (b) A party is not liable for any loss, cost or expense of any other party caused or contributed to by the waiver, exercise, attempted exercise, failure to exercise or delay in the exercise of a right. 18.9 Rights cumulative Except as expressly stated otherwise in this document, the rights of a party under this document are cumulative and are in addition to any other rights of that party. 18.10 Consents Except as expressly stated otherwise in this document, a party may conditionally or unconditionally give or withhold any consent to be given under this document and is not obliged to give its reasons for doing so. 18.11 Further steps Each party must promptly do whatever any other party reasonably requires of it to give effect to this document and to perform its obligations under it. 18.12 Business Days Except where otherwise expressly provided, if the day on or by which any act, matter or thing is to be done as required by this document is a day other than a Business Day, that act, matter or thing will be done on the immediately succeeding Business Day. 18.13 Governing law and jurisdiction (a) This document is governed by and is to be construed in accordance with the laws applicable in New South Wales. (b) Each party irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts exercising jurisdiction in New South Wales and any courts which have jurisdiction to hear appeals from any of those courts and waives any right to object to any proceedings being brought in those courts.

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Corrs Chambers Westgarth 3449-9198-7773v15 25 Rex Group Creditors' Trust Deed 18.14 Creditors' Power of Attorney Each Creditor irrevocably appoints each of the Trustees jointly and severally as its attorney to execute any document to give effect to the releases in clause 7.8. 18.15 Assignment (a) A party must not assign or deal with any right under this document without the prior written consent of the other parties. (b) Any purported dealing in breach of this clause is of no effect. 18.16 Liability An obligation of two or more persons binds them separately and together. 18.17 Counterparts (a) This document may be signed in any number of counterparts and exchanged by email or other electronic means, and all those counterparts taken together constitute one and the same instrument. (b) An executed counterpart sent by email or other electronic means to a party is deemed to be a validly executed and exchanged counterpart as if it were the original. 18.18 Electronic execution Each party consents to this document being executed electronically and existing in electronic form and agrees that electronic signatures, including scanned or pdf signatures, are legally valid and binding methods of execution and conclusive as to their intention to be bound as if signed by that party's (or any of its duly authorised signatory's) manuscript signature. Each party also confirms that the use of an electronic signing platform is a legally valid and binding method of execution. 18.19 Entire understanding (a) This document contains the entire understanding between the parties as to the subject matter of this document. (b) All previous negotiations, understandings, representations, warranties, memoranda or commitments concerning the subject matter of this document are merged in and superseded by this document and are of no effect. No party is liable to any other party in respect of those matters. (c) No oral explanation or information provided by any party to another: (i) affects the meaning or interpretation of this document; or (ii) constitutes any collateral agreement, warranty or understanding between any of the parties. 18.20 Further action to be taken at each party's own expense Each party must, at its own expense, do all things and execute all documents necessary to give full effect to this document and the transactions contemplated by it.

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Corrs Chambers Westgarth 3449-9198-7773v15 26 Rex Group Creditors' Trust Deed 18.21 Severance If any part of this document is or becomes illegal, ineffective, invalid or unenforceable, that part will be severed from this document and that severance will not affect the effectiveness, validity or enforceability of the remaining part of this document. 18.22 Relationship of parties This document is not intended to create a partnership, joint venture or agency relationship between the parties. 18.23 Duty Any stamp duty assessed on this document is to be paid out of the General Pool of the Trust Fund. 18.24 No reliance No party has relied on any statement by any other party not expressly included in this document. 18.25 Construction Unless expressed to the contrary, in this document: (a) words in the singular include the plural and vice versa; (b) any gender includes the other genders; (c) if a word or phrase is defined its other grammatical forms have corresponding meanings; (d) "includes" means includes without limitation; (e) no rule of construction will apply to a clause to the disadvantage of a party merely because that party put forward the clause or would otherwise benefit from it; (f) a reference to: (i) a person includes a partnership, joint venture, unincorporated association, corporation and a government or statutory body or authority; (ii) a person includes the person's successors, assigns and persons substituted by novation; (iii) any legislation includes subordinate legislation under it and includes that legislation and subordinate legislation as modified or replaced; (iv) an obligation includes a warranty or representation and a reference to a failure to comply with an obligation includes a breach of warranty or representation; (v) a right includes a benefit, remedy, discretion or power; (vi) time is to local time in Sydney, New South Wales, Australia; (vii) "$" or "dollars" is a reference to Australian currency; (viii) this or any other document includes the document as novated, varied or replaced and despite any change in the identity of the parties; (ix) this document includes all schedules and annexures to it; and

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Corrs Chambers Westgarth 3449-9198-7773v15 27 Rex Group Creditors' Trust Deed (x) a party, clause, schedule or annexure is a reference to a party, clause, schedule or annexure, as the case may be, of this document; (g) if the date on or by which any act must be done under this document is not a Business Day, the act must be done on or by the next Business Day; and (h) where time is to be calculated by reference to a day or event, that day or the day of that event is excluded. 18.26 Costs Each party must pay its own costs of negotiating, preparing and executing this document. 18.27 Survival Despite any other provisions of this document, clauses 1, 8, 10, 11, 13, 15, 16 and 18 survive the termination of this document. 18.28 Headings Headings and the table of contents do not affect the interpretation of this document. 18.29 Deed This document is a deed. Factors which might suggest otherwise are to be disregarded.

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Corrs Chambers Westgarth 3449-9198-7773v15 28 Rex Group Creditors' Trust Deed Execution Executed as a deed. Deed Administrators Signed sealed and delivered by Samuel Freeman in the presence of:)) ........................................................... Witness ........................................................... Name of witness (print) ........................................................... Signature Signed sealed and delivered by Justin Walsh in the presence of:)) ........................................................... Witness ........................................................... Name of witness (print) ........................................................... Signature Signed sealed and delivered by Adam Nikitins in the presence of:)) ........................................................... Witness ........................................................... Name of witness (print) ........................................................... Signature

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Corrs Chambers Westgarth 3449-9198-7773v15 29 Rex Group Creditors' Trust Deed Trustees Signed sealed and delivered by Samuel Freeman in the presence of:)) ........................................................... Witness ........................................................... Name of witness (print) ........................................................... Signature Signed sealed and delivered by Justin Walsh in the presence of:)) ........................................................... Witness ........................................................... Name of witness (print) ........................................................... Signature Signed sealed and delivered by Adam Nikitins in the presence of:)) ........................................................... Witness ........................................................... Name of witness (print) ........................................................... Signature

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Corrs Chambers Westgarth 3449-9198-7773v15 30 Rex Group Creditors' Trust Deed Companies Signed sealed and delivered by Regional Express Holdings Limited (subject to deed of company arrangement) ACN 099 547 270 by one of its joint and several deed administrators in the presence of: ........................................................... Witness ........................................................... Name of witness (print) ........................................................... Signature ........................................................... Name (print) Signed sealed and delivered by Air Partners Pty Ltd (subject to deed of company arrangement) ACN 065 221 356 by one of its joint and several deed administrators in the presence of: ........................................................... Witness ........................................................... Name of witness (print) ........................................................... Signature ........................................................... Name (print) Signed sealed and delivered by Rex Investment Holdings Pty Ltd (subject to deed of company arrangement) ACN 101 317 677 by one of its joint and several deed administrators in the presence of: ........................................................... Witness ........................................................... Name of witness (print) ........................................................... Signature ........................................................... Name (print)

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Corrs Chambers Westgarth 3449-9198-7773v15 31 Rex Group Creditors' Trust Deed Signed sealed and delivered by Regional Express Pty Ltd (subject to deed of company arrangement) ACN 101 325 642 by one of its joint and several deed administrators in the presence of: ........................................................... Witness ........................................................... Name of witness (print) ........................................................... Signature ........................................................... Name (print) Signed sealed and delivered by Rex Flyer Pty Ltd (subject to deed of company arrangement) ACN 671 816 621 by one of its joint and several deed administrators in the presence of: ........................................................... Witness ........................................................... Name of witness (print) ........................................................... Signature ........................................................... Name (print) Signed sealed and delivered by Australian Aero Propeller Maintenance Pty Ltd (subject to deed of company arrangement) ACN 131 278 889 by one of its joint and several deed administrators in the presence of: ........................................................... Witness ........................................................... Name of witness (print) ........................................................... Signature ........................................................... Name (print)

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Corrs Chambers Westgarth 3449-9198-7773v15 32 Rex Group Creditors' Trust Deed Signed sealed and delivered by Australian Airline Pilot Academy Pty Limited (subject to deed of company arrangement) ACN 128 392 469 by one of its joint and several deed administrators in the presence of: ........................................................... Witness ........................................................... Name of witness (print) ........................................................... Signature ........................................................... Name (print) Signed sealed and delivered by AAPA Victoria Pty Limited (subject to deed of company arrangement) ACN 118 837 586 by one of its joint and several deed administrators in the presence of: ........................................................... Witness ........................................................... Name of witness (print) ........................................................... Signature ........................................................... Name (print)

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Corrs Chambers Westgarth 3449-9198-7773v15 33 Rex Group Creditors' Trust Deed Deed Proponent Executed by Air T, Inc. SEAL ........................................................... Witness ........................................................... Name of witness (print) ........................................................... Signature of Authorised Signatory ........................................................... Name of Authorised Signatory (print)

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## Exhibit 10.8

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Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) is the type of information that the registrant treats as private or confidential. Triple asterisks denote omissions. OFFICIAL: Sensitive // Legal-Privilege OFFICIAL: Sensitive // Legal-Privilege Dated Intercreditor Deed – Regional Express Airlines Parties Commonwealth of Australia as represented by the Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts (ABN 86 267 354 017) Air T Lending 25.1, LLC P.T. Limited Each entity listed in Schedule 1 Norton Rose Fulbright Australia Level 5, 60 Martin Place SYDNEY NSW 2000 nortonrosefulbright.com Our ref: 4081080

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APAC-#312808975-v19© Norton Rose Fulbright AustraliaOFFICIAL: Sensitive // Legal-Privilege OFFICIAL: Sensitive // Legal-Privilege Contents 1 Definitions and interpretation .................................................................................................. 1 1.1 Definitions .................................................................................................................. 1 1.2 Interpretation ............................................................................................................12 1.3 Inconsistency ...........................................................................................................13 1.4 Multiple Parties ........................................................................................................14 1.5 Designation as Finance Documents ........................................................................14 2 Effectiveness of this document .............................................................................................14 2.1 Effectiveness ...........................................................................................................14 2.2 Interdependence ......................................................................................................14 3 Consent ................................................................................................................................14 4 Priority of Security ................................................................................................................15 4.1 Order of priority ........................................................................................................15 4.2 Ranking ....................................................................................................................15 5 Distribution of Proceeds following Liquidation Event or other Enforcement Action .............16 5.1 Order of application .................................................................................................16 5.2 Contingent liabilities .................................................................................................16 5.3 Obligation to account ...............................................................................................17 5.4 Good discharge .......................................................................................................17 6 Enforcement .........................................................................................................................17 6.1 Restriction on Enforcement Action ..........................................................................17 6.2 Rights not otherwise affected ..................................................................................18 6.3 First priority Security to take precedence ................................................................18 6.4 No obligation to marshal ..........................................................................................18 7 Sale of Relevant Collateral ...................................................................................................18 7.1 Restriction on sale of Relevant Collateral ................................................................18 7.2 Use of Relevant Collateral sale proceeds ...............................................................19 8 Air T payments......................................................................................................................19 8.1 Air T Debt .................................................................................................................19 8.2 Subordination ...........................................................................................................19 8.3 Undertakings by the Grantors in relation to the Air T Financiers and its Related Entities .....................................................................................................................20 8.4 Undertakings of Air T Financiers .............................................................................21 8.5 Permitted Payments ................................................................................................22 8.6 Amendments to Air T documentation and dealings with Air T Debt ........................22 8.7 Turnover of non-permitted payments ......................................................................23 8.8 Appropriations ..........................................................................................................24 8.9 Permitted refinance of Air T New Cap Notes...........................................................24 9 Distributions of Excess Cash Flows and Insurance Proceeds prior to Liquidation Event or other Enforcement Action .................................................................................................24 9.1 Order of application of Excess Cash Flows .............................................................24 9.2 Order of application of Insurance Proceeds ............................................................25 10 Commonwealth step-in right and purchase option ...............................................................26 10.1 Commonwealth step-in right ....................................................................................26 10.2 Commonwealth option to purchase Air T New Cap Notes ......................................26 11 Information undertakings and exchange of information .......................................................27

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APAC-#312808975-v19© Norton Rose Fulbright Australia OFFICIAL: Sensitive // Legal-Privilege 11.1 Enforcement Action .................................................................................................27 11.2 Amounts outstanding ...............................................................................................27 11.3 Commonwealth New Loan Agreement reporting and Excess Cash Flow reconciliation ............................................................................................................27 11.4 Rex Regional Commitments ....................................................................................28 11.5 Relevant Interest Rate, non-payment of interest and principal and Capitalisation Notice ................................................................................................29 11.6 Other information .....................................................................................................31 11.7 No termination .........................................................................................................31 12 Dealing with Security ............................................................................................................31 13 Further Assurances ..............................................................................................................31 14 PPSA ....................................................................................................................................32 15 Financiers' rights and Grantor's obligations continue ..........................................................32 16 Termination ...........................................................................................................................32 17 Representations and warranties ...........................................................................................32 18 Notices ..................................................................................................................................33 18.1 Communications in writing .......................................................................................33 18.2 Addresses ................................................................................................................33 18.3 Delivery ....................................................................................................................34 18.4 Reliance ...................................................................................................................34 19 Costs .....................................................................................................................................34 20 Confidentiality .......................................................................................................................34 21 General .................................................................................................................................35 21.1 Variation ...................................................................................................................35 21.2 Waiver ......................................................................................................................35 21.3 Cumulative rights .....................................................................................................35 21.4 Partial invalidity ........................................................................................................35 21.5 Binding obligations ...................................................................................................36 21.6 Counterparts ............................................................................................................36 21.7 Execution by attorney ..............................................................................................36 21.8 Governing law and jurisdiction .................................................................................36 22 Liability of Air T Security Trustee ..........................................................................................36 22.1 Limitation of liability ..................................................................................................36 22.2 Limit on liability ........................................................................................................37 22.3 Exceptions to limit on liability ...................................................................................38 22.4 Paramount ...............................................................................................................38 Schedule 1 – Grantors ......................................................................................................................39 Schedule 2 – Commonwealth Security .............................................................................................40 Schedule 3 – Air T Security ...............................................................................................................41 Schedule 4 – Rex Regional Commitments .......................................................................................42 Schedule 5 – Maintenance Reserve Methodology............................................................................48 Schedule 6 – Form Accession Deed .................................................................................................49

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APAC-#312808975-v19© Norton Rose Fulbright Australia 1 OFFICIAL: Sensitive // Legal-Privilege Deed dated 2025 Parties Commonwealth of Australia as represented by the Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts (ABN 86 267 354 017) of 111 Alinga Street Canberra, ACT 2601 (Commonwealth) Air T Lending 25.1, LLC of 5000 W 36th Street, Suite 200, Minneapolis MN 55416, United States (Original Air T Financier and Air T Facility Agent) P.T. Limited ACN 004 454 666 in its capacity as trustee of the Project Mustang Security Trust of Level 14, 123 Pitt Street, Sydney NSW 2000 (Air T Security Trustee) The entities listed in Schedule 1 (each a Grantor, together the Grantors) Introduction A The Commonwealth is, or will be, the holder of the Commonwealth Security. B The Air T Security Trustee is, or will be, the holder of the Air T Security. C The Financiers, with the concurrence of the Grantors have agreed to regulate the priorities between the Securities in the manner set out in this document. D The Air T Financier and the Grantors have agreed to the restrictions on the payment or repayment of the Air T Debt in the manner set out in this document. E The Financiers and the Grantors have agreed to certain other common matters, including, certain general and information undertakings and changes to the applicable interest rates, among other things, which are set out in this document. It is agreed 1 Definitions and interpretation 1.1 Definitions In this document: (1) Accession Deed means a document by which a person or entity accedes to this document as a party substantially in the form of Schedule 6; (2) Administrator has the meaning given to it in the Corporations Act;

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APAC-#312808975-v19© Norton Rose Fulbright Australia 2 OFFICIAL: Sensitive // Legal-Privilege (3) Air T Debt means all Debt of the Grantors to the Air T Financiers and the Air T Security Trustee (whether alone or with others); (4) Air T Financier means: (a) the Original Air T Financier; (b) each Air T Substitute Finance Party (other than a substitute of the Air T Security Trustee); and (c) each Refinance Finance Party, to the extent that such person or entity is or has become a Party to this document and (other than in the case of a Refinance Finance Party) is or remains the registered holder of any Air T New Cap Notes; (5) Air T New Cap Notes means each "Loan Note" under and for the purposes of the loan note subscription agreement dated on or about the date of this document between the Original Air T Financier, the Air T Security Trustee, the Air T Facility Agent and the Grantors; (6) Air T Priority Amount means A$50,000,000 (as reduced pursuant to principal repayments permitted pursuant to this document) plus Interest and Costs; (7) Air T Related Entity means a 'related entity' (giving that term the meaning in the Corporations Act) of the Original Air T Financier (which, to avoid doubt, does not include any Grantor); (8) Air T Required Payments means, for any Quarterly Determination Date and subject to clause 11.5(1)(c)(ii), all interest payments due on that date in accordance with the Air T New Cap Notes and any mandatory principal repayments permitted by this document (excluding any payments of principal from Excess Cash Flow contemplated by this document and excluding any repayment at the maturity date), without double counting where a Quarterly Determination Date and Determination Date fall on the same date; (9) Air T Security means at any time, each Security Interest held by an Air T Financier or the Air T Security Trustee from a Grantor or in respect of the Air T Debt, including the Security listed in Schedule 3; (10) Air T Security Trust Deed means the document establishing the Project Mustang Security Trust under which the Air T Security Trustee acts as security trustee in respect of each Air T Security; (11) Air T Substitute Finance Party has the meaning given to that term in clause 8.6; (12) Authorised Officer means: (a) in respect of the Grantor, any director, or any person from time to time nominated as an Authorised Officer by the Grantor by a notice to the Financiers accompanied by certified copies of signatures of all new persons so appointed (and in respect of which the Financiers have not received notice of revocation of the appointment); (b) in respect of the Commonwealth, First Assistant Secretary, Domestic Aviation and Reform Division or such other person or persons as the Commonwealth may notify to the other Parties to this document in writing from time to time;

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APAC-#312808975-v19© Norton Rose Fulbright Australia 3 OFFICIAL: Sensitive // Legal-Privilege (c) in respect of the Air T Security Trustee or the Air T Facility Agent, an employee or officer of the Security Trustee whose title contains the word 'manager', 'senior manager', 'director', 'executive', 'attorney', or 'head' or a similar term; and (d) in respect of an Air T Financier, an employee or officer of the Air T Financier whose title contains the word 'manager', 'senior manager', 'director', 'executive', 'attorney', or 'head' or a similar term or such other person or persons as an Air T Financier may notify to the other Parties to this document in writing from time to time; (13) Available Cash Flow means, for any Relevant Period and the relevant Determination Date, an amount which is calculated as follows: (a) [\*\*\*]; plus: (b) [\*\*\*]; less: (c) [\*\*\*]; (d) [\*\*\*]; adjusted for (as the context requires): (e) [\*\*\*]; (f) [\*\*\*]; and (g) [\*\*\*] (without double counting). (14) Business Day means a day that is not a Saturday, Sunday or any other day which is: (a) a public holiday or a bank holiday in New South Wales or in the Australian Capital Territory; (b) a public holiday or bank holiday in New York; or (c) a day falling between 24 December and 2 January (inclusive) in any particular year; (15) Capitalisation Notice has the meaning given to that term in clause 11.5; (16) Cash Flow Deduction has the meaning given to that term in clause 8.3(9); (17) Cash Sweep Commencement Date means the date falling 18 months after the Restructure Effective Date (or such earlier date as the Commonwealth and the Air T Facility Agent may agree); (18) Commonwealth Debt means all Debt of the Grantors to the Commonwealth (whether alone or with others) and provided that (unless provided otherwise in this

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APAC-#312808975-v19© Norton Rose Fulbright Australia 4 OFFICIAL: Sensitive // Legal-Privilege document) the Commonwealth shall apply amounts received by it from Proceeds or Excess Cash Flow in the following order of priority: (a) first, towards payment of all Debt owing by the Grantors to the Commonwealth in connection with the Commonwealth New Loan Agreement until the balance of that Debt is repaid in full; and: (b) second, towards payment of all Debt owing by the Grantors to the Commonwealth in connection with the Commonwealth Perpetual Loan Agreement until the balance of that Debt is repaid in full; (19) Commonwealth New Loan Agreement means the document titled 'Facility Agreement' dated on or about the date of this document between, among others, the Commonwealth and the Company; (20) Commonwealth New Loan Required Payments means in respect of any Relevant Period and the relevant Determination Date, subject to clause 11.5(4), the aggregate of all interest paid or payable and any mandatory principal repayments permitted by this document (excluding any payments of principal from Excess Cash Flow contemplated by this document) in each case falling due during that period; (21) Commonwealth Perpetual Loan Agreement means the document titled 'Commonwealth Facility Agreement' dated 11 November 2024 between, among others, the Commonwealth and the Company (as amended and restated on or about the Restructure Effective Date); (22) Commonwealth Priority Amount means all money secured by the Commonwealth Security at any time plus Interest and Costs; (23) Commonwealth Security means at any time, each Security Interest held by the Commonwealth from a Grantor, including the Security listed in Schedule 2 and any additional Security Interest granted to the Commonwealth in respect of any Specified Collateral after the date of this document; (24) Company means Regional Express Holdings Limited ACN 099 547 270; (25) Controller means a controller as defined in section 9 of the Corporations Act 2001 (Cth); (26) Corporations Act means Corporations Act 2001 (Cth); (27) Costs means all costs, charges and expenses (other than Interest) and, (in respect of the Air T Debt, Air T New Cap Notes and Air T Security only) the Air T Security Trustee's fees, payable by the Grantors under the relevant Security or otherwise to the Air T Security Trustee, including break costs and costs, charges and expenses incurred by the relevant Financier or the Air T Security Trustee (or a Controller appointed by that Financier or the Air T Security Trustee) as a result of or in connection with Enforcement Action; (28) Debt means all present and future debts and monetary liabilities (whether actual or contingent and whether owed jointly or severally or in any other capacity) irrespective of whether those debts or liabilities are: (a) owed as principal, interest, fees, charges, taxes, losses, damages, Costs or expenses or on any other account; or (b) owed as a result of the assignment of any debt or monetary liability to any person, or as a result of any dealing with that debt or monetary liability by any person;

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APAC-#312808975-v19© Norton Rose Fulbright Australia 5 OFFICIAL: Sensitive // Legal-Privilege (29) Determination Date means, for any Relevant Period, the last day of the Relevant Period; (30) Distribution means any dividend, special dividend, charge, fee or other amount distributed, declared or paid on or in connection with any Marketable Security; (31) EBITDA means, for any Relevant Period and calculated at the relevant Determination Date, an amount which is calculated as follows: (a) the consolidated operating/trading revenue and interest income of the Group; less (b) the consolidated operating/trading expenses of the Group, excluding: (i) interest expenses; (ii) company income tax expenses (or carry forward tax losses that could be used as a deduction toward the payment of future company income tax); (iii) depreciation expenses; and (iv) amortisation expenses. (32) Enforcement Action means any action to enforce any Security, including: (a) crystallising a floating charge; (b) appointing a Controller; (c) entering into possession of property under a Security; (d) exercising a power of sale over, or otherwise realising any property under, a Security; and (e) exercising any remedy of foreclosure, regardless of whether the action is taken by a Financier or by a Controller appointed by a Financier; (33) Event of Default means any event on which a Financier may rely to take action to enforce a Security and includes an event of default (however described) in any Security Agreement and any other document or agreement entered into between a Grantor and a Financier in connection with a Security or any amount secured by a Security; (34) Excess Cash Flow means, for any Relevant Period and calculated at the relevant Determination Date, an amount which is calculated as follows: (a) Available Cash Flow for that Relevant Period; less (b) Required Debt Payments for that Relevant Period (which, for avoidance of doubt, does not include capitalised interest), provided that if the result is less than zero, Excess Cash Flow for that Relevant Period will be deemed to be zero; however;

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APAC-#312808975-v19© Norton Rose Fulbright Australia 6 OFFICIAL: Sensitive // Legal-Privilege (c) in respect of any Relevant Period and the relevant Determination Date that fall after: (i) both: (A) the Air T New Cap Notes are fully drawn; and (B) the earlier to occur of (i) the facilities under the Commonwealth New Loan Agreement are fully drawn or (ii) the availability period under the Commonwealth New Loan Facility has expired and the commitments are cancelled or are otherwise no longer available to be drawn; or (ii) the availability period under the Air T New Cap Notes and the Commonwealth New Loan Facility has expired and the commitments are cancelled, if "Excess Cash Flow" is negative for that Relevant Period, such negative result will be carried forward to subsequent Relevant Periods and subtracted from any positive "Excess Cash Flow" result (if any) for those Relevant Periods until exhausted in full; (35) Existing Aircraft Fleet means only propeller aircraft and associated engines (whether on-wing or off wing) of the Grantors in connection with the Saab airframes and GE engines as at the Restructure Effective Date; (36) Financiers means the Commonwealth, the Air T Security Trustee, the Air T Facility Agent and Air T (including any Air T Substitute Finance Party or Refinance Finance Party which accedes to this document) and Financier means each of them; (37) Group means the Grantors and each of their subsidiaries; (38) Half Year means each 6 monthly period ending on 30 June and 31 December in any year and where applicable will also be a Relevant Period; (39) Half Year End means the last day of a Half Year and where applicable will also be a Determination Date; (40) Initial Period means the period commencing on the date of this document and ending on the earlier of: (a) the date the availability period under the Commonwealth New Loan Agreement has expired and the commitments are cancelled; and (b) the facilities under the Commonwealth New Loan Agreement are fully drawn; (41) Insolvency Event means in respect of a person, that the person: (a) is unable to pay its debts as they fall due or ceases to do so (in each case, unless such debt is waived or due date extended) or is otherwise deemed to be insolvent under any law; (b) is dissolved, deregistered, ceases to carry on all or a substantial part of its business, seeks protection from creditors, enters into a scheme of arrangement, deed of company arrangement, assignment or other arrangement for the benefit of its creditors (whether voluntary or not), has a

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APAC-#312808975-v19© Norton Rose Fulbright Australia 7 OFFICIAL: Sensitive // Legal-Privilege Controller appointed to it or any of its assets or steps are taken towards any of those things; or (c) is the subject of an analogous or equivalent event to any identified above under the law of any jurisdiction; (42) Insurance Proceeds means, in respect of any Relevant Collateral, the balance of the proceeds of any insurance claim under any insurance maintained by any Grantor in connection with that Relevant Collateral (after deducting any reasonable expenses in relation to that claim which are incurred by the Grantor to persons who are not Grantors or an Air T Related Entity) which are not applied in or towards the reinstatement or replacement of that Relevant Collateral in accordance with the then current business plan of the Group (as approved by Commonwealth); (43) Interest means all interest which has accrued and which has not been paid to the relevant Financier in respect of money secured by a Security and includes default interest, interest on interest and interest which has been capitalised; (44) Interest Rate Notice has the meaning given to that term in clause 11.5; (45) Liquidation Event means in respect of a Grantor, any of the following occurs: (a) an Insolvency Event occurs; or (b) without limiting paragraph (a), a provisional liquidation, administration, receivership, compromise, arrangement, amalgamation, reconstruction, winding up, dissolution, assignment for the benefit of creditors, arrangement or compromise with creditors, bankruptcy or death; or (c) an analogous or equivalent event to any identified above under the law of any jurisdiction; (46) Maintenance Reserve Allocation means, for any Half Year and calculated at the relevant Half Year End, an amount which is determined in accordance with the Maintenance Reserve Methodology; (47) Maintenance Reserve Methodology means the methodology used to calculate the maintenance reserve allocation for any Half Year. The approved methodology is, as at the date of this document, set out in Schedule 5, as may be amended from time to time with the consent of the Commonwealth (such consent not to be unreasonably withheld where the amendment relates to an adjustment to the "Estimated Costs (USD)" for components where the Company can demonstrate the estimated cost reflects the market cost of the relevant component (48) Marketable Securities means: (a) 'intermediated securities' and 'investment instruments' (each as defined in the PPSA); (b) a unit or other interest in a trust or partnership; and (c) a right or an option in relation to any of the above, whether issued or unissued; (49) Maturity Repayment (Air T Debt) means the repayment of the Air T Debt in respect of the Air T New Cap Notes on the Maturity Repayment Date (Air T Debt);

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APAC-#312808975-v19© Norton Rose Fulbright Australia 8 OFFICIAL: Sensitive // Legal-Privilege (50) Maturity Repayment Date (Air T Debt) means the "Final Repayment Date" applicable to the Air T New Cap Notes, being no earlier than 5 years after the date of the issue of the relevant Air T New Cap Notes; (51) NSW Stamp Duty Amount means the portion of the Stamp Duty Amount that is payable to Revenue NSW; (52) Option Period has the meaning given to that term in clause 10.2; (53) Party means a party to this document and includes its successors in title, permitted assigns and permitted transferees; (54) Payment Date means, for any Relevant Period, the date falling 5 Business Days after the Determination Date for that Relevant Period; (55) Permitted Other Borrowings means, at any time, the outstanding principal, capital or nominal amount and any fixed or minimum premium payable on prepayment or redemption in respect of any indebtedness described in paragraph (c) of the definition of "Permitted Financial Indebtedness" in the Commonwealth New Loan Agreement; (56) Permitted Payments means any of the following payments: (a) the Air T Required Payments for the relevant Quarter; (b) the payment of the Stamp Duty Amount to the relevant authority (or reimbursement for such amount paid by Air T Inc. or the Original Air T Financier) provided that the Company and its shareholders have complied with Part 2J.3 of the Corporations Act in relation to such payment; ; (c) payments permitted by clause 8.3(9); (d) payments from Excess Cash Flow made in accordance with clause 9.1(1)(b); (e) the Maturity Repayment (Air T Debt) pursuant to a refinance of the Air T Debt in accordance with clause 8.9; and (f) any other payments that have been approved in writing by the Commonwealth; (57) PPSA means the Personal Property Securities Act 2009 (Cth); (58) Principal Default Notice has the meaning given to that term in clause 11.5; (59) Proceeds means any proceeds received by a Party in respect of any Relevant Collateral, including proceeds received by a Financier from: (a) any disposal or realisation of, or other dealing with Relevant Collateral following or as a result of Enforcement Action or Liquidation Event; and (b) any income from the Relevant Collateral received by a Financier following Enforcement Action or Liquidation Event; (60) Purchase has the meaning given to that term in clause 10.2; (61) Purchase Date has the meaning given to that term in clause 10.2;

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APAC-#312808975-v19© Norton Rose Fulbright Australia 9 OFFICIAL: Sensitive // Legal-Privilege (62) Purchase Notice has the meaning given to that term in clause 10.2; (63) Quarterly Determination Date means each of 31 March, 30 June, 30 September and 31 December; (64) Quarter means each three calendar month period ending on a Quarterly Determination Date, or in the case of the first Quarter occurring after the Restructure Effective Date, the period starting on the Restructure Effective Date and ending on the first Quarterly Determination Date to occur after the Restructure Effective Date; (65) Refinance Finance Party has the meaning given to that term in clause 8.9; (66) Related Entity has the meaning it has in the Corporations Act 2001 (Cth); (67) Relevant Collateral means, at any time, the Grantor's right, title and interest in property which, at that time, is subject to the Commonwealth Security and the Air T Security; (68) Relevant Interest Rate means: (a) in respect of any Air T New Cap Notes, the rate per annum as notified in writing from time to time by Air T Facility Agent to the Commonwealth for the purposes of this paragraph (a), provided that at no time will the rate be less than 6.00% per annum or more than 12.00% per annum. At the date of this document the rate is 12.00% per annum; and (b) in respect of the Commonwealth New Loan Agreement: (i) (A) at any time while the Debt of the Grantor to an Air T Financier in connection with the Air T New Cap Notes is greater than zero, the rate per annum notified by the Air T Facility Agent to the Commonwealth pursuant to paragraph (a) (being, at the date of this document, 12.00% per annum); or (B) if paragraph (A) does not apply, the rate per annum as notified in writing from time to time by the Commonwealth to the Grantors provided that at no time will the rate be more than 12.00% per annum; plus (ii) if and at all times while the Grantors are not meeting the Rex Regional Commitments, an additional 2.00% per annum above the applicable rate in paragraph (i) above; (69) Relevant Period means, each period of 6 months ending on 30 June and 31 December in any year occurring after the Cash Sweep Commencement Date, with the first Relevant Period commencing on the Cash Sweep Commencement Date and ending on 30 June or 31 December whichever is the first to occur after the Cash Sweep Commencement Date; (70) Relevant Portion means: (a) unless paragraph (b) applies, for any Relevant Period and the relevant Determination Date:

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APAC-#312808975-v19© Norton Rose Fulbright Australia 10 OFFICIAL: Sensitive // Legal-Privilege (i) in respect of the Commonwealth: (A) if the Debt owing to the Commonwealth in respect of the Commonwealth Perpetual Loan Agreement is more than 50% of Opening Balance (as defined in the Restructuring Coordination Deed), 70% of the Excess Cash Flow for that Relevant Period and Determination Date; and (B) in any other case, 50% of the Excess Cash Flow for that Relevant Period and Determination Date; (ii) in respect of the Air T Financiers, Air T Security Trustee and the Air T New Cap Notes: (A) if paragraph (a)(i)(A) applies, an amount up to 30% of the Excess Cash Flow for that Relevant Period and Determination Date (the relevant percentage is to be determined by the Air T Facility Agent having regard to the need for the Grantors to retain adequate cash reserves to operate the business of the Group and notified to the Commonwealth and the Grantors prior to the Payment Date immediately following the relevant Determination Date); and (B) if paragraph (a)(i)(B) applies, an amount up to 50% of the Excess Cash Flow for that Relevant Period and Determination Date (the relevant percentage is to be determined by the Air T Facility Agent having regard to the need for the Grantors to retain adequate cash reserves to operate the business of the Group and notified to the Commonwealth and the Grantors prior to the Payment Date immediately following the relevant Determination Date). (b) on and from the earlier of the occurrence of any Enforcement Action or a Liquidation Event: (i) in respect of any Debt owing by the Grantors to the Air T Financiers and the Air T Security Trustee under the Air T New Cap Notes, [\*\*\*] of that Debt subject to a maximum amount equal to the Air T Priority Amount; and (ii) in respect of any Debt owing by the Grantors to the Commonwealth under the Commonwealth New Loan Agreement, [\*\*\*] of that Debt; (iii) in respect of any Debt owing by the Grantors to the Commonwealth under the Commonwealth Perpetual Loan Agreement, [\*\*\*] of that Debt; (71) Required Debt Payments means, for any Relevant Period and the relevant Determination Date, the aggregate of: (a) the aggregate amount (whether in the nature of interest or principal) paid or payable by any member of the Group in respect of Permitted Other Borrowings for that Relevant Period; (b) Commonwealth New Loan Required Payments for that Relevant Period; and

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APAC-#312808975-v19© Norton Rose Fulbright Australia 11 OFFICIAL: Sensitive // Legal-Privilege (c) Air T Required Payments for that Relevant Period; (72) Restricted Cash Flow Deduction means a Cash Flow Deduction which does not satisfy the criteria in clauses 8.3(9)(a) to 8.3(9)(d) (inclusive); (73) Restricted Distribution means any action contemplated in clause 8.2(1)(a); (74) Restructure Effective Date has the meaning given to the term "Restructure Effective Date" in the Restructuring Coordination Deed; (75) Restructuring Coordination Deed means the document titled "Restructuring Coordination Deed – Regional Express Airlines" dated on or about the date of this document between the Original Air T Financier and the Commonwealth; (76) Rex Regional Commitments means the requirements set out in Schedule 4 (as that schedule may be amended from time to time in writing by the Parties); (77) RRC Report means a report, in the form agreed between the Grantors and the Commonwealth from time to time, setting out the information and responses that demonstrate that the Grantors are complying with the Rex Regional Commitments; (78) Securities means, together, the Commonwealth Security and the Air T Security and Security means any of them; (79) Security Agreement means an agreement between a Grantor and a Financier which gives rise to a Security; (80) Security Interest means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement, notice or arrangement having a similar effect, including any "security interest" as defined in the PPSA; (81) Specified Collateral means all the Grantors' right, title and interest in: (a) the Existing Aircraft Fleet and all aircraft simulators owned by any Grantors; and (b) all property which at any time comprises aircraft assets (including airframes and engines) and aircraft simulators, to the extent that property is acquired by the relevant Grantor after the Restructure Effective Date with proceeds of a loan under the Commonwealth New Loan Agreement; (82) Stamp Duty Amount means the amount of any stamp duty paid or payable by Air T Inc or the Original Air T Financier in connection with Air T Inc's acquisition of all of the equity interests in the Company that is not otherwise waived; (83) Step-In Right means the Commonwealth's right to Step-In pursuant to clause 10.1; (84) Step-In has the meaning given to that term in clause 10.1; (85) Step-In Date has the meaning given to that term in clause 10.1; (86) Step-In Notice has the meaning given to that term in clause 10.1; (87) Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same);

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APAC-#312808975-v19© Norton Rose Fulbright Australia 12 OFFICIAL: Sensitive // Legal-Privilege (88) Termination Date means the date on which: (a) the Commonwealth Debt has been repaid in full; and (b) the Commonwealth Security has been released in full, irrespective of whether the Air T Debt has been repaid as permitted by this document; (89) Waiver Notice has the meaning given to that term in clause 11.5; and (90) Waiver Period has the meaning given to that term in clause 11.5. 1.2 Interpretation (1) Any reference in this document to: (a) any Party includes its successors in title, permitted assigns and permitted transferees (including each party which accedes to this document pursuant to and in accordance with an Accession Deed); (b) an amendment includes a supplement, novation, extension (whether of maturity or otherwise), restatement, re-enactment or replacement (however fundamental and whether or not more onerous), and amended will be construed accordingly; (c) assets and property includes present and future properties, revenues and rights of every description; (d) a document includes any agreement in writing, or any certificate, notice, document, instrument or other document of any kind and is a reference to that document as amended, restated or novated; (e) disposal means a sale, transfer, assignment, grant, lease, licence, declaration of trust or other disposal, whether voluntary or involuntary and whether in a single transaction or a series of transactions, and dispose will be construed accordingly; (f) guarantee means any guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation is assumed in order to maintain or assist the ability of such person to meet its indebtedness or to assure any creditor against loss; (g) indebtedness includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent; (h) a law means any law or legal requirement, including at common law, in equity, under any statute, rule, regulation, proclamation, order in council, ordinance, by-law, interim development order, planning scheme or environmental planning scheme whether commonwealth, state, territorial or local; (i) a person or entity includes any person, firm, company, corporation, government, state or agency of a state or any association, trust or

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APAC-#312808975-v19© Norton Rose Fulbright Australia 13 OFFICIAL: Sensitive // Legal-Privilege partnership (whether or not having separate legal personality) or 2 or more of them and any reference to a particular person or entity (as so defined) includes a reference to that person's or entity's executors, administrators, successors, substitutes (including by novation) and assigns; (j) a regulation includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation and if not having the force of law, with which responsible entities in the position of the relevant Party would normally comply; (k) the words including, for example or such as when introducing an example do not limit the meaning of the words to which the example relates to that example or examples of a similar kind; (l) a provision of law or a regulation is a reference to that provision as amended or re-enacted and a reference to a statute includes all regulations, proclamations, ordinances and by laws issued under that statute and any law or regulation which varies, consolidates or replaces any of them; and (m) unless a contrary indication appears, a time of day is a reference to Sydney time. (2) The singular includes the plural and the plural includes the singular. (3) This document includes any annexure or schedule to it. (4) Section, clause and schedule headings are for ease of reference only. (5) Other parts of speech and grammatical forms of a word or phrase defined in this document have a corresponding meaning. (6) No provision of this document will be construed adversely to a Party because that Party was responsible for the preparation of this document or that provision. (7) If a Party comprises 2 or more persons: (a) a reference to that Party includes each and any 2 or more of them; and (b) this document binds each of them separately and any 2 or more of them jointly. (8) Unless the context indicates otherwise, where a day on or by which anything is to be done is not a Business Day, that thing must be done on or by the next Business Day. 1.3 Inconsistency (1) To the extent permitted by law, this document prevails to the extent it is inconsistent with any law. (2) If there is any inconsistency between any obligations of the Grantor to the Financiers relating to the Relevant Collateral that results in the Grantor being unable to comply with both of them, the obligations to the Commonwealth prevail.

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APAC-#312808975-v19© Norton Rose Fulbright Australia 14 OFFICIAL: Sensitive // Legal-Privilege 1.4 Multiple Parties If a party to this document is made up of more than one person, or a term is used in this document to refer to more than one party, then unless otherwise specified in this document: (1) an obligation of those persons is joint and several; (2) a right of those persons is held by each of them severally; and (3) any other reference to that party or that term is a reference to each of those persons separately, so that (for example): (a) a representation, warranty or undertaking relates to each of them separately; and (b) a reference to that party or that term is a reference to each of those persons separately. 1.5 Designation as Finance Documents The Commonwealth and the Grantors agree this document is a "Finance Document" for the purposes of each of the Commonwealth New Loan Agreement and the Commonwealth Perpetual Loan Agreement. 2 Effectiveness of this document 2.1 Effectiveness Subject to the terms of this document, each Party is bound by this document with effect on and from the date of this document or from the date it becomes a Party pursuant to and in accordance with an Accession Deed. 2.2 Interdependence The parties agree that: (1) this document and the transactions contemplated under it are conditional on the occurrence of Restructure Effective Date; and (2) if for any reasons the Restructure Effective Date does not occur or is deemed not to have occurred, unless otherwise agreed by the parties: (a) this document will be deemed not to be effective; and (b) the transactions contemplated under this document will be deemed not to have been completed. 3 Consent Each Financier: (1) consents to the creation and existence of the Security; and (2) agrees that the creation or existence of a Security is not a breach of any other Security or any other documents relating to amounts secured by a Security, to which it is a party.

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APAC-#312808975-v19© Norton Rose Fulbright Australia 15 OFFICIAL: Sensitive // Legal-Privilege 4 Priority of Security 4.1 Order of priority The Securities rank in the following order of priority: (1) in respect of the Specified Collateral: (a) first, the Commonwealth Security for aggregate amounts up to the Commonwealth Priority Amount; and (b) second, the Air T Security for aggregate amounts up to the Air T Priority Amount and any other money secured by the Air T Security; and (2) in respect of Relevant Collateral (other than the Specified Collateral): (a) first, the Air T Security for aggregate amounts up to the Air T Priority Amount; (b) second, the Commonwealth Security for aggregate amounts up to Commonwealth Priority Amount; and (c) third, the Air T Security for any other money secured by the Air T Security. 4.2 Ranking (1) The priority ranking in clause 4.1 applies regardless of any fact, matter or thing which may otherwise affect that ranking, including: (a) the order of registration, notice or execution of any document or Security; (b) the terms of any Security; (c) the order of attachment or perfection of any Security; (d) the manner in which a Security is perfected; (e) the repayment in whole or in part of any amount secured by a Security; (f) the grant by a Financier or any other person of any time, waiver or other indulgence or concession; (g) any partial discharge or release of a Security or of any person from any obligation in connection with a Security or any amount secured by it; (h) when any amount secured by a Security is incurred or becomes owing; (i) whether or when any Financer is obliged to advance any amount secured by a Security; (j) any fluctuation in the amount secured by a Security, or any intermediate discharge of, any amount secured by a Security; or (k) any other fact or circumstance which might otherwise alter or postpone the priorities. (2) Each Financier agrees to cooperate with each other of them in the implementation of the order of priority specified in clause 4.1.

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APAC-#312808975-v19© Norton Rose Fulbright Australia 16 OFFICIAL: Sensitive // Legal-Privilege (3) Each Party acknowledges and agrees that the arrangements set out in this document are not intended to benefit and may not be enforced by any person other than a Party. 5 Distribution of Proceeds following Liquidation Event or other Enforcement Action 5.1 Order of application (1) Following the occurrence of any Enforcement Action or Liquidation Event, the Proceeds must be distributed by the Financiers in accordance with the following order of priority: (a) first, pari passu and rateably, (i) to the Commonwealth towards payment of the Debt owing by the Grantors to the Commonwealth under the Commonwealth New Loan Agreement in the applicable Relevant Portion; (ii) to the Commonwealth towards of payment of the Debt owing by the Grantors to the Commonwealth under the Commonwealth Perpetual Loan Agreement in the applicable Relevant Portion; (iii) to the Air T Security Trustee towards payment of the Debt owing by the Grantors to the Air T Security Trustee and the Air T Financiers in connection with the Air T New Cap Notes (up to a maximum amount equal to the Air T Priority Amount) in the applicable Relevant Portion (to be applied in the relevant order of application set out in the Air T Security Trust Deed), until the relevant Debt has been paid in full; (b) second, to the Commonwealth towards payment of the remaining Debt owing by the Grantors to the Commonwealth under the Commonwealth Perpetual Loan Agreement; and (c) third, to the Air T Security Trustee towards payment of any remaining Debt owing by the Grantors to the Air T Security Trustee and the Air T Financiers in connection with the Air T New Cap Notes in excess of the Air T Priority Amount (in the order applied in the relevant order of application set out in the Air T Security Trust Deed). (2) Each Party acknowledges that the obligations of the Financiers to account to each other under this document are subject to any applicable law to the contrary. 5.2 Contingent liabilities If a Security secures a contingent liability owed to a Financier, until the relevant Financier is satisfied that the contingent liability has been extinguished, the Financier may retain from the Proceeds an amount, consistent with: (1) prior to the occurrence of an Enforcement Action or Liquidation Event, the priority established under clause 4.1 subject to clause 9; (2) following the occurrence of an Enforcement Action or Liquidation Event, the priority established under clause 5.1(1), in each case, which it reasonably estimates to be the amount of the contingent liability.

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APAC-#312808975-v19© Norton Rose Fulbright Australia 17 OFFICIAL: Sensitive // Legal-Privilege 5.3 Obligation to account (1) If a Financier receives Proceeds to which the other Financier is entitled under clause 5.1, that Financier must: (a) hold those Proceeds for the benefit of the other Financier, separately from its other assets; and (b) promptly account to the other Financier for the relevant Proceeds. (2) Any Proceeds paid by a Financier (payer) to the other Financier (recipient) in accordance with clause 5.3(1) will be deemed to have been paid by the Grantor to the recipient and the liability of the Grantor to the payer will not be reduced by reason of the payer's receipt of those Proceeds from the Grantor. (3) If the payer is required for any reason to repay to the Grantor or any other person (including a Controller of the Grantor) any amount paid to the recipient in accordance with clause 5.3(1), the recipient must immediately refund to the payer the amount which was paid to the recipient by the payer in accordance with clause 5.3(1) and the rights of the Parties will be adjusted accordingly. 5.4 Good discharge An acknowledgement of receipt signed by the relevant person to whom payments are to be applied under this clause 5 will discharge the payer. 6 Enforcement 6.1 Restriction on Enforcement Action Despite anything contained in any Security Agreement: (1) so long as the Air T New Cap Notes are not subject to a subsisting Principal Default Notice and no Step-In has occurred or a Waiver Notice is subsisting, the Air T Security Trustee and the Air T Financiers must not take Enforcement Action without the prior written consent of the Commonwealth; (2) if any Air T New Cap Note is subject to a subsisting Principal Default Notice and no Step-In Notice has been delivered in accordance with clause 10.1(1), the Air T Financiers and the Air T Security Trustee may only take Enforcement Action if the Air T Security Trustee has first provided the Commonwealth with at least 45 days prior notice of its intention to take Enforcement Action, including details of such proposed Enforcement Action and the basis for taking it; and (3) if any Air T New Cap Note is subject to a subsisting Principal Default Notice and a Step-In Notice has been delivered but no Purchase Notice has been delivered in accordance with clause 10.2(1) and the Option Period has expired, the Air T Financiers and the Air T Security Trustee may only take Enforcement Action if the Air T Security Trustee has first provided the Commonwealth with at least 45 days prior notice of its intention to take Enforcement Action, including details of such proposed Enforcement Action and the basis for taking it; and (4) solely to the extent necessary to preserve its Security Interest but not otherwise unless in accordance with this clause 6.1, a Financier may take Enforcement Action in respect of any Security Interest granted by a Grantor during the 'decision period' for the purposes of section 441A of the Corporations Act if an Administrator has been appointed to that Grantor, without the consent of the other Financier.

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APAC-#312808975-v19© Norton Rose Fulbright Australia 18 OFFICIAL: Sensitive // Legal-Privilege 6.2 Rights not otherwise affected (1) Nothing in this document affects the rights of a Financier in respect of any Security Interest over any assets of the Grantor, other than the Relevant Collateral. (2) Subject to clause 6.1 a Financier may take Enforcement Action in respect of any Security Interest it holds for the payment of money secured by any of its Security in any order and in any manner it considers fit. 6.3 First priority Security to take precedence (1) If a Financier (First Financier) takes Enforcement Action in respect of any Relevant Collateral while it retains priority under clause 4.1: (a) the First Financier's Enforcement Action will take precedence over any Enforcement Action taken by the other Financier (Second Financier); and (b) the Second Financier must do all things (including signing documents) reasonably requested by the First Financier to facilitate the First Financier's Enforcement Action, including delivering to the First Financier promptly on request: (i) a duly executed release of each of the Second Financier's Security as far as it relates to any Relevant Collateral being sold; (ii) any other document reasonably required by the First Financier to provide unencumbered title to any purchaser of any Relevant Collateral. (2) The First Financier is entitled to retain all documents of title to the Relevant Collateral while it retains priority in respect of that Relevant Collateral under clause 4.1 and the Grantor, the Air T Security Trustee and the Air T Financiers must promptly deliver all such documents of title held or controlled by either of them during that time to the Commonwealth. 6.4 No obligation to marshal A Financier is not obliged to marshal in favour of another Financier or the Grantor any right or Security held by it in relation to any money secured by a Security. 7 Sale of Relevant Collateral 7.1 Restriction on sale of Relevant Collateral Despite anything contained in any Security Agreement, at all times prior to the Termination Date: (1) no Specified Collateral may be sold without the prior written consent of the Commonwealth provided that such consent must not be unreasonably withheld with respect to up to 5 Saab aircraft comprised in the Existing Aircraft Fleet if the relevant Grantors demonstrate to the satisfaction of the Commonwealth that the continued holding, maintenance and operation of the relevant aircraft is not commercially or economically viable and the Grantors and Commonwealth agree that it is not necessary to hold the relevant aircraft for spare parts to maintain the reliability of the remaining Existing Aircraft Fleet; and (2) without limiting clause 7.1(1), no Relevant Collateral may be sold to an Air T Related Entity without the prior written consent of the Commonwealth.

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APAC-#312808975-v19© Norton Rose Fulbright Australia 19 OFFICIAL: Sensitive // Legal-Privilege 7.2 Use of Relevant Collateral sale proceeds Unless a Liquidation Event has occurred or other Enforcement Action is continuing, the proceeds from the sale of any Relevant Collateral will be: (1) prior to the Cash Sweep Commencement Date, applied to support the regional airline business operated by the Grantors and provided that no such proceeds may be used to make any distribution to an Air T Financier or any Air T Related Entity nor to pay or repay any Air T Debt (including any management, advisory or other fee to or to the order of an Air T Financier, any Air T Related Entity or (if any) any other shareholders of a Group member); (2) on and from the Cash Sweep Commencement Date, in respect of proceeds from sale or other disposal of any Relevant Collateral, included as part of Available Cash Flow for the Relevant Period in which the sale occurred. 8 Air T payments 8.1 Air T Debt Each Grantor and each Air T Financier undertakes to the Commonwealth that the Grantors will not incur any Debt, and no Air T Financier will make available any Debt to the Grantors, exceeding the Air T Priority Amount without providing prior written notice to the Commonwealth. To the extent that any Debt is incurred or provided in excess of the Air T Priority Amount, the Air T Financiers acknowledge and agree that such Debt shall not form part of the Air T Priority Amount. 8.2 Subordination (1) Until the Termination Date: (a) the Grantors must not (and must ensure that no other member of the Group will): (i) declare, make or pay any Distribution (or interest on any unpaid Distribution) (whether in cash or in kind) as issuer of any Marketable Securities; (ii) repay, pay or distribute any dividend; (iii) pay or allow any member of the Group to pay any management, advisory or other fee to or to the order of an Air T Financier, any Air T Related Entity or (if any) any other shareholders of a Group member; or (iv) redeem, repurchase, defease, retire or repay any of its share or equity capital or membership interests or resolve to do so, in each case, other than: (v) a Permitted Payment; (vi) payment of any such amount by a member of the Group to a Grantor; and (b) each Air T Financier and each Grantor must comply with its obligations under this clause 8.

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APAC-#312808975-v19© Norton Rose Fulbright Australia 20 OFFICIAL: Sensitive // Legal-Privilege (2) Nothing in this document creates a Security Interest over any asset of the Original Air T Financier. 8.3 Undertakings by the Grantors in relation to the Air T Financiers and its Related Entities The Grantors must not do any of the following except as permitted under clause 8.5 or as permitted by this document following a Liquidation Event or Enforcement Action: (1) pay or repay or make or receive any distribution in respect of, any Air T Debt, whether in cash or kind from any source; (2) pay or repay or make or receive any Restricted Distribution, whether in cash or kind from any source; (3) allow any of its Subsidiaries (as defined in the Corporations Act 2001 (Cth)) to purchase or acquire any of the Air T Debt; (4) allow any Air T Debt to be discharged in a manner inconsistent with this document, the Commonwealth New Loan Agreement or the Commonwealth Perpetual Loan Agreement; (5) allow to exist or grant the benefit of any Security Interest, guarantee, indemnity or other assurance against loss in respect of any Air T Debt (other than the Air T Security); (6) set off the Air T Debt against any money owing to the Grantors by an Air T Financier at any time or exercise any right of combination of accounts or similar right or procedure in relation to such money; (7) take or omit to take any action which might impair the priority achieved or intended to be achieved by this document; (8) may make any loans or other financial accommodation available to and Air T Financier or any Air T Related Entity, or discharge any liability or expenses of an Air T Financier or any Air T Related Entity) other than with the prior written consent of the Commonwealth; or (9) make any payments to an Air T Financier or any Air T Related Entity (in cash or in kind) from or on account of: (i) operating expenses; (ii) capital expenditure; (iii) permanent increases in working capital; (iv) the Maintenance Reserve Allocation; (v) or taxes (each a Cash Flow Deduction) unless in each case: (a) the amount paid can be substantiated by evidence reasonably acceptable to the Commonwealth; (b) the amount is a reimbursement or payment of costs and expenses of the Original Air Financier or an Air T Related Entity of the Original Air T Financier to third parties and which represent direct costs in connection with the Group evidenced by invoices (and which are a straight pass through cost with no premium or mark-up) (Direct Passthrough Expenses); (c) in respect of reimbursement or payment of costs of the Original Air T Financier or an Air T Related Entity of the Original Air T Financier, where: (i) the amount paid reflects an appropriate allocation of the Original Air T Financier or the Air T Related Entity of the Original Air T Financier of a shared expense;

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APAC-#312808975-v19© Norton Rose Fulbright Australia 21 OFFICIAL: Sensitive // Legal-Privilege (ii) such shared expense is not otherwise duplicating a similar expense incurred by the Group in its business operations; and (iii) the expenditure is generating value for the Grantors or otherwise represents an expense reduction or cost saving or 'value add' for the Grantors (which, on request from the Commonwealth (made no more than once annually), the Air T Financier will demonstrate in a report detailing the relevant value, expense reduction, cost saving or 'value add' that the Grantors have received from this expenditure); (d) the aggregate amount of all Cash Flow Deductions in any Half Year (excluding any Direct Passthrough Expenses) does not exceed the lesser of: (i) the ordinary corporate overhead expenses derived by standard allocation methodologies disclosed by Air T to the Commonwealth (and accepted by the Commonwealth); and (ii) the equivalent of 1.0% of the revenue for the Group for that Half Year (to be confirmed by reference to the audited financial reports of the Group to be delivered to the Commonwealth in accordance with the Commonwealth Finance Documents). 8.4 Undertakings of Air T Financiers (1) Each Air T Financier must not (and must ensure no Air T Related Entity will) do any of the following except as permitted under clause 8.5 or as permitted by this document following a Liquidation Event or Enforcement Action: (a) receive or allow any Restricted Distribution, whether in cash or kind from any source; (b) receive any loans or other financial accommodation made available from any Grantor, or allow any Grantor to discharge any liability or expenses of an Air T Financier or any Air T Related Entity; or (c) receive any payments (in cash or in kind) which comprise a Restricted Cash Flow Deduction (2) No Air T Financier may enter into any sub-participation, risk- participation or other funding arrangement that transfers either directly or indirectly the economic or commercial benefit of the Air T Debt to a third party (including any rights to vote in relation to matters concerning the Air T Debt) (each an Air T Debt Funding Arrangement) without the prior approval of the Commonwealth and: (a) without limiting the Commonwealth's rights under this clause, if an Air T Financier proposes to enter into an Air T Debt Funding Arrangement that Air T Financier must notify the Commonwealth and provide the Commonwealth with such information and documents as it may reasonably require to enable it to consider whether to approve such Air T Debt Funding Arrangements; and (b) the parties agree and acknowledge that any Air T Debt Funding Arrangement entered into without the approval of the Commonwealth will not be binding on the other parties to this document.

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APAC-#312808975-v19© Norton Rose Fulbright Australia 22 OFFICIAL: Sensitive // Legal-Privilege 8.5 Permitted Payments Despite any other provision of this document, the Grantors may make Permitted Payments and an Air T Financier may receive and retain Permitted Payments until the first to occur of: (1) an Event of Default; (2) an Insolvency Event in respect of the Grantor or an Air T Financier; (3) a Liquidation Event; (4) any Enforcement Action is taken; or (5) any continuing contravention by an Air T Financier, the Air Security Trustee or the Air T Facility Agent of any of its material obligations under this document. 8.6 Amendments to Air T documentation and dealings with Air T Debt Neither a Grantor, the Air T Security Trustee, the Air T Facility Agent nor an Air T Financier: (1) may amend, waive or release any term of any document or agreement entered into between an Air T Financier and the Grantors or any other person in connection with the Air T Security or the Air T Debt, except for: (a) an amendment consented to by the Commonwealth; (b) amendments, waivers or releases expressly permitted by this document (including any amendment, waiver or release in connection with an assignment, transfer or other dealing permitted pursuant to, and in accordance with, clause 8.6(2)); or (c) an amendment which: (i) is a procedural, administrative or other similar change; and (ii) does not prejudice any Commonwealth Debt, the Commonwealth or impair the subordination achieved or intended to be achieved by this document; (2) may consent to, permit or otherwise allow any assignment, transfer or other dealing with of all or any part of an Air T Financier's or the Air T Security Trustee's rights or obligations in respect of the Air T Debt (including by way of assignment, transfer or other disposal of the Air T New Cap Notes) to any person or persons (each a Substitute Air T Finance Party) unless: (a) the Substitute Air T Finance Party is acceptable to the Commonwealth (other than where such assignment, transfer or other dealing is in respect of the Air T Security Trustee where it is also assigning, transferring or otherwise dealing with its rights and/or obligations in connection with the Air T Security Trust Deed or Air T Security); and (b) the Substitute Air T Finance Party accedes to this document by execution of an Accession Deed and agrees to be bound by the terms of this document as if the Substitute Air T Finance Party were the Original Air T, an Air T Substitute Finance Party, the Air T Facility Agent or the Air T Security Trustee (as applicable); or

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APAC-#312808975-v19© Norton Rose Fulbright Australia 23 OFFICIAL: Sensitive // Legal-Privilege (3) may designate any document or agreement as a "Secured Agreement" for the purposes of any Air T Security without the prior written consent of the Commonwealth unless such document is directly related to or contemplated by the Air T New Cap Loan Notes as at the date of this document or in connection with any assignment, transfer or other dealing permitted pursuant to, and in accordance with, clause 8.6(2); (4) will register, or will lodge for registration, any irrevocable de-registration and export request authorisation with the Australian Civil Aviation Safety Authority in respect of any airframes or engines of any member of the Group that are subject to any Air T Security without the prior written consent of the Commonwealth or in connection with a disposal expressly permitted by this document. 8.7 Turnover of non-permitted payments (1) If at any time prior to the Termination Date: (a) an Air T Financier receives a payment or distribution in respect of any of the Air T Debt from a Grantor or any other source; (b) an Air T Financier, any Air T Related Entity, the Air Facility Agent or the Air T Security Trustee receives a payment or distribution which is a Restricted Distribution or a Restricted Cash Flow Deduction from a Grantor or any other source, (c) an Air T Financier receives the proceeds of any enforcement of any Security Interest or any guarantee or other assurance against financial loss for any Air T Debt, other than as allowed under this clause 8, the Air T Financier, the Air Facility Agent or the Air T Security Trustee (as the case may be) must hold the amount received by it (or in the case of Restricted Distribution or a Restricted Cash Flow Deduction received by an Air T Related Entity an amount equal to that Restricted Distribution or Restricted Cash Flow Deduction (as the case may be)) (up to a maximum of an amount equal to the Commonwealth Debt) for the benefit of the Commonwealth and immediately pay that amount (up to that maximum) to the Commonwealth for application against the Commonwealth Debt. (2) Each Air T Financier, the Air Facility Agent or the Air T Security Trustee grants a security interest over any personal property which is the subject of a trust arising under clause 8.7(1), for the purposes of section 268(2)(c)(iv) of the PPSA. That security interest secures payment of the Commonwealth Debt. (3) If, for any reason, any of the Air T Debt is discharged in any manner other than as allowed under this clause 8, the relevant Air T Financier or the Air Facility Agent (in either case, whether acting directly or through the Air T Security Trustee) or the Air T Security Trustee (as the case may be) must immediately pay an amount equal to the amount discharged to the Commonwealth for application against the Commonwealth Debt. (4) If, for any reason, any trust expressed to be created in this clause 8.7 should fail or be unenforceable, the relevant Air T Financier, the Air Facility Agent or the Air T Security Trustee (as the case may be) will promptly pay an amount equal to the receipt or recovery to the Commonwealth to be held on trust by the Commonwealth.

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APAC-#312808975-v19© Norton Rose Fulbright Australia 24 OFFICIAL: Sensitive // Legal-Privilege 8.8 Appropriations Subject to clause 5, until the Termination Date, the Commonwealth may: (1) refrain from applying any money in reduction of the Commonwealth Debt or taking steps to enforce any Security Interest in respect of the Commonwealth Debt; or (2) apply such money and enforce such Security Interest and rights in such manner and order as it sees fit (whether against those amounts or otherwise), without affecting the liability of an Air T Financier, the Air Facility Agent or the Air T Security Trustee under this clause 8; and (3) hold in an interest-bearing suspense account any moneys or distributions received from an Air T Financier, the Air Facility Agent or the Air T Security Trustee under this clause 8. 8.9 Permitted refinance of Air T New Cap Notes Without prejudice to clause 8.5, the Grantors may refinance the Air T New Cap Notes with new Debt solely for the purposes of making the Maturity Repayment (Air T Debt) (Refinance Debt) and provided the Refinance Debt satisfies each of the following: (1) the maximum principal amount of the Refinance Debt is equal to or less than the Air T Priority Amount as at the Maturity Repayment Date (Air T Debt); (2) the terms of the Refinance Debt are not materially more onerous than the terms of the covenants (such as reporting requirements, representations and warranties, undertakings and events of default) of the Air T New Cap Notes and the interest rate (including step-ups and default rates) and fees must be in aggregate no higher than the equivalent under the Air T New Cap Notes (as if all parties to the Air T New Cap Notes have complied with their obligations under this document regarding amendments and interest rates); (3) the financier(s) of the Refinance Debt are genuine third party lenders acceptable to the Commonwealth (acting reasonably) and to avoid doubt a lender that is a hedge fund, vulture fund or other financer dealing in distressed debt or subject to any international or Australian sanctions will not be acceptable to the Commonwealth (each Refinance Finance Party); and (4) each party to the Refinance Debt accedes to this document and agrees to be bound by this document such that this document will apply to the Refinance Debt and each Refinance Finance Party as if the Refinance Debt were Air T Debt and each Refinance Finance Party were the Original Air T Financier, an Air T Substitute Finance Party, the Air T Facility Agent and the Air T Security Trustee (as applicable). 9 Distributions of Excess Cash Flows and Insurance Proceeds prior to Liquidation Event or other Enforcement Action 9.1 Order of application of Excess Cash Flows (1) On each Payment Date occurring on or after the Cash Sweep Commencement Date and prior to a Liquidation Event or commencement of any other Enforcement Action, an amount equal to the Excess Cash Flow (if any) must be applied by the Grantors in the following proportions:

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APAC-#312808975-v19© Norton Rose Fulbright Australia 25 OFFICIAL: Sensitive // Legal-Privilege (a) to the Commonwealth in the applicable Relevant Portion of the Excess Cash Flow as determined for the Determination Date immediately preceding that Payment Date together with the applicable Relevant Portion of an adjustment amount payable in accordance with clause 11.3(5) on that Payment Date, to be applied by the Commonwealth as follows: (i) first, towards payment of the Debt owing to the Commonwealth under the Commonwealth New Loan Agreement; and (ii) second, towards payment of the Debt owing to the Commonwealth under the Commonwealth Perpetual Loan Agreement; and (b) subject to clause 9.1(2), to the Air T Facility Agent towards payment of Debt owing to the Air T Financiers in respect of the Air T New Cap Notes in the applicable Relevant Portion of the Excess Cash Flow as determined for the Determination Date immediately preceding that Payment Date together with the applicable Relevant Portion of an adjustment amount payable in accordance with clause 11.3(5) on that Payment Date. (2) If the Company has paid the NSW Stamp Duty Amount, an amount equal to that amount shall be retained by the Group for use in its business and the amount of any Excess Cash Flow payable to the Air T Facility Agent after the payment of the NSW Stamp Duty Amount shall be reduced by the amount of the NSW Stamp Duty Amount (until utilised in full). 9.2 Order of application of Insurance Proceeds (1) At all times prior to a Liquidation Event or commencement of any other Enforcement Action, the Insurance Proceeds in respect of any Relevant Collateral must be applied by the Grantors in accordance with the following order of priority: (a) Insurance Proceeds in respect of Specified Collateral: (i) first, to the Commonwealth towards payment of the Debt owing by the Grantors to the Commonwealth under the Commonwealth New Loan Agreement until that Debt has been repaid in full; (ii) second, to the Commonwealth towards payment of the Debt owing by the Grantors to the Commonwealth under the Commonwealth Perpetual Loan Agreement until that Debt has been repaid in full; (iii) third, to the Air T Facility Agent until the Air T Priority Amount and any other money secured by the Air T Security has been paid in full; and (iv) fourth, to the relevant Grantor. (b) Insurance Proceeds in respect of Relevant Collateral (other than Specified Collateral): (i) first, to the Air T Facility Agent until the Air T Priority Amount has been paid in full: (ii) second, to the Commonwealth towards payment of the Debt owing by the Grantors to the Commonwealth under the Commonwealth New Loan Agreement until that Debt has been repaid in full;

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APAC-#312808975-v19© Norton Rose Fulbright Australia 26 OFFICIAL: Sensitive // Legal-Privilege (iii) third, to the Commonwealth towards payment of the Debt owing by the Grantors to the Commonwealth under the Commonwealth Perpetual Loan Agreement until that Debt has been repaid in full; (iv) fourth, to the Air T Facility Agent until any other money secured by the Air T Security has been paid in full; and(v)fifth, to the relevant Grantor. 10 Commonwealth step-in right and purchase option 10.1 Commonwealth step-in right (1) If a Principal Default Notice is subsisting for a least 30 days from the date of the non-payment giving rise to that Principal Default Notice (or would have been if a Principal Default Notice was issued when it should have been in accordance with this document), the Commonwealth may, if the Principal Default Notice subsists, give a notice to the Air T Facility Agent, the Air T Financiers and the Grantors (Step-In Notice): (a) of its intention to exercise its rights under this clause 10.1; (b) specifying a Business Day on which the Commonwealth (or its nominee) proposes to (Step-In Date): (i) acquire all equity (however so defined) in the Company and the Group for A$1.00; and (ii) replace all members of the board of directors of the Company and the Group with its appointees; and (c) by giving the Step-In Notice the Commonwealth (or its nominee) agrees to acquire all equity (however so defined) in the Company and the Group for A$1.00 and to appoint all members of the board of directors of the Company and the Group on the Step-In Date (Step-In). (2) The Air T Financiers agree to (and procure the applicable equity holder(s) in the Company and the Group will) take all steps necessary or desirable to give effect to the Step-In on the Step-In Date and to do anything the Commonwealth reasonably asks (such as obtaining consents, signing and producing documents and getting documents completed and signed) to effect the Step-In. 10.2 Commonwealth option to purchase Air T New Cap Notes (1) If a Principal Default Notice is subsisting and the Commonwealth has issued a Step-In Notice, the Commonwealth may (but is not obliged to) at any time until and including the date falling 90 days after the Step-In Date (Option Period) give a notice to the Air T Facility Agent, the Air T Financiers and the Grantors (Purchase Notice): (a) of its intention to exercise its rights under this clause 10.2; (b) specifying a Business Day no later than the first Business Day to occur after the expiry of the Option Period on which the Commonwealth (or its nominee) proposes to (Purchase Date) acquire all of the Debt to owing to the Air T Financiers in respect of the Air T New Cap Notes for the Purchase Price; and

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APAC-#312808975-v19© Norton Rose Fulbright Australia 27 OFFICIAL: Sensitive // Legal-Privilege (c) by giving the Purchase Notice the Commonwealth (or its nominee) agrees to acquire all of the Debt from the Air T Financiers in respect of the Air T New Cap Notes for the Purchase Price on the Purchase Date (Purchase). In this clause 10.2, Purchase Price means the amount on the Purchase Date which is equal to 75% of the aggregate of (i) outstanding principal amount of the Air T New Cap Notes and (ii) all accrued but unpaid interest as at the Purchase Date. (2) The Air T Financiers agree to take all steps necessary or desirable to give effect to the Purchase Date and to do anything the Commonwealth reasonably asks (such as obtaining consents, signing and producing documents and getting documents completed and signed) to effect the Purchase. 11 Information undertakings and exchange of information 11.1 Enforcement Action Without limiting clause 6.1, each Financier will promptly notify the other Financier of any Enforcement Action taken by a Financier or on its behalf. 11.2 Amounts outstanding Each Financier must, on request, notify the other Financier of the amount of the Commonwealth Priority Amount or the amount of the Air T Priority Amount and any other money secured by the Air T Security, as appropriate (so far as known to it). 11.3 Commonwealth New Loan Agreement reporting and Excess Cash Flow reconciliation (1) The Grantors undertake to provide to each Financier: (a) to the extent not already received by a Financier, the information set out in clauses 8.1(1) to 8.1(4) (Reporting obligations) of the Commonwealth New Loan Agreement at the same time as it delivers that information pursuant to the Commonwealth New Loan Agreement; (b) on and from the Cash Sweep Commencement Date up to the Termination Date, no later than 20 Business Days after the end of the relevant period and subject to clauses 11.3(2) and 11.3(3): (i) unless paragraph (ii) applies, for each Quarter comprising part of a Relevant Period (Partial Period) and the relevant Quarterly Determination Date, a certificate setting out the calculation of the Excess Cash Flow (if any) for that Partial Period, including among other things the Available Cash Flow, Maintenance Reserve Allocation and Required Debt Payments for that period and date in each case calculated as if the Partial Period was a Relevant Period and the Quarterly Determination was a Determination Date. To avoid doubt, no amount in respect of Excess Cash Flow (if any) is payable on the relevant Quarterly Determination Date unless that date it is a Payment Date; (ii) for each Relevant Period and the relevant Determination Date, a certificate setting out the calculation of the Excess Cash Flow (if any) for that Relevant Period, including among other things the Available Cash Flow, Maintenance Reserve Allocation and Required Debt Payments for that period and date,

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APAC-#312808975-v19© Norton Rose Fulbright Australia 28 OFFICIAL: Sensitive // Legal-Privilege each an Excess Cash Flow Certificate. To avoid doubt an Excess Cash Flow Certificate must be delivered for the applicable period irrespective of whether the result of the calculation is a positive or negative number; and (c) on and from the Cash Sweep Commencement Date up to the Termination Date, together with the audited financial statements for the Group no later than 15 Business Days after the same have been provided to ASIC, a report signed by the Group's auditors (in a form acceptable to the Commonwealth) (Auditor Certification) certifying that the Excess Cash Flow calculations provided in the Excess Cash Flow Certificates during the preceding financial year are consistent with the audited financial numbers or detailing any adjustments to Excess Cash Flow for that preceding financial year (an Excess Cash Flow Adjustment). (2) Each Excess Cash Flow Certificate shall be signed by either the chief executive officer or chief financial officer of the Company certifying that the numbers and computations are accurate and the calculation of Excess Cash Flow (if any) for the relevant period is in accordance with the terms of this document. (3) The Excess Cash Flow calculation method for a relevant period must be acceptable to the Commonwealth (acting reasonably). (4) The Commonwealth may at its discretion conduct an audit of the Excess Cash Flow calculations provided in any Excess Cash Flow Certificate(s) for a preceding period (Commonwealth Audit) and will promptly notify the Grantors, the Air T Facility Agent and the Air T Financiers if the relevant Commonwealth Audit identifies an inconsistency between the calculations in the relevant Excess Cash Flow Certificate(s) and this document (an Excess Cash Flow Adjustment). (5) If an Excess Cash Flow Adjustment which is greater than zero is identified by an Auditor Certification or the Commonwealth Audit, the Grantors undertake to pay at the next Payment Date following that certification or audit (as applicable) an adjustment amount as identified in the relevant Auditor Certification or Commonwealth Audit (as the case may be) to each Financier in the Relevant Portion (without any double counting). 11.4 Rex Regional Commitments (1) Without limiting the provisions of the Commonwealth New Loan Agreement, the Grantors undertake in favour of the Commonwealth to: (a) at all times comply with the Rex Regional Commitments until the tenth anniversary of the Restructure Effective Date; and (b) provide to the Commonwealth promptly, (i) at all times prior to the Termination Date, and in any event within 20 Business Days, after each Quarterly Determination Date a RRC Report in respect of the preceding Quarter; and (ii) on and from the Termination Date, promptly following each financial year, a RRC report in respect of the preceding financial year. Despite any provision to the contrary, this obligation of the Grantors survives termination of this document. (2) Upon the Commonwealth being satisfied the conditions of paragraph (a) of the definition of Termination Date has occurred, the Commonwealth must promptly on the request and at cost of the Grantors release and discharge the Commonwealth

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APAC-#312808975-v19© Norton Rose Fulbright Australia 29 OFFICIAL: Sensitive // Legal-Privilege Security in full. Such release must occur notwithstanding the survival of the obligations under clause 11.4(1)(b)(ii). (3) At any time prior to the Termination Date, the Commonwealth by notice to the Company may elect to (but is not obliged to) appoint one non-executive director to the board of the Company (Commonwealth Appointee), which director may be replaced from time to time following the then Commonwealth Appointee's resignation or termination provided that at any time there is only one Commonwealth Appointee. (4) The Company will take all necessary steps to ensure: (a) the proposed Commonwealth Appointee is appointed as contemplated by clause 11.4(3); and (b) no Commonwealth Appointee's directorship is terminated without the prior consent of the Commonwealth. 11.5 Relevant Interest Rate, non-payment of interest and principal and Capitalisation Notice (1) The Air T Facility Agent must: (a) on request, confirm to the Commonwealth the then applicable Relevant Interest Rate in respect of the Air T New Cap Notes; (b) notify the Commonwealth in writing immediately of: (i) any change to the Relevant Interest Rate in respect of the Air T New Cap Notes, which change must comply with paragraph (a) of the definition of Relevant Interest Rate (Interest Rate Notice); and (ii) during the Initial Period only, any change to the nature by which the Grantors are required to pay interest on the Air T New Cap Notes, which change must comply with the following conditions (Capitalisation Notice): (A) interest of no more than 6% per annum may be paid in cash on any applicable due date under the Air T New Cap Notes; and (B) interest of no more than 6% per annum may be capitalised pursuant to the terms of the Air T New Cap Notes on any applicable due date; (c) notify the Commonwealth and the Grantors in writing as soon as it becomes aware of any of the following: (i) a Grantor failing to repay any principal in respect of the Air T New Cap Notes on its repayment date (which repayment date may be extended by the Air T Financiers from time to time) (Principal Default Notice). A Principal Default Notice will be subsisting or continuing unless revoked in accordance with paragraph (B); (ii) after the Initial Period only, the failure by the Grantors to pay interest on the Air T New Cap Notes on any applicable due date and if the Air T Financiers have agreed to waive the requirement to pay such interest (Waiver Notice). Notwithstanding the foregoing, the Air T Financiers may not issue a Waiver Notice pursuant to this

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APAC-#312808975-v19© Norton Rose Fulbright Australia 30 OFFICIAL: Sensitive // Legal-Privilege clause if it would result in a waiver of interest on the Air T Cap Notes for more than 4 consecutive Quarters without the prior written consent of the Commonwealth. Any interest on the Air T Cap Notes that is not paid due to the issuance of a Waiver Notice shall be capitalised pursuant to the terms of the Air T New Cap Notes. Unless revoked earlier in accordance with paragraph (B), a Waiver Notice will be subsisting or continuing until the expiry of the waiver period specified therein; and (iii) any determination by the Air T Facility Agent or the Air T Financiers to revoke a Principal Default Notice or Waiver Notice which will be revoked upon written notice to the Commonwealth and the Grantors, provided that in the case of a Principal Default Notice: (A) no Step-In Notice or Purchase Option Notice has been delivered; and (B) it may only be revoked if the non-payment of principal giving rise to that Principal Default Notice is subsequently paid (if permitted by this document). (2) If the Air T Facility Agent gives to the Commonwealth a compliant Interest Rate Notice, the "Interest Rate" for the purposes of the Commonwealth New Loan Agreement will, on and from the date specified in such Interest Rate Notice provided it is a date falling on or after the cate that the Commonwealth's receives such Interest Rate Notice, be amended to be the Relevant Interest Rate. (3) If the Air T Facility Agent gives to the Commonwealth a compliant Capitalisation Notice, the nature by which the Grantors are required to pay interest on the Commonwealth New Loan Agreement will be amended in accordance with the changes to the Air T New Cap Note specified in the Capitalisation Notice, which change must comply with the following conditions: (a) interest of no more than 6% per annum may be paid in cash on any applicable due date on the Commonwealth New Loan Agreement; and (b) interest of no more than 6% per annum may be capitalised pursuant to the terms of the Commonwealth New Loan Agreement. (4) Notwithstanding anything to the contrary in the Commonwealth New Loan Agreement, while a Waiver Notice provided in accordance with clause 11.5(1)(c)(ii) is continuing (Waiver Period): (a) subject to paragraph (b), the Commonwealth agrees to waive the requirement of the Grantors to make payments in respect of any interest falling due and payable on the Commonwealth New Loan Agreement during the Waiver Period and such waived interest shall be capitalised in accordance with the Commonwealth New Loan Agreement; (b) despite paragraph (a), if at any time during a Waiver Period the Commonwealth determines that the Rex Regional Commitments are not being satisfied for the applicable Half Year (such Half Year being the RCC Non-Compliance Period), the Commonwealth may (in its absolute discretion) elect by notice to the Grantors, the Air T Facility Agent and the Air T Financiers not to waive payment of interest on the Commonwealth New Loan Agreement for that RCC Non-Compliance Period and with respect to that RCC Non-Compliance Period:

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APAC-#312808975-v19© Norton Rose Fulbright Australia 31 OFFICIAL: Sensitive // Legal-Privilege (i) interest will continue to be payable at the Relevant Interest Rate on the Commonwealth New Loan Agreement; (ii) interest will continue to be payable at the Relevant Interest Rate on the Air T New Cap Notes. 11.6 Other information Each Grantor authorises each Financier to disclose to any other Financier any information relating to the Grantor or any of its related entities and coming into its possession in connection with any amount secured by a Security, including: (1) details of any Event of Default; (2) details of any financial accommodation which it makes available to the Grantor and which is secured by a Security; (3) information relating to the financial position of the Grantor; and (4) information specifically referred in this document. 11.7 No termination A failure by a Financier to comply with a provision of this clause 11 will not release the other Financier from its obligations under this document or entitle it to terminate this document. 12 Dealing with Security (1) A Financier may not transfer, assign or otherwise deal with a Security or its rights under this document unless: (a) the transferee, assignee or other person obtaining an interest in that Security has agreed, on terms acceptable to the Parties, to be bound by this document as a Financier; or (b) the assignment is required by law. (2) Each Financier may disclose to any transferee, assignee or other person acquiring an interest in that Financier's Securities all information about the Grantor and this document that in the opinion of the disclosing Financier is appropriate, and the other Parties give their consent accordingly. 13 Further Assurances Each Party must promptly execute all documents and do all things that a Financier reasonably requires from time to time: (1) for the purpose of more effectively carrying out the intention of this document; (2) that is necessary to enable a Financier to register or otherwise perfect or enforce its Security Interest; and (3) to stamp and register this document in any relevant jurisdiction.

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APAC-#312808975-v19© Norton Rose Fulbright Australia 32 OFFICIAL: Sensitive // Legal-Privilege 14 PPSA (1) Each Party agrees to do anything necessary under the PPSA to ensure that the ranking of the Security under the PPSA accords with the ranking of the Security under this document. (2) To the extent that this document gives rise to any Security Interest in favour of a Financier: (a) the grantor of the Security Interest waives its rights to receive any notice that is required by the PPSA (but this does not prohibit the Financier from giving such a notice); and (b) the Financier need not comply with, and the grantor of the Security Interest may not exercise rights under, any provisions of Chapter 4 of the PPSA that may be contracted out of. 15 Financiers' rights and Grantor's obligations continue (1) The liabilities and obligations of the Grantor, and the respective rights, powers and remedies of the Financiers against the Grantor or in connection with the Relevant Collateral, under or in connection with their respective Securities are not affected in any way by: (a) this document, other than as expressly provided for in this document; or (b) the failure of a Financier to comply with the terms of this document. (2) The Grantor acknowledges that this document is intended only to benefit the Financiers. 16 Termination Subject to any provisions expressed to survive termination of this document, this document continues to operate until: (1) in respect of a Financier, the Securities of each other Financier have been discharged in full; or (2) this document is terminated by agreement in writing executed by each Financier. 17 Representations and warranties Each Party (other than the Commonwealth) represents and warrants to the other parties that: (1) it is a corporation, duly incorporated and validly existing under the laws of its jurisdiction of incorporation; (2) it has power to enter into and observe its obligations under this document; (3) it has in full force and effect the authorisations and approvals necessary to enter into this document, perform obligations under it and allow it to be enforced; and

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APAC-#312808975-v19© Norton Rose Fulbright Australia 33 OFFICIAL: Sensitive // Legal-Privilege (4) its obligations under this document are valid and binding and are enforceable against it in accordance with its terms subject to any necessary stamping and registration. 18 Notices 18.1 Communications in writing Communication to be made under or in connection with this document must be made in writing, in English and, unless otherwise stated, may be made by fax or letter or if the recipient so agrees, by electronic transmission. 18.2 Addresses The address and email address (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with this document is: (1) for the Commonwealth: Address: 111 Alinga Street Canberra ACT 2601 Attention: First Assistant Secretary Domestic Aviation and Reform Division Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts email: xxxx@infrastructure.gov.au (2) for the Original Air T Financier: Address: Attention: email: 5000 W 36th Street, Suite 200, Minneapolis MN 55416 General Counsel xxxx@airt.com (3) for the Air T Security Trustee: Address: Attention: email: Level 14, 123 Pitt Street, Sydney NSW 2000 Manager, Agency and Trustee xxxx@perpetual.com.au (4) for the Air T Facility Agent: Address: Attention: email: 5000 W 36th Street, Suite 200, Minneapolis MN 55416 General Counsel xxxx@airt.com

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APAC-#312808975-v19© Norton Rose Fulbright Australia 34 OFFICIAL: Sensitive // Legal-Privilege (5) for the Grantor as set out in Schedule 1. or any substitute address, fax number, email address (if applicable), or department or officer as the Party may notify to each other Party by not less than five Business Days' notice. 18.3 Delivery (1) Any communication or document made or delivered by one person to another under or in connection with this document will only be effective: (a) if by way of fax, when received in legible form; or (b) if by way of letter, when it has been left at the relevant address or, if sent by prepaid priority post, 3 Business Days after being deposited in the post, in an envelope addressed to it at that address or, if sent by prepaid regular post, 7 Business Days after being deposited in the post, in an envelope addressed to it at that address; or (c) if by way of electronic transmission (if the recipient has agreed to receive the notice by electronic transmission) when received in legible form by the recipient, and, if a particular department or officer is specified as part of its address details provided under clause 18.2 (Addresses), if addressed to that department or officer. (2) Subject to clause 18.4 (Reliance), all notices must be signed by an Authorised Officer of the sender 18.4 Reliance Any notice sent under this clause 18 can be relied on by the recipient if the recipient reasonably believes the notice to be genuine and if it bears what appears to be the signature (original or facsimile) of an Authorised Officer of the sender (without the need for further enquiry or confirmation). Each Party must take reasonable care to ensure that no forged, false or unauthorised notices are sent to another Party. 19 Costs (1) Each Party must pay their own costs, including legal fees, costs, and disbursements incurred in connection with negotiating, preparing, and executing this document and any subsequent consent, agreement, approval, waiver, or amendment relating to this document. (2) The Grantors must pay the costs of the Commonwealth, including legal fees, costs, and disbursements incurred in connection with: (a) exercising, enforcing, or preserving, or attempting to exercise, enforce or preserve, any power under this document; and (b) exercising, enforcing, or preserving, or attempting to exercise, enforce or preserve any rights under this document. 20 Confidentiality Except as required by law, expressly agreed between the Parties in writing, or as contemplated expressly by this document:

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APAC-#312808975-v19© Norton Rose Fulbright Australia 35 OFFICIAL: Sensitive // Legal-Privilege (1) no Party may disclose, permit, cause or suffer to be disclosed, either directly or indirectly, in any manner, any of the terms of this document or the substance of any of its provisions other than to: (a) any professional advisers for the purpose of obtaining professional advice; or (b) any Air T Substitute Finance Party or Refinance Finance Party to (or through) whom Air T assigns or transfers (or may potentially assign or transfer) the Air T Debt in the circumstances permitted by this document, provided such assignee, transferee, potential assignee or potential transferee (as the case may be) must agree to be bound by the terms of this clause 20(1) ; (2) without limiting the foregoing, the Parties acknowledge and agree that, prior to the date of this document, they have entered into confidentiality agreements in connection with the transactions contemplated by this document and they must each comply with the terms of those agreements and may only disclose this document, the other Commonwealth Finance Documents and any other documents or information in relation thereto in accordance with the provisions of that confidentiality agreement. 21 General 21.1 Variation Subject to any express provision of this document to the contrary, an amendment or variation to this document is not effective unless it is in writing and signed by the Parties. 21.2 Waiver (1) A Party's failure or delay to exercise a power or right does not operate as a waiver of that power or right. (2) The exercise of a power or right does not preclude either its exercise in the future or the exercise of any other power or right. (3) A waiver is not effective unless it is in writing. (4) Waiver of a power or right is effective only in respect of the specific instance to which it relates and for the specific purpose for which it is given. 21.3 Cumulative rights The rights, powers and remedies provided in this document are in addition to those provided by law independently of this document and each right, power and remedy provided in this document (including any right of indemnity) is additional to and not exclusive of every other right, power or remedy provided in this document. 21.4 Partial invalidity If, at any time, any provision of this document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

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APAC-#312808975-v19© Norton Rose Fulbright Australia 36 OFFICIAL: Sensitive // Legal-Privilege 21.5 Binding obligations This document binds and is enforceable against each person named as a Party, despite: (1) any other person not executing this document or its execution being defective in any way; or (2) any obligation or liability of any other Party under this document not being binding or enforceable against that Party for any reason. 21.6 Counterparts This document may be executed in any number of counterparts. Each counterpart is an original but the counterparts together are one and the same instrument. 21.7 Execution by attorney If an attorney executes this document, the attorney declares that the attorney has no notice of revocation, termination or suspension of the power of attorney under which the attorney executes this document. 21.8 Governing law and jurisdiction (1) This document is governed by the law applying in New South Wales. (2) Each Party irrevocably submits to the non-exclusive jurisdiction of the courts having jurisdiction in New South Wales. 22 Liability of Air T Security Trustee 22.1 Limitation of liability (1) The Air T Security Trustee enters into this document only in its capacity as trustee of the Project Mustang Security Trust (Security Trust) and in no other capacity. Notwithstanding any other provisions of this document, a liability arising under or in connection with this document is limited to and can be enforced against the Air T Security Trustee only to the extent to which it can be satisfied out of the property of the Security Trust assets out of which the Air T Security Trustee is actually indemnified for the liability. This limitation of the Air T Security Trustee's liability applies despite any other provision of this document and extends to all liabilities and obligations of the Air T Security Trustee in any way connected with any representation, warranty, conduct, omission, agreement or transaction related to this document. (2) The parties other than the Air T Security Trustee may not sue the Air T Security Trustee in any capacity other than as trustee of the Security Trust, including seek the appointment of a receiver or receiver and manager (except in relation to the Security Trust assets), a liquidator, an administrator or any similar person to the Air T Security Trustee or prove in any liquidation, administration or arrangement of or affecting the Air T Security Trustee (except in relation to the Security Trust assets). (3) The provisions of this clause 22.1 shall not apply to any obligation or liability of the Air T Security Trustee to the extent that it is not satisfied because under this document or by operation of law there is a reduction in the extent of the Air T Security Trustee's indemnification out of the Security Trust assets as a result of the Air T Security Trustee's fraud, gross negligence or Wilful Default.

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APAC-#312808975-v19© Norton Rose Fulbright Australia 37 OFFICIAL: Sensitive // Legal-Privilege (4) No act or omission of the Air T Security Trustee (including any related failure to satisfy its obligations or breach of representation or warranty under this document) will be considered fraud, gross negligence or Wilful Default of the Air T Security Trustee for the purpose of clause 22.1(3) to the extent to which the act or omission was caused or contributed to by any failure by any other person to fulfil its obligations relating to the Security Trust or by any other act or omission of any other person. (5) No attorney, agent, delegate or receiver or receiver and manager appointed in accordance with this document has authority to act on behalf of the Air T Security Trustee in a way which exposes the Air T Security Trustee to any personal liability and no act or omission of any such person will be considered fraud, gross negligence or Wilful Default of the Air T Security Trustee for the purpose of clause 22.1(3). (6) For the avoidance of doubt, the Air T Security Trustee is not obliged to use its own funds in performing obligations under this document. (7) The Air T Security Trustee will not be obliged to take any action (including entering into a document or agreement or incurring a liability) unless any liability it may incur by doing so is limited in accordance with this clause 22. (8) For the purposes of this clause 22, Wilful Default shall mean any wilful failure to comply with, or wilful breach by, the Air T Security Trustee of any of its obligations under this document other than a failure or breach which: (a) arises as a result of a breach of this document by a person other than the Air T Security Trustee and (subject to any provisions of this document which limits its liability in respect of the acts and omissions thereof) its agents and delegates; (b) is caused by the failure of another person to act where that act is a precondition to the act of the Air T Security Trustee; (c) is in accordance with a lawful court order or direction or is required by law; (d) is in accordance with a proper instruction or direction given in accordance with the provisions of this document; or (e) arises or is caused by any failure of the Air T Security Trustee to act due to lack of instructions or lack of proper or clear instructions in accordance with the provisions of this document or from the beneficiaries of the Project Mustang Security Trust. 22.2 Limit on liability Subject to clause 22.3, the Air T Security Trustee is not, and its directors, representatives, employees, agents and attorneys are not, liable to any party for: (1) any liabilities occurring as a result of it exercising, failing to exercise or purporting to exercise any power under this document; (2) subject to this document, the actions of any agent, delegate, representative or employee of the Air T Security Trustee; (3) any mistake or omission made by it or its agent, delegate, representative or employee; (4) any other matter or thing done, or not done, in relation to this document;

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APAC-#312808975-v19© Norton Rose Fulbright Australia 38 OFFICIAL: Sensitive // Legal-Privilege (5) any absence of, or defect in title or for its inability to exercise any of its powers under this document; (6) any failure by any other party to perform its obligations under this document; (7) the financial condition or solvency of any other party to this document; (8) any statement, representation or warranty of any other party being incorrect or misleading in any respect; (9) any failure or delay in performing its duties or obligations where it is impossible for the Air T Security Trustee to act or to act lawfully due to any cause beyond its control (including but not limited to act of God, war, riot, terrorism, fire, natural disaster, labour dispute or law taking effect after the date of this document); (10) the value, validity, effectiveness, genuineness, enforceability or sufficiency of this document or any other certificate or document given under any of them; and (11) any recitals, statements, representations or warranties contained in this document or in any certificate or other document referred to in or provided for in, or received by it under, this document. 22.3 Exceptions to limit on liability Clause 22.2 will not apply to the extent that the Air T Security Trustee or, as the case may be, any of its employees, agents or representatives has been guilty of fraud, gross negligence or wilful default. None of the following of itself will amount to fraud, gross negligence or wilful default of the Air T Security Trustee: (1) failure by the Air T Security Trustee to act due to lack of instructions or lack of proper or clear instructions from the beneficiaries of the Project Mustang Security Trust; or (2) any act or omission, to the extent caused or contributed to by any failure by any other person (other than the Air T Security Trustee's employee or officer). 22.4 Paramount The provisions of clauses 22.1 to 22.4 (inclusive): (1) are paramount and apply regardless of any other provision of this document or any other instrument, even a provision which seeks to apply regardless of any other provision; (2) survive and endure beyond any termination of this document for any reason; and (3) are not severable from this document.

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APAC-#312808975-v19© Norton Rose Fulbright Australia 39 OFFICIAL: Sensitive // Legal-Privilege Schedule 1 – Grantors Grantor name ACN/ABN Notice details 1. Regional Express Holdings Limited ACN 099 547 270 Address: 81-83 Baxter Road, Mascot NSW 2020 Attention: Director/Company Secretary Email: xxxx@airt.com 2. Rex Investment Holdings Pty Ltd ACN 101 317 677 As above 3. Regional Express Pty Ltd ACN 101 325 642 As above 4. Air Partners Pty Ltd ACN 065 221 356 As above 5. AAPA Victoria Pty Ltd (formerly known as ST Aerospace Academy (Australia) Pty Ltd) ACN 118 837 586 As above 6. Australian Airline Pilot Academy Pty Ltd ACN 128 392 469 As above 7. Rex Flyer Pty Ltd ACN 671 816 621 As above 8. Australian Aero Propeller Maintenance Pty Ltd ACN 131 278 889 As above

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APAC-#312808975-v19© Norton Rose Fulbright Australia 40 OFFICIAL: Sensitive // Legal-Privilege Schedule 2 – Commonwealth Security 1 The document titled "General Security Deed" originally between, amongst others, the Grantors and PAGAC Regulus Holding Pte. Ltd. (PAG) dated 15 March 2021, as assigned to the Commonwealth and as amended from time to time; 2 The document titled "General Security Deed" originally between, amongst others, certain of the Grantors and PAG dated 30 July 2024, as assigned to the Commonwealth and as amended from time to time; 3 The document titled "Supplemental Security Deed (Aircraft)" between Regional Express Holdings Limited, Rex Investment Holdings Pty Ltd and PAG dated 25 July 2024, as assigned to the Commonwealth and as amended from time to time; 4 The document titled "Supplemental Security Deed (Aircraft)" between Regional Express Holdings Limited, Rex Investment Holdings Pty Ltd, Rex Airlines Pty Ltd and the PAG dated 30 July 2024, as assigned to the Commonwealth and as amended from time to time; 5 The real property mortgage of underlease 11172419 on land title [\*\*\*] between Regional Express Holdings Limited and PAG dated 30 April 2021, as assigned to the Commonwealth and as amended from time to time; 6 The real property mortgage of title over [\*\*\*] between Regional Express Holdings Limited and PAG dated 15 March 2021, as assigned to the Commonwealth and as amended from time to time; 7 The real property mortgage of title over [\*\*\*] between AAPA Victoria Pty Ltd and PAG dated 15 March 2021, as assigned to the Commonwealth and as amended from time to time; 8 The real property mortgage over sub-lease AJ148894 on title [\*\*\*] between Regional Express Holdings Limited and PAG dated 15 March 2021, as assigned to the Commonwealth and as amended from time to time and secured by caveat AU773085; 9 The document titled "Aircraft Mortgage (Specific Security Deed)" dated on 20 November 2024 between the Commonwealth, Regional Express Limited, Regional Express Holdings Limited, Rex Investment Holdings Pty Ltd and Rex Airlines Pty Ltd, as amended from time to time; 10 The General Security Deed between certain of the Grantors as grantors and the Commonwealth as secured party dated on 20 November 2024; 11 The mortgage of underlease 11172419 on land title [\*\*\*] between Regional Express Holdings Limited and the Commonwealth dated 20 November 2024; 12 The real property mortgage of title over [\*\*\*] between Regional Express Holdings Limited and the Commonwealth dated 20 November 2024; 13 The real property mortgage over sub-lease AJ148894 on title [\*\*\*] between Regional Express Holdings Limited and the Commonwealth dated 20 November 2024 secured by caveat AU773085; 14 The General Security Deed between Rex Flyer Pty Limited, Australian Aero Propellor Maintenance Pty Limited, Australian Airline Pilot Academy Pty Limited and AAPA Victoria Pty Limited as grantors and the Commonwealth as secured party dated on or about the date of this document, as amended from time to time.

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APAC-#312808975-v19© Norton Rose Fulbright Australia 41 OFFICIAL: Sensitive // Legal-Privilege Schedule 3– Air T Security 1 The document titled "General Security Deed" between the Grantors and Air T Security Trustee dated on or around the date of this document. 2 The document titled "Specific Security Deed" between the Air T Security Trustee and certain of the Grantors dated on or around the date of this document. 3 The mortgage of underlease 11172419 on land title [\*\*\*] between Regional Express Holdings Limited and the Air T Security Trustee dated on or around the date of this document. 4 The real property mortgage of title over [\*\*\*] between Regional Express Holdings Limited and the Air T Security Trustee dated on or around the date of this document. 5 The real property mortgage over sub-lease AJ148894 on title [\*\*\*] between Regional Express Holdings and the Air T Security Trustee dated on or around the date of this document. 6 The real property mortgage of title over [\*\*\*] between AAPA Victoria Pty Ltd and the Air T Security Trustee dated on or around the date of this document.

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APAC-#312808975-v19© Norton Rose Fulbright Australia 42 OFFICIAL: Sensitive // Legal-Privilege Schedule 4– Rex Regional Commitments Part A: Rex Regional Commitments The Grantors will, for a minimum period of 10 years from the date of this document, endeavour, on a commercially reasonable best-efforts basis, to do the following items 1-6 of this Part A (the Rex Regional Commitments). A reference to the GoForwardRex 2025 Plan in this Part A means the GoForwardRex 2025 Plan set out in Part B of this Schedule 4, as it may be updated from time to time as contemplated in Part B of this Schedule 4 (GoForwardRex 2025 Plan). 1 Aircraft Operations 1.1 The Grantors will: (1) take all reasonable steps required to operate more than the corresponding number of [\*\*\*] as detailed in the column labelled "Worst Case" of Table 1 set out in Item 1 of the GoForwardRex 2025 Plan; (2) endeavour to minimise flight cancellations; (3) endeavour to achieve reasonable on-time performance across the Grantor's flight network; and (4) endeavour to achieve the goals set out in the GoForwardRex 2025 Plan within the relevant timeframes set out therein. 2 Frequency of Profitable Flights 2.1 The Grantors will take all reasonable steps required to increase the frequency of profitable flights across the Grantors' flight network. 2.2 Determining whether a flight is profitable for the purposes of item 2.1 will involve assessing [\*\*\*] 3 Group Performance 3.1 The Grantors will take actions to stabilise the Group's financial and operational performance (assessed on a whole Group basis) with the aim of assuring Australian regional connectivity for the long term. 4 Minimum Service Levels 4.1 Subject to any contractual obligations for regulated routes, the Grantors will maintain the Minimum Service Levels for Eligible Sole Operated Routes as detailed in Item 2 of the GoForwardRex 2025 Plan for so long as such routes are reasonably profitable as outlined in item 2.2 and subject to the conditions specified in Item 2 of the GoForwardRex 2025 Plan. 5 Corporate Governance 5.1 The Grantors will each maintain good corporate governance standards – for example to ensure that: (1) no member of any Grantor's board has a history of corporate insolvency, unless otherwise agreed with the Commonwealth;

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APAC-#312808975-v19© Norton Rose Fulbright Australia 43 OFFICIAL: Sensitive // Legal-Privilege (2) no member of any Grantor's board will include a person who was a member of the board of Regional Express Holdings Limited at any time from 30 July 2021 to 30 July 2024; (3) Regional Express Holdings Limited has at least two independent Australian directors who are satisfactory to the Commonwealth (for the avoidance of doubt these directors will not be appointed by or be representatives of the Commonwealth), unless otherwise agreed with the Commonwealth; (4) each Grantor complies with all laws, legislative and regulatory requirements ; (5) each Grantor effects and maintains all relevant insurances; (6) each Grantor maintains accurate, complete and current company record keeping. 5.2 While the Rex Regional Commitments set out in this schedule 4 will be set at a level that provides commercial flexibility, and includes contingency, the boards of the Grantors will be required to set clear operational targets on a Group level that stabilise the fleet, drive improvements in regional connectivity, and generate cash flows that repay the Commonwealth, thereby demonstrating value-for-money for taxpayers. 6 Route Exit 6.1 The Grantors are to provide at least 90 days' prior notice to the Commonwealth and engage in a good faith with the relevant state government before: (1) ceasing any routes where the Group is the sole operator; or (2) not retendering for existing regulated routes before the relevant contract expires. Part B: The GoForwardRex 2025 Plan 1 Base Service Level Table 1 – Return to Service schedule Date Aircraft Availability Worst Case [\*\*\*] (Worst Case) Aircraft Availability Best Case [\*\*\*] (Best Case) Aug-25 [\*\*\*] [\*\*\*] Sep-25 [\*\*\*] [\*\*\*] Oct-25 [\*\*\*] [\*\*\*] Nov-25 [\*\*\*] [\*\*\*] Dec-25 [\*\*\*] [\*\*\*] Jan-26 [\*\*\*] [\*\*\*] Feb-26 [\*\*\*] [\*\*\*] Mar-26 [\*\*\*] [\*\*\*] Apr-26 [\*\*\*] [\*\*\*] May-26 [\*\*\*] [\*\*\*]

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APAC-#312808975-v19© Norton Rose Fulbright Australia 44 OFFICIAL: Sensitive // Legal-Privilege Date Aircraft Availability Worst Case [\*\*\*] (Worst Case) Aircraft Availability Best Case [\*\*\*] (Best Case) Jun-26 [\*\*\*] [\*\*\*] Jul-26 [\*\*\*] [\*\*\*] Aug-26 [\*\*\*] [\*\*\*] Sep-26 [\*\*\*] [\*\*\*] Oct-26 [\*\*\*] [\*\*\*] Nov-26 [\*\*\*] [\*\*\*] Dec-26 [\*\*\*] [\*\*\*] Jan-27 [\*\*\*] [\*\*\*] Feb-27 [\*\*\*] [\*\*\*] Mar-27 [\*\*\*] [\*\*\*] Apr-27 [\*\*\*] [\*\*\*] May-27 [\*\*\*] [\*\*\*] Jun-27 [\*\*\*] [\*\*\*] Jul-27 [\*\*\*] [\*\*\*] Aug-27 [\*\*\*] [\*\*\*] Sep-27 [\*\*\*] [\*\*\*] Oct-27 [\*\*\*] [\*\*\*] Nov-27 [\*\*\*] [\*\*\*] Dec-27 [\*\*\*] [\*\*\*] Jan-28 [\*\*\*] [\*\*\*] Feb-28 [\*\*\*] [\*\*\*] Mar-28 [\*\*\*] [\*\*\*] Note: a) Table 1 assumes [\*\*\*] is able to supply engine parts; b) Aircraft availability includes contracted spare aircraft (QLD & WA) and schedule integrity aircraft and scheduled maintenance aircraft; c) The "Worst Case" availability in the middle column assumes [\*\*\*]; d) The "Best Case" availability in the right hand column assumes [\*\*\*]; and e) Changes to the agreed targets for the minimum available number of [\*\*\*] will be agreed in writing between the Grantors and the Commonwealth. 2 Eligible Sole Operated Routes (ESOR) & Minimum Service Levels (MSL) (1) Eligible Sole Operated Routes

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APAC-#312808975-v19© Norton Rose Fulbright Australia 45 OFFICIAL: Sensitive // Legal-Privilege (a) ESOR are the services and routes [\*\*\*] as specified in item 2(1)(b) below. (b) The ESOR are the following routes (in both directions) (the ESOR): (i) [\*\*\*]; (ii) [\*\*\*]; (iii) [\*\*\*]; (iv) [\*\*\*]; (v) [\*\*\*]; (vi) [\*\*\*]; (vii) [\*\*\*]; and (viii) [\*\*\*]. (c) For the avoidance of doubt, the following routes are not ESOR: (i) [\*\*\*]; and (ii) [\*\*\*]. (2) Minimum Service Levels (MSL) (a) The MSL are the minimum number of scheduled flights per week for each ESOR. (b) The Grantors will maintain the MSL for each ESOR in accordance with the required compliance pursuant to item 2(g) below, unless [\*\*\*] in which case the Grantors must endeavour to operate a higher number of scheduled fights for that ESOR [\*\*\*]. (c) The MSL for each ESOR is set out in Table 2 below in the corresponding row. Table 2 – List of ESORs and MSLs (Weekly Return Services) ESOR (both directions) ESOR service level [\*\*\*] (Baseline) Minimum Service Level (MSL) [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*]

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APAC-#312808975-v19© Norton Rose Fulbright Australia 46 OFFICIAL: Sensitive // Legal-Privilege (d) For the purposes of multi-destination routes (e.g. [\*\*\*]) the MSL is calculated by the total number of direct and indirect services that operate between a capital city and a regional destination that is part of an ESOR. (e) The Grantors may cease operating a route between two regional destinations (e.g. [\*\*\*]) involving a destination that is part of an ESOR, provided that: (i) it has provided 90 days' notice to the Commonwealth and the relevant state(s)) (as contemplated by Item 3 of this Part B below and Item 6 of Part A of this Schedule 4); and (ii) it continues to comply with the MSL in respect of each regional destination that is part of the relevant route cessation. (f) The Grantors are not required to comply with the MSL: (i) during periods of low or reduced demand including due to: (A) public holidays in the State/Territory of departure or arrival; or (B) public school holidays in the State/Territory of departure or arrival; (ii) if an ESOR becomes [\*\*\*]. The Grantors will notify the Commonwealth of any proposed change to the MSL if this event occurs. (g) Despite any provision to the contrary, the Commonwealth will assess compliance with the MSL by comparing the Group's average weekly services for each ESOR over each Quarter against the MSL for each ESOR as set out in Table 2 above. (h) The Commonwealth and the Grantors may agree to reduce the MSL for an ESOR [\*\*\*]. (i) Commonwealth and the Grantors are aware of, and acknowledge that: (i) it may be impossible to achieve the MSL for any given ESOR, due to a lack of slot availability, particularly at Sydney Airport; and (ii) in practice it may be difficult to redirect services from one ESOR to another. In the event that such a difficulty arises, the Grantors will promptly notify the Commonwealth and the relevant State(s) and the Grantors and the Commonwealth will agree to amend the MSL for any particular ESOR, if appropriate. (j) Any scheduled flights on an ESOR which are cancelled for unforeseeable operational related reasons will be taken to have been flown when assessing compliance with the MSL. (k) The Grantors and the Commonwealth may agree to amend the MSL for any ESOR to accommodate pilot and aircraft shortages, for the avoidance of doubt, the MSL can be amended permanently or for a fixed period of time, as agreed between the parties.

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APAC-#312808975-v19© Norton Rose Fulbright Australia 47 OFFICIAL: Sensitive // Legal-Privilege (l) The Grantors will report quarterly against the Rex Regional Commitments in accordance with the Intercreditor Deed to allow the Commonwealth to assess compliance pursuant to Item 2(g) above. 3 Route Exit Definition (1) A Grantor may cease operating a sole-operated route (a SOR, it includes an ESOR as defined in Item 2 above) by providing 90 days' notice to the Commonwealth and the relevant State(s) if [\*\*\*] preceding any notice to the Commonwealth and relevant state(s) (Flight Relevant Period). (2) The Flight Relevant Period will exclude any period where route profitability has been adversely impacted by an event affecting the broader airline industry in Australia. 4 Information Sharing Operational targets set by the board of any Grantor to stabilise the fleet, drive improvements in regional connectivity and generate cash flows to repay the Commonwealth, are to be shared with the Commonwealth.

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APAC-#312808975-v19© Norton Rose Fulbright Australia 48 OFFICIAL: Sensitive // Legal-Privilege Schedule 5 – Maintenance Reserve Methodology Maintenance reserve allocation for period = Reserve rate per Flight Hour converted to AUD at end of period exchange rate multiplied by number of Flight Hours in period less maintenance expenditure in period where Reserve Rate per Flight Hour = (Event Cost ÷ Interval) Component Typical Event Event Cost (USD) per unit (a) Interval in Flight Hours Reserve Rate per Flight Hour (USD) Airframe Heavy structural inspection (HSI) or C-check [\*\*\*] [\*\*\*] [\*\*\*] Engines (2 × GE CT7-9B) Performance restoration or full overhaul [\*\*\*] [\*\*\*] [\*\*\*] Landing Gear Overhaul [\*\*\*] [\*\*\*] [\*\*\*] Propellers (2 units) Overhaul [\*\*\*] [\*\*\*] [\*\*\*] (a) Initial Event Costs for the 2025-2026 financial year are outlined in the table. Event Costs will be updated at the commencement of each financial year based on market costs and an estimate for work usually preformed internally.

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APAC-#312808975-v19© Norton Rose Fulbright Australia 49 OFFICIAL: Sensitive // Legal-Privilege Schedule 6 – Form Accession Deed To: Commonwealth of Australia as represented by the Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts (ABN 86 267 354 017) ("Commonwealth") [insert Grantors] [insert other continuing parties] From: (the "New Finance Party") Dated: "Intercreditor Deed – Regional Express Airlines" dated [#] (the "Intercreditor Deed ") 1. We refer to the Intercreditor Deed. This is an Accession Deed. Terms defined in the Intercreditor Deed have the same meaning in this Accession Deed unless given a different meaning in this Accession Deed. This Accession Deed is a "Finance Document" for the purposes of each of the Commonwealth New Loan Agreement and the Commonwealth Perpetual Loan Agreement. 2. With effect from and including the date of this Accession Deed, the New Finance Party accedes to and becomes a party to the Intercreditor Deed as ["Air T Financier"/ "Air T Security Trustee"] and as a "Financier" and agrees to be bound by the Intercreditor Deed in such capacities. 3. The New Finance Party is a company duly incorporated under the laws of [name of relevant jurisdiction]. 4. The New Finance Party's administrative details are as follows: Address: Fax No: Attention: 5. This Accession Deed is governed by the laws of New South Wales. Executed as a deed. [include appropriate execution block for New Finance Party] [insert execution block for Commonwealth, Grantors and other continuing parties]

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APAC-#312808975-v19© Norton Rose Fulbright Australia 50 OFFICIAL: Sensitive // Legal-Privilege Executed as a deed and delivered on the date shown on the first page.

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APAC-#312808975-v19© Norton Rose Fulbright Australia 51 OFFICIAL: Sensitive // Legal-Privilege Original Air T Financier Signed sealed and delivered by Air T Lending 25.1, LLC in the presence of: Signature of witness Signature of authorised signatory Name of witness (BLOCK LETTERS) Name of authorised signatory (BLOCK LETTERS) Address of witness Commonwealth Signed and sealed by the Commonwealth of Australia, as represented by the Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts (ABN 86 267 354 017) by a duly authorised representative in the presence of Signature of witness Signature of authorised representative Name of witness (BLOCK LETTERS) Name of authorised representative (BLOCK LETTERS) Address of witness Seal

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APAC-#312808975-v19© Norton Rose Fulbright Australia 52 OFFICIAL: Sensitive // Legal-Privilege Air T Facility Agent Signed sealed and delivered by Air T Lending 25.1, LLC in the presence of: Signature of witness Signature of authorised signatory Name of witness (BLOCK LETTERS) Name of authorised signatory (BLOCK LETTERS) Address of witness Air T Security Trustee Signed, sealed and delivered for and on behalf of P.T. Limited in its capacity as trustee of the Project Mustang Security Trust by its attorney under power of attorney dated 21 June 2017 in accordance with section 126 of the Corporations Act 2001 (Cth):)))))))) By executing this deed the attorney states that the attorney has received no notice of revocation of the power of attorney .............................................................. Attorney .............................................................. Name of Attorney (print) Seal

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APAC-#312808975-v19© Norton Rose Fulbright Australia 53 OFFICIAL: Sensitive // Legal-Privilege Grantors Executed by Regional Express Holdings Limited ACN 099 547 270 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) Executed by Rex Investment Holdings Pty Ltd ACN 101 317 677 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) Executed by Regional Express Pty Ltd ACN 101 325 642 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS)

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APAC-#312808975-v19© Norton Rose Fulbright Australia 54 OFFICIAL: Sensitive // Legal-Privilege Executed by Air Partners Pty Ltd ACN 065 221 356 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) Executed by AAPA Victoria Pty Ltd ACN 118 837 586 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) Executed by Australian Airline Pilot Academy Pty Ltd ACN 128 392 469 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS)

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APAC-#312808975-v19© Norton Rose Fulbright Australia 55 OFFICIAL: Sensitive // Legal-Privilege Executed by Rex Flyer Pty Ltd ACN 671 816 621 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) Executed by Australian Aero Propeller Maintenance Pty Ltd ACN 131 278 889in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) 41330946v8

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## Exhibit 10.9

![](a1009-rexxamendedcommonw001.jpg)© Norton Rose Fulbright 1 OFFICIAL: Sensitive // Legal-Privilege Originally dated 11 November 2024 and further amended and restated on _________ Commonwealth Facility Agreement Parties Commonwealth of Australia as represented by the Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts (ABN 86 267 354 017) Each entity listed in Schedule 1 Norton Rose Fulbright Level 5, 60 Martin Place SYDNEY NSW 2000 nortonrosefulbright.com Our ref: 4072942

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2 OFFICIAL: Sensitive // Legal-Privilege Contents 1 Definitions and interpretation .................................................................................................. 3 2 Commonwealth Facility ........................................................................................................10 3 Interest ..................................................................................................................................10 4 Repayment and prepayment ................................................................................................11 5 Events of Default ..................................................................................................................12 6 GST ......................................................................................................................................15 7 Representations and warranties ...........................................................................................16 8 General Undertakings ...........................................................................................................16 9 Indemnity, costs, and expenses ...........................................................................................17 10 Costs and expenses .............................................................................................................17 11 Changes to Parties ...............................................................................................................17 12 Miscellaneous .......................................................................................................................17 13 Notices ..................................................................................................................................17 14 Severance .............................................................................................................................18 15 Waivers .................................................................................................................................18 16 Variation ................................................................................................................................19 17 Confidentiality .......................................................................................................................19 18 Further Assurances ..............................................................................................................19 19 Governing law and jurisdiction..............................................................................................20 20 Electronic execution and exchange of counterparts.............................................................20 Schedule 1 .........................................................................................................................................22

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3 OFFICIAL: Sensitive // Legal-Privilege Agreement originally dated 11 November 2024 and further amended and restated on _________2025 Parties (1) Commonwealth of Australia as represented by the Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts (ABN 86 267 354 017) of 111 Alinga Street Canberra, ACT 2601 (the Commonwealth) (2) The entities listed in Schedule 1 (each an Obligor) It is agreed 1 Definitions and interpretation 1.1 Definitions In this document: (1) Act means legislation or statutory instrument of the Parliament of a State or Territory or the Commonwealth of Australia or of any other jurisdiction in force at any time and any rule, regulation, ordinance, by-law, statutory instrument, order or notice at any time made under that legislation and, in each case, any consolidations, amendments, re-enactments and replacements. (2) Air T means Air T Lending 25.1, LLC . (3) Air T Financier has the same meaning as in the Intercreditor Deed. (4) Air T LNSA means the document titled "Syndicated Loan Note Subscription Agreement – Project Mustang" dated _____________ between, among others, the Obligors and Air T. (5) Australian Accounting Standards means: (a) the accounting standards from time to time approved under the Corporations Act; (b) the requirements of the Corporations Act in relation to the preparation and content of accounts; and (c) generally accepted accounting principles and practices in Australia consistently applied, except those principles and practices which are inconsistent with the standards or requirements referred to in paragraph (a) or (b). (6) Business Day means a day that is not a Saturday, Sunday or any other day which is: (a) a public holiday or a bank holiday in Sydney, New South Wales or in the Australian Capital Territory; or

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4 OFFICIAL: Sensitive // Legal-Privilege (b) a public holiday or a bank holiday in New York; or (c) a day falling between 24 December and 2 January (inclusive) in any particular year. (7) Commonwealth Facility means the cash advance loan facility made available by the Commonwealth to the Obligors under this document. (8) Commonwealth Facility Limit has the same meaning as 'Opening Balance' in the Restructuring Coordination Deed. (9) Commonwealth Finance Document means: (a) this document; (b) the Intercreditor Deed; (c) the Restructuring Coordination Deed; (d) each New Facility Finance Document; (e) the Commonwealth Security Documents; and (f) each other document that is agreed as a Commonwealth Finance Document by the Parties in writing from time to time. (10) Commonwealth Security Documents means: (a) the document titled "General Security Deed" originally between, amongst others, certain of the Obligors and PAG dated 15 March 2021, as assigned to the Commonwealth and as amended from time to time; (b) the document titled "General Security Deed" originally between, amongst others, the certain of the Obligors and PAG dated 30 July 2024, as assigned to the Commonwealth and as amended from time to time; (c) the document titled "Supplemental Security Deed (Aircraft)" between Regional Express Holdings Limited, Rex Investment Holdings Pty Ltd and PAG dated 25 July 2024, as assigned to the Commonwealth and as amended from time to time; (d) the document titled "Supplemental Security Deed (Aircraft)" between Regional Express Holdings Limited, Rex Investment Holdings Pty Ltd, Rex Airlines Pty Ltd and the PAG dated 30 July 2024, as assigned to the Commonwealth and as amended from time to time; (e) the real property mortgage of underlease 11172419 on land title 6137/606 between Regional Express Holdings Limited and PAG dated 30 April 2021, as assigned to the Commonwealth and as amended from time to time; (f) the real property mortgage of title over 1/819642 between Regional Express Holdings Limited and PAG dated 15 March 2021, as assigned to the Commonwealth and as amended from time to time;

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5 OFFICIAL: Sensitive // Legal-Privilege (g) the real property mortgage of title over 10082/361 between AAPA Victoria Pty Ltd and PAG dated 15 March 2021, as assigned to the Commonwealth and as amended from time to time; (h) the real property mortgage over sub-lease AJ148894 on title 7330-149 between Regional Express Holdings Limited and PAG dated 15 March 2021, as assigned to the Commonwealth and as amended from time to time and secured by caveat AU773085; (i) the document titled "Aircraft Mortgage (Specific Security Deed)" dated 20 November 2024 between the Commonwealth, Regional Express Limited, Regional Express Holdings Limited, Rex Investment Holdings Pty Ltd and Rex Airlines Pty Ltd, as amended from time to time; (j) the General Security Deed between certain of the Obligors as grantors and the Commonwealth as secured party dated 20 November 2024, as amended from time to time; (k) the mortgage of underlease 11172419 on land title 6137/606 between Regional Express Holdings Limited and the Commonwealth dated 20 November 2024, as amended from time to time; (l) the real property mortgage of title over 1/819642 between Regional Express Holdings Limited and the Commonwealth dated 20 November 2024, as amended from time to time; (m) the real property mortgage over sub-lease AJ148894 on title 7330-149 between Regional Express Holdings Limited and the Commonwealth dated 20 November 2024 secured by caveat AU773085, as amended from time to time; (n) the General Security Deed between Rex Flyer Pty Limited, Australian Aero Propellor Maintenance Pty Limited, Australian Airline Pilot Academy Pty Limited and AAPA Victoria Pty Limited as grantors and the Commonwealth as secured party dated ________________2025, as amended from time to time; or (o) any document entered into by any Obligor which creates a Security Interest over any of its assets in favour of, or for the benefit of, the Commonwealth in respect of all or any part of the obligations of the Obligors (with or without securing the obligations of other Obligors) under the Commonwealth Finance Documents. (11) Corporations Act means Corporations Act 2001 (Cth). (12) Costs means costs, charges, fees, expenses, and other outgoings, including those in connection with advisors or professional consultants (in the case of legal advisers, on a full indemnity basis or solicitor and own client basis, whichever is higher) and reasonable expenses incurred by in preserving and maintaining the assets and property the subject of the Security Interest (such as by paying insurance, rates, and Taxes for the relevant property), interest, penalties, and fines. (13) Court means any court having jurisdiction to hear and determine matters under the Corporations Act. (14) Enforcement Action has the meaning given in the Intercreditor Deed.

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6 OFFICIAL: Sensitive // Legal-Privilege (15) Event of Default has the meaning given in clause 5.1. (16) Excess Cash Flow Proceeds means the amount of any Excess Cash Flow (as defined in the Intercreditor Deed) that is available and required to be applied by the Obligors towards repayment of the Principal Outstanding under this document in accordance with the Intercreditor Deed. (17) Government Agency means any government or any governmental, semi- governmental, administrative, fiscal, or judicial body, department, commission, authority, tribunal, agency, or entity in any jurisdiction. (18) GST means Goods and services tax or similar value added tax levied or imposed in Australia under the GST Law or otherwise on a supply. (19) GST Law has the meaning given to that expression in the A New Tax System (Goods and Services Tax) Act 1999 (Cth) or, if that Act does not exist for any reason, means any Act imposing or relating to the imposition or administration of a goods and services tax in Australia and any regulation made under that Act. (20) Insolvency Event means the happening of any one or more of the following events: (a) an application (not being an application that is being contested in good faith and that is withdrawn or dismissed within 5 Business Days of its commencement) is made to a Court for an order or an order is made that a body corporate be wound up or that a liquidator or provisional liquidator be appointed to a body corporate; (b) except to reconstruct or amalgamate while solvent on terms approved in writing by the Commonwealth, a body corporate enters into, or resolves to enter into, a scheme of arrangement, deed of company arrangement or composition with, or assignment for the benefit of, all or any class of its creditors, or it proposes a reorganisation, moratorium or other administration involving any of them; (c) except to reconstruct or amalgamate while solvent upon terms approved in writing by the Commonwealth, a body corporate resolves to wind itself up or otherwise dissolve itself, or gives notice of intention to do so, or is otherwise wound up or dissolves; (d) a body corporate is unable to pay its debts as they fall due or is or states that it is insolvent or is treated as or presumed insolvent under any applicable legislation; (e) a receiver, receiver and manager, trustee, administrator or similar official is appointed over any or all of the assets or undertaking of a body corporate; (f) a body corporate takes any step to obtain protection or is granted protection from its creditors, under any applicable legislation; (g) a Liquidation occurs in relation to a person; or (h) anything analogous or having a substantially similar effect to any of the events specified above happens under the law of any applicable jurisdiction.

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7 OFFICIAL: Sensitive // Legal-Privilege (21) Intercreditor Deed means the document titled "Intercreditor Deed - Regional Express Airlines" dated _____________ between the Obligors, the Commonwealth and Air T. (22) Interest Payment Date means each of 31 March, 30 June, 30 September and 31 December. (23) Interest Period has the meaning as set out in clause 3.2. (24) Liquidation includes provisional liquidation, administration, receivership, compromise, arrangement, amalgamation, reconstruction, winding up, dissolution, assignment for the benefit of creditors, arrangement or compromise with creditors, bankruptcy or death. (25) Liquidation Event has the meaning given in the Intercreditor Deed. (26) Material Adverse Effect has the menging given to that term in the New Facility Agreement. (27) New Facility Agreement means the document titled "Facility Agreement" dated ____________________between the Obligors and the Commonwealth. (28) New Facility Finance Document means the New Facility Agreement and each "Finance Document" as defined in the New Facility Agreement. (29) Obligor means each of the Parties listed in Schedule 1. (30) PAG means PAGAC Regulus Holding Pte. Ltd. (31) Party means a party to this document. (32) Power means: (a) in respect of the Commonwealth, any right, power, authority, discretion, or remedy conferred on the Commonwealth by any Commonwealth Finance Document or any applicable law; and (b) in respect of the Administrators, any right, power, authority, discretion or remedy conferred on the Obligors by any Commonwealth Finance Document, any Act or any other document or applicable law or equity. (33) PPSA means the Personal Property Securities Act 2009 (Cth). (34) PPS Law means: (a) the PPSA and any regulation made at any time under the PPSA, including the PPS Regulations (each as amended from time to time); and (b) any amendment made at any time to any other legislation as a consequence of a law or regulation referred to in paragraph (a) of this definition. (35) PPS Regulations means the Personal Property Securities Regulations 2010 (Cth). (36) PPSR means the register established pursuant to the PPSA.

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8 OFFICIAL: Sensitive // Legal-Privilege (37) Principal Outstanding means, at any time, the aggregate principal amount owing under the Commonwealth Facility. (38) Regional Express Holdings means Regional Express Holdings Limited ACN 099 547 270. (39) Related Entity means any and all Commonwealth entities and companies that are subject to the Public Governance, Performance and Accountability Act 2013 (Cth) and any entity controlled by them. (40) Representative means any Minister or Related Entity of the Commonwealth, and any directors, officers, employees, consultants, agents, contractors and subcontractors of the Commonwealth and any Minister or Related Entity of the Commonwealth. (41) Restructure Effective Date has the meaning given in the Restructuring Coordination Deed. (42) Restructuring Coordination Deed means the document titled "Restructuring Coordination Deed – Regional Express Airlines" dated 21 October 2025 between Air T, Inc and the Commonwealth. (43) Rex Regional Commitments has the same meaning as in the Intercreditor Deed. (44) RRC EOD Date has the meaning given in the New Facility Agreement. (45) RRC Non-Compliance has the meaning given in the New Facility Agreement. (46) RRC Report has the meaning given in the Intercreditor Deed. (47) Sanctioned Entity means any person, being an individual, corporation, company, vessel, association, government or other entity that is identified on (or owned, operated or controlled by any person identified on) the consolidated list of entities subject to sanctions maintained by any Government Agency including the Department of Foreign Affairs and Trade. (48) Sanctions means any sanctions, regulations, statutes, prohibitions and official embargo measures that relate to the enforcement of economic and trade sanctions or export controls which are maintained, amended, or imposed by any Government Agency including the Department of Foreign Affairs and Trade. (49) Secured Money means all money and amounts (in any currency) that an Obligor is or may become liable at any time (presently, prospectively or contingently, whether alone or not and in any capacity) to pay to or for the account of the Commonwealth (whether alone or not and in any capacity) under or in connection with a Commonwealth Finance Document. It includes money and amounts: (a) in the nature of principal, interest, fees, costs, charges, expenses, duties, indemnities, guarantee obligations or damages; (b) whether arising or contemplated before or after the date of this document or as a result of the assignment (with or without an Obligor's consent) of any debt, liability or Commonwealth Finance Document; and (c) which a person would be liable to pay but for its insolvency. (50) Security Interest means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement

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9 OFFICIAL: Sensitive // Legal-Privilege having a similar effect, including any "security interest" as defined in sections 12(1) or (2) of the PPSA. (51) Subsidiary means a subsidiary within the meaning of Part 1.2 Division 6 of the Corporations Act. (52) Tax means any tax, levy, impost, duty, or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). (53) Termination Date means the date 30 years after the date of this document, subject to extension in accordance with clause 4.2. (54) $ or A$ means the lawful currency of Australia. 1.2 Interpretation In this document, unless the contrary intention appears: (1) the singular includes the plural and vice versa; (2) other grammatical forms of defined words or expressions have corresponding meanings; (3) a reference to a Party to this document includes that Party's successors and permitted assigns; (4) a reference to a document or agreement includes that document or agreement as novated, altered or replaced; (5) a reference to any thing includes the whole or part of that thing and a reference to a group of things or persons includes each thing or person in that group; (6) a reference to time is to Australian Eastern Standard Time; (7) words implying natural persons include partnerships, bodies corporate, associations, a body politic and Government Agencies; (8) financing statement has the meaning given by the PPSA; (9) a reference to any legislation or statutory instrument or regulation is construed in accordance with the Acts Interpretation Act 1901 (Cth) or the equivalent State legislation, as applicable; (10) "including" and similar expressions are not words of limitation; (11) a provision of this document must not be construed to the disadvantage of a Party merely because that Party was responsible for the preparation of the document or the inclusion of the provision in the document; and (12) if an act must be done on a specified day that is not a Business Day, it must be done instead on the next Business Day. 1.3 Multiple Parties

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10 OFFICIAL: Sensitive // Legal-Privilege If a Party to this document is made up of more than one person, or a term is used in this document to refer to more than one Party, then unless otherwise specified in this document: (1) an obligation of those persons is joint and several; (2) a right of those persons is held by each of them severally; and (3) any other reference to that Party or that term is a reference to each of those persons separately, so that (for example): (a) a representation, warranty or undertaking relates to each of them separately; and (b) a reference to that Party or that term is a reference to each of those persons separately. 2 Commonwealth Facility 2.1 Subject to the terms of this document and the other Commonwealth Finance Documents, the Commonwealth has made the Commonwealth Facility available to the Obligors up to an amount equal to the Commonwealth Facility Limit. 2.2 The Obligors acknowledge and agree that as at the Restructure Effective Date: (1) the Commonwealth Facility Limit is fully drawn; (2) no further funding may be requested by the Obligors under this document; and (3) the Principal Outstanding is an amount equal to the Opening Balance (as defined in the Restructuring Coordination Deed). 3 Interest 3.1 Interest on Principal Outstanding (1) If a RRC Non-Compliance occurs in respect of any Obligor and a RRC EOD Date occurs in respect of that RCC Non-Compliance, on and from the RRC EOD Date interest accrues daily on the Principal Outstanding at the rate of 2 per cent per annum each day during the period of non-compliance on the basis of a calendar year of 365 days. (2) The Borrower must pay to the Commonwealth interest accrued under clause 3.1(1) on each Interest Payment Date. 3.2 Interest Periods Each Interest Period shall be a period of three calendar months, provided that: (1) the first Interest Period commences on (and includes) the Restructure Effective Date and ends on (but excludes) the next Interest Payment Date: (2) each subsequent Interest Period commences on (and includes) the preceding Interest Payment Date and ends on (but excludes) the next Interest Payment Date;

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11 OFFICIAL: Sensitive // Legal-Privilege (3) the last Interest Period shall end on (and exclude) the Termination Date. 4 Repayment and prepayment 4.1 Repayment The Obligors must repay the Principal Outstanding and all other Secured Money to the Commonwealth in full on the Termination Date. 4.2 Extension of Termination Date (1) No later than 30 days prior to the then applicable Termination Date, provided that: (a) no Event of Default is continuing; (b) no Enforcement Action has been taken; and (c) no Liquidation Event has occurred, the Obligors may, on no more than 2 separate occasions, by notice in writing to the Commonwealth extend the Termination Date by a further 10 years from the then applicable Termination Date (Extension Request). (2) Following the provision of an Extension Request, the parties to this document shall, prior to the then applicable Termination Date, do all things and sign all documents as may be required (including, but not limited to, an amendment or variation of this document) to give effect to the relevant Extension Request. (3) To avoid doubt, the Termination Date may only be extended under this clause 4.2 by a maximum of 20 years in aggregate (through the issuance of two Extension Requests), unless otherwise agreed in writing by the Commonwealth. 4.3 Mandatory prepayment The Obligors must repay the Principal Outstanding in the amount of any available Excess Cash Flow on the date on which such Excess Cash Flow must be applied to the Commonwealth in accordance with the Intercreditor Deed. 4.4 No redraw The Obligors may not re-borrow any part of the Principal Outstanding which is repaid or prepaid. 4.5 Payments to the Commonwealth The Obligors must make all payments under this document by electronic funds transfer to the account or accounts in Australia specified by the Commonwealth, by 11.00am on the due date. 4.6 No deductions (1) All payments to be made by the Obligors under this document must be made without set-off or counterclaim and free and clear of and without deduction or withholding for or on account of Taxes. (2) If the Obligors are prohibited by law from making a payment free of all deductions and withholdings then:

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12 OFFICIAL: Sensitive // Legal-Privilege (a) the Obligors must pay an additional amount to the Commonwealth so that the actual amount received after deduction or withholding (and after payment of any additional Taxes or other taxes or charges due as a consequence of the payment of the additional amount) equals the amount that would have been received by the Commonwealth if the deduction or withholding were not required; and (b) the Obligors must promptly provide to the Commonwealth official receipts or other documentation acceptable to the Commonwealth evidencing the payment to the relevant Government Agency of any amount withheld or deducted. 4.7 Payment to be made on Business Day (1) Whenever any payment by the Obligors becomes due on a day that is not a Business Day, the due date will be the next Business Day. (2) If a payment is received from the Borrowers by the Commonwealth on the due date but after the time specified for payment or otherwise not in accordance with this document that payment will be treated as having been received before the specified time on the following Business Day. 4.8 Appropriation where insufficient money available Amounts received by the Commonwealth will be appropriated as between principal, interest and other amounts as the Commonwealth may respectively determine. This appropriation will override any appropriation made by an Obligor. Without limitation the Commonwealth may appropriate amounts received first in payment of amounts payable to it by way of indemnity or reimbursement. 4.9 Rounding In making any allocation or appropriation under this document the Commonwealth may round amounts to the nearest dollar. 5 Events of Default 5.1 Events of Default Each of the following is an Event of Default (whether or not it is in the control of any Obligor): (1) while the "Principal Outstanding" (as defined in the New Facility Agreement) has not been repaid in full an event of default as set out in clause 10 of the New Facility Agreement occurs as though set out in full in this document and as though references to "Finance Documents" and "Transaction Documents" are references to the Commonwealth Finance Documents, references to "Borrower" are references to "Obligor" and with any other necessary changes including incorporating any definitions, and such event of default has not been remedied within any applicable grace period under clause 11.2 of the New Facility Agreement; or (2) on and from the date that the "Principal Outstanding" (as defined in the New Facility Agreement) has been repaid in full: (a) subject to clause 5.4: (i) an Obligor fails to comply with the Rex Regional Commitments;

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13 OFFICIAL: Sensitive // Legal-Privilege (ii) the RRC Report (as that term is defined in the Intercreditor Deed) indicates that the Rex Regional Commitments have not been met; or (iii) the Commonwealth provides written notice to an Obligor that it believes that the Obligors are not complying with the Rex Regional Commitments; (b) an Insolvency Event in respect of any Obligor occurs without the consent of the Commonwealth (other than a solvent liquidation, winding-up or reorganisation of an Obligor so long as any payments or assets distributed as a result of such liquidation, winding-up or reorganisation are distributed to other Obligors); (c) an Enforcement Action (as defined in the Intercreditor Deed) occurs; (d) there is a change of more than 50% in the legal or beneficial ownership of: (i) the equity interests in Regional Express Holdings; (ii) the equity interests in any entity or other person where the equity interests or assets of Regional Express Holdings and its Subsidiaries represent the majority of the value of Regional Express Holdings and the Subsidiaries; or (iii) an Obligor (other than Regional Express Holdings) ceases to be a wholly-owned subsidiary of Regional Express Holdings; (e) one or more of the following events occurs in relation to the Commonwealth Security Documents, the Intercreditor Deed or the Commonwealth Finance Documents: (i) all or any part of such document is terminated or is or becomes void, illegal, invalid, unenforceable or of limited force and effect; (ii) a party becomes entitled to terminate, rescind or avoid all or part of such document; or (iii) a party other than the Commonwealth alleges or claims that an event described in clause 5.1(2)(e)(i) or that it is entitled as described in clause 5.1(2)(e)(ii); (f) an Obligor breaches clause 8.2(1), 8.5 or 8.7 of the Intercreditor Deed; (g) an Obligor is in breach of the undertaking given in Clause 8.3; (h) an Obligor is in breach of the undertaking given in Clause 8.2 and the Commonwealth in its absolute discretion considers such a breach to have a Material Adverse Effect; (i) an Obligor does not pay on the due date any amount payable pursuant to a Commonwealth Finance Document at the place at and in the currency in which it is expressed to be payable; (j) the legal and beneficial owner of the notes issued under the Air T LNSA ceases to be Air T or an Air T Financier without the prior consent of the Commonwealth (as such consent is contemplated in the Intercreditor Deed);

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14 OFFICIAL: Sensitive // Legal-Privilege (k) without the prior consent in writing of the Commonwealth, an Obligor reduces its capital (including a purchase of its shares but excluding a redemption of redeemable shares) or passes a resolution referred to in section 254N(1) of the Corporations Act; and (l) an Obligor, apart from Rex Flyer, stops or threatens to stop carrying on its business or a material part of it or substantially changes the nature of its business without the Commonwealth's prior consent. 5.2 Obligation to inform An Obligor must provide notice to the Commonwealth of the occurrence of an Event of Default as soon as reasonably practical after it becomes aware of the occurrence of that Event of Default. 5.3 Occurrence of an Event of Default Despite any provision in a Finance Document to the contrary, no Event of Default will be deemed to have occurred or subsist, and the Lender may not exercise any of its rights or powers under clause 5.5 unless the Event of Default has not been remedied within 14 days of the earlier of: (1) the Commonwealth giving notice to the Obligor of the occurrence of the Event of Default; and (2) the Obligor becoming aware of the occurrence of the Event of Default, and the Event of Default is not otherwise waived by the Commonwealth in writing. This clause 5.3 does not apply to an Event of Default arising from Clause 5.1(2)(a). 5.4 Remedy of Rex Regional Commitments (1) Clause 5.4(2) applies to an Event of Default under clause 5.1(2)(a). (2) Clause 11.4 of the New Facility Agreement is incorporated into this document as though set out in full and as though references to "Borrower" are references to "Obligor", references to "Lender" are references to "Commonwealth" and with any other necessary changes. 5.5 Consequences In addition to any other rights provided by law or any Commonwealth Finance Document, the Commonwealth may do all or any of the following if an Event of Default subsists: (1) by notice to the Obligors declare all Secured Money (or any part of that money as specified by the Commonwealth in the notice) actually or contingently owing immediately due and payable, and the Obligors must immediately pay to the Commonwealth the Secured Money (or any part of that money as specified by the Commonwealth in the notice); (2) by notice to the Obligors terminate the obligations of the Commonwealth under this document; (3) enforce any or all of the Commonwealth Security Documents; and (4) take any action whatsoever that the Commonwealth (or any person acting on the Commonwealth's behalf) is authorised or entitled to take under this document or

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15 OFFICIAL: Sensitive // Legal-Privilege any other Commonwealth Finance Document on the occurrence of an Event of Default. 6 GST 6.1 Payments GST exclusive Unless otherwise expressly stated, all payments or consideration, whether monetary or non-monetary, payable or to be provided under or in connection with this document are exclusive of GST (GST-exclusive Payments). 6.2 Payment of GST If GST is payable on any supply made by: (1) a party; or (2) an entity that is taken under the GST Law to make the supply by reason of the capacity in which a party acts, (Supplier) under or in connection with this document, the recipient of the supply, or the party providing the consideration for the supply, must pay to the Supplier an amount equal to the GST payable on the supply. 6.3 Timing of GST payment The amount referred to in clause 6.2 must be paid in addition to and at the same time and in the same manner (without any set-off or deduction) that the GST-exclusive Consideration for the supply is payable or to be provided. 6.4 Adjustment event If an adjustment event arises in respect of a supply made by a Supplier under or in connection with this document, any amount that is payable under clause 6.2 will be calculated or recalculated to reflect the adjustment event and a payment will be made by the recipient to the Supplier or by the Supplier to the recipient as the case requires. 6.5 Reimbursements (1) Where a party is required under or in connection with this document to pay for, reimburse or contribute to any expense, loss, liability or outgoing suffered or incurred by another party or indemnify another party in relation to such an expense, loss, liability or outgoing (Reimbursable Expense), the amount required to be paid, reimbursed or contributed by the first party will be reduced by the amount of any input tax credits to which the other party is entitled in respect of the Reimbursable Expense. (2) This clause 6.5 does not limit the application of clause 6.2, if appropriate, to the Reimbursable Expense as reduced in accordance with clause 6.5(1). 6.6 No merger This clause 6 does not merge on the completion, rescission or other termination of this document or on the transfer of any property supplied under this document.

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16 OFFICIAL: Sensitive // Legal-Privilege 7 Representations and warranties 7.1 Representations and warranties (1) The representations and warranties in clause 7.1 of the New Facility Agreement are incorporated into this document as though set out in full and as though references to the "Transaction Documents" are references to the Commonwealth Finance Documents, references to "Borrower" are references to "Obligor" and with any other necessary changes. (2) Each Obligor makes the representations and warranties in clause 7.1 to the Commonwealth on the Restructure Effective Date and on the first day of each Interest Period while the Secured Money exists. 7.2 Reliance Each Obligor acknowledges that the Commonwealth has entered into the Commonwealth Finance Documents in reliance on the representations and warranties given under this document and the other Commonwealth Finance Documents. 8 General Undertakings 8.1 New Facility Agreement Undertakings For so long as any Secured Money is outstanding, each Obligor undertakes to the Commonwealth that it will comply with its obligations in the Commonwealth Finance Documents, including, without limitation, the reporting obligations set out in clause 8.1 of the New Facility Agreement, the undertakings in clauses 9 of the New Facility Agreement as if those clauses were set out in full in this document (and as though references to "Borrower" are references to "Obligor" and with any other necessary changes) and notwithstanding that the "Principal Outstanding" as defined in New Facility Agreement has been repaid or the New Facility Agreement has been terminated or cancelled. 8.2 Anti-Money Laundering Each Obligor undertakes to exercise its rights and perform its obligations under the Commonwealth Finance Documents in accordance with all laws or regulations applicable to it relating to: (1) anti-money laundering; and (2) counter-terrorism financing. 8.3 Sanctions Each Obligor: (1) undertakes to comply with applicable Sanctions; and (2) represents that it is not a Sanctioned Entity and is not owned or controlled by a Sanctioned Entity.

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17 OFFICIAL: Sensitive // Legal-Privilege 9 Indemnity, costs, and expenses The Obligors shall (or shall procure that an Obligor will), within 5 Business Days of demand, indemnify the Commonwealth and its Representatives against any cost, expense, loss, or liability (including legal fees) incurred by the Commonwealth and its Representatives as a result of or in connection with a failure by an Obligor to pay any amount due under a Commonwealth Finance Document on its due date and that is not cured within 3 Business Days. 10 Costs and expenses 10.1 Each Party must pay their own Costs, including legal fees, costs, and disbursements incurred in connection with negotiating, preparing, and executing the Commonwealth Finance Documents and any subsequent consent, agreement, approval, waiver, or amendment relating to those documents. 10.2 The Obligors must pay the Costs of the Commonwealth, including legal fees, costs, and disbursements incurred in connection with: (1) (Enforcement) exercising, enforcing, or preserving, or attempting to exercise, enforce or preserve, any power under any of the Commonwealth Finance Documents; and (2) (Preservation of Rights) exercising, enforcing, or preserving, or attempting to exercise, enforce or preserve any rights under any of the Commonwealth Finance Documents. 11 Changes to Parties 11.1 The Parties must not assign any of their rights or transfer any of their rights or obligations under this document without the prior written consent of each other Party. 12 Miscellaneous Each Party to this document must do all things and sign all deeds and other documents as may reasonably be required by the other Parties so as to carry out and give effect to the terms and intentions of this document and to perfect, protect and preserve the rights of the other Parties to this document. 13 Notices 13.1 Each communication (including each notice, consent, approval, request, and demand) under or in connection with this document): (1) must be in writing; (2) must be signed by the Party making it or (on that Party's behalf) by the solicitor for, or any attorney, director, company secretary, or authorised agent of, that Party;

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18 OFFICIAL: Sensitive // Legal-Privilege (3) must be sent by email to the email address, or delivered by hand or posted by prepaid post to the address of the addressee, set out in this document or any other Commonwealth Finance Document or notified by that Party to each other Party from time to time; and (4) is taken to be received by the addressee: (i) (in the case of prepaid post sent to an address in the same country) on the third day after the date of posting; (ii) (in the case of prepaid post sent to an address in another country) on the fifth day after the date of posting by airmail; (iii) (in the case of an email) at the time recorded on the device at the place of receipt; or (iv) (in the case of delivery by hand) on delivery, but if the communication is taken to be received on a day that is not a Business Day or after 5.00 pm AEST, it is taken to be received at 9.00 am AEST on the next Business Day. 14 Severance If at any time a provision of this document is or becomes illegal, invalid, or unenforceable in any respect under the law of any jurisdiction, that will not affect or impair: (1) the legality, validity, or enforceability in that jurisdiction of any other provision of this document; or (2) the legality, validity, or enforceability under the law of any other jurisdiction of that or any other provision of this document. 15 Waivers 15.1 Waiver of any right arising from a breach of this document or arising on default under this document must be in writing and signed by the Party granting the waiver. 15.2 A failure or delay in exercise, or partial exercise, of: (1) a right arising from a breach of this document; or (2) a Power created or arising on default under this document, does not result in a waiver of that right or Power. 15.3 A Party is not entitled to rely on a delay in the exercise or non-exercise of a right or Power arising from a breach of this document or on a default under this document as constituting a waiver of that right or Power. 15.4 A Party may not rely on any conduct of another Party as a defence to exercise of a right or Power by that other party.

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19 OFFICIAL: Sensitive // Legal-Privilege 15.5 This clause may not itself be waived except in writing. 16 Variation 16.1 A variation of any term of this document or any other Commonwealth Finance Document must be in writing and signed by the Parties. 16.2 Any term of this document may be varied, amended, or waived only with the consent of the Commonwealth and the Obligors and any such amendment or waiver will be binding on all Parties. 17 Confidentiality Except as required by law, expressly agreed between the Parties in writing, or as contemplated expressly by this document: (1) no Party may disclose, permit, cause or suffer to be disclosed, either directly or indirectly, in any manner, any of the terms of this document, any New Facility Finance Document or the substance of any of their provisions other than to: (a) any professional advisers for the purpose of obtaining professional advice; or (b) any Air T Financier to (or through) whom Air T assigns or transfers (or may potentially assign or transfer) the Air T LNSA and finance documents under the Air T LNSA in the circumstances permitted by the Intercreditor Deed provided such assignee, transferee, potential assignee or potential transferee (as the case may be) must agree to be bound by the terms of this clause 17(1); (2) without limiting the foregoing, the Parties acknowledge and agree that, prior to the date of this document, they have entered into confidentiality agreements in connection with the transactions contemplated by this document and they must each comply with the terms of those agreements and may only disclose this document, the other Commonwealth Finance Documents and any other documents or information in relation thereto in accordance with the provisions of that confidentiality agreement. 18 Further Assurances 18.1 Each Party must do anything (acting reasonably, having regard to the circumstances) (including executing deeds, agreements and documents) necessary to give full effect to each Commonwealth Finance Document that it is a party to and the transactions contemplated by it. 18.2 In addition, each Obligor undertakes to do everything requested by the Commonwealth (at their cost) to ensure any Commonwealth Finance Document (or any Security Interest under any Commonwealth Finance Document) is fully effective, enforceable, registered on any applicable register (such as the PPSR, relevant land titles register or the International Registry) and perfected with the contemplated priority. This may include obtaining consents, signing documents, getting documents completed and signed and supplying information, delivering documents and evidence of title and executed blank transfers, or

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20 OFFICIAL: Sensitive // Legal-Privilege otherwise giving possession or control with respect to any property the subject of any Security Interest. 19 Governing law and jurisdiction 19.1 The law of New South Wales governs this document and any dispute arising out of or in connection with the subject matter of this document. 19.2 The Parties submit to the exclusive jurisdiction of the courts of New South Wales and of the Commonwealth of Australia. 20 Electronic execution and exchange of counterparts 20.1 A Party may execute this document as well as any modification to it by electronic means (including, by electronic signature or by facsimile or email of the signed document in PDF or scanned format in each case signed, including by electronic means, by two directors of that Party or one director and the company secretary). 20.2 The Parties agree and intend that such signature by electronic means or by facsimile or email in PDF or scanned format shall bind the Party so signing with the same effect as though the signature were an original signature. 20.3 A counterpart of this document may also be exchanged by a Party to this document or a Party's solicitor by electronic method including by email. 20.4 This document may be executed in any number of counterparts. Each counterpart is an original, but the counterparts together are one and the same instrument.

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21 OFFICIAL: Sensitive // Legal-Privilege EXECUTED as an agreement.

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22 OFFICIAL: Sensitive // Legal-Privilege Schedule 1 1. Regional Express Holdings Limited (ACN 099 547 270) 2. Rex Investment Holdings Pty Ltd (ACN 101 317 677) 3. Regional Express Pty Ltd (ACN 101 325 642) 4. Air Partners Pty Ltd (ACN 065 221 356) 5. Rex Flyer Pty Ltd (ACN 671 816 621) 6. Australian Aero Propeller Maintenance Pty Ltd (ACN 131 278 889) 7. Australian Airline Pilot Academy Pty Ltd (ACN 128 392 469) 8. AAPA Victoria Pty Ltd (ACN 118 837 586) 41330945v5

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## Exhibit 10.10

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Dated Deed of Amendment and Restatement - Commonwealth Facility Agreement Parti es Commonwealth of Australia as represented by the Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts Each entity listed in Schedule 1 Norton Rose Fulbright Australia Level 5, 60 Martin Place Sydney NSW 2000 nortonrosefulbright.com Our ref: 4081080

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APAC-#312885949-v11© Norton Rose Fulbright Australia Contents 1 Definitions ....................................................................................................................... 1 1.1 Definitions .......................................................................................................... 1 1.2 Interpretation ...................................................................................................... 2 1.3 Commonwealth Finance Document .................................................................. 2 2 Amendments to the Commonwealth Facility Agreement ............................................... 2 2.1 Amendments ...................................................................................................... 2 2.2 Effect of the Amendment ................................................................................... 2 2.3 Ratification, Confirmation and Consent ............................................................. 2 3 Adherence to the Commonwealth Facility Agreement ................................................... 3 4 Amendments to security documents .............................................................................. 3 5 General ........................................................................................................................... 3 6 Counterparts ................................................................................................................... 4 7 Attorney .......................................................................................................................... 4 8 Governing law ................................................................................................................. 4 Schedule 1 – Obligors ................................................................................................................. 5 Schedule 2 – Amendment to Existing Security Documents ........................................................ 6 Schedule 3 – Amendment to Commonwealth Security Documents ......................................... 14 Signing Pages ........................................................................................................................... 17 Annexure A – Further Amended and Restated Commonwealth Facility Agreement ................ 21

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APAC-#312885949-v11 1© Norton Rose Fulbright Australia Deed dated Parties Commonwealth of Australia as represented by the Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts ABN 86 267 354 017 of 111 Alinga Street, Canberra ACT 2601 (the Commonwealth) The entities listed in Schedule 1 (each an Obligor) Introduction A On 11 November 2024, the Parties, among others, executed the Commonwealth Facility Agreement which was amended on 18 June 2025 and subsequently. B The Parties agree to amend and restate the Commonwealth Facility Agreement in the form annexed to Annexure A. It is agreed 1 Definitions 1.1 Definitions These meanings apply unless the contrary intention appears: (1) Commonwealth Facility Agreement means the document entitled "Commonwealth Facility Agreement" dated 11 November 2024, as amended from time to time, between, among others, the Commonwealth and the Obligors (other than the Pilot Schools). (2) Commonwealth Finance Document has the meaning given to that term in the Commonwealth Facility Agreement. (3) Commonwealth Security Document has the meaning given in Schedule 3. (4) Deed means this deed, including any schedule or annexure to it. (5) Effective Date means the Restructure Effective Date (as defined in the Restructuring Coordination Deed). (6) Existing Security Document has the meaning given in Schedule 2. (7) Finance Document has the meaning given to that term in the New Facility Agreement. (8) New Facility Agreement means the document entitled 'Facility Agreement' to be entered into between certain of the Obligors and the Commonwealth.

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APAC-#312885949-v11 2© Norton Rose Fulbright Australia (9) Parties means the parties to this Deed. (10) Pilot Schools means AAPA Victoria Pty Ltd (ACN 118 837 586) and Australian Airline Pilot Academy Pty Ltd (ACN 128 392 469). (11) Restructuring Coordination Deed means the document titled "Restructuring Coordination Deed – Regional Express Airlines" dated 21 October 2025 between Air T, Inc and the Commonwealth. 1.2 Interpretation (1) Unless otherwise defined in this Deed, capitalised terms defined in the Commonwealth Facility Agreement (including by incorporation) have the same meaning when used in this Deed. (2) Unless otherwise stated in this Deed, all clause references are references to clauses of the Commonwealth Facility Agreement. (3) Clause 1.2 (Interpretation), Clause 1.3 (Multiple Parties), Clause 7 (Representations and Warranties), Clause 10 (Costs and Expenses), Clause 19 (Governing law and jurisdiction) and Clause 20 (Electronic execution and exchange of counterparts) apply as if set out in this Deed in full, with all necessary changes, including, where applicable, as if references to 'this Agreement' were references to this Deed. 1.3 Commonwealth Finance Document This Deed is designated a Commonwealth Finance Document for the purposes of the Commonwealth Facility Agreement. 2 Amendments to the Commonwealth Facility Agreement 2.1 Amendments Each Party agrees that with effect on and from the Effective Date, the Commonwealth Facility Agreement is amended and restated as set out in Annexure A. 2.2 Effect of the Amendment The Parties acknowledge and agree that: (1) the effect of this Deed is to amend and restate the Commonwealth Facility Agreement in the manner set out in Annexure A of this Deed; (2) this Deed does not, and is not intended to, affect the validity or enforceability of, or terminate, discharge or rescind the Commonwealth Facility Agreement; and (3) on and from the Effective Date, references to the Commonwealth Facility Agreement in each Commonwealth Finance Document (except for this Deed) will be to the Commonwealth Facility Agreement as further amended and restated by this Deed. 2.3 Ratification, Confirmation and Consent (1) On and from the Effective Date, other than as expressly amended by this Deed, the Commonwealth Facility Agreement remains in full force and effect and the Parties ratify and confirm the Commonwealth Facility Agreement as amended and restated by this Deed.

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APAC-#312885949-v11 3© Norton Rose Fulbright Australia (2) Each Obligor acknowledges and confirms that each Commonwealth Security Document to which it is a party prior to the Effective Date continues in full force and effect and secures the Secured Money on and from the Effective Date, despite: (a) the execution of this Deed; (b) any amendments to any Commonwealth Finance Documents; and (c) the transactions contemplated by this Deed. 3 Adherence to the Commonwealth Facility Agreement The Obligors each confirm and acknowledge that on and from the Effective Date they will continue to be bound by the provisions of the Commonwealth Facility Agreement, as amended and restated by this Deed, and each other Commonwealth Finance Document to which it is a party. 4 Amendments to security documents (1) On and from the Effective Date: (a) the Parties to each Existing Security Document hereby agree that each such security document is amended as set out in Schedule 2; (b) the Parties to each Commonwealth Security Document hereby agree that each such security document is amended as set out in Schedule 3. (2) The Parties confirm and agree that: (a) subject to this clause, each Existing Security Document, each Commonwealth Security Document and each other Finance Document remain in full force and effect; (b) the amendment of an Existing Security Document, Commonwealth Finance Document or any other Finance Document does not affect the enforceability or validity of those documents; (c) the obligations under or in connection with each Existing Security Document and each Commonwealth Security Document will continue in full force and effect following their amendment and the amendment or entry into of any Finance Documents; and (d) the Obligors' obligations under the Finance Documents will continue and, accordingly, the Secured Moneys (as defined in each Existing Security Document) and the Secured Money (as defined in each Commonwealth Security Document) includes all money owing by the Obligors to the Commonwealth under the Finance Documents. 5 General Clauses 26 (Severability), 27 (Variation), 28 (Waivers and exercise of rights) and 29 (Notices) of the New Facility Agreement apply to this document as if they were fully set out in this document, with necessary changes for context.

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APAC-#312885949-v11 4© Norton Rose Fulbright Australia 6 Counterparts This document may consist of a number of copies each signed by one or more parties to this document. If so, the signed copies are treated as making up the one document. 7 Attorney If an attorney executes this document, the attorney declares that the attorney has no notice of revocation, termination or suspension of the power of attorney under which the attorney executes this document. 8 Governing law This document is governed by New South Wales law and each Party irrevocably submits to the non-exclusive jurisdiction of the courts of that place. Executed as a deed.

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APAC-#312885949-v11 5© Norton Rose Fulbright Australia Schedule 1 – Obligors 1. Regional Express Holdings Limited (ACN 099 547 270); 2. AAPA Victoria Pty Ltd (ACN 118 837 586); 3. Air Partners Pty Ltd (ACN 065 221 356; 4. Australian Airline Pilot Academy Pty Ltd (ACN 128 392 469); 5. Rex Flyer Pty Ltd (ACN 671 816 621); 6. Australian Aero Propeller Maintenance Pty Ltd (ACN 131 278 889); 7. Rex Investment Holdings Pty Ltd (ACN 101 317 677); and 8. Regional Express Pty Limited (ACN 101 325 642)

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APAC-#312885949-v11 6© Norton Rose Fulbright Australia Schedule 2 – Amendment to Existing Security Documents 1 Background (3) On 11 November 2024, the Obligors and the Commonwealth entered into the Assignment, Novation and Amendment Deed. On 23 January 2025, each Existing Security Document was amended in accordance with clause 6.1(1)(b)(iii) of the Assignment, Novation and Amendment Deed. (4) The relevant Parties to each Existing Security Document agree that the amendments to each Existing Security Document made in accordance with clause 6.1(1)(b)(iii) of the Assignment, Novation and Amendment Deed are to be disregarded and instead each Existing Security Document is amended as set out in this Schedule 2. 2 Definitions (1) In this Schedule: Assignment, Novation and Amendment Deed means the document so titled between (among others) the Obligors as continuing parties, PAG as retiring party and the Commonwealth as substitute party dated 11 November 2024; Existing Security Document means: (a) the General Security Deed (2021); (b) the General Security Deed (2024); (c) the Supplementary Security Deed (25 July 2024); (d) the Supplementary Security Deed (30 July 2024); and (e) each Mortgage; General Security (2021) means the document titled "General Security Deed" between the Obligors and PAG dated 15 March 2021 (as assigned, novated and amended from time to time, including pursuant to the Assignment, Novation and Amendment Deed); General Security (2024) means the document titled "General Security Deed" between, amongst others, the Obligors (other than the Pilot School Entities) Continuing Parties and PAG dated 30 July 2024 (as assigned, novated and amended from time to time, including pursuant to the Assignment, Novation and Amendment Deed); Leasehold Mortgage means the Mortgage over: (i) sub-lease xxxx on title xxxx located at Hangar Site, Hangar No. xxxx, xxxx, Elizabeth Avenue, Forest Hill NSW 2650 between Regional Express Holdings Limited and PAG on 15 March 2021; and (ii) underlease xxxx on land title xxxx located at Site xxxx, James Schofield Drive, Adelaide Airport, SA 5950 between Regional Express Holdings Limited and PAG on 30 April 2021; Mortgage means:

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APAC-#312885949-v11 7© Norton Rose Fulbright Australia (a) a real property mortgage of title over xxxx located at 138 Elizabeth Avenue, Forrest Hill, NSW 2650 between Regional Express Holdings Limited and PAG on 15 March 2021; (b) a real property mortgage of title over xxxx located at 2 Bowral Place, Mitchell Park, VIC 3355 between AAPA Victoria Pty Ltd and PAG on 15 March 2021; and (c) each Leasehold Mortgage, in each case as assigned, novated and amended from time to time, including pursuant to the Assignment, Novation and Amendment Deed; PAG means PAGAC Regulus Holding Pte. Ltd.; Pilot School Entities means: (a) AAPA Victoria Pty Ltd (formerly known as ST Aerospace Academy (Australia) Pty Ltd) (ACN 118 837 586); and (b) Australian Airline Pilot Academy Pty Ltd (ACN 128 392 469); Supplementary Security Deed (25 July 2024) means the document titled "Supplemental Security Deed (Aircraft)" between, Regional Express Holdings Limited (Administrators appointed) (ACN 099 547 270), Rex Investment Holdings Pty Ltd (Administrators appointed) (ACN 101 317 677) and PAG dated 25 July 2024 (as assigned, novated and amended from time to time, including pursuant to the Assignment, Novation and Amendment Deed); Supplementary Security Deed (30 July 2024) means the document titled "Supplemental Security Deed (Aircraft)" between, Regional Express Holdings Limited (Administrators appointed) (ACN 099 547 270), Rex Investment Holdings Pty Ltd (Administrators appointed) (ACN 101 317 677) and Rex Airlines Pty Ltd (Administrators appointed) (ACN 624 400 048) and PAG dated 30 July 2024 (as assigned, novated and amended from time to time, including pursuant to the Assignment, Novation and Amendment Deed). 3 Changes to each Existing Security Document (1) All references to "Subscription Agreement" in each Existing Security Document shall be deleted and replaced with "Commonwealth Facility Agreement" and the definition of "Subscription Agreement" shall be deleted. (2) All references to "Enforcement Event" in each Existing Security Document shall be deleted and replaced with "Event of Default" and the definition of "Enforcement Event" shall be deleted. (3) All references to "Loan Agreement" in each Existing Security Document shall be deleted and replaced with "Commonwealth Facility Agreement" and the definition of "Loan Agreement" shall be deleted. (4) All references to "PAG Finance Document" or "SA Finance Document" in each Existing Security Document shall be deleted and replaced with "Finance Document".

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APAC-#312885949-v11 8© Norton Rose Fulbright Australia 4 Changes to each General Security Deed (1) The following definitions are inserted in clause 1.2 of the General Security Deed (2021) and the General Security Deed (2024): "CASA means the Civil Aviation Safety Authority." "Commonwealth Facility Agreement means the document titled "Commonwealth Facility Agreement" between (among others) certain of the Grantors and the Secured Party dated 11 November 2024 (as amended from time to time)." "Event of Default has the meaning given to that term in a Finance Document." "Finance Document means: (a) a "Commonwealth Finance Document" as defined in the Commonwealth Facility Agreement; and (b) a "Finance Document" as defined in the New Facility Agreement." "International Registry means the registry established pursuant to the Cape Town Convention." "New Facility Agreement means the document titled "Facility Agreement" between certain of the Grantors and the Secured Party dated on or about September 2025 (as amended from time to time)." "Material Contract means, at any time, any individual contract or group of inter- related contracts to which an Obligor is a party which, at that time, contributes 5% or more of the total revenue of the Obligors." "Secured Property means all of the assets of an Obligor which from time to time are the subject of the Transaction Security." "Permitted Security Interest has the same meaning as in the New Facility Agreement" "Security Document has the same meaning as in New Facility Agreement." "Secured Moneys means all money and amounts (in any currency) that a Grantor is or may become liable at any time (presently, prospectively or contingently, whether alone or not and in any capacity) to pay to or for the account of the Secured Party whether alone or not and in any capacity) under or in connection with a Finance Document. It includes money and amounts: (1) in the nature of principal, interest, fees, costs, charges, expenses, duties, indemnities, guarantee obligations or damages; (2) whether arising or contemplated before or after the date of this Agreement or as a result of the assignment (with or without a Grantor's consent) of any debt, liability or Finance Document; and (3) which a person would be liable to pay but for its insolvency." (2) All references to "Security" shall be deleted and replaced with "Security Interest". (3) All references to "Governmental Agency" shall be deleted and replaced with "Government Agency".

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APAC-#312885949-v11 9© Norton Rose Fulbright Australia (4) All references to "Funding Portion" shall be ignored. (5) All references to "Related Body Corporate" shall be ignored. (6) All references to "SA Obligor" shall be deleted and replaced with "Obligor". (7) All references to "Secured Money" shall be deleted and replaced with "Secured Moneys". (8) All references to "Loss" shall be deleted and replaced with "loss". (9) Clause 2.5 of the General Security Deed (2021) is deleted. (10) Clause 2.5 of the General Security Deed (2024) is deleted. (11) In clause 9 (Enforcement Event and consequences) of each of the General Security Deed (2021) and General Security Deed (2024), the words "subject to the terms of the Subscription Agreement" are deleted each time they occur. (12) Clause 10 (Costs and Taxes) in each of the General Security Deed (2021) and General Security Deed (2024) is deleted and replaced with the following: "Clause 10 of the Commonwealth Facility Agreement is incorporated into this document as if set out in full with any necessary amendments." (13) Clause 12.1 (Payment requirements) in each of the General Security Deed (2021) and General Security Deed (2024) is deleted and replaced with the following: "12.1 Payment requirements All payments by a Grantor under the Finance Documents must be made: (1) in immediately available and freely transferable funds; and (2) in A$, to the Secured Party's account as specified by the Secured Party in writing to the Grantors or in any other manner the Secured Party directs from time to time." (14) Clause 14.1 (Exclusion of PPSA provisions) in the General Security Deed (2021) is deleted and replaced with the following: "14.1 Exclusion of PPSA provisions Where the Secured Party has a security interest (as defined in the PPSA) under any Finance Document, to the extent the law permits: (1) for the purposes of sections 115(1) and 115(7) of the PPSA: (i) the Secured Party with the benefit of the security interest need not comply with sections 95, 118, 121(4), 125, 130, 132(3)(d) or 132(4) of the PPSA; and (ii) sections 142 and 143 of the PPSA are excluded; (2) for the purposes of section 115(7) of the PPSA, the Secured Party with the benefit of the security interest need not comply with sections 132 and 137(3);

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APAC-#312885949-v11 10© Norton Rose Fulbright Australia (3) each party waives its right to receive from the Secured Party any notice required under the PPSA (including a notice of a verification statement but not including a notice under section 135 of the PPSA); and (4) if the Secured Party with the benefit of a security interest exercises a right, power or remedy in connection with it, that exercise is taken not to be an exercise of a right, power or remedy under the PPSA unless the Secured Party states otherwise at the time of exercise. However, this clause does not apply to a right, power or remedy which can only be exercised under the PPSA. This does not affect any rights a person has or would have other than by reason of the PPSA and applies despite any other clause in any Finance Document." (15) Clause 15 (Limited recourse provisions) in the General Security Deed (2024) is deleted. (16) Clause 16 (Notices, demands and communications) in the General Security Deed (2021) and Clause 17 (Notices, demands and communications) in the General Security Deed (2024) are deleted and replaced with the following: "Clause 13 (Notices) of the Commonwealth Facility Agreement applies to the giving of any notice, demand, consent, approval or communication in connection with this document." (17) Clause 18.4 (Set off) in the General Security Deed (2021) is deleted and replaced with the following: "While an Event of Default is continuing, the Secured Party may, but need not, set off any matured obligation due from a Grantor under the Finance Documents (to the extent beneficially owned by the Secured Party) against any matured obligation owed by the Secured Party to that Grantor under the Finance Documents, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Secured Party may convert either obligation at a market rate of exchange for the purpose of the set-off." 5 Changes to the Mortgages (1) The following definitions are inserted in clause 1.2 of each Mortgage: "Authorised Officer has the same meaning as in the New Facility Agreement." "Commonwealth Facility Agreement means the document titled "Commonwealth Facility Agreement" between, amongst others, Regional Express Holdings Limited and the Mortgagee dated 11 November 2024 (as amended from time to time)." "Event of Default has the meaning given to that term in a Finance Document." "Finance Document means: (a) a "Commonwealth Finance Document" as defined in the Commonwealth Facility Agreement; and (b) a "Finance Document" as defined in the New Facility Agreement." "Guarantee means a guarantee, indemnity, letter of credit, legally binding letter of comfort or other obligation of any kind:

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APAC-#312885949-v11 11© Norton Rose Fulbright Australia (a) to provide funds (whether by the advance or payment of money, the purchase of or subscription for shares or other securities, the purchase of assets or services, or otherwise) for the payment or discharge of; (b) to indemnify any person against the consequences of default in the payment of; or (c) to be responsible for, an obligation or monetary liability of another person or the assumption of any responsibility or obligation in respect of the solvency or financial condition of another person." "New Facility Agreement means the document titled "Facility Agreement" between (among others) Regional Express Holdings Limited and the Secured Party dated on or about September 2025 (as amended from time to time)." "Permitted Security Interest has the same meaning as in the New Facility Agreement." (2) All references to "Permitted Security" shall be deleted and replaced with "Permitted Security Interest". (3) All references to "Security" shall be deleted and replaced with "Security Interest". (4) All references to "Secured Money" shall be deleted and replaced with "Secured Moneys". (5) The definition of Secured Moneys in clause 1.2 of each Mortgage is deleted and replaced with a new definition of "Secured Moneys" as follows: "Secured Moneys means all money and amounts (in any currency) that a Mortgagor is or may become liable at any time (presently, prospectively or contingently, whether alone or not and in any capacity) to pay to or for the account of the Mortgagee whether alone or not and in any capacity) under or in connection with a Finance Document. It includes money and amounts: (1) in the nature of principal, interest, fees, costs, charges, expenses, duties, indemnities, guarantee obligations or damages; (2) whether arising or contemplated before or after the date of this Agreement or as a result of the assignment (with or without a Mortgagor's consent) of any debt, liability or Finance Document; and (3) which a person would be liable to pay but for its insolvency." (5) Clause 1.3 (Interpretation) in each Mortgage is deleted and replaced with the following: "1.3 Interpretation The provisions of clause 1.2 (Interpretation) of the Commonwealth Facility Agreement are incorporated in, and apply to, this document as if set out in full with any necessary amendments. Also, a reference to 'this document' means this annexure together with any instrument of mortgage which is signed by the Mortgagor and to which this annexure is annexed." (6) Clause 6.1 (Costs) in each Mortgage (other than the Leasehold Mortgages) and clause 7.1 (Costs) in each Leasehold Mortgage is deleted and replaced with the following:

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APAC-#312885949-v11 12© Norton Rose Fulbright Australia "Clause 11 (Costs and Expenses) of the Commonwealth Facility Agreement is incorporated into this document as if set out in full with any necessary amendments." (7) Clause 8 (Payment requirements) in each Mortgage (other than the Leasehold Mortgages) and clause 9.1 (Payment requirements) in each Leasehold Mortgage is deleted and replaced with the following: "Payment requirements (6) On each date on which the Mortgagor is required to make a payment under a Finance Document, that Mortgagor shall make the same available to the Mortgagee (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Mortgagee as being customary at the time for settlement of transactions in the relevant currency in the place of payment. (7) Payment shall be made to such account at the city of Lender with such bank as the Mortgagee specifies. (8) Payment by a Mortgagor to the Mortgagee for the account of the Mortgagee satisfies the Mortgagor's obligations to make that payment." (8) Clause 11 (Notices, demands and communications) in each Mortgage (other than the Leasehold Mortgages) and clause 12 (Notices, demands and communications) in each Leasehold Mortgage are deleted and replaced with the following: "Clause 13 (Notices) of the Commonwealth Facility Agreement applies to the giving of any notice, demand, consent, approval or communication in connection with this document." (9) Clause 13.4 (Mortgagee may set off) in each Mortgage (other than the Leasehold Mortgages) and clause 14.4 (Mortgagee may set off) in each Leasehold Mortgage is deleted and replaced with the following: "While an Event of Default is continuing, the Mortgagee may, but need not, set off any matured obligation due from a Mortgagor under the Finance Documents (to the extent beneficially owned by the Mortgagee) against any matured obligation owed by the Mortgagee to that Mortgagor under the Finance Documents, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Mortgagee may convert either obligation at a market rate of exchange for the purpose of the set-off." 6 Changes to each Supplementary Security Deed (1) The definition of Finance Document in clause 1 of the Supplementary Security Deed (25 July 2024) and the Supplementary Security Deed (30 July 2024) is deleted and replaced with a new definition of "Finance Document" as follows: "Finance Document means: (a) a "Commonwealth Finance Document" as defined in the Commonwealth Facility Agreement ; and (b) a "Finance Document" as defined in the New Facility Agreement." (2) The definition of Secured Moneys in clause 1 of the Supplementary Security Deed (25 July 2024) and the Supplementary Security Deed (30 July 2024) is deleted and replaced with a new definition of "Secured Moneys" as follows:

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APAC-#312885949-v11 13© Norton Rose Fulbright Australia "Secured Moneys means all money and amounts (in any currency) that a Grantor is or may become liable at any time (presently, prospectively or contingently, whether alone or not and in any capacity) to pay to or for the account of the Secured Party whether alone or not and in any capacity) under or in connection with a Finance Document. It includes money and amounts: (1) in the nature of principal, interest, fees, costs, charges, expenses, duties, indemnities, guarantee obligations or damages; (2) whether arising or contemplated before or after the date of this Agreement or as a result of the assignment (with or without a Grantor's consent) of any debt, liability or Finance Document; and (3) which a person would be liable to pay but for its insolvency." (4) The following definitions are inserted in clause 1 of the Supplementary Security Deed (25 July 2024) and the Supplementary Security Deed (30 July 2024): "Commonwealth Facility Agreement (means the document titled "Commonwealth Facility Agreement" between (among others) the Grantors and the Secured Party dated 11 November 2024 (as amended from time to time). "Event of Default has the meaning given to that term in a Finance Document." "New Facility Agreement means the document titled "Facility Agreement" between (among others) the Grantors and the Secured Party dated on or about August 2025 (as amended from time to time)."

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APAC-#312885949-v11 14© Norton Rose Fulbright Australia Schedule 3– Amendment to Commonwealth Security Documents 1 Background On 20 November 2024, the Obligors (other than the Pilot School Entities) and the Commonwealth entered into the Commonwealth Security Documents. 2 Definitions (1) In this Schedule: Aircraft Mortgage SSD means the document titled "Aircraft Mortgage (Specific Security Deed)" between certain of the Obligors and the Commonwealth dated 20 November 2024; Commonwealth Security Document means: (a) the General Security Deed (Cth); and (b) the Aircraft Mortgage SSD; General Security Deed (Cth) means the document titled "General Security Deed" between the Obligors (other than the Pilot School Entities) and the Commonwealth dated 20 November 2024; Land Mortgages means: (a) a mortgage of underlease xxxx on land title xxxx located at Site xxxx, James Schofield Drive, Adelaide Airport, SA 5950 between Regional Express Holdings Limited and the Commonwealth on 20 November 2024; (b) a real property mortgage of title over xxxx located at 138 Elizabeth Avenue, Forrest Hill, NSW 2650 between Regional Express Holdings Limited and the Commonwealth on 20 November 2024; (c) a real property mortgage over sub-lease xxxx on title xxxx located at Hangar Site, Hangar No. xxxx, xxxx, Elizabeth Avenue, Forest Hill NSW 2650 between Regional Express Holdings Limited and the Commonwealth on 20 November 2024; Pilot School Entities means: (d) AAPA Victoria Pty Ltd (formerly known as ST Aerospace Academy (Australia) Pty Ltd) (ACN 118 837 586); and (e) Australian Airline Pilot Academy Pty Ltd (ACN 128 392 469). 3 General Security Deed (Cth) (1) The following definitions are inserted in clause 1.1 of the General Security Deed (Cth): "Authorisation means

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APAC-#312885949-v11 15© Norton Rose Fulbright Australia (a) an authorisation, consent, approval, resolution, licence, exemption, filing or registration; or (b) in relation to anything which will be fully or partly prohibited or restricted by law if a Government Agency intervenes or acts in any way within a specific period after lodgement, filing, registration or notification, the expiry of that period without intervention or action" "Event of Default has the meaning given to that term in a Commonwealth Finance Document." "Permitted Security Interest has the same meaning as in the New Facility Agreement." "New Facility Agreement means the document titled "Facility Agreement" between the Grantors and the Secured Party dated on or about August 2025 (as amended from time to time)." (2) All references to "Existing Lender Security Documents" shall be deleted. (3) All references to "Existing Lender" shall be deleted. (4) All references to "Repeating Representations" shall be deleted and replaced by "representations and warranties given in any Finance Document". (5) All references to "Insolvency" shall be deleted and replaced with "Insolvency Event". (6) Clause 3 (Administrators' liability) of the General Security Deed (Cth) is deleted. 4 Aircraft Mortgage (SSD) (1) All references in the Aircraft Mortgage SSD to "Facility Agreement" shall be deleted and replaced with "Commonwealth Facility Agreement". (2) The following definitions are inserted in clause 1.1 of the Aircraft Mortgage SSD: "Commonwealth Facility Agreement means the document titled "Commonwealth Facility Agreement" between (among others) certain of the Grantors and the Secured Party dated 11 November 2024, as it may from time to time be amended, restated, novated, or replaced (however fundamentally, including by an increase of any size in the amount of the facilities made available under it, the alternation of the nature, purpose or period of those facilities or the change of its parties)." "Event of Default has the meaning given to that term in a Commonwealth Finance Document." (3) Clause 3 (Administrators' liability) of the Aircraft Mortgage SSD is deleted. (4) Clause 14.1 (Application) of the Aircraft Mortgage SSD is deleted and replaced with the following: "The Remedy Proceeds received under or arising out of this document or any Collateral Security granted by each Grantor will be applied towards paying the Secured Money subject to the repayment of any claims having priority over any claim of the Secured Party, including any Permitted Lien."

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APAC-#312885949-v11 16© Norton Rose Fulbright Australia 5 Land Mortgages (1) All references in each Land Mortgage to "Facility Agreement" shall be deleted and replaced with "Commonwealth Facility Agreement"; (2) The following definitions are inserted in clause 1.1 of each Land Mortgage: "Authorisation means has the same meaning as in the New Facility Agreement;" "Commonwealth Facility Agreement means the document titled "Commonwealth Facility Agreement" between ,among others, Regional Express Holdings Limited and the Mortgagee dated 11 November 2024, as it may from time to time be amended, restated, novated, or replaced (however fundamentally, including by an increase of any size in the amount of the facilities made available under it, the alternation of the nature, purpose or period of those facilities or the change of its parties);" "Compensation Event means any confiscation, resumption, appropriation, forfeiture, repurchase, redemption or compulsory acquisition of the Mortgaged Property by any person under a law or otherwise;" "Event of Default has the meaning given to that term in a Commonwealth Finance Document;" "Material Adverse Effect has the same meaning as in the New Facility Agreement;" "New Facility Agreement means the document titled "Facility Agreement" between, among others, Regional Express Holdings Limited and the Mortgagee dated on or about August 2025, as it may from time to time be amended, restated, novated, or replaced (however fundamentally, including by an increase of any size in the amount of the facilities made available under it, the alternation of the nature, purpose or period of those facilities or the change of its parties);" (3) All references to "Governmental Agency" shall be deleted and replaced with "Government Agency". (4) Clause 2 (Administrators' liability) of each Land Mortgage is deleted.

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APAC-#312885949-v11 17© Norton Rose Fulbright Australia Signing Pages Obligors Executed by Regional Express Holdings Limited ACN 099 547 270 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) Executed by Rex Investment Holdings Pty Ltd ACN 101 317 677 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) Executed by Regional Express Pty Ltd ACN 101 325 642 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) Executed by Air Partners Pty Ltd ACN 065 221 356 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS)

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APAC-#312885949-v11 18© Norton Rose Fulbright Australia Executed by AAPA Victoria Pty Ltd ACN 118 837 586 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) Executed by Australian Airline Pilot Academy Pty Ltd ACN 128 392 469 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) Executed by Australian Aero Propeller Maintenance Pty Ltd ACN 131 278 889 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) Executed by Rex Flyer Pty Ltd ACN 671 816 621 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS)

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APAC-#312885949-v11 19© Norton Rose Fulbright Australia

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APAC-#312885949-v11 20© Norton Rose Fulbright Australia Commonwealth Signed, sealed and delivered by the Commonwealth of Australia, as represented by the Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts (ABN 86 267 354 017) by a duly authorised representative in the presence of: Signature of witness Signature of authorised representative Name of witness (BLOCK LETTERS) Name of authorised representative (BLOCK LETTERS) Address of witness

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APAC-#312885949-v11 21© Norton Rose Fulbright Australia Annexure A – Further Amended and Restated Commonwealth Facility Agreement 41330944v1

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## Exhibit 10.11

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Dated General security deed Parties Each person named in Schedule 1 Commonwealth of Australia as represented by the Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts (ABN 86 267 354 017) Norton Rose Fulbright Australia Level 5, 60 Martin Place Sydney NSW 2000 Tel: +61 9330 8000 nortonrosefulbright.com Our ref: 4081080

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APAC-#313417837-v4© Norton Rose Fulbright Australia Contents 1 Definitions and interpretation .................................................................................................. 1 1.1 Definitions .................................................................................................................. 1 1.2 Interpretation .............................................................................................................. 3 1.3 Commonwealth Facility Agreement definitions.......................................................... 3 1.4 Parties ........................................................................................................................ 3 2 The Security............................................................................................................................ 4 2.1 Grant of security ........................................................................................................ 4 2.2 Mandatory requirement.............................................................................................. 4 2.3 Priority ........................................................................................................................ 4 2.4 Security continues ..................................................................................................... 4 3 Grantors must pay Secured Money ........................................................................................ 4 4 Dealing with Collateral ............................................................................................................ 4 4.1 Restricted dealings .................................................................................................... 4 4.2 Permitted dealings ..................................................................................................... 5 4.3 Revolving Assets ....................................................................................................... 5 4.4 Conversion to Revolving Assets ................................................................................ 5 4.5 Inventory .................................................................................................................... 5 4.6 Creation of other Security Interest without consent ................................................... 5 5 Representations and warranties ............................................................................................. 6 5.1 Commonwealth Finance Document representations ................................................ 6 5.2 Status of Collateral .................................................................................................... 6 5.3 Future property .......................................................................................................... 6 5.4 Repetition ................................................................................................................... 6 5.5 Reliance ..................................................................................................................... 6 5.6 Survival ...................................................................................................................... 7 6 Undertakings........................................................................................................................... 7 6.1 Documents of Title ..................................................................................................... 7 6.2 Control and possession ............................................................................................. 7 6.3 Marketable Securities ................................................................................................ 7 6.4 Change of details ....................................................................................................... 8 6.5 Default........................................................................................................................ 8 6.6 Serial Numbered Collateral ....................................................................................... 8 6.7 Chattel Paper ............................................................................................................. 8 6.8 Collect accounts ........................................................................................................ 8 6.9 PPSA policies and steps............................................................................................ 8 7 Deposit Account ..................................................................................................................... 9 7.1 Open and maintain Deposit Account ......................................................................... 9 7.2 Deposit proceeds in the Deposit Account .................................................................. 9 7.3 Operation of the Deposit Account .............................................................................. 9 7.4 Deposit Account with nominated authorised deposit taking institution ...................... 9 8 Collection and transfer of Collateral .....................................................................................10 8.1 Exercise of rights by Secured Party ........................................................................10 8.2 Accounts receivable .................................................................................................10 8.3 Authorisations ..........................................................................................................10

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APAC-#313417837-v4© Norton Rose Fulbright Australia 8.4 Marketable Securities ..............................................................................................10 9 Enforcement .........................................................................................................................11 9.1 Rights of Secured Party following default ................................................................11 9.2 Cessation of dealings ..............................................................................................11 10 Receivers ..............................................................................................................................11 10.1 Appointment of Receiver .........................................................................................11 10.2 Receiver as agent ....................................................................................................12 10.3 Powers - general ......................................................................................................12 10.4 Powers - specific ......................................................................................................12 10.5 General ....................................................................................................................15 11 Exercise of default rights ......................................................................................................15 11.1 No hindrance ...........................................................................................................15 11.2 Performance of obligations ......................................................................................15 11.3 Secured Party in possession ...................................................................................16 11.4 Exclusion of laws .....................................................................................................16 11.5 Order of enforcement ...............................................................................................16 11.6 Indemnity .................................................................................................................16 12 Application of money ............................................................................................................16 12.1 Application ...............................................................................................................16 12.2 Order of payment .....................................................................................................16 12.3 Creditor's certificate and disputes ...........................................................................17 12.4 No interest on Remedy Proceeds ............................................................................17 12.5 Payment into bank account .....................................................................................17 12.6 Contingent and prospective indebtedness ..............................................................17 12.7 Payments during default notice period ....................................................................18 12.8 Accounting for Remedy Proceeds ...........................................................................18 13 Third party dealings ..............................................................................................................18 13.1 Secured Party's receipts and discharges ................................................................18 13.2 No challenge to disposal..........................................................................................18 13.3 No duty to enquire ...................................................................................................19 14 Statutory powers and notices ...............................................................................................19 14.1 Exclusion of PPSA provisions .................................................................................19 14.2 Exercise of rights by Secured Party ........................................................................19 14.3 No notice required unless mandatory ......................................................................20 14.4 Appointment of nominee for PPSR registration .......................................................20 15 Preservation of rights ............................................................................................................20 15.1 Primary obligations ..................................................................................................20 15.2 Preservation of Grantor's obligations ......................................................................20 15.3 Suspension of each Grantor's rights .......................................................................21 15.4 Insolvency of Grantor ...............................................................................................21 15.5 No merger ................................................................................................................22 15.6 Subsequent interests ...............................................................................................22 16 Assignments and transfers ...................................................................................................22 16.1 Assignments and transfers by the Secured Party ...................................................22 16.2 Grantor authorises assignment or transfer ..............................................................22 16.3 Assignment and transfer by a Grantor .....................................................................23 17 Set-off ...................................................................................................................................23

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APAC-#313417837-v4© Norton Rose Fulbright Australia 18 Notices ..................................................................................................................................23 19 Calculations and certificates .................................................................................................23 19.1 Accounts ..................................................................................................................23 19.2 Certificates and determinations ...............................................................................23 19.3 Reinstatement of rights of Secured Party ................................................................23 20 Attorney ................................................................................................................................24 20.1 Appointment .............................................................................................................24 20.2 General ....................................................................................................................25 21 Release .................................................................................................................................25 22 Further assurances ...............................................................................................................25 22.1 Notice to Grantor .....................................................................................................25 22.2 Compliance with notice ............................................................................................26 22.3 Commonwealth Finance Document ........................................................................26 22.4 Authority to complete blanks ...................................................................................26 23 General .................................................................................................................................26 23.1 Amendments ............................................................................................................26 23.2 Waiver ......................................................................................................................26 23.3 Cumulative rights .....................................................................................................27 23.4 Moratorium legislation ..............................................................................................27 23.5 Partial invalidity ........................................................................................................27 23.6 No liability ................................................................................................................27 23.7 Indemnities and reimbursement ..............................................................................27 23.8 Waiver of immunity ..................................................................................................27 23.9 Execution by attorney ..............................................................................................28 23.10 Electronic execution and exchange of counterparts ................................................28 24 Governing law and jurisdiction..............................................................................................28 24.1 Governing law ..........................................................................................................28 24.2 Jurisdiction ...............................................................................................................28 Schedule 1 Grantors .........................................................................................................................29 Signing Pages ...................................................................................................................................30

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APAC-#313417837-v4© Norton Rose Fulbright Australia1 Deed made 2025 Parties Each person named in Schedule 1 (Grantor) Commonwealth of Australia as represented by the Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts (ABN 86 267 354 017) of 111 Alinga Street Canberra, ACT 2601 (Secured Party) It is agreed 1 Definitions and interpretation 1.1 Definitions In this document the following definitions apply unless the context indicates otherwise: (1) Attorney means an attorney (including any delegate) appointed under this document; (2) Authorisation means (a) an authorisation, consent, approval, resolution, licence, exemption, filing or registration; or (b) in relation to anything which will be fully or partly prohibited or restricted by law if a Government Agency intervenes or acts in any way within a specific period after lodgement, filing, registration or notification, the expiry of that period without intervention or action; (3) Chattel Paper has the meaning given to that expression in the PPSA; (4) Collateral means all of each Grantor's present and after-acquired property. It includes anything in respect of which each Grantor has at any time a sufficient right, interest or power to grant a Security Interest; (5) Collateral Security means any document that grants a Security Interest to the Secured Party, any guarantee in favour of the Secured Party or other document or agreement at any time created or entered into in connection with or as security for any Secured Money; (6) Commonwealth Facility Agreement means the document titled "Commonwealth Facility Agreement" between, among others, Rex and the Secured Party dated 11 November 2024, as amended from time to time; (7) Commonwealth Finance Document has the meaning given to that term in the Commonwealth Facility Agreement;

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APAC-#313417837-v4© Norton Rose Fulbright Australia2 Control Event means: in respect of any Collateral that is, or would have been, a Revolving Asset: (a) a Grantor breaches, or attempts to breach clause 4.1 in respect of the Collateral or takes any step which would result in it doing so; (b) a person takes a step (including signing a notice or direction) which may result in Taxes, or an amount owing to an authority, ranking ahead of the security interest in the Collateral under this document; (c) distress is levied or a judgment, order or Security Interest is enforced over the Collateral; and (d) the Secured Party gives a notice to a Grantor that the Collateral is not a Revolving Asset. (However, the Secured Party may only give a notice if the Secured Party reasonably considers that it is necessary to do so to protect its rights under this document or if an Event of Default is continuing). (8) Deposit Account means any account that the Secured Party requires a Grantor to open and maintain under clause 7; (9) Documents of Title means any document evidencing a Grantor's title to any Collateral, whether an original, duplicate or counterpart and includes a share certificate, a unit certificate, a real property certificate of title and a 'document of title' (as defined in the PPSA); (10) Event of Default has the meaning given to that term in a Commonwealth Finance Document; (11) Marketable Securities means: (a) 'intermediated securities' and 'investment instruments' (each as defined in the PPSA); (b) an undertaking referred to in the exceptions in paragraphs (a), (b) and (c) of the definition of 'debenture' in the Corporations Act; (c) a unit or other interest in a trust or partnership; and (d) a right or an option in relation to any of the above, whether issued or unissued; (12) New Facility Agreement means the document titled "Facility Agreement" between, among others, the Grantors and the Secured Party dated on or about the date of this document (as amended from time to time); (13) Party means a party to this document; (14) Permitted Security Interest has the same meaning as in the New Facility Agreement; (15) PPSA means the Personal Property Securities Act 2009 (Cth); (16) PPSR has the meaning given to the term 'register' in the PPSA; (17) Receiver means a receiver or receiver and manager;

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APAC-#313417837-v4© Norton Rose Fulbright Australia4 2 The Security 2.1 Grant of security (1) Each Grantor grants a security interest in the Collateral to the Secured Party to secure payment of the Secured Money. (2) This security interest is: (a) a transfer by way of security of: (i) Collateral consisting of accounts as defined in the PPSA and Chattel Paper which are not, or cease to be, Revolving Assets; (b) a charge over all other Collateral. If for any reason it is necessary to determine the nature of this charge, it is a floating charge over Revolving Assets and a fixed charge over all other Collateral. 2.2 Mandatory requirement If a law requires that something must be done before a Grantor may validly grant a Security Interest over any of the Collateral, to the extent required, the Security only takes effect in relation to that Collateral when the thing required is done. 2.3 Priority Each Grantor acknowledges that: (1) the Security is intended to take priority over all other Security Interests over the Collateral except for the Permitted Security, those Security Interests which are mandatorily required by any applicable law to have priority; and (2) nothing in this document is intended as an agreement by the Secured Party to subordinate the Security to any other Security Interest in the Collateral. 2.4 Security continues Any dealing with any Collateral on the terms permitted by clause 4.2 will not release or extinguish the Security unless the dealing is the absolute transfer of all of the relevant Grantor's right, title and interest in the relevant Collateral. 3 Grantors must pay Secured Money The Grantors must pay the Secured Money in accordance with the Commonwealth Finance Documents. 4 Dealing with Collateral 4.1 Restricted dealings Each Grantor must not do, or agree to do, any of the following unless it is permitted to do so by another provision in a Commonwealth Finance Document: (1) create or allow another interest in the Collateral; or (2) dispose, or part with possession, of any Collateral.

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APAC-#313417837-v4© Norton Rose Fulbright Australia5 4.2 Permitted dealings Each Grantor may do any of the following in the ordinary course of that Grantor's ordinary business unless it is prohibited from doing so by another provision in a Commonwealth Finance Document: (1) create or allow any interest in, or dispose or part with possession of, any Collateral which is a Revolving Asset; and (2) withdraw or transfer money from an account with a bank or other financial institution. 4.3 Revolving Assets If a Control Event occurs in respect of any Collateral then automatically: (1) that Collateral is not (and immediately ceases to be) a Revolving Asset; (2) any floating charge over that Collateral immediately operates as a fixed charge; (3) any Collateral consisting of accounts as defined in the PPSA and Chattel Paper is transferred to the Secured Party by way of security; and (4) the relevant Grantor may no longer deal with the Collateral under clause 4.2. 4.4 Conversion to Revolving Assets If any Collateral is not, or ceases to be, a Revolving Asset, the Secured Party may give the relevant Grantor a notice stating that, from a date specified in the notice, the Collateral specified in the notice is a Revolving Asset, or becomes subject to a floating charge or is transferred back to the relevant Grantor. This may occur any number of times. 4.5 Inventory Any inventory which is not a Revolving Asset is specifically appropriated to the Security. A Grantor may not remove it without obtaining the specific and express authority of the Secured Party to do so. 4.6 Creation of other Security Interest without consent (1) If a law entitles a Grantor to create or allow another Security Interest (other than a Permitted Security) in connection with the Collateral without the consent of the Secured Party, the Grantor must, before creating or allowing any such Security Interest: (a) notify the Secured Party of its proposal to grant the Security Interest; and (b) if requested by the Secured Party, enter into a priority agreement with the Secured Party and the proposed recipient of the other Security Interest (Recipient), granting the Security a first ranking position in respect of the relevant Collateral in a form acceptable to the Secured Party and procure entry by the Recipient into the priority agreement. (2) If the Grantor does not comply with clause 4.6(1), further financial accommodation which would form part of the Secured Money may not, at the

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APAC-#313417837-v4© Norton Rose Fulbright Australia6 discretion of the Secured Party, be made available under any Commonwealth Finance Document. (3) The Secured Party's rights under this clause 4.6 are in addition and without prejudice to the other rights of the Secured Party under the Commonwealth Finance Documents. 5 Representations and warranties 5.1 Commonwealth Finance Document representations Each Grantor: (1) represents and warrants that all representations and warranties given in any Commonwealth Finance Document are correct and not misleading or will be when given; and (2) makes the representations and warranties set out in this clause 5 to the Secured Party on the date of this document and on each other date set out in clause 5.4. 5.2 Status of Collateral Each Grantor represents and warrants that: (1) it is the sole legal and beneficial owner of, or otherwise has or will have sufficient right, interest or power to grant a Security Interest in the Collateral; and (2) no Security Interest exists over all or any of the Collateral, apart from the Permitted Security and no person has any other interest in or claim to any Collateral, in each case, other than as expressly permitted by a Commonwealth Finance Document. 5.3 Future property When a Grantor acquires any Collateral or the Collateral comes into existence after the date of this document, the Grantor is deemed to have given the representations and warranties set out in this clause 5 in relation to that Collateral. 5.4 Repetition The representations and warranties in this clause are taken to be repeated on each date that any representation or warranty in the Commonwealth Facility Agreement is repeated on the basis of the facts and circumstances as at that date. 5.5 Reliance (1) Each Grantor acknowledges that it has not entered into this document or any other Commonwealth Finance Document in reliance on any representation, warranty, promise or statement made by or on behalf of the Secured Party. (2) Each Grantor acknowledges that the Secured Party has entered into each Commonwealth Finance Document in reliance on the representations and warranties given by the Grantor under this document.

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APAC-#313417837-v4© Norton Rose Fulbright Australia7 5.6 Survival All representations and warranties in any Commonwealth Finance Document survive the execution and delivery of the Commonwealth Finance Documents and the provision of advances and accommodation. 6 Undertakings The obligations and undertakings in this clause 6 remain in full force from the date of this document for so long as the Secured Money or any other amounts are outstanding under any Commonwealth Finance Document. 6.1 Documents of Title Subject to clause 6.2, each Grantor must deliver all Documents of Title to the Secured Party: (1) on or prior to the date of this document; or (2) in the case of Collateral which is acquired or comes into existence after the date of this document, immediately upon acquisition or creation of that Collateral. 6.2 Control and possession If the Collateral includes Marketable Securities or other property which can be subject to 'control' or 'possession' (each as defined in the PPSA) by a secured party, each Grantor must promptly do anything that the Secured Party requires to enable it to perfect the Security over the relevant Collateral by control or by possession (and otherwise in the manner requested by the Secured Party), including delivery of Documents of Title under clause 6.1 except where (and for so long as): (1) control has been given to the holder of a Permitted Security; (2) it is not possible for more than one party to effect control over the Collateral; and (3) the Secured Party has expressly agreed in writing to subordinate the Security to that Permitted Security. 6.3 Marketable Securities If the Collateral includes Marketable Securities, each Grantor must: (1) notify the Secured Party as soon as it becomes aware of: (a) any right or entitlement it may take up or exercise arising directly or indirectly at any time from or in relation to the Marketable Securities and exercise all such rights and entitlements in accordance with any instructions from the Secured Party (to the extent not inconsistent with any instructions received from the holder of a Permitted Security where the exceptions in clauses 8.2(1) to 8.2(3) are satisfied); (b) any proposal or action taken to convert any Collateral comprising certificated Marketable Securities into uncertificated Marketable Securities and immediately take any steps necessary to comply with its obligations under clause 6.2; and

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APAC-#313417837-v4© Norton Rose Fulbright Australia8 (2) not do anything (including by exercising its voting rights) or fail to do anything which could entitle any person to a lien or other Security Interest (other than pursuant to a Permitted Security) over any of the Marketable Securities or which could result in the forfeiture of the Marketable Securities or adversely affect the value of the Marketable Securities. 6.4 Change of details Each Grantor must notify the Secured Party: (1) on becoming aware that it has received, or is likely to receive, an ACN, ABN, ARBN or ARSN, (in its own capacity or as trustee) under which it holds any Collateral; and (2) at least 14 days before applying for such a new number. 6.5 Default A Grantor must not cause or permit any Event of Default to occur. 6.6 Serial Numbered Collateral Each Grantor must: (1) at the request of the Secured Party, promptly provide details of any serial numbered Collateral to the Secured Party, including all information necessary for the Secured Party to make an effective registration on all applicable registers in respect of serial numbered Collateral; (2) ensure that all serial numbers and other information provided to the Secured Party in connection with any serial numbered collateral is and remains accurate in all respects; and (3) not change or remove the serial number of any serial numbered collateral after the Grantor has disclosed the serial number to the Secured Party. 6.7 Chattel Paper A Grantor must, at the request of the Secured Party, promptly give possession of any Chattel Paper to the Secured Party. 6.8 Collect accounts Unless the Secured Party directs otherwise, each Grantor must procure prompt collection of that Grantor's trade debts or other debts and accounts receivable and the Secured Party appoints that Grantor as its agent for that purpose. 6.9 PPSA policies and steps If: (1) a Grantor holds any security interests as defined in the PPSA (PPSA Security Interests); and (2) a failure by that Grantor to perfect any of the PPSA Security Interests referred to in paragraph (1) would or would be likely to have a material adverse effect, that Grantor must (at its own cost):

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APAC-#313417837-v4© Norton Rose Fulbright Australia9 (a) provide evidence to the Secured Party that the Grantor has in place procedures for the perfection of those PPSA Security Interests, being procedures which ensure that the Grantor takes all reasonable steps to obtain the highest ranking priority possible under the PPSA in respect of those PPSA Security Interests (Procedures); and (b) keep the Procedures up to date and comply with the Procedures. 7 Deposit Account 7.1 Open and maintain Deposit Account The Secured Party may, at any time, require a Grantor to open and maintain a Deposit Account with an authorised deposit taking institution nominated by the Secured Party. 7.2 Deposit proceeds in the Deposit Account (1) While an Event of Default is continuing, each Grantor must deposit in the Deposit Account: (a) any proceeds that the Grantor receives under any insurance policy in relation to the Collateral; (b) any proceeds of any actual or contingent debt or monetary obligation owed to the Grantor which forms part of the Collateral; (c) any proceeds of sale, disposal or other dealing with any Collateral; and (d) any other proceeds that the Secured Party may designate for this purpose. (2) Clause 7.2(1) does not apply to proceeds received from any workers' compensation or public liability policy or reinstatement policy to the extent that the proceeds are paid to a person: (a) entitled to be compensated under the workers' compensation or public liability policy; or (b) under a contract for the reinstatement of the Collateral (being a contract which has been approved by the Secured Party). 7.3 Operation of the Deposit Account Withdrawals may only be made from the Deposit Account with the prior written consent of the Secured Party. 7.4 Deposit Account with nominated authorised deposit taking institution Where a Grantor is permitted to open the Deposit Account with an authorised deposit taking institution (Account Bank), the Grantor must obtain an agreement from the Account Bank in form and substance satisfactory to the Secured Party which allows the Secured Party to direct disposition of the funds from the Deposit Account without reference to or consent from the Grantor and includes agreement by the Account Bank that it: (1) will not repay any money in the Deposit Account to a Grantor or any other person without the prior written consent of the Secured Party;

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APAC-#313417837-v4© Norton Rose Fulbright Australia10 (2) agrees to postpone the priority of any Security Interest held by it at any time in respect of the Deposit Account to the Security and will not exercise its rights under any such Security Interest without the prior written consent of the Secured Party; and (3) waives all rights of set-off and combination in respect of the Deposit Account. 8 Collection and transfer of Collateral 8.1 Exercise of rights by Secured Party The Secured Party may exercise its rights under this clause 8 at any time after an Event of Default has occurred. 8.2 Accounts receivable The Secured Party may notify a Grantor that: (1) the Grantor is prohibited from collecting the Grantor's trade debts or other debts and accounts receivable; and (2) the Secured Party will collect those trade debts or other debts and accounts receivable in which case the Grantor agrees: (a) to notify its debtors of the Secured Party's interest; (b) that the Secured Party may prepare and send invoices in relation to the Grantor's trade debts or other debts and accounts receivable; and (c) to use its best endeavours to assist the Secured Party in collecting the Grantor's trade debts or other debts and accounts receivable. 8.3 Authorisations The Secured Party may request that any Authorisation that is required in relation to any business activity carried on by any Grantor, the Collateral or any of a Grantor's property or that of its Subsidiaries is transferred to the Secured Party or its nominee and the Grantor agrees to use its best endeavours to ensure that transfer is completed. 8.4 Marketable Securities The Secured Party may do any one or more of the following: (1) require a Grantor to pay all cash dividends, charges, fees or other amounts distributed, declared or paid on or in connection with Collateral which comprises Marketable Securities to the Secured Party or as it may direct; (2) direct a Grantor how to exercise its voting rights in respect of Collateral comprising Marketable Securities and the Grantor must comply with any such requirement or direction; and (3) procure itself or its nominee to be registered as the holder of any Collateral which comprises Marketable Securities and each Grantor irrevocably authorises the Secured Party to do all things necessary for that purpose.

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APAC-#313417837-v4© Norton Rose Fulbright Australia11 9 Enforcement 9.1 Rights of Secured Party following default In addition to any other rights provided by law or under this or any other Commonwealth Finance Document, at any time after an Event of Default has occurred: (1) each Security Interest arising under this document or any Collateral Security becomes immediately enforceable; (2) the Secured Party may at any time, by notice to each Grantor, declare all or any part of the Secured Money to be due and payable immediately, on demand or at a later date as the Secured Party may specify in the notice; and (3) the Secured Party: (a) may, in the name of a Grantor or otherwise, at any time, do anything that a Grantor, or if a Grantor is a corporation or a trust, its directors or trustee (as the case may be), could do in relation to the Collateral; (b) has all other rights conferred by law in relation to the Collateral; and (c) may do anything that a Receiver may do under clause 10. 9.2 Cessation of dealings Despite any other provision of any Commonwealth Finance Document (but without limiting the operation of clause 4.3), any right which a Grantor has under any Commonwealth Finance Document to deal with any Collateral (other than by or through a Receiver appointed by the Secured Party) ceases immediately if any of the following occur: (1) all of the Secured Money becomes immediately due and payable; (2) a Grantor becomes Insolvent; or (3) the Secured Party takes any step to enforce the Security. 10 Receivers 10.1 Appointment of Receiver (1) In addition to the powers under clause 9 and without prejudice to any of its other rights, the Secured Party may appoint any one or more persons as Receiver to any part of the Collateral at any time after an Event of Default has occurred. (2) In exercising the power to appoint a Receiver, the Secured Party may: (a) appoint a different Receiver for different parts of the Collateral; (b) if more than one person is appointed as Receiver of any part of the Collateral, empower them to act jointly or jointly and separately; (c) remove the Receiver, appoint another in substitution if the Receiver is removed, retires or dies; and

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APAC-#313417837-v4© Norton Rose Fulbright Australia12 (d) fix the remuneration of the Receiver. 10.2 Receiver as agent (1) Subject to clauses 10.2(2) and 10.2(3), a Receiver will be the agent of each Grantor who alone will be responsible for the Receiver's acts and omissions and remuneration. (2) The Secured Party may appoint a Receiver or any other person as the agent of the Secured Party and may delegate to a Receiver or any other person, any of the Secured Party's rights under this document. (3) To the extent that as a result of any order being made or a resolution being passed for the winding up of a Grantor, a Receiver ceases to be the agent of that Grantor, the Receiver will immediately become the agent of the Secured Party. 10.3 Powers - general (1) A Receiver has the right in relation to any property in respect of which the Receiver is appointed, to do everything that a Grantor may lawfully authorise an agent to do on behalf of the Grantor in relation to that property. (2) Without limitation, a Receiver may in relation to that property exercise: (a) the rights capable of being conferred on receivers and receivers and managers by the Corporations Act and the law of any applicable jurisdiction; (b) the rights set out in clause 10.4; (c) the rights of the Grantor and, if the Grantor is a corporation, the directors of the Grantor; (d) if the Grantor is not a corporation to which the Corporations Act applies, the rights that the law would allow a Receiver to do if the Grantor was a corporation incorporated under the Corporations Act; and (e) any other rights the Secured Party may by notice to a Receiver lawfully give to a Receiver. (3) The Secured Party may by notice to a Receiver at the time of a Receiver's appointment or any subsequent times give any rights to a Receiver that the Secured Party determines. 10.4 Powers - specific Without limiting clause 10.3, but subject to any restriction imposed by the Secured Party in the terms of the Receiver's appointment, the Receiver may do any one or more of the following things: (1) sell or otherwise dispose of any of the Collateral: (a) by private treaty, auction, tender or otherwise; (b) for cash or on credit and with or without security (including over the property being sold);

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APAC-#313417837-v4© Norton Rose Fulbright Australia13 (c) in one lot or separate parcels and by itself or together with other property regardless of ownership, and otherwise on terms determined by the Receiver; (2) enter, take possession of, take control of and get in the Collateral and give up possession or control of Collateral one or more times at its discretion; (3) receive rents and profits derived from the Collateral; (4) carry on any business or activity of a Grantor; (5) manage, develop, use, exploit, quietly enjoy and otherwise deal with the Collateral; (6) exercise the rights and remedies of a Grantor and comply with its obligations in respect of the Collateral and cause and permit any other person to comply with their obligations in respect of the Collateral; (7) vary, replace or release any right or interest of a Grantor in or in relation to the Collateral; (8) carry out or complete, in any form, the construction of any works; (9) lease, licence or hire out the Collateral; (10) surrender or accept the surrender of the Collateral; (11) exchange any part of the Collateral for any other property and, if there is a difference in value between the property exchanged, give or receive, as the case may be, any money or other consideration equal to the difference in value in order to give or receive equal value for the exchange; (12) acquire or grant easements, profits a prendre, covenants or other rights that benefit, burden or relate to the Collateral and dedicate for any public purpose any part of the Collateral; (13) subdivide or consolidate any land forming part of the Collateral; (14) grant options and rights of first refusal to acquire the Collateral; (15) insure, maintain, improve and protect the Collateral; (16) sever trees and improvements or fixtures from the balance of the Collateral and remove them or otherwise deal with them separately from the balance of the Collateral; (17) take on lease or on hire or otherwise acquire any property necessary or convenient in relation to the carrying on of a business or activity of a Grantor; (18) have access to and use the property and services of a Grantor and the services of its personnel in the exercise of any rights under this document; (19) carry out, vary, replace, rescind, repudiate, enforce or terminate any agreement to which a Grantor is a party and that relates to the Collateral; (20) give any guarantee for the protection or enhancement of the Collateral;

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APAC-#313417837-v4© Norton Rose Fulbright Australia14 (21) enter into any derivatives contract, forward rate agreement, hedging contract, currency exchange agreement or any other agreement or arrangement considered desirable for the purposes of protecting against or managing fluctuations in interest rates, exchange rates, currency prices or commodity prices in relation to or for the benefit or protection of any of the Collateral; (22) operate any bank account that forms part of the Collateral and open and operate any further bank accounts; (23) promote or cause the formation of companies including for the purpose of entering into contracts for the transfer to or acquisition by those companies of any of the Collateral or so that the companies assume the obligations of a Grantor, or both; (24) exercise any voting or other rights or powers in respect of any Collateral and do anything in relation to Marketable Securities; (25) surrender, make, enforce, compromise or settle any claim under or in connection with any insurances; (26) on any sale of the Collateral, apportion all costs, expenses and purchase money between the separate property sold; (27) in the name of a Grantor make a call in respect of money unpaid on Marketable Securities in that Grantor; (28) with the agreement of a liquidator of a Grantor, in the name of the liquidator, make a call in respect of money unpaid on account of the nominal value of Marketable Securities in a Grantor or by way of premium; (29) enforce payment of any call that is due for payment and unpaid, whether the calls are made by the Secured Party or otherwise; (30) where a debt or other monetary obligation is owed (whether actually or contingently) to a Grantor, prove the debt or obligation in an Insolvency, receive dividends and assent to any proposal for an arrangement (including a scheme of arrangement), composition or a compromise with, or an assignment for the benefit of, creditors; (31) on any terms that the Receiver determines: (a) borrow or otherwise raise money or obtain financial accommodation on the security of the Collateral; (b) create any Security Interest over the Collateral; (c) borrow on the security of the Collateral including any money required in relation to the exercise of any right by the Receiver; (d) deal with any Security Interest granted by it over the Collateral and enter into any agreement relating to the priority of that Security Interest and discharge it; (e) invest in any way authorised by the Law of any applicable jurisdiction for the investment of trust money, any money the Receiver receives that is not required to be immediately applied in the exercise of any right or under clause 12, and vary or dispose of that investment;

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APAC-#313417837-v4© Norton Rose Fulbright Australia15 (32) on behalf of each Grantor: (a) draw, accept, make or endorse any bill of exchange or promissory note; (b) commence, defend, prosecute, settle, discontinue and compromise litigation, administrative or arbitral proceedings in relation to the Collateral; (c) enter into and execute and deliver any documents and agreements for the purposes of this document; (d) give receipts and releases, discharge or compromise any debt or other obligation owed to or by the Grantor and that is part of the Collateral; (e) employ or engage any person (including professional advisers or consultants) for the purpose of exercising any of the Receiver's rights in respect of the Collateral and dismiss any employee or contractor of the Grantor; (33) delegate to any person any right (including this right of delegation) under this document; (34) do anything necessary to perform or observe any of a Grantor's obligations under this document; (35) do or cause to be done anything to protect the priority of this document, to protect a Grantor's or the Receiver's right, title or interest in the Collateral, to enforce this document, to recover the Secured Money or to protect or enhance the Collateral; (36) do anything incidental or conducive to the exercise of any of its other rights under this document; (37) determine the allocation of Remedy Proceeds as between different kinds of collateral, including but not limited to allocating between Collateral and other property, and within either of those kinds of property; and (38) obtain registration of the Collateral in the Secured Party's name. 10.5 General The interpretation of any right or power set out in this clause 10 is not restricted by reference to or inference from any other right or power. 11 Exercise of default rights 11.1 No hindrance A Grantor must not cause or permit the Secured Party, a Receiver or an Attorney to be prevented or hindered from exercising its rights under this document. 11.2 Performance of obligations The Secured Party or any person authorised by it may at the cost of a Grantor do anything that the Secured Party determines is necessary or expedient to make good or remedy any breach by a Grantor of any of the provisions of this document.

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APAC-#313417837-v4© Norton Rose Fulbright Australia16 11.3 Secured Party in possession (1) If the Secured Party, a Receiver or an Attorney exercises its rights under this document or takes possession of the Collateral, it will not be liable to account as a mortgagee in possession. (2) If the Secured Party has taken possession of the Collateral it may give up possession of the Collateral at any time and may re-enter into possession. (3) Each Grantor's obligations under this document relating to the Collateral will not be affected by the Secured Party, a Receiver or an Attorney taking possession of the Collateral. 11.4 Exclusion of laws (1) The provisions implied in Security Interests by any law will for the purposes of this document be negatived or varied only so far as they are inconsistent with the provisions of this document and are otherwise varied so as to become consistent with this document. (2) Any statutory restrictions (other than mandatory restrictions that cannot be excluded) on any right of the Secured Party, a Receiver or an Attorney to lease or otherwise deal with the Collateral will not apply to the rights of those persons under this document. 11.5 Order of enforcement The Secured Party is not: (1) under any obligation to marshal in favour of a Grantor any Security Interest held by the Secured Party or any of the funds or assets that the Secured Party may be entitled to receive or have a claim on; and (2) obliged to resort to any Collateral Security or enforce any rights against any other person before it resorts to enforcement of this document. 11.6 Indemnity Each Grantor indemnifies the Secured Party, each Attorney and each Receiver (and each of their respective officers, agents and employees) against any cost, expense, loss or liability (including legal fees) incurred by any of them (directly or indirectly) as a result of the exercise or attempted exercise of any right, power, authority, discretion or remedy under or in connection with this document. Each Grantor must pay amounts due under this clause on demand by the Secured Party. 12 Application of money 12.1 Application The Remedy Proceeds received under or arising out of this document or any Collateral Security granted by each Grantor will be applied towards paying the Secured Money subject to the repayment of any claims having priority over any claim of the Secured Party, including the Permitted Security. 12.2 Order of payment (1) The Remedy Proceeds may be appropriated and applied towards paying the Secured Money, in any order that the Secured Party, Receiver, Attorney or

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APAC-#313417837-v4© Norton Rose Fulbright Australia17 other person acting on behalf of any of them determines in its absolute discretion, subject to any applicable law to the contrary, including section 140 of the PPSA; and (2) if the Secured Party does not make a determination under clause 12.2(1) the Remedy Proceeds are to be applied in the following order (subject to any applicable law to the contrary): (a) first, towards the payment or reimbursement of all costs and expenses (other than remuneration of any Receiver or Attorney) incurred by the Secured Party, any Receiver or any Attorney in or incidental to the exercise or enforcement or attempted exercise or enforcement of its rights under this document or any Collateral Security; (b) secondly, towards the remuneration of any Receiver or Attorney; (c) thirdly, towards satisfaction of the Secured Money; and (d) fourthly, as to any surplus to the Grantors or other person entitled to it or authorised to give receipts for it. 12.3 Creditor's certificate and disputes (1) The Secured Party may rely on a certificate issued by any person who claims to be entitled to receive any of the Remedy Proceeds to the effect that a Grantor owes money to it and stating the amount owing, without being obliged to make any further enquiry. (2) If there is any dispute between any persons as to who is entitled to receive the Remedy Proceeds, the Secured Party may (at its discretion) pay that money into court and when that is done the Secured Party will have no further obligations in relation to that money. 12.4 No interest on Remedy Proceeds The Secured Party is not obliged to pay interest on the Remedy Proceeds to any person. 12.5 Payment into bank account If the Secured Party pays any money into a bank account in the name of any person to whom the Secured Party is obliged to pay money under this clause 12 and notifies that person of the particulars of the account the Secured Party will have no further obligations in relation to that money. 12.6 Contingent and prospective indebtedness If at the time a distribution of Remedy Proceeds is being made under clause 12.2 any of the Secured Money is contingently owing, the Secured Party may: (1) retain any part of the Remedy Proceeds; and (2) pay that part of the Remedy Proceeds into an interest bearing deposit account to hold as security for the payment of the Secured Money on terms that the Secured Party determines with any person (including the Secured Party) until that part of the Secured Money ceases to be contingently owing, at which time the relevant amount is to be applied in accordance with clause 12.2 and any

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APAC-#313417837-v4© Norton Rose Fulbright Australia18 amount remaining in the account will continue to be dealt with in accordance with this clause 12.6. 12.7 Payments during default notice period If: (1) during the period from the service of a notice requiring the rectification of a default in the payment of money by a Grantor under this document or any Collateral Security; and (2) the expiration of that notice, the Grantor pays any money towards satisfaction of the Secured Money, that money may be applied: (3) first, towards satisfaction of any Secured Money due for payment by a Grantor other than that which is the subject of the notice; and (4) secondly, towards satisfaction of the money that is the subject of the notice. 12.8 Accounting for Remedy Proceeds The Secured Party, any Receiver or any Attorney is not obliged to account to a Grantor for any money relating to the exercise by any of them of any right until money is actually received in immediately available funds and, without limitation, if any of them sell the Collateral on terms by which: (1) any part of the purchase price remains unpaid (whether secured or unsecured) after transfer of the Collateral to the purchaser; or (2) the purchase price is payable in instalments on or before the transfer of the Collateral to the purchaser, they are not obliged to account for the purchase price before it is actually received in full in immediately available funds. 13 Third party dealings 13.1 Secured Party's receipts and discharges The Secured Party may give valid discharges and receipts for any money payable by any third party in respect of any exercise of a right by the Secured Party, any Receiver or any Attorney. 13.2 No challenge to disposal Each Grantor agrees that: (1) if the Secured Party, any Receiver or Attorney transfers or otherwise disposes of the Collateral the Grantor will not challenge the acquirer's right to acquire the Collateral; and (2) it will not seek to reclaim that Collateral.

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APAC-#313417837-v4© Norton Rose Fulbright Australia19 13.3 No duty to enquire Any person dealing with the Secured Party, any Receiver or any Attorney in relation to the exercise by any of them of a right under this document will not be concerned to enquire whether: (1) the right is exercisable or properly exercised; (2) the Receiver or Attorney is properly appointed; or (3) any money paid by that person to the Secured Party, Receiver or Attorney is properly applied, and the title of that person to any property acquired by that person from the Secured Party, Receiver or Attorney will not be adversely affected by the right not being exercisable or any improper appointment, exercise of the right or application of money by the Secured Party, any Receiver or any Attorney of which that person does not have actual notice. 14 Statutory powers and notices 14.1 Exclusion of PPSA provisions To the extent the law permits: (1) for the purposes of sections 115(1) and 115(7) of the PPSA: (a) the Secured Party need not comply with sections 95, 118, 121(4), 125, 130, 132(3)(d) or 132(4); and (b) sections 142 and 143 are excluded; (2) for the purposes of section 115(7) of the PPSA, the Secured Party need not comply with sections 132 and 137(3); and (3) if the PPSA is amended after the date of this document to permit the Grantors and the Secured Party to agree to exclude other provisions of the PPSA, the Secured Party may notify the Grantors that the Secured Party need not comply with any of those provisions as notified to the Grantors by the Secured Party. 14.2 Exercise of rights by Secured Party (1) If the Secured Party exercises a right, power or remedy in connection with this document, that exercise is taken not to be an exercise of a right, power or remedy under the PPSA unless the Secured Party states otherwise at the time of exercise. (2) This clause does not apply to a right, power or remedy which can only be exercised under the PPSA.

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APAC-#313417837-v4© Norton Rose Fulbright Australia21 (2) the granting of any forbearance, time or other concession to any person; (3) an arrangement, composition or compromise with any person (including in respect of priority of interests), or absolute or partial discharge or release of any person; (4) any transaction or agreement or any obligation being void, voidable or otherwise unenforceable or any Grantor not being obliged to comply with its obligations; (5) the failure by any person to execute and deliver any document or to register or perfect any Security Interest; (6) a breach of any trust or any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Grantor or any other person; (7) the insolvency of any person; and (8) any delay, laches, acquiescence, mistake, negligence or other act or omission of any person. In this clause 15.2 a reference to 'any person' includes any Grantor. 15.3 Suspension of each Grantor's rights Each Grantor: (1) waives any right to be subrogated to or otherwise have the benefit of this document until the Secured Money has been satisfied in full and in the reasonable opinion of the Secured Party any payment towards the satisfaction of the Secured Money is not void, voidable or otherwise unenforceable or refundable; and (2) must not exercise a right of set-off or counterclaim available to it or any other person liable to the Secured Party in relation to the Secured Money that reduces or extinguishes the obligation of the Grantor to pay the Secured Money. 15.4 Insolvency of Grantor A Grantor must not in the insolvency of any other Grantor: (1) directly or indirectly claim or receive the benefit of any distribution, dividend or payment; or (2) prove or claim for any distribution, dividend or payment in competition with the Secured Party, so as to diminish any distribution, dividend or payment that but for that claim or proof the Secured Party would be entitled to receive, until the Secured Money has been paid in full and the Secured Party is of the opinion that no payment of that money is or is likely to become void, voidable or otherwise unenforceable or refundable.

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APAC-#313417837-v4© Norton Rose Fulbright Australia22 15.5 No merger This document is in addition to and is not in any way prejudiced by any judgment, order or other thing and the Secured Party's rights under this document will not be merged with any judgment, order or other thing. 15.6 Subsequent interests (1) If any subsequent Security Interest or other interest affects any Collateral: (a) that is not personal property for the purposes of the PPSA; or (b) where the PPSA does not apply to the Security over that Collateral, the Secured Party may open a new account with a Grantor. If the Secured Party does not open a new account, it will be treated as if it had done so at the time it received or is taken to have received notice of the relevant interest. (2) From the date on which that new account is opened or regarded as opened, all payments made by a Grantor to the Secured Party and all advances and financial accommodation by the Secured Party to a Grantor, are or are regarded as credited and debited to the new account. (3) Payments by a Grantor under clause 15.6(2) must be applied: (a) to reduce any debit balance in the new account; and (b) if there is no debit balance in the new account, to reduce the Secured Money which has not been debited or regarded as debited to the new account. 16 Assignments and transfers 16.1 Assignments and transfers by the Secured Party The Secured Party may: (1) assign any of its rights; or (2) transfer by novation any of its rights or obligations, under this document: (3) in accordance with any applicable assignment or transfer provisions in the Commonwealth Facility Agreement; or (4) if there are no applicable assignment or transfer provisions in the Commonwealth Facility Agreement, to any other entity in accordance with clause 16.2. 16.2 Grantor authorises assignment or transfer If clause 16.1(4) applies: (1) the Secured Party is not obliged to obtain a Grantor's consent to, or notify the Grantor of, any such assignment or transfer; and

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APAC-#313417837-v4© Norton Rose Fulbright Australia23 (2) each Grantor irrevocably authorises the Secured Party to execute any document effecting a transfer by novation under clause 16.1(2) on its behalf, without any consultation with the Grantor. 16.3 Assignment and transfer by a Grantor A Grantor must not assign or transfer any of its rights under this document without the prior written consent of the Secured Party. 17 Set-off The Secured Party may, but need not, set off any matured obligation due from a Grantor under the Commonwealth Finance Documents (to the extent beneficially owned by the Secured Party) against any obligation owed by the Secured Party to that Grantor (whether or not matured), regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Secured Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 18 Notices Any notice or other communication to or by a Party must be given in accordance with the notice requirements of the Commonwealth Facility Agreement. 19 Calculations and certificates 19.1 Accounts In any litigation or arbitration proceedings arising out of or in connection with this document, the entries made in the accounts maintained by the Secured Party are sufficient evidence of the matters to which they relate unless the contrary is proved. 19.2 Certificates and determinations Any certification or determination by the Secured Party of an exchange rate, a rate of interest or amount payable under this document is conclusive evidence in the absence of manifest error of the matters to which it relates and any certification or determination by the Secured Party of any other matter is sufficient evidence of the matters to which it relates unless the contrary is proved. 19.3 Reinstatement of rights of Secured Party If: (1) the Secured Party has at any time released or discharged: (a) a Grantor from its obligations under this document; or (b) any assets of a Grantor from a Security, in either case in reliance on a payment, receipt or other transaction to or in favour of the Secured Party; or (2) any payment, receipt or other transaction to or in favour of the Secured Party has the effect of releasing or discharging:

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APAC-#313417837-v4© Norton Rose Fulbright Australia24 (a) a Grantor from its obligations under this document; or (b) any assets of a Grantor from a Security; and (3) that payment, receipt or other transaction is subsequently claimed by any person to be void, voidable or capable of being set aside for any reason (including under any law relating to insolvency, sequestration, liquidation, winding up or bankruptcy and any provision of any agreement, arrangement or scheme, formal or informal, relating to the administration of any of the assets of any person); and (4) that claim is upheld or is conceded or compromised by the Secured Party, then: (5) the Secured Party will immediately become entitled against a Grantor to all rights (including under any Commonwealth Finance Document) as it had immediately before that release or discharge; (6) a Grantor must, to the extent permitted by law: (a) immediately do all things and execute all documents as the Secured Party may, acting reasonably, require to restore to the Secured Party all those rights; and (b) indemnify the Secured Party against all costs and losses suffered or incurred by it in or in connection with any negotiations or proceedings relating to the claim or as a result of the upholding, concession or compromise of the claim. 20 Attorney 20.1 Appointment Each Grantor irrevocably appoints the Secured Party and each authorised signatory of the Secured Party, its attorney with the right: (1) at any time to do any of the following: (a) do everything that in the Attorney's reasonable opinion is necessary or expedient to enable the exercise of any right of the Secured Party in relation to this document or any Authorisation; (b) complete this document; (c) complete any document executed by or on behalf of a Grantor in blank and deposited with the Secured Party, including as a Collateral Security; (d) appoint substitutes and otherwise delegate its powers (including this power of delegation); and (e) control any of the Collateral that is collateral within the meaning of section 21(2)(c) of the PPSA; and (2) after any Event of Default has occurred and while it continues, to comply with the obligations of the Grantor under this document and do all other things that

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APAC-#313417837-v4© Norton Rose Fulbright Australia25 the Grantor may lawfully authorise an agent to do in relation to this document and the Collateral. 20.2 General (1) Any Attorney may exercise its rights despite that the exercise of the right constitutes a conflict of interest or duty. (2) Each Grantor by this document ratifies any exercise of a right by an Attorney. (3) The power of attorney is granted: (a) to secure the compliance by the Grantors with its obligations under this document and any proprietary interests of the Secured Party under this document; and (b) for valuable consideration (receipt of which is acknowledged), which includes the acceptance of this document by the Secured Party at each Grantor's request. 21 Release At the request in writing of a Grantor and at the cost of that Grantor, the Secured Party may release the Collateral from the Security if the Grantor's obligation to pay the Secured Money and perform all of the Grantor's other obligations under the Commonwealth Finance Documents are satisfied and in the Secured Party's reasonable opinion: (1) there is no prospect that money or damages will become owing (whether actually or contingently) by the Grantor to the Secured Party (alone or together with any other person); and (2) no payment towards the satisfaction of the Grantor's obligation to pay the Secured Money is likely to be the subject of a claim referred to in clause 19.3(3). 22 Further assurances 22.1 Notice to Grantor The Secured Party may, by notice to a Grantor at any time, require that Grantor to do any or all of the following things: (1) take all steps, provide information (including without limitation serial numbers relating to any Collateral), produce documents and obtain consents; (2) execute any notice, consent, document or amendment to this document; (3) execute and deliver to the Secured Party, transfer forms in relation to any of the Collateral (undated and blank as to transferee and consideration); or (4) do any other thing, that the Secured Party considers necessary or desirable to: (5) ensure that this document or any Security Interest arising under it, is enforceable;

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APAC-#313417837-v4© Norton Rose Fulbright Australia26 (6) reserve or create any type of Security Interest over any part of the Collateral in a manner not inconsistent with this document with any additional terms reasonably required by the Secured Party having regard to the nature of that part of the Collateral and the type of additional Security Interest being created, including a registrable Security Interest over any real property or any other property not subject to the PPSA and an assignment of any Collateral; (7) stamp, protect, perfect, record, or better secure the position of the Secured Party under this document in any applicable jurisdiction; (8) obtain or preserve the priority position of the Secured Party contemplated by this document; (9) overcome any defect or adverse effect arising from the PPSA; or (10) aid the Secured Party in the exercise of any right or power under this document. 22.2 Compliance with notice Each Grantor must: (1) comply with the requirements of a notice under clause 22.1 within the time stated in the notice at the cost and expense of that Grantor; (2) reimburse the costs of the Secured Party in connection with anything the Grantor is required to do under this clause 22; and (3) promptly notify the Secured Party of any change to information that it provides to the Secured Party under this clause 22. 22.3 Commonwealth Finance Document Any new document that a Grantor is required to sign under clause 22.1 constitutes a Commonwealth Finance Document. 22.4 Authority to complete blanks Each Grantor agrees that the Secured Party may complete and fill in any blanks in this document or any document connected with it (including assignments, transfers, financing statements, financing change statements, amendment demands or any Corporations Act or PPSA forms). 23 General 23.1 Amendments This document may be amended only in writing with the consent of the Secured Party and each Grantor and any such amendment will be binding on all Parties. 23.2 Waiver (1) A Party's failure or delay to exercise a power or right does not operate as a waiver of that power or right. (2) The exercise of a power or right does not preclude either its exercise in the future or the exercise of any other power or right.

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APAC-#313417837-v4© Norton Rose Fulbright Australia27 (3) A waiver is not effective unless it is in writing. (4) Waiver of a power or right is effective only in respect of the specific instance to which it relates and for the specific purpose for which it is given. 23.3 Cumulative rights The rights, powers and remedies provided in this document are in addition to those provided by law independently of this document and each right, power and remedy provided in this document (including any right of indemnity) is additional to and not exclusive of every other right, power or remedy provided in this document. 23.4 Moratorium legislation To the fullest extent permitted by law, all laws which at any time operate directly or indirectly to lessen, stay, reduce or otherwise affect in favour of the Grantors any obligation under this document, or to delay or otherwise prevent or prejudicially affect the exercise by the Secured Party of any power or right under this document or otherwise, are expressly waived by the Grantors. 23.5 Partial invalidity If, at any time, any provision of this document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. 23.6 No liability The Secured Party, its officers, employees, nominees, contractors and agents, will not be liable for any loss, cost, expense or liability of the Grantors caused or contributed to by the waiver of, exercise of, attempted exercise of, failure to exercise or delay in exercising a right of the Secured Party and the Secured Party holds the benefit of this clause 23.6 on trust for itself and its officers, employees, nominees, contractors and agents. 23.7 Indemnities and reimbursement All indemnities and reimbursement obligations (and any other payment obligations of the Grantors) in this document are continuing and survive termination of this document and the release of any Collateral from the Security. 23.8 Waiver of immunity Each Grantor irrevocably and unconditionally: (1) agrees not to claim any immunity from proceedings brought by the Secured Party against it in relation to this document and to ensure that no such claim is made on its behalf; (2) consents generally to the giving of any relief or the issue of any process in connection with those proceedings; and (3) waives all rights of immunity in respect of it or its assets.

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APAC-#313417837-v4© Norton Rose Fulbright Australia28 23.9 Execution by attorney If an attorney executes this document, the attorney declares that the attorney has no notice of revocation, termination or suspension of the power of attorney under which the attorney executes this document. 23.10 Electronic execution and exchange of counterparts (1) A party may execute this document as well as any modification to it by electronic means (including, by electronic signature or by facsimile or email of the signed document in PDF. (2) The Parties agree and intend that such signature by electronic means or by facsimile or email in PDF or scanned format shall bind the Party so signing with the same effect as though the signature were an original signature. (3) A counterpart of this document may also be exchanged by a Party to this document or a Party's solicitor by electronic method including by email. (4) This document may be executed in any number of counterparts. Each counterpart is an original, but the counterparts together are one and the same instrument. 24 Governing law and jurisdiction 24.1 Governing law This document is governed by New South Wales law. 24.2 Jurisdiction (1) The courts having jurisdiction in New South Wales have exclusive jurisdiction to settle any dispute arising out of or in connection with this document (including a dispute regarding the existence, validity or termination of this document) (a Dispute). (2) The Parties agree that those courts are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary. (3) Each Party irrevocably waives any objection it may now or in the future have to the venue of any proceedings, and any claim it may now or in the future have that any proceedings have been brought in an inconvenient forum, where that venue falls within clause 24.2(1). (4) This clause 24.2 is for the benefit of the Secured Party only. As a result, the Secured Party will not be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Secured Party may take concurrent proceedings in any number of jurisdictions.

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APAC-#313417837-v4© Norton Rose Fulbright Australia29 Schedule 1 Grantors Name ACN Address Rex Flyer Pty Ltd 671 816 621 81-83 Baxter Road, Mascot NSW 2020 Attention: Director/Company Secretary / General Counsel Email: xxxx@airt.com Australian Aero Propeller Maintenance Pty Ltd 131 278 889 81-83 Baxter Road, Mascot NSW 2020 Attention: Director/Company Secretary / General Counsel Email: xxxx@airt.com Australian Airline Pilot Academy Pty Ltd 128 392 469 81-83 Baxter Road, Mascot NSW 2020 Attention: Director/Company Secretary / General Counsel Email: xxxx@airt.com AAPA Victoria Pty Ltd 118 837 586 81-83 Baxter Road, Mascot NSW 2020 Attention: Director/Company Secretary / General Counsel Email: xxxx@airt.com

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APAC-#313417837-v4© Norton Rose Fulbright Australia30 Signing Pages Executed as a deed and delivered on the date shown on the first page. Executed by Rex Flyer Pty Ltd ACN 671 816 621 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) Executed by Australian Aero Propeller Maintenance Pty Ltd ACN 131 278 889 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) Executed by Australian Airline Pilot Academy Pty Ltd ACN 128 392 469 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS)

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APAC-#313417837-v4© Norton Rose Fulbright Australia31 Executed by AAPA Victoria Pty Ltd ACN 118 837 586 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) 41330947v1 Signed by the Commonwealth of Australia, as represented by the Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts (ABN 86 267 354 017) by a duly authorised representative in the presence of Signature of witness Signature of authorised representative Name of witness (BLOCK LETTERS) Name of authorised representative (BLOCK LETTERS) Address of witness

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## Exhibit 10.12

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OFFICIAL: Sensitive // Legal-Privilege OFFICIAL: Sensitive // Legal-Privilege Dated Facility Agreement Parties Each entity listed in Schedule 1 Commonwealth of Australia as represented by the Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts (ABN 86 267 354 017) Norton Rose Fulbright Level 5, 60 Martin Place SYDNEY NSW 2000 nortonrosefulbright.com Our ref: 4081080

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APAC-#312798503-v16© Norton Rose Fulbright OFFICIAL: Sensitive // Legal-Privilege OFFICIAL: Sensitive // Legal-Privilege Contents 1 Definitions and interpretation .......................................................................................... 1 1.1 Definitions .......................................................................................................... 1 1.2 Interpretation .................................................................................................... 12 1.3 Multiple Parties ................................................................................................ 12 2 Availability and limits .................................................................................................... 13 2.1 Availability ........................................................................................................ 13 2.2 Purpose............................................................................................................ 13 2.3 No redrawings .................................................................................................. 13 2.4 Cancellation ..................................................................................................... 13 2.5 Extension ......................................................................................................... 13 3 Conditions for requesting an Advance ......................................................................... 14 4 Interest .......................................................................................................................... 16 4.1 Interest on each Advance ................................................................................ 16 4.2 Interest Periods ................................................................................................ 16 4.3 Default Interest ................................................................................................ 17 5 Repayments and prepayments of Advances ................................................................ 17 5.1 Repayment on Repayment Date ..................................................................... 17 5.2 Mandatory Prepayments.................................................................................. 17 5.3 Voluntary prepayments .................................................................................... 18 5.4 Effect of repayment and prepayment .............................................................. 18 6 Payments ...................................................................................................................... 18 6.1 Payments by Borrowers................................................................................... 18 6.2 No deductions .................................................................................................. 19 6.3 Payment to be made on Business Day ........................................................... 19 6.4 Appropriation where insufficient money available ........................................... 19 6.5 Rounding ......................................................................................................... 19 7 Representations and warranties ................................................................................... 19 7.1 Representations and warranties ...................................................................... 19 7.2 Repetition ......................................................................................................... 21 7.3 Survival of representations and warranties ..................................................... 21 8 Reporting obligations .................................................................................................... 21 8.1 General ............................................................................................................ 21 8.2 Approved Purposes ......................................................................................... 22 9 General undertakings ................................................................................................... 22 9.1 Compliance with laws ...................................................................................... 22 9.2 Compliance with Material Documents ............................................................. 23 9.3 Preservation of assets and minimum cash ...................................................... 23 9.4 Audit ................................................................................................................. 23 9.5 No Financial Indebtedness .............................................................................. 23 9.6 No lending ........................................................................................................ 23 9.7 Authorisations .................................................................................................. 23 9.8 Arm's length ..................................................................................................... 24 9.9 Negative pledge ............................................................................................... 24 9.10 Disposals ......................................................................................................... 24

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APAC-#312798503-v16© Norton Rose Fulbright OFFICIAL: Sensitive // Legal-Privilege OFFICIAL: Sensitive // Legal-Privilege 9.11 Access ............................................................................................................. 25 9.12 Insurance ......................................................................................................... 25 9.13 Taxation ........................................................................................................... 25 9.14 Term of undertakings ....................................................................................... 25 10 Default .......................................................................................................................... 25 10.1 Non-payment ................................................................................................... 25 10.2 Other obligations .............................................................................................. 26 10.3 Misrepresentation ............................................................................................ 26 10.4 Ownership of the Obligors ............................................................................... 26 10.5 Change of holder of Air T New Cap Note ........................................................ 26 10.6 Rex Regional Commitments ............................................................................ 26 10.7 Business stopped or changed ......................................................................... 26 10.8 Cross default .................................................................................................... 26 10.9 Insolvency Event .............................................................................................. 27 10.10 Enforcement against assets ............................................................................ 27 10.11 Material documents ......................................................................................... 27 10.12 Reduction of capital ......................................................................................... 28 10.13 Investigation ..................................................................................................... 28 10.14 Unlawfulness ................................................................................................... 28 10.15 Vitiation of Transaction Documents ................................................................. 28 10.16 Revocation of Authorisation ............................................................................. 28 10.17 Damage or destruction .................................................................................... 28 10.18 Default under Transaction Document .............................................................. 28 11 Lender's rights on Default ............................................................................................. 28 11.1 Obligation to Inform ......................................................................................... 28 11.2 Occurrence of Event of Default ....................................................................... 29 11.3 Consequences ................................................................................................. 29 11.4 Remedy of Rex Regional Commitments ......................................................... 30 11.5 Payments ......................................................................................................... 31 12 Stamp duties and Taxes ............................................................................................... 31 12.1 Stamp duties and Taxes .................................................................................. 31 12.2 Inclusions ......................................................................................................... 31 12.3 GST .................................................................................................................. 31 12.4 Indemnity ......................................................................................................... 32 13 Indemnities ................................................................................................................... 32 13.1 Nature .............................................................................................................. 32 13.2 Extent of indemnity .......................................................................................... 32 13.3 Survival of obligations ...................................................................................... 32 14 Costs and expenses ..................................................................................................... 33 15 Assignment ................................................................................................................... 33 15.1 No assignment by Transaction Parties ............................................................ 33 15.2 No assignment by Lender ................................................................................ 33 16 Set-off ........................................................................................................................... 33 16.1 Set-off by Lender ............................................................................................. 33 17 Lender's determination and certificate ......................................................................... 33 17.1 Certificate ......................................................................................................... 33 17.2 Not obliged to give reasons ............................................................................. 33

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APAC-#312798503-v16© Norton Rose Fulbright OFFICIAL: Sensitive // Legal-Privilege OFFICIAL: Sensitive // Legal-Privilege 18 Cumulative rights .......................................................................................................... 33 19 Approvals and consent ................................................................................................. 34 20 Time of the essence ..................................................................................................... 34 21 Time for performance ................................................................................................... 34 22 Records as evidence .................................................................................................... 34 23 Supervening legislation ................................................................................................ 34 24 Borrower's own judgment ............................................................................................. 35 24.1 No reliance on Lender ..................................................................................... 35 24.2 Lender not liable .............................................................................................. 35 25 Authorised Officers ....................................................................................................... 35 26 Severability ................................................................................................................... 35 27 Variation ........................................................................................................................ 35 28 Waiver and exercise of rights ....................................................................................... 35 28.1 Waiver .............................................................................................................. 35 28.2 Exercise of rights ............................................................................................. 35 28.3 No liability ........................................................................................................ 36 29 Notices .......................................................................................................................... 36 29.1 Addresses ........................................................................................................ 36 29.2 Method of service ............................................................................................ 36 30 Governing law and jurisdiction...................................................................................... 37 30.1 Relevant Jurisdiction ........................................................................................ 37 30.2 Non-exclusive jurisdiction ................................................................................ 37 31 Inconsistency of provisions ........................................................................................... 37 32 Electronic execution and exchange of counterparts..................................................... 37 33 Execution by attorney ................................................................................................... 37 Schedule 1 ................................................................................................................................. 38 Schedule 2 – Advance Request ................................................................................................ 39

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APAC-#312798503-v16© Norton Rose Fulbright Australia 1 OFFICIAL: Sensitive // Legal-Privilege Agreement dated 2025 Parties (1) Commonwealth of Australia as represented by the Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts (ABN 86 267 354 017) of 111 Alinga Street Canberra, ACT 2601 (the Lender) (2) The entities listed in Schedule 1 (each a Borrower and together the Borrowers) Recitals A The Commonwealth has agreed to make available to the Borrowers a facility for the Approved Purposes on the terms set out below. It is agreed 1 Definitions and interpretation 1.1 Definitions In this document the following definitions apply unless the context indicates otherwise: (1) Advance means each loan drawn down under a Facility in accordance with this document (including any Capitalisation Advance provided in accordance with this document) or, as applicable, the outstanding principal amount of that Advance at the relevant time; (2) Advance Date means the date on which an Advance is or is to be made to the Borrowers under this document; (3) Advance Request means a request given under clause 3(1); (4) Air T means Air T Lending 25.1, LLC. (5) Air T Finance Parties means: (a) Air T; and (b) the Security Trustee; (6) Air T Financier has the same meaning as in the Intercreditor Deed. (7) Air T New Cap Notes means each "Loan Note" under and for the purposes of the New Cap Note Facility; (8) Approved Purposes means: (a) in respect of an Advance under the Engine Facility:

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APAC-#312798503-v16© Norton Rose Fulbright Australia 2 OFFICIAL: Sensitive // Legal-Privilege (i) to fund actual or expected expenditure to be incurred within the next calendar quarter for completion of the Engine Care and Maintenance Program; or (ii) to pay or reimburse the Obligors for any other costs or expenses incurred in relation to the Engine Care and Maintenance Program not covered by paragraph (i) above as approved by the Lender in its absolute discretion; (b) in respect of an Advance under the Operations Facility: (i) to support the regional airline business operated by the Borrowers; or (ii) the payment of any other fees, costs or expenses as agreed by the Lender in its absolute discretion, provided that, in each case, no Advance may be used to pay or repay amounts owing to the Air T Finance Parties under or in connection with the New Cap Note Facility; (9) ASIC means the Australian Securities and Investments Commission; (10) Australian Accounting Standards means: (a) the accounting standards from time to time approved under the Corporations Act; (b) the requirements of the Corporations Act in relation to the preparation and content of accounts; and (c) generally accepted accounting principles and practices in Australia consistently applied, except those principles and practices which are inconsistent with the standards or requirements referred to in paragraph (a) or (b); (11) Authorisation means: (a) an authorisation, consent, approval, resolution, licence, exemption, filing or registration; or (b) in relation to anything which will be fully or partly prohibited or restricted by law if a Government Agency intervenes or acts in any way within a specific period after lodgement, filing, registration or notification, the expiry of that period without intervention or action; (12) Authorised Officer means: (a) in relation to a Borrower, any director or company secretary of that Borrower, or any person nominated by that Borrower by a notice to the Lender as an authorised officer on behalf of that Borrower to sign notices or documents in connection with any of the Finance Documents, the notice to be accompanied by specimen signatures of the persons concerned; and (b) in relation to the Lender, First Assistant Secretary, Domestic Aviation and Reform Division or such other person or persons as the Lender may notify to the Borrowers in writing from time to time;

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APAC-#312798503-v16© Norton Rose Fulbright Australia 3 OFFICIAL: Sensitive // Legal-Privilege (13) Available Facility means, at any time, in respect of a Facility, the applicable Facility Limit less any Principal Outstanding in respect of Advances made under that Facility at that time; (14) Availability Period means the period commencing on the Restructure Effective Date and ending on: (a) in respect of the Engine Facility, three years after that date, unless extended pursuant to clause 2.5; and (b) in respect of the Operations Facility, two years after that date; (15) Business Day means a day that is not a Saturday, Sunday or any other day which is: (a) a public holiday or a bank holiday in the Relevant Jurisdiction or in the Australian Capital Territory; or (b) a public holiday or a bank holiday in New York; or (c) a day falling between 24 December and 2 January (inclusive) in any particular year; (16) Capitalisation Advance means an Advance made, or deemed to be made, under a Facility in accordance with clause 4.1; (17) Commonwealth Facility Agreement means the document titled "Commonwealth Facility Agreement" dated 11 November 2024 between, among others, the Borrowers and the Lender, as amended and restated on the Restructure Effective Date by the amendment and restatement deed dated or about the date of this document between certain of the Borrowers and the Lender; (18) Company means Regional Express Holdings Limited (ACN 099 547 270); (19) Compensation Event means any confiscation, resumption, appropriation, forfeiture, repurchase, redemption or compulsory acquisition of Secured Property by any person under a law or otherwise; (20) Compensation Proceeds means any payment or other proceeds resulting from a Compensation Event that are available and required to be applied by the Borrowers towards repayment of Advances under this document in accordance with the Intercreditor Deed; (21) Corporations Act means the Corporations Act 2001 (Cth); (22) Engine Care and Maintenance Program means the program for engine care and maintenance of the engines owned or utilised by the certain of the Borrowers on their existing fleet of SAAB-340 aircraft in the form delivered to the Lender as a condition precedent to the Restructuring Coordination Deed, or as may be subsequently updated in accordance with the provisions of the Intercreditor Deed; (23) Engine Facility means the cash advance loan facility made available by the Lender to the Borrowers under this document; (24) Engine Facility Limit means $40,000,000; (25) Event of Default means any event described in clause 10 or otherwise specified in this document as an Event of Default;

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APAC-#312798503-v16© Norton Rose Fulbright Australia 4 OFFICIAL: Sensitive // Legal-Privilege (26) Existing Aircraft Fleet means: (a) all propeller aircraft and associated engines (whether on-wing of off wing) of the Borrowers as at the Restructure Effective Date, including all Saab airframes and GE engines; and (b) aircraft simulators owned by the Borrowers; (27) Facility means each of: (a) the Engine Facility; and (b) the Operations Facility; (28) Facility Limit means: (a) the Engine Facility Limit; or (b) the Operations Facility Limit; (29) Finance Document means (a) this document; (b) the Commonwealth Facility Agreement; (c) any Security Document; (d) the Restructuring Coordination Deed; (e) the Intercreditor Deed; (f) any other document designated as such by the Lender and the Company; (g) any document amending any of the above; and (h) any document evidencing the terms of a waiver or consent by the Lender under or in connection with any of the above; (30) Finance Lease means any lease, hire purchase or capitalised lease, a liability under which would, in accordance with the Australian Accounting Standards, be treated as a balance sheet liability (other than a lease or hire purchase contract which would, in accordance with the Australian Accounting Standards in for prior to 1 January 2019, have been treated as an operating lease); (31) Financial Indebtedness means any indebtedness for or in respect of: (a) moneys borrowed and any debit balance at any financial institution; (b) any amount raised under any acceptance credit, bill acceptance or bill endorsement facility or dematerialised equivalent; (c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

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APAC-#312798503-v16© Norton Rose Fulbright Australia 5 OFFICIAL: Sensitive // Legal-Privilege (d) the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with Australian Accounting Standards, be treated as a balance sheet liability; (e) receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); (f) any redeemable shares where the holder has the right, or the right in certain conditions, to require redemption; (g) any amount raised under any other transaction (including any forward sale or purchase agreement) of a type not referred to in any other paragraph of this definition having the commercial effect of a borrowing; (h) consideration for the acquisition of assets or services payable more than 90 days after acquisition; (i) any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value (or, if any actual amount is due as a result of the termination or close-out of that derivative transaction, that amount) will be taken into account); (j) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and (k) the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in clauses 1.1(31)(a) to 1.1(31)(j) above; (32) Government Agency means any government or governmental, semi-governmental or judicial entity or authority in any state, country or other jurisdiction, including any self-regulatory organisation established under a statute or stock exchange; (33) Group means each Borrower and its Subsidiaries; (34) GST means any goods or services tax, value-added tax, consumption tax or similar tax including as that term is defined in the GST Act; (35) GST Act means A New Tax System (Goods and Services Tax) Act 1999 (Cth); (36) Insolvency Event means the happening of any one or more of the following events: (a) an application (not being an application that is being contested in good faith and that is withdrawn or dismissed within 5 Business Days of its commencement) is made to a court for an order or an order is made that a body corporate be wound up or that a liquidator or provisional liquidator be appointed to a body corporate; (b) except to reconstruct or amalgamate while solvent on terms approved in writing by the Lender, a body corporate enters into, or resolves to enter into, a scheme of arrangement, deed of company arrangement or composition with, or assignment for the benefit of, all or any class of its

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APAC-#312798503-v16© Norton Rose Fulbright Australia 6 OFFICIAL: Sensitive // Legal-Privilege creditors, or it proposes a reorganisation, moratorium or other administration involving any of them; (c) except to reconstruct or amalgamate while solvent upon terms approved in writing by the Lender, a body corporate resolves to wind itself up or otherwise dissolve itself, or gives notice of intention to do so, or is otherwise wound up or dissolves; (d) a body corporate is unable to pay its debts as they fall due or is or states that it is insolvent or is treated as or presumed insolvent under any applicable legislation; (e) a receiver, receiver and manager, trustee, administrator or similar official is appointed over any or all of the assets or undertaking of a body corporate; (f) a body corporate takes any step to obtain protection or is granted protection from its creditors, under any applicable legislation; (g) a Liquidation occurs in relation to a person; or (h) anything analogous or having a substantially similar effect to any of the events specified above happens under the law of any applicable jurisdiction; (37) Intercreditor Deed means the document titled "Intercreditor Deed - Regional Express Airlines" dated on or about the date of this document between (among others) the Borrowers, the Lender and the Air T Finance Parties; (38) Interest Payment Date means each of 31 March, 30 June, 30 September and 31 December; (39) Interest Period means, in relation to an Advance, each period determined in accordance with clause 4; (40) Interest Rate means, on any day, 12% per annum, as may be adjusted from time to time after the Restructure Effective Date in accordance with clause 11.5 of the Intercreditor Deed; (41) Liquidation includes provisional liquidation, administration, receivership, compromise, arrangement, amalgamation, reconstruction, winding up, dissolution, assignment for the benefit of creditors, arrangement or compromise with creditors, bankruptcy or death; (42) Material Adverse Effect means a material adverse effect on any one or more of the following: (a) the ability of the Obligors as a whole to comply with their obligations under the Transaction Document; (b) the financial condition or business of the Obligors as a whole; or (c) the effectiveness, priority or enforceability of this document or any of the Finance Documents; (43) Material Document means the New Cap Note Facility; (44) Material Document Counterparty means any party to a Material Document other than the Lender or a Borrower;

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APAC-#312798503-v16© Norton Rose Fulbright Australia 7 OFFICIAL: Sensitive // Legal-Privilege (45) New Cap Note Facility means the document entitled "Syndicated Loan Note Subscription Agreement – Project Mustang" to be entered into on or around the date of this document between, among others, the Air T Finance Parties and the Company; (46) Obligor means each Borrower; (47) Operations Facility means the cash advance loan facility made available by the Lender to the Borrowers under this document; (48) Operations Facility Limit means $20,000,000; (49) PAG means PAGAC Regulus Holding Pte. Ltd.; (50) Party means a party to this document; (51) Permitted Financial Accommodation means any loan or other financial accommodation: (a) made to another Obligor; (b) comprising trade credit extended by a Borrower on normal commercial terms and in the ordinary course of its business (excluding any such trade credit to Air T or other Related Entities of Air T); (c) comprising deposits with a bank or financial institution in Australia provided such deposits do not secure Financial Indebtedness; or (d) made with the prior written consent of the Lender; (52) Permitted Financial Indebtedness means: (a) Financial Indebtedness owing by the Borrowers under the Finance Documents; (b) Financial Indebtedness owing by the Borrowers to the Air T Finance Parties under or in connection with the New Cap Note Facility up to the Air T Priority Amount (as defined in the Intercreditor Deed) or other Financial Indebtedness owing by the Borrowers to the Air T Finance Parties which is subordinated to all amounts owing to the Lender under the Finance Documents; (c) Financial Indebtedness incurred by the Borrowers in connection with: (i) the purchase and acquisition of one or more new aircrafts where such Financial Indebtedness is secured solely by the relevant aircraft or aircrafts which it has funded; or (ii) a Finance Lease of a new aircraft in the ordinary course of business of a Borrower where the lessor may only have recourse to the assets leased; For the avoidance of doubt, a reference to a new aircraft in this paragraph (c) excludes any aircraft comprised in the Existing Aircraft Fleet. (d) Financial Indebtedness under a Finance Lease in respect of goods or equipment (other than aircraft or engines) in the ordinary course of

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APAC-#312798503-v16© Norton Rose Fulbright Australia 8 OFFICIAL: Sensitive // Legal-Privilege business of a Borrower where the lessor may only have recourse to the assets leased; (e) Financial Indebtedness owing by the Borrowers not covered by paragraphs (a) to (d) above (inclusive) provided that the aggregate amount of Financial Indebtedness of the Borrowers permitted by this paragraph (e) does not exceed $10,000,000; and (f) Financial Indebtedness to which the Lender consents in writing (unless the consent was conditional and any of the conditions are not complied with); (53) Permitted Security Interests means in relation to each Borrower: (a) any Security Interest created or arising in favour of the Lender under a Finance Document; (b) the Security Interests which are recorded on the PPS Register as at the date of the document; (c) a Security interest in favour of the Security Trustee contemplated under the Intercreditor Deed; (d) a lien arising by operation of law in the ordinary course of day-to-day trading and not securing Financial Indebtedness, where it duly pays the indebtedness secured by that lien other than indebtedness contested in good faith; (e) a charge or lien arising in favour of a Government Agency by operation of statute unless there is default in payment of money secured by that charge or lien; (f) any rights of set-off, netting or combination of accounts; (g) any Security Interest arising under Financial Indebtedness described in paragraph (c) of the definition of Permitted Financial Indebtedness; and (h) any other Security Interest over any of its assets to which the Lender has expressly consented in writing; (54) Potential Event of Default means any event or circumstance that with the giving of notice or passage of time or both would become an Event of Default; (55) PPSA means the Personal Property Securities Act 2009 (Cth); (56) PPS Register means the register maintained in accordance with the PPSA; (57) Principal Outstanding means, at any time, the aggregate principal amount of all outstanding Advances and, in relation to a particular Advance means the outstanding principal amount of that Advance Draw (including any capitalised interest on an Advance); (58) Related Entity means: (a) in relation to the Lender, any and all Commonwealth entities and companies that are subject to the Public Governance, Performance and Accountability Act 2013 (Cth) and any entity controlled by them; and

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APAC-#312798503-v16© Norton Rose Fulbright Australia 9 OFFICIAL: Sensitive // Legal-Privilege (b) in relation to any other Party, has the meaning it has in the Corporations Act 2001 (Cth); (59) Relevant Jurisdiction means New South Wales; (60) Relevant Location means the capital city of the Relevant Jurisdiction; (61) Repayment Date means the date being 7 years from the date of the Restructure Effective Date; (62) Representative means any Minister or Related Entity of the Commonwealth, and any directors, officers, employees, consultants, agents, contractors and subcontractors of the Commonwealth and any Minister or Related Entity of the Commonwealth; (63) Restructure Effective Date has the meaning given in the Restructuring Coordination Deed; (64) Restructuring Coordination Deed means the document titled "Restructuring Coordination Deed – Regional Express Airlines" dated on or about the date of this document between Air T and the Lender; (65) Rex Regional Commitments has the meaning given in the Intercreditor Deed; (66) RRC EOD Date has the meaning given in clause 11.4 (67) RRC Non-Compliance has the meaning given in clause 11.4 (68) Secured Money means all money and amounts (in any currency) that an Obligor is or may become liable at any time (presently, prospectively or contingently, whether alone or not and in any capacity) to pay to or for the account of the Lender (whether alone or not and in any capacity) under or in connection with a Finance Document. It includes money and amounts: (a) in the nature of principal, interest, fees, costs, charges, expenses, duties, indemnities, guarantee obligations or damages; (b) whether arising or contemplated before or after the date of this Agreement or as a result of the assignment (with or without an Obligor's consent) of any debt, liability or Finance Document; and (c) which a person would be liable to pay but for its insolvency; (69) Secured Property means all of the assets of the Borrowers which from time to time are the subject of any Security Document; (70) Security Documents means: (a) the document titled "General Security Deed" originally between, amongst others, certain of the Borrowers and PAG dated 15 March 2021, as assigned to the Lender and as amended from time to time; (b) the document titled "General Security Deed" originally between, amongst others, certain of the Borrowers and PAG dated 30 July 2024, as assigned to the Lender and as amended from time to time;

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APAC-#312798503-v16© Norton Rose Fulbright Australia 10 OFFICIAL: Sensitive // Legal-Privilege (c) the document titled "Supplemental Security Deed (Aircraft)" between Regional Express Holdings Limited, Rex Investment Holdings Pty Ltd and PAG dated 25 July 2024, as assigned to the Lender and as amended from time to time; (d) the document titled "Supplemental Security Deed (Aircraft)" between Regional Express Holdings Limited, Rex Investment Holdings Pty Ltd, Rex Airlines Pty Ltd and the PAG dated 30 July 2024, as assigned to the Lender and as amended from time to time; (e) the real property mortgage of underlease 11172419 on land title 6137/606 between Regional Express Holdings Limited and PAG dated 30 April 2021, as transferred to the Lender; (f) the real property mortgage of title over 1/819642 between Regional Express Holdings Limited and PAG dated 15 March 2021, as transferred to the Lender; (g) the real property mortgage of title over 10082/361 between AAPA Victoria Pty Ltd and PAG dated 15 March 2021, as transferred to the Lender; (h) the real property mortgage over sub-lease AJ148894 on title 7330-149 between Regional Express Holdings Limited and PAG dated 15 March 2021, as transferred to the Lender secured by caveat AU773085; (i) the document titled "Aircraft Mortgage (Specific Security Deed)" dated 20 November 2024 between the Lender, Regional Express Limited, Regional Express Holdings Limited, Rex Investment Holdings Pty Ltd and Rex Airlines Pty Ltd, as amended from time to time; (j) the General Security Deed between the Borrowers as grantors and the Lender as secured party dated 20 November 2024; (k) the mortgage of underlease 11172419 on land title 6137/606 between Regional Express Holdings Limited and the Lender dated 20 November 2024; (l) the real property mortgage of title over 1/819642 between Regional Express Holdings Limited and the Lender dated 20 November 2024; (m) the real property mortgage over sub-lease AJ148894 on title 7330-149 between Regional Express Holdings Limited and the Lender dated 20 November 2024 secured by caveat AU773085; (n) the General Security Deed between Rex Flyer Pty Limited, Australian Aero Propellor Maintenance Pty Limited, Australian Airline Pilot Academy Pty Limited and AAPA Victoria Pty Limited as grantors and the Lender as secured party dated on or about the date of this document, as amended from time to time; (o) any document to create a security interest pursuant to clause 3(3)(c); or (p) any document entered into by any Obligor which creates a Security Interest over any of its assets in favour of, or for the benefit of, the Lender in

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APAC-#312798503-v16© Norton Rose Fulbright Australia 11 OFFICIAL: Sensitive // Legal-Privilege respect of all or any part of the obligations of the Obligors (with or without securing the obligations of other Obligors) under the Finance Documents; (71) Security Interest means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect, including any "security interest" as defined in sections 12(1) or (2) of the Personal Property Securities Act 2009 (Cth); (72) Security Trustee means P.T. Limited ACN 004 454 666 in its capacity as trustee of the Project Mustang Security Trust; (73) Subsidiary means a subsidiary within the meaning of Part 1.2 Division 6 of the Corporations Act; (74) Tax includes any tax, GST, rate, levy, impost or duty (other than a tax on the net overall income of the Lender) and any interest, penalty, fine or expense relating to any of them; (75) Tax Consolidated Group means a consolidated group or a MEC group (each as defined in the Income Tax Assessment Act 1997 (Cth)); (76) Tax Funding Agreement means any agreement under which a member of a consolidated group (as defined in the Income Tax Assessment Act 1997 (Cth)) may be required to pay the head company of the consolidated group or to reimburse the head company of the consolidated group after payment of the group liability (as defined in the Income Tax Assessment Act 1997 (Cth)); (77) Tax Sharing Agreement means any tax sharing agreement entered into in accordance with section 721-25 of the Income Tax Assessment Act 1997 (Cth) which complies with the requirements set out in any regulations, and is in accordance with any guidelines published by the Commissioner of Taxation concerning what is a reasonable allocation of Group Tax Liabilities of a Tax Consolidated Group among certain members of that group, or is otherwise accepted by the Commissioner of Taxation as being such a reasonable allocation; and (78) Transaction Documents means: (a) the Finance Documents; (b) the Material Documents; (c) any document or agreement entered into or provided under or in connection with, or for the purpose of amending or novating, any of the above; (d) any undertaking by or to a party or its lawyers under or in relation to any of the above; and (e) any other document that the Lender and the Company agree in writing is a Transaction Document; (79) $ or A$ means the lawful currency of Australia.

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APAC-#312798503-v16© Norton Rose Fulbright Australia 12 OFFICIAL: Sensitive // Legal-Privilege 1.2 Interpretation (1) In this document, unless the context indicates otherwise, reference to: (a) one gender includes the others; (b) the singular includes the plural and the plural includes the singular; (c) a person includes a firm, unincorporated association, corporation and a government or statutory body or authority; (d) a party to this document or another agreement or document includes the party's executors, administrators, successors and permitted substitutes or assigns; (e) reference to a time refers to the time in the Relevant Location; (f) a statute, regulation or provision of a statute or regulation (Statutory Provision) includes: (i) that Statutory Provision as amended or re-enacted; (ii) a statute, regulation or provision enacted in replacement of that Statutory Provision; and (iii) another regulation or other statutory instrument made or issued under that Statutory Provision; (g) this document includes any annexure or schedule to it; (h) a clause, annexure or schedule is a reference to a clause of, or annexure or schedule to, this document; (i) an agreement or document is to the agreement or document as amended, novated, supplemented or replaced, except to the extent prohibited by this document; and (j) "writing" includes a facsimile transmission and any means of reproducing words in a tangible and permanently visible form. (2) Where a word or expression is given a particular meaning, other parts of speech and grammatical forms of that word or expression have a corresponding meaning. (3) Headings and any table of contents or index are for convenience only and do not form part of this document or affect its interpretation. (4) A provision of this document must not be construed to the disadvantage of a party merely because that party was responsible for the preparation of the document or the inclusion of the provision in the document. 1.3 Multiple Parties If a party to this document is made up of more than one person, or a term is used in this document to refer to more than one party, then unless otherwise specified in this Agreement: (1) an obligation of those persons is joint and several;

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APAC-#312798503-v16© Norton Rose Fulbright Australia 13 OFFICIAL: Sensitive // Legal-Privilege (2) a right of those persons is held by each of them severally; and (3) any other reference to that party or that term is a reference to each of those persons separately, so that (for example): (a) a representation, warranty or undertaking relates to each of them separately; and (b) a reference to that party or that term is a reference to each of those persons separately. 2 Availability and limits 2.1 Availability Subject to this document, the Lender agrees to make available each Facility to the Borrowers during the relevant Availability Period for that Facility up to an aggregate amount equal to the applicable Facility Limit. 2.2 Purpose (1) The Borrowers must apply all amounts borrowed by it under a Facility towards an Approved Purpose or any other purpose the Lender agrees to in writing. (2) The Lender is not bound to monitor or verify the application of any amount borrowed pursuant to this document. 2.3 No redrawings Subject to this document, unless otherwise agreed by the Lender, the Borrowers will not be entitled to redraw Advances that have been repaid. 2.4 Cancellation (1) The Available Facility in respect of a Facility will be immediately cancelled at the end of the Availability Period for the Facility. (2) The Company may, if it gives the Lender not less than 5 Business Days' (or such shorter period as the Lender may agree) prior notice, cancel the whole or any part (being a minimum amount of $1,000,000 and a whole multiple of $500,000) of the Available Facility. Any cancellation under this clause will reduce the Facility Limit. 2.5 Extension (1) If the Company considers that the Engine Care and Maintenance Program has been delayed due to factors beyond the control of the Borrowers, the Company may request, by notifying the Lender in writing no later than 60 days before the end of the Availability Period for the Engine Facility, that the Availability Period for the Engine Facility be extended for a further 12 months (Extension Request). An Extension Request is irrevocable. Only one Extension Request may be issued under this document unless otherwise agreed by the Lender. (2) An Extension Request must be accompanied by: (a) updated financial forecasts unless otherwise agreed by the Lender; and

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APAC-#312798503-v16© Norton Rose Fulbright Australia 14 OFFICIAL: Sensitive // Legal-Privilege (b) an updated version of the Return to Service Schedule, being part 1 of the GoForwardRex 2025 Plan (as defined in part 1, Schedule 2 of the Restructuring Coordination Deed; and (c) and any other information requested by the Lender. (3) If the Lender receives an Extension Request, the extension will take effect at the end of the current Availability Period, and the current Availability Period will be extended by 12 months if the Lender confirms in writing to the Company that the following conditions have been met to the satisfaction of the Lender: (a) no Event of Default or Potential Default is subsisting on the date of the Extension Request and will not occur as a result of the Extension Request becoming effective; (b) the Lender has received documentation and other evidence satisfactory to it in all respects that the delay to the Engine Care and Maintenance Program was due to factors beyond the control of the Borrowers. By way of example, such evidence may include an annotated Engine Care and Maintenance Program showing the actual performance to date, purchase orders and correspondence with engine manufacturers, work orders issued to workshops, any letters explaining delays from the workshops or correspondence from any Borrower; (c) the information provided in connection with clause 2.5(2) is satisfactory to the Commonwealth; and (d) the Parties have signed all documents as may be required by the Lender (including, but not limited to, an amendment or variation of this document) to give effect to the Extension Request. 3 Conditions for requesting an Advance (1) A Borrower may utilise a Facility by delivery to the Lender of a duly completed Advance Request no later than 10.00am at least 20 Business Days (or such shorter period agreed by the Lender) before the proposed Advance Date that complies with the following provisions: (a) it must be in the form of, and specifying the matters required in, Schedule 2; (b) in respect of an Advance under the Engine Facility, must be for an amount no greater than $10,000,000 and no less than $500,000, unless otherwise agreed by the Lender; (c) in respect of an Advance under the Operations Facility, must be for an amount no greater than $5,000,000 and no less than $500,000, unless otherwise agreed by the Lender; (d) other than in respect of the initial Advance, it must be accompanied by a report (in a form agreed with the Lender) and which provides details of how the previous Advance has been used; (e) it is signed by all of the Borrowers; and (f) the proposed Advance Date for the Advance is a Business Day within the Availability Period.

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APAC-#312798503-v16© Norton Rose Fulbright Australia 15 OFFICIAL: Sensitive // Legal-Privilege (2) The Borrowers may only deliver one Advance Request per Facility to the Lender in each calendar quarter. For the avoidance of doubt, the Borrowers may deliver one Advance Request in respect of the Engine Facility and one Advance Request in respect of the Operations Facility in the same quarter. (3) The Lender will only be obliged to comply with an Advance Request if on the date of the Advance Request and on the proposed Advance Date, the Lender is satisfied that it has received all of the following documents and other evidence in form and substance satisfactory to it: (a) the Lender has received all information and responses reasonably requested by it (including from third parties) in relation to the business and operations of the Borrowers or in relation to the purpose of the Advance, including, without limitation: (i) reporting of actual expenditure as compared to the most recent cash flow forecast delivered pursuant to clause 3(3)(a)(iv) and the Lender is satisfied that the amount of funding requested in an Advance Request under the Engine Facility has taken into account any funds from a previous Advance Request that have not yet been expended or applied towards the Approved Purpose; (ii) in the case of the first Advance under the Engine Facility, evidence that the Borrowers have drawn down and received not less than $25,000,000 in funding from Air T under the New Cap Note Facility and such funding has been fully utilised and expended or otherwise applied toward direct costs and expenses of the Engine Care and Maintenance Program and not repaid in whole or in part; (iii) in the case of the first Advance under the Operations Facility, evidence that all of the funding available to the Borrowers from Air T under the New Cap Note Facility has been fully utilised and expended or otherwise applied for the purpose for which it was drawn and not repaid in whole or in part; (iv) a financial statement in a form agreed with the Commonwealth along with a cash flow forecast for the next 12 months, prepared on reasonable assumptions no more than 3 months earlier and approved by each Borrower's board of directors; and (v) information and responses that demonstrate that the Borrowers are complying with the Rex Regional Commitments; (b) the provision of the Advance will not cause the Principal Outstanding under the applicable Facility to exceed the relevant Available Facility; (c) if the Advance Request is in respect of the Engine Facility and the Lender requires, the Borrowers have granted a first-ranking Security Interest to the Lender in form and substance satisfactory to the Lender over any new assets that will be acquired by the Obligors with the proceeds of that Advance; (d) no Event of Default or Potential Default subsists or will result from the Advance being provided; and (e) the Lender is satisfied that each representation and warranty by a Borrower and Air T in the Transaction Documents is correct and not misleading as at the date of the relevant Advance Request and as at the

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APAC-#312798503-v16© Norton Rose Fulbright Australia 16 OFFICIAL: Sensitive // Legal-Privilege relevant Advance Date, with reference to the facts and circumstances on each of those dates. 4 Interest 4.1 Interest on each Advance (1) For each Interest Period, interest accrues daily on the Principal Outstanding of each Advance under each Facility at the applicable Interest Rate, and is calculated on the actual number of days from and including the first day of the Interest Period to and including the last day of the Interest Period and on the basis of a calendar year of 365 days. (2) If a RRC Non-Compliance occurs in respect of any Borrower and an RRC EOD Date occurs in respect of that RCC Non-Compliance, on and from the RRC EOD Date additional interest also accrues daily on the Principal Outstanding of each Advance under each Facility at the rate of 2 per cent per annum in addition to the interest payable under clause 4.1(1) each day during the period of non-compliance on the basis of a calendar year of 365 days. (3) Except to the extent capitalised in accordance with clause 4.1(3), the Borrower must pay to the Lender interest accrued under clauses 4.1(1) and 4.1(2) on each Interest Payment Date. (4) On any Interest Payment Date where the Lender is required by the Intercreditor Deed to capitalise interest payable pursuant to clause 4.1(1) or clause 4.1(2) on the relevant Interest Payment Date pursuant to: (a) a Capitalisation Notice (as defined in the Intercreditor Deed); or (b) clause 11.5(4) of the Intercreditor Deed, such accrued interest will be capitalised to the extent required by payment out of a new Advance under the applicable Facility provided to the Borrower for that amount, and an entry in the Lender's books effecting that capitalisation will be sufficient to satisfy the Borrower's obligation to otherwise make the interest payment and the Lender's obligation to provide the Advance. For the avoidance of doubt, if the date upon which any accrued interest is due to be capitalised (such date being the Due Date) is not a Business Day, then notwithstanding any other provision of this document, the Advance Date for the purposes of this clause 4.1 shall remain as the Due Date and the relevant Capitalisation Advance will be deemed to be drawn and added to the Principal Outstanding in respect of the applicable Facility on the Due Date and not on any preceding Business Day. Any Capitalisation Advance is in addition to and will be not count towards any applicable Facility Limit. 4.2 Interest Periods Each Interest Period for an Advance shall be a period of three calendar months, provided that: (1) the first Interest Period commences on (and includes) the Advance Date for the Advance and ends on (but excludes) the next Interest Payment Date: (2) each subsequent Interest Period commences on (and includes) the preceding Interest Payment Date and ends on (but excludes) the next Interest Payment Date; (3) the last Interest Period shall end on (and exclude) the Repayment Date.

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APAC-#312798503-v16© Norton Rose Fulbright Australia 17 OFFICIAL: Sensitive // Legal-Privilege 4.3 Default Interest (1) If a Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is the sum of 2 per cent per annum and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Facility for successive Interest Periods, each of a duration selected by the Lender (acting reasonably). For avoidance of doubt, at any time while additional interest is payable under clause 4.1(2), no additional interest will be applied under this clause. Any interest accruing under this clause 4.3(1) shall be immediately payable by the Borrowers on demand by the Lender. (2) If any overdue amount consists of all or part of a Facility which became due on a day which was not the last day of an Interest Period relating to that Facility: (a) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Facility; and (b) the rate of interest applying to the overdue amount during that first Interest Period shall be the sum of 2 per cent per annum and the rate which would have applied if the overdue amount had not become due. (3) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable. 5 Repayments and prepayments of Advances 5.1 Repayment on Repayment Date On the Repayment Date the Borrower must pay to the Lender: (1) the whole of any remaining Principal Outstanding together with accrued interest; and (2) all other Secured Money then payable by the Borrowers under this document and unpaid. 5.2 Mandatory Prepayments (1) In this clause: Disposal Proceeds means the consideration received or receivable by any Borrower in relation to any Disposal made by any of them and after deducting: (a) any reasonable expenses which are incurred with respect to that Disposal to persons who are not Borrowers; and (b) any Tax incurred and required to be paid by the seller in connection with that Disposal in the year in which the Disposal occurs; Disposal means any sale, lease, transfer or other dealing with any assets of the Borrowers (including any disposal permitted by clause 9.5) that are available and required to be applied by the Borrowers towards repayment of Advances under this document in accordance with the Intercreditor Deed;

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APAC-#312798503-v16© Norton Rose Fulbright Australia 18 OFFICIAL: Sensitive // Legal-Privilege Excess Cash Flow Proceeds means the amount of any Excess Cash Flow (as defined in the Intercreditor Deed) that is available and required to be applied by the Borrowers towards repayment of Advances under this document in accordance with the Intercreditor Deed; Insurance Proceeds means the proceeds of any insurance claim under any insurance maintained by any Borrower (after deducting any reasonable expenses in relation to that claim which are incurred by any Borrower to persons who are not Borrowers or other Related Entities of Air T) that are available and required to be applied by the Borrowers towards repayment of Advances under this document in accordance with the Intercreditor Deed. For the avoidance of doubt, insurance proceeds will not be available to be applied towards the repayment of Advances to the extent that the proceeds are used to replace, reinstate or repair the asset the proceeds relate to. (2) The Borrowers must prepay Advances in the following amounts to the extent available for payment to the Lender under the Intercreditor Deed: (a) the amount of any Excess Cash Flow Proceeds; (b) the amount of Disposal Proceeds or other cash revenue received by the Borrowers of a non-recurring nature; (c) the amount of Insurance Proceeds; and (d) the amount of any Compensation Proceeds, immediately on receipt of those proceeds by the relevant Borrower, except in the case of Excess Cash Flow Proceeds (and, to avoid doubt, Disposal Proceeds, other cash revenue and Compensation Proceeds which comprise Excess Cash Flow Proceeds) which must be applied immediately once available to be distributed to the Lender in accordance with the Intercreditor Deed. 5.3 Voluntary prepayments (1) Subject to the Intercreditor Deed, if at least 5 Business Days prior notice is given to the Lenders, the Borrowers may prepay all or part of the Principal Outstanding. That notice is irrevocable and the Borrowers must prepay in accordance with it. (2) Unless the Lender agrees otherwise, prepayment of part only of the Principal Outstanding may only be made in a principal amount of a minimum of A$500,000 or an integral multiple of that amount. 5.4 Effect of repayment and prepayment (1) If all or part of an Advance under a Facility is repaid or prepaid, an amount of the Facility Limit (equal to the amount which is repaid or prepaid) in respect of that Facility will be deemed to be cancelled on the date of repayment or prepayment. (2) No amount of the Facility Limit cancelled under this document may be subsequently reinstated. 6 Payments 6.1 Payments by Borrowers The Borrowers must make all payments under this document by electronic funds transfer to the account or accounts in Australia specified by the Lender, by 11.00am on the due date.

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APAC-#312798503-v16© Norton Rose Fulbright Australia 19 OFFICIAL: Sensitive // Legal-Privilege 6.2 No deductions (1) All payments to be made by the Borrowers under this document must be made without set-off or counterclaim and free and clear of and without deduction or withholding for or on account of Taxes. (2) If the Borrowers are prohibited by law from making a payment free of all deductions and withholdings then: (a) the Borrowers must pay an additional amount to the Lender so that the actual amount received after deduction or withholding (and after payment of any additional Taxes or other taxes or charges due as a consequence of the payment of the additional amount) equals the amount that would have been received by the Lender if the deduction or withholding were not required; and (b) the Borrowers must promptly provide to the Lender official receipts or other documentation acceptable to the Lender evidencing the payment to the relevant Government Agency of any amount withheld or deducted. 6.3 Payment to be made on Business Day (1) Whenever any payment by the Borrowers becomes due on a day that is not a Business Day, the due date will be the next Business Day. (2) If a payment is received from the Borrowers by the Lender on the due date but after the time specified for payment or otherwise not in accordance with this document that payment will be treated as having been received before the specified time on the following Business Day. 6.4 Appropriation where insufficient money available Amounts received by the Lender will be appropriated as between principal, interest and other amounts as the Lender may respectively determine. This appropriation will override any appropriation made by a Borrower. Without limitation the Lender may appropriate amounts received first in payment of amounts payable to it by way of indemnity or reimbursement. 6.5 Rounding In making any allocation or appropriation under this document the Lender may round amounts to the nearest dollar. 7 Representations and warranties 7.1 Representations and warranties Each Borrower represents and warrants that: (1) it is a corporation validly existing under the laws of the Commonwealth of Australia and its state or territory of incorporation and duly registered under the Corporations Act; (2) it has the power to enter into and perform its obligations under the Transaction Documents to which it is expressed to be a party, to carry out the transactions contemplated by those documents and to carry on its business as now conducted or contemplated;

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APAC-#312798503-v16© Norton Rose Fulbright Australia 20 OFFICIAL: Sensitive // Legal-Privilege (3) it has taken all necessary corporate action to authorise the entry into and performance of the Transaction Documents to which it is expressed to be a party, and to carry out the transactions contemplated by those documents; (4) the obligations expressed to be assumed by it in each Transaction Document are, subject to any necessary stamping and registration requirements, equitable principles and laws generally affecting creditors' rights, legal, valid, binding and enforceable obligations; (5) the execution and performance by it of the Transaction Documents to which it is expressed to be a party and each transaction contemplated under those documents did not and will not violate in any respect a provision of: (a) a law or treaty or a judgment, ruling, order or decree of a Government Agency binding on it; (b) its constitution; or (c) any other document or agreement that is binding on it or its assets, and, except as provided by the Transaction Documents, did not and will not: (d) create or impose a Security Interest on any of its assets, other than a Permitted Security Interest; or (e) allow a person to accelerate or cancel an obligation with respect to Financial Indebtedness, or constitute an event of default, cancellation event, prepayment event or similar event (whatever called) under an agreement relating to Financial Indebtedness, whether immediately or after notice or lapse of time or both; (6) no litigation, arbitration, Tax claim, dispute or administrative or other proceeding is current or pending or, to its knowledge, threatened, other than those about which it has notified the Lender and which the Lender has accepted; (7) no Event of Default or Potential Event of Default has occurred, other than a Potential Event of Default that has been notified to the Lender by a Borrower; (8) each Authorisation that is required in relation to: (a) the execution, delivery and performance by it of the Transaction Documents to which it is expressed to be a party and the transactions contemplated by those documents; and (b) the validity and enforceability of those documents, has been obtained or effected, is in full force and effect, has been complied with; (9) all financial statements and other documents and information provided by that Borrowers to the Lender is true and complete in all material respects at the date of this document or, if provided later, when provided. Neither that information nor its conduct and the conduct of anyone on its behalf in relation to the transactions contemplated by the Transaction Documents, was or is misleading in any material respect, by omission or otherwise; (10) all copies of Material Documents and all other documents which have been given by it or on its behalf to the Lender are true and complete copies and are in full force

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APAC-#312798503-v16© Norton Rose Fulbright Australia 21 OFFICIAL: Sensitive // Legal-Privilege and effect, and each document or agreement that is material to or that has the effect of varying a Material Document has been disclosed to the Lender; (11) it has complied with all laws and regulations binding on it; (12) it does not hold any assets as the trustee of any trust; (13) the entry into the Transaction Documents to which it is a party is for its commercial benefit; and (14) no Insolvency Event has occurred in respect of it; (15) subject to the Intercreditor Deed, its payment obligations under the Transaction Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally; (16) subject to the Intercreditor Deed, each Security Document to which it is a party: (a) has or will have the ranking in priority which it is expressed to have in the Security Documents; and (b) is not subject to any prior ranking or pari passu ranking Security Interest, other than Permitted Security Interests; (17) it has a good and marketable title to, or valid leases or licences of, and all appropriate Authorisations to use, the assets necessary to carry on its business as presently conducted; (18) it has no Financial Indebtedness other than Permitted Financial Indebtedness; (19) it is a member of a Tax Consolidated Group for which the head company (as defined in the Income Tax Assessment Act 1997 (Cth) is the Company. Each Borrower acknowledges that the Lender has entered into the Transaction Documents in reliance on the representations and warranties in this document and the other Finance Documents. 7.2 Repetition Each Borrower will be taken to have represented and warranted to the Lender that the representations and warranties contained in this clause 7 are true, correct and not misleading on the date of this document, as at the date of each Advance and on each date on which a Transaction Document is executed and on the first day of each Interest Period while Secured Money exists. 7.3 Survival of representations and warranties All representations and warranties in any Transaction Document survive the execution and delivery of the Transaction Documents and the provision of advances and accommodation. 8 Reporting obligations 8.1 General Each Borrower must provide:

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APAC-#312798503-v16© Norton Rose Fulbright Australia 22 OFFICIAL: Sensitive // Legal-Privilege (1) all documents dispatched by a Borrower to its shareholders (or any class of them) or its creditors generally (or any class of them) at the same time as they are dispatched; (2) promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any member of the Group, and which might, if adversely determined, have a Material Adverse Effect; (3) promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction of any governmental or other regulatory body which is made against any member of the Group and which is reasonably likely to have a Material Adverse Effect; (4) on a quarterly basis and (if applicable), after Air T files form 10-K and form 10-Q with the Securities and Exchange Commission of the United States of America on behalf of the Borrowers, their quarterly financial statements to the Lender; (5) copies of all forms, documents or reports filed with ASIC no later than 5 Business Days after the same are filed with ASIC; (6) annually and no later than 15 Business Days after they are prepared, consolidated financial statements for the Group; (7) audited financial statements for the Group no later than 15 Business Days after the same have been provided to ASIC; (8) before the start of the financial year of the Group. an annual budget/forecast for the Group for the next 12 months; (9) at the Restructure Effective Date and within 20 Business Days of each calendar quarter, a detailed forecast of the approved expenditure contemplated by the Engine Care and Maintenance Program that is proposed to be funded under this document for the remainder of the Availability Period; (10) such information as required under the Intercreditor Deed, including clauses 11.3 (Commonwealth New Loan Agreement Reporting and Excess Cash Flow Reconciliation) and 11.4 (Rex Regional Commitments)'; and (11) and other information as the Lender may require in relation to its financial or business condition, property and assets and in relation to any Event of Default or Potential Event of Default. 8.2 Approved Purposes Upon request of the Lender, the Borrowers must provide the Lender with evidence that an Advance has been expended in accordance with an Approved Purpose, including invoices and other information or documents reasonably requested by the Lender. 9 General undertakings 9.1 Compliance with laws Each Borrower must comply in all material respects with all laws and regulations to which it may be subject.

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APAC-#312798503-v16© Norton Rose Fulbright Australia 23 OFFICIAL: Sensitive // Legal-Privilege 9.2 Compliance with Material Documents Each Borrower must comply with its obligations under the Material Documents to which it is a party and not do, or omit to do, anything which may cause any breach, default or termination of the Material Documents to which it is a party. 9.3 Preservation of assets and minimum cash Each Borrower must: (1) ensure that the Group maintains, at all times between the initial draw of the New Cap Note Facility and until the New Cap Note Facility is fully drawn, a minimum of $5,000,000 in cash, or cash equivalent, on hand to fund general operating and working capital requirements of the Group; (2) maintain in good working order and condition (ordinary wear and tear excepted) all of its assets necessary or desirable in the conduct of its business (including, without limitation, implement and comply with its Engine Care and Maintenance Program); (3) do everything necessary to preserve and protect the realisable value of the Secured Property and its interest (and the interest of the Lender) in the Secured Property; and (4) not do or fail to do anything which may result in a reduction of the realisable value of any Secured Property, any charge or liability being imposed on the Secured Property or the interest of the Lender in the Secured Property being prejudiced in any way. 9.4 Audit The Lender may conduct, or engage a third party to conduct, an audit of the Borrowers at any time (on reasonable notice) for the purpose of monitoring and assessing expenditure and compliance with the terms of this document (an Audit). Such Audit may be conducted no more than once per year and will be paid for by the Lender. The Lender will determine the timing of the audit at its sole discretion but will consult with the Borrowers regarding the timing of such audit. 9.5 No Financial Indebtedness No Borrower may incur any Financial Indebtedness other than Permitted Financial Indebtedness. 9.6 No lending No Borrower may make any loans or other financial accommodation available to any person, or discharge any liability or expenses of any person, other than Permitted Financial Accommodation. 9.7 Authorisations Each Borrower shall promptly obtain, comply with and do all that is necessary to maintain in full force and effect, and supply certified copies to the Lender of any Authorisation required to perform its obligations under the Transaction Documents and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Transaction Documents.

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APAC-#312798503-v16© Norton Rose Fulbright Australia 24 OFFICIAL: Sensitive // Legal-Privilege 9.8 Arm's length A Borrower shall not enter into any transaction with any person that is not a Borrower except on arm's length terms (or on terms more favourable to the Borrower). 9.9 Negative pledge (1) A Borrower must not create or allow to exist any Security Interest over all or any of its respective present or future revenues or assets other than Permitted Security Interests. (2) Without limiting clause 9.5, no Borrower shall without the prior written consent of the Lender: (a) sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by a Borrower; (b) sell, transfer or otherwise dispose of any of its receivables on recourse terms; (c) enter into any title retention arrangement in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset; (d) enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or (e) enter into any other preferential arrangement having a similar effect, provided that in each case, the Lender acknowledges that the Borrowers will continue, and are permitted, to trade and operate in the ordinary course of business and in accordance with the Rex Regional Commitments. 9.10 Disposals (1) No Borrower shall enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset. Without limiting the foregoing, the Borrowers must not sell or dispose of any assets if such sale or disposal is not permitted by clause 7 of the Intercreditor Deed. (2) Clause 9.10(1) does not apply to any sale, lease, transfer or other disposal: (a) made in the ordinary course of trading of the disposing entity; (b) of assets in exchange for other assets comparable or superior as to type, value and quality and for a similar purpose; (c) of worn out or obsolete assets or of surplus assets no longer required for the efficient operation of the business (but excluding any aircraft, engine or simulator to the extent such sale, lease, transfer or other disposal is governed by clause 7 of the Intercreditor Deed); (d) of inventory pursuant to an inventory financing or repurchase arrangement, where such arrangements are on arm's length terms ;

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APAC-#312798503-v16© Norton Rose Fulbright Australia 25 OFFICIAL: Sensitive // Legal-Privilege (e) disposals of leases or licenses in the ordinary course of business that do not materially interfere with the business of the Borrowers taken as a whole; (f) where the higher of the market value or consideration receivable (when aggregated with the higher of the market value or consideration receivable for any other sale, lease, transfer or other disposal, other than any permitted under paragraphs (a) to (e) above) does not exceed $1,000,000 (or such other amount as approved by the Commonwealth) in any financial year; or (g) of an aircraft, engine or simulator comprised in the Existing Aircraft Fleet to the extent such sale, lease, transfer or other disposal is permitted in accordance with clause 7 of the Intercreditor Deed. 9.11 Access Each Borrower must provide ongoing access to employees and members of management of the Borrowers including reasonable access to any property it owns or occupies including the head office (located at 81-83 Baxter Road, Mascot NSW 2020 at the date of this document), to the Lender and its advisers and any other access as reasonably requested by the Lender or its advisers from time to time. 9.12 Insurance Each Borrower shall take out and maintain insurances with a reputable insurer in the manner and to the extent which is in accordance with prudent business practice having regard to the nature of the business and assets of that Borrower (including all insurance required by applicable law). 9.13 Taxation (1) No Borrower shall become a member of a Tax Consolidation Group (except for the Tax Consolidated Group mentioned in clause 7.1(19) without the prior consent of the Lender. (2) No Borrower shall enter into a Tax Funding Agreement or a Tax Sharing Agreement without the prior consent of the Lender except no consent of the Lender is required where the only parties to the Tax Funding Agreement or Tax Sharing Agreement are other Borrowers or a Grantor (as defined in the Intercreditor Deed). 9.14 Term of undertakings Each undertaking in this clause 8 continues from the date of this document until the Secured Money is fully and finally repaid. 10 Default Subject to clause 11.1, each of the following events listed in this clause 10 is an Event of Default (whether or not it is in the control of any Obligor). 10.1 Non-payment An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable.

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APAC-#312798503-v16© Norton Rose Fulbright Australia 26 OFFICIAL: Sensitive // Legal-Privilege 10.2 Other obligations (1) A Borrower does not comply with any of its obligations under clause 8; (2) An Obligor does not comply with any provision of the Finance Documents (other than those referred to in clause 10.1 or 10.2(1)) or with any condition of any waiver or consent by the Lender under or in connection with any Finance Document which the Borrowers have accepted as a condition. 10.3 Misrepresentation A representation, warranty or statement by or on behalf of an Obligor or Air T in a Transaction Document, or in a document provided under or in connection with a Transaction Document, is not true in a material respect or is misleading in a material respect when made or repeated. 10.4 Ownership of the Obligors (a) There is a change of more than 50% in the legal or beneficial ownership of: (i) the equity interests in the Company; or (ii) the equity interests in any entity or other person where the equity interests or assets of the Company and its Subsidiaries represent the majority of the value of the Company and the Subsidiaries. (b) A Borrower (other than the Company) ceases to be a wholly-owned Subsidiary of the Company. 10.5 Change of holder of Air T New Cap Note The legal and beneficial owner of the Air T New Cap Notes ceases to be Air T or an Air T Financier without the prior consent of the Lender. 10.6 Rex Regional Commitments Subject to clause 11.4: (1) a Borrower fails to comply with the Rex Regional Commitments; (2) the RRC Report (as that term is defined in the Intercreditor Deed) indicates that the Rex Regional Commitments have not been met; or (3) the Lender provides written notice to the Borrower that it believes that the Borrowers are not complying with the Rex Regional Commitments. 10.7 Business stopped or changed The Obligors (taken as a whole) stop or threaten to stop carrying on their business or a material part of it and such action has or could have a Material Adverse Effect (as determined at the Lender's sole and absolute discretion) or the Obligors (taken as a whole) substantially change the nature of their business without the Lender's prior consent. 10.8 Cross default (1) Any Financial Indebtedness of an Obligor aggregating to an amount greater $5,000,000:

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APAC-#312798503-v16© Norton Rose Fulbright Australia 27 OFFICIAL: Sensitive // Legal-Privilege (a) is not paid when due or within an applicable grace period; or (b) becomes due and payable or capable of being declared due and payable before its stated maturity or expiry (other than through the exercise by that Obligor of an optional right of prepayment in the absence of default). (2) For the purpose of clause 10.8(1), if a person is required to provide cash cover for Financial Indebtedness as a result of an actual, likely or threatened default or an event of default or termination, cancellation, special prepayment or similar event, whatever called, that Financial Indebtedness will be taken to be due and payable. 10.9 Insolvency Event Any Insolvency Event occurs in relation to an Obligor. 10.10 Enforcement against assets One or more of the following events occurs in relation to all or any of the assets and undertaking having an aggregate value in excess of $3,000,000 of an Obligor following the Restructure Effective Date: (1) a receiver, receiver and manager, administrative receiver or similar officer is appointed; (2) a Security Interest is enforced; or (3) a distress, attachment or other execution is levied or enforced, and such action does not cease within 5 Business Days or is not dismissed by a court as being vexatious or frivolous. 10.11 Material documents (1) An Air T Finance Party does not comply with its obligations under the New Cap Note Facility or the Intercreditor Deed in any material respect. (2) A representation or warranty given by any Material Document Counterparty under any Material Document or the Intercreditor Deed is incorrect in any material respect. (3) A Material Document is terminated or becomes capable of being terminated or a notice of termination (however described) is issued in respect of a Material Document (otherwise than by reason of full performance of the agreement or expiry of its term). (4) A Material Document is or becomes void, voidable, unenforceable or of limited force and effect in any material respect. (5) At any time it is unlawful for a Material Document Counterparty to perform any of its material obligations under any Material Document or the Intercreditor Deed. (6) Any event referred to in clauses 10.9 or 10.10 occurs in respect of any Material Document Counterparty.

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APAC-#312798503-v16© Norton Rose Fulbright Australia 28 OFFICIAL: Sensitive // Legal-Privilege 10.12 Reduction of capital Without the prior consent in writing of the Lender, the Company reduces its capital (including a purchase of its shares but excluding a redemption of redeemable shares) or passes a resolution referred to in section 254N(1) of the Corporations Act. 10.13 Investigation An investigation into all or part of the affairs of any Obligor commences under any companies legislation in circumstances material to its financial condition where that has or will have a Material Adverse Effect. 10.14 Unlawfulness It is or becomes unlawful for a Borrower to perform any of its material obligations under the Finance Documents or any Security Document ceases to be effective. 10.15 Vitiation of Transaction Documents One or more of the following events occurs in relation to a Transaction Document: (1) all or any part of a Transaction Document is terminated or is or becomes void, illegal, invalid, unenforceable or of limited force and effect; (2) a party becomes entitled to terminate, rescind or avoid all or part of a Transaction Document; or (3) a party other than the Lender alleges or claims that an event described in clause 10.15(1) has occurred or that it is entitled as described in clause 10.15(2). 10.16 Revocation of Authorisation An Authorisation that is material to the performance by a Borrower of a Transaction Document, or to the validity and enforceability of a Transaction Document is repealed, revoked or terminated or expires, or is modified or amended or not renewed, or conditions are attached to it in a manner unacceptable to the Lender, and is not immediately replaced by another Authorisation acceptable to the Lender where failure to replace that Authorisation has or will have a Material Adverse Effect. 10.17 Damage or destruction A material part of the Secured Property is damaged, destroyed or otherwise incapable of use due to loss or damage where that has or will have a Material Adverse Effect. 10.18 Default under Transaction Document Any Event of Default (as that expression, or any equivalent expression, is defined in any Transaction Document) occurs. 11 Lender's rights on Default 11.1 Obligation to Inform A Borrower must provide notice to the Lender of the occurrence of an Event of Default or Potential Event of Default as soon as reasonably practical after it becomes aware of the occurrence of that Event of Default or Potential Event of Default.

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APAC-#312798503-v16© Norton Rose Fulbright Australia 29 OFFICIAL: Sensitive // Legal-Privilege 11.2 Occurrence of Event of Default Despite any provision in a Finance Document to the contrary, no Event of Default will be deemed to have occurred or subsist, and the Lender may not exercise any of its rights or powers under clause 11.3 in relation to an Event of Default unless: (1) in the case of clause 10.2(1), the Event of Default has not been remedied within 60 days of the earlier of: (a) the Lender giving notice to the Borrower of the occurrence of the Event of Default; and (b) the Borrower becoming aware of the occurrence of the Event of Default, and the Event of Default is not otherwise waived by the Lender; (2) in the case of clause 10.6 and a RRC Non-Compliance, the Borrowers have not remedied the events or circumstances giving rise to the RRC Non-Compliance in accordance with clause 11.4 or a RRC EOD Date occurs and the Event of Default is not otherwise waived by the Lender; or (3) in the case of all other Events of Default, the relevant Event of Default has not been remedied within 14 days, or a longer period as directed by the Lender of: (a) the Lender giving notice to the Borrower of the occurrence of the Event of Default; and (b) the Borrower becoming aware of the occurrence of the Event of Default and the Event of Default is not otherwise waived by the Lender: 11.3 Consequences In addition to any other rights provided by law or any Transaction Document, once the relevant cure period in clause 11.1 has elapsed: (1) an Event of Default will be deemed to have occurred and subsist; and (2) the Lender may do all or any of the following: (a) by notice to the Borrowers declare all Secured Money (or any part of that money as specified by the Lender in the notice) actually or contingently owing immediately due and payable, and the Borrowers must immediately pay to the Lender the Secured Money (or any part of that money as specified by the Lender in the notice); (b) by notice to the Borrowers terminate the obligations of the Lender under this document; (c) enforce any or all of the Security Documents; and (d) take any action whatsoever that the Lender (or any person acting on the Lender's behalf) is authorised or entitled to take under this document or any other Transaction Document on the occurrence of an Event of Default.

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APAC-#312798503-v16© Norton Rose Fulbright Australia 30 OFFICIAL: Sensitive // Legal-Privilege 11.4 Remedy of Rex Regional Commitments (1) If one or more of the events or circumstances referred to in clause 10.6(1) to 10.6(3) (inclusive) occurs (a RRC Non-Compliance), the Borrowers must immediately, or the Lender may, notify the other of that occurrence (a RRC Non- Compliance Notice). (2) Within: (a) 10 days of the date of a RCC Non-Compliance Notice issued pursuant to clause 11.4(1) the Borrowers must provide a preliminary response to the Lender, regarding the circumstances giving rise to the RRC Non- Compliance; and (b) 20 days of the date of a RCC Non-Compliance Notice issued pursuant to clause 11.4(1) the Borrowers must deliver a detailed rectification plan to the Lender which will outline actions the Borrowers propose to take to rectify the circumstances giving rise to the RRC Non-Compliance and the time frame within which that rectification is proposed to occur (a Proposed Cure Plan). Such rectification must occur within a period of no longer than three (3) months, unless otherwise agreed by the Lender. (3) If a Proposed Cure Plan is delivered pursuant to clause 11.4(2)(b), the Lender will for a period of no longer than 15 days (acting reasonably) consider that plan and: (a) if it is acceptable to the Lender, the Lender will confirm acceptance to the Borrower in writing; or (b) if it is not acceptable to the Lender, the Lender will notify the Borrowers and the Lender and Borrowers must meet promptly (and in any case within 5 Business Days) to discuss and act in good faith to agree adjustments to the plan to make it acceptable to the Lender, and such plan (as the case may be) will be a RRC Cure Plan in respect of the relevant RRC Non-Compliance and the period specified for rectifying that RRC Non-Compliance in the RRC Cure Plan will be the RRC Cure Period for that RRC Cure Plan. (4) If in respect of a RRC Non-Compliance any of the following occurs (an RRC EOD Trigger): (a) no Proposed Cure Plan is delivered pursuant to clause 11.4(2)(b)(2)(b); or (b) a Proposed Cure Plan is delivered pursuant to clause 11.4(2)(b)(2)(b) and the Lender and the Borrowers are unable to agree acceptable adjustments pursuant to clause 11.4(3)(b); or (c) a RRC Cure Plan applies pursuant to clause 11.4(3) and the RRC Non- Compliance is not rectified in accordance with that RRC Cure Plan by the expiry of the RRC Cure Period (or such longer period agreed by the Lender, acting reasonably and having regard to the nature of the circumstances giving rise to the RRC Non-Compliance), the first day on which a RRC EOD Trigger in respect of that RRC Non-Compliance occurs will be an RRC EOD Date in respect of that RRC Non-Compliance. If a RRC EOD Trigger occurs in respect of an RRC Non-Compliance: (d) that RRC Non-Compliance will not be remedied;

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APAC-#312798503-v16© Norton Rose Fulbright Australia 31 OFFICIAL: Sensitive // Legal-Privilege (e) the relevant cure period for the purposes of clause 11.3 will be taken to have elapsed; (f) an Event of Default under clause 10.6 will be deemed to be subsisting; (g) and the interest outlined in clause 4.1(2) will accrue, in each case, effective on and from that RRC EOD Date. 11.5 Payments Subject to the terms of the Intercreditor Deed, all money received by the Lender at any time after any Secured Money has become immediately due and payable under a notice given under clause 11.1 will be applied, subject to any prior ranking claims: (1) firstly, in or towards discharging all costs and expenses incurred by the Lender in preserving, exercising, protecting or enforcing its rights under the Transaction Documents; (2) secondly, in or towards discharging the Secured Money and any other money payable under the Transaction Documents; and (3) thirdly, subject to payment and satisfaction of all Secured Money and subject to the rights of third parties of which the Lender has actual notice, any balance in payment to the Borrower. 12 Stamp duties and Taxes 12.1 Stamp duties and Taxes The Borrowers must pay all stamp, transaction, registration and other Taxes (including, subject to clause 12.4, fines and penalties) that may be payable or determined to be payable in relation to the execution, delivery, performance or enforcement of any Transaction Document or any payment or receipt or any other transaction contemplated by any Transaction Document. 12.2 Inclusions Those Taxes include financial institutions duty or other Taxes payable by return and Taxes passed on or charged to the Lender by a bank or financial institution including another Lender but excluding any Tax on the overall net income of the Lender. 12.3 GST (1) Unless expressly specified otherwise, all payments to be made by the Transaction Parties under or in connection with any Transaction Document have been calculated or determined without regard to GST. (2) If all or part of any such payment is the consideration for a taxable supply for GST purposes then, when the Borrower makes the payment: (a) it must pay to the Lender an additional amount equal to that payment (or part) multiplied by the appropriate rate of GST (currently 10%); and (b) the Lender will promptly provide to the Borrower a tax invoice complying with the relevant GST legislation.

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APAC-#312798503-v16© Norton Rose Fulbright Australia 32 OFFICIAL: Sensitive // Legal-Privilege (3) Where under any Transaction Document a Borrower is required to reimburse or indemnify for an amount, the Borrower must pay the relevant amount (including any sum in respect of GST) less any GST input tax credit the Lender determines that it is entitled to claim in respect of that amount. 12.4 Indemnity The Borrowers indemnify each of the Lender and its Representatives against any liability resulting from delay or omission to pay those Taxes under this clause 12 except to the extent the liability results from failure by the Lender to pay any Tax after having been put in cleared funds to do so by the Borrowers. 13 Indemnities 13.1 Nature Each Borrower indemnifies each of the Lender and its Representatives against any loss, cost, charge, liability or expense the Lender or its Representatives sustain or incur (but excluding any loss, cost, charge, liability or expense solely caused by the fraud, wilful default or gross negligence of the Lender or its Representative) caused or contributed to by: (1) any Event of Default or Potential Event of Default; (2) any exercise or attempted exercise of any right, power or remedy under any Transaction Document; (3) any act by the Lender in reliance on or any communication purporting to be from a Borrower or to be given on behalf of that Borrower that on its face appears to be genuine and signed by an Authorised Officer of that Borrower; (4) accommodation requested by that Borrower not being provided for any reason (including failure to fulfil any Condition Precedent, but excluding if due to any default by the Lender); or (5) the Lender receiving payment of principal in respect of any Principal Outstanding otherwise than in accordance with clause 6 for any reason (including prepayment in accordance with this document, but excluding due to default by the Lender). 13.2 Extent of indemnity Without limitation the indemnity will cover any amount determined by the Lender to be incurred by reason of the Liquidation or re-employment of deposits or other funds acquired or contracted for by the Lender to fund or maintain any accommodation or amount (including loss of margin) and by reason of the reversing or termination of any agreement or arrangement entered into by the Lender to hedge, fix or limit its effective cost of funding or maintaining any accommodation or amount (including additional borrowing or hedging costs). 13.3 Survival of obligations Each indemnity in the Transaction Documents is a continuing obligation, separate and independent from the other obligations of the Obligors and survives the termination of this document.

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APAC-#312798503-v16© Norton Rose Fulbright Australia 33 OFFICIAL: Sensitive // Legal-Privilege 14 Costs and expenses 14.1 Each Party must pay their own costs, including legal fees, costs, and disbursements incurred in connection with negotiating, preparing, and executing the Finance Documents and any subsequent consent, agreement, approval, waiver, or amendment relating to those documents. 14.2 The Borrowers must pay the costs of the Lender, including legal fees, costs, and disbursements incurred in connection with: (1) (Enforcement) exercising, enforcing, or preserving, or attempting to exercise, enforce or preserve, any power under any of the Finance Documents; and (2) (Preservation of Rights) exercising, enforcing, or preserving, or attempting to exercise, enforce or preserve any rights under any of the Finance Documents. 15 Assignment 15.1 No assignment by Transaction Parties A Borrower must not at any time assign or transfer to any person or cause or permit any person to acquire an interest in the Borrower's rights under the Transaction Documents. 15.2 No assignment by Lender The Lender must not assign or transfer all or any of its rights or obligations under the Transaction Documents. 16 Set-off 16.1 Set-off by Lender The Lender may set-off against any debt due and owing by a Borrower to the Lender, including debts due and owing under any Transaction Document, any debt due and owing by the Lender to a Borrower, including any money in any currency held by the Lender for the account of the Borrower in any place. 17 Lender's determination and certificate 17.1 Certificate A certificate by the Lender relating to any Transaction Document is, in the absence of manifest error, conclusive evidence against the Borrower of the matters certified. 17.2 Not obliged to give reasons The Lender is not obliged to give the reasons for its determination or opinion in relation to any matter under any Transaction Document. 18 Cumulative rights The rights, powers and remedies provided in this document are in addition to those provided by law independently of this document and each right, power and remedy

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APAC-#312798503-v16© Norton Rose Fulbright Australia 34 OFFICIAL: Sensitive // Legal-Privilege provided in this document (including any right of indemnity) is additional to and not exclusive of every other right, power or remedy provided in this document. 19 Approvals and consent Subject to any express provision in the Transaction Documents to the contrary or unless this document expressly provides otherwise, the Lender may conditionally or unconditionally give or withhold its approval or consent in its absolute discretion. 20 Time of the essence (1) Time is of the essence of this document. (2) If the Parties agree to vary a time requirement, the time requirement so varied is of the essence of this document. (3) An agreement to vary a time requirement must be in writing. 21 Time for performance Subject to any express provision to the contrary in this document, if: (1) the day on which anything is to be done is not a Business Day, that thing must be done on the next following Business Day; and (2) an act, other than a payment or the giving of a communication, is required to be done on a particular day and the act is done after 5.00pm on that day, it will be treated as having been done on the following day. 22 Records as evidence The Lender may maintain records specifying: (1) payments made by the Lender for the account of any Borrower; (2) payments by any Borrower for the account of the Lender under any Transaction Document; and (3) interest, fees, charges, costs and expenses payable in relation to the Transaction Documents, and those records will as against the Borrower constitute conclusive evidence, in the absence of manifest error, of the matters set out in them. 23 Supervening legislation Any present or future legislation that operates: (1) to lessen or vary in favour of a Borrower any of its obligations in connection with this document; or (2) to postpone, stay, suspend or curtail any rights of the Lender under this document, is excluded except to the extent that its exclusion is prohibited or rendered ineffective by law.

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APAC-#312798503-v16© Norton Rose Fulbright Australia 35 OFFICIAL: Sensitive // Legal-Privilege 24 Borrower's own judgment 24.1 No reliance on Lender Each Borrower will make its own judgment and decision in respect of each utilisation of financial accommodation under this document independently and without reliance on the Lender. 24.2 Lender not liable The Lender is under no liability or responsibility (whether in contract, tort or otherwise) and is not to be taken to have accepted any liability or responsibility (whether in contract, tort or otherwise) whatsoever in respect of movement in rates of interest or exchange or any advice, opinions or data rendered or given by any of its officers, employees, agents or other persons representing the Lender, irrespective of whether or not the advice, opinions or data was or is rendered or given at the request of a Borrower or that the advice was or is incorrectly or negligently given. 25 Authorised Officers Each Borrower: (1) irrevocably authorises the Lender to rely on a certificate by any person purporting to be its director or secretary as to the identity and signatures of its Authorised Officers; and (2) warrants that those persons have been authorised to give notices and communications under or in connection with the Transaction Documents. 26 Severability A provision of a Transaction Document that is prohibited or unenforceable in any jurisdiction is ineffective in that jurisdiction to the extent of the prohibition or unenforceability. This does not invalidate the remaining provisions of that Transaction Document nor affect the validity or enforceability of that provision in any other jurisdiction. 27 Variation An amendment or variation to this document is not effective unless it is in writing and signed by the Parties. 28 Waiver and exercise of rights 28.1 Waiver A right in favour of the Lender under a Transaction Document, a breach of an obligation of an Obligor under a Transaction Document or the occurrence of an Event of Default can only be waived by a written instrument signed by the Lender. No other act, omission or delay of the Lender will constitute a waiver. 28.2 Exercise of rights A single or partial exercise or waiver by the Lender of any right under a Transaction Document will not prevent any other exercise of that right or the exercise of any other right.

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APAC-#312798503-v16© Norton Rose Fulbright Australia 36 OFFICIAL: Sensitive // Legal-Privilege 28.3 No liability The Lender will not be liable for any loss, cost or expense of a Borrower caused or contributed to by the waiver of, exercise of, attempted exercise of, failure to exercise or delay in exercising a right of the Lender. 29 Notices 29.1 Addresses (1) For the Lender: Address: 111 Alinga Street Canberra ACT 2601 Attention: First Assistant Secretary Domestic Aviation and Reform Division Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts Email: xxxx@infrastructure.gov.au (2) For the Borrowers: Address: Attention: Email: 81-83 Baxter Road, Mascot NSW 2020 Director/Company Secretary / General Counsel xxxx@airt.com 29.2 Method of service All notices or other communications to or by a Party to this document: (1) must be in writing; (2) must be signed by an Authorised Officer of the sender; (3) will be treated as being given or made: (a) (in the case of delivery in person or by post) when delivered, received or left at the address of the recipient shown below; or (b) (in the case of a facsimile transmission) on receipt by the sender of an error free transmission report at the end of transmission, but if delivery or receipt is on a day that is not a Business Day in the place to which the communication is sent or is later than 4.00pm, it will be treated as being given or made at the commencement of business on the next Business Day in that place; and

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APAC-#312798503-v16© Norton Rose Fulbright Australia 37 OFFICIAL: Sensitive // Legal-Privilege (4) must be addressed to the recipient at the email address specified in clause 29.1 for that Party or any other email address subsequently notified by one Party to the other Parties for the purposes of this document. 30 Governing law and jurisdiction 30.1 Relevant Jurisdiction The law of the Relevant Jurisdiction governs this document. 30.2 Non-exclusive jurisdiction The Parties submit to the non-exclusive jurisdiction of the courts of the Relevant Jurisdiction and of the Commonwealth of Australia. 31 Inconsistency of provisions If there is any inconsistency between the provisions of this document and the provisions of any other Transaction Document, the provisions of this document will govern and apply to the extent of the inconsistency. 32 Electronic execution and exchange of counterparts (1) A Party may execute this document as well as any modification to it by electronic means (including, by electronic signature or by facsimile or email of the signed document in PDF or scanned format in each case signed, including by electronic means, by two directors of that Party or one director and the company secretary). (2) The Parties agree and intend that such signature by electronic means or by facsimile or email in PDF or scanned format shall bind the Party so signing with the same effect as though the signature were an original signature. (3) A counterpart of this document may also be exchanged by a Party to this document or a Party's solicitor by electronic method including by email. (4) This document may be executed in any number of counterparts. Each counterpart is an original, but the counterparts together are one and the same instrument. 33 Execution by attorney If an attorney executes this document, the attorney declares that the attorney has no notice of revocation, termination or suspension of the power of attorney under which the attorney executes this document.

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APAC-#312798503-v16© Norton Rose Fulbright Australia 38 OFFICIAL: Sensitive // Legal-Privilege Schedule 1 1. Regional Express Holdings Limited (ACN 099 547 270) 2. Rex Investment Holdings Pty Ltd (ACN 101 317 677) 3. Regional Express Pty Ltd (ACN 101 325 642) 4. Air Partners Pty Ltd (ACN 065 221 356) 5. Rex Flyer Pty Ltd (ACN 671 816 621) 6. Australian Aero Propeller Maintenance Pty Ltd (ACN 131 278 889) 7. Australian Airline Pilot Academy Pty Ltd (ACN 128 392 469) 8. AAPA Victoria Pty Ltd (ACN 118 837 586)

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APAC-#312798503-v16© Norton Rose Fulbright Australia 39 OFFICIAL: Sensitive // Legal-Privilege Schedule 2 – Advance Request Advance Request Dated ___________________ To: Commonwealth of Australia as represented by the Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts (ABN 86 267 354 017) of GPO Box 594 Canberra, ACT 2601 (Commonwealth) From: the Borrowers Reference is made to the "New Loan Facility" dated [●] 2025 among the Lender and the Borrowers (Agreement). A term defined in the Agreement has the same meaning when used in this Advance Request. We give you notice that the Borrowers request a Funding Portion under with the particulars set out below: Facility: [Engine/ Operations] Amount: Advance Date: Interest Period: Remittance Details: The Borrowers confirm as at the date of this Advance Request: 1. the requested Advance will be utilised for [insert details of Approved Purpose]; 2. the Borrowers are complying with the Rex Regional Commitments; 3. the Borrowers do not require any funding beyond the New Loan Facility in order to be cash flow positive; and 4. there are no subsisting Events of Default. Signed by the Borrowers

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APAC-#312798503-v16© Norton Rose Fulbright Australia 40 OFFICIAL: Sensitive // Legal-Privilege

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APAC-#312798503-v16© Norton Rose Fulbright Australia 41 OFFICIAL: Sensitive // Legal-Privilege Executed on the date shown on the first page. Executed by Regional Express Holdings Limited ACN 099 547 270 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) Executed by Rex Investment Holdings Pty Ltd ACN 101 317 677 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) Executed by Regional Express Pty Ltd ACN 101 325 642 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) Executed by Air Partners Pty Ltd ACN 065 221 356 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS)

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APAC-#312798503-v16© Norton Rose Fulbright Australia 42 OFFICIAL: Sensitive // Legal-Privilege Executed by AAPA Victoria Pty Ltd ACN 118 837 586 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) Executed by Australian Airline Pilot Academy Pty Ltd ACN 128 392 469 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) Executed by Australian Aero Propeller Maintenance Pty Ltd ACN 131 278 889 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS) Executed by Rex Flyer Pty Ltd ACN 671 816 621 in accordance with section 127 of the Corporations Act 2001 (Cth): Director/company secretary Director Name of director/company secretary (BLOCK LETTERS) Name of director (BLOCK LETTERS)

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APAC-#312798503-v16© Norton Rose Fulbright Australia 43 OFFICIAL: Sensitive // Legal-Privilege 41330943v5 Signed by the Commonwealth of Australia, as represented by the Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts (ABN 86 267 354 017) by a duly authorised representative in the presence of Signature of witness Signature of authorised representative Name of witness (BLOCK LETTERS) Name of authorised representative (BLOCK LETTERS) Address of witness

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## Exhibit 10.13

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&nbsp;&nbsp;&nbsp;&nbsp;corrs.com.au Quay Quarter Tower 50 Bridge Street, Sydney NSW 2000, Australia GPO Box 9925, Sydney NSW 2001, Australia corrs.com.au Syndicated Loan Note Subscription Agreement – Project Mustang Regional Express Holdings Limited as Borrower The Guarantors specified in the Key Details The Original Lenders specified in the Key Details Air T Lending 25.1, LLC as Facility Agent P.T. Limited in its capacity as trustee of the Project Mustang Security Trust as Security Trustee

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Corrs Chambers Westgarth 3445-6323-2315v7 i Syndicated Loan Note Subscription Agreement – Project Mustang Contents 1 Interpretation 4 1.1 Definitions 4 2 Facility and purpose 17 2.1 Facility 17 2.2 Approved Purpose 17 2.3 Cancellation 17 3 Conditions precedent 17 3.1 Conditions precedent to initial Drawing 17 3.2 Additional conditions precedent to each Drawing 17 3.3 Delivery of Loan Note Deed Poll 18 3.4 Conditions precedent for Finance Parties' benefit only 18 4 Requesting and providing Drawings 18 4.1 Drawdown Notice 18 4.2 Form of Drawdown Notice 18 4.3 Loan Note 18 4.4 Drawdown Notice irrevocable 18 4.5 Drawdown Notice for Finance Parties' benefit only 19 4.6 Agreement to provide Drawing 19 4.7 Subscription and issue of Loan Notes 19 4.8 Facility Agent's and Registrar's obligations 19 4.9 Excluded issue 19 5 Interest and fees 20 5.1 Interest 20 5.2 Capitalisation of Interest 20 5.3 Security Trustee's fees 20 5.4 Interest Rate Notice 20 6 Repayment and prepayment 21 6.1 Final Repayment Date 21 6.2 Mandatory prepayment – insurance proceeds 21 6.3 Voluntary prepayment 21 6.4 Interest and costs 21 6.5 Irrevocable notice 21 6.6 Apportionment of prepayments 22 6.7 Re-borrowing of repayments and prepayments 22 7 Representations and warranties 22 7.1 General representations and warranties 22 7.2 Secured Property representations and warranties 23 7.3 Repetition 23

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Corrs Chambers Westgarth 3445-6323-2315v7 ii Syndicated Loan Note Subscription Agreement – Project Mustang 7.4 Reliance 24 8 Undertakings 24 8.1 General undertakings 24 8.2 Provision of information 24 8.3 Reporting 25 8.4 Insurance undertakings 25 8.5 Secured Property undertakings 25 8.6 Real Property undertakings 26 8.7 Restrictive undertakings 26 9 Default 27 9.1 Events of Default 27 9.2 Powers on default 28 9.3 Investigating Experts 29 10 Not used 29 11 Guarantee and indemnity 29 11.1 Guarantee 29 11.2 Indemnity 29 11.3 Ipso Facto Event 30 11.4 Demand 30 11.5 Time of demand 30 11.6 Principal obligations 30 11.7 No recourse to Security Document or other rights 30 11.8 Continuing guarantee 30 11.9 Increases in Guaranteed Money 31 11.10 Contingent amounts 31 11.11 Preservation 31 11.12 No obligation to marshal 32 11.13 Suspension of rights 32 12 Costs and expenses 33 12.1 Costs, charges and expenses 33 12.2 Taxes 33 12.3 Facility Agent services 33 13 Indemnities 34 13.1 General indemnity 34 13.2 Prepayment indemnity 34 13.3 Indemnity to the Facility Agent 35 13.4 Operation of indemnities 35 13.5 Duration 35

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Corrs Chambers Westgarth 3445-6323-2315v7 iii Syndicated Loan Note Subscription Agreement – Project Mustang 14 Payments 35 14.1 Payments 35 14.2 Deduction and withholdings 35 14.3 Not used 36 14.4 Not used 36 14.5 Capitalisation of interest 36 14.6 Merger 36 14.7 Currency 36 14.8 Goods and Services Tax 36 14.9 Payments to the Facility Agent 37 14.10 Distributions by the Facility Agent 37 14.11 Distributions to an Obligor 37 14.12 Clawback and pre-funding 37 14.13 Facility Agent a Defaulting Finance Party 38 14.14 Partial payments 38 14.15 Disruption to payment systems etc. 39 14.16 Rounding 39 14.17 Conduct of Finance Parties 39 15 Illegality and increased costs 40 15.1 Illegality 40 15.2 Increased costs 40 16 Register 41 16.1 Appointment of Registrar 41 16.2 Establishment and maintenance of Register 41 16.3 Location of Register 41 16.4 Information required in Register 41 16.5 Register is paramount 42 16.6 Update and correction of Register 42 16.7 Inspection of Register 42 16.8 Certif ied extracts f rom Register available 42 16.9 Retirement or removal of Registrar 42 17 Anti-money laundering 43 17.1 Finance Party may block transactions 43 17.2 Obligors to provide information 43 17.3 Finance Parties may disclose information 43 17.4 No breach 43 17.5 Capacity of Obligors 43 18 Notices 43 18.1 Communications in writing 43

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Corrs Chambers Westgarth 3445-6323-2315v7 iv Syndicated Loan Note Subscription Agreement – Project Mustang 18.2 Addresses 44 18.3 Delivery 44 18.4 Notification of address and email address 44 18.5 Email communication 44 18.6 Communication through secure website 45 18.7 Reliance 46 18.8 English language 47 18.9 Digitally signed notices 47 19 Disclosure of information 47 19.1 Specif ic disclosure by Finance Parties 47 19.2 General disclosure by Finance Parties 48 19.3 Personal Information 48 20 PPS Act 48 20.1 Confidentiality 48 20.2 PPS Act further assurances 49 20.3 PPS Act undertakings 49 20.4 PPS Act costs and expenses 49 20.5 No PPS Act notice required unless mandatory 50 21 Assignments and syndication 50 21.1 Assignment by Obligors 50 21.2 Assignment by Finance Parties 50 21.3 Substitution certif icates 50 21.4 Tax Gross-up on assignment or novation by Lender 51 22 Relationship of Lenders to Facility Agent 52 22.1 Authority 52 22.2 Instructions and extent of discretion 52 22.3 Rights and discretions 53 22.4 Facility Agent not a fiduciary 54 22.5 No liability 54 22.6 Delegation 54 22.7 Reliance on documents and experts 54 22.8 Notice of transfer 55 22.9 Notice of default 55 22.10 Facility Agent as Lender and banker 55 22.11 Exclusion of liability 55 22.12 Indemnity to Facility Agent and Lenders 56 22.13 Independent investigation of credit 57 22.14 No monitoring 57 22.15 Information 57

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Corrs Chambers Westgarth 3445-6323-2315v7 v Syndicated Loan Note Subscription Agreement – Project Mustang 22.16 Replacement of Facility Agent 57 22.17 Amendment of Finance Documents 59 22.18 No obligations 60 22.19 Responsibility for documentation 60 22.20 Know your customer 60 22.21 Deduction from amounts payable by the Facility Agent 60 23 Proportionate sharing 61 23.1 Sharing 61 23.2 Refusal to join in action 62 23.3 Arrangements with unrelated parties 62 24 General 62 24.1 Further assurances 62 24.2 Reinstatement of rights 62 24.3 Certif icates 63 24.4 Rights 63 24.5 No merger 63 24.6 Waivers, variations and consents 63 24.7 Time of the essence 64 24.8 Invalidity 64 24.9 Set-off 64 24.10 Acknowledgment by Obligors 64 24.11 Counterparts 64 24.12 Governing law and jurisdiction 65 25 Construction 65 25.1 Interpretation 65 25.2 PPS Act defined terms 66 25.3 Business Day rule 66 25.4 Effect of statutes and regulations 66 25.5 Finance Parties' rights and obligations 66 25.6 Limitation of liability of Security Trustee 67 25.7 Inconsistency 67 25.8 Trustee Obligor 67 25.9 Multiple persons comprising the Guarantor 67 Schedule 1 – Guarantors 69 Schedule 2 – Conditions precedent 70 Schedule 3 – Verification Certificate 72 Schedule 4 – Drawdown Notice 75

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Corrs Chambers Westgarth 3445-6323-2315v7 vi Syndicated Loan Note Subscription Agreement – Project Mustang Schedule 5 – Substitution certificate 76 Schedule 6 – Form of Loan Note Deed Poll 79 Execution 83

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Corrs Chambers Westgarth 3445-6323-2315v7 Our ref: 9206827 1 Syndicated Loan Note Subscription Agreement – Project Mustang Key Details 1 Date 2 Parties Borrower Name Address Attention Email Guarantor Name Address Email Attention Original Lenders Name Address Attention Email Commitment Facility Agent Name Address Attention Email Regional Express Holdings Limited ACN 099 547 270 81-83 Baxter Road, Mascot NSW 2020 Director/Company Secretary/General Counsel xxxx@airt.com Each entity specif ied in schedule 1 As specif ied in schedule 1 As specif ied in schedule 1 As specif ied in schedule 1 Air T Lending 25.1, LLC 5000 W 36th Street, Suite 200, Minneapolis MN 55416 General Counsel xxxx@airt.com $50,000,000 Air T Lending 25.1, LLC 5000 W 36th Street, Suite 200, Minneapolis MN 55416 General Counsel xxxx@airt.com Security Trustee

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Corrs Chambers Westgarth 3445-6323-2315v7 2 Syndicated Loan Note Subscription Agreement – Project Mustang Name Address Attention Email P.T. Limited ACN 004 454 666 in its capacity as trustee of the Project Mustang Security Trust Level 14, 123 Pitt Street SYDNEY NSW 2000 Manager, Agency & Trustee xxxx@perpetual.com.au 3 Facility Total Commitment $50,000,000 plus any interest which is capitalised pursuant to clause 5.2 Drawdown Period The period commencing on the date of this document and ending on the date 5 Business Days prior to the Final Repayment Date. Approved Purpose To assist the Borrower: (a) to fund working capital purposes and capital expenditure of the Group; (b) to fund payment of costs and expenses of the Group in connection with 'catch up' engine care and maintenance program and airworthiness expenditure; (c) to pay fees and costs payable under this document; and (d) to apply monies toward any such other purpose as may be approved by the Facility Agent in writing. Final Repayment Date The date which is 5 years af ter the date of Financial Close. 4 Fees Interest Rate 12% per annum, subject to clause 5.4 Other fees Any security trustee fees which are payable in accordance with clause 5.3. 5 Security Documents The Security Documents include the following: • General Security Agreement • Aircraf t Security • Each Real Property Mortgage

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Corrs Chambers Westgarth 3445-6323-2315v7 3 Syndicated Loan Note Subscription Agreement – Project Mustang

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Corrs Chambers Westgarth 3445-6323-2315v7 4 Syndicated Loan Note Subscription Agreement – Project Mustang Agreed terms 1 Interpretation 1.1 Definitions In this document these terms have the following meanings: 138 Elizabeth Avenue Property 140 Elizabeth Avenue Property Accounting Standards Aircraft Security The property located at 138 Elizabeth Avenue, Forest Hills NSW 2650 with title reference xxxx. The leasehold interest in the lease with registration number xxxx in connection with the property known as Hangar Site, Hangar No. xxxx, located at 140 Elizabeth Avenue, Forest Hills NSW 2650 with title reference xxxx. Accounting standards under the Corporations Act and, if not inconsistent with those accounting standards, generally accepted accounting principles and practices in Australia consistently applied. The specific security deed dated on or about the date of this document granted by the Borrower, Rex Investments Holdings Pty Ltd and Regional Express Pty Ltd in favour of the Security Trustee over aircraf t. Approved Purpose A purpose so specif ied in item 3 the Key Details. Approved Valuation A valuation that: (a) is undertaken by an independent valuer acceptable to the Facility Agent; (b) is addressed to each Lender and the Security Trustee for security purposes; (c) is no more than three months old at the time it is provided to the Finance Parties; (d) is at the cost of the Borrower; and (e) is otherwise in form and substance satisfactory to the Facility Agent. ASIC The Australian Securities & Investments Commission or the Government Body that succeeds it. Associate Has the meaning given in section 128F(9) of the Tax Act. Australian Interest Withholding Tax Any Tax required to be withheld or deducted from a payment or deemed payment of interest (or amount in the nature of interest) under any Finance Document under Division 11A of Part III of the Tax Act or Subdivision 12-F of Schedule 1 to the Taxation Administration Act 1953 (Cth). Authorisation Includes:

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Corrs Chambers Westgarth 3445-6323-2315v7 5 Syndicated Loan Note Subscription Agreement – Project Mustang (a) any consent, authorisation, registration, f iling, lodgement, agreement, notarisation, certificate, permission, licence, approval, authority or exemption f rom, by or with a Government Body; or (b) in relation to anything which will be fully or partly prohibited or restricted by law if a Government Body intervenes or acts in any way within a specified period after lodgement, filing, registration or notif ication, the expiry of that period without intervention or action. Authorised Representative (a) In respect of an Obligor, its director or secretary or other person notif ied to the Facility Agent and the Security Trustee by that Obligor as being authorised to act as its authorised representative for the purposes of the Finance Documents and in respect of which: (i) that person's identity has been verif ied to each Finance Party's satisfaction in order to complete that Finance Party's KYC Checks; and (ii) the Facility Agent and the Security Trustee have no notice of revocation of that authority; and (b) in respect of a Finance Party, an of f icer of that Finance Party whose title of of f ice contains the word "Director", "Associate", "Head", "Executive", "Senior Manager", "Manager", "Counsel" or "President" or a person performing the functions of any of them. Avoided Transaction Any payment, settlement, transaction, transfer or other dealing by or on behalf of an Obligor in connection with any Finance Document which is or becomes avoided for any reason, including: (a) as a result of any law relating to bankruptcy, insolvency or the protection of creditors; or (b) any legal limitation, disability or incapacity of or af fecting any person. Bill Borrower Bowral Place Property Business Day A "Bill of Exchange" as defined in the Bills of Exchange Act 1909 (Cth). The person so described in item 2 of the Key Details. The property located at 2 Bowral Place, Mitchell Park, Victoria with title reference xxxx. A day that is not a Saturday, Sunday or any other day which is : (a) a public holiday or a bank holiday in the New South Wales or the Australian Capital Territory; (b) a public holiday or a bank holiday in New York; or (c) a day falling between 24 December and 2 January (inclusive) in any particular year. Commitment (a) In relation to each Original Lender, the amount specif ied as being its "Commitment" in item 2 of the Key Details and the amount of any other Commitment transferred to it under this document; and (b) in relation to any other Lender, the amount of any Commitment transferred to it under this document,

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Corrs Chambers Westgarth 3445-6323-2315v7 6 Syndicated Loan Note Subscription Agreement – Project Mustang to the extent not cancelled, reduced or transferred by it under this document. Commonwealth Commonwealth of Australia as represented by the Department of Inf rastructure, Transport, Regional Development, Communications, Sport and the Arts ABN 86 267 354 017. Commonwealth Finance Documents (a) The Commonwealth New Loan Facility; (b) the Commonwealth Secured Perpetual Note; (c) each other "Finance Document" as defined in, and for the purposes of , the Commonwealth New Loan Facility; (d) each other "Commonwealth Finance Document" as defined in, and for the purposes of, the Commonwealth Secured Perpetual Note. Commonwealth New Loan Facility The document entitled "Facility Agreement" dated on or about the date of this document between, among others, the Commonwealth and the Borrower. Commonwealth Secured Perpetual Note The document entitled "Commonwealth Facility Agreement" originally dated 11 November 2024 and further amended and restated on or about the date of this document between, among others, the Commonwealth and the Borrower. Control Has the meaning given in section 50AA of the Corporations Act and in respect of an entity (as defined in the Corporations Act) includes the direct or indirect power to directly or indirectly direct the management or policies of the entity or control the membership or voting of the board of directors or other governing body of the entity (whether or not the power has statutory, legal or equitable force or arises by means of statutory, legal or equitable rights or trusts, agreements, arrangements, understandings, practices, the ownership of any interest in marketable securities, bonds or instruments of the entity or otherwise). Controller Has the meaning given in the Corporations Act. Corporations Act The Corporations Act 2001 (Cth). CPI The Consumer Price Index (all groups – weight average of eight capital cities) published by the Australian Bureau of Statistics. Default (a) An Event of Default; or (b) a Potential Event of Default. Defaulting Finance Party Any Finance Party: (a) which (in any capacity) has failed to make a payment when due under this document or has notif ied a party that it will not make such a payment, except where: (i) its failure to pay is caused by: (A) administrative or technical error; or (B) a Disruption Event; and payment is made within two Business Days of its due date; or

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Corrs Chambers Westgarth 3445-6323-2315v7 7 Syndicated Loan Note Subscription Agreement – Project Mustang (ii) the Finance Party is disputing in good faith whether it is contractually obliged to make the payment in question; (b) which (in any capacity) has otherwise rescinded or repudiated a Finance Document; or (c) which: (i) is or is adjudicated to be insolvent; (ii) applies or resolves to be wound up, given protection against creditors or placed in bankruptcy or any analogous process; or (iii) is subject to the appointment of a liquidator, administrator, manager, trustee in bankruptcy or any analogous process. Disruption Event Either or both of : (a) a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facility (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of , any of the parties; or (b) the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a party preventing that, or any other party: (i) f rom performing its payment obligations under the Finance Documents; or (ii) f rom communicating with other parties in accordance with the terms of the Finance Documents, and which (in either such case) is not caused by, and is beyond the control of , the party whose operations are disrupted. Drawdown Date In respect of a Drawing, the date on which that Drawing is or is proposed to be made. Drawdown Notice A notice referred to in clause 4.1(a). Drawdown Period The period so specif ied in item 3 of the Key Details. Drawing The outstanding principal amount of a drawdown made by way of subscription of Loan Notes issued by the Borrower under the Facility or deemed to be made in accordance with clause 5. Encumbrance (a) Any Security Interest; (b) any right, interest or arrangement which has the ef fect of giving another person a preference, priority or advantage over creditors, including any right of set-of f ; (c) any right that a person (other than the owner) has to remove something f rom land (known as a prof it à prendre), easement, public right of way, restrictive or positive covenant, caveat, lease or licence to use or occupy; or

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Corrs Chambers Westgarth 3445-6323-2315v7 8 Syndicated Loan Note Subscription Agreement – Project Mustang (d) any third party right or interest in property, or any right arising as a consequence of the enforcement of a judgement, or any agreement to create any of them or allow them to exist. Event of Default Has the meaning given to that term in clause 9.1. Excluded Tax (a) A Tax imposed by a jurisdiction on, or calculated by reference to, the net income of a Finance Party in a jurisdiction because the Finance Party has a connection with that jurisdiction, other than a Tax: (i) calculated by reference to the gross amount of a payment (without allowing for any deduction) derived by the Finance Party under a Finance Document or any other document referred to in a Finance Document; or (ii) imposed because the Finance Party is taken to be connected with that jurisdiction solely by being a party to a Finance Document or a transaction contemplated by a Finance Document; and (b) Australian Interest Withholding Tax. Facility The facility provided under clause 2.1(a). Facility Agent The person so specif ied in item 2 of the Key Details. Final Repayment Date The date so specified in item 3 of the Key Details or such later date as the Facility Agent (acting on the instructions of all Lenders) may agree to in writing. Finance Documents (a) This document and each notice or certif icate under it; (b) the Loan Note Deed Poll; (c) the Security Trust Deed; (d) the Security Documents; (e) the Intercreditor Deed; (f) the Security Trustee Fee Letter; (g) a substitution certificate or other notice referred to in clause 21.3; and (h) any other document the Borrower and the Facility Agent agree in writing is a "Finance Document" for the purposes of this document. Finance Lease Any lease or hire purchase contract which would, in accordance with Accounting Standards, be treated as a f inance or capital lease. Finance Party (a) A Lender; (b) the Facility Agent; (c) the Security Trustee; or (d) any assignee or transferee of any of the above. Financial Close The Drawdown Date for the initial Drawing.

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Corrs Chambers Westgarth 3445-6323-2315v7 9 Syndicated Loan Note Subscription Agreement – Project Mustang Financial Indebtedness Includes any indebtedness or other liability (present or future, actual or contingent) relating to any f inancial accommodation including: (a) an advance or loan; (b) drawing, accepting, endorsing, discounting, collecting or paying a bill of exchange, cheque or other negotiable instrument; (c) entering into any agreement or transaction in connection with raising f inancial accommodation as a result of which a debt or liability or a contingent debt or liability will or might arise (including any Finance Lease, hire purchase agreement or title retention agreement); (d) any preference share or unit categorised as debt under Accounting Standards; (e) any commodity, currency or interest rate swap agreement, forward exchange rate agreement or futures contract (as def ined in any statute); (f) any Guarantee relating to any f inancial accommodation; and forbearing to require immediate payment of any moneys owing or contingently owing on any account, for any reason whatsoever. Financial Statements (a) A statement of f inancial performance; (b) a statement of f inancial position; and (c) a statement of cashf low, together with any notes to those documents and any accompanying reports, statements, declarations and other documents or information. General Security Agreement The general security agreement dated on or about the date of this document granted by each Obligor in favour of the Security Trustee over all of their present and af ter acquired property. Government Body The Crown, a government, a government department, or a governmental, semi-governmental, statutory, administrative, parliamentary, provincial, public, municipal, local, judicial or quasi-judicial body. Group The Borrower and each of its Subsidiaries except Rex Airlines Pty Ltd ACN 642 400 048. GST The meaning given to that term in section 195-1 of A New Tax System (Goods and Services Tax) Act 1999 (Cth). Guarantee (a) A guarantee, indemnity, undertaking, letter of credit, Security Interest, acceptance or endorsement of a negotiable instrument or other obligation (actual or contingent) given by any person to secure compliance with an obligation by another person; (b) an obligation (actual or contingent) of a person to ensure the solvency of another person or the ability of another person to comply with an obligation, including by the advance of money or the acquisition for valuable consideration of property or services ; or

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Corrs Chambers Westgarth 3445-6323-2315v7 10 Syndicated Loan Note Subscription Agreement – Project Mustang (c) an option under which a person is obliged on the exercise of the option to buy: (i) any debt or liability owed by another person; or (ii) any property which is subject to a Security Interest. Guaranteed Money All of the Secured Money owing by the Borrower. Guarantor The persons so described in item 2 of the Key Details. Illegality Has the meaning given to that term in clause 15.1(a). Initial Period Has the meaning given to that term in the Intercreditor Deed. Insolvency Event Any of the following events in the case of a corporation: (a) the corporation is dissolved (whether pursuant to Chapter 5A of the Corporations Act or otherwise); (b) a Controller, liquidator, provisional liquidator or voluntary administrator is appointed in respect of the corporation or any of its assets; (c) an application (other than an application which is withdrawn or dismissed within seven days of it having been made) is made to a court or a meeting is convened, or a resolution is passed (or notice is given of such meeting or resolution) or a notice is issued or any other step is taken by any person for the corporation to be wound up (other than as a members' voluntary winding up) or dissolved or for the appointment of a liquidator, provisional liquidator, voluntary administrator in respect of the corporation or any of its assets; (d) the corporation: (i) resolves to enter into, or enters into, a scheme of arrangement, a deed of company arrangement or a composition with its creditors or an assignment for their benef it (other than a solvent winding up or solvent reorganisation of any Obligor); (ii) suspends payment of its debts or proposes or is subject to a moratorium of its debts; or (iii) takes proceedings or actions similar to those mentioned in this paragraph (d) as a result of which the corporation's assets are, or are proposed to be, submitted to the control of its creditors; (e) the corporation seeks or obtains protection from its creditors under any statute or any other law; (f) the corporation is unable to pay all of its debts as and when they become due and payable or is deemed to be insolvent under any provision of the Corporations Act or any statute or any other law; (g) any attachment, distress, execution or other process is made or levied against any asset of the corporation and is not satisf ied within 10 Business Days; or

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Corrs Chambers Westgarth 3445-6323-2315v7 11 Syndicated Loan Note Subscription Agreement – Project Mustang (h) an event occurs in relation to the corporation which is analogous to anything referred to above or which has a substantially similar ef fect. Insurance All of the insurance which an Obligor is required to maintain under any Transaction Document. Insurance Policy Each policy, certificate or other document evidencing the terms of any Insurance. Intellectual Property Any intellectual or industrial property including: (a) a patent, trade mark, service mark, copyright, registered design, trade secret, plant breeder's right, domain name or conf idential information; or (b) a licence or other right to use or to grant the use of any of the foregoing or to be the registered proprietor or user of any of the foregoing. Intercreditor Deed The intercreditor deed dated on or about the date of this document between, the Obligors, the Facility Agent, the Security Trustee and the Commonwealth. Interest Payment Date Each 31 March, 30 June, 30 September and 31 December. Interest Rate The rate so specif ied in item 4 of the Key Details. Interest Rate Notice A notice referred to in clause 5.4(a). Ipso Facto Event The Borrower is the subject of : (a) an announcement, application, compromise, arrangement, managing controller or administration as described in sections 415D(1), 434J(1) or 451E(1) of the Corporations Act; or (b) any process which under any law with a similar purpose may give rise to a stay on, or prevention of, the exercise of contractual rights. James Schofield Drive Property Key Details KYC Checks The leasehold interest in lease with registration number xxxx, known as 'xxxx' located at James Schofield Drive, Adelaide Airport SA 5950 (with title reference xxxx). The section of this document headed Key Details. For a Finance Party, that Finance Party's 'know your customer' or similar identification and verif ication checks and procedures required for that Finance Party to comply with the Anti-Money Laundering and Counter- Terrorism Financing Act 2006 (Cth) and any other law or regulation of Australia or comparable law or regulation of another country, and to manage anti-money laundering, counter-terrorism financing or economic and trade sanctions risk. Lease (a) A lease, charter, hire purchase or hiring arrangement of any property; (b) a right to use any Intellectual Property; (c) a right to use a f ranchise; or

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Corrs Chambers Westgarth 3445-6323-2315v7 12 Syndicated Loan Note Subscription Agreement – Project Mustang (d) an agreement under which property is or may be used or operated by a person other than the owner. Lender (a) An Original Lender; or (b) any person which has become a Lender in accordance with clause 21, which in each case has not ceased to be a Lender in accordance with the terms of this document. Licence Any consent, permit or licence under any statute or any other law or any Authorisation held or required to be held by or on behalf of an Obligor in connection with the Secured Property or an activity or business conducted in connection with the Secured Property. Loan Note A loan note: (a) having a principal amount of $1.00; and (b) issued for a subscription price of 100% of its principal amount under this document and the Loan Note Deed Poll, and, in this document, references to a Loan Note include a reference to the corresponding interest in the Loan Note Deed Poll. Loan Note Deed Poll A deed poll executed by the Obligors substantially in the form of Schedule 6. Majority Lenders (a) If there are 2 or less Lenders, all Lenders; and (b) at any other time, a Lender or Lenders whose Commitments aggregate at least 66 ⅔% of the Total Commitment (or, if the Total Commitment has been reduced to zero, at least 66 ⅔% of the Total Commitment immediately prior to the reduction). Where a Lender's Commitment has been reduced to zero, but it has an outstanding participation in any outstanding Drawing, then, for this purpose, its Commitment will be taken to be the aggregate amount of its participation in the relevant outstanding Drawings. Material Adverse Effect A material adverse ef fect on: (a) the ability of the Obligors as a whole to comply with their obligations under the Finance Documents; (b) the f inancial condition or business of the Obligors as a whole; (c) the ef fectiveness, priority or enforceability of this document or any of the Finance Documents. Material Documents (a) Any Licence; (b) any other document the Facility Agent and the Borrower agree in writing is a "Material Document" for the purposes of this document. Obligors (a) The Borrower; and (b) the Guarantor, and Obligor means each or either one of them as the context requires. Original Lender Each person so described in item 2 of the Key Details.

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Corrs Chambers Westgarth 3445-6323-2315v7 13 Syndicated Loan Note Subscription Agreement – Project Mustang Permitted Disposal Any sale, lease, transfer or other disposal: (a) made in the ordinary course of trading of the disposing entity; (b) of assets in exchange for other assets comparable or superior as to type, value and quality and for a similar purpose; (c) of worn out or obsolete assets or of surplus assets no longer required for the ef f icient operation of the business; (d) of inventory pursuant to an inventory f inancing or repurchase arrangement, where such arrangements are on arm's length terms; (e) disposals of leases or licenses in the ordinary course of business that do not materially interfere with the business of the Obligors taken as a whole; (f) where the higher of the market value or consideration receivable (when aggregated with the higher of the market value or consideration receivable for any other sale, lease, transfer or other disposal, other than any permitted under paragraphs (a) to (e) above) does not exceed $5,000,000 (or such other amount as approved by the Facility Agent (acting on the instructions of all Lenders)) in any f inancial year; (g) permitted in accordance with clause 7 of the Intercreditor Deed; or (h) any other disposal for which the Facility Agent (acting on the instructions of all Lenders) has given its prior written consent. Permitted Encumbrance (a) Any Security Document or any other Encumbrance created under, or as permitted by, any Finance Document; (b) each Encumbrance granted by an Obligor in favour of the Commonwealth which is subject to the Intercreditor Deed; (c) each Security Interest which is recorded against an Obligor on the PPSR as at the date of this document; (d) any agreement with respect to the acquisition of assets on title retention terms where that agreement was entered into in the ordinary course of its ordinary business; (e) a lien arising by operation of law in the ordinary course of day-to- day trading and not securing Financial Indebtedness, where it duly pays the indebtedness secured by that lien other than indebtedness contested in good faith; (f) a charge or lien arising in favour of a Government Body by operation of statute unless there is default in payment of money secured by that charge or lien; (g) any rights of set-of f , netting or combination of accounts; (h) any Security Interest provided for by any of the following transactions if the transaction does not, in substance, secure payment or performance of an obligation: (i) a transfer of an account or chattel paper;

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Corrs Chambers Westgarth 3445-6323-2315v7 14 Syndicated Loan Note Subscription Agreement – Project Mustang (ii) a commercial consignment; or (iii) a PPS Lease; and (i) any other Encumbrance for which the Facility Agent (acting on the instructions of all Lenders) has given its prior written consent. Permitted Financial Accommodation Any loan or other f inancial accommodation: (a) made by an Obligor to another Obligor; (b) comprising trade credit extended by an Obligor on normal commercial terms and in the ordinary course of its business; (c) comprising deposits with a bank or f inancial institution provided such deposits do not secure Financial Indebtedness; or (d) any other loan or financial accommodation made by an Obligor for which the Facility Agent (acting on the instructions of all Lenders) has given its prior written consent. Permitted Financial Indebtedness (a) Financial Indebtedness owing by an Obligor under the Finance Documents; (b) Financial Indebtedness which is subject to the Intercreditor Deed; (c) Financial Indebtedness incurred by an Obligor in connection with the purchase and acquisition of one or more aircraf ts where such Financial Indebtedness is secured solely by the relevant aircraf t or aircraf ts which it has funded; (d) Financial Indebtedness under a Finance Lease in the ordinary course of business of a Borrower where the lessor may only have recourse to the assets leased; (e) Financial Indebtedness owing by the Obligors not covered by paragraphs (a) to (d) above (inclusive) provided that the aggregate amount of Financial Indebtedness of the Obligors permitted by this paragraph (d) does not exceed $10,000,000; and (f) any other Financial Indebtedness approved in writing by the Facility Agent (acting on the instructions of all Lenders). Personal Information Has the meaning given to that term by the Privacy Law. Potential Event of Default Any event or circumstance which (on the giving of notice, lapse of time or fulf ilment of any condition, or any combination of any of the foregoing) would become an Event of Default or non-satisfaction of any condition under a Finance Document. PPS Act The Personal Property Securities Act 2009 (Cth). PPS Lease Has the meaning given to that term in the PPS Act. PPSR The register maintained under the PPS Act. Principal Outstanding At any time, the aggregate amount at that time of all Drawings which remain outstanding. Privacy Law (a) The Privacy Act 1988 (Cth);

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Corrs Chambers Westgarth 3445-6323-2315v7 15 Syndicated Loan Note Subscription Agreement – Project Mustang (b) any Australian legislation from time to time in force which af fects privacy rights or Personal Information; and (c) any rules, regulations, guidelines, orders or other instruments issued under the legislation referred to in paragraphs (a) and (b). Real Property (a) The 138 Elizabeth Avenue Property; (b) the 140 Elizabeth Avenue Property; (c) the James Schof ield Drive Property; and (d) the Bowral Place Property. Real Property Mortgage Each real property mortgage in respect of the relevant Real Property dated on or about the date of this document granted by the Obligor who owns that Real Property in favour of the Security Trustee. Receiver A receiver or receiver and manager of the Secured Property appointed under any Security Document. Register The register to be established and maintained under clause 16. Registrar The person appointed under clause 16.1 as the "Registrar". Related Entity In respect of an entity, another entity which is related to that f irst entity within the meaning of section 50 of the Corporations Act or is in any economic entity (as defined in any approved accounting standard) which contains the f irst entity. Representative In respect of a person, an officer, employee, contractor or agent of that person. Reserve Requirement Any law or of f icial requirement, directive, policy or guideline of the Reserve Bank of Australia, the Australian Prudential Regulation Authority, any other central bank or Government Body or the Bank for International Settlements (or its successor). Restructuring Coordination Deed The document entitled "Restructuring Coordination Deed – Regional Express Airlines" dated on or about the date of this document between the Commonwealth and others. Rex Regional Commitments Has the meaning given to that term in the Intercreditor Deed. Secured Money Has the meaning given to it in the Security Trust Deed. Secured Property Any asset which is subject to a Security Interest in favour of or for the benef it of the Finance Parties under a Security Document. Security Any document or transaction which reserves or creates a Security Interest. Security Documents (a) The documents described in item 5 of the Key Details and any Security or Guarantee at any time which is collateral to any of them; and (b) any other document the Borrower and the Facility Agent agree in writing is a "Security Document" for the purposes of this document.

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Corrs Chambers Westgarth 3445-6323-2315v7 16 Syndicated Loan Note Subscription Agreement – Project Mustang Security Interest (a) In relation to any personal property, has the same meaning as in the PPS Act; and (b) in relation to any other property, means any charge, mortgage, pledge, bill of sale, hypothecation, lien, arrangement concerning the deposit of documents evidencing title, trust, power, title retention arrangement or any other covenant or arrangement of any nature made to secure the payment of money or the observance of an obligation. Security Trust The "Project Mustang Security Trust" established under the Security Trust Deed. Security Trust Deed The security trust deed dated on or prior to the date of this document between, among others, the Borrower and the Security Trustee. Security Trustee The person so specif ied in item 2 of the Key Details. Security Trustee Fee Letter Any fee letter between the Security Trustee and the Borrower. Share Of a Lender, in respect of a Drawing, means the proportion of that Lender's participation in that Drawing to the amount of that Drawing, as determined under clause 4.6(c). Subsidiary The meaning given in the Corporations Act but also includes, in respect of any entity, another entity whose Financial Statements are required by Accounting Standards to be included in that f irst entity's consolidated Financial Statements. Tax Act The Income Tax Assessment Act 1936 (Cth) or the Income Tax Assessment Act 1997 (Cth) (as applicable). Taxes Charges, deductions, duties (including stamp duty and transaction duty), fees, imposts, levies, taxes (including any consumption tax, goods and services tax and value added tax) and withholdings (together with any interest, penalties, fines and expenses in connection with any of them). Total Commitment The aggregate of the Commitments being, as at the date of this document, the amount so specif ied in item 3 of the Key Details. Transaction Documents (a) The Finance Documents; and (b) the Material Documents. Transaction Party Any person other than a Finance Party who is a party to a Finance Document. Unused Commitment At any time, the Total Commitment at that time less the Principal Outstanding (excluding any Drawings deemed to be made under clause 5). Verification Certificate A certif icate in or substantially in the form of Schedule 3.

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Corrs Chambers Westgarth 3445-6323-2315v7 17 Syndicated Loan Note Subscription Agreement – Project Mustang 2 Facility and purpose 2.1 Facility Subject to the other provisions of this document: (a) (Facility) the Lenders agree to provide to the Borrower, by subscribing for Loan Notes to be issued by the Borrower under the Loan Note Deed Poll, a facility of an amount not exceeding the Total Commitment; (b) (availability) the Borrower may use the Facility by making one or more requests for Drawings during the Drawdown Period; and (c) (Loan Note Deed Poll) the Facility Agent and each Lender agree to be bound by the Loan Note Deed Poll. 2.2 Approved Purpose (a) The Borrower may only use a Drawing for an Approved Purpose. No Finance Party is obliged to enquire as to whether a Drawing is used for an Approved Purpose. (b) The Borrower must repay to the Facility Agent any part of a Drawing not used for an Approved Purpose within 5 Business Days of the Drawdown Date for that Drawing . 2.3 Cancellation The Unused Commitment will be automatically cancelled on the earlier of : (a) the Drawdown Date for the initial Drawing; and (b) 5.00 pm on the last Business Day of the Drawdown Period. 3 Conditions precedent 3.1 Conditions precedent to initial Drawing (a) The Borrower may not deliver a Drawdown Notice in respect of the initial Drawing and a Lender is not obliged to provide any Commitment or participate in the initial Drawing unless and until the Facility Agent has received each of the items set out in Schedule 2 in form and substance satisfactory to the Facility Agent (acting on the instructions of all Lenders). (b) The Facility Agent will notify the Borrower and the Lenders promptly upon being so satisf ied of receipt of the conditions precedent in clause 3.1(a). 3.2 Additional conditions precedent to each Drawing Except to the extent the Facility Agent otherwise agrees (acting on the instructions of all Lenders), the obligations of each Lender to make available a Drawing are and remain subject to the further conditions precedent that: (a) (Drawdown Notice) the Facility Agent has received a Drawdown Notice in respect of that Drawing in accordance with clause 4; (b) (Total Commitment): the Principal Outstanding (excluding any Drawings deemed to be made pursuant to clause 5) would not, if that Drawing (and any other Drawings

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Corrs Chambers Westgarth 3445-6323-2315v7 18 Syndicated Loan Note Subscription Agreement – Project Mustang requested for provision on the same day) were to be provided, exceed the Total Commitment; and (c) (no Default) no Default is subsisting or would result from the provision of that Drawing. 3.3 Delivery of Loan Note Deed Poll (a) Before the date of Financial Close, the Obligors must sign and seal the Loan Note Deed Poll and forward it to the Facility Agent who must hold it in escrow pending satisfaction of clause 3.3(b). (b) On receipt of each Lender's Share of the total amount of the f irst Drawing under the Facility, the Facility Agent must date the Loan Note Deed Poll and the Obligors will then be taken to have delivered the Loan Note Deed Poll which is then released from escrow under clause 3.3(a). 3.4 Conditions precedent for Finance Parties' benefit only The conditions precedent set out in this document are for the Finance Parties' benefit only and the Facility Agent (acting on the instructions of all Lenders) may waive any of them at any time and in any manner. 4 Requesting and providing Drawings 4.1 Drawdown Notice (a) To make a Drawing, the Borrower must give a notice to the Facility Agent by 2.00 pm at least f ive clear Business Days (or such shorter period as the Facility Agent (acting on the instructions of all Lenders) may otherwise approve) before the proposed Drawdown Date specif ied in the notice. (b) The Facility Agent will give prompt notice to each Lender of the contents of each Drawdown Notice and the amount of each Lender's Share of each Drawing requested. 4.2 Form of Drawdown Notice A Drawdown Notice must be: (a) (in prescribed form) duly completed in the form of Schedule 4 or such other form as the Facility Agent may approve; (b) (signed) signed by an Authorised Representative of the Borrower; and (c) (minimum Drawing) for a minimum amount of $5,000,000 (or such lesser amount as the Facility Agent (acting on the instructions of all Lenders) may otherwise approve). 4.3 Loan Note Each issue of Loan Notes comprises a Drawing. 4.4 Drawdown Notice irrevocable A Drawdown Notice is irrevocable and is effective from the time of its actual receipt in legible form by the Facility Agent.

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Corrs Chambers Westgarth 3445-6323-2315v7 19 Syndicated Loan Note Subscription Agreement – Project Mustang 4.5 Drawdown Notice for Finance Parties' benefit only The requirement of a Drawdown Notice is for the Finance Parties' benefit only and the Facility Agent (acting on the instructions of all Lenders) may waive the requirement at any time and in any manner. 4.6 Agreement to provide Drawing (a) Subject to the other provisions of this document, if the Borrower requests a Drawing, then each Lender agrees to make available its Share of that Drawing to the Facility Agent in immediately available funds by 11.00 am (local time in the place of payment) on the relevant Drawdown Date for the account of the Borrower. (b) A Lender is not obliged to make available its Share of a Drawing if , as a result, its participation in that Drawing would exceed its Commitment. (c) Each Lender will participate in each Drawing rateably according to its Commitment. 4.7 Subscription and issue of Loan Notes Each of the Lenders, the Facility Agent and the Borrower agree that, on each Drawdown Date: (a) each Lender will subscribe for Loan Notes by providing its Share of the total amount of the proposed subscription price specif ied in the relevant Drawdown Notice (or, in relation to a Drawing which is deemed to be made pursuant to clause 5, the amount to be capitalised under that clause); and (b) the Borrower will issue to the Lenders Loan Notes which have an aggregate principal amount outstanding equal to the proposed subscription price specif ied in the relevant Drawdown Notice (or, in relation to a Drawing which is deemed to be made pursuant to clause 5, the amount to be capitalised under that clause). Each Loan Note is issued on the conditions set out in the Loan Note Deed Poll by the Registrar entering the Loan Notes in the Register. 4.8 Facility Agent's and Registrar's obligations (a) On receipt of any payment f rom a Lender under clause 4.7, the Facility Agent must: (i) pay that amount in the manner specified in the Drawdown Notice or as otherwise provided for in this document; and (ii) as Registrar, issue the Loan Notes referred to in clause 4.7 by entering them in the Register. (b) In relation to a Drawing which is deemed to be made pursuant to clause 5.2, the Facility Agent must, as Register, issue Loan Notes referred to in clause 4.7. 4.9 Excluded issue The Borrower must ensure that each Loan Note is issued in a manner which does not require disclosure to investors under Part 6D.2 of the Corporations Act.

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Corrs Chambers Westgarth 3445-6323-2315v7 20 Syndicated Loan Note Subscription Agreement – Project Mustang 5 Interest and fees 5.1 Interest The Borrower must pay to the Facility Agent (for the account of the Lenders) interest on the Principal Outstanding from and including the Drawdown Date for the initial Drawing until the Principal Outstanding is repaid in full. Interest under this clause 5.1: (a) (rate) accrues at, subject to clause 5.4, the Interest Rate; (b) (basis of calculation) is to be calculated daily on the basis of a 360 day year and based on a 30 day month and for the actual number of days elapsed from and including the day when the money on which the interest is payable becomes owing by the Borrower until but excluding the day of payment of that money; and (c) (payment) subject to clause 5.2, is payable on each Interest Payment Date. 5.2 Capitalisation of Interest (a) During the Initial Period, the Facility Agent may elect to capitalise the payment of any portion of interest payable on any Interest Payment Date under clause 5.1, provided that interest of no more than 6% per annum may be capitalised on that Interest Payment Date. Such interest shall be capitalised (which will be deemed to be a Drawing with a Drawdown Date of the relevant Interest Payment Date). (b) Af ter the Initial Period, if interest payable on an Interest Payment Date under clause 5.1 is not paid by the Borrower, the Facility Agent may (subject to the Intercreditor Deed), by no later than 10 Business Days after the Interest Payment Date, elect to capitalise the payment of such interest. Such interest shall be capitalised (which will be deemed to be a Drawing with a Drawdown Date of the relevant Interest Payment Date). (c) To avoid doubt, if the Facility Agent elects to capitalise the payment of interest in accordance with this clause 5.2, no Event of Default shall arise by reason of non- payment of interest on the relevant Interest Payment Date. 5.3 Security Trustee's fees The Borrower must pay the Security Trustee (for its own account) a non-refundable security trustee fee in accordance with the Security Trustee Fee Letter or on such other terms as the Borrower and the Security Trustee may from time to time agree in writing (which, if such terms increase the fees payable to the Security Trustee (other than those already contemplated by the current Security Trustee Fee Letter or any other Finance Document) by more than CPI in any year, must be agreed by the parties to the Intercreditor Deed). 5.4 Interest Rate Notice (a) The Facility Agent (on behalf of all Lenders) may, at any time, in its absolute discretion, unilaterally vary the Interest Rate under this document by written notice to the Borrower (Interest Rate Notice), provided that: (i) the varied Interest Rate specified in the Interest Rate Notice must be no less than 6.00% per annum and no more than 12.0% per annum; (ii) there is Principal Outstanding owing under this document as at the date of the Interest Rate Notice; and

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Corrs Chambers Westgarth 3445-6323-2315v7 21 Syndicated Loan Note Subscription Agreement – Project Mustang (iii) the Facility Agent has notif ied the Commonwealth of the Interest Rate Notice pursuant to paragraph (a) of the def inition of "Relevant Interest Rate" in the Intercreditor Deed. (b) The Facility Agent may (on behalf of all Lenders) issue more than one Interest Rate Notice. (c) The parties acknowledge and agree that, on and from the date specif ied in a relevant Interest Rate Notice the Interest Rate for the purposes of this document will be varied to the interest rate specif ied in that Interest Rate Notice. 6 Repayment and prepayment 6.1 Final Repayment Date Subject to the other provisions of this document, on the Final Repayment Date the Borrower must: (a) (Principal Outstanding) repay to the Facility Agent (for the account of the Lenders) the Principal Outstanding; and (b) (other amounts) pay to the Facility Agent (for the account of the Finance Parties) all interest, fees and other money payable by it under the Finance Documents. 6.2 Mandatory prepayment – insurance proceeds If an Obligor is required to pay the proceeds of any claim under an Insurance Policy to the Facility Agent as a prepayment in accordance with the Intercreditor Deed, then that Obligor must, within two Business Days of receipt of any such proceeds, pay those proceeds to the Facility Agent (for the account of the Lenders) in or towards repayment of the Principal Outstanding. 6.3 Voluntary prepayment (a) (amount) Subject to this clause 6 and the Intercreditor Deed, the Borrower may prepay any Drawing or a part of it on any Business Day. (b) (notice) The Borrower may only make a prepayment by giving to the Facility Agent 5 Business Days' prior written notice (or such shorter period agreed by the Facility Agent) specifying the prepayment date and the amount of the prepayment. (c) (prepay) The Borrower must prepay in accordance with any notice given. 6.4 Interest and costs In respect of any amounts prepaid, the Borrower must pay to the Facility Agent (for the account of the Lenders): (a) interest on the amount prepaid up to the date of payment; and (b) any amounts payable under clause 13.2 as a consequence of that prepayment. 6.5 Irrevocable notice Any prepayment notice given under this clause 6 is irrevocable and is effective f rom the time of its actual receipt in legible form by the Facility Agent.

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Corrs Chambers Westgarth 3445-6323-2315v7 22 Syndicated Loan Note Subscription Agreement – Project Mustang 6.6 Apportionment of prepayments Except where expressly specified, repayments and prepayments under this clause 6 will be applied in or towards repayment or prepayment of the Principal Outstanding (rateably in reduction of the respective participations of all Lenders). 6.7 Re-borrowing of repayments and prepayments Amounts repaid or prepaid in accordance with this clause 6 are not available to be re- borrowed. 7 Representations and warranties 7.1 General representations and warranties Each Obligor represents and warrants to the Finance Parties that, unless otherwise disclosed to the Facility Agent in writing and accepted and agreed to by the Facility Agent in writing: (a) (status) it has been duly incorporated as a company limited by shares under the Corporations Act and is validly existing under those laws and has power and authority to carry on its business as it is now being conducted; (b) (due authority) it has power to enter into, and to comply with its obligations under, and has taken all necessary corporate action to authorise its entry into, and comply with its obligations under, the Transaction Documents to which it is a party and the transactions contemplated by those documents; (c) (Authorisations) it has in full force and effect the Authorisations necessary to enter into the Transaction Documents to which it is a party and to comply with its obligations under them and to allow them to be enforced; (d) (valid obligations) each of its obligations under the Transaction Documents to which it is a party constitute its legal, valid and binding obligations and are completely and lawfully enforceable against it in accordance with their terms, subject to any necessary stamping and registration requirements, laws and defences af fecting creditors' rights generally and the availability of equitable remedies; (e) (no contravention) it is not, and will not by entering into the Transaction Documents to which it is a party or the transactions under them be, in contravention of : (i) any law, regulation, or any directive of any Government Body applicable to it; (ii) any obligation, undertaking, deed or warranty binding upon it in any material respect; or (iii) its constituent documents; (f) (law, Authorisations) it has complied with all laws and Authorisations applicable to it or its business in all material respects; (g) (Financial Statements properly prepared) its Financial Statements: (i) have been properly prepared in accordance with Accounting Standards; and (ii) give a true and fair view and represent its f inancial condition and operations during the relevant f inancial year, in each case except as otherwise disclosed in those Financial Statements;

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Corrs Chambers Westgarth 3445-6323-2315v7 23 Syndicated Loan Note Subscription Agreement – Project Mustang (h) (pari passu ranking) subject to the Intercreditor Deed, its payment obligations under the Finance Documents to which it is a party rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies or trusts generally; (i) (Financial Indebtedness) it has no Financial Indebtedness from any person other than Permitted Financial Indebtedness; (j) (no proceedings) there is no current, impending or threatened proceeding, suit, enquiry or other action which may affect it, a Licence or the Secured Property before any tribunal, court, commission, or Government Body, the adverse outcome of which may have a Material Adverse Ef fect; (k) (no Default) it is solvent and no Default subsists or would be likely to occur (other than any Potential Event of Default which has been notified to the Facility Agent in writing) as a result of any party (other than a Finance Party) entering into the Finance Documents to which it is a party and complying with its obligations under them; (l) (corporate representations): (i) it has f iled with ASIC all corporate notices and other documents as required by the Corporations Act and all such f ilings are complete and accurate; and (ii) it will receive reasonable commercial benef its by reason of the execution and delivery of the Transaction Documents to which it is a party; and (m) (good title) it has a good, valid and marketable title to the assets necessary to carry on its business as presently conducted and it has such valid Leases or Licences of , and such appropriate Authorisations to use, the assets necessary to carry on its business as presently conducted. 7.2 Secured Property representations and warranties Each Obligor represents and warrants to the Finance Parties that, unless otherwise disclosed to the Facility Agent in writing and accepted and agreed to by the Facility Agent in writing: (a) (priority) subject to any perfection requirements and equitable principles and laws af fecting creditor's rights generally, each Security Interest which each Finance Document to which it is a party purports to create exists and has the priority which the Finance Parties have agreed to; (b) (financing statement data) all data disclosed to the Finance Parties by it or on its behalf upon a request by a Finance Party or its legal counsel in connection with any application by or on behalf of the Facility Agent or the Security Trustee to register a f inancing statement or any f inancing change statement with respect to the Security Interests constituted under any Security Document is correct and not misleading in any material respect; and (c) (ownership) it is the sole legal and beneficial owner of its Secured Property f ree f rom any Encumbrance, other than any Permitted Encumbrance, and it has the right to grant a Security Interest in the Secured Property under the Security Documents and any other Finance Documents to which it is a party. 7.3 Repetition Except to the extent disclosed and accepted by the Facility Agent in writing, the representations and warranties in clauses 7.1 and 7.2 are taken to be also made:

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Corrs Chambers Westgarth 3445-6323-2315v7 24 Syndicated Loan Note Subscription Agreement – Project Mustang (a) (Drawdown Date) on the day each Drawing is requested and on each Drawdown Date; and (b) (each month) on the last Business Day of each month. 7.4 Reliance Each Obligor acknowledges that the Finance Parties are granting or agreeing to grant the Facility and entering into the Finance Documents in reliance on the representations and warranties in clauses 7.1 and 7.2. 8 Undertakings 8.1 General undertakings Each Obligor must: (a) (comply with obligations) comply with its obligations under the Material Documents to which it is a party and not do, or omit to do, anything which may cause any breach, default or termination of the Material Documents to which it is a party ; (b) (comply with laws) comply in all material respects with: (i) all laws binding on it and any of its assets; and (ii) all requirements or orders of any Government Body; (c) (obtain Authorisations) obtain, keep in force and comply with the terms of all Authorisations necessary to enable it to enter into the Transaction Documents to which it is a party, fully comply with its obligations under them and allow them to be enforced; (d) (maintain written financial records) keep proper accounting and written f inancial records which record correctly its transactions, f inancial position and performance in respect of each of its f inancial years; (e) (ensure not de-registered) maintain its incorporation and registration in good standing; (f) (Material Documents) enforce each Material Document to which it is a party and exercise its rights, authorities and discretions under those documents prudently, and, while an Event of Default subsists, in accordance with the directions (if any) of the Facility Agent; and (g) (access and inspection) ensure that its business, f inancial records and property are available for inspection at reasonable times by the Facility Agent and persons acting on the Facility Agent's behalf, and give reasonable assistance to them and allow them to inspect and copy extracts f rom its business and f inancial records. 8.2 Provision of information Each Obligor must provide the Facility Agent with: (a) promptly upon request f rom the Facility Agent, all necessary information (including serial numbers) to enable the Facility Agent or the Security Trustee to register fully valid and ef fective financing statements or f inancing change statements with respect to any Security Interest held or intended to be held by the Finance Parties under the Securi ty Documents at any time;

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Corrs Chambers Westgarth 3445-6323-2315v7 25 Syndicated Loan Note Subscription Agreement – Project Mustang (b) any other information the Facility Agent requests (including information relating to the performance of its obligations under the Transaction Documents and information relating to its Secured Property, assets, accounting methods or f inancial position) promptly on being requested to do so. 8.3 Reporting Each Obligor must provide the Facility Agent the following items at the following times: Reporting item Time (a) (annual Financial Statements) Copies of the audited annual Financial Statements of each Obligor, certif ied by two of its directors or its sole director and company secretary (as applicable) as an accurate and complete statement of its f inancial position. As soon as possible af ter the end of each f inancial year of each Obligor (and, at the latest, 15 Business Days af ter they are prepared). (b) (half-yearly Financial Statements) Copies of the half yearly Financial Statements of each Obligor, certif ied by two of its directors or its sole director and company secretary (as applicable) as an accurate and complete statement of its f inancial position. As soon as possible af ter the end of each f inancial half year of each Obligor (and, at the latest, 15 Business Days af ter they are prepared). (c) (other financial information) Such other additional information in relation to the f inancial condition or operation of an Obligor, any Secured Property or the Real Property as the Facility Agent requests f rom time to time. Promptly following a request by the Facility Agent. 8.4 Insurance undertakings Each Obligor must take out and maintain insurances with a reputable insurer in the manner and to the extent which is in accordance with prudent business practice having regard to the nature of the business and assets of the Obligor (including all insurance required by applicable law). 8.5 Secured Property undertakings Except to the extent the Facility Agent otherwise agrees, each Obligor must in relation to its Secured Property: (a) (comply with obligations) comply with all obligations imposed on it by any Encumbrance af fecting the Secured Property; (b) (comply with consents) comply with all terms relating to any consent granted by a Finance Party in connection with any Finance Document to which it is a party;

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Corrs Chambers Westgarth 3445-6323-2315v7 26 Syndicated Loan Note Subscription Agreement – Project Mustang (c) (collect book debts) promptly collect its book debts, other debts and other amounts owing to it under any other monetary claims in accordance with the directions of a Finance Party (or, in the absence of such directions, in a proper and efficient manner as the Finance Parties' agent for this purpose); (d) (maintain Secured Property) ensure that the Secured Property is kept in good repair and in proper working order (fair wear and tear excepted) which is necessary or desirable in the conduct of its business; (e) (no affixing of Secured Property) ensure that no part of the Secured Property is af f ixed at any time to any real property over which the Security Trustee does not hold a registered legal or statutory mortgage or becomes an accession to, or commingled with, any property that is not the Secured Property; (f) (obtain Authorisations) take all action necessary to obtain all required Authorisations to use or continue to use the Secured Property in the manner and for the purpose for which it is used at the date of this document, and comply with all directions, requests or requirements of any Government Body relating to the Secured Property; (g) (provide receipts) promptly following demand, provide to the Facility Agent receipts for all payments made under, required by or referred to in this document; and (h) (protect Secured Property) do everything necessary or reasonably required by a Finance Party to preserve and protect the realisable value of its Secured Property and that Finance Party's interest in its Secured Property. 8.6 Real Property undertakings An Obligor may not, except with the Facility Agent's prior written consent: (a) (Leases) grant, vary, terminate, accept a surrender of or waive any rights under any Licence to use or occupy the Real Property or cause or permit the licence fee payable under any such Licence to be determined; (b) (improvements) demolish, move or remove any improvements on the Real Property or excavate, fill or make structural alterations or additions to the Real Property or other alterations or additions which have, or in the Facility Agent's opinion would be likely to have, a deleterious ef fect on the Real Property or its value; (c) (easements and covenants) cause or allow any easement or covenant benef iting the Real Property to lapse or be partially or wholly extinguished or varied; (d) (subdivision) dedicate the Real Property for a public purpose or subdivide the Real Property or, if the Real Property consists of several titles, call for an apportionment of the Real Property or apply for a consolidation of the titles to the Real Property; or (e) (change of zoning or use) change or take any steps to change the zoning of the Real Property, the use of the Real Property or the general character of any business conducted on the Real Property. 8.7 Restrictive undertakings No Obligor may do any of the following things or agree or attempt to do any of the following things without the Facility Agent's prior written approval: (a) (Encumbrances) create or permit to exist any Encumbrance over or affecting any of its Secured Property except for any Permitted Encumbrance;

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Corrs Chambers Westgarth 3445-6323-2315v7 27 Syndicated Loan Note Subscription Agreement – Project Mustang (b) (deal with Secured Property) sell, transfer, part with possession of , surrender or otherwise deal with any of its Secured Property other than pursuant to a Permitted Disposal; (c) (obtain Financial Indebtedness) obtain or permit to exist any Financial Indebtedness f rom any person other than any Permitted Financial Indebtedness; (d) (provide Financial Indebtedness) provide or continue to provide any Financial Indebtedness to any person other than Permitted Financial Accommodation; (e) (variation of Material Documents) (i) amend, vary or assign any Material Document, or consent to any amendment, variation or assignment of any Material Document; (ii) cancel, terminate, release, surrender, accept repudiation, repudiate, rescind, avoid or discharge (except by performance) all or part of any Material Document to which it is a party; (iii) waive, extend or grant time or indulgence in respect of , any provision of any Material Document to which it is a party; or (iv) do or permit anything which would enable or give grounds to another party to any Material Document to do anything referred to in clauses 8.7(e)(i), 8.7(e)(ii) or 8.7(e)(iii); (f) (de-registration) request or consent to the removal of any of its Secured Property from any register on which it is recorded or registered; or (g) (obtain protection) take steps to obtain protection under any statute or any other law which allows or causes the Finance Parties' rights in connection with its Secured Property to be prejudiced. 9 Default 9.1 Events of Default An Event of Default occurs if : (a) (Finance Documents – monetary obligation) an Obligor does not pay any amount payable by it under any Finance Document on time and in the manner in which that Obligor has agreed to pay it unless: (i) its failure to pay is caused by an administrative or technical error in the banking system used to transfer the funds which was beyond the control of that Obligor; and (ii) payment is made within 2 Business Days of its due date; (b) (breach of undertaking) an Obligor breaches any other covenant or undertaking given to a Finance Party (other than those referred to in clauses 9.1(a)) under a Finance Document and, if capable of remedy, the breach is not remedied within 20 Business Days of its occurrence; (c) (breach of representation or warranty) a representation or warranty made or taken to be made by an Obligor in any Finance Document is incorrect or misleading in any

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Corrs Chambers Westgarth 3445-6323-2315v7 28 Syndicated Loan Note Subscription Agreement – Project Mustang material respect when made or taken to be made and, if capable of remedy, is not remedied within 20 Business Days of being made or taken to be made; (d) (monetary obligation not complied with) any monetary obligation exceeding $5,000,000 (other than that referred to in clause 9.1(a)) of an Obligor to any person, whether actual, contingent or otherwise: (i) is not satisf ied on its due date or within an applicable grace period; or (ii) becomes due and payable or can be rendered due and payable before its stated date of maturity other than due to a voluntary prepayment; (e) (Insolvency Event) an Insolvency Event subsists in connection with an Obligor; (f) (Commonwealth Finance Documents event of default) an event of default (however def ined or described) subsists under a Commonwealth Finance Document, or a Commonwealth Finance Document otherwise becomes enforceable; (g) (unlawful) it is or becomes unlawful for a Transaction Party to perform any of its obligations under the Finance Documents; (h) (Transaction Document void) a Transaction Document is or becomes wholly or partly void, voidable or unenforceable or is claimed to be so by a person other than a Finance Party; (i) (enforcement against Secured Property) an Encumbrance, judgment or order becomes enforceable, is enforced or is sought to be enforced against the Secured Property or an Obligor and such Encumbrance, judgment or order is not discharged within 10 Business Days; (j) (resumption or destruction) the Secured Property or any part of it is resumed or compulsorily acquired by a Government Body or is materially destroyed or damaged; (k) (investigation) an investigation into all or part of the affairs of an Obligor commences under the Corporations Act or any other legislation in circumstances material to its f inancial condition; or (l) (revocation of Authorisation) an Authorisation which is material to: (i) the performance by an Obligor of a Transaction Document to which it is a party; or (ii) the validity or enforceability of a Transaction Document, is repealed, revoked or terminated or expires, or is modified or amended or conditions are attached to it in a manner unacceptable to the Facility Agent, and is not immediately replaced by another Authorisation acceptable to the Facility Agent. 9.2 Powers on default (a) If an Event of Default subsists the Facility Agent may, and will if the Majority Lenders direct in writing, by notice to the Borrower do any one or more of the following: (b) (accelerate debt) declare that: (i) the Principal Outstanding; and (ii) all interest, fees and all other money payable to a Finance Party under or in connection with the Finance Documents, are either:

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Corrs Chambers Westgarth 3445-6323-2315v7 29 Syndicated Loan Note Subscription Agreement – Project Mustang (iii) immediately due and payable; or (iv) payable on demand, in which case they will become so; and (c) (terminate obligations) terminate the obligations of any Finance Party under the Finance Documents which are specif ied in the notice. 9.3 Investigating Experts If a Default subsists the Facility Agent may, and will if the Majority Lenders direct in writing, appoint accountants, insolvency practitioners or other experts (Investigating Experts) to investigate and report on the Finance Documents and the affairs and financial position of each Obligor and the Secured Property. Each Obligor: (a) authorises, and agrees to give reasonable assistance to, the Investigating Experts to undertake the investigation, and must pay the Investigating Experts' costs on demand by the Facility Agent; and (b) authorises the disclosure to the Finance Parties and the Investigating Experts of all information and documentation in connection with the investigation. 10 Not used 11 Guarantee and indemnity 11.1 Guarantee For valuable consideration the Guarantor unconditionally and irrevocably guarantees the due and punctual payment by the Borrower to the Finance Parties of the Guaranteed Money. 11.2 Indemnity As an independent and principal obligation the Guarantor indemnif ies each Finance Party against any loss or liability sustained by that Finance Party (including all charges, costs and expenses incurred by that Finance Party) directly or indirectly in connection with: (a) (failure to pay) any failure of the Borrower to duly and punctually pay to that Finance Party the Guaranteed Money; (b) (liability unenforceable) any liability of the Borrower to pay the Guaranteed Money being or becoming void or otherwise unenforceable for any reason (including, as a result of any legal limitation, disability or incapacity affecting any person), irrespective of whether a Finance Party knew or ought to have known of the relevant facts or circumstances; (c) (Guaranteed Money irrecoverable) the Guaranteed Money (or money which, if recoverable, would have been Guaranteed Money) being or becoming irrecoverable f rom the Borrower for any reason, irrespective of whether a Finance Party knew or ought to have known of the relevant facts or circumstances; or

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Corrs Chambers Westgarth 3445-6323-2315v7 30 Syndicated Loan Note Subscription Agreement – Project Mustang (d) (Insolvency Events and Avoided Transactions) the occurrence of an Insolvency Event in relation to the Borrower or the occurrence of any Avoided Transaction. 11.3 Ipso Facto Event If an Ipso Facto Event has occurred, then immediately on demand by the Facility Agent the Guarantor must pay all Secured Money as if it was the principal obligor. 11.4 Demand The Guarantor must pay to a Finance Party on demand the Guaranteed Money guaranteed under clause 11.1 and an amount equal to the amount of any loss or liability in respect of which it has given an indemnity under clause 11.2. 11.5 Time of demand Demand may be made under clause 11.4 at any time and f rom time to time. 11.6 Principal obligations Each obligation of the Guarantor under this document is: (a) (principal obligation) a principal obligation imposed on the Guarantor as principal debtor and is not to be regarded as ancillary or collateral to any other right or obligation; and (b) (independent of Security Document) independent of and not af fected by or in substitution for any Security Document or any obligation of any person. 11.7 No recourse to Security Document or other rights This document is enforceable against the Guarantor irrespective of whether: (a) (recourse to Security Document) recourse has f irst been had to any Security Document; (b) (demands on other persons) demand has been made on or notice is given to the Borrower or any other person; (c) (other enforcement action) any other enforcement action has been taken against any person (including the Borrower or any other person); or (d) (other events) any of the events described in clause 11.11 has occurred. 11.8 Continuing guarantee The obligations of the Guarantor: (a) (continuing guarantee) are continuing guarantee and indemnity obligations; (b) (present and future) extend to the present and any future balance of the Guaranteed Money; and (c) (remains in full force and effect until discharged) remain in full force and effect until a f inal discharge of it is provided to the Guarantor, notwithstanding any settlement of account, intervening payment or other thing.

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Corrs Chambers Westgarth 3445-6323-2315v7 31 Syndicated Loan Note Subscription Agreement – Project Mustang 11.9 Increases in Guaranteed Money The obligations of the Guarantor extend to any increase in the Guaranteed Money as a result of any amendment, supplement, renewal or replacement of any of the Finance Documents or the occurrence of any other thing irrespective of whether the Guarantor is aware of or has consented to or is given notice of any such amendment, supplement, renewal or replacement or of that occurrence. 11.10 Contingent amounts The Guarantor acknowledges that the Guaranteed Money may include an amount which is contingently owing or which may become owing in the future and that, so long as a Finance Party is entitled to make demand on the Borrower (without being obliged to make that demand), the Guarantor must pay to a Finance Party an amount equal to any contingent or future amount included in the Guaranteed Money notwithstanding that that amount may not have fallen due as at the date of that demand. 11.11 Preservation The Guarantor's liabilities and the rights of each Finance Party in connection with any Finance Document or any Receiver or attorney appointed under any Security Document will not be af fected by anything which might otherwise have that ef fect including: (a) (indulgence) the grant of any indulgence to any person; (b) (compromise) a person compounding or compromising with or wholly or partially releasing any person in any way; (c) (acquiescence) any acquiescence, act, delay, laches, mistake or omission on the part of any person; (d) (variation of rights) any variation of a right of any person; (e) (alteration of documents) any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of a document; (f) (increase) any increase in the amount of or other variation in connection with the Guaranteed Money or the Secured Money; (g) (transaction of business) the transaction of business with, for or at the request, whether express or implied, of any person; (h) (change in membership) any change in the membership, name or business of a f irm, partnership, committee or association; (i) (loss of Security Document) the loss or impairment of a Security Document or any negotiable instrument; (j) (abandonment of Security Document) the abandoning, abstaining from perfecting or taking advantage, exchanging, realising, release (whether whole or partial), taking or varying of any Security Document or of any judgment or negotiable instrument; (k) (Insolvency Event) the occurrence of an Insolvency Event in connection with any person; (l) (change in capacity) any change in the legal capacity, rights or obligations of any person;

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Corrs Chambers Westgarth 3445-6323-2315v7 32 Syndicated Loan Note Subscription Agreement – Project Mustang (m) (trustee) the fact that any person is a trustee, nominee, joint owner, joint venturer or a member of a partnership, f irm or association; (n) (judgment) a judgment being made against any person; (o) (money irrecoverable) the Guaranteed Money or the Secured Money being or becoming irrecoverable against any person; (p) (assignment) any assignment of rights in connection with the Guaranteed Money or the Secured Money; (q) (repudiation) the acceptance of a repudiation or termination in connection with the Guaranteed Money or the Secured Money; (r) (invalidity) the invalidity or unenforceability of any person's obligations or liabilities; (s) (Security Document void) a Security Document being or becoming void, voidable or unenforceable or being determined, extinguished, forfeited or surrendered; (t) (receipt of dividend) the receipt of a dividend after an Insolvency Event or the payment of a sum into the account of any person; (u) (discharge of obligation) an obligation of any person (including the Guarantor or co - surety) being discharged by operation of law or otherwise; or (v) (obligation not effective) any person who is intended to enter into a Finance Document or otherwise become an Obligor not doing so or not doing so ef fectively. 11.12 No obligation to marshal A Finance Party is not obliged to marshal or appropriate in favour of the Guarantor or to apply, enforce or exercise: (a) (Security Interest) any Security Interest, Security Document or any other Finance Document or other instrument held by that Finance Party; or (b) (assets) any asset which that Finance Party holds or may otherwise be entitled to receive or have a claim on. 11.13 Suspension of rights (a) Until the Finance Parties have received payment or satisfaction of all the Guaranteed Money and all the Secured Money and have given their prior written consent, the Guarantor must not: (i) (no right of contribution) assert as against any Finance Party any right of contribution, indemnity or subrogation or otherwise claim or receive the benefit of or enforce any Security Interest or Guarantee for the payment of the Guaranteed Money or the Secured Money; (ii) (no right of proof) without limiting clause 11.13(b), exercise any right of proof or claim or receive the benef it of any distribution, dividend or payment if an Insolvency Event occurs in connection with the Borrower; (iii) (no set off) raise any set off, counterclaim or defence in reduction or discharge of its obligations under a Finance Document; or (iv) (no other right) otherwise exercise any right which it may have which is inconsistent with its obligations or a Finance Party's rights under any Finance Document.

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Corrs Chambers Westgarth 3445-6323-2315v7 33 Syndicated Loan Note Subscription Agreement – Project Mustang (b) If an Insolvency Event occurs in connection with an Obligor (Insolvent Obligor), the Guarantor irrevocably and unconditionally authorises the Facility Agent to exercise any right of proof of that other Obligor for all money which that other Obligor has paid to a Finance Party under the Finance Documents on or for the account of the Insolvent Obligor until the Finance Parties have received payment or satisfaction of the Guaranteed Money and the Secured Money in full. 12 Costs and expenses 12.1 Costs, charges and expenses Each Obligor must pay or, to the extent already paid by a Finance Party, reimburse that Finance Party on demand , all costs, charges and expenses incurred directly or indirectly by a Finance Party, its agents, contractors and employees in connection with: (a) the occurrence of any Default; (b) the lodgement or removal of any Encumbrance by any person (except any Permitted Encumbrance); or (c) the exercise, enforcement or protection of any rights conferred on a Finance Party under the Finance Documents or by law, including any expenses incurred in employing or retaining any consultant or valuer or other professional or technical person under or pursuant to any of its rights under the Finance Documents, or any development management agreements or other project documents, including any costs associated with the appointment of any professional consultant (or any of their employees or team members), including, in each case, legal costs and expenses on a solicitor and own client basis or a full indemnity basis, whichever is the higher, and costs incurred in engaging tax advisors, property consultants, valuers and quantity surveyors. 12.2 Taxes Each Obligor must pay or, to the extent already paid by a Finance Party, reimburse a Finance Party on demand for all Taxes (other than Excluded Taxes), registration and other fees, and account charges of that Finance Party, in each case including f ines and penalties for late payment, arising directly or indirectly in connection with the execution, delivery , perfection, registration, performance or enforcement of the Finance Documents, any payment, receipt or supply in relation to them or any transactions contemplated by them. 12.3 Facility Agent services (a) The Facility Agent will provide the Borrower with arranging and facilitation services in connection with the negotiation, preparation, printing, execution and syndication including ongoing maintenance, compliance and variations of : (i) this document and any other Finance Document referred to in this document; and (ii) any other Finance Documents executed af ter the date of this document, to the satisfaction of the Finance Parties. (b) Where the Facility Agent acquires third party services in the course of providing the services described in clause 12.3(a), the Facility Agent will acquire those services on its

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Corrs Chambers Westgarth 3445-6323-2315v7 34 Syndicated Loan Note Subscription Agreement – Project Mustang own account and not as agent for the Lenders or the Borrower, but the remainder of clause 22 still applies. 13 Indemnities 13.1 General indemnity As an independent and principal obligation, each Obligor indemnifies each Finance Party and each of their Representatives against any loss or liability sustained by it or on its behalf and all costs and expenses incurred by it or on its behalf directly or indirectly in connection with: (a) (Default) the occurrence of any Default; (b) (actions and claims) actions, claims, damages, demands or proceedings in connection with any Transaction Party or any of the Transaction Documents; (c) (false information) any false or misleading information or statement provided or made by or on behalf of a Transaction Party to a Finance Party; (d) (Avoided Transaction) a payment, settlement, transaction, transfer or any other dealing being an Avoided Transaction; (e) (currency of payment) a payment being made by an Obligor in any currency other than the currency in which the payment was due to be made; (f) (investigation or enquiry) any investigation, commission or enquiry by a Government Body of or concerning an Obligor; (g) (exercise of rights) the exercise by a Finance Party of any rights conferred on it under the Finance Documents or by law; (h) (obligations) anything which: (i) must be done under the Transaction Documents by a Transaction Party, whether or not at a Finance Party's request; and (ii) in a Finance Party's opinion, is appropriate to make good or attempt to make good any default by a Transaction Party in complying with its obligations under the Transaction Documents; or (i) (instructions) a Finance Party acting in connection with a Finance Document in good faith on email or telephone instructions given by an Authorised Representative of an Obligor, including, in each case, legal costs and expenses on a solicitor and own client basis or a full indemnity basis, whichever is the higher. 13.2 Prepayment indemnity If , for any reason, the Borrower repays or prepays all or part of a Drawing on a day which is not the scheduled repayment date for that Drawing then the Borrower must pay to the Facility Agent (for the account of the Lenders) an amount, as certified by the Facility Agent in writing, to be necessary to indemnify the Finance Parties against any liability or loss arising f rom, and any costs, charges and expenses incurred in connection with, that Drawing or the relevant part of it being repaid or made payable other than on the scheduled repayment date for that Drawing, including:

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Corrs Chambers Westgarth 3445-6323-2315v7 35 Syndicated Loan Note Subscription Agreement – Project Mustang (a) (funds borrowed) on account of funds borrowed, contracted for or used to fund that Drawing or the relevant part of it; and (b) (terminating and closing out) in connection with the variation, termination or closing out of any loans, swap agreements, f ixed interest rate funding arrangements, hedge contracts, forward purchase contracts or any other contracts arranged or used by a Finance Party for the purpose of or in connection with funding, providing or maintaining that Drawing or the relevant part of it. 13.3 Indemnity to the Facility Agent Without limiting clause 13.1, the Borrower indemnif ies the Facility Agent against any cost, expense, loss or liability incurred by the Facility Agent (acting reasonably) as a result of : (a) (investigations) investigating any event which it reasonably believes is a Default; (b) (acting on instructions) acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; or (c) (instructing advisers) instructing lawyers, accountants, tax advisers, surveyors or other experts or professional advisers as permitted under the Finance Documents. 13.4 Operation of indemnities Except as otherwise specified in a Finance Document, an indemnity obligation in any Finance Document is payable on demand. It is not necessary for a Finance Party to incur any expense or make any payment to any person before enforcing any right of indemnity conferred by any Finance Document. 13.5 Duration The indemnities contained in the Finance Documents survive the payment of all amounts payable under the Finance Documents, the termination of a Finance Document and the cancellation of any Commitment or any Unused Commitment. 14 Payments 14.1 Payments Each Obligor must make all its payments to the Finance Parties under the Finance Documents: (a) (manner of payment) in immediately available funds; (b) (time for payment) not later than 11:00 am (local time in the place of payment) on the due date; (c) (direction for payment) subject to clause 14.9, to the account specified by the relevant Finance Party to the relevant Obligor or as the relevant Finance Party otherwise directs f rom time to time; and (d) (without counterclaim) without any counterclaim, deduction, withholding or set-of f unless a law compels the relevant Obligor to do so. 14.2 Deduction and withholdings If a law compels an Obligor to make a deduction, withholding or set -of f , then it must:

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Corrs Chambers Westgarth 3445-6323-2315v7 36 Syndicated Loan Note Subscription Agreement – Project Mustang (a) (minimum deduction) ensure that deduction, withholding or set-of f does not exceed the minimum amount required by law; (b) (pay deduction) promptly pay the deduction, withholding or set-of f to the appropriate Government Body; and (c) (increase payment) except in relation to an Excluded Tax, increase the amount of the payment to the relevant Finance Party to an amount which will result in the receipt by that Finance Party of the full amount which would have been payable to that Finance Party if no deduction, withholding or set-of f had been required. 14.3 Not used 14.4 Not used 14.5 Capitalisation of interest Without affecting an Obligor's obligation to pay any amount owing under or in connection with a Finance Document when due, any interest that is not paid when due may be capitalised by the relevant Finance Party (including where there is a subsisting Default) at such intervals as the Facility Agent elects. If no election is made, it is to be capitalised monthly. Any interest will accrue and be payable in accordance with clause 5.1 on each amount which is capitalised in accordance with this clause 14.5. 14.6 Merger If the obligation of an Obligor to pay any amount under a Finance Document becomes merged in any agreement, judgment, order or other document, then that Obligor must pay interest on the amount owing from time to time under that agreement, judgment, order or other document at the higher of the rate payable under this document and the rate f ixed by or payable under that agreement, judgment, order or other document. 14.7 Currency If a payment is due by an Obligor in a currency and a Finance Party receives payment in a dif ferent currency, then that Finance Party may convert the amount received into the due currency at the exchange rate at which the Finance Party is able to purchase the due currency with the amount received at the time of its receipt. The Finance Party may make any number of currency conversions into any number of currencies in order to do so. The Obligor satisf ies its obligation to pay in the due currency only to the extent of the amount of the due currency ultimately purchased by the Finance Party after deducting the costs of any such conversions. 14.8 Goods and Services Tax (a) (GST exclusive) All amounts paid or payable to a Finance Party under this document (including amounts payable under this clause 14.8) are expressed on a GST-exclusive basis. (b) (gross up) If a Finance Party makes a taxable supply under this document to another party, that other party (Recipient) must pay the Finance Party, in addition to the GST exclusive consideration, a further amount on account of GST, such amount to be:

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Corrs Chambers Westgarth 3445-6323-2315v7 37 Syndicated Loan Note Subscription Agreement – Project Mustang (i) calculated by multiplying the GST-exclusive consideration by the prevailing GST rate; and (ii) payable by the Recipient to the Finance Party at the same time and in the same manner as the GST-exclusive consideration for that taxable supply. (c) (definitions) In this clause 14.8, taxable supply has the meaning given in section 195- 1 of A New Tax System (Goods and Services Tax) Act 1999 (Cth). 14.9 Payments to the Facility Agent (a) On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender must make the same available to the Facility Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time in immediately available funds or if agreed by the Facility Agent in such funds specified by the Facility Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment. (b) Payments must be made to such account at the city of the Facility Agent with such bank as the Facility Agent specif ies. (c) Payment by an Obligor to the Facility Agent for the account of a Finance Party satisf ies the Obligor's obligations to make that payment. 14.10 Distributions by the Facility Agent Each payment received by the Facility Agent under the Finance Documents for another party will, subject to clauses 14.11 and 14.12, be made available by the Facility Agent as soon as practicable af ter receipt to the party entitled to receive payment in accordance with this document, to such account as that party may notify to the Facility Agent by not less than f ive Business Days' notice with a bank specified by that party. Unless provided otherwise in a Finance Document, the proceeds of each Loan Note should be credited to such account in the Borrower's name as the Borrower may notify to the Facility Agent by not less than f ive Business Days' notice with a bank in the principal f inancial centre of the country of that currency. Any such notice must be signed by two Authorised Representatives. 14.11 Distributions to an Obligor The Facility Agent may apply any amount received by it from an Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due f rom that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied. 14.12 Clawback and pre-funding (a) Where a sum is to be paid by a party (the Payer) to the Facility Agent under the Finance Documents for another party, the Facility Agent is not obliged to pay that sum to that other party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. (b) Unless clause 14.12(c) applies, if the Facility Agent pays an amount to another party and it proves to be the case that the Facility Agent had not actually received that amount, then the party to whom that amount (or the proceeds of any related exchange contract) was paid by the Facility Agent must on demand refund the same to the Facility Agent together with interest on that amount f rom the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds.

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Corrs Chambers Westgarth 3445-6323-2315v7 38 Syndicated Loan Note Subscription Agreement – Project Mustang (c) If the Facility Agent is willing to make available amounts for the account of the Borrower before receiving funds from the Lenders then if and to the extent that the Facility Agent does so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to the Borrower: (i) the Borrower must on demand refund it to the Facility Agent; and (ii) the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrower, must on demand pay to the Facility Agent the amount (as certified by the Facility Agent) which will indemnify the Facility Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds f rom that Lender. (d) The Payer will still remain liable to make the assumed payment, but until the other party does repay the Facility Agent under clause 14.12(b), the Payer's liability will be to the Facility Agent in the Facility Agent's own right. 14.13 Facility Agent a Defaulting Finance Party (a) If , at any time, the Facility Agent becomes a Defaulting Finance Party, a party which is required to make a payment under the Finance Documents to the Facility Agent for the account of other parties under clause 14.9 may instead on the due date for payment either pay that amount direct to the required payee or pay that amount to an interest - bearing account held in the name of the payer and designated as a trust account for the benef it of the payee or payees with a bank rated at least A by Standard & Poor's Rating Services or Fitch Ratings Ltd or A3 by Moody's Investors Services Limited or a comparable rating f rom an internationally recognised credit rating agency. (b) All interest accrued on the trust account will be for the benefit of the beneficiaries of that trust account pro rata to their respective entitlements. (c) A party which has made a payment under clause 14.13(a) will be discharged of the relevant payment obligation under the Finance Documents and will not take any credit risk with respect to the amounts in the trust account. (d) Promptly upon the appointment of a successor Facility Agent under clause 22.16, each party which has made a payment to a trust account under clause 14.13(a) must give all requisite instructions to the bank to transfer the amount (together with any accrued interest) to the successor Facility Agent for distribution under clause 14.10. 14.14 Partial payments (a) If the Facility Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Facility Agent must, subject to the Intercreditor Deed, apply that payment towards the obligations of that Obligor under the Finance Documents in the following order: (i) first, in or towards payment pro rata of any amounts payable but unpaid in respect of fees, costs, expenses, losses or liabilities of the Facility Agent or the Security Trustee, or any of their Representatives, under the Finance Documents; (ii) secondly, in or towards payment pro rata of all amounts (including interest) payable by the Obligor to Lenders in respect of amounts or security paid or provided by the Lenders to the Facility Agent in place of another Lender under clause 22.12;

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Corrs Chambers Westgarth 3445-6323-2315v7 39 Syndicated Loan Note Subscription Agreement – Project Mustang (iii) thirdly, in or towards payment pro rata of any accrued interest, fees or commission due but unpaid under the Finance Documents; (iv) fourthly, in or towards payment pro rata of any principal due but unpaid under the Finance Documents; and (v) fifthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. (b) The Facility Agent will, if so directed by all Lenders, vary the order set out in clauses 14.14(a)(ii) to 14.14(a)(v). (c) Clauses 14.14(a) and 14.14(b) will override any appropriation made by an Obligor. 14.15 Disruption to payment systems etc. If either the Facility Agent determines (in its discretion) that a Disruption Event has occurred or the Facility Agent is notif ied by the Borrower that a Disruption Event has occurred: (a) the Facility Agent may, and must if requested to do so by the Borrower, consult with the Borrower with a view to agreeing with the Borrower such changes to the operation or administration of the Facility the Facility Agent may deem necessary in the circumstances; (b) the Facility Agent will not be obliged to consult with the Borrower in relation to any changes mentioned in clause 14.15(a) if, in its opinion, it is not practicable to do so in the circumstances and, in any event, will have no obligation to agree to such changes; (c) the Facility Agent may consult with the other Finance Parties in relation to any changes mentioned in clause 14.15(a) but will not be obliged to do so if , in its opinion, it is not practicable to do so in the circumstances; (d) any such changes agreed upon by the Facility Agent and the Borrower will (whether or not it is f inally determined that a Disruption Event has occurred) be binding upon the parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of clause 22.17; (e) the Facility Agent will not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this clause 14.15; and (f) the Facility Agent will notify the Finance Parties of all changes agreed pursuant to clause 14.15(d). 14.16 Rounding In making any allocation or appropriation under any Finance Document the Facility Agent may round amounts to the nearest dollar. 14.17 Conduct of Finance Parties No provision of this document will: (a) interfere with the right of any Finance Party to arrange its af fairs (tax or otherwise) in whatever manner it thinks f it;

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Corrs Chambers Westgarth 3445-6323-2315v7 40 Syndicated Loan Note Subscription Agreement – Project Mustang (b) oblige any Finance Party to investigate or claim any credit, relief , remission or repayment available to it or the extent, order and manner of any claim; or (c) oblige any Finance Party to disclose any information relating to its af fairs (tax or otherwise) or any computations in respect of Tax. 15 Illegality and increased costs 15.1 Illegality (a) Subject to clause 15.1(b), if as a result of a change in a present or future Reserve Requirement, law or regulation, or the official interpretation or implementation of any of them, a Lender determines that it is impossible or contrary to a Reserve Requirement, law or regulation: (i) (to maintain) for that Lender to fund, maintain or provide the Facility or comply with its obligations under any Finance Document; or (ii) (to remain bound) for a person (including that Lender) to observe or remain bound by any transaction entered into by that Lender for the purpose of putting that Lender in funds to allow it to provide or maintain all or any of the Financial Indebtedness required to be provided or maintained by it under the Facility, (Illegality) then that Lender upon giving notice to the Borrower is released from all of its obligations under the Finance Documents and the Borrower must, on the date which is the earlier of the last day of any applicable grace period permitted by law and 30 Business Days af ter the date of the notice, prepay to that Lender: (iii) (principal) that Lender's participation in the Principal Outstanding; and (iv) (other amounts) all interest, fees and other money payable to that Lender under or in connection with the Finance Documents. (b) If the Borrower receives a notice f rom the Facility Agent under clause 15.1(a), at the Borrower's request and expense, the Lenders agree to negotiate with the Borrower in good faith (for a period determined by the Lenders, acting reasonably (but at least 15 Business Days)) with a view to restructuring the Facility so as to prevent, remedy or avoid the Illegality in a manner satisfactory to the Lenders. However, nothing in this clause obliges an Obligor or a Finance Party to restructure the Facility. 15.2 Increased costs (a) If as a result of a present or future Reserve Requirement, law, regulation or Taxes or the interpretation or implementation of any of them, a Finance Party determines that there is a direct or indirect: (i) (increased cost) increase in any cost to that Finance Party (or any Related Entity of it): (A) of funding, maintaining or providing its participation in the Facility; or (B) because that Finance Party (or any Related Entity of it) is not allowed to claim an input tax credit, or is allowed to claim only a reduced input tax credit, for any GST paid in connection with the purchase by, or supply to, that Finance Party (or any Related Entity of it), of anything; or

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Corrs Chambers Westgarth 3445-6323-2315v7 41 Syndicated Loan Note Subscription Agreement – Project Mustang (ii) (reduced return) reduction in any effective return to, or in any amount receivable or received by, that Finance Party (or any Related Entity of it) under or in connection with the Facility, then the Borrower must on demand pay to that Finance Party such amounts as that Finance Party states are necessary to compensate it (or any Related Entity of it) for the increased cost or reduction in effective return or amount. This includes any present or future law or regulation with regard to capital adequacy, prudential limits, liquidity, reserve assets or Taxes, but excludes any Excluded Tax. (b) A Finance Party intending to make a claim pursuant to clause 15.2(a) must notify the Facility Agent of the event giving rise to the claim, following which the Facility Agent will promptly notify the Borrower. (c) Each Finance Party must, as soon as practicable after a demand by the Facility Agent, provide a certif icate conf irming the amount of its increased costs claimed. (d) Clause 15.2(a) does not apply to the extent any increased cost is: (i) attributable to a deduction, withholding or set-off required by law to be made by an Obligor; or (ii) compensated for by clause 12.2 (or would have been compensated for under clause 12.2 but was not so compensated solely because the Tax was an Excluded Tax); or (e) attributable to the wilful breach by the relevant Finance Party or its aff iliates of any law or regulation. 16 Register 16.1 Appointment of Registrar The Borrower appoints the Facility Agent as the Registrar of the Loan Notes on the terms and conditions of this document and the Loan Note Deed Poll and the Facility Agent accepts that appointment. 16.2 Establishment and maintenance of Register The Registrar agrees to establish and maintain the Register as agent of the Borrower in accordance with this document and the Loan Note Deed Poll. 16.3 Location of Register The Register will be located at such address as the Facility Agent determines. 16.4 Information required in Register The Registrar must enter the following information in the Register: (a) the number of Loan Notes held by a Lender; (b) the issue date of each Loan Note; (c) the name and address of each Lender who is an initial holder of the Loan Note and each Lender to whom each Loan Note is subsequently transferred (which must be the

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Corrs Chambers Westgarth 3445-6323-2315v7 42 Syndicated Loan Note Subscription Agreement – Project Mustang same as specified for that Lender in this document or a substitution certif icate referred to in clause 21.3); (d) the Final Repayment Date; (e) details of all transfers, assignments or substitutions (including date, amount and parties); (f) the relevant Lender's tax f ile number or exemption details (if provided); and (g) any other information which the Borrower and the Registrar consider necessary or desirable. 16.5 Register is paramount (a) The Borrower and the Facility Agent must recognise the Lender whose name appears on the Register as the absolute owner of the Loan Notes inscribed in its name in the Register without regard to any other record or instrument. (b) No notice of any trust or other interest in any Loan Note will be entered in the Register. The Borrower, the Facility Agent and the Registrar (if the Facility Agent is not the Registrar) need not take notice of any other interest in, or claim to, a Loan Note, except as ordered by a court of competent jurisdiction or required by law. 16.6 Update and correction of Register The Registrar agrees to: (a) update the Register when it is notified of any change in any of the details recorded in respect of a Lender under clause 16.4; and (b) correct the Register if it becomes aware that any details in the Register are incorrect or incomplete. 16.7 Inspection of Register A Lender may inspect the Register: (a) on prior reasonable notice to the Registrar; and (b) between 9.30 am and 4.30 pm on the days on which business is generally carried on in the place where the Register is kept. 16.8 Certified extracts from Register available If a Lender asks, the Registrar agrees to provide to the Lender a certif ied extract of the information entered in the Register in relation to that Lender and the Loan Notes held by it. 16.9 Retirement or removal of Registrar The Facility Agent may not retire as Registrar, and the Borrower may not remove the Registrar unless the Facility Agent has retired, or been removed, and a successor Facility Agent has been appointed in accordance with this agreement. Upon appointment of the successor Facility Agent: (a) the Registrar is taken to have retired; and (b) the successor Facility Agent is taken to have been appointed by the Borrower as the successor Registrar.

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Corrs Chambers Westgarth 3445-6323-2315v7 43 Syndicated Loan Note Subscription Agreement – Project Mustang 17 Anti-money laundering 17.1 Finance Party may block transactions The Obligors agree that a Finance Party may delay, block or refuse to process any transaction under a Finance Document without incurring any liability if the Finance Party reasonably suspects that: (a) (breach of laws) the transaction may breach any laws or regulations in Australia or any other country; (b) (unlawful proceeds) the transaction may directly or indirectly involve the proceeds of , or be applied for the purposes of, conduct which is unlawful in Australia or any other country; or (c) (sanctions) the transaction involves any person (natural, corporate or governmental) that is itself sanctioned or is connected, directly or indirectly, to any person that is sanctioned under economic and trade sanctions imposed by the United States, the European Union or any country. 17.2 Obligors to provide information The Obligors must provide all information to a Finance Party which the Finance Party reasonably requires in order to manage its anti-money laundering, counter-terrorism f inancing or economic and trade sanctions risk or to comply with any laws or regulations in Australia or any other country. 17.3 Finance Parties may disclose information The Obligors agree that the Finance Parties may disclose any information concerning it to: (a) (law enforcement agency) any law enforcement, regulatory agency or court where required by any such law or regulation in Australia or elsewhere; and (b) (payment correspondent) any correspondent a Finance Party uses to make the payment for the purpose of compliance with any such law or regulation. 17.4 No breach Each Obligor declares and undertakes to each Finance Party that the processing of any transaction by the Finance Parties in accordance with that Obligor's instructions will not breach any laws or regulations in Australia or any other country. 17.5 Capacity of Obligors Unless an Obligor has disclosed to the Facility Agent that it is acting in a trustee capacity or on behalf of another party, each Obligor warrants that it is acting on its own behalf in entering into the Finance Documents to which it is a party. 18 Notices 18.1 Communications in writing Any communication or document to be made or delivered under or in connection with the Finance Documents:

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Corrs Chambers Westgarth 3445-6323-2315v7 44 Syndicated Loan Note Subscription Agreement – Project Mustang (a) (in writing) must be in writing; (b) (Authorised Representative) in the case of a communication or document made or delivered by an Obligor, must be signed by an Authorised Representative of the sender (directly or with an email signature), subject to clause 18.5, clause 18.6 and clause 18.7; and (c) (method) unless otherwise stated, may be made or delivered by letter, by email or as specif ied in clause 18.6. 18.2 Addresses The address and email address (and the department or officer, if any, for whose attention the communication is to be made) of each party for any communication or document to be made or delivered under or in connection with the Finance Documents is as ident if ied in the Key Details or any substitute address, email address or department or of f icer as the party may notify to the Facility Agent (or the Facility Agent may notify to the other parties, if a change is made by the Facility Agent) by not less than f ive Business Days' notice. 18.3 Delivery (a) Any communication or document to be made or delivered by one party to another under or in connection with the Finance Documents will be taken to be effective or delivered: (i) if by way of letter or any physical communication, when it has been lef t at the relevant address or seven Business Days af ter being deposited in the post postage prepaid in an envelope addressed to it at that address; or (ii) if by way of email, as specif ied in clause 18.5; or (iii) if it complies with clause 18.6, and, in the case of a communication, if a particular department or officer is specif ied as part of its address details provided under clause 18.2, if addressed to that department or of f icer. (b) All communication to or f rom an Obligor must be sent through the Facility Agent. (c) Any communication or document made or delivered to the Borrower in accordance with this clause 18 will be deemed to have been made or delivered to each of the Obligors. (d) A communication by email or under clause 18.6 after business hours in the city of the recipient will be taken not to have been received until the next opening of business in the city of the recipient. 18.4 Notification of address and email address Promptly upon receipt of notification of an address and email address or change of address or email address of an Obligor under clause 18.2 or upon changing its own address or email address, the Facility Agent will notify the other parties. 18.5 Email communication (a) Any communication or document under or in connection with the Finance Documents may be made by or attached to an email and will be ef fective or delivered only: (i) in the case of a notice to the Facility Agent of a Default or Event of Default, when actually opened in legible format by the recipient party;

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Corrs Chambers Westgarth 3445-6323-2315v7 45 Syndicated Loan Note Subscription Agreement – Project Mustang (ii) in all other cases, on the f irst to occur of the following: (A) when it is dispatched by the sender to each of the email addresses specified by the recipient, unless for each of the addresses, the sender receives an automatic notif ication that the e-mail has not been received (other than an out of of f ice greeting for the named addressee) and it receives the notif ication before 2 hours af ter the last to occur (for all addresses) of : (1) dispatch if in business hours in the city of the address; or (2) if not, the next opening of business in such city; (B) the sender receiving a message from the intended recipient's information system conf irming delivery of the email; and (C) the email being available to be read at one of the email addresses specif ied by the sender; and (iii) where the email is in an appropriate and commonly used format, and any attached file is a pdf, jpeg, tiff or other appropriate and commonly used format. (b) In relation to an email with attached f iles: (i) if the attached f iles are more than 5 MB in total, then: (A) at the time of dispatch the giver of the e-mail must send a separate email without attachments notifying the recipient of the dispatch of the email; and (B) if the recipient notif ies the sender that it did not receive the email with attached f iles, and the maximum size that is able to receive under its f irewalls, then the sender shall promptly send to the recipient the attached f iles in a manner that can be received by the recipient of ; and (ii) if the recipient of the email notifies the sender that it is unable to read the format of an attached file or that an attached file is corrupted, specifying appropriate and commonly used formats that it is able to read, the sender must promptly send to the recipient the file in one of those formats or send the attachment in some other manner; and (iii) if within two hours of : (A) dispatch of the email if in business hours in the city of the recipient; or (B) if not, the next opening of business in the city of the recipient, the recipient notif ies the sender as provided in clauses 18.5(b)(i)(B) or 18.5(b)(ii), then the relevant attached f iles will be taken not to have been received until the sender complies with that clause. (c) An email which is a covering email for a notice signed by an Obligor's Authorised Representative does not itself need to be signed by an Authorised Representative. (d) Email and other electronic notices from the Facility Agent generated by Debt domain or other system sof tware do not need to be signed. 18.6 Communication through secure website (a) The Facility Agent may establish a secure website to which access is restricted to the Facility Agent and the Lenders or the Obligors or both (and, where applicable, their respective f inancial and legal advisers).

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Corrs Chambers Westgarth 3445-6323-2315v7 46 Syndicated Loan Note Subscription Agreement – Project Mustang (b) Af ter the Facility Agent notifies the Lenders or the Borrower on behalf of the Obligors or both (as the case may be) of the establishment of the secure website, then any communication or document given or delivered by or to the Facility Agent to or by Lenders or Obligors (as the case may be): (i) may be given by means of the secure website in the manner specif ied by the Facility Agent (or in the absence of such specif ication, as specif ied by the operator of the website); and (ii) unless otherwise agreed will be taken to be made or delivered upon satisfaction of the following: (A) a communication or document being posted on that secure website; (B) either: (1) receipt by the Facility Agent of an email f rom the relevant website conf irming that the website has sent an email to the relevant party's email addresses nominated under clause 18.6(d) notifying that a communication or document has been uploaded on the website; or (2) the website containing or providing conf irmation that the communication or document has been opened by the intended recipient; and (C) compliance with any other requirements specif ied by the Facility Agent under clause 18.6(c). (c) By notice to the Lenders or the Borrower on behalf of the Obligors or both (as the case may be) the Facility Agent acting reasonably may from time to time specify and amend rules concerning the operation of the secure website in the manner in which communications or documents may be posted, and will be taken to have been made or delivered. Those rules or moments will bind the recipients of the notice and the Facility Agent. (d) When it establishes the secure website, the Facility Agent shall nominate to the website for each party the email address given to it by the party under this clause 18. Subsequently, the nominated email address for each party for that website will be the address nominated by that party to the secure website or by the Facility Agent (who will notify the party accordingly). It is the responsibility of each party to ensure that the email address nominated for it is up-to-date. The Facility Agent is under no obligation to notify the secure website of any change in email address notif ied to it. (e) Each of the other parties agrees that the Facility Agent is not liable for any liability, loss, damage, costs or expenses incurred or suffered by them as a result of their access or use of the secure website or inability to access or use the secure website except to the extent caused by its gross negligence or wilful misconduct. 18.7 Reliance (a) Any communication or document sent under this clause 18 can be relied on by the recipient if the recipient reasonably believes it to be genuine and (if such a signature is required under clause 18.1(b)) it bears what appears to be the signature (original or email) of an Authorised Representative of the sender (in the case of the Borrower) or of the Guarantor (without the need for further enquiry or conf irmation).

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Corrs Chambers Westgarth 3445-6323-2315v7 47 Syndicated Loan Note Subscription Agreement – Project Mustang (b) Each party must take reasonable care to ensure that no forged, false or unauthorised notices are sent to another party. 18.8 English language (a) Any notice or other communication given under or in connection with any Finance Document must be in English. (b) All other documents provided under or in connection with any Finance Document must be: (i) in English; or (ii) if not in English, and if so required by the Facility Agent or the Security Trustee, accompanied by a certif ied English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other of f icial document. 18.9 Digitally signed notices Commencing on a date to be determined by the Facility Agent and notified to the other parties to this document, all notices with payment instructions given by the Facility Agent will be digitally signed by the Facility Agent. From that date, any notice with payment instructions may only be relied on by the recipient if the notice has a valid digital certification appearing to come f rom an Authorised Representative of the Facility Agent and which states within the notice that: (a) (no revocation) the certificate of the signer of the notice has not been revoked; and (b) (no modification) the notice has not been modif ied since it was certif ied. The parties agree that this clause 18.9 also applies to the Security Trust Deed and to the extent of any inconsistency between this clause 18.9 and the Security Trust Deed, this clause will prevail. 19 Disclosure of information 19.1 Specific disclosure by Finance Parties Each Obligor irrevocably consents and agrees to each Finance Party providing any information about any Obligor and their Related Entities, the Secured Property and any of the Transaction Documents as the Finance Party considers appropriate: (a) (Related Entities) to any of its Related Entities or any trustee, responsible entity, custodian, fund manager or investor of any Lender that is a fund; (b) (assignees) to any person to (or through) whom the Finance Party assigns or transfers (or may potentially assign or transfer) all or any of its rights or obligations under a Finance Document; (c) (participants) to any person with (or through) whom the Finance Party enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments may be made by reference to, a Finance Document or any Obligor;

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Corrs Chambers Westgarth 3445-6323-2315v7 48 Syndicated Loan Note Subscription Agreement – Project Mustang (d) (advisors) to any employee, banker, lawyer, auditor or other professional advisor or consultant to the Finance Party; (e) (Security Interest holders) to (or through) any person who is: (i) a benef iciary or potential benef iciary of ; (ii) the holder or potential holder of , a Security Interest over the Finance Party's rights under a Transaction Document; (f) (rating agencies) to rating agencies to the extent required by them; or (g) (required by law) to whom, and to the extent that, information is required or requested to be disclosed by any court of competent jurisdiction or governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation, provided that nothing in this clause 19.1 shall authorise or permit the Finance Parties to disclose any such information to the extent such disclosure would contravene any restriction on disclosure or obligation of conf identiality in the Intercreditor Deed . 19.2 General disclosure by Finance Parties A Finance Party may disclose any information: (a) (public) that is publicly available; (b) (duty to disclose) that the Finance Party is under a public duty to disclose; or (c) (registration) for the purpose of registering and maintaining any financing statement or f inancing change statement relating to any Finance Party's Security Interests. 19.3 Personal Information (a) If an Obligor gives a Finance Party Personal Information about an individual, or directs an individual to give his or her Personal Information to the Finance Party, that Obligor must show that individual a copy of the Finance Party's collection statement, and a copy of the Finance Party's disclosure statement, in each case in accordance with, and as required by, the Privacy Law so that the individual understands the manner in which his or her Personal Information may be used or disclosed by the Finance Party. (b) The Obligors must co-operate with each Finance Party and its employees, of f icers, agents, advisers and consultants to resolve any complaint made under any Privacy Law, and in relation to any request made for access to Personal Information, in connection with the Transaction Documents or any transaction contemplated by the Transaction Documents. 20 PPS Act 20.1 Confidentiality (a) To the extent permitted by section 275 of the PPS Act, the Obligors and each Finance Party agree that all information of the kind referred to in section 275(1) of the PPS Act is protected by a duty of confidence and that neither of them will disclose that information to an interested person, or to any other person at the request of an interested person, unless allowed or required by law.

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Corrs Chambers Westgarth 3445-6323-2315v7 49 Syndicated Loan Note Subscription Agreement – Project Mustang (b) Each Obligor conf irms and agrees that it will not authorise the disclosure of any information of the kind referred to in section 275(1) of the PPS Act. (c) For the purposes of this clause 20.1, "interested person" has the meaning given to that expression for the purposes of section 275 of the PPS Act and includes: (i) any person granting a Security Interest under a Security Document; (ii) a person with another Security Interest in the same property in which a Finance Party has a Security Interest; (iii) if a person granting a Security Interest is a body corporate, an auditor of that person; (iv) an execution creditor with an interest in the property in which a Finance Party has a Security Interest; and (v) an authorised representative of any of the above. (d) The prohibition on disclosure under clause 20.1 is absolute and none of the permissions set out in clause 19 applies to a disclosure under clause 20.1. 20.2 PPS Act further assurances Without limiting clause 24.1, if the Facility Agent determines that a Finance Document or a transaction in connection with it is or contains a security interest for the purposes of the PPS Act, then, on request and within the time requested by the Facility Agent, the Obligors must do anything (including obtain any consent or approval, sign and provide or produce any document, declaration, statement or certif icate and supply any information to the Facility Agent, in each case in form and substance satisfactory to the Facility Agent) which the Facility Agent considers necessary for the purposes of : (a) (effective security) ensuring that each such security interest is binding and enforceable, perfected and otherwise ef fective; (b) (registration) enabling a Finance Party to apply for any registration, give any notif ication or do any other thing, in connection with any such security interest so that the security interest has the priority ranking required by the Facility Agent; or (c) (exercise of rights) enabling the Security Trustee to exercise any of its rights and powers under or in connection with the security interest. 20.3 PPS Act undertakings If an Obligor holds any security interest for the purposes of the PPS Act, that Obligor undertakes to implement and maintain policies and procedures which are prudent for its business under or in relation to the PPS Act, taking into account the materiality of the security interest and the risks involved. 20.4 PPS Act costs and expenses Everything an Obligor is required to do under clauses 20.2 and 20.3 is at that Obligor's expense. The Obligors must pay or, to the extent already paid by a Finance Party, reimburse that Finance Party within two Business Days of demand for all costs, charges and expenses incurred by or on behalf of the Finance Party in connection with anything the Obligors are required to do under those clauses.

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Corrs Chambers Westgarth 3445-6323-2315v7 50 Syndicated Loan Note Subscription Agreement – Project Mustang 20.5 No PPS Act notice required unless mandatory No Finance Party need give any notice under the PPS Act (including a notice of a verif ication statement), and each Obligor waives its right to receive any such notice, unless the notice is required by the PPS Act and cannot be excluded. 21 Assignments and syndication 21.1 Assignment by Obligors No Obligor may assign, transfer, novate, sub-participate or otherwise dispose of or deal with any of its rights or obligations under any Finance Document, or grant or allow to exist any Security Interest over any of the same, without the prior written consent of the Facility Agent (acting on the instructions of all Lenders). 21.2 Assignment by Finance Parties Subject to the Intercreditor Deed: (a) (assign) a Finance Party may assign, transfer, novate or sub-participate, or otherwise dispose of or deal with, any or all of its rights or obligations under any Finance Document at any time without the consent of , or notice to, any Obligor. (b) (Sub-participate) to avoid doubt, a Lender may, without consent of , or notice to, any Obligor, sub-participate or enter into a credit derivative transaction or a synthetic securitisation transaction in relation to all or part of its participation in the Facility (being a right to share in the f inancial benef its of this document, without any direct rights against an Obligor). (c) (encumber) a Finance Party may, without the consent of , or notice to, any Obligor, create or allow to exist any Security Interest over any or all of its rights under any Finance Document. (d) (consent) a Finance Party may not assign or novate rights to any person who is an Obligor or a Related Entity of any Obligor without the prior written consent of each other Finance Party. 21.3 Substitution certificates (a) (substitution certificate) If a Finance Party wishes to substitute a person for all or part of its Commitment: (i) that Finance Party and the substitute will execute and deliver to the Facility Agent four counterparts of a certif icate substantially in the form of Schedule 5; and (ii) the substitute will execute and deliver to the Facility Agent an accession deed substantially in the form of Schedule 6 of the Intercreditor Deed by which the substitute accedes to the Intercreditor Deed, with the substitution to be effective simultaneously with the substitute's accession to the Intercreditor Deed (subject to the completion of the steps set out in this clause 21.3). (b) (action on receipt) On receipt of the certificate, if the retiring Lender pays the Facility Agent's reasonable costs of the substitution and if the Facility Agent is satisf ied that:

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Corrs Chambers Westgarth 3445-6323-2315v7 51 Syndicated Loan Note Subscription Agreement – Project Mustang (i) the substitution relates to all the relevant Lender's Commitments or, where part of the relevant Lender's Commitments, by the same proportion; (ii) the substitution complies with clause 21.2; and (iii) the substitute Lender has completed all KYC Checks in order to comply with applicable laws, together with all information which the Facility Agent reasonably requires to manage its anti-money laundering, counter-terrorism f inancing or economic and trade sanctions risk or to comply with any anti-money laundering or counter-terrorism f inancing legislation, then the Facility Agent will promptly: (iv) notify the Borrower; (v) countersign the counterparts of the certificate on behalf of all other parties to this document; (vi) cause the substitute Lender to execute a deed poll under the Security Trust Deed so that it becomes a benef iciary under the Security Trust Deed; (vii) enter the substitution in a register kept by it (which will be conclusive); and (viii) retain one counterpart of the certif icate and deliver the others to the retiring Lender, the substitute Lender and the Borrower. (c) (retiring Lender relieved) When the certificate is countersigned by the Facility Agent, the retiring Lender will be relieved of its obligations to the extent specif ied in the certif icate and the substitute Lender will be bound by this document as stated in the certif icate. (d) (Facility Agent is agent of the parties) Each other party to this document irrevocably authorises the Facility Agent to sign each certif icate on its behalf . (e) (no substitution immediately before drawing) Unless the Facility Agent otherwise agrees, no substitution may be made while any Drawdown Notice is current. (f) (substitution fee) Unless the Facility Agent otherwise agrees, the substitute Lender must, on the date upon which the substitution takes effect, pay to the Facility Agent (for its own account) a fee of $5,000 plus GST if applicable where the substitute Lender is an authorised deposit taking institution (as def ined in the Banking Act 1959 (Cth)) or such other reasonable amount advised by the Facility Agent f rom time to time (where the transfer is not an authorised deposit taking institution (as defined in the Banking Act 1959 (Cth)). 21.4 Tax Gross-up on assignment or novation by Lender If : (a) a Lender assigns or novates any of its rights or obligations under the Finance Documents; and (b) as a result of circumstances existing at the date the assignment, novation or change occurs, an Obligor would be obliged to make a payment to the new Lender under clause 14.2 or 15.2, then the new Lender is only entitled to receive payment under clause 14.2 and 15.2 to the same extent as the existing Lender would have been if the assignment, novation or change had not occurred.

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Corrs Chambers Westgarth 3445-6323-2315v7 52 Syndicated Loan Note Subscription Agreement – Project Mustang 22 Relationship of Lenders to Facility Agent 22.1 Authority (a) (appointment) Subject to clause 22.16, each Lender irrevocably appoints the Facility Agent to act as its agent under the Finance Documents (except as described in clause 22.1(c)). (b) (powers and duties) The Facility Agent has all powers expressly delegated to it by the Finance Documents together with all other powers reasonably incidental to those powers. The Facility Agent has no duties or responsibilities except those expressly set out in the Finance Documents. The Facility Agent's duties under the Finance Documents are solely mechanical and administrative in nature. (c) (other services) Where the Facility Agent provides services in connection with the administration of the Facility or the Finance Documents, such as calculating rates and amounts, keeping records, distributing payments and information and dealing with Drawdown Notices, it does not provide those services as agent for the Lenders but the remainder of this clause 22 still applies. (d) (costs for services) To the extent that the Borrower reimburses the Facility Agent under for any costs, charges or expenses under clause 12.1, the amount of the reimbursement is in consideration of the arranging and facilitating services provided by the Facility Agent to the Borrower under clause 12.3. 22.2 Instructions and extent of discretion (a) (act on instructions) In the exercise of all its rights, powers and discretions under the Finance Documents, the Facility Agent must act in accordance with the instructions of all Lenders (if the relevant Finance Document stipulates the matter is an all Lender decision) or in accordance with the instructions of the Majority Lenders (if the relevant Finance Document stipulates the matter is a Majority Lender decision or does not provide any relevant stipulation). The Facility Agent will not be liable for any act (or omission) if it acts (or ref rains f rom acting) in accordance with this clause 22.2(a). (b) (request instructions) The Facility Agent is entitled to request instructions, or clarif ication of any instruction, from the Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, f rom that Lender or group of Lenders) as to whether, and in what manner, it should exercise or ref rain f rom exercising any right, power, authority or discretion. The Facility Agent may ref rain f rom acting unless and until it receives any such instructions or clarification that it has requested. (c) (act in best interests) If it neither seeks (not being obliged to) nor receives those instructions, the Facility Agent need not act. However, it may act as it sees f it in the best interests of all Lenders. (d) (no obligation to seek instructions) Except as expressly provided in a Finance Document, the Facility Agent need not seek the instructions of , or consult with, any Lenders (but may do so). (e) (action binding) Any action taken by the Facility Agent in accordance with the Finance Documents binds all Lenders.

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Corrs Chambers Westgarth 3445-6323-2315v7 53 Syndicated Loan Note Subscription Agreement – Project Mustang (f) (legal proceedings) The Facility Agent is not authorised to act on behalf of a Lender (without f irst obtaining that Lender's consent) in any legal or arbitration proceedings relating to any Finance Document. 22.3 Rights and discretions (a) The Borrower need not enquire whether any instructions have been given to the Facility Agent by all Lenders or as to the terms of those instructions. As between the Borrower on the one hand and the Facility Agent and the Lenders on the other, all action taken by the Facility Agent under the Finance Documents will be taken to be authorised. (b) The Facility Agent may: (i) assume that: (A) any instructions received by it from any Lenders, the Majority Lenders or any group of Lenders are duly given in accordance with the terms of the Finance Documents; and (B) unless it has received notice of revocation, that those instructions have not been revoked; and (ii) rely on a written statement f rom any person: (A) as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or (B) to the ef fect that such person approves of any particular dealing, transaction, step, action or thing, as suf f icient evidence that that is the case and, in the case of clause 22.3(b)(ii)(A), may assume the truth and accuracy of that certif icate. (c) The Facility Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that: (i) no Default has occurred (unless it has actual knowledge of a Default arising under clause 9.1(a)); (ii) any right, power, authority or discretion vested in any party or any group of Lenders has not been exercised; and (iii) any notice or request made by the Borrower (other than a Drawdown Notice) is made on behalf of and with the consent and knowledge of all the Obligors. (d) The Facility Agent may engage and pay for the advice or services of any lawyers, accountants, surveyors or other experts or professional advisers. (e) Without prejudice to the generality of clause 22.3(d) or clause 22.3(f), the Facility Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Facility Agent (and so separate from any lawyers instructed by the Lenders) if the Facility Agent in its reasonable opinion deems this to be necessary. (f) The Facility Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Facility Agent or by any other party) and shall not be liable for any damages, cos ts or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.

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Corrs Chambers Westgarth 3445-6323-2315v7 54 Syndicated Loan Note Subscription Agreement – Project Mustang (g) The Facility Agent may act in relation to the Finance Documents through its of f icers, employees, secondees and agents. (h) Unless a Finance Document expressly provides otherwise the Facility Agent may disclose to any other party any information it reasonably believes it has received as Facility Agent under a Finance Document. (i) Without limiting clause 22.3(h), the Facility Agent may disclose the identity of a Defaulting Finance Party to the other Finance Parties and the Borrower and must disclose it on the written request of the Borrower or the Lenders. (j) Notwithstanding any other provision of any Finance Document to the contrary, the Facility Agent is not obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of a f iduciary duty or duty of conf identiality. 22.4 Facility Agent not a fiduciary (a) The Facility Agent does not owe a f iduciary or other duty or responsibility except as expressly provided in a Finance Document. (b) The Facility Agent is not bound to account to any Lender for any sum or the prof it element of any sum received by it for its own account. 22.5 No liability Neither the Facility Agent nor any of its respective directors, of f icers, employees, agents, attorneys, Related Entities or successors is responsible to any Finance Party for, or will be liable (whether in negligence or on any other ground whatever) in respect of : (a) (conduct) any conduct relating to, contained in or relying on, any loan proposal or information memorandum, any Finance Document or any document or agreement referred to in or received under any Finance Document; (b) (information) the value, validity, ef fectiveness, genuineness, enforceability or suf ficiency of any loan proposal or information memorandum, any Finance Document or any other document or agreement; (c) (default) any failure by any Obligor to perform its obligations; or (d) (action taken) any action taken or omitted to be taken by it or them under any Finance Document except in the case of its or their own wilful misconduct or gross negligence. 22.6 Delegation The Facility Agent may employ agents and attorneys. 22.7 Reliance on documents and experts The Facility Agent may rely on: (a) (documents) any representation, communication, notice or document (including any fax transmission, telegram or telex or email) believed by it to be genuine, correct and appropriate authorised; and (b) (advice) advice and statements of lawyers, independent accountants and other experts selected by the Facility Agent.

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Corrs Chambers Westgarth 3445-6323-2315v7 55 Syndicated Loan Note Subscription Agreement – Project Mustang 22.8 Notice of transfer The Facility Agent may treat each Lender as the holder of the Lender's rights under the Finance Documents until the Facility Agent has received either a substitution certif icate under this document or a notice of assignment satisfactory to the Facility Agent. 22.9 Notice of default (a) (knowledge) The Facility Agent will be taken not to have knowledge of any fact or information (including the occurrence of a Default) unless: (i) it has received notice from a Lender or an Obligor stating that fact or information (and, in the case of a Default, describing it as such); or (ii) its officers who have day to day responsibility for the transaction become aware of that fact or information. (b) If the Facility Agent becomes aware of a Default under clause 22.9(a) or the non- payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Facility Agent) under this document, it must promptly notify the Lenders. 22.10 Facility Agent as Lender and banker (a) (Facility Agent may be Lender) The Facility Agent may be a Lender in its private or another capacity. As a Lender, the Facility Agent has the same rights as any other Lender. It may exercise them as if it were not the Facility Agent. (b) (Facility Agent may conduct other business) The Facility Agent may conduct any business with any Obligor as if it were not the Facility Agent provided such activity does not create a conflict of interest for the Facility Agent or result in a breach of any duty of conf identiality the Facility Agent may owe to any Finance Party. It does not have to account to the Lenders for any fees or prof it relating to that other business. 22.11 Exclusion of liability (a) Without limiting clause 22.11(b) (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Facility Agent), the Facility Agent will not be liable for: (i) any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Finance Document, unless directly caused by its gross negligence or wilf ul misconduct; (ii) exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of , under or in connection with, any Finance Document, other than by reason of its gross negligence or wilful misconduct; or (iii) without prejudice to the generality of clauses 22.11(a)(i) and 22.11(a)(ii), any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without limitation, for negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent) arising as a result of :

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Corrs Chambers Westgarth 3445-6323-2315v7 56 Syndicated Loan Note Subscription Agreement – Project Mustang (A) any act, event or circumstance not reasonably within its control; or (B) the general risks of investment in, or the holding of assets in, any jurisdiction, including (in each case and without limitation) such damages, costs, losses to any person, any diminution in value or any liability arising as a result of : nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions af fecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. (b) No party (other than the Facility Agent) may take any proceedings against any of f icer, employee or agent of the Facility Agent in respect of any claim it might have against the Facility Agent or in respect of any act or omission of any kind by that off icer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Facility Agent may rely on this clause 22.11(b). (c) The Facility Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Facility Agent if the Facility Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Facility Agent for that purpose. (d) Nothing in this document will oblige the Facility Agent to carry out: (i) any "know your customer" or other checks in relation to any person; or (ii) any check on the extent to which any transaction contemplated by this document might be unlawful for any Lender, on behalf of any Lender and each Lender confirms to the Facility Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Facility Agent. (e) Without prejudice to any provision of any Finance Document excluding or limiting the Facility Agent's liability, any liability of the Facility Agent arising under or in connection with any Finance Document will be limited to the amount of actual loss which has been suf fered (as determined by reference to the date of default of the Facility Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Facility Agent at any time which increase the amount of that loss. In no event will the Facility Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Facility Agent has been advised of the possibility of such loss or damages. 22.12 Indemnity to Facility Agent and Lenders (a) (to Facility Agent) Each Lender indemnif ies the Facility Agent within three Business Days of demand (to the extent not reimbursed by any Obligor under any Finance Document) rateably in accordance with their respective Commitment (or, if nil, their respective shares of the Principal Outstanding) against any loss, cost, liability, expense or damage the Facility Agent may sustain or incur directly or indirectly under or in relation to the Finance Documents as Facility Agent.

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Corrs Chambers Westgarth 3445-6323-2315v7 57 Syndicated Loan Note Subscription Agreement – Project Mustang (b) (no liability Facility Agent's wilful misconduct or gross negligence) Other than any cost, expense, loss or liability pursuant to clause 14.15, no Lender is liable under this clause 22.12 for any of the above to the extent that they arise from the Facility Agent's wilful misconduct or gross negligence. Nor is it liable for non payment of any fees to the Facility Agent. (c) (to Lenders) The Borrower indemnif ies each Lender within three Business Days of demand against any amount paid under clause 22.12(a) if the Borrower would have been liable to indemnify the Facility Agent with respect to that amount. This does not limit its liability under any other provision. (d) (Facility Agent may refrain from acting until indemnified) The Facility Agent may ref rain f rom acting in accordance with any instructions of any Lender or group of Lenders until it has received any indemnif ication and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying with those instructions. The Facility Agent may specify that the security be cash, in which case the Borrower must provide it on request, failing which each Lender must on request pay its proportion of the cash according to its Commitment. Any amount recovered by the Facility Agent under any security will be taken to be an amount paid by the party which provided that security. 22.13 Independent investigation of credit Each Lender confirms that it has made and will continue to make, independently and without reliance on the Facility Agent or any other Lender: (a) (own investigation) its own investigations into the af fairs of the Obligors; and (b) (own analysis) its own analyses and decisions whether to take or not take action under any Finance Document. 22.14 No monitoring The Facility Agent is not required to monitor compliance with any document or agreement or to do any inspections. 22.15 Information (a) (copies of documents) The Facility Agent will promptly provide to each Lender a copy of each notice, report and other document which is provided to the Facility Agent in suf f icient copies for the Lenders under the Finance Documents. (b) (authority from Borrower) The Borrower authorises the Facility Agent to provide any Lender with any information concerning its affairs which may otherwise come into the possession of the Facility Agent. The Facility Agent is not obliged to do so. (c) (confidentiality) The Facility Agent is not obliged to disclose any information if in the opinion of the Facility Agent (on the basis of the advice of its legal advisers) disclosure would or might breach a law or a duty of secrecy or conf idence. 22.16 Replacement of Facility Agent (a) (retirement/removal) Subject to the appointment of a successor Facility Agent as provided in this clause 22.16 and the Facility Agent becoming a party to the Intercreditor Deed:

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Corrs Chambers Westgarth 3445-6323-2315v7 58 Syndicated Loan Note Subscription Agreement – Project Mustang (i) the Facility Agent may resign at any time by giving not less than 30 days' notice to the Lenders and to the Borrower; and (ii) with the consent of all the Lenders, the Lenders may remove the Facility Agent f rom office by giving not less than 30 days' notice to the Borrower and the Facility Agent. (b) (successor) Af ter a notice under clause 22.16(a) is given, the Majority Lenders may appoint a successor Facility Agent unless the Facility Agent has resigned under clause 22.16(a)(i) and appointed a Related Entity as its successor. (c) (Borrower consent) Unless a Default is subsisting or the successor is a Related Entity of the Facility Agent or another Lender, the Borrower's approval to the appointment is required. The Borrower must not unreasonably withhold its approval. The Borrower must respond as soon as practicable to any request for approval and in the absence of notice f rom the Borrower that it does not approve of the appointment within f ive Business Days of notif ication by the Facility Agent, will be deemed to have approved. (d) (Facility Agent may appoint) If no successor Facility Agent is appointed within 30 days af ter notice, the retiring Facility Agent may appoint a successor without any person's approval but only af ter consultation with the Majority Lenders and notice to the Borrower. (e) (powers of successor) The appointment of the successor Facility Agent will be ef fected by its execution of a deed poll. The retiring Facility Agent is authorised to sign that deed poll on behalf of the other parties. On countersignature of that deed poll by the retiring Facility Agent, the successor will have all the rights, powers and obligations of the retiring Facility Agent. The retiring Facility Agent will be discharged f rom its rights, powers and obligations (other than liabilities preserved under clause 22.16(g)). (f) (delivery of documents) The retiring Facility Agent must execute and deliver all documents or agreements which are necessary or in its opinion desirable to transfer to the successor each Security Interest and Guarantee held by the retiring Facility Agent as Facility Agent or to ef fect the appointment of the successor Facility Agent. The Facility Agent must deliver to its successor all its documents and external communications it received or gave as Facility Agent. (g) (continuing obligations) After any retiring Facility Agent's resignation or removal, this clause 22 will continue to apply to anything done or not done by it before then as Facility Agent. (h) (costs of replacement) The Borrower need not pay the cost of the appointment of a successor Facility Agent. That cost will be borne: (i) where the Facility Agent has resigned or has been removed because it has failed to perform its obligations or has been negligent or acted in wilful misconduct as Facility Agent, by the retiring Facility Agent; and (ii) where the Facility Agent has been otherwise removed by the Lenders, by the Lenders. At the successor Facility Agent's request, the Borrower must negotiate in good faith the fees to be paid to the Facility Agent. Until they are agreed, the Borrower must pay the successor the same fees at the same times as it agreed with the retiring Facility Agent.

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Corrs Chambers Westgarth 3445-6323-2315v7 59 Syndicated Loan Note Subscription Agreement – Project Mustang 22.17 Amendment of Finance Documents (a) (authority to amend) Subject to clause 22.17(b), the Facility Agent is authorised on behalf of the other Finance Parties to amend any Finance Document to which it is a party or to grant any waiver or release under a Finance Document if : (i) the Facility Agent is satisfied that it corrects a manifest or minor error or is of a formal or technical nature only; or (ii) in respect of the granting of any waiver or release which is a Majority Lender decision, the Majority Lenders have notified the Facility Agent of their agreement to it; and (iii) in any other case, the Finance Parties (other than the Facility Agent) have notified the Facility Agent of their agreement to it. (b) (amendments with consent) The Facility Agent must not amend a Finance Document, or grant a waiver or release of or under a Finance Document, if the amendment, waiver or release would: (i) ef fect a waiver in respect of any conditions precedent contemplated by clause 3 without the consent of all Lenders; (ii) increase a Commitment of, extend the Drawdown Period for, or change the date, amount, currency, priority or order of any payment to, a Finance Party, without the consent of all Lenders and, if the amendment, waiver or release af fects or relates to the Security Trustee, the Security Trustee; (iii) discharge or release any Guarantee or Security Interest existing for the benefit of a Finance Party, without the consent of all Lenders, other than to permit a transaction which complies with the Finance Documents; (iv) change the nature or scope of the guarantee and indemnity granted under clause 11 without the consent of all Lenders; (v) amend this clause 22.17 without the consent of all Lenders and the Security Trustee; (vi) relate to any of the following provisions of this document: (A) clause 4.1 (Drawdown Notice); (B) clause 14.14 (Partial payments); (C) clause 15 (Illegality); (D) clause 21.1 (Assignment by Obligors); (E) clause 21.2 (Assignment by Finance Parties); (F) clause 23 (Proportionate sharing); (G) clause 25.5 (Finance Parties' rights and obligations), without the consent of all Lenders; (vii) change the definition of "Majority Lenders" without the consent of all Lenders; or (viii) change any requirement for the agreement or instructions of all or a specif ied majority of Finance Parties (or any category of them) to be obtained, without the consent of each Finance Party entitled to be counted in determining whether that requirement is satisf ied; or

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Corrs Chambers Westgarth 3445-6323-2315v7 60 Syndicated Loan Note Subscription Agreement – Project Mustang (ix) relate to any matter or provision which expressly requires the consent of all the Lenders, without the consent of all Lenders. (c) (Finance Parties bound) Each Finance Party will be bound by any amendment, waiver or release by the Facility Agent in accordance with this clause 22.17. (d) (no limit to grant waiver or release) Nothing in this clause 22.17 limits the right of a Finance Party to grant a waiver or release. 22.18 No obligations (a) The Facility Agent is not required to do anything under any Finance Document (even where instructed to do so) if the Facility Agent believes that the proceeds and any other arrangements will not be sufficient to reimburse the Facility Agent for its costs, charges or expenses or to indemnify it or if in its opinion the doing of that thing might be unlawful or breach any official directive of a Government Body or a breach of a f iduciary duty or duty of conf identiality. (b) Notwithstanding any provision of any Finance Document to the contrary, the Facility Agent is not obliged to expend or risk its own funds or otherwise incur any f inancial liability in the performance of its duties, obligations or /responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. 22.19 Responsibility for documentation The Facility Agent is not responsible or liable for: (a) the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Facility Agent, an Obligor or any other person given in or in connection with any Finance Document or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document; (b) the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other agreement, arrangement or document; or (c) any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise. 22.20 Know your customer Each Lender must promptly upon the request of the Facility Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself) in order for the Facility Agent to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 22.21 Deduction from amounts payable by the Facility Agent If any party owes an amount to the Facility Agent under the Finance Documents the Facility Agent may, after giving notice to that party, deduct an amount not exceeding that amount from any payment to that party which the Facility Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the

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Corrs Chambers Westgarth 3445-6323-2315v7 61 Syndicated Loan Note Subscription Agreement – Project Mustang amount owed. For the purposes of the Finance Documents that party shall be regarded as having received any amount so deducted. 23 Proportionate sharing 23.1 Sharing (a) (Lender receives money) Whenever a Lender (Lender A) receives or recovers any money in respect of any sum due f rom an Obligor under a Finance Document in any way (including by set off) except through distribution by the Facility Agent under this document: (i) Lender A will promptly notify the Facility Agent and pay an amount equal to the amount of that money to the Facility Agent (unless the Facility Agent directs otherwise); and (ii) the Facility Agent will deal with the amount as if it were a payment by that Obligor on account of all sums then payable to the Lenders. (b) (payment for the account of the Facility Agent) Unless clause 23.1(c) applies: (i) the payment or recovery will be taken to have been a payment for the account of the Facility Agent and not to Lender A for its own account, and the liability of the relevant Obligor to Lender A will only be reduced to the extent of any distribution received by Lender A under clause 23.1(a)(ii); and (ii) (without limiting clause 23.1(b)(i)) the Borrower must indemnify Lender A against a payment under clause 23.1(a)(i) to the extent that (despite clause 23.1(b)(i)) its liability has been discharged by the recovery or payment. (c) (insolvency of payer) Where: (i) the money referred to in clause 23.1(a) was received or recovered otherwise than by payment (for example, set of f); and (ii) the relevant Obligor, or the person from whom the receipt or recovery is made, is insolvent at the time of the receipt or recovery, or at the time of the payment to the Facility Agent, or becomes insolvent as a result of the receipt, or recovery or the payment, then the following will apply so that the Lenders have the same rights and obligations as if the money had been paid by the relevant Obligor to the Facility Agent for the account of the Lenders and distributed accordingly: (iii) each other Lender will assign to Lender A an amount of the debt owed by the relevant Obligor to that Lender under the Finance Documents equal to the amount received by that Lender under clause 23.1(a); (iv) Lender A will be entitled to all rights (including interest and voting rights) under the Finance Documents in respect of the debt so assigned; and (v) that assignment will take ef fect automatically on payment of the distributed amount by the Facility Agent to the other Lender. (d) (if payment disgorged or unwound) If Lender A is required to disgorge or unwind all or part of the relevant recovery or payment then the other Lenders must repay to the Facility Agent for the account of that Lender the amount necessary to ensure that all

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Corrs Chambers Westgarth 3445-6323-2315v7 62 Syndicated Loan Note Subscription Agreement – Project Mustang Lenders share rateably in the amount of the recovery or payment retained. Clauses 23.1(b) and 23.1(c) apply only to the retained amount. 23.2 Refusal to join in action A Lender who does not accept an invitation to join an action against any Obligor or does not share in the costs of the action (in each case having been given a reasonable opportunity to do so) is not entitled to share in any amount so recovered. 23.3 Arrangements with unrelated parties This clause 23 does not apply to receipts and recoveries by a Lender under arrangements (including credit derivatives and sub-participations) entered into by that Lender in good faith with parties unrelated to the Obligors or to cover some or all of its risk. 24 General 24.1 Further assurances (a) Each Obligor must do anything required by a Finance Party to bind it and its successors under the Finance Documents and to otherwise perfect the Finance Parties' rights under the Finance Documents, including obtaining consents, signing and producing documents, producing receipts, getting documents completed and signed and promptly complying with requisitions from any Government Body for the purposes of enabling the Finance Parties to register the Security Documents where applicable. (b) The Borrower: (i) agrees to execute any and all other documents reasonably requested by the Facility Agent in connection with the provision of the Facility; and (ii) authorises the Facility Agent to, without notice to or consultation with the Borrower, enter into such documents and arrangements as the Borrower's agent as may be necessary to adhere to any regulatory, compliance or funding requirements arising under or in connection with this document or the Facility (including the requirements of any person who has invested or provided funds which are utilised in connection with the Facility), provided such documents and arrangements do not: (iii) adversely affect the rights or obligations of the Borrower under this document or any other Finance Document; (iv) increase in any way whatsoever the Borrower's obligations or liabilities under this document or any other Finance Document; or (v) result in the Borrower incurring any obligations or liabilities which are in addition to or any greater than those incurred under this document and the other Finance Documents. 24.2 Reinstatement of rights If there is an Avoided Transaction then, notwithstanding that anything was or ought to have been within a Finance Party's knowledge:

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Corrs Chambers Westgarth 3445-6323-2315v7 63 Syndicated Loan Note Subscription Agreement – Project Mustang (a) (Obligor's liability) the relevant Obligor's liability under the Finance Documents (and in particular the amount of the Principal Outstanding and any other money owing or payable to that Finance Party under this document) and the Finance Party's rights are the same as if the Avoided Transaction had not taken place; (b) (restoration by Obligor) each Obligor must immediately do all things to satisfactorily restore to that Finance Party any Security Interest or Guarantee held by it immediately before the Avoided Transaction took place; and (c) (recovery from Obligor) that Finance Party may recover f rom the Borrower all charges, costs and expenses (including legal costs on the basis set out in clause 12) and Taxes incurred by it in connection with the Avoided Transaction in addition to any other money recoverable by it f rom the relevant Obligor. 24.3 Certificates A certif icate signed by a Finance Party or an Authorised Representative of a Finance Party stating: (a) (money payable) the amount of any money owing or payable to the Finance Party under a Finance Document; or (b) (other) anything else relevant to the establishment of any of that Finance Party's rights or an Obligor's liabilities under a Finance Document, is suf f icient evidence of the truth of its contents. 24.4 Rights (a) (cumulative rights) The Finance Parties' rights under the Finance Documents are cumulative with, and do not exclude, any other right. (b) (exercise of rights) A Finance Party may exercise or not exercise a right (including the making or not making of any determination) in its absolute discretion and the Finance Party is not required to give any reasons for its decision. (c) (Finance Party not liable for loss) No Finance Party is liable for any loss arising out of or in connection with its omission to exercise any right or to make any determination, or any delay in exercising any right or in making any determination, or the exercise or partial exercise of any right. (d) (enforcement) To the extent permitted by law, a Finance Party may enforce or act on a breach of an Obligor's obligations despite the termination of the agreement recorded in the Finance Documents. 24.5 No merger None of the rights or obligations of the parties merge on completion of any transaction under the Finance Documents but survive the execution and delivery of any assignment or instrument entered into in implementation of any transaction. 24.6 Waivers, variations and consents (a) (in writing) Any waiver or consent by a Finance Party under a Finance Document is ef fective only if it is in writing signed by or on behalf of the Finance Party and then only to the extent expressly stated in writing and in the specific instance and for the specif ic purpose for which it is given.

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Corrs Chambers Westgarth 3445-6323-2315v7 64 Syndicated Loan Note Subscription Agreement – Project Mustang (b) (no waiver) No failure on the part of a Finance Party or its Representative to exercise, or delay on its part in exercising, any of its rights under a Finance Document operates as a waiver of them. (c) (exercise of rights) A single or partial exercise of any right by a Finance Party under a Finance Document does not preclude any further or other exercise of that right or the exercise of any other rights. (d) (variation in writing) No provision of a Finance Document or right conferred by it can be varied except in writing signed by the parties. (e) (consent) Unless a Finance Document expressly provides otherwise, a Finance Party may give conditionally or unconditionally or withhold its approval or consent in its absolute discretion. 24.7 Time of the essence Time is of the essence in respect of all obligations of an Obligor to pay money under the Finance Documents. 24.8 Invalidity If any part of any Finance Document is for any reason unenforceable that part is to be read down to the extent necessary to preserve its operation and if it cannot be read down it is to be severed. 24.9 Set-off If an Obligor does not pay on time any amount payable by it to a Finance Party under any Finance Document, then each Obligor authorises that Finance Party: (a) (application) to apply any credit balance in any currency in any account of the relevant Obligor with any branch or of f ice of that Finance Party towards satisfaction of that amount; and (b) (authorisation) in the name of the relevant Obligor or that Finance Party, to do anything including: (i) execute any document; and (ii) ef fect any currency conversion, which may be required to make any application under clause 24.9(a). 24.10 Acknowledgment by Obligors Each Obligor conf irms that: (a) (no reliance) it has not entered into this document in reliance on or as a result of any statement or conduct of any kind of or on behalf of a Finance Party; and (b) (actions) a Finance Party need not do anything (including disclose anything or give any advice to any Obligor) except as expressly set out in this document. 24.11 Counterparts If this document is executed in counterparts then each is deemed an original and together they constitute one document.

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Corrs Chambers Westgarth 3445-6323-2315v7 65 Syndicated Loan Note Subscription Agreement – Project Mustang 24.12 Governing law and jurisdiction This document is governed by the law of the State of New South Wales and the parties submit to the non-exclusive jurisdiction of its courts. 25 Construction 25.1 Interpretation In this document, unless the contrary intention appears: (a) (amendments) a reference to this document or any other agreement or instrument is a reference to this document or that other agreement or instrument as amended, novated, supplemented, extended, restated or replaced; (b) (law) a reference to a law includes any law, principle of equity, statute and of f icial directive of any Government Body; (c) (statutes and regulations) a reference to any statute includes regulations and other instruments under it and any consolidations, amendments, re-enactments and replacements of it; (d) (property or assets) a reference to "property" or "asset" includes any present or future, real or personal, tangible or intangible property, asset or undertaking and any right, interest or benef it under or arising f rom it; (e) (singular and plural) the singular includes the plural and vice versa; (f) (gender) a reference to one gender includes the other gender; (g) (person) the word "person" includes a f irm, corporation, body corporate, unincorporated association or Government Body; (h) (successors) a reference to a person includes a reference to the person's executors, administrators, legal personal representatives, successors and permitted assigns; (i) (joint and several) an agreement on the part of, or in favour of , two or more persons binds or is for the benefit of them and any one or more of them jointly and severally; (j) (party) a reference to a party means a person who is named as a party to, and is bound to comply with the provisions of , this document; (k) (without limitation) a reference to "includes" or "including" means "includes, without limitation" and "including, without limitation" respectively; (l) (defined terms) where a word or phrase is given a defined meaning in this document, the other grammatical forms of the word or phrase have a corresponding meaning; (m) (acts and omissions) a reference to an act includes an omission and doing an act includes executing a document; (n) (things and groups) a reference to any thing (including the Secured Money and the Secured Property) is a reference to the whole or any part of it and a reference to a group of persons or things (including the Obligors) is a reference to each of them individually and to any 2 or more of them collectively; (o) (headings) a heading is for reference only and it does not af fect the meaning or interpretation of this document;

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Corrs Chambers Westgarth 3445-6323-2315v7 66 Syndicated Loan Note Subscription Agreement – Project Mustang (p) (schedules and annexures) a schedule or annexure attached to this document forms part of it; (q) (clauses) references to a clause, schedule or annexure are to clauses, schedules and annexures of this document; (r) (rights) a reference to a right includes an interest, power, remedy, privilege and cause of action however arising; (s) (dealings with Bills) any reference to the drawing, acceptance, endorsement, discounting or other dealing of or with a Bill is a reference to drawing, acceptance, endorsement, discounting or dealing within the meaning of the Bills of Exchange Act 1909 (Cth); (t) (time) references to time are references to time in Sydney, New South Wales; (u) (currency) references to dollars or $ is to Australian currency; (v) (accounting terms) a reference to an accounting term is to be interpreted in accordance with Accounting Standards applicable f rom time to time; (w) (subsisting) a reference to an Event of Default, Potential Event of Default or Default which "subsists" or is "subsisting" is a reference to that event which has occurred and in respect of which the Facility Agent has not conf irmed in writing to the Borrower that such event has been remedied to the Facility Agent's satisfaction (acting on the instructions of all Lenders) or waived by the Facility Agent (acting on the instructions of all Lenders); and (x) (repaying Drawings and Principal Outstanding) a reference to the Borrower repaying an outstanding Drawing or repaying a Principal Outstanding is a reference to the Borrower redeeming the Loan Notes the subject of that Drawing or the Principal Outstanding by paying the relevant amount to the relevant Finance Party. 25.2 PPS Act defined terms In a Finance Document, unless the contrary intention appears, a reference to a term which is def ined in the PPS Act has the same meaning given to that term in the PPS Act. In addition: (a) a reference in this document to "control" or "possession" includes control or possession as def ined in the PPS Act; and (b) a reference to "non-circulating asset" means any personal property which is not a circulating asset. 25.3 Business Day rule Except as otherwise indicated in this document, anything required by this document to be done on a day which is not a Business Day is to be done on the preceding Business Day. 25.4 Effect of statutes and regulations If a statute or regulation only applies in so far as a contrary intention is not expressed in this document, the terms of this document prevail where the application of that statute or regulation would adversely af fect or otherwise restrict any right of a Finance Party. 25.5 Finance Parties' rights and obligations (a) The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents does

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Corrs Chambers Westgarth 3445-6323-2315v7 67 Syndicated Loan Note Subscription Agreement – Project Mustang not af fect the obligations of any other party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents. (b) The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor will be a separate and independent debt. (c) A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents. 25.6 Limitation of liability of Security Trustee (a) The Security Trustee enters into this document in its capacity as trustee of the Security Trust and not in its personal capacity, or in its capacity as trustee of any trust other than the Security Trust. (b) Clause 18 (Liability of Security Trustee) of the Security Trust Deed applies to this document as if set out in full. 25.7 Inconsistency (a) If there is any inconsistency between the terms of this document and the terms of any other Finance Document (other than the Intercreditor Deed), the terms of this document prevail to the extent of that inconsistency. (b) If there is any inconsistency between the terms of this document and the terms of the Intercreditor Deed, the terms of the Intercreditor Deed prevail to the extent of that inconsistency. 25.8 Trustee Obligor Each Finance Document is binding on each Obligor in its personal capacity and in its capacity as trustee of any trust. A reference to: (a) (dual capacity) an Obligor in a Finance Document is a reference to that party in its personal capacity and as trustee of any trust; and (b) (any asset or liability) any asset, liability, act or omission of an Obligor includes any asset, liability, act or omission of that Obligor as trustee of any trust. 25.9 Multiple persons comprising the Guarantor If more than one person is named as comprising the Guarantor: (a) (joint and several liability) each person comprising the Guarantor will be jointly and severally liable for the payment of all of the Guaranteed Money and for the performance of all of the Guarantor's other obligations under this document; (b) (enforcement) the Finance Parties may enforce this document against any one or more of the persons comprising the Guarantor without af fecting the liability of any other person or persons comprising the Guarantor and without enforcing this document against all of them; and (c) (reference) a reference to the Guarantor is a reference to each of them persons comprising the Guarantor individually and to any two or more of them collectively.

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Corrs Chambers Westgarth 3445-6323-2315v7 68 Syndicated Loan Note Subscription Agreement – Project Mustang Each person who enters this document as a person comprising the Guarantor will be bound by it, even though one or more of the persons named as comprising the Guarantor may not have executed this document, may not be bound by it or may be released f rom it.

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Corrs Chambers Westgarth 3445-6323-2315v7 69 Syndicated Loan Note Subscription Agreement – Project Mustang Schedule 1 – Guarantors Entity Notice Details 1 Air Partners Pty Ltd ACN 065 221 356 Address: 81-83 Baxter Road, Mascot NSW 2020 Email: Director/Company Secretary/General Counsel Attention: xxxx@airt.com 2 Rex Investment Holdings Pty Ltd ACN 101 317 677 Address: 81-83 Baxter Road, Mascot NSW 2020 Email: Director/Company Secretary/General Counsel Attention: xxxx@airt.com 3 Regional Express Pty Ltd ACN 101 325 642 Address: 81-83 Baxter Road, Mascot NSW 2020 Email: Director/Company Secretary/General Counsel Attention: xxxx@airt.com 4 Rex Flyer Pty Ltd ACN 671 816 621 Address: 81-83 Baxter Road, Mascot NSW 2020 Email: Director/Company Secretary/General Counsel Attention: xxxx@airt.com 5 Australian Aero Propeller Maintenance Pty Ltd ACN 131 278 889 Address: 81-83 Baxter Road, Mascot NSW 2020 Email: Director/Company Secretary/General Counsel Attention: xxxx@airt.com 6 Australian Airline Pilot Academy Pty Ltd ACN 128 392 469 Address: 81-83 Baxter Road, Mascot NSW 2020 Email: Director/Company Secretary/General Counsel Attention: xxxx@airt.com 7 AAPA Victoria Pty Ltd ACN 118 837 586 Address: 81-83 Baxter Road, Mascot NSW 2020 Email: Director/Company Secretary/General Counsel Attention: xxxx@airt.com

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Corrs Chambers Westgarth 3445-6323-2315v7 70 Syndicated Loan Note Subscription Agreement – Project Mustang Schedule 2 – Conditions precedent Condition precedent Responsibility 1 (Searches, enquiries, requisitions) The results of all due diligence, searches, inspections, enquiries and replies to all requisitions requested or made by the Finance Parties or their solicitors or both in respect of any Obligor, the Material Documents or the Secured Property. Each Obligor 2 (Verification Certificate) A Verification Certificate made by two directors or the sole director and sole company secretary (as applicable) of each Obligor. Each Obligor 3 (Finance Documents) Each Finance Document duly executed and delivered and, where applicable, in registrable form together with all executed documents necessary to register them. Each Obligor 4 (Restructure Effective Date) Evidence that the Restructure Ef fective Date (as def ined in, and for the purposes of , the Restructuring Coordination Deed) will occur on around Financial Close. Each Obligor 5 (Material Documents) Certif ied copies of each Material Document duly executed and evidence that it has been duly stamped and registered where required. Each Obligor 6 (Fees) Conf irmation that the Borrower has paid each fee referred to in clause 5 which is then due and payable. Borrower 7 (Costs, charges and expenses) Evidence that the Borrower has paid all costs, charges and expenses referred to in clause 12 which are then due and payable. Borrower 8 (Releases) Duly completed and executed discharges and releases, in registrable form, of any Encumbrance existing over any Secured Property other than a Permitted Encumbrance together with a copy of any power of attorney pursuant to which such discharges and releases are executed. Each Obligor 9 (Approvals and licences) Evidence that all necessary Authorisations for the occupation and the current and proposed use of the Real Property have been obtained and remain in full force and ef fect. Each Obligor

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Corrs Chambers Westgarth 3445-6323-2315v7 71 Syndicated Loan Note Subscription Agreement – Project Mustang Condition precedent Responsibility 10 (Know your customer) Any "know your customer" information in respect of the Obligors and their Authorised Representatives to the extent necessary to comply with any anti-money laundering and counter-terrorism legislation. Each Obligor 11 (Opinion) Opinions or certifications, addressed to the Finance Parties, f rom their counsel in relation to the validity and enforceability of the Finance Documents. Facility Agent 12 (Authorisations) A certified copy of all documents evidencing that each Obligor has taken all necessary action and has in full force and ef fect the Authorisations for it to enter into the Transaction Documents to which it is a party and the transactions contemplated by them, comply with its obligations under them and allow them to be enforced, or confirmation that there are none. Each Obligor

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Corrs Chambers Westgarth 3445-6323-2315v7 72 Syndicated Loan Note Subscription Agreement – Project Mustang Schedule 3 – Verification Certificate [On letterhead] To: Air T Lending 25.1, LLC (Facility Agent) Attention: General Counsel Dear Sirs Syndicated Loan Note Subscription Agreement dated [] between, among others, Regional Express Holdings Limited and the Facility Agent (Facility Agreement) 1 [I am/We are] the [sole director and company secretary/directors] of [##Company name] (Company) [\*which is the trustee of the trust known as [##Trust name] (Trust)]). 2 The following are the signatures of the persons appointed as Authorised Representatives of the Company for the purposes of the Finance Documents: Signature of Authorised Representative Name: Title: Signature of Authorised Representative Name: Title: Signature of Authorised Representative Name: Title: Signature of Authorised Representative Name: Title: 3 [Attached is a true, complete, and up to date copy of : (a) [the trust deed for the Trust]; (b) [each/the] original power of attorney under which the Finance Documents may be executed by the Company.] (c) [## any further Material Documents or other documents to be certified for the purpose of the Finance Documents.] Each is in full force and effect and has not been cancelled, revoked, suspended, surrendered or terminated or varied.] 4 [The Trust is the only trust of which the Company is a trustee.] Approvals 5 A meeting of the directors of the Company has passed resolutions to authorise the Company to:

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Corrs Chambers Westgarth 3445-6323-2315v7 73 Syndicated Loan Note Subscription Agreement – Project Mustang (a) enter the transactions (Transactions) contemplated in the Transaction Documents to which it is a party; and (d) execute the Transaction Documents to which it is a party and such further documentation as may be required by a Finance Party to implement the Transactions. 6 Before these resolutions were passed: (a) each director having any interest in the Transactions disclosed the nature and extent of that interest; (e) af ter due enquiry, the directors satisf ied themselves that no Insolvency Event has occurred or is subsisting in relation to the Company, or will result f rom the Company entering into the Transactions and performing its obligations under the Transaction Documents; and (f) af ter careful consideration, the directors determined that: (i) they have the power to authorise the Company to enter into the Transactions; (ii) the Company [and the Trust] would receive reasonable commercial benef its by reason of entering into the Transactions; (iii) the entry into the Transactions is in the interests of the Company [and the Trust] and for a proper purpose of the Company [and the Trust]; and (iv) in entering into the Transactions neither the Company nor its directors will be exceeding or contravening any limitation (on power or otherwise) imposed by the Company's constituent documents, [the trust deed creating the trust,] the general law or otherwise. Encumbrances 7 There is no court action or unsatisfied judgment or unsatisfied statutory demand against the Company [or the Trust's], other than [specify details]. 8 There is no Encumbrance over any of the Company's [or the Trust's] assets other than Permitted Encumbrances. Other confirmations 9 The Company [\*is/is not] a Subsidiary of , or controlled by, a public company. 10 The representations and warranties made by the Company in the Transaction Documents are true and correct as at the date of this certif icate. 11 No Insolvency Event has occurred or is subsisting in relation to the Company. 12 The Company's entry into the Transaction Documents to which it is a party and compliance with its obligations under them does not breach any of sections 195, 208 or 260A of the Corporations Act. 13 [I am/We are] aware that the Finance Parties are relying on the contents of this certif icate in providing Financial Indebtedness to (or at the request of) the Company. A term which has a def ined meaning in the Facility Agreement has the same meaning in this Verif ication Certif icate. Yours faithfully

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Corrs Chambers Westgarth 3445-6323-2315v7 74 Syndicated Loan Note Subscription Agreement – Project Mustang Signature of [sole ]director[/company secretary] [Signature of director] Print name [Print name] Date: [\* Delete if inapplicable]

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Corrs Chambers Westgarth 3445-6323-2315v7 75 Syndicated Loan Note Subscription Agreement – Project Mustang Schedule 4 – Drawdown Notice [On letterhead] To: Air T Lending 25.1, LLC (Facility Agent) Attention: General Counsel Dear Sirs Syndicated Loan Note Subscription Agreement dated [] between, among others, Regional Express Holdings Limited and the Facility Agent (Facility Agreement) 1 The Borrower gives you irrevocable notice pursuant to clause 4.1 of the Facility Agreement that it wishes to make a Drawing by issuing Loan Notes under the Facility. 2 The Borrower conf irms and advises as follows: (a) the proposed Drawdown Date is [##date]; (b) the subscription price payable for the proposed Loan Notes (being the amount of the proposed Drawing) is $[##amount]; (c) the account into which the subscription price payable for the proposed Drawing is to be paid is account no. [##number] in the name of [##name] at the [##branch name] branch of [##bank] OR the payee to whom the Drawing is to be paid is [##name]; and [Insert trust account details] (d) the purpose for which the proposed Drawing is required is an Approved Purpose. 3 The Borrower represents and warrants that the representations and warranties set out in clauses 7.1 and 7.2 of the Facility Agreement are true and not misleading as at the date of this notice and that each of them will be true and not misleading as at the Drawdown Date. 4 The Borrower represents and warrants that, at the date of this notice: (a) no Event of Default is subsisting; (b) no Event of Default will result f rom the Drawing being provided ; and (c) it has complied with the undertakings in clause 8 and is not aware of any breach in respect of any part of that clause. A term which has a def ined meaning in the Facility Agreement has the same meaning in this Drawdown Notice. Yours faithfully .......................................... Name: Authorised Representative of the Borrower Date:

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Corrs Chambers Westgarth 3445-6323-2315v7 76 Syndicated Loan Note Subscription Agreement – Project Mustang Schedule 5 – Substitution certificate Parties 1 ##[Name of new lender] ABN ##[number] (Substitute Lender) 1 ##[Name of outgoing lender] ABN ##[number] (Retiring Lender) 2 Air T Lending 25.1, LLC (Facility Agent) for itself and on behalf of the other parties to the Facility Agreement. Agreed terms 1 Interpretation 1.1 Definitions In this document: Assigned Drawings The participation in the Principal Outstanding representing the Substituted Participation. Facility Agreement The Syndicated Loan Note Subscription Agreement dated [ ] between Regional Express Holdings Limited, the Facility Agent and others. Substituted Participation The ##[drawn/undrawn] Commitment of the Retiring Lender ##[and the participation in the Principal Outstanding drawn under that Commitment] ##[in respect of the following Drawings] [Note: To be inserted if only part of participation is being substituted] amounting to a principal amount of $[##]. Substitution Date ##[date], provided that the Substitute Lender has acceded to the Intercreditor Deed (if applicable) in accordance with its terms. 1.2 Facility Agreements Definitions Terms def ined in the Facility Agreement have the same meanings in this Certificate unless the context otherwise requires. 2 Transfer and Substitution The Retiring Lender assigns absolutely to the Substitute Lender the Assigned Drawings with ef fect f rom and including the Substitution Date.

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Corrs Chambers Westgarth 3445-6323-2315v7 77 Syndicated Loan Note Subscription Agreement – Project Mustang 3 Substitution 3.1 Release of Retiring Lender The Retiring Lender will cease to have its rights and obligations as a Lender under the Finance Documents ##[relating to the Substituted Participation] [Note: Insert if only part of Commitment assumed] with effect from and including the Substitution Date. It will remain entitled to and bound by rights and obligations which accrue up to the Substitution Date. 3.2 Assumption by Substitute Lender With ef fect f rom and including the Substitution Date: (a) the Substitute Lender and each of the parties to the Facility Agreement will assume obligations towards each other and acquire rights against each other which are identical to the rights and obligations which cease under clause 3.1, except to the extent the obligations so assumed and rights so acquired relate to the identify of or location of the Substitute Lender and not to the identity of or location of the Retiring Lender; and (b) the Substitute Lender will be taken to be a party to the Facility Agreement as a Lender with a Commitment ##[and participation in the Principal Outstanding] equal to the Substituted Participation. 4 Independent assessment by Substitute Lender Without limiting the generality of clause 2, the Substitute Lender agrees as specif ied in clauses 22.5 and 22.13 of the Facility Agreement. Those clauses apply (subject to any agreement to the contrary) as if references to the Facility Agent included the Retiring Lender. This certif icate is a Finance Document for the purposes of the Facility Agreement. 5 Payments From and including the Substitution Date the Facility Agent will make all payments due under the Finance Documents in relation to the Substituted Participation to the Substitute Lender. The Retiring Lender and the Substitute Lender will make directly between themselves the payments and adjustments which they agree with respect to accrued interest, fees, costs and other amounts attributable to the Substituted Participation before the Subst itution Date. 6 Notices For the purpose of the Facility Agreement, the lending office and address for correspondence of the Substitute Lender is the address set out below. Address: ## Attention: ## Email: ##

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Corrs Chambers Westgarth 3445-6323-2315v7 78 Syndicated Loan Note Subscription Agreement – Project Mustang 7 Governing law This Certif icate is governed by the laws of the state of New South Wales. 8 Counterparts This Certif icate may be executed in any number of counterparts. All counterparts together will be taken to constitute one instrument. This Substitution Certif icate is made on ##[Insert execution clauses for Retiring Lender and Substitute Lender and the Facility Agent]

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Corrs Chambers Westgarth 3445-6323-2315v7 79 Syndicated Loan Note Subscription Agreement – Project Mustang Schedule 6 – Form of Loan Note Deed Poll Loan Note Deed Poll Parties Company and Guarantor Company Regional Express Holdings Limited of 81-83 Baxter Road, Mascot NSW 2020 Attention: Director/Company Secretary/General Counsel Guarantor As described in the Subscription Agreement described below. Beneficiaries Each person who is from time to time a Lender and the Facility Agent (each as described in the Subscription Agreement described below). Subscription Agreement Syndicated Loan Note Subscription Agreement dated [##] between, among others, the Company as borrower, Air T Lending 25.1, LLC as facility agent and Air T Lending 25.1, LLC as original lender. Date of deed [ ] 1 Interpretation and definitions (a) The "Interpretation" clause of the Subscription Agreement described above applies to this deed poll as if it was fully set out in this deed. (b) Terms used in this deed which are def ined in the Subscription Agreement described above have the same meanings when used in this deed. 2 The Loan Notes 2.1 Creation of Loan Notes The obligations of the Company under the Loan Notes are constituted by, and are set out in, this deed. 3 Undertakings and acknowledgment of debt The Company: (a) agrees to pay principal and interest in respect of each Loan Note issued to a Lender in accordance with the Subscription Agreement, that Loan Note and this deed; and (b) acknowledges that it is indebted to that Lender for an amount equal to the aggregate outstanding principal amount of that Lender's Loan Notes.

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Corrs Chambers Westgarth 3445-6323-2315v7 80 Syndicated Loan Note Subscription Agreement – Project Mustang 3.2 Effect of payment of interest or redemption The obligations of the Company under clause 3 are discharged to the extent interest is paid on, or a Loan Note is redeemed in accordance with, the Subscription Agreement described above. 3.3 Guarantee Holders of Loan Notes as evidenced in the Register have the benefit of , and can enforce the Guarantee contained in, clause 11 of the Subscription Agreement. 4 Rights and obligations of Lender 4.1 Benefit and entitlement This deed is executed as a deed poll. The Loan Notes are issued on the condition that the Facility Agent and each Lender has the benefit of, and is entitled to enforce, this deed subject to the Finance Documents even though it is not a party to, or is not in existence at the time of execution and delivery of , this deed. 4.2 Rights independent Each of the Facility Agent and each Lender may enforce its rights under this deed independently f rom the Registrar, subject to the Finance Documents. 4.3 Facility Agent and each Lender bound The Facility Agent and each Lender (and any person claiming through or under the Facility Agent or a Lender) is bound by this deed. The Loan Notes are issued on the condition that the Facility Agent and each Lender is taken to have notice of, and be bound by, this deed and the Subscription Agreement described above. 4.4 Directions to hold Deed Poll Each of the Facility Agent and each Lender is taken to have irrevocably instructed the Company that this deed is to be held by the Registrar on its behalf . 4.5 Finance Documents The Loan Notes are issued on the condition that each of the Facility Agent and each Lender is bound by the provisions of the Finance Documents binding on them. 4.6 Loan Notes issued as a result of Offer Each Loan Note is issued as a result of the Offer. This is the case regardless of the time of issue. 5 Form, title and status 5.1 Registered form Each Loan Note takes the form of an entry in the Register. No certif icate will be issued in respect of it, unless required by law.

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Corrs Chambers Westgarth 3445-6323-2315v7 81 Syndicated Loan Note Subscription Agreement – Project Mustang 5.2 Issue of Loan Notes by entry in Register A Loan Note is: (a) issued when details of the Loan Note are f irst entered in the Register; and (b) transferred when the details of the transfer are entered in the Register. 5.3 Effect of entries in Register Each entry in the Register in respect of a Loan Note constitutes: (a) an acknowledgment to the relevant Lender by the Company of the indebtedness of the Company to that Lender under this deed; (b) an undertaking by the Company to the relevant Lender to make all payments of principal and interest in respect of that Loan Note in accordance with the terms of that Loan Note and this deed; and (c) an entitlement to the other benef its given to relevant Lender under the Finance Documents in respect of that Loan Note. 5.4 Register conclusive as to ownership Entries in the Register in relation to a Loan Note constitute conclusive evidence that the person so entered is the absolute owner of that Loan Note subject to correction for f raud or error. 5.5 Holder absolutely entitled Upon a person acquiring title to any Loan Note by virtue of becoming registered as the owner of that Loan Note, all rights and entitlements arising by virtue of this deed in respect of that Loan Note vest absolutely in the registered owner of the Loan Note f ree of all equities. Any person who has previously been registered as an owner of a Loan Note does not have, and is not entitled to assert against the Company or the Registrar or the registered owner of that Loan Note for the time being and f rom time to time, any rights, benef its or entitlements in respect of that Loan Note. 5.6 Status of Loan Notes The Loan Notes are direct and unsubordinated obligations of the Company and rank at least equally among themselves and with all other unsubordinated obligations of the Company except for liabilities mandatorily preferred by law. 6 Transfers 6.1 Limit on transfer Each Loan Note may only be transferred in accordance with the Subscription Agreement described above and this deed. 6.2 Transfer of all of Loan Note Each Loan Note may only be transferred in whole.

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Corrs Chambers Westgarth 3445-6323-2315v7 82 Syndicated Loan Note Subscription Agreement – Project Mustang 6.3 Registration of transfer The transferor of a Loan Note is taken to remain the holder of that Loan Note until the name of the transferee is entered in the Register in respect of that Loan Note. 6.4 Final redemption and early redemption The Company agrees to redeem each Loan Note issued under the Facility in accordance with the Subscription Agreement described above. 7 Interest The Company agrees to pay interest on each Loan Note issued under the Facility in accordance with the Subscription Agreement described above. 8 Payments The Company agrees to make all payments under a Loan Note in accordance with the Subscription Agreement described above. 9 Governing law This deed poll and the Loan Notes are governed by the law in force in New South Wales and the Company and the Guarantor submit to the non-exclusive jurisdiction of the courts of that place. EXECUTED as a deed poll [Insert execution clauses for Company and Guarantor]

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Corrs Chambers Westgarth 3445-6323-2315v7 83 Syndicated Loan Note Subscription Agreement – Project Mustang Execution Executed as an agreement. Borrower Signed, sealed and delivered for and on behalf of Regional Express Holdings Limited in accordance with section 127 of the Corporations Act 2001 (Cth) by:)))) Signature of Director Signature of Director/Secretary Name of Director (print) Name of Director/Secretary (print)

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Corrs Chambers Westgarth 3445-6323-2315v7 84 Syndicated Loan Note Subscription Agreement – Project Mustang Guarantors Signed, sealed and delivered for and on behalf of Air Partners Pty Ltd in accordance with section 127 of the Corporations Act 2001 (Cth) by:)))) Signature of Director Signature of Director/Secretary Name of Director (print) Name of Director/Secretary (print) Signed, sealed and delivered for and on behalf of Rex Investment Holdings Pty Ltd in accordance with section 127 of the Corporations Act 2001 (Cth) by:)))) Signature of Director Signature of Director/Secretary Name of Director (print) Name of Director/Secretary (print) Signed, sealed and delivered for and on behalf of Regional Express Pty Ltd in accordance with section 127 of the Corporations Act 2001 (Cth) by:)))) Signature of Director Signature of Director/Secretary Name of Director (print) Name of Director/Secretary (print)

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Corrs Chambers Westgarth 3445-6323-2315v7 85 Syndicated Loan Note Subscription Agreement – Project Mustang Signed, sealed and delivered for and on behalf of Rex Flyer Pty Ltd in accordance with section 127 of the Corporations Act 2001 (Cth) by:)))) Signature of Director Signature of Director/Secretary Name of Director (print) Name of Director/Secretary (print) Signed, sealed and delivered for and on behalf of Australian Aero Propeller Maintenance Pty Ltd in accordance with section 127 of the Corporations Act 2001 (Cth) by:)))) Signature of Director Signature of Director/Secretary Name of Director (print) Name of Director/Secretary (print) Signed, sealed and delivered for and on behalf of Australian Airline Pilot Academy Pty Ltd in accordance with section 127 of the Corporations Act 2001 (Cth) by:)))) Signature of Director Signature of Director/Secretary Name of Director (print) Name of Director/Secretary (print)

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Corrs Chambers Westgarth 3445-6323-2315v7 86 Syndicated Loan Note Subscription Agreement – Project Mustang Signed, sealed and delivered for and on behalf of AAPA Victoria Pty Ltd in accordance with section 127 of the Corporations Act 2001 (Cth) by:)))) Signature of Director Signature of Director/Secretary Name of Director (print) Name of Director/Secretary (print)

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Corrs Chambers Westgarth 3445-6323-2315v7 87 Syndicated Loan Note Subscription Agreement – Project Mustang SEA L Facility Agent Signed, sealed and delivered for and on behalf of Air T Lending 25.1, LLC in the presence of : SEAL .............................................................. Signature of Witness .............................................................. Name of Witness (print) .............................................................. Signature of Authorised Signatory .............................................................. Name of Authorised Signatory (print) Security Trustee Signed, sealed and delivered for and on behalf of P.T. Limited ABN 67 004 454 666 as trustee of the Security Trust by its attorney under Power of Attorney dated 21 June 2017 in accordance with section 126 of the Corporations Act 2001 (Cth): Signature of attorney Print name By executing this document the attorney states that the attorney has received no notice of revocation of the Power of Attorney

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Corrs Chambers Westgarth 3445-6323-2315v7 88 Syndicated Loan Note Subscription Agreement – Project Mustang SEA L Original Lender Signed, sealed and delivered for and on behalf of Air T Lending 25.1, LLC in the presence of : SEAL .............................................................. Signature of Witness .............................................................. Name of Witness (print) .............................................................. Signature of Authorised Signatory .............................................................. Name of Authorised Signatory (print)

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## Exhibit 10.14

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&nbsp;&nbsp;&nbsp;&nbsp;SECURITIES PURCHASE AGREEMENT THIS SECURITIES PURCHASE AGREEMENT (this "Agreement") is made as of ________ __, 2025 (the "Effective Date"), by and among Air T Acquisition 25.1, LLC, a Minnesota limited liability company (the "Company"), and the purchaser (the "Purchaser"). RECITALS: WHEREAS, the Company desires to sell a Warrant for the purchase of limited liability company membership interest in the Company (the "Interests") in substantially the form attached hereto as Exhibit A to purchase, at an exercise price of $[____], Interests in the Company (such Interests, the "Warrant Interests") such that the Purchaser will have the right to acquire, in consideration for the payment of such exercise price, Interests equal to [____] percent ([___]%) of the aggregate post-closing, issued and outstanding Interests in the Company (the "Warrant" and together with the Interests, the "Securities"); and WHEREAS, the Company desires to sell to the Purchaser, and the Purchaser desires to purchase from the Company, a Warrant for the purchase of that number of Warrant Interests available for purchase by the Purchaser, upon the terms and subject to the conditions set forth herein. AGREEMENT: NOW, THEREFORE, in consideration of the foregoing recitals, and the representations, warranties, covenants and conditions set forth below, the Company and the Purchaser, intending to be legally bound, hereby agree as follows: 1. Purchase and Issuance of Securities. Subject to the terms and conditions of this Agreement, the Purchaser hereby agrees to pay to the Company at the Closing (as that term is defined below) the aggregate purchase price for the Warrant set forth herein (as applicable, the Purchaser's "Purchase Price"), against the execution and delivery by the Company and the Purchaser of (a) this Agreement and (b) a Warrant for the purchase of that number of Warrant Interests available for purchase by each such Purchaser pursuant to such Purchaser's applicable Warrant. 2. Closing and Delivery 2.1 Closing. (a) The initial closing of the purchase and sale of the Warrant shall take place remotely via the exchange of documents and signatures, on [_________ __, 2025], or at such other time and place as the Company and the Purchaser mutually agree upon, orally or in writing (which time and place are designated as the "Initial Closing"). In the event there is more than one closing, the term "Closing" shall apply to each such closing (including, but not limited to, the Final Closing (as that term is defined below)) unless otherwise specified. (b) After the Initial Closing, the Company may sell, on the same or other terms and conditions as those contained in this Agreement, Warrants, to one or more subsequent Purchasers, provided, that each subsequent Purchaser shall become a party to their own respective Investment Documents (as that term is defined below), by executing and delivering a counterpart signature page to each of such Investment Documents. 2.2 Execution and Delivery of Investment Documents. (a) At or prior to the Closing:

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2 (i) the Purchaser shall deliver to the Company a check or wire transfer of immediately available funds in an amount equal to the applicable Purchase Price of the Warrant to be purchased by such Purchaser; and (ii) the Company shall issue and deliver to the Purchaser a Warrant evidencing the Warrant Interests which may be purchased by the Purchaser in accordance with the exercise of such Warrant and subject to the terms and conditions thereof. 3. Representations, Warranties of the Company. The Company hereby represents and warrants to the Purchaser that the following are true and accurate as of the Closing: 3.1 Organization and Good Standing. The Company is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Minnesota. The Company is duly qualified to transact its business and is in good standing in each jurisdiction in which the failure to so qualify or to be in good standing would have a material adverse effect on the Company. 3.2 Authorization and Enforceability. All requisite action has been taken on the part of the Company, its officers, agents, representatives and other members of its management necessary for the authorization, execution and delivery by the Company of this Agreement, the Warrants, and such other agreements, documents and instruments necessary to effect the transactions contemplated by this Agreement, including, without limitation, the Operating Agreement (as such term is defined herein) (collectively, the "Investment Documents") and the performance of all obligations of the Company under the Investment Documents. Except as may be limited by applicable bankruptcy, insolvency, reorganization, or similar laws relating to or affecting the enforcement of creditors' rights, the Company has taken all requisite action required to make all of the obligations of the Company reflected in the Investment Documents valid and enforceable in accordance with their terms and, when executed and delivered by the Company, the Investment Documents shall constitute valid and legally binding obligations of the Company. 3.3 Valid Issuance of Securities. The Securities, when issued, sold, and delivered in accordance with the terms and for the consideration set forth in the Investment Documents, will be validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer set forth in the Investment Documents, applicable securities laws and liens or encumbrances imposed by the Purchaser. Assuming the accuracy of the representations of the Purchaser in Section 4, the Securities will be issued in compliance with all applicable securities laws. The Interests have been duly reserved and, upon issuance of the Warrant, the Warrant Interests will have been duly reserved, for issuance, and the Securities will be issued in compliance with all applicable federal and state securities laws. For the purposes of clarity and the avoidance of doubt, the Warrant Interests, and, therefore, any Interests issuable to the Purchaser upon the exercise of the Warrant, shall represent the percentage ownership interest of the Company which the Purchaser shall have the right to acquire by the exercise of its respective Warrant. 3.4 Governmental Consents. Assuming the accuracy of the representations made by the Purchaser in Section 4 of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority required on the part of the Company or its business in connection with this Agreement or the issuance of the Securities, except for filings pursuant to applicable securities laws, which have been made or will be made in a timely manner. 3.5 Compliance with Laws. The Company is not in violation of any applicable statute, rule, regulation, order or restriction of any domestic or foreign government or any instrumentality or agency thereof in respect of the conduct of the Company's business, which violation of which would materially and adversely affect the Company's business, assets, liabilities, financial condition, operations or prospects of the Company.

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3 3.6 Compliance with Other Instruments. The Company is not in violation or default of any term of its organizational or governing documents, or of any provision of any mortgage, indenture or contract to which it is a party and by which it is bound or of any judgment, decree, order or writ, other than such violation(s) that would not individually or in the aggregate have an adverse effect on the Company. The execution, delivery and performance of the Investment Documents will not result in any such violation or be in conflict with, or constitute, with or without the passage of time and/or giving of notice, either a default under any such provision, instrument, judgment, decree, order or writ or an event that results in the creation of any lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization or approval applicable to the Company, its business or operations or any of its assets or properties. Without limiting the foregoing, the Company has obtained all waivers necessary with respect to any preemptive rights, rights of first refusal or similar rights, including any notice or offering periods provided for as part of any such rights, in order for the Company to consummate the transactions contemplated by the Investment Documents without any third party obtaining any rights to cause the Company to offer or issue any securities of the Company as a result of the consummation of the transactions contemplated hereunder. 4. Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Company that the following are true and accurate as of the Closing: 4.1 Authorization. The Purchaser has full power and authority to enter into this Agreement and to perform all obligations required to be performed by it hereunder. This Agreement, along with the other Investment Documents, when executed and delivered by the Purchaser, will constitute the Purchaser's valid and legally binding obligation, enforceable in accordance with their respective terms. 4.2 Access to Information. The Purchaser has been given access to full and complete information regarding the Company that Purchaser has requested in connection with its decision to acquire the Securities (including, but not limited to, the opportunity to meet with representatives of the Company and review all documents as the Purchaser may have requested in writing) and has utilized such access to the Purchaser's satisfaction for the purpose of obtaining and/or verifying information related to the Company, the Securities and all other matters related thereto and as set forth herein and in the Warrant. 4.3 Restricted Securities. The Purchaser understands that the Securities have not been, and will not be, registered under the Securities Act of 1933, as amended (the "Securities Act"), by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed in this Section 4. The Purchaser understands that the Securities are "restricted securities" under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Purchaser must hold the Securities indefinitely unless they are registered with the United States Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Purchaser further understand that there will be no market for the Securities, that there are significant restrictions on the transferability of the Securities imposed by various documents and agreements which the Purchaser must become party to via its entry into this Agreement and the Investment Documents, including, without limitation, that certain Operating Agreement of the Company, as the same may be amended and/or restated from time to time (the "Operating Agreement"), and that for these and other reasons, the Purchaser may not be able to liquidate an investment in the Securities for an indefinite period of time. 4.4 Accredited Investor; Knowledge and Sophistication. The Purchaser is an "accredited investor" as that term is defined by Rule 501(a) of Regulation D promulgated under the Securities Act. The Purchaser is experienced and knowledgeable in financial and business matters, capable of evaluating the merits and risks of investing in the Securities, and does not need or desire the assistance of a knowledgeable representative to aid in the evaluation of such risks (or, in the alternative, the Purchaser has used a

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4 knowledgeable representative who has such knowledge and experience in financial or business matters that is capable of evaluating the merits and risks of the investment in the Securities in connection with the Purchaser's decision to purchase the Securities). 4.5 Investment Risk. The Purchaser acknowledges and understands that an investment in the Securities is highly speculative and involves a high degree of risk. The Purchaser's investment in the Securities is suitable for the Purchaser based on its investment objectives and financial needs. The Purchaser has adequate means for providing for the Purchaser's current financial needs and personal contingencies and have no need for liquidity of investment with respect to the Securities. The Purchaser can bear the economic risk of an investment in the Securities for an indefinite period of time and can afford a complete loss of such investment. 4.6 No Public Market. The Purchaser understands that no public market now exists for the Securities, and that the Company has made no assurances that a public market will ever exist for the Securities. 4.7 Legends. The Purchaser understands that the Securities may be notated with a legend similar to the following: "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933." 4.8 Residence. The Purchaser's state of residence and/or chief executive office and principal place of business, as applicable, is located at the address listed next to Purchaser's signature on the signature page hereto. 5. Repurchase Option. In the event a Purchaser voluntarily ends its respective relationship with Air T, Inc., a Delaware corporation ("Air T") at any point prior to the full exercise of such Purchaser's Warrant(s), the Company shall have the option, at its sole discretion, within the eighteen (18) month period beginning on the date of such departure, to repurchase from such departing Purchaser, the Warrant(s) then held by such departing Purchaser, for an aggregate repurchase price equal to the greater of: (a) Two Million Dollars and 00/100 ($2,000,000.00); or (b) if within five (5) years of the Effective Date of this Agreement, the fair market value of all Warrant(s) remaining outstanding at the time of such departure, as agreed upon within ninety (90) days of the date of departure by: (i) an duly certified appraiser appointed by the Company; and (ii) a duly certified appraiser appointed by such departing Purchaser. In the event that the two (2) appraisers appointed to determine the fair market pursuant to the clause (b) of the preceding sentence are unable to agree upon a fair market value, such appraisers shall appoint a third, independent appraiser to make such determination, which shall be binding upon the parties. 6. Purchaser Guarantee Obligations. In the event that a first-loss guarantee payment by Air T is required by Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust (collectively, the "Honeywell Entities") on the outstanding debt due from Air T to the Honeywell Entities pursuant to, among other applicable documents and instruments, the certain Parent Guaranty (the "Guaranty") dated effective as of December 15, 2025 by and between Air T and the Honeywell Entities, the Purchaser hereby expressly agrees to pay its respective pro-rata portion of any such first-loss guarantee payment due, with such pro-rata portion being calculated as the pro-rata percentage Interests such Warrant holders would hold in the issued and outstanding Interests of the Company upon full exercise of all Warrants

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5 held by such Warrant holders, even if such exercise has yet to occur. In addition, if there exists a deficit between the cash distributions received by the Company from the Purchaser and the cash obligations of the Company due to the Honeywell Entities, the Purchaser shall be required to fund their pro-rata portion (calculated as set forth in the preceding sentence) of any such deficit, up to a maximum total funding amount of $500,000 AUD. 7. Distributions to Warrant Holders. The Purchaser hereunder shall have no interest in any cash distributions or other allocations unless and until Interests in the Company have been issued to such Purchaser pursuant to the applicable exercise of its respective Warrant. The Purchaser hereby expressly represents, warrants, understands and agrees that all cash or other monies received by the Company shall be initially used to repay the debt obligations of the Company to the Honeywell Entities pursuant to the Operating Agreement of the Company and the terms, conditions, obligations and restrictions incumbent upon the Company under the agreements between the Company and the Honeywell Entities. However, in the event there are no further restrictions on the cash receipts of the Company by the Honeywell Entities or any other senior creditors of the Company, the Company shall, pursuant to this Agreement and the Operating Agreement, make distributions to both its members and the Purchaser hereunder, regardless of whether such Purchaser has, at such time, duly exercised their respective Warrant(s) or hold any Interests. For the purposes of clarity and the avoidance of doubt, in the circumstances described in the preceding sentence, the Company shall make distributions to the Purchaser pursuant to this Agreement as though such Purchaser was a member of the Company under the Operating Agreement and in the amounts equal to the pro-rata percentage Interests such Purchaser would hold in the issued and outstanding Interests of the Company upon full exercise of all Warrants held by such Purchaser. Further, any Foreign Taxes Paid credits that the Company and/or Air T, in its capacity as the parent company of the Company, shall receive as part of the Company's ownership of its Australian operating assets, will be considered distributions for the purposes of this Section 7. 8. Disclosure. Each party to this Agreement hereby represents, warrants, acknowledges and agrees in favor of each other party that: (a) such party has been given access to (or the opportunity to access) full and complete information regarding the Company and the Securities, including, but not limited to, the Operating Agreement, and has carefully reviewed such information and documents and used such access to the party's satisfaction for the purpose of obtaining information concerning the Company and the value of the Securities; (b) the fair market value of the Securities as of the Effective Date and/or in the future may ultimately be substantially greater or less than the Purchase Price payable pursuant to this Agreement; (c) none of the Company, its officers, employees, managers, or members has made any representations or warranties (excluding, if applicable, those set forth in this Agreement) to such party, and such party is not relying on any such representations or warranties (written or oral, express or implied), in connection with this Agreement, including, without limitation, as to the fair market value of the Securities; and (d) the transactions contemplated by this Agreement benefit such party and are being completed at the request of such party. 9. Indemnification. The Purchaser hereby agrees to indemnify, defend, and hold harmless the Company and all of its members, managers, officers, affiliates, employees and other agents, from and against any and all claims, liabilities, losses, damages, costs, and expenses (including reasonable attorneys' fees and expenses) (collectively, "Losses") of or against the Company, which result from or relate to a breach of the Purchaser's obligations, representations, or warranties under this Agreement; provided, that such Losses are not from or related to the gross negligence or willful, fraudulent or illegal misconduct of the Company. 10. Further Assurances. Each party to this Agreement agrees and covenants that at any time and from time to time it will promptly execute and deliver to the other parties such further instruments and documents and take such further action as such other party may reasonably require in order to carry out the full intent

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6 and purpose of the Investment Documents and to comply with applicable securities laws or other regulatory approvals. 11. Miscellaneous 11.1 Binding Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties; provided that the Purchaser may not assign this Agreement or its respective rights or obligations under this Agreement or any other Investment Document, in each case by operation of law or otherwise, without the written consent of the Company. Nothing in this Agreement, expressed or implied, is intended to confer upon any third party any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 11.2 Governing Law; Venue. This Agreement shall be governed by and construed under the laws of the State of Minnesota, made and to be performed entirely within the State of Minnesota, without giving effect to conflicts of laws principles. Any controversy, dispute or claim arising out of or relating to this Agreement, any breach or alleged breach hereof, the making of this Agreement or fraud in the inducement, the transactions contemplated hereby, any modification or extension of this Agreement or affecting this Agreement will be resolved by a state or federal court sitting in Minneapolis, Minnesota, and the parties consent to the jurisdiction of such courts. 11.3 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may be executed and delivered by electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or by such method will be deemed to have the same effect as if the original signature had been delivered to the other parties. 11.4 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 11.5 Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail if sent during normal business hours of the recipient, if not, then on the next business day, (c) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company at the address on the signature page below, and to the Purchaser at the respective address on the signature page below or at such other addresses as the Company or the Purchaser may designate by 10 days advance written notice to the other parties hereto. 11.6 Modification; Waiver. Any modification or waiver of any provision of this Agreement or consent to departure therefrom shall be effective only upon the written consent of the Company and the Purchaser. 11.7 Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to the Purchaser, upon any breach or default of the Company under the Investment Documents shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach or default, or any acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character by the Purchaser of any breach or default under this Agreement, or any waiver by the Purchaser of any provisions or conditions of this Agreement must be in writing and shall be effective

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7 only to the extent specifically set forth in writing and that all remedies, either under this Agreement, or by law or otherwise afforded to such Purchaser, shall be cumulative and not alternative. 11.8 Entire Agreement. This Agreement, together with the Exhibits hereto, and the other Investment Documents, constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and no party shall be liable or bound to any other party in any manner by any representations, warranties, covenants and agreements except as specifically set forth herein. 41375692v4 [Signature Page to Follow]

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SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT – AIR T ACQUISITION 25.1, LLC IN WITNESS WHEREOF, the parties have executed this Securities Purchase Agreement as of the Effective Date. COMPANY: AIR T ACQUISITION 25.1, LLC, a Minnesota limited liability company Name: Its: Address: PURCHASER: (Entity Purchaser) Name: Signature: By: Title: Address: (Individual Purchaser) Signature: Printed Name: Address:

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B-1 EXHIBIT A FORM OF WARRANT (See attached)

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## Exhibit 10.15

![](a1015-formofwarrantairta001.jpg)

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, WHICH OPINION SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. W-___ __________ ___, 2025 ("Effective Date") AIR T ACQUISITION 25.1, LLC LIMITED LIABILITY COMPANY MEMBERSHIP INTEREST WARRANT _________________ THIS CERTIFIES THAT, for value received, _______________, a ______________, or its registered assigns (the "Holder"), is entitled to purchase from Air T Acquisition 25.1, LLC, a Minnesota limited liability company (the "Company"), at any time and from time to time, commencing on the Vesting Date pursuant to Section 2(a) hereof and expiring on the tenth (10th) anniversary of the Effective Date (as may be accelerated pursuant to Section 2(a)) (such period, the "Warrant Exercise Term"), the Interests at the Exercise Price (each term, as defined in Section 1 below) in accordance with and subject to the terms and conditions of this Limited Liability Company Membership Interest Warrant (this "Warrant"). This Warrant is issued pursuant to that certain Securities Purchase Agreement, dated as of _______ __, 2025, by and among the Company and the Holder (the "Purchase Agreement"). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings set forth in the Purchase Agreement. 1. Interests. The Holder is hereby granted, subject to the terms and conditions set forth in this Warrant, the right to purchase, at any time and from time to time during the Warrant Exercise Term, up to a ________ percent (_____%) interest (such percentage interest, the "Interests" and together with this Warrant, collectively, the "Securities") in the issued and outstanding limited liability company membership interests in the Company, for an aggregate price of $[_____] (the "Exercise Price"), in each case, subject to adjustment as provided in Section 3 hereof. 2. Exercise of Warrant. Vesting. This Warrant shall become exercisable upon the earliest to occur of the following (as applicable, the "Vesting Date"): (i) The removal, whether by contract or refinancing, of the obligation of Air T, Inc., a Delaware Corporation ("Air T") to make payment to cover twenty-five percent (25%) of the principal and interest due to Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust (collectively, the "Honeywell Entities") pursuant to, among other applicable documents and instruments, the certain Parent

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2 Guaranty the ("Guaranty") dated effective as of December 15, 2025 by and between Air T and the Honeywell Entities; (ii) The date that is five (5) years from the Effective Date hereof; (iii) The repayment of fifty percent (50%) of the Commonwealth of Australia's original principal balance of its investment in the Rex consolidated entities as of the Effective Date of the closing of Air T, Inc.'s acquisition of the Rex entities on December 17, 2025; and (iv) A sale of all or a substantial portion of Regional Express Holdings, Ltd. Exercise. This Warrant may be exercised by the Holder, at any time and from time to time during the Warrant Exercise Term, with respect to all or any portion of the Interests, by delivering the notice of exercise attached as Exhibit A hereto (the "Notice of Exercise"), duly executed by the Holder to the Company at its principal office, or at such other office as the Company may designate, accompanied by payment, in cash or by wire transfer of immediately available funds or by certified check payable to the order of the Company, of the aggregate Exercise Price of the Interests subject to the applicable Notice of Exercise. For purposes of this Warrant, "Exercise Date" shall mean, with respect to any exercise of this Warrant, the date on which all deliveries required to be made by the Holder to the Company pursuant to this Section 2(a) and Section 2(e), if applicable, with respect to such exercise shall have been made. If the Fair Market Value of the Interests on the Exercise Date exceeds the Exercise Price, the Holder may elect to receive, in lieu of paying the Exercise Price in cash, a total amount of Interests equal to: New Ownership % = (Original % × FMV) – (Original % × Strike Valuation) ÷ FMV For the purposes of this Warrant, Fair Market Value means, with respect to the Interests, the value determined in good faith by the Company's Board of Managers consistent with past practice or, if disputed, an independent appraiser. At signing of this Warrant, Strike Valuation is fixed at $7,500,000. Issuance of Certificates. As soon as practicable after any exercise of this Warrant in accordance with Section 2(a) hereof, the Company, at its expense, shall cause to be issued in the name of and delivered to the Holder an electronic certificate or certificates for the number of validly issued, fully paid and non-assessable Interests with respect to which the Holder shall have duly exercised this Warrant. The Holder shall for all purposes hereof be deemed to have become the holder of record of that percentage of Interests with respect to which this Warrant has been duly exercised the applicable Exercise Date of such exercise, irrespective of the date of delivery of such certificate or certificates; provided, that, if an Exercise Date falls a date when the transfer books of the Company are closed, the Holder shall be deemed to have become the holder of record of such Interests at the close of business on the next succeeding date on which the transfer books of the Company are open. Partial Exercise. If this Warrant is exercised for less than all of the Interests purchasable under this Warrant, the Company shall cancel this Warrant upon surrender hereof and shall execute and deliver to the Holder a new Warrant of like tenor for the balance of the Interests purchasable hereunder. Execution of Governance Agreements. In connection with the exercise of this Warrant and corresponding issuance of Interests in conjunction therewith, the Holder shall, as a condition precedent to the issuance of such Interests to the Holder, become a party to such customary agreements, including, but not limited to that certain Operating Agreement of the Company (the "Operating Agreement"), as in effect upon such Exercise Date and any other agreements as deemed necessary by the

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3 Company, at its sole discretion, to be entered into by other members of the Company at the time of such exercise. 3. Adjustment of Exercise Price and Number of Interests. Adjustment for Reclassification, Consolidation or Merger. If, while this Warrant remains outstanding and unexpired, there shall be (i) a reorganization or recapitalization (other than a combination, reclassification, exchange or subdivision of Interests otherwise provided for herein), (ii) a merger or consolidation of the Company with or into another limited liability company or other entity in which the Company shall not be the surviving entity, or (iii) a sale or transfer of the Company's properties and assets as, or substantially as, an entirety to any other limited liability company or other entity in one transaction or a series of related transactions, then, as a part of such reorganization, recapitalization, merger, consolidation, sale or transfer, unless otherwise directed by the Holder, all necessary or appropriate lawful provisions shall be made so that the Holder shall thereafter be entitled to receive upon exercise of this Warrant, during the period specified herein and upon payment of the Exercise Price then in effect, the greatest number of Interests or other securities or property that a holder of the Interests deliverable upon exercise of this Warrant would have been entitled to receive upon such consummation if this Warrant had been exercised immediately prior thereto, all subject to further adjustment as provided in this Section 3. If the consideration payable to the Holder for Interests in connection with any such transaction is in a form other than cash or marketable securities, then the value of such consideration shall be determined in good faith by the Company's officers and members of management (such officers and members of management, collectively, the "Officers") or as otherwise required hereunder. The foregoing provisions of this paragraph shall similarly apply to successive reorganizations, recapitalizations, mergers, consolidations, sales and transfers and to the units or securities of any other limited liability company that are at the time receivable upon the exercise of this Warrant. In all events, appropriate adjustment shall be made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder after the transaction, to the end that the provisions of this Warrant shall be applicable after that event, as near as reasonably may be, in relation to any shares or other property deliverable or issuable after such reorganization, recapitalization, merger, consolidation, sale or transfer upon exercise of this Warrant. Adjustments for Split, Subdivision or Combination of Interests. If the Company shall at any time subdivide (by any membership interest split, distribution, whether liquidating or otherwise, recapitalization, reorganization, reclassification or otherwise) the Interests subject to acquisition hereunder, then, after the date of record for effecting such subdivision, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the number of Interests subject to acquisition upon exercise of the Warrant will be proportionately increased. If the Company at any time combines (by reverse split, recapitalization, reorganization, reclassification or otherwise) the Interests subject to acquisition hereunder, then, after the record date for effecting such combination, the Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of Interests subject to acquisition upon exercise of the Warrant will be proportionately decreased. Adjustments for Distributions in Interests or Other Securities or Property. If while this Warrant, or any portion hereof, remains outstanding and unexpired, the holders of any class of securities as to which purchase rights under this Warrant exist at the time shall have received or, on or after the record date fixed for the determination of eligible members, shall have become entitled to receive, without payment therefor, other or additional Interests or other securities or property (other than cash) of the Company by way of distribution, then and in each case, this Warrant shall represent the right to acquire, in addition to the number of units of such class of security receivable upon exercise of this Warrant, and without payment of any additional consideration therefor, the amount of such other or additional units or other securities or property (other than cash) of the Company that such holder would hold on the date of such exercise had it been the holder of record of the class of security receivable upon exercise of this Warrant on the Effective

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4 Date and had thereafter, during the period from the date hereof to and including the date of such exercise, retained such Interests and/or all other additional units available to it as aforesaid during said period, giving effect to all adjustments called for during such period by the provisions of this Section 3. Adjustments for Issuances of Additional Equity Interests. If the Company issues additional Equity Interests, or securities convertible into or exercisable for Equity Interests, at a price per Equity Interest that is less than the then Fair Market Value of such interests, the Exercise Price shall be adjusted pursuant to the following weighted-average formula: New Exercise Price = Old Exercise Price × (OS + (CR / Old Exercise Price)) ÷ (OS + NI) where: OS = Outstanding Equity Interests immediately prior to the new issuance; CR = Aggregate consideration received by the Company for the new issuance; NI = Number of new Equity Interests issued (or issuable upon conversion/exercise). Notice of Adjustments. Upon any adjustment of the Exercise Price and any increase or decrease in the number of Interests purchasable upon the exercise of this Warrant, then, and in each such case, the Company, within fifteen (15) days thereafter, shall give written notice thereof to the Holder at the address of such Holder as shown on the books of the Company, which notice shall state the Exercise Price as adjusted and, if applicable, the increased or decreased number of Interests purchasable upon the exercise of this Warrant, setting forth in reasonable detail the method of calculation of each. 4. Notice. Where this Warrant provides for notice of any event, such notice shall be given (unless otherwise herein expressly provided) in writing and either (a) delivered personally, (b) sent by certified, registered or express mail, postage prepaid or (c) sent by facsimile or other electronic transmission, and shall be deemed given when so delivered personally, sent by facsimile or other electronic transmission (confirmed in writing) or mailed. Notices shall be addressed, if to Holder, to its address as set forth in the books and records of the Company from time to time or, if to the Company, to its principal office. 5. Restrictions on Transfer; Legends. General Restrictions on Transfer. In addition to any restrictions imposed by federal securities laws and any applicable state securities or "blue-sky" laws, this Warrant is generally non- transferable in all respects and the Holder may not sell, assign, bequeath, pledge or otherwise transfer this Warrant except as specifically provided for herein. Legend. Each certificate evidencing the Interests issued upon exercise of this Warrant shall be stamped or imprinted with a legend substantially in the following form: THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES

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5 LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, WHICH OPINION SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. Permitted Transfers. Notwithstanding anything contained herein to the contrary, the provisions of Section 5(a) shall not apply to a transfer of this Warrant to the following recipients, which transfers are hereby specifically permitted upon the provision of the written consent of the Company: (i) A partnership, joint venture, corporation, estate, trust, limited liability company or other entity in which the Holder, whether directly, indirectly or beneficially, has the ability, whether by the ownership of shares or other equity interest, by contract or otherwise, to elect a majority of the directors of a corporation, independently to select the managing partner of a partnership or the manager or managers of a limited liability company, or otherwise to have the power independently to remove and then select a majority of those persons exercising governing authority over an entity, and control shall be conclusively presumed in the case of the direct or indirect ownership of at least fifty percent (50%) of the voting equity interests in the applicable entity; (ii) A trust, provided that (a) such trust was created, and is revocable, by the Holder, (b) the Holder remains the primary beneficiary of such trust during the Holder's lifetime, and (c) the trustee provides the Company with any and all such documentation as may be reasonably requested by the Company to document the trustee's agreement to be bound by the terms and conditions of this Warrant, the Purchase Agreement and the Operating Agreement and/or any other applicable agreements, documents or instruments; (iii) The duly appointed recipients of the Holder, if such transfer results by operation of law resulting from the death, liquidation, dissolution or winding up of the Holder or by the administration of the Holder's estate, whether by probate or otherwise; provided, however that, in the event a transfer of this Warrant arises pursuant to this Section 5(c)(iii), the recipient thereof may only be admitted as a member of the Company if, prior to the exercise of this Warrant, the transferee receives the written consent of the Company to be admitted as a member thereof. In the event the transferee does not receive the written consent of the Company to be admitted as a member thereof upon the exercise of this Warrant, such transferee shall be entitled only to allocations and distributions with respect to any Interests issuable upon the exercise of this Warrant in accordance with the Operating Agreement, and shall have no right to any information or accounting of the affairs of the Company, shall not be entitled to inspect any books or records of the Company, and shall not have any of the rights of a member under the Operating Agreement or applicable law, including, without limitation, the Minnesota Revised Uniform Limited Liability Company Act, codified in Chapter 322C of the Minnesota Statutes, as amended from time to time. Conditions to Transfers. No transfer otherwise permitted by any provisions of this Warrant, including, without limitation, pursuant to Section 5(c) above, shall be valid unless and until the following conditions are satisfied, in addition to the provision of the advance written consent of the Company (any of which may be waived in writing by the Company): (i) The Holder and the transferee, as the case may be, shall provide such legal opinions, documentation and agreements as the Company may reasonably request, including, without limitation, (a) an instrument in form acceptable to the Company pursuant to which such transferee makes certain representations, warranties and

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6 undertakings, assumes each and every obligation of the Holder hereunder and under the Purchase Agreement and agrees to be bound by all of the respective terms, conditions, restrictions and obligations thereof; and (b) an opinion of counsel satisfactory to the Company that such transfer is exempt from registration under the Securities Act, and shall not otherwise violate applicable law; provided, however, that in the case of a transfer of this Warrant at death of the Holder or involuntarily by operation of law, the transfer may only be confirmed by the presentation to the Company of legal evidence of such transfer, in form and substance satisfactory to the counsel of the Company, and, provided, further, that in the event of such transfer, the transferee may only be admitted as a member of the Company upon the exercise of this Warrant as provided above. (ii) The transferee shall certify to the Company, if requested by the Company, that the transferee is an "accredited investor" within the meaning of the Securities Act. (iii) The transferee shall reimburse the Company for all costs and expenses reasonably incurred by the Company in connection with the transfer of this Warrant including, without limitation, all legal fees and costs of the preparation, execution, filing or publishing of any amendment of the Articles of Organization of the Company or the Operating Agreement. 6. No Rights of Members. Except as expressly provided in Section 3(c), the Holder, as such, shall not be entitled to vote or receive distributions or be deemed the holder of the Interests or any other securities of the Company that may at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the Holder, as such, any of the rights of a member of the Company or any right to vote upon any matter submitted to members of the Company at any meeting thereof, or to give or withhold consent to any action of the Company (whether upon any recapitalization, issuance of Interests, reclassification of Interests, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or otherwise until this Warrant shall have been exercised and the Interests purchasable upon the exercise of this Warrant shall have been issued, as provided herein. 7. Representations and Warranties. The Holder hereby represents, warrants and acknowledges to the Company that: (i) It has full power and authority to enter into this Warrant and to perform all obligations required to be performed by it hereunder. This Warrant, when executed and delivered by the Holder, will constitute the Holder's valid and legally binding obligation, enforceable in accordance with their respective terms. (ii) Neither the execution and delivery of this Warrant, nor the consummation by the Holder of any of the transactions contemplated hereby, will result in a breach of any applicable statute or regulation, or of any administrative or court order or decree; nor will such compliance conflict with or result in the breach of any term, provision, covenant or condition of any agreement or other instrument to which the Holder is a party or by which it may be bound, or, which with the giving of notice or lapse of time, or both, constitute an event of default thereunder. (iii) The Holder acknowledges and understands that an investment in the Securities is highly speculative and involves a high degree of risk. The Holder's investment in the Securities is suitable for the Holder based on its investment objectives and financial needs. The Holder has adequate means for providing for the Holder's current financial

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7 needs and personal contingencies and have no need for liquidity of investment with respect to the Securities. The Holder can bear the economic risk of an investment in the Securities for an indefinite period of time and can afford a complete loss of such investment. (iv) The Holder understands that no public market now exists for the Securities, and that the Company has made no assurances that a public market will ever exist for the Securities. (v) The Holder is an "accredited investor," as that term is defined by Rule 501(a) of Regulation D promulgated under the Securities Act, and the Holder is experienced and knowledgeable in financial and business matters, capable of evaluating the merits and risks of investing in the Securities, and does not need or desire the assistance of a knowledgeable representative to aid in the evaluation of such risks (or, in the alternative, the Holder has used a knowledgeable representative who has such knowledge and experience in financial or business matters that is capable of evaluating the merits and risks of the investment in the Securities in connection with the Holder's decision to purchase the Securities) (vi) (1) The Holder has been given access to full and complete information regarding the Company that Holder has requested in connection with its decision to acquire the Securities (including, but not limited to, the opportunity to meet with the Officers and/or other representatives of the Company and review all documents as the Holder may have requested in writing, including, without limitation, the Operating Agreement) and has utilized such access to the Holder 's satisfaction for the purpose of obtaining and/or verifying information related to the Company, the Securities and all other matters related thereto and as set forth herein; (2) the Holder's investment in restricted securities is reasonable in relation to its net worth; (3) the Holder understands that the Securities have not been, and will not be, registered under the Securities Act, and that the Securities are "restricted securities" under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Holder must hold the Securities indefinitely unless they are registered with the United States Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available; and (4) the Holder has experience in investments in restricted and publicly traded securities, and has experience in investments in speculative securities and other investments that involve the risk of loss of investment. The Company hereby represents, warrants and acknowledges to the Holder that: (i) The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Minnesota. (ii) The Company has taken all corporate action required to authorize and execute this Warrant and the carrying out of its provisions, including the due authorization by the Officers, and this Warrant is a binding obligation of the Company enforceable in accordance with its terms. (iii) The Securities, when issued, sold, and delivered in accordance with the terms and for the consideration set forth in this Warrant, will be validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer set forth in this Warrant, the Operating Agreement, the Articles of Organization of the Company, applicable securities laws and liens or encumbrances imposed by any Holder.

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8 Assuming the accuracy of the representations of the Holders in Section 8(a) above, the Securities will be issued in compliance with all applicable securities laws. The Interests have been duly reserved for issuance, and the Securities will be issued in compliance with all applicable federal and state securities laws. (iv) Neither the execution and delivery of this Warrant, nor the consummation by the Company of any of the transactions contemplated hereby, will result in a breach of any applicable statute or regulation, or of any administrative or court order or decree; nor will such compliance conflict with or result in the breach of any term, provision, covenant or condition of any agreement or other instrument to which the Company is a party or by which it may be bound, or, which with the giving of notice or lapse of time, or both, constitute an event of default thereunder including, without limitation, the Operating Agreement. (v) The Company has made available to the Holder all the information that the Holder has requested for deciding whether to acquire the Securities, including, but not limited to, the opportunity to meet with and ask questions of the Officers and/or other representatives of the Company's management. No representation or warranty of the Company contained in this Warrant contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein or therein not misleading in light of the circumstances under which they were made. It is understood that this representation is qualified by the fact that the Company has not delivered to the Holder, and has not been requested to deliver, a private placement or similar memorandum or any written disclosure of the types of information customarily furnished to purchasers of securities. 8. Miscellaneous. Governing Law; Venue. This Warrant and disputes arising hereunder shall be governed by and construed and enforced in accordance with the laws of the State of Minnesota, without regard to its conflict of law rules. Any controversy, dispute or claim arising out of or relating to this Agreement, any breach or alleged breach hereof, the making of this Agreement or fraud in the inducement, the transactions contemplated hereby, any modification or extension of this Agreement or affecting this Agreement will be resolved by a state or federal court sitting in Minneapolis, Minnesota, and the parties consent to the jurisdiction of such courts. Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS WARRANT OR THE TRANSACTIONS CONTEMPLATED BY THIS WARRANT. Headings; Interpretation. The headings in this Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof. This Warrant shall be construed and interpreted as if drafted by all parties hereto and the rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Warrant or any exhibits or amendments hereto. Survival. The covenants of the respective parties contained herein shall survive the execution and delivery of this Warrant.

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9 Successors and Assigns. The terms of this Warrant shall be binding upon and shall inure to the benefit of any successors or permitted assigns of the Company and of the Holder and of the Interests issued or issuable upon the exercise hereof. Entire Agreement. This Warrant, the Purchase Agreement and the other documents delivered pursuant hereto constitute the full and entire understanding and agreement between the parties with regard to the subject hereof and supersedes any prior understandings, agreements or representations, written or oral, relating to the subject matter of this Warrant. In the event of any inconsistency between the statements in this Warrant and the Purchase Agreement, the statements in this Warrant shall control. Joinder. Upon any exercise of this Warrant pursuant to the terms hereof, and prior to the issuance of any Interests subsequent thereto, the Holder shall sign a joinder the Operating Agreement and must agree to be bound by all the terms, conditions, restrictions and other responsibilities associated with membership in the Company and ownership of the Interests. Further Assurances. Each party to this Warrant agrees and covenants that at any time and from time to time it will promptly execute and deliver to the other parties such further instruments and documents and take such further action as such other party may reasonably require in order to carry out the full intent and purpose of this Warrant and to comply with applicable securities laws or other regulatory approvals. Furthermore, the Company shall not, by amendment of the Articles of Organization or the Operating Agreement of the Company, or through any other means, directly or indirectly, avoid or seek to avoid the observance or performance of any of the terms of this Warrant and shall at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder contained herein against impairment. Lost or Mutilation; Replacement. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of any such loss, theft or destruction, upon delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company, or, in the case of any such mutilation, upon surrender and cancellation of such Warrant, the Company, at its expense, will execute and deliver to the Holder, in lieu thereof, a new Warrant of like date and tenor. Amendment. This Warrant and any provision hereof may be amended, waived or terminated only by an instrument in writing signed by the Company and the Holder. Counterparts. This Warrant may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. Severability. Whenever possible, each provision of this Warrant shall be interpreted in such a manner as to be effective and valid under applicable law but if any provision of this Warrant is held to be invalid, illegal or unenforceable under any applicable law or rule, the validity, legality and enforceability of the other provisions of this Warrant will not be affected or impaired thereby. [Signature Page to Follow]

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SIGNATURE PAGE TO LIMITED LIABILITY COMPANY MEMBERSHIP INTEREST WARRANT – AIR T ACQUISITION 25.1, LLC IN WITNESS WHEREOF, the Company has duly executed this Warrant effective as of the date first set forth above. COMPANY: AIR T ACQUISITION 25.1, LLC, a Minnesota limited liability company By: Name: Title: HOLDER: (Entity Holder) Name: Signature: By: Title: (Individual Holder) Signature: Printed Name:

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A-1 EXHIBIT A NOTICE OF EXERCISE (To be signed only upon exercise of Warrant) The undersigned, the holder of a right to purchase a __________% interest in the limited liability company membership interest (the "Interests") of Air T Acquisition 25.1, LLC, a Minnesota limited liability company (the "Company"), pursuant to that certain Limited Liability Company Membership Interest Warrant dated effective as of ________ __, 202__ (the "Warrant"), hereby irrevocably elects to exercise the purchase right represented by such Warrant for, and to purchase thereunder, a _______% Interest in the Company and herewith makes payment of therefor (reflecting a purchase price for such Interests equal to $[_____]). The undersigned represents that it is acquiring such securities for its own account for investment and not with a view to or for sale in connection with any distribution thereof. DATED: HOLDER: (Entity Holder) Name: Signature: By: Title: (Individual Holder) Signature: Printed Name:

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## Exhibit 99.1

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Air T, Inc. Announces Closing of Regional Express Acquisition MINNEAPOLIS, MN – December 18, 2025 – Air T, Inc. (NASDAQ: AIRT) is pleased to announce the successful closing of its acquisition of Regional Express Holdings Limited (Rex), Australia's leading regional airline. Air T now owns 100% of Rex and looks forward to beginning a new chapter for Rex and the regional communities it serves across Australia. The transaction includes a comprehensive financing structure designed to support Rex's operations and future growth: • Air T is providing a $50 million AUD credit facility that is funded by one of our investor partners. We anticipate that Rex will use this facility to bring its fleet fully back into service, from approximately 31 flyers currently to 45 flyers within the next two years. • The Commonwealth of Australia will continue to be a secured creditor of Rex. • Rex will have access to an additional undrawn $60 million AUD loan from the Commonwealth of Australia to support the overhaul of its current fleet of Saab 340s and general operations. This financing arrangement reflects the collaborative approach taken by Air T, the Commonwealth of Australia, and other stakeholders to assure Rex thrives for the long-term and continues to service regional Australians. A strong Rex is good for Australia. "We are excited to welcome Rex to Air T and to continue the important work of strengthening regional aviation in Australia," said Nick Swenson, Chief Executive Officer of Air T, Inc. "Rex serves communities that depend on reliable air service, and we are committed to ensuring the airline operates on a sustainable basis for the long term. This acquisition aligns with our strategy of investing in essential aviation businesses with strong fundamentals, great management teams and meaningful roles in their markets." Neville Howell, Chief Executive Officer of Regional Express commented, "The acquisition by Air T marks not just the resolution of a challenging chapter, but the beginning of a revitalised one. It is the outcome of disciplined planning, principled decision-making and an unwavering commitment to the regional communities we exist for. With renewed strength and clarity, we move forward, not defined by the turbulence behind us, but by the possibilities ahead. As we move forward, we will remain true to our core. We are an airline with a responsibility to connect Australians, and we will approach this next chapter with the same pragmatism, care and resolve that guided us through the challenges behind us. This partnership does not redefine Rex. It strengthens our capacity to honour the purpose that has always defined us; to serve the regions that built us, with our heart firmly in the country." Air T and Rex are grateful for the support and collaboration of the Administrators, the Commonwealth of Australia, Rex's creditors, and all stakeholders throughout this process.

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NOTE REGARDING STAKEHOLDER QUESTIONS If you have questions related to this release or other Air T matters, please use our interactive Q&A capability, through Slido.com, accessible from our website, to submit your questions. We intend to keep that link open and available for shareholder questions. Questions submitted through Slido will be answered "live" and in writing at our Annual Meeting, and via a written response on a quarterly basis. Note that legal and pragmatic requirements restrict us from answering every question posted, yet we intend to address all reasonable and relevant questions with a written answer. ABOUT AIR T, INC. Established in 1980, Air T Inc. is a portfolio of powerful businesses and financial assets, each of which is independent yet interrelated. Its core segments are overnight air cargo, ground equipment sales, commercial jet engines and parts, and corporate and other. We seek to expand, strengthen and diversify Air T's after-tax cash flow per share. Our goal is to build Air T's core businesses, and when appropriate, to expand into adjacent and other industries. We seek to activate growth and overcome challenges while delivering meaningful value for all stakeholders. For more information, visit www.airt.net. ABOUT REX Established in 2002, Rex is Australia's largest independent regional airline serving regional and remote communities throughout all states in Australia. Rex has the world's largest fleet of Saab 340 aircraft operating over 1,000 flights per week. In addition to the airline, the Rex Group includes two professional pilot training campuses, the Australian Airline Pilot Academy (AAPA) in Wagga Wagga, NSW and Ballarat, VIC and the propeller maintenance overhaul facility, the Australian Aerospace Propeller Maintenance (AAPM) based in Dingley, VIC. CONTACT Tracy Kennedy tkennedy@airt.com FORWARD-LOOKING STATEMENTS Certain statements in this press release are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the Company's financial condition, results of operations, plans, objectives, future performance and business. Forward- looking statements include those preceded by, followed by or that include the words "believes", "pending", "future", "expects," "anticipates," "estimates," "depends" or similar expressions. These forward-looking statements involve risks and uncertainties. Actual results may differ

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materially from those contemplated by such forward-looking statements, because of, among other things, potential risks and uncertainties, such as: • An inability to finance our operations through bank or other financing or through the sale of issuance of debt or equity securities; • Economic and industry conditions in the Company's markets; • The risk that contracts with FedEx could be terminated or adversely modified; • The risk that the number of aircraft operated for FedEx will be reduced; • The risk that GGS customers will defer or reduce significant orders for deicing equipment; • The impact of any terrorist activities on United States soil or abroad; • The Company's ability to manage its cost structure for operating expenses, or unanticipated capital requirements, and match them to shifting customer service requirements and production volume levels; • The Company's ability to meet debt service covenants and to refinance existing debt obligations; • The risk of injury or other damage arising from accidents involving the Company's overnight air cargo operations, equipment or parts sold and/or services provided; • Market acceptance of the Company's commercial and military equipment and services; • Competition from other providers of similar equipment and services; • Changes in government regulation and technology; • Changes in the value of marketable securities held as investments; • Mild winter weather conditions reducing the demand for deicing equipment; • Market acceptance and operational success of the Company's commercial jet engines and parts segment or its aircraft asset management business and related aircraft capital joint venture; and • Despite our current indebtedness levels, we and our subsidiaries may still be able to incur substantially more debt, which could further exacerbate the risks associated with our substantial leverage. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

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