Document:

Amendment to Agreement

 Exhibit 10.1 
 AMENDMENT TO AGREEMENT 
 This AMENDMENT TO AGREEMENT (this
“Agreement”) is entered into as of August 31, 2011, by and between Great Lakes Aviation, Ltd., an Iowa corporation, with its principal place of business at 1022 Airport Parkway, Cheyenne, Wyoming 82001 (“Great
Lakes”) and Raytheon Aircraft Credit Corporation, a Kansas corporation, with its principal place of business at 8300 E. Thorn Drive, Suite 100, Wichita, Kansas 67226 (“RACC”). 

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

WHEREAS, by an Agreement dated as of June 10, 2011 (collectively, together with the amendments and other documents executed in
connection therewith, the “Original Agreement”) Great Lakes and RACC agreed, in some specific respects, to modify certain of the “Finance Documents” (which term, as used hereinafter; shall mean the Finance Documents as
amended and modified by the Original Agreement); 
 WHEREAS, the Promissory Notes, as modified by the Original Agreement,
require Great Lakes to pay in full the entire remaining balance of principal and interest due under each Promissory Note (the “Balloon Payments”) on August 31, 2011 (the “Amended Balloon Payment Date”) and, as
of the date of this Agreement, Great Lakes has disclosed and acknowledges that it is unable to timely and fully pay the Balloon Payments to RACC as required under the Promissory Notes; 

WHEREAS, Great Lakes has requested that RACC agree to extend the Amended Balloon Payment Date from August 31, 2011 to
October 17, 2011; and 
 WHEREAS, on and subject to the terms and conditions provided in this Agreement, RACC is willing to
agree to so extend the Amended Balloon Payment Date, 

 NOW, THEREFORE, in consideration of the foregoing premises, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and fully intending to be legally bound by this Agreement, the parties hereto agree as follows: 
 1. Extension of Balloon Payment Date; Extension Fee. 
 (a) On the
terms and conditions provided in this Agreement, the parties hereto hereby agree that Amended Balloon Payment Date is extended from August 31, 2011 to October 17, 2011 and that the base interest rate on each of the Promissory Notes, with
effect on and after September 1, 2011, shall be, and hereby is, increased from 6.75% per annum to 8.75% per annum. Great Lakes irrevocably and unconditionally agrees (i) to make payments of $25,500, as provided in the Original
Agreement, on each Promissory Note on or before August 30, 2011, (ii) to make payments of $27,600 on each Promissory Note on or before September 30, 2011, (iii) to make payments of $13,800 on each Promissory Note on or before
October 14, 2011, and (iv) to pay any and all amounts outstanding and unpaid, including, without limitation, all principal and accrued interest, on each Promissory Note on or before October 17, 2011. The modification to each of the
Promissory Notes agreed to under this Agreement shall be reflected in a Second Amendment to Amended and Restated Promissory Note or a Second Amendment to Amended and Restated Promissory Note (as the case may be) to each Promissory Note dated the
date hereof and shall be in the form attached to this Agreement as Exhibit A. For the avoidance of any possible doubt, the payment and performance by Great Lakes of each and all of its obligations under and in connection with, among
other things, the Promissory Notes, as amended by the Second Amendment to Amended and Restated Promissory Note or Second Amendment to Second Amended and Restated Promissory Note (as the case may be) provided for under this Agreement, are, and
continue to be, secured by each Security Agreement, and each Promissory Note, as so amended, is and constitutes a “Transaction Document”, as that term is defined in the Amended and Restated Restructuring Agreement dated as of March 9,
2007 by and between Great Lakes and RACC. To memorialize that understanding, the parties hereto on the date hereof are entering into a Third Amendment to the Security Agreements, which shall be in the form attached to this Agreement as
Exhibit B. 
 (b) Great Lakes agrees to pay to RACC, on the date hereof, an extension fee in the amount of One
Hundred Thousand Dollars ($100,000), which shall be fully earned when paid and not refundable, and which is in addition to paying RACC’s reasonable costs and expenses as hereinafter provided. 

2. Continued Effectiveness of Finance Documents; No Waiver; Etc. 

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

  
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 (c) Great Lakes hereby acknowledges and agrees that RACC’s agreement to extend the
Balloon Payment Date in this Agreement does not constitute a waiver or forgiveness of any obligation and that, in granting the extension under the Original Agreement and the extension provided herein, RACC is not agreeing to, or suggesting in any
way, that there will or might be any further extension, accommodation or any waiver of any right or remedy in any of the GLUX/RACC Documents and Great Lakes acknowledges and agrees that it will not assume or rely upon the possibility or prospect of
any possible future extension or accommodation by RACC. 
 3. No Impact on Other Agreements. The parties hereto
hereby agree as follows: 
 (a) Leases. Great Lakes currently is leasing six (6) used Beech 1900D Airliners under
six (6) separate Operating Leases (the “Leases”), each of which is identified on Exhibit C, which is attached to this Agreement. As contemplated by the Leases, on or about May 4, 2011 RACC gave Great Lakes a
Notice of Termination for each Lease, each of which was modified by a letter dated August 19, 2011, agreed to by Great Lakes and RACC, which provides the date of termination for each Lease. Great Lakes acknowledges its receipt of, and the
correctness in all respects and effectiveness of, such amended Notices of Terminations and hereby confirms and ratifies each of its obligations under the Leases. Except for such confirmation and ratification and the provisions of Sections 2 and
4 of this Agreement, this Agreement does not affect the Leases in any way, all of which shall remain in full force and effect, subject, however, to the above-described amended Notices of Termination. 

(b) Senior Note. Great Lakes currently is obligated to RACC under a Senior Note dated March 23, 2007 (the “Senior
Note”) that is secured by four (4) Aircraft Security Agreements, (the “Embraer Security Agreements” and, collectively with the Senior Note, the “Senior Note Documents”), each of which relates to an
Embraer Model EMB-120ER aircraft. Great Lakes acknowledges its obligations under the Senior Note Documents and hereby confirms and ratifies each of its obligations under the Senior Note Documents. Except for such confirmation and ratification and
the provisions of Sections 2 and 4 of this Agreement, this Agreement does not affect the Senior Note Documents in any way, each of which shall remain in full force and effect. 

4. Other Agreements and General Provisions. 
 4.1 Information To Be Provided; Co-operation; Etc. Great Lakes agrees to continue to make business and financial information available to RACC on a timely basis, consistent with the reports
and information provided previously by Great Lakes to RACC. Great Lakes also agrees to advise RACC as soon as practicable regarding any business or financial development that Great Lakes reasonably believes is material to its operations or its
refinancing efforts. In addition, Great Lakes agrees to reasonably co-operate with any actual or potential transferee of any or all of RACC’s rights or interests in Great Lakes, including, without limitation, under or in connection with the
GLUX/RACC Documents. 
 4.2 Documentation and Filings; Costs; Etc. To the extent that RACC, in its sole
discretion, determines that this Agreement or any provision hereof or for any other reason, or in connection with any transfer of any of RACC’s rights or interests in Great Lakes, including, without limitation, under or in connection with the
GLUX/RACC Documents, requires or makes appropriate additional documentation or filings with any state, federal or international authority or registry, including, without limitation, the Cape Town International Registry, RACC is authorized to do so
on its own behalf and, as may be reasonably necessary in RACC’s sole discretion, on behalf of 

  
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Great Lakes and Great Lakes hereby consents to any and all such filings. Notwithstanding the right of RACC to effect any or all such filings without Great Lakes’ participation, Great Lakes
agrees to cooperate with RACC in preparing and effecting any filings. In addition, by not later than the
fifth (5th) business day after the date hereof, Great
Lakes shall file with the Securities and Exchange Commission any necessary amendment to its registration statement on Form S-1 (File No. 333-159256), as may be necessary to continue the ability of RACC to sell under the registration
statement. All of RACC’s reasonable costs and expenses for preparing this Agreement, any filings or other matters involving this Agreement shall be paid by Great Lakes on the date hereof or, if later invoiced, not later than five (5) days
after Great Lakes’ initial receipt thereof. 
 4.3 Pratt and Whitney Matters. Great Lakes agrees to continue
to maintain in effect and comply in all material respects with the terms of its TCP Fleet Maintenance Program with Pratt & Whitney Canada Corp. (“Pratt & Whitney”) pursuant to that certain Amended and Restated Term
Cost Plan TCP # 03-1907 dated July 19, 2006 between Great Lakes and Pratt & Whitney (as amended and in effect from time to time, the “FMP Agreement”) and any and all of its other obligations to Pratt &
Whitney. 
 4.4 Governing Law, Jurisdiction and Venue and Informed Choice. THIS AGREEMENT WAS MADE AND ENTERED INTO IN
THE STATE OF KANSAS AND THE LAW GOVERNING THIS TRANSACTION SHALL BE THAT OF THE STATE OF KANSAS AS IT MAY FROM TIME TO TIME EXIST. THE LAWS OF THE STATE OF KANSAS SHALL APPLY TO ANY AND ALL MATTERS ARISING FROM OR RELATED TO THIS AGREEMENT. THE
PARTIES AGREE THAT ANY LEGAL PROCEEDING BASED UPON THE PROVISIONS OF THIS AGREEMENT SHALL BE BROUGHT EXCLUSIVELY IN EITHER THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS AT WICHITA, KANSAS OR IN THE EIGHTEENTH JUDICIAL DISTRICT COURT OF
SEDGWICK COUNTY, KANSAS TO THE EXCLUSION OF ALL OTHER COURTS AND TRIBUNALS. NOTWITHSTANDING THE ABOVE, RACC, AT ITS SOLE OPTION, MAY INSTITUTE A LEGAL PROCEEDING IN ANY JURISDICTION AS MAY BE APPROPRIATE IN ORDER FOR RACC TO OBTAIN POSSESSION OF ANY
PROPERTY OR ASSETS IN WHICH RACC HAS, OR MAY CLAIM, ANY RIGHT OR INTEREST INVOLVING OR RELATED TO GREAT LAKES. THE PARTIES CONSENT AND AGREE TO BE SUBJECT TO THE JURISDICTION OF THE AFORESAID COURTS IN SUCH PROCEEDING. EACH PARTY IRREVOCABLY WAIVES
ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT, THE
FINANCE DOCUMENTS, THE LEASES, THE SENIOR LOAN DOCUMENTS OR ANY OTHER DOCUMENT RELATED THERETO. EACH PARTY WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH
APPLICABLE STATE. 
 4.5 WAIVER OF JURY TRIAL. EACH PARTY TO THIS AGREEMENT WAIVES TRIAL BY JURY IN ANY ACTION
ARISING OUT OF, CONCERNING OR OTHERWISE INVOLVING THIS AGREEMENT. 

  
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 4.6 Successors and Assigns. This Agreement shall be binding upon and inure to
the benefit of Great Lakes and RACC and their respective successors and assigns, provided that RACC, but not Great Lakes, may transfer or assign any or all of its rights, interests, duties or obligations hereunder or under any of the GLUX/RACC
Documents and, in connection with any such transfer or assignment, Great Lakes hereby consents to such transfers and memorializing such transfers by filings as contemplated by Section 4.2 of this Agreement 

4.7 Counterparts; Execution. This Agreement may be executed in any number of counterparts, but all such counterparts shall
together constitute but one and the same agreement. In making proof of this Agreement, it shall not be necessary to produce or account for more than one counterpart thereof signed by each of the parties hereto. Delivery of an executed signature page
to this Agreement by emailed PDF file or facsimile transmission shall be as effective as delivery of a manually executed counterpart of this Agreement. 
 4.8 Amendment; Integration. No provision or term of this Agreement may be amended, modified, revoked, supplemented, waived or otherwise changed except by a written instrument duly executed
by Great Lakes and RACC and expressly designated as an amendment, supplement or waiver. This Agreement, and the GLUX/RACC Documents, constitute the entire agreement and understanding between Great Lakes and RACC and supersedes any and all prior
agreements and understandings, both written and oral, between the parties, with respect to the subject matter hereof, the GLUX/RACC Documents and the arrangements between Great Lakes and RACC. 

4.9 Severability. If any provision in this Agreement shall be held invalid, illegal or unenforceable in any jurisdiction,
the validity, legality and enforceability of the remaining provisions of this Agreement shall not be impaired thereby, nor shall the validity, legality or enforceability of any such defective provision be in any way affected or impaired in any other
jurisdiction. 
 4.10 Waiver and Release of Claims and Defenses. 

(a) Great Lakes hereby acknowledges, agrees and affirms that neither it nor any affiliate possesses any claims, defenses, offsets,
recoupment, or counterclaims of any kind or nature against RACC or its affiliates or with respect to any of the GLUX/RACC Documents or this Agreement or the enforcement thereof (collectively, the “Claims”), nor do Great Lakes or its
affiliates now have knowledge of any facts that would or might give rise to any Claims. If facts now exist that would or could give rise to any Claim against RACC or any of its affiliates or with respect to any of the GLUX/RACC Documents or this
Agreement, or the enforcement thereof, Great Lakes, on its own behalf and on behalf of its affiliates, hereby unconditionally, irrevocably, and unequivocally waives and fully releases any and all such Claims as if such Claims were the subject of a
lawsuit, adjudicated to final judgment from which no appeal could be taken, and therein dismissed with prejudice. In no event shall RACC or its affiliates be liable to Great Lakes or its affiliates, and Great Lakes, on its own behalf and on behalf
of its affiliates, hereby waives, releases and agrees not to sue for any special, indirect, punitive, exemplary, or consequential damages suffered by Great Lakes or its affiliates in connection with, or arising out of, or in any way related to any
of the GLUX/RACC Documents or this Agreement, including without limitation lost profits, whatever the nature of a breach by RACC or its affiliates of any of their obligations under any of the GLUX/RACC Documents or this Agreement, and Great Lakes
and RACC, each on its own behalf and on behalf of its affiliates, hereby waives all claims for special, indirect, punitive, exemplary, or consequential damages. 

  
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 (b) Great Lakes, on its own behalf and on behalf of its affiliates hereby agrees, represents
and warrants to RACC and its affiliates that Great Lakes for its own behalf and on behalf of its affiliates realizes and acknowledges that factual matters now unknown may have given or may hereafter give rise to causes of action, claims, demands,
debts, controversies, damages, costs, losses and expenses which are presently unknown, unanticipated and unsuspected, and Great Lakes, on its own behalf and on behalf of its affiliates, further agrees, represents and warrants that the release
provided hereunder has been negotiated and agreed upon in light of that realization and that Great Lakes, on its own behalf and on behalf of its affiliates, nevertheless hereby intends to, and does, release, discharge and acquit RACC and its
affiliates from any such unknown causes of action, claims, demands, debts, controversies, damages, costs, losses and expenses which are in any manner set forth in or related to any of the GLUX/RACC Documents or this Agreement and all dealings in
connection therewith. 
 4.11 Acknowledgment. By its execution of this Agreement, Great Lakes hereby ratifies and
confirms in all respects all of its obligations to RACC under or in connection with each of the GLUX/RACC Documents and agrees that they remain in full force and effect (subject to the terms hereof) and no defenses exist to RACC’s enforcement
thereof. Great Lakes acknowledges and agrees that nothing contained herein shall constitute a waiver of any default or Event of Default (as defined in any of the GLUX/RACC Documents) that exists or might occur under any of the GLUX/RACC Documents or
the payment of any amount or the satisfaction of any obligation except as, and to the extent, expressly so provided herein. 

4.12 Time of the Essence. The parties hereto agree that for all purposes under any of the GLUX/RACC Documents or this
Agreement that time is of the essence for the performance and the accomplishment of each obligation under any of the foregoing. 

4.13 Disclosure of this Agreement. Each party agrees that the other party and/or its respective affiliates may disclose
this Agreement as may be required under applicable securities laws and as the disclosing party may otherwise, in the exercise of its commercially reasonable judgment, determine to be necessary or appropriate for proper commercial purposes.

 [SIGNATURE PAGE TO FOLLOW] 

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

					
	GREAT LAKES:	 	GREAT LAKES AVIATION, LTD.
			
		 	By:	 	 /s/ Michael O. Matthews

		 		 	     Name: Michael O. Matthews
		 		 	     Title: Chief Financial Officer
		
	RACC:	 	RAYTHEON AIRCRAFT CREDIT CORPORATION
			
		 	By:	 	 /s/ David A. Williams

		 		 	     David A. Williams,
		 		 	     Vice President – General Counsel

  
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 Exhibit A 
 Model: Beechcraft 1900D Airliner 
 Manufacturer’s Serial No.:
         -          
 Aircraft Registration No.:
N                 
 SECOND AMENDMENT TO

 [SECOND] AMENDED AND RESTATED PROMISSORY NOTE 

Effective this 31st day of August, 2011, this Second Amendment to the [Second] Amended and Restated Promissory Note
(“Amendment”) is made and entered into by and between RAYTHEON AIRCRAFT CREDIT CORPORATION (hereinafter, together with its successors and assigns, “RACC”) and GREAT LAKES AVIATION, LTD. (hereinafter
“Debtor”). 
 WHEREAS, on or about March 23, 2007, the parties entered into that certain [Second] Amended
and Restated Promissory Note pertaining to the above-identified Aircraft (as amended and currently in effect, the “Promissory Note”), to which was attached a Schedule 1, Aircraft Note Payment and Amortization Schedule, containing a
payment schedule as provided in Section 3 of the Promissory Note; 
 WHEREAS, the parties have reached an agreement to
amend Sections 2 and 3 of the Promissory Note and, in some respects, the related Payment Schedule and to extend from August 31, 2011 to October 17, 2011 the date by which Debtor agrees to pay in full all amounts due under the
Promissory Note; and 
 WHEREAS, the parties desire to enter into this Amendment in order to memorialize their agreement,

 NOW, THEREFORE, for and in consideration of the mutual promises, covenants and agreements set forth herein and in the
Promissory Note, the sufficiency and receipt of which are hereby acknowledged, the parties agree as follows: 
  

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

  

	2.	Amendments to Section 2: Effective on and after September 1, 2011, Section 2 of the Promissory Note is amended as of that date (a) in
Section 2.A. by deleting “six and three-quarters percent (6.75%) per annum” and inserting in lieu thereof “eight and three-quarters percent (8.75%) per annum”, and (b) in Section 2.B. by deleting
“ten percent (10%) per annum” and inserting in lieu thereof “twelve percent (12%) per annum”. 

  

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

3. Payment Schedule: Payment of the principal balance together with accrued interest shall be made in monthly
installments payable in arrears, until October 17, 2011 when Debtor shall pay all unpaid amounts in full. The first installment payment shall be due and payable to RACC on March 30, 2007. Each subsequent installment payment shall be due
and payable to RACC on the 30th day of each month
thereafter, until October 14, 2011 when 

  
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a payment equal to one-half (1/2) of a principal payment, plus accrued interest shall be due and payable to RACC and then on October 17, 2011, on which date the entire remaining balance
of principal, accrued interest and any and all other amounts outstanding and unpaid under or in respect of the Promissory Note shall be due and payable in full to RACC. The amount of each installment payment due on or after the date of this
Amendment will be as set forth on Schedule 1 hereto. Notwithstanding the foregoing, in the event of loss, theft, confiscation or substantial damage to the Aircraft, Debtor shall pay all amounts owing under this Promissory Note upon the
earlier of (i) thirty (30) days following demand by RACC or (ii) the date on which all amounts first become due and payable under the Promissory Note, whether at maturity, after acceleration or otherwise. 

 

	4.	 Amendment to Schedule 1 to Promissory Note: Schedule 1 to the Promissory Note, entitled Aircraft Note Payment and Amortization Schedule, is
hereby amended by deleting the last payment, or 54th
payment, thereon and inserting in lieu thereof the four (4) payments contained on Exhibit A, which is attached to this Amendment. 

  

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

  

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

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

							
	 RAYTHEON AIRCRAFT CREDIT
CORPORATION
	 	GREAT LAKES AVIATION, LTD.
				
	By:	 	  
	 	By:	 	  

		 	    David A. Williams	 		 	    Michael Matthews
		 	    Vice President – General Counsel	 		 	    Chief Financial Officer
				
		 	“RACC”	 		 	“Debtor”

  
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 Exhibit A, Amending Schedule 1 

 

																					
	 Payment #
	  	Date	 	  	Payment	 	  	Interest	 	  	Principal	 	  	Loan Balance	 
						
	 54
	  	 	8/30/2011	  	  	 	25,500.00	  	  	 	7,248.07	  	  	 	18,251.93	  	  	 	1,270,294.62	  
	 55
	  	 	9/30/2011	  	  	 	27,600.00	  	  	 	9,262.56	  	  	 	18,337.44	  	  	 	1,251,957.19	  
	 56
	  	 	10/14/2011	  	  	 	13,800.00	  	  	 	4,201.77	  	  	 	9,598.23	  	  	 	1,242,358.96	  
	 Balloon
	  	 	10/17/2011	  	  	 	1,242,358.96	  	  	 	0.00	  	  	 	1,242,358.96	  	  	 	0.00	  

  
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 Exhibit B 
 THIRD AMENDMENT TO SECURITY AGREEMENTS 
 This
THIRD AMENDMENT TO SECURITY AGREEMENTS is made and entered into this 31st day of August, 2011 (the “Third Amendment”), by and between Raytheon Aircraft Credit Corporation (the “Secured Party”) and Great Lakes Aviation, Ltd. (the
“Debtor”). 
 WITNESSETH: 
 WHEREAS, Debtor and Secured Party have entered into an Amendment To Agreement dated as of the date hereof (the “Agreement Amendment”), which is an amendment to an Agreement dated
as of June 10, 2011 (the “2011 Agreement”), to further extend the final payment date of each of the twenty-five (25) separate Amended and Restated Promissory Notes or Second Amended and Restated Promissory Notes,
each of which is dated March 23, 2007, issued by Debtor to Secured Party (each, as originally executed, as amended and currently in effect, a “Promissory Note” and collectively, the “Promissory
Notes”) in connection with that certain Amended and Restated Restructuring Agreement dated as of March 9, 2007 (the “2007 Restructuring Agreement”); 

WHEREAS, in connection with the 2007 Restructuring Agreement and to further secure the Promissory Notes, Debtor provided Secured Party
with twenty-five (25) separate First Amendments, dated as of March 23, 2007, and a Second Amendment to Security Agreements, dated June 10, 2011, to twenty-five (25) Security Agreements or Amended and Restated Security Agreements,
each of which is dated as of December 31, 2002, all as further described in Exhibit A attached hereto (collectively the “Original Security Agreements”); 

WHEREAS, in addition to the Original Security Agreements, Debtor and Secured Party entered into that Security Agreement dated as of
May 1, 2008, as recorded by the Federal Aviation Administration (“FAA”) on June 12, 2008 as Conveyance No. LA000196; and as supplemented by that certain Security Agreement Supplement No. 1 dated May 27,
2009, between Debtor and Secured Party, recorded by the FAA on June 10, 2009 as Conveyance No. SF002448, and supplemented by that certain Security Agreement Supplement No. 2 dated January 27, 2010, between Debtor and Secured Party,
recorded by the FAA on February 23, 2010 as Conveyance No. MS003073, and supplemented by that certain Security Agreement Supplement No. 3 dated April 15, 2010, between Debtor and Secured Party, recorded by the FAA on May 4, 2010
as Conveyance No. MC006524, and supplemented by that certain Security Agreement Supplement No. 4 dated October 27, 2010, between Debtor and Secured Party, recorded by the FAA on November 22, 2010 as Conveyance No. WH002898, and
further supplemented by that certain Security Agreement Supplement No. 5 dated April 25, 2011, between Debtor and Secured Party, recorded by the FAA on May 25, 2011 as Conveyance No. DV010100 (collectively, the “2008
Security Agreement” and, the 2008 Security Agreement and the Original Security Agreements are hereinafter referred to as the “Security Agreements”); 

 WHEREAS, Debtor has amended the Promissory Notes by executing twenty-five (25) separate
Second Amendments to the Amended and Restated Promissory Notes or Second Amendments to Second Amended and Restated Promissory Notes, each of which is dated on the date hereof, to further amend the Promissory Notes (as so amended, the
“Amended Promissory Notes”) to reflect new installment payments and a modified final due date, all as provided in the Agreement Amendment; and 
 WHEREAS, Debtor and Secured Party wish to execute this Third Amendment to reflect that (i) the references in the Security Agreements to the “Restructuring Agreement” are to the 2007
Restructuring Agreement, the 2011 Agreement and the Agreement Amendment, (ii) the references in the Security Agreements to the “Promissory Note” are to the Amended Promissory Notes and iii) the Original Security Agreements and the
2008 Security Agreement continue to secure all of the obligations of Debtor to Secured Party. 
 NOW THEREFORE, in consideration
of the premises and other good and valuable consideration, receipt of which is hereby acknowledged, Debtor and Secured Party hereby agree as follows: 
 1. Unless otherwise defined herein, the capitalized terms as used in this Third Amendment shall have the meaning assigned to them in the Security Agreements. 

2. The definition of the Promissory Note in the Security Agreements is hereby amended to mean the Amended Promissory Notes, as they may be
further amended, modified, extended or amended and restated and in effect from time to time. 
 3. The definition of the
“Restructuring Agreement” in the Security Agreements is hereby amended to mean the 2007 Restructuring Agreement, the 2011 Agreement and the Agreement Amendment, as they may be amended, modified, extended or amended and restated and in
effect from time to time. 
 4. Regarding the Cape Town Treaty, (a) Debtor shall establish a valid and existing account with
the International Registry, appoint an Administrator and/or a Professional User acceptable to Secured Party to make registration in regards to the Collateral and Additional Collateral identified in the Security Agreements as may be requested by
Secured Party, and (b) Secured Party and Debtor shall register a first priority Prospective International Interest in connection with the Collateral and Additional Collateral identified in each of the Security Agreements in Exhibit A as
may be requested by Secured Party which shall be perfected and searchable in the International Registry to the satisfaction of Secured Party. 
 5. Secured Party may transfer or assign all or any part of its interest in the Security Agreements, as amended and further supplemented, without the consent of Debtor or any other party. Debtor hereby
consents to any and all assignments or sales of, or the granting of participations in this Third Amendment by Secured Party or any assignee of an interest in the Security Agreements. Debtor shall not assign, transfer, encumber or convey any of its
interests in the Collateral, Additional Collateral or in the Security Agreements without the prior written consent of Secured Party. 

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

 7. GOVERNING LAW AND FORUM SELECTION. THIS THIRD AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF KANSAS. ANY LEGAL PROCEEDINGS RELATING TO THIS THIRD AMENDMENT SHALL BE BROUGHT IN THE EIGHTEENTH JUDICIAL DISTRICT AT WICHITA, KANSAS, OR THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS AT WICHITA, KANSAS, TO THE
EXCLUSION OF ALL OTHER COURTS AND TRIBUNALS. NOTWITHSTANDING THE ABOVE, SECURED PARTY (AT ITS SOLE OPTION) MAY INSTITUTE A LEGAL PROCEEDING IN ANY JURISDICTION AS MAY BE APPROPRIATE IN ORDER FOR SECURED PARTY TO EXERCISE ITS RIGHTS AND REMEDIES
UNDER THIS THIRD AMENDMENT. THE PARTIES HEREBY IRREVOCABLY CONSENT AND AGREE TO BE SUBJECT TO THE JURISDICTION OF THE AFORESAID COURTS IN SUCH PROCEEDINGS. 
 8. This Third Amendment and the other written agreements entered into by the parties hereto constitute the entire agreement by and between the parties with respect to the subject matter hereof. There are
no oral understandings, agreements, representations or warranties not expressly set forth in this Third Amendment or the other written agreements between the parties hereto. Neither this Third Amendment nor the Security Agreements shall be changed
orally, but only by writing signed by the parties. This Third Amendment may be executed in any number of counterparts, but all such counterparts shall together constitute but one and the same agreement. In making proof of this Third Amendment, it
shall not be necessary to produce or account for more than one counterpart thereof signed by each of the parties hereto. Delivery of an executed signature page to this Third Amendment by emailed PDF file or facsimile transmission shall be as
effective as delivery of a manually executed counterpart of this Third Amendment. 

  
 B-3

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

			
	GREAT LAKES AVIATION, LTD., Debtor
		
	By:	 	  

			
	Name:	 	  

			
	Title:	 	  

  

			
	RAYTHEON AIRCRAFT CREDIT CORPORATION, Secured Party
		
	By:	 	  

	Name: David A. Williams
	Title: Vice President – General Counsel

  
 B-4

 EXHIBIT “A” 

SECURITY AGREEMENTS 
 Security Agreement UE-100 
  

	1)	Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes Aviation, Ltd, as debtor, and Raytheon Aircraft Credit Corporation
(“RACC”), as secured party, recorded by the FAA on March 10, 2003, as Conveyance Number T071645, and amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes
Aviation, Ltd., as debtor, and RACC, as secured party, recorded by the FAA on September 19, 2007, as Conveyance Number Q079643, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes
Aviation, Ltd., as debtor, and RACC, as secured party, filed with the FAA on June 15, 2011 and pending a recorded Conveyance Number. 

 Security Agreement UE-122 
  

	1)	Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes Aviation, Ltd, as debtor, and RACC, as secured party, recorded by the
FAA on February 20, 2003, as Conveyance Number JJ000799, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007 between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party,
recorded by the FAA on September 19, 2007, as Conveyance Number PP036045, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party,
filed with the FAA on June 15, 2011 and pending a recorded Conveyance Number. 

 Security Agreement UE-153

  

	1)	Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes Aviation, Ltd, as debtor, and RACC, as secured party, recorded by the
FAA on March 10, 2003, as Conveyance Number T071657, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party,
recorded by the FAA on September 12, 2007, as Conveyance Number FF008509, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party,
filed with the FAA on June 15, 2011 and pending a recorded Conveyance Number. 

 Security Agreement UE-154

  

	1)	 Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes Aviation, Ltd, as debtor, and RACC, as secured party,
recorded by the FAA on February 20, 2003, as Conveyance Number JJ000800, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd., as debtor, and RACC, as
secured party, recorded by the FAA on September 19, 2007, as 

  
 B-5

	 	
Conveyance Number PP036046, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured
party, filed with the FAA on June 15, 2011 and pending a recorded Conveyance Number. 

 Security Agreement
UE-169 
  

	1)	Security Agreement dated as of December 31, 2002, between Great Lakes Aviation, Ltd, as debtor, and RACC, as secured party, recorded by the FAA on
February 20, 2003, as Conveyance Number JJ000807, as amended by the First Amendment to Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, recorded by the FAA on
September 19, 2007, as Conveyance Number PP036047, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, filed with the FAA on
June 15, 2011 and pending a recorded Conveyance Number. 

 Security Agreement UE-170 

 

	1)	Security Agreement dated as of December 31, 2002, between Great Lakes Aviation, Ltd, as debtor, and RACC, as secured party, recorded by the FAA on
February 24, 2003, as Conveyance Number QQ026578, as amended by the First Amendment to Security Agreement dated as of March 23, 2007, by Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, recorded by the FAA on
September 18, 2007, as Conveyance Number K043465, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, filed with the FAA on
June 15, 2011 and pending a recorded Conveyance Number. 

 Security Agreement UE-184 

 

	1)	Amended and Restated Promissory Note dated December 31, 2002 with Great Lakes Aviation, Ltd. RACC, as secured party, recorded by the FAA on February 21, 2003,
as Conveyance Number QQ026561, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd, as debtor, and RACC, as secured party, recorded by the FAA on
September 26, 2007, as Conveyance Number HH045092, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, filed with the FAA on
June 15, 2011 and pending a recorded Conveyance Number. 

 Security Agreement UE-192 

 

	1)	 Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes Aviation, Ltd, as debtor, and RACC, as secured party,
recorded by the FAA on February 27, 2003, as Conveyance Number T071584, as amended by the First Amendment to Amended and Restated and Restated Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd., as debtor,
and RACC, as secured party, recorded by the FAA on 

  
 B-6

	 	
September 21, 2007, as Conveyance Number W008675, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as
debtor, and RACC, as secured party, filed with the FAA on June 15, 2011 and pending a recorded Conveyance Number. 

 Security Agreement UE-195 
  

	1)	Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes Aviation, Ltd, as debtor, and RACC, as secured party, recorded by the
FAA on February 20, 2003, as Conveyance Number QQ026557, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party,
recorded by the FAA on September 21, 2007, as Conveyance Number W008675, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party,
filed with the FAA on June 15, 2011 and pending a recorded Conveyance Number. 

 Security Agreement UE-201

  

	1)	Security Agreement dated as of December 31, 2002, between Great Lakes Aviation, Ltd, as debtor, and RACC, as secured party, recorded by the FAA on March 10,
2003, as Conveyance Number T071656, as amended by the First Amendment to Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, recorded by the FAA on September 19, 2007,
as Conveyance Number PP036048, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, filed with the FAA on June 15, 2011 and
pending a recorded Conveyance Number. 

 Security Agreement UE-202 

 

	1)	Security Agreement with. dated as of December 31, 2002, between Great Lakes Aviation, Ltd, as debtor, and RACC, as secured party, recorded by the FAA on
March 3, 2003, as Conveyance Number T071592, as amended by the First Amendment to Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd, as debtor, and RACC, as secured party, recorded by the FAA on
September 19, 2007, as Conveyance Number PP036058, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, filed with the FAA on
June 15, 2011 and pending a recorded Conveyance Number. 

 Security Agreement UE-208 

 

	1)	Security Agreement dated as of December 31, 2002, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, recorded by the FAA on March 4,
2003, as Conveyance Number T071604; as amended by the First Amendment to Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, recorded by the FAA on September 21, 2007,
as Conveyance Number PP036059, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, filed with the FAA on June 15, 2011 and
pending a recorded Conveyance Number. 

  
 B-7

 Security Agreement UE-210 

 

	1)	Security Agreement dated as of December 31, 2002 between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, recorded by the FAA on March 3,
2003, as Conveyance Number T071598, as amended by the First Amendment to Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, recorded by the FAA on September 19, 2007,
as Conveyance Number PP036061, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, filed with the FAA on June 15, 2011 and
pending a recorded Conveyance Number. 

 Security Agreement UE-211 

 

	1)	Security Agreement dated as of December 31, 2002 between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, recorded by the FAA on
February 21, 2003, as Conveyance Number JJ000830, as amended by the First Amendment to Security Agreement dated as of March 23, 2007 between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, recorded by the FAA on
September 21, 2007, as Conveyance Number PP036062, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, filed with the FAA on
June 15, 2011 and pending a recorded Conveyance Number. 

 Security Agreement UE-219 

 

	1)	Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, recorded by the
FAA on February 25, 2003, and assigned Conveyance Number JJ000836, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured
party, recorded by the FAA on September 19, 2007, as Conveyance Number K043466, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured
party, filed with the FAA on June 15, 2011 and pending a recorded Conveyance Number. 

 Security Agreement
UE-220 
  

	1)	Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, recorded by the
FAA on February 25, 2003, as Conveyance Number T071538, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party,
recorded by the FAA on September 21, 2007, as Conveyance Number PP036060, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party,
filed with the FAA on June 15, 2011 and pending a recorded Conveyance Number. 

  
 B-8

 Security Agreement UE-240 

 

	1)	Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, recorded by the
FAA on February 25, 2003, as Conveyance Number T071540, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party,
recorded by the FAA on September 21, 2007, as Conveyance Number K043471, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party,
filed with the FAA on June 15, 2011 and pending a recorded Conveyance Number. 

 Security Agreement UE-245

  

	1)	Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, recorded by the
FAA on February 26, 2003, as Conveyance Number T071578, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party,
recorded by the FAA on September 19, 2007, as Conveyance Number K043468, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party,
filed with the FAA on June 15, 2011 and pending a recorded Conveyance Number. 

 Security Agreement UE-247

  

	1)	Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on
February 21, 2003, as Conveyance Number QQ026565, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on
September 19, 2007, as Conveyance Number K043469, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, filed with the FAA on
June 15, 2011 and pending a recorded Conveyance Number. 

 Security Agreement UE-251 

 

	1)	Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on
February 27, 2003, as Conveyance Number T071580, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, recorded
by the FAA on September 19, 2007, as Conveyance Number K043470, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, filed with
the FAA on June 15, 2011 and pending a recorded Conveyance Number. 

  
 B-9

 Security Agreement UE-253 

 

	1)	Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, recorded by the
FAA on February 27, 2003, as Conveyance Number T071582, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party,
recorded by the FAA on September 19, 2007, as Conveyance Number K043467, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party,
filed with the FAA on June 15, 2011 and pending a recorded Conveyance Number. 

 Security Agreement UE-254

  

	1)	Security Agreement dated as of December 31, 2002, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, recorded by the FAA on
February 20, 2003, as Conveyance Number JJ000815, as amended by the First Amendment to Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd. as debtor, and RACC, as secured party, recorded by the FAA on
September 21, 2007, as Conveyance Number K043473, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, filed with the FAA on
June 15, 2011 and pending a recorded Conveyance Number. 

 Security Agreement UE-255 

 

	1)	Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on February 20, 2003, as
Conveyance Number JJ000823, as amended by the First Amendment to Security Agreement dated as of March 23, 2007, between Great Lakes, as debtor, and RACC, as secured party, recorded by the FAA on September 21, 2007, as Conveyance Number
K043472, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, filed with the FAA on June 15, 2011 and pending a recorded
Conveyance Number. 

 Security Agreement UE-257 

 

	1)	Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, recorded by the
FAA on February 24, 2003, as Conveyance Number JJ000832, as amended by the First Amendment to Amended and Restated Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party,
recorded by the FAA on September 19, 2007, as Conveyance Number PP036044, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party,
filed with the FAA on June 15, 2011 and pending a recorded Conveyance Number. 

 Security Agreement UE-261

  

	1)	 Amended and Restated Security Agreement dated as of December 31, 2002, between Great Lakes, as debtor, and RACC, as secured party, recorded by the
FAA on February 25, 2003, as Conveyance Number JJ000838, as amended by the First Amendment to Amended and Restated 

  
 B-10

	 	
Security Agreement dated as of March 23, 2007, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, recorded by the FAA on September 21, 2007, as Conveyance Number
K043474, and amended by the Second Amendment to the Security Agreements dated as of June 10, 2011, between Great Lakes Aviation, Ltd., as debtor, and RACC, as secured party, filed with the FAA on June 15, 2011 and pending a recorded
Conveyance Number. 

  
 B-11

 Exhibit C 
 Identification of Operating Leases 
  

	1.	Used Beech 1900D Airliner Operating Lease Agreement 

 Pertaining to Aircraft Serial No. UE-173 
 Dated October 28, 2008 

 

	2.	Used Beech 1900D Airliner Operating Lease Agreement 

 Pertaining to Aircraft Serial No. UE-231 
 Dated December 17, 2008 

 

	3.	Used Beech 1900D Airliner Operating Lease Agreement 

 Pertaining to Aircraft Serial No. UE-218 
 Dated January 5, 2009 

 

	4.	Used Beech 1900D Airliner Operating Lease Agreement 

 Pertaining to Aircraft Serial No. UE-182 
 Dated February 2, 2009 

 

	5.	Used Beech 1900D Airliner Operating Lease Agreement 

 Pertaining to Aircraft Serial No. UE-165 
 Dated April 9, 2009 

 

	6.	Used Beech 1900D Airliner Operating Lease Agreement 

 Pertaining to Aircraft Serial No. UE-178 
 Dated July 21, 2009Codeshare Agreement

 Exhibit 10.2 
 CODESHARE AGREEMENT 
 Between 

GREAT LAKES AVIATION LTD. 
 And 
 UNITED AIR LINES, INC. 

SEPTEMBER 1, 2011 

 

	**	Certain information in the publicly filed version of this document has been redacted pursuant to a confidential treatment request filed with the Securities and Exchange
Commission. The redacted material has been filed separately with the Commission. 

  
 Page 1 of 35

 TABLE OF CONTENTS 

 

							
	1.	  	 DEFINITIONS
	  	 	4	  
			
	2.	  	 CODESHARE SERVICE
	  	 	4	  
			
	3.	  	 IMPLEMENTATION EXPENSES
	  	 	6	  
			
	4.	  	 INVENTORY CONTROL AND PROCEDURES
	  	 	6	  
			
	5.	  	 MARKETING AND PRODUCT DISPLAY
	  	 	8	  
			
	6.	  	 TRAFFIC DOCUMENT ISSUANCE AND FINANCIAL SETTLEMENT
	  	 	9	  
			
	7.	  	 FACILITIES
	  	 	10	  
			
	8.	  	 TRAINING
	  	 	10	  
			
	9.	  	 SECURITY
	  	 	10	  
			
	10.	  	 SAFETY AND MAINTENANCE
	  	 	11	  
			
	11.	  	 FREE AND REDUCED RATE TRANSPORTATION
	  	 	12	  
			
	12.	  	 EXCLUSIVITY
	  	 	12	  
			
	13.	  	 OTHER MARKETING PROGRAMS
	  	 	12	  
			
	14.	  	 TRADEMARKS AND CORPORATE IDENTIFICATION
	  	 	12	  
			
		  	 REPRESENTATIONS AND WARRANTIES
	  	 	14	  
			
	16.	  	 GOVERNMENTAL APPROVALS
	  	 	14	  
			
	17.	  	 TERM
	  	 	15	  
			
	18.	  	 INDEMNIFICATION
	  	 	16	  
			
	19.	  	 INSURANCE
	  	 	18	  
			
	20.	  	 TAXES
	  	 	19	  
			
	21.	  	 FORCE MAJEURE
	  	 	20	  
			
	22.	  	 GOVERNING LAW AND DISPUTE RESOLUTION
	  	 	21	  
			
	23.	  	 COVENANT TO COMPLY WITH ALL LAWS
	  	 	22	  
			
	24.	  	 PUBLICITY
	  	 	22	  
			
	25.	  	 CONFIDENTIALITY
	  	 	23	  
			
	26.	  	 ASSIGNMENT
	  	 	23	  
			
	27.	  	 SEVERABILITY
	  	 	24	  
			
	28.	  	 FURTHER ASSURANCES
	  	 	24	  
			
	29.	  	 MISCELLANEOUS
	  	 	24	  
			
	30.	  	 NOTICES
	  	 	26	  
			
	31.	  	 IMPLEMENTATION
	  	 	26	  

  
 Page 2 of 35

 ANNEX 
  

	 	A	DEFINITIONS 

  

	 	B	INITIAL CODESHARE ROUTES 

  

	 	C	TECHNICAL IMPLEMENTATION AND SYSTEM LINKS 

  
 Page 3 of 35

 CODESHARE AGREEMENT 
 This CODESHARE AGREEMENT (this “Agreement”), dated as of September 1, 2011, is between United Air Lines, Inc. (“United”), a corporation organized under
the laws of the State of Delaware, United States of America, having its principal place of business at 77 W Wacker Dr, Chicago, IL 60601 (“UA”), and Great Lakes Aviation, Ltd. (“Great Lakes”), a company organized
under the laws of Iowa, having its principal office at 1022 Airport Parkway, Cheyenne, Wyoming 82001 (“ZK”). 
 In
consideration of the mutual covenants and promises in this Agreement, United and Great Lakes hereby agree as follows: 
  

	1.	DEFINITIONS 

  

	 	1.1	Terms with their initial letters capitalized shall have the meanings ascribed to them in Annex A of this Agreement or where they are elsewhere defined herein (including
the Annexes hereto). Such ascribed meanings shall be equally applicable to both the singular and plural forms of such terms. United and Great Lakes may each be referred to as a “Party” and may collectively be referred to as the
“Parties”. 

  

	 	1.2	The Parties agree that accepted industry procedures and agreements relating to the interlining of passengers and baggage, including those set forth in IATA Resolution
780 Interline Traffic Agreement – Passenger for all international carriage shall apply to the provision of air transport and the related transactions contemplated by this Agreement, except to the extent that they are inconsistent or conflict
with the terms of this Agreement. 

  

	2.	CODESHARE SERVICE  

  

	 	2.1	The Parties have designated certain flights on which United has placed its Code (each, a “Codeshared Flight”), which may include flights operated by
their Affiliates, serving the city-pairs (each city-pair, a “Codeshared Route”) identified in writing by the Parties from time to time without formally amending this Agreement and benefit to be part of the Agreement. The initial
list of Codeshared Routes on which the Parties and their Affiliates may codeshare is attached hereto as Annex B. Great Lakes shall provide to the Codeshared Passengers, at a minimum, the same standard of customer service as it provides to its own
passengers traveling in the same class of service which standard shall, in any event, be reasonably in accordance with the standards of customer service reasonably established by United for the comparable class of service on its flights. Minimum
customer service standards, general passenger service procedures, and policies for the Codeshared Flights, including baggage services, will be as agreed by the Parties. 

 

	 	2.2	The Parties shall use commercially reasonable efforts to coordinate their service schedules to maximize the convenience, and minimize the waiting time of passengers
making connections between the Codeshared Flights and other flights operated by the Parties; provided, however, that neither Party is obligated to operate specific flights or service schedules and each Party retains the right to determine the
service schedules of its own flights. 

  
 Page 4 of 35

	 	2.3	The Parties may add Codeshared Flights, as may be mutually agreed, without formally amending this Agreement. Either Party may, in its sole discretion, discontinue
Codeshared Flights without formally amending this agreement. Such changes shall be evidenced by United’s publishing such changes in the Airline Guides, CRSs or Reservations Systems. Great Lakes reserves the right to discontinue any specific
route, flight number, equipment or schedule, and United reserves the right to remove its Code from any Codeshared Flight at any time. In the event of such discontinuation or removal, the Party so discontinuing or removing, as applicable, shall
notify the other Party as soon as reasonably possible and such other Party shall cooperate in publishing the resulting changes to affected Codeshared Flights in the Airline Guides, CRSs, Reservations Systems, and other sources of airline schedule
information. 

  

	 	2.4	Unless otherwise agreed by the Parties, in the event of any flight cancellation or other schedule irregularity, involuntary rerouting or denied boarding by Great Lakes
with respect to a Codeshared Flight, Great Lakes shall: 

  

	 	(a)	ensure that all passengers shall be handled in accordance with the same policies and procedures to avoid any discrimination against a Codeshared Passenger;

  

	 	(b)	at its own cost and expense (except to the extent such irregularity, involuntary rerouting or denied boarding is caused by United), accommodate and/or pay denied
boarding compensation or otherwise compensate Codeshared Passengers, in the same manner as its own passengers; and 

  

	 	(c)	notify United as agreed upon. 

  

	 	2.5	With respect to Codeshare Passengers for matters between the passenger and United, the Conditions of Carriage of United shall be deemed to govern the transportation of
Codeshare Passengers on Codeshare Flights. As between the Carriers, the Conditions of Carriage of Great Lakes shall govern the transportation of Codeshare Passengers on Codeshare Flights. The Carriers will use commercially reasonable efforts to
identify any material discrepancies between their respective Conditions of Carriage and use commercially reasonable efforts to develop procedures to minimize potential service inconvenience or disruption to Codeshare Passengers due to such
discrepancies. For the avoidance of doubt, Each Carrier’s operations will be conducted in accordance with its own Conditions of Carriage and neither Carrier shall be obligated to change its Conditions of Carriage pursuant to this Agreement.
Notwithstanding anything in this Section 2.6, the liability of the Parties to each other with respect to passenger claims shall be governed by Sections 18 and 19. 

 

	 	2.6	 Great Lakes shall ensure that each Codeshared Flight operated by it shall be operated under its operating certificate. In the event that Great Lakes
intends to substitute for a Codeshared Flight an aircraft that will be operated under the operating certificate of a third-party Great Lakes must provide United with prior written notice of its intention. Such notice shall be provided to United as
soon as practicable after Great Lakes makes its decision regarding the aircraft substitution. United shall have the right, should it elect to do so, to (i) accommodate its passengers on the substitute aircraft, or (ii) remove its Code from
the Codeshared Flight, and reaccommodate its Codeshared Passengers ticketed for travel on such Codeshared Flight to another flight. Great Lakes shall reimburse United for all costs of such reaccommodation, including (i) any additional costs
incurred to reaccommodate the Codeshared Passenger on a third-party carrier acceptable to United, 

  
 Page 5 of 35

	 	
on the same route or with a routing that duplicates as closely as practicable, the Codeshared Passenger’s original routing, in the same class of service if available, or if not, in a higher
class of service, and (ii) any reasonable hotel, meal, and other incidental costs associated with the reaccommodation. 

  

	 	2.7	The Parties agree to comply with the Technical Implementation and System Links requirements set forth in Annex C hereto. 

 

	 	2.8	** 

  

	3.	IMPLEMENTATION EXPENSES 

  

	 	3.1	Each Party shall bear its own costs and expenses of performance under this Agreement, including, without limitation, costs and expenses associated with the following,
unless otherwise agreed in writing between the Parties: 

  

	 	(a)	any systems to support the automation of procedures and settlement relating to the Codeshared Flights (e.g., PNR exchange, yield management, revenue accounting, etc.),
including routine maintenance thereof; and 

  

	 	(b)	roadside, exterior, check-in, concourse, gate and baggage service signage placed at airports and city ticket offices in locations served by the Codeshare Flights in
order to facilitate travel on the Codeshare Flights. 

  

	 	3.2	Each Party shall retain all right, title and interest in systems, software, signage, equipment and facilities funded by it. Ownership of jointly funded items shall be
determined by the Parties in advance of each specific project. 

  

	4.	INVENTORY CONTROL AND PROCEDURES 

  

	 	4.1	Subject to the rights of each Party to manage its seat inventory, including the seat inventory on the operational flights of any other airline(s) that the Party has
access to under a capacity purchase agreement, the Parties agree to use commercially reasonable efforts to pursue the best solution to maximize revenue, maintain the integrity of Great Lakes’ inventory system and not compromise United’s
ability to sell its product. Accordingly, the Parties agree to implement the following initiatives: 

  

	 	a.	establish Seamless Availability and Direct Sell links between their respective ARSs, 

 

	 	b.	use commercially reasonable efforts to pursue the development required for United to Cascade third party CRS Direct Access Availability, Seamless Availability and
Direct Sell requests to Great Lakes, which will include Sold As Information and Point Of Sale data as is available to United in a manner to be mutually agreed by the Parties, 

 

	 	c.	establish the ability to make advance seat assignments on each other’s flights. Each of the Parties further agrees to expend such amounts as may be reasonably
required on mutually agreed systems development. To the extent the Parties disagree about which Party’s system should be modified to make it more compatible with the other Party’s system, the Parties agree to continue to work together to
use commercially reasonable efforts to modify their systems. 

  
 Page 6 of 35

 Detailed procedures for implementing and maintaining seat inventory access will be as
agreed by the Parties. 
  

	 	4.2	Great Lakes will, subject to the remaining provisions of this paragraph and Section 4.1, determine, independently and at its sole discretion, the number of seats
on its flights (including flights it operates as Codeshare Flights) that will be made available by it in a particular reservation booking designator provided that Great Lakes does not discriminate against United vis a vis other air carriers with
respect to inventory access. With respect to inventory management on the Codeshare Flights, the Parties acknowledge and agree that Great Lakes will manage its seat inventories in a manner that provides an incentive for United to sell the inventory
of Great Lakes and for Great Lakes to accept the inventory requests of United without subjecting Great Lakes to disproportionate risk of revenue dilution and while preserving for Great Lakes the integrity of its inventory management system in order
for Great Lakes to maximize its profitability. 

  

	 	4.3	This Section 4.3 shall govern the published fares and fare rules, including carrier imposed surcharges and commissions applicable thereto, of United offered on
Codeshared Flights as follows: 

  

	 	(a)	For routes served by only Great Lakes, or its Affiliates, ** 

  

	 	(b)	For routes served by both Parties or their Affiliates, on both a non-stop or both a connecting basis, United will file either those fares and fare rules filed for its
own flights on such route or those fares and reasonably comparable (as determined by Great Lakes) fare rules as those filed by Great Lakes on such route, at its sole discretion. 

 

	 	(c)	For routes where Great Lakes, or its Affiliates, offers non-stop service and United, or its Affiliates, offers connecting service, United on the non-stop service for
such route will file the fares and reasonably comparable (as determined by Great Lakes) fare rules as those filed by Great Lakes on the non-stop service for such route. 

 

	 	(d)	United will cause its agents and distributors to sell Codeshared Flights operated by Great Lakes in a manner that is consistent with the requirements of
Section 4.3(a), (b) and (c). 

  

	 	(e)	United will not be in breach of the rules set forth in Section 4.3(a), (b), (c) or (d) if it is in compliance with such rules within forty-eight
(48) hours after the applicable fare or fare rule is published by Great Lakes. 

  

	 	(f)	In the event of United’s breach of Section 4.3(a), (b), (c) or (d), Great Lakes shall have the right, in its sole discretion, after one day’s prior
written notice to United, to restrict or close the inventory access of United or temporarily remove the Code of United from the flight(s) in question. 

  

	 	(g)	 Nothing in this Agreement shall prevent Great Lakes from unilaterally establishing its own fares and fare rules for flights operated by it or United
from 

  
 Page 7 of 35

	 	
(i) initiating and operating its own service in any origin and destination city pair at any time; or (ii) offering any fare(s), discount(s) or rebate(s) of any kind for interline itineraries
valid on airlines, other than United or GREAT LAKES, on any origin and destination city pair. 

  

	 	(h)	In implementing the rules established by this Section 4.3, there will be no discussion between the Parties concerning fares and fare rules. United will determine
fares and fare rules of Great Lakes by observing published tariffs. Any communication concerning this Section will be undertaken by the Parties’ attorneys. 

 For purposes of this Section, route means the exact airport to airport origin and destination. 
 United shall establish fares and rates, subject to the provisions of the applicable air transport agreements of the United States, on the one hand, and the governments of any country to which the Parties
shall provide service pursuant to this Agreement, on the other hand. 
  

	5.	MARKETING AND PRODUCT DISPLAY 

  

	 	5.1	The Codeshared Flights will be marketed and promoted by United under its Code. Each Party shall ensure that its respective advertising and promotions comply with all
applicable governmental laws, rules and regulations of any applicable Competent Authority. United shall comply with 14 C.F.R. Parts 257 and 258, and any other applicable rules regarding the disclosure and holding out of Codeshared Flights provided
for herein in the jurisdiction where such rules apply. United shall disclose to the extent required by Applicable Law through industry-approved schedule and selling mechanisms, to consumers, travel agents and others selling the Codeshared Flights,
as well as through any advertising, point-of-sale disclosures, and any other appropriate means, that each Codeshared Flight is a flight of and operated by Great Lakes. Such information shall be given before a reservation is made and in any event at
the earliest reasonable opportunity and before the passenger arrives at the airport, in accordance with Applicable Law. In addition, each Party shall use commercially reasonable efforts to implement procedures to disclose Great Lakes and the
appropriate departure and arrival terminal at the earliest possible opportunity and in particular at the point of sale. 

  

	 	5.2	United may identify the Codeshared Flights, in accordance with Applicable Law, in Airline Guides, CRSs, Reservations Systems and other sources of airline schedule
information using United’s Code. Any costs incurred for the publication of Marketing Flights or connections to and from such flights in Airline Guides, CRSs, Reservation Systems and other sources of airline schedule information shall be borne
by United. Each Party shall include the Codeshared Flights in its Reservations Systems. 

  

	 	5.3	Unless otherwise specified in Annex B, United shall file its standard schedule data for the Codeshared Flights in such Codeshared Route using the traffic restriction
code “Y” or “O” (or any successor code), as defined in the IATA Standard Schedules Information Manual, Appendix G, in order to suppress the display of United’s Codeshared Flights on Codeshared Routes (i.e., United’s
Codeshared Flights on such route will be limited to passengers connecting online to another flight operated by United or its Affiliate) or as mutually agreed by the Parties. 

  
 Page 8 of 35

	 	5.4	Unless otherwise agreed, all information and advertising materials produced with the aim of promoting the Codeshared Flights shall clearly identify both Parties. All
joint advertising and promotion of the Codeshared Flights shall be subject to prior agreement between the Parties and the costs of such joint advertising and promotion shall be shared based on prior agreement. 

 

	 	5.5	Each Party may use its own flight number in referencing the Codeshared Flights except that only Great Lakes’ flight number shall be used in actual flight
operations (e.g., air traffic control). 

  

	6.	TRAFFIC DOCUMENT ISSUANCE AND FINANCIAL SETTLEMENT  

  

	 	6.1	Passenger traffic documents for use on the Codeshared Flights may be issued by either Party, or by third parties with whom the Parties from time to time have interline
traffic agreements. 

  

	 	6.2	All United Flight Coupons honored on Codeshared Flights shall be uplifted by Great Lakes, which is responsible for processing and billing of such documents as follows:

  

	 	(a)	Great Lakes shall bill uplifted coupons to the Ticketing Carrier using the normal interline settlement process of the ACH Clearing House. Subject to Section 6.2(b)
and 6.2(c), United Flight Coupons shall be treated for proration and billing purposes as if they showed Great Lakes’s designator Code in the carrier Code box of United Flight Coupons. Such United Flight Coupons will be prorated and billed
according to the Special Prorate Agreement between Great Lakes and the Ticketing Carrier, or, in the absence of an applicable Special Prorate Agreement, in accordance with the ACH Manual of Procedures, as applicable. 

 

	 	(b)	If Great Lakes does not have an interline traffic agreement with a Ticketing Carrier that issued a United Ticket, and is unable to obtain satisfactory settlement, Great
Lakes may bill such coupon to United as an exceptional item (i.e., via correspondence) and such coupons shall be valued for billing and proration purposes in accordance with the applicable bilateral agreement. Any bilateral agreement between United
and Ticketing Carrier shall not apply to the Codeshared Flights unless Great Lakes has given explicit agreement to such application. 

  

	 	(c)	If Great Lakes has an interline traffic agreement with a Ticketing Carrier that issued a United Ticket but is unable to obtain satisfactory settlement, United shall
assist Great Lakes in settling such account but shall not be liable for any losses incurred due to an unsatisfactory settlement. 

  

	 	6.3	The Carriers agree that for tickets sold by United on Codeshare Flights, Great Lakes shall be responsible for booking fees assessed by any CRS vendors, including CRSs
operated by third parties and CRSs providing hosting services to any of the Carriers. The Carriers will request the CRS vendors to directly bill Great Lakes for such booking fees if feasible. If such direct billing is not feasible, the Carriers
shall bill each other monthly and shall provide documentation that is reasonably acceptable to the other Carrier of such fees from each CRS vendor. 

  
 Page 9 of 35

	 	6.4	To support interline billing by Great Lakes to third-parties and involuntary rerouting of United Tickets by Great Lakes, United hereby waives endorsement requirements
for Great Lakes with respect to all United Flight Coupons and other coupons intended for flights sold under the Code of United. Unless otherwise agreed in writing by the Parties, such waiver shall be effective thirty (30) days before the
implementation date of the first Codeshared Flight, and shall remain in effect for ninety (90) days after the Termination Date of this Agreement to facilitate the reaccommodation of any Codeshared Passengers ticketed for travel after the
Termination Date. 

  

	 	6.5	Differences that may appear after the billing process has been completed shall be rectified by written correspondence or a meeting between the Parties.

  

	 	6.6	United has filed with ATPCO a TCN Codeshare Agreement, in which United has provided the range of its Marketing Flight numbers, as required. United will be responsible,
throughout the term of the Codeshare Agreement, for updating its Marketing Flight numbers with ATPCO. 

  

	7.	FACILITIES 

 The
Parties acknowledge the importance of maintaining functional and accurate signs identifying Great Lakes and United, as appropriate, to facilitate passenger convenience and to avoid passenger confusion at airports served by the Codeshare Flights. The
Parties shall cooperate on the placement of such signs, subject to the approval of the relevant airport authority or other lessors. 
  

	8.	TRAINING 

  

	 	8.1	Except as otherwise agreed, each Party shall provide or arrange, at its own cost and expense, all initial and recurring training of its personnel to facilitate the
Codeshared Flights and operations at airports served by the Codeshared Flights, including reservations and ticket offices, and other points of contact between the Parties and the public. This training shall include passenger service, reservations
and sales activities, and in-flight service involving the Codeshared Flights, all as mutually agreed. 

  

	 	8.2	The Parties shall share any training materials (except trade secrets and legal advice) developed to support the Codeshared Flights. All intellectual property or similar
rights to any materials exchanged shall remain with the Party who originally developed such materials. 

  

	9.	SECURITY 

  

	 	9.1	The Parties shall cooperate in matters of security procedures, requirements, and obligations at all airports served by the Codeshared Flights. 

 

	 	9.2	 Great Lakes reserves the right to apply the provisions of its own security programs to the carriage of all passengers, baggage and cargo on board the
Codeshared Flights, but shall, at a minimum, comply with the standards set forth by the relevant Competent Authorities, with the understanding that safety and security are of the utmost importance to both

  
 Page 10 of 35

	 	
carriers. Such provisions may include any then applicable procedures used for the physical screening of passengers, baggage or cargo, interviewing of passengers, and/or selective loading of
baggage or cargo. 

  

	 	9.3	The Carrier that originates the customer travel on Codeshare Flights (provides all boarding passes and checks the customer luggage to their final destination) shall
assure that the customer is properly documented for entry into the destination country and properly documented for any transit points enroute. Any fines, penalties, deportation and detention expenses resulting from violations of government entry or
transit requirements, even for passengers that willfully engage in illegal entry tactics, shall be the sole responsibility of the Carrier that originates the customer travel. 

 

	10.	SAFETY AND MAINTENANCE 

  

	 	10.1	Great Lakes has operational control of the aircraft and final authority and responsibility concerning the operation and safety of the aircraft and its passengers,
including Codeshared Passengers. Great Lakes shall employ the same high standards of safety, security and loss prevention policies on the Codeshared Flights as on its own flights. The Parties agree that in case of a major accident or emergency
involving a Codeshare Flight, Great Lakes shall immediately contact United, furnishing every possible information upon United’s request. Further emergency support shall be in accordance with procedures agreed between the Parties.

  

			
	At ZK:	  	Systems Operations Control
	SITA:	  	N/A
	Phone:	  	**
	Fax:	  	**
	Email:	  	**
		
	At CO:	  	Systems Operations Coordination Center (SOCC):
	SITA:	  	IICOOCO
	Phone:	  	**
	Fax:	  	**
	Email:	  	**
		
	At UA:	  	Operations Control Center (OCC):
	SITA:	  	OPBOPUA
	Phone:	  	**
	Fax:	  	**
	Email:	  	**

  

	 	10.2	Great Lakes shall have sole responsibility for the maintenance of its leased and owned aircraft, and for other equipment used in connection with the Codeshared Flights.
Maintenance of such aircraft and equipment must, at a minimum, comply with the standards imposed by the relevant aeronautical authorities. 

  

	 	10.3	Each Party represents and warrants that each has or will have successfully undergone an IATA Operational Safety Audit (“IOSA”) at its own expense satisfactory
to the other Party, and further represents and warrants that each shall maintain compliance with the requirements of such audit within the time frame required by IATA. 

  
 Page 11 of 35

	 	10.4	Each Party represents and warrants that it meets the minimum safety requirements mandated by any Competent Authority and shall maintain compliance with such
requirements. Any failure to maintain compliance shall immediately be brought to the other Party’s attention along with corrective actions taken or a corrective action plan. 

 

	 	10.5	United shall have the right, at its own cost, to review and observe Great Lakes’ operations of Great Lakes Flights, and/or to conduct a reasonable safety and/or
service review of the Great Lakes’ operations, manuals, and procedures reasonably related to the Codeshared Flights (the “United Reviews”), at such intervals as United shall reasonably request. United Reviews shall be
coordinated with Great Lakes so as to avoid disruptions to Great Lakes’ operations. Such reviews will be limited to areas that reasonably relate to the Operating Carrier’s safety standards and service obligations under this Agreement.
NOTWITHSTANDING THE FOREGOING, UNITED DOES NOT UNDERTAKE ANY RESPONSIBILITY OR ASSUME ANY LIABILITY FOR ANY ASPECT OF GREAT LAKES’ OPERATIONS, NOR SHALL GREAT LAKES BE ENTITLED TO ASSERT ANY RESPONSIBILITY OR ASSUMPTION OF LIABILITY ON THE PART
OF THE UNITED FOR THE GREAT LAKES’ OPERATIONS. 

  

	11.	FREE AND REDUCED RATE TRANSPORTATION  

  

	 	11.1	The Parties have negotiated an employee pass travel agreement. 

  

	 	11.2	Unless otherwise provided by relevant agreements between Great Lakes and other parties, including United, neither United, nor Great Lakes, nor any third party, shall be
entitled to ticket industry non-revenue or discounted (i.e., agency discount, industry discount, etc.) travel on the Marketing Flights, and Great Lakes shall not honor any United Flight Coupons for such industry non-revenue or discounted travel,
except at the Great Lakes’ expense. 

  

	12.	EXCLUSIVITY 

  

	 	12.1	** 

  

	13.	OTHER MARKETING PROGRAMS  

  

	 	13.1	The Frequent Flyer Participating Carrier Agreements shall govern the participation of each Party in the other Party’s frequent flyer program.

  

	14.	TRADEMARKS AND CORPORATE IDENTIFICATION  

  

	 	14.1	 Neither Party hereto shall use any of the other Party’s names, logos, logotype, insignia, service marks, trademarks, trade names, copyrights,
corporate goodwill or other proprietary intellectual property, including without limitation the names “United Air Lines, Inc.”, “United,” the “UA” , “UA*” and ZK designator codes, the globe logo, “Economy
Plus”, “United Express”, “Mileage Plus”, “Red Carpet Club”, “United Club”, “Great Lakes Aviation, Ltd. “Great Lakes Airlines”, and “Great Lakes “in any marketing, advertising or
promotional collateral, including without limitation credit card and telecom 

  
 Page 12 of 35

	 	
solicitations, except where each specific use has been approved in advance by the other Party. When such approval is granted, each Party shall comply with any and all conditions that the other
Party may impose to protect the use of any of that Party’s names, logos, logotype, insignia, service marks, trademarks, trade names, copyrights, corporate goodwill or other proprietary intellectual property. 

 

	 	14.2	Except as expressly provided herein, no right, property, license, permission or interest of any kind in the use of any name, logo, logotype, insignia, service mark,
trademark, trade name, copyright, corporate goodwill or other proprietary intellectual property owned by a Party or its respective Affiliates is intended to be given to or acquired by the other Party, its agents, servants or other employees by the
execution or performance of this Agreement. 

  

	 	14.3	Each of Great Lakes and United acknowledges for all purposes that any and all logos, trademarks, service marks, and trade names of the other, whether registered or not,
are and shall at all times remain the exclusive property of the other Party, and may not be used without the prior written consent of such Party, except as set forth herein. Each of Great Lakes and United further acknowledges that any goodwill or
other rights that arise as a result of the use by it of the other Party’s marks, as permitted under this Agreement, shall accrue solely to the benefit of the Party owning such marks, whether registered or not. Should any right, title or
interest in the logos, trademarks, service marks or trade names of a Party become vested in the other Party, the latter Party shall hold such right, title and interest in trust for the benefit of the former Party and shall, at the request of the
former Party, promptly and unconditionally assign such right, title and interest to the former Party without royalties or compensation of any kind. Each of Great Lakes and United hereby grants to the other, a non-exclusive, non-transferable,
royalty-free license for the term of this Agreement to use its service marks (“Great Lakes” for Great Lakes and “United Airlines” for United, each a “Licensed Trademark”), subject to the terms and conditions set
forth in this Section 14. This license is limited to the use of the Licensed Trademarks in connection with the advertising and promotion of the Codeshared Flights contemplated by this Agreement. 

 

	 	14.4	 Each Party agrees to use the Licensed Trademarks only in a manner approved in advance and in writing by the Party owning such Licensed Trademarks. Each
Licensed Trademark shall be marked with an ® or SM or
other symbol, as appropriate, and reference a legend indicating that “Great Lakes and Great Lakes Airlines are service marks of Great Lakes Aviation, Ltd.” or “United Air Lines is a service mark of United Air Lines,
Inc.”, as the case may be, or similar words to that effect. 

  

	 	14.5	Each Party agrees that all advertising and promotional materials bearing the Licensed Trademarks of the other Party in relation to air transportation services
contemplated by this Agreement shall meet the quality and presentation standards as set forth by the Party owning the relevant Licensed Trademark. 

  

	 	14.6	Each Party has sole discretion to determine the acceptability of both the quality and presentation of advertising and promotional materials using its Licensed
Trademarks. 

  

	 	14.7	Each Party is responsible for providing to its own authorized agents and airport locations the agreed promotional materials bearing the Licensed Trademarks.

  
 Page 13 of 35

	 	14.8	Notwithstanding the limitations of this Section 14, each of the Party’s may use the other Party’s Licensed Trademarks for purposes of complying with 14
C.F.R. Part 257 (U.S. DOT Airline Designator Code Sharing Policy) or any comparable regulations imposed by the Competent Authorities, without prior approval. 

 

	15.	REPRESENTATIONS AND WARRANTIES 

  

	 	15.1	Each of Great Lakes and United hereby represents and warrants to the best of its knowledge and belief to the other as follows: 

 

	 	(a)	It is a duly incorporated and validly existing corporation, in good standing under the laws of its jurisdiction of incorporation; is an air carrier duly authorized to
act as such by the government of its country of incorporation; and has the requisite corporate power and authority to enter into and perform its obligations under this Agreement. The execution, delivery, and performance of this Agreement by it have
been duly authorized by all necessary corporate action. This Agreement has been duly executed and delivered by it, and, assuming due authorization, execution, and delivery by the other Party hereto, this Agreement constitutes its legal, valid, and
binding obligation, enforceable against it in accordance with its terms, except to the extent that enforceability may be limited or modified by the effect of bankruptcy, insolvency or other similar laws affecting creditors’ rights generally,
and the application of general principles of equity and public policy. 

  

	 	(b)	The execution, delivery or performance by it of this Agreement, shall not: (i) contravene, conflict with or cause a default under (A) any Applicable Law, rule
or regulation binding on it, or (B) any provision of its charter, certificate of incorporation, bylaws or other documents of corporate governance; or (ii) contravene, or cause a breach or violation of, any agreement or instrument to which
it is a party or by which it is bound, except where such conflict, contravention or breach would not have a material adverse effect on it and its Affiliates, or on the operations of it or its Affiliates, taken as a whole or on its ability to perform
this Agreement. 

  

	 	(c)	The execution, delivery and performance by it of this Agreement do not require the consent or approval of, or the giving of notice to, the registration with, the
recording or filing of any documents with, or the taking of any other action in respect of, any Competent Authority, any trustee or holder of any of its indebtedness or obligations, any stockholder or any other Person or entity except where failure
to obtain or take such action would not have a material adverse effect on it or a material adverse effect on the transactions contemplated in this Agreement. 

 

	 	15.2	Each of the foregoing representations and warranties shall survive the execution and delivery of this Agreement. 

 

	16.	GOVERNMENTAL APPROVALS 

  

	 	16.1	Each Party shall immediately provide the other Party with copies of any correspondence or notices it receives from any Competent Authority with respect to the
Codeshared Routes, Codeshared Flights or this Agreement, including with respect to the airworthiness of the aircraft used for the Codeshared Flights or noncompliance by Great Lakes with operational, training or safety rules and procedures.

  
 Page 14 of 35

	17.	TERM 

  

	 	17.1	The term of this Agreement shall commence on the date first written above and shall remain in effect until terminated by either Party upon ** days’ prior written
notice. 

  

	 	17.2	In addition to any other termination rights provided herein, this Agreement may be terminated as follows: 

 

	 	(a)	by the non-breaching Party upon the breach of a material term, covenant, representation or warranty of this Agreement (other than a breach of a payment obligation under
Section 6 of this Agreement or the failure to otherwise pay any sums due pursuant to this Agreement), including a failure to comply with any material obligations and procedures as mutually agreed during the implementation of codesharing,
provided that the non-breaching Party provides the breaching Party prior written notice describing the alleged breach with as much particularity as reasonably practicable. Termination under this Section 17.2(a) shall not be effective if the
breaching Party corrects such breach within ** days following receipt of such notice. If such breach cannot be corrected within ** days following receipt of such notice, and the breaching Party so advises the non-breaching Party, the non-breaching
Party, in its sole discretion, may give the breaching Party an additional period of time not to exceed ** days to correct the breach, provided that the breaching Party has taken action reasonably contemplated to correct such breach following receipt
of the notice; or 

  

	 	(b)	by the non-breaching Party upon the breach of a payment obligation under Section 6 of this Agreement or the failure to otherwise pay any sums due to the
non-breaching Party pursuant to this Agreement by the breaching Party, after the non-breaching Party provides the breaching Party at least ** days’ prior written notice describing, with as much particularity as practical, the alleged breach,
and the breaching Party does not, within ** days following receipt of such notice, correct such breach. 

  

	 	17.3	Throughout the term of this Agreement, either Party has the right to suspend, or partially suspend, performance of this Agreement immediately by giving written notice
to the other Party in the event that it has reason to suspect or believe or in the event that: 

  

	 	(a)	the other Party has suffered a significant emergency or serious incident or accident or received a serious threat that relates to any of that Party’s flights or to
a Codeshared Flight or Codeshared Route; or 

  

	 	(b)	the other Party has received from any relevant Competent Authority notice that it has failed to comply with applicable safety or security requirements; or

  
 Page 15 of 35

	 	(c)	the United States Department of Transportation (“DOT”), the United States Department of Homeland Security (“DHS”) or the United States Department of
Defense (“DOD”), has ordered in writing or orally that United’s Code be removed from Codeshare Flights or Codeshared Routes operated by Great Lakes for any reason whatsoever; provided, however, that if such order only affects one or a
limited number of Codeshare Flights or Codeshared Routes, the entire Agreement may only be suspended or terminated by either Party after consultations in good faith with the other Party, such consultations not to exceed a period of ** days from the
date either Party gives notice to the other Party; or 

  

	 	(d)	the other Party is not in compliance with Sections 10.3 or 10.4 of this Agreement. 

 

	 	17.4	Throughout the Term, United has the right to suspend, or partially suspend, performance of or terminate this Agreement immediately by giving written notice to Great
Lakes in the event that Great Lakes at any time discontinues or suspends ** or more of the Codeshared Flights operated by it other than due to Force Majeure as defined in Section 21. For clarification purposes, the termination right stated in
Section 17.7 shall remain applicable. 

  

	 	17.5	If a Party suspends this Agreement pursuant to this Section, as soon as the reason for the suspension no longer exists it shall notify the other Party and this
Agreement will recommence within ** days after the date of notice under the same terms and conditions, or under amended terms and conditions in accordance with Section 30. A Party that suspends this Agreement pursuant to this Section may at any
time during the suspension terminate this Agreement by giving notice in writing to the other Party. If this Agreement is suspended or terminated pursuant to Section 17.3 or 17.4, Sections 17.7 and 17.8 shall apply. 

 

	 	17.6	If a Force Majeure Event is in effect for a period longer than ** days, either Party may terminate this Agreement by providing the other Party ** days’ prior
written notice. 

  

	 	17.7	Subject to Section 17.8, in the event of termination of this Agreement United shall, in its sole discretion, take all reasonable actions to confirm and preserve
reservations on Great Lakes for passengers scheduled to be traveling on United Tickets and, as applicable, endorse or otherwise modify or reissue such tickets to permit use on Great Lakes. Great Lakes shall accept passengers traveling on such
tickets as if such reservations had been booked through Great Lakes using ordinary interline procedures but giving effect to the revenue settlement methodology provided for in Section 6 of this Agreement. 

 

	 	17.8	In the event that this Agreement is terminated by Great Lakes pursuant to Section 17.2, Great Lakes, in its sole discretion, may decline any or all passengers
scheduled to be traveling on United Tickets. United shall be solely responsible for transferring the reservations of such passengers to other carriers or making other alternative arrangements. 

 

	18.	INDEMNIFICATION  

  

	 	18.1	 (i) Great Lakes hereby assumes liability for, and shall indemnify, defend, protect, save and hold harmless United, its officers, agents, and employees
from and against any and all liabilities, claims, judgments, damages, and losses, including 

  
 Page 16 of 35

	 	
all costs, fees, and expenses incidental thereto, of every type and nature whatsoever, including without limitation those involving (i) death of or injury to any person including, but not
limited to, Great Lakes’ officers, employees and agents, (ii) loss of, damage to, or destruction of any property whatsoever, including any loss of use thereof, and (iii) trademark, service mark or trade name infringement, provided
that such liabilities, claims, judgments, damages or losses are caused by or arise out of (or are alleged to be caused by or arise out of) any alleged acts or omissions of Great Lakes or its officers, employees, or agents which are in any way
related to its obligations to be performed under this Agreement. United shall give Great Lakes prompt notice of any claim made or suit instituted against United which, if successful, would result in indemnification of United hereunder, and United
shall have the right to compromise or participate in the defense of same to the extent of its own interest. 

(ii) United hereby assumes liability for, and shall indemnify, defend, protect, save and hold harmless Great Lakes, its officers, agents,
and employees from and against any and all liabilities, claims, judgments, damages, and losses, including all costs, fees, and expenses incidental thereto, of every type and nature whatsoever, including without limitation those involving
(i) death of or injury to any person including, but not limited to, United’s officers, employees and agents, (ii) loss of, damage to, or destruction of any property whatsoever, including any loss of use thereof, and
(iii) trademark, service mark or trade name infringement, provided that such liabilities, claims, judgments, damages or losses are caused by or arise out of (or are alleged to be caused by or arise out of) any alleged acts or omissions of
United or its officers, employees, or agents which are in any way related to its obligations to be performed under this Agreement. Great Lakes shall give United prompt notice of any claim made or suit instituted against Great Lakes which, if
successful, would result in indemnification hereunder, and Great Lakes shall have the right to compromise or participate in the defense of same to the extent of its own interest. 

 

	 	18.2	 A Party (the “Indemnified Party”) that believes it is entitled to indemnification from the other Party (the “Indemnifying
Party”) pursuant to the terms of this Agreement with respect to a third-party claim shall provide the Indemnifying Party with written notice (an “Indemnification Notice”) of such claim (provided, however, that the failure
to give such notice shall not relieve the Indemnifying Party of its obligations hereunder except to the extent that such failure is materially prejudicial to the Indemnifying Party), and the Indemnifying Party shall be entitled, at its own cost and
expense and by its own legal advisors, to control the defense of or to settle any such third-party claim. The Indemnifying Party shall have the right to elect to settle any such claim for monetary Damages only, subject to the consent of the
Indemnified Party; provided, however, if the Indemnified Party fails to give such consent to a settlement that has been agreed upon by the Indemnifying Party and the claimant in question within ** days of being requested to do so, the Indemnified
Party shall assume the defense of such claim or demand and regardless of the outcome of such matter, the Indemnifying Party’s liability hereunder shall be limited to the amount of any such proposed settlement. If the Indemnifying Party fails to
take any action against the third-party claim that is the subject of an Indemnification Notice within ** days of receiving such Indemnification Notice, or 

  
 Page 17 of 35

	 	
otherwise contests its obligation to indemnify the Indemnified Party in connection therewith, the Indemnified Party may, upon providing prior written notice to, but without the further consent
of, the Indemnifying Party settle or defend against such third-party claim for the account, and at the expense, of the Indemnifying Party. Except as set forth in this Section 18.3, the Indemnified Party shall not enter into any settlement or
other compromise or consent to a judgment with respect to a third-party claim to which the Indemnifying Party has an indemnity obligation without the prior written consent of the Indemnifying Party. 

 

	 	18.3	Each Indemnified Party shall have the right, but not the duty, to participate in the defense of any claim with attorneys of its own choosing and at its own cost,
without relieving the Indemnifying Party of any obligations hereunder. In addition, even if the Indemnifying Party assumes the defense of a claim, the Indemnified Party shall have the right to assume control of the defense of any claim from the
Indemnifying Party at any time, and to elect to settle or defend against such claim; provided, however, the Indemnifying Party shall have no indemnification obligations with respect to such claim except for the costs and expenses of the Indemnified
Party (other than attorneys’ fees incurred in participating in the defense of such claim) incurred prior to the assumption of the defense of the claim by the Indemnified Party. 

 

	 	18.4	Each Party further agrees to indemnify, defend and hold harmless the other Party from and against any and all Taxes (as defined in Annex A), or assessments, as the case
may be, levied upon or advanced by the Indemnified Party, but that ultimately the Indemnifying Party would be responsible for paying, which resulted from any transaction or activity contemplated by this Agreement. 

 

	 	18.5	The rights and obligations of the Parties under this Section 18 shall survive the Termination Date or expiration of this Agreement. 

 

	19.	INSURANCE 

  

	 	19.1	Great Lakes shall procure and maintain in full force and effect during the term of this Agreement with insurance carriers of known financial responsibility, insurance
of the type and in the amounts listed below: 

  

	 	(a)	 Airline Aviation Third Party Legal Liability in respect of all operations, including but not limited to aircraft (owned and non-owned) liability
(including risks of hijacking, war and other perils), passenger and crew baggage and personal effects, funeral and repatriation expenses, all reasonable expenses arising out of the Family Assistance Act (United States) and/or similar regulations
applying elsewhere in the world, cargo, mail, hangarkeepers, comprehensive general liability, or its equivalent including premises, personal injury, and products and completed operations. This insurance must be primary without right of
contribution from any insurance carried by United to the extent of the indemnity specified in Section 18.1, and shall (i) name United and United Indemnified Parties as additional insureds to the extent of the protections afforded United
under the indemnity specified in Section 18.1, (ii) contain a severability of interest clause and a breach of warranty clause in favor of 

  
 Page 18 of 35

	 	
United and United Indemnified Party, (iii) specifically insure Great Lakes’ indemnification obligations under this Agreement to the full extent of the coverage provided by Great
Lakes’ policy or policies, subject to policy terms, conditions, limitations and exclusions, and (iv) contain a provision stating that Great Lakes’ policy or policies are amended to comply as soon as practicable with the laws and
regulations of any local, federal, or other governmental authority having jurisdiction over aircraft operated by Great Lakes. 

  

	 	(b)	Great Lakes shall maintain a combined single limit of liability of not less than USD ** per any one occurrence, including bodily injury, death, personal injury,
property damage, passenger (including Codeshared Passengers and other revenue and non-revenue passengers) legal liability and war and other perils combined, over all coverages and in the aggregate as applicable, but (i) personal injury limited
to USD ** per offense and in the annual aggregate except with respect to passengers (including Codeshared Passengers and other revenue and non-revenue passengers), and (ii) war and other perils may be subject to an annual aggregate limit;

  

	 	(c)	Hull all risk insurance, including war risk, hijacking and other perils, and such policy shall include a waiver of subrogation in favor of United to the extent of the
indemnity specified in Section 18.1 (except for the war risk hull insurance as provided by the U.S. Government pursuant to Chapter 443, Premium War Risks Insurance). 

 

	 	(d)	Worker’s compensation and employer’s liability insurance, or such other similar or equivalent insurance carried outside of the United States, in accordance
with statutory limits. 

  

	 	19.2	Great Lakes shall provide United with certificates of insurance evidencing such coverage no less than ** days prior to the commencement of the first Codeshared Flight,
and thereafter within ** Days of the date of any renewal of such coverage. The certificates must indicate that the above coverage shall not be canceled or materially altered without ** days’ advance written notice to the other Party and that
the other Party shall be notified of any expiration or renewal of such coverage. The notice period in respect of war and other perils coverage shall be ** days or such lesser period as is or may be available in accordance with policy
conditions. 

  

	20.	TAXES 

  

	 	20.1	Each Party shall be responsible for any net or gross income or franchise taxes (or taxes of a similar nature) on the revenues or income or any measure thereof which is
attributable to it in connection with the sale of air transportation pursuant to this Agreement. 

  
 Page 19 of 35

	 	20.2	The Party that acts as the Ticketing Carrier in respect of any particular transaction shall collect, except as otherwise prohibited by law, all Ticket Taxes relating to
tickets sold or travel documents issued by it with respect to air transport pursuant to this Agreement. The Parties hereby agree as follows: 

  

	 	(a)	The Ticketing Carrier shall collect, report and remit to the taxation authorities any non-interlineable Ticket Taxes levied in connection with sales of the Codeshared
Flights. 

  

	 	(b)	The Ticketing Carrier shall collect any interlineable Ticket Taxes levied in connection with the sales of the Codeshared Flights. If the Ticketing Carrier is United or
a third-party, Great Lakes shall report and issue a debit invoice to the Ticketing Carrier through the ACH Clearing House for any interlineable Ticket Taxes levied in connection with the sales of the Codeshared Flights. Great Lakes shall remit to
taxation authorities all such interlineable Ticket Taxes. 

  

	 	(c)	Great Lakes may bill the Ticketing Carrier for any Ticket Taxes due or payable on or measured by passenger enplanement and payable or remittable by Great Lakes or
United that should have been collected at the time of ticket sale or travel document issue by the Ticketing Carrier. 

  

	 	(d)	If the Ticketing Carrier is a third-party, United shall use commercially reasonable efforts to cause such third-party to implement the foregoing provisions.

  

	 	20.3	If either Party receives notice from any taxation authority with respect to any assessment or potential assessment or imposition of any Tax (collectively, an
“Assessment”) relating to this Agreement, that the other Party may be responsible for paying, directly or indirectly, the Party so notified shall inform the other Party in writing within ** days of receipt of such notice. If the
Party receiving such notice from a taxation authority is or will be required to pay any Assessment for which the other Party is ultimately responsible, it shall be entitled to be indemnified against such Assessment in accordance with
Section 18.5. The Indemnifying Party shall have the option to defend or contest such Assessment in accordance with the procedures set forth in Section 18. 

 

	21.	FORCE MAJEURE  

Except with respect to the performance of payment, confidentiality, and indemnity obligations, which shall be unconditional under this
Agreement, a Carrier shall not be liable to the other Carrier for any loss, injury, damage or delay whatsoever resulting, directly or indirectly, from one or more of the following: Acts of God; seizure under legal process, governmental actions or
sanctions, quarantine restrictions; fire, fog, flood, or other weather-related reason; subject to the satisfaction of each Carrier’s obligations set forth in Section 16 hereof, failure or refusal on the part of any Competent Authority to
grant or issue approvals, consents, clearances, exemptions, permits or operating authority, or recession or revocation thereof by any government or governmental agency; damage to or destruction of aircraft or other flight equipment; mechanical
difficulties or breakdowns; grounding of a substantial number of a Carrier’s aircraft by any Competent Authority or by voluntary action by a Carrier for safety reasons (in lieu of governmental actions); unavailability of fuel; riots or civil
commotion; strikes, lockouts or labor disputes (whether resulting from disputes between either Carrier and its employees or between other parties); U.S. military or airlift emergency or substantially expanded U.S. military airlift requirements as
determined by the U.S. government; activation of the U.S. Civil Reserve Air Fleet; war or hazards or dangers incident to a state of war; acts of terrorism; or any other acts, 

  
 Page 20 of 35

 
matters or things, whether or not of a similar nature, which are beyond the control of the Carrier and which shall directly or indirectly, prevent, delay, interrupt, or otherwise adversely affect
the furnishing, operation or performance of such Carrier’s obligation hereunder (“Force Majeure Events”); provided, however, that the Carrier so affected shall take all commercially reasonable steps to cure such nonperformance
or delay and shall promptly continue performance hereunder once the Force Majeure Event is removed. The Carrier who is affected by a Force Majeure Event shall promptly notify the other Carrier of the occurrence of such Force Majeure Event. In the
event of a strike by a Carrier’s employees, such Carrier will use its commercially reasonable efforts to perform under this Agreement. 
  

	22.	GOVERNING LAW AND DISPUTE RESOLUTION  

  

	 	22.1	This Agreement shall in all respects be governed by and construed in accordance with the laws of the State of Illinois (without regard to its conflict of laws
principles) including all matters of construction, validity and performance. 

  

	 	22.2	Except as otherwise agreed or expressly provided in this Section or Section 25.3, any controversy, dispute, difference, disagreement or claim between the Parties
arising under or relating to this Agreement (a “Dispute”), including any question concerning the validity, termination, interpretation, performance, operation, enforcement or breach of this Agreement, must be referred to arbitration as
provided in Section 22.3 for final resolution. Each of the Parties irrevocably submits to the exclusive jurisdiction of such arbitration and expressly and irrevocably waives its rights to bring suit against the other Party in any court of law
except for the limited purposes of enforcing an arbitral award obtained in respect of a Dispute, or for obtaining any injunctive, temporary or preventative order or similar order available to it under the laws of any jurisdiction for a breach or
threatened breach by the other Party of this Agreement which threatens irreparable damage. Each Party, to the fullest extent it may effectively do so under substantive governing law applicable to this Agreement, irrevocably waives and agrees not to
assert, by way of motion, as a defense or otherwise, any claim that it is not subject to arbitration. 

  

	 	22.3	All disputes arising out of or in connection with this Agreement shall be finally settled under the Rules of Arbitration of the International Air Transport Association
(“IATA”) in effect at the time of the submission of the Dispute to IATA (the “Rules”), except as modified by mutual agreement of the Parties. In the event of a conflict between the Rules and this Section 22,
the provisions of this Section 22 will prevail. The arbitration, including the rendering of the award, will be conducted by a panel of arbitrators appointed in accordance with such Rules. The arbitration panel shall consist of ** arbitrators
who are knowledgeable about the legal, marketing, and other business aspects of the airline industry, and fluent in the English language. The arbitration may be conducted by only ** arbitrator if Great Lakes and United agree in advance of the
arbitration on a mutually acceptable individual. The arbitration proceedings shall take place in Denver or other location as mutually agreed,, and shall be conducted in the English language. The cost of such arbitration shall be borne as allocated
by the arbitrators or, if no such allocation is made, by the Party that does not prevail in the proceeding. Nothing herein set forth shall prevent the Parties from settling any dispute by mutual agreement at any time. 

  
 Page 21 of 35

	 	22.4	If there is a Dispute submitted to arbitration, any subsequent additional Disputes referred for arbitration (including counterclaims between the Parties) will be
consolidated in the same arbitration proceeding. 

  

	 	22.5	The arbitral proceeding will not exceed ** days commencing on the date that the last arbitrator accepts his or her appointment. Evidence may not be taken in the
arbitral proceeding except in the presence of both Parties and all witnesses, if any, may be questioned by both Parties. 

  

	 	22.6	Each Party irrevocably submits to the nonexclusive jurisdiction of the United States District Court for the Northern District of Illinois and of any State Court sitting
in Cook County Illinois, for purposes of enforcing any arbitral award or for other legal proceedings arising out of this Agreement or any transactions contemplated in this Agreement. Each Party, to the fullest extent it may effectively do so under
substantive governing law applicable to this Agreement, also irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court and any objection that it
may have as to venue or inconvenient forum in respect of claims or actions brought in such court. 

  

	23.	COVENANT TO COMPLY WITH ALL LAWS  

  

	 	23.1	In performing its obligations under this Agreement, each Party shall, at its own cost and expense, fully comply with, and have all licenses under, all applicable
federal, state, provincial and local laws, rules and regulations of the United States, including rules and regulations promulgated by the U.S. National Transportation Safety Board, U.S. Department of Transportation, U.S. Federal Aviation
Administration, the U.S. Department of Defense, and the U.S. Department of Homeland Security. Each Party further agrees to participate in (i) the Advance Passenger Information System (“APIS”) program whereby Great Lakes will
supply the U.S. Bureau of Customs and Border Protection (“CBP”) with the required passenger manifest data from its flight(s) inbound to and outbound from the United States at the time of departure; and (ii) any program of the
U.S. Bureau of Citizenship and Immigration Services (“USCIS”) (if any) whereby Great Lakes is allowed to transport passengers in transit without visas (“TWOV”) via designated U.S. ports of entry to a third country.

  

	 	23.2	If either Party has notice that a provision of this Agreement is contrary to any Applicable Laws, that Party shall immediately notify the other Party in writing, such
notice to include a description of the perceived violation of regulation and supporting written materials that facilitate the other Party’s investigation of such perceived violation. 

 

	 	23.3	Each Carrier will comply with the data protection and privacy laws of all Competent Authorities applicable to it in connection with the disclosure of personal data
concerning Codeshare Passengers. 

  

	24.	PUBLICITY  

 Except
as required by Applicable Law, neither Party may issue any written press release concerning this Agreement without the prior written consent of the other Party, which consent shall not be unreasonably withheld or delayed. 

  
 Page 22 of 35

	25.	CONFIDENTIALITY 

  

	 	25.1	Except as necessary to obtain any Government Approvals or as otherwise provided below, each Party shall, and shall ensure that its directors, officers, employees,
Affiliates, and professional advisors (collectively, the “Representatives”), at all times, maintain strict confidence and secrecy in respect of all Confidential Information of the other Party (including its Affiliates) received
directly or indirectly as a result of this Agreement. If a Party (the “Disclosing Party”) is requested to disclose any Confidential Information of the other Party (the “Affected Party”) under the terms of a subpoena
or order issued by a court or governmental body or requirement of the Securities and Exchange Commission or similar state or federal authority, it shall (a) notify the Affected Party immediately of the existence, terms, and circumstances
surrounding such request, (b) consult with the Affected Party on the advisability of taking legally available steps to resist or narrow such request, and (c) if any disclosure of Confidential Information is required to prevent the
Disclosing Party from being held in contempt or subject to other legal penalty, furnish only such portion of the Confidential Information as it is legally compelled to disclose and use commercially reasonable efforts to obtain an order or other
reliable assurance that confidential treatment shall be accorded to the disclosed Confidential Information. Each Party agrees to transmit Confidential Information only to such of its Representatives as required for the purpose of implementing and
administering this Agreement, and shall inform such Representatives of the confidential nature of the Confidential Information and instruct such Representatives to treat such Confidential Information in a manner consistent with this
Section 25.1. 

  

	 	25.2	Within ** days after the termination of this Agreement, each Party shall, either deliver to the other Party or destroy all copies of the other Party’s Confidential
Information in its possession or the possession of any of its Representatives (including, without limitation, any reports, memoranda or other materials prepared by such Party or at its direction) and purge all copies encoded or stored on magnetic or
other electronic media or processors, unless and only to the extent that the Confidential Information is necessary for the continued administration and operation of such Party’s programs or is reasonably necessary in connection with the
resolution of any dispute between the Parties. 

  

	 	25.3	Each Party acknowledges and agrees that in the event of any breach of this Section 25, the Affected Party shall be irreparably and immediately harmed and could not
be made whole by monetary Damages. Accordingly, it is agreed that, in addition to any other remedy at law or in equity, the Affected Party shall be entitled to an injunction or injunctions (without the posting of any bond and without proof of actual
Damages) to prevent breaches or threatened breaches of this Section 25 and/or to compel specific performance of this Section 25. 

  

	 	25.4	The confidentiality obligations of the Parties under this Section 25 shall survive the Termination Date or expiration of this Agreement for a period of ** years.

  

	26.	ASSIGNMENT  

Neither Party may assign or otherwise convey any of its rights under this Agreement, or delegate or subcontract any of its duties
hereunder, without the prior written consent of the other Party; provided however, that each of United and Great Lakes may assign, subcontract or delegate any of its rights, duties or obligations under this Agreement to any of its Affiliates
provided that such assignment and/or delegation shall not relieve United or Great Lakes of any of its obligations under this Agreement. 

  
 Page 23 of 35

	27.	SEVERABILITY  

 If
any provision of this Agreement is or becomes illegal, invalid or unenforceable under the law of any jurisdiction, such provision shall be severed from this Agreement in the jurisdiction in question and shall not affect the legality, validity or
enforceability of the remaining provisions of this Agreement nor the legality, validity or the enforceability of such provision under the law of any other jurisdiction; unless, in the reasonable opinion of either Party, any such severance affects
the commercial basis of this Agreement, in which case the Party shall so inform the other Party and the Parties shall negotiate in good faith to agree upon modification of this Agreement so as to maintain the balance of the commercial interests of
the Parties. If, however, such negotiations are not successfully concluded within ** days from the date a Party has informed the other that the commercial basis has been affected, either Party may terminate this Agreement by giving at least **
days’ prior written notice to the other Party. 
  

	28.	FURTHER ASSURANCES  

  

	 	28.1	Each Party shall perform such further acts and execute and deliver such further instruments and documents at such Party’s cost and expense as may be required by
Applicable Laws, rules or regulations or as may be reasonably requested by the other to carry out and effectuate the purposes of this Agreement. 

  

	 	28.2	If and to the extent the transactions or activities contemplated by this Agreement require the cooperation or participation of an Affiliate of a Party hereto, such
Party shall cause such Affiliate to cooperate or participate in such transaction or activity. Each Party shall cause such Affiliate to perform such acts and execute and deliver such further instruments and documents as may reasonably be required by
the other Party to provide for such cooperation and participation, including, without limitation, execution of an addendum providing for such Affiliate to become a party to this Agreement. 

 

	29.	MISCELLANEOUS  

  

	 	29.1	This Agreement contains the entire agreement between the Parties relating to its subject matter, and supersedes any prior understandings or agreements between the
Parties regarding the same subject matter. This Agreement may not be amended or modified except in writing signed by a duly authorized Representative of each Party. 

 

	 	29.2	The relationship of the Parties hereunder shall be that of independent contractors. Neither Party is intended to have, and neither of them shall represent to any other
Person that it has, any power, right or authority to bind the other, or to assume, or create, any obligation or responsibility, express or implied, on behalf of the other, except as expressly required by this Agreement or as otherwise permitted in
writing. Nothing in this Agreement shall be construed to create between the Parties and/or the Parties’ Representatives any partnership, joint venture, employment relationship, franchise or agency (except that Great Lakes shall have supervisory
control over all passengers during any Codeshared Flight, including any employees, agent or contractors of United who are on board any such Codeshared Flight). 

  
 Page 24 of 35

	 	29.3	In the event that there occurs a substantial change in market conditions in general or in the condition of either Party, which change is not substantially the result of
an act or omission of the Party requesting a change or amendment to this Agreement, and which change has a material adverse effect on either Party to this Agreement, then United or Great Lakes may propose a review of or amendment to this Agreement
to limit or expand any of the terms, to extend the relationship to additional activities or city-pair destinations or otherwise to modify in any way the transactions or relationships contemplated in this Agreement. However, neither United nor Great
Lakes will have any obligation, for any reason, to effect such an amendment. 

  

	 	29.4	All rights, remedies and obligations of the Parties hereto shall accrue and apply solely to the Parties hereto and their permitted successors and assigns; there is no
intent to benefit any third-parties, including the creditors of either Party. 

  

	 	29.5	This Agreement may be executed and delivered by the Parties in separate counterparts, each of which when so executed and delivered shall be an original, but all of
which taken together shall constitute one and the same instrument. 

  

	 	29.6	No failure to exercise and no delay in exercising, on the part of any Party, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor
shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof of the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein
provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. The failure of any Party to insist upon a strict performance of any of the terms or provisions of this Agreement, or to exercise any option,
right or remedy herein contained, shall not be construed as a waiver or as a relinquishment for the future of such term, provision, option, right or remedy, but the same shall continue and remain in full force and effect. No waiver by any Party of
any term or provision of this Agreement shall be deemed to have been made unless expressed in writing and signed by such Party. 

  

	 	29.7	This Agreement is the product of negotiations between Great Lakes and United, and shall be construed as if jointly prepared and drafted by them, and no provision hereof
shall be construed for or against any Party by reason of ambiguity in language, rules of construction against the drafting Party, or similar doctrine. 

  

	 	29.8	NEITHER PARTY SHALL BE LIABLE FOR ANY EXEMPLARY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, INCLUDING LOST REVENUES, LOST PROFITS OR LOST PROSPECTIVE ECONOMIC
ADVANTAGE, ARISING FROM ANY PERFORMANCE OR FAILURE TO PERFORM UNDER THIS AGREEMENT, EVEN IF SUCH PARTY KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY THEREOF, AND EACH PARTY HEREBY RELEASES AND WAIVES ANY CLAIMS AGAINST THE OTHER PARTY REGARDING SUCH
DAMAGES. FOR THE AVOIDANCE OF DOUBT, THE PARTIES AGREE THE FOREGOING SHALL NOT LIMIT A PARTY’S OBLIGATION TO INDEMNIFY THE OTHER IN ACCORDANCE WITH SECTION 18 FOR DAMAGES ARISING OUT OF OR RELATING TO A CLAIM, SUIT OR CAUSE OF ACTION BY A THIRD
PARTY. 

  
 Page 25 of 35

	30.	NOTICES  

 Unless
otherwise expressly required in this Agreement, all notices, reports, invoices and other communications required or permitted to be given to or made upon a Party to this Agreement shall be in writing, shall be addressed as provided below and shall
be considered as properly given and received: (i) when delivered, if delivered in person (and a signed acknowledgment of receipt is obtained); (ii) ** Days after dispatch, if dispatched by a recognized express delivery service that
provides signed acknowledgments of receipt; (iii) ** Days after deposit in the applicable postal service delivery system; or (iv) if transmitted by facsimile, upon completion of transmission and upon confirmation by the sender (by a
telephone call to a Representative of the recipient or by machine confirmation) that the transmission was received. For the purposes of notice, the addresses of the Parties shall be as set forth below; provided, however, that either Party shall have
the right to change its address for notice to any other location by giving at least ** Days prior written notice to the other Party in the manner set forth above. 
  

			
	If to United Airlines, Inc.:	  	HDQIZ
		  	77 W Wacker Dr
		  	Chicago, IL 60611
		  	United States of America
		  	Attn: SVP, Alliances, Regulatory & Policy
		  	Facsimile: **
		
	with a copy to:	  	HDQLD
		  	77 W Wacker Dr
		  	Chicago, Illinois 60601
		  	United States of America
		  	Attention: Senior Vice President and General Counsel
		
	If to Great Lakes Aviation, Ltd.:	  	1022 Airport Parkway
		  	Cheyenne, Wyoming 82001
		  	United States of America
		  	Attention: Douglas G. Voss
		  	Facsimile: **
		
	with a copy to:	  	Briggs and Morgan, P.A.
		  	2200 IDS Center 80 South 8th Street
		  	Minneapolis, MN 55402
		  	Attention: Tim Thornton – General Counsel
		  	Facsimile: **

  

	31.	IMPLEMENTATION  

  

	 	31.1	Implementation of this Agreement shall be subject to the following conditions precedent: 

 

	 	(a)	continuance of a Special Prorate Agreement between United and Great Lakes; 

 

	 	(b)	the execution of a Frequent Flyer Agreement between United and Great Lakes ; 

 

	 	(c)	continuance of an Employee Pass Travel Agreement between United and Great Lakes ; 

  
 Page 26 of 35

	 	(d)	successful completion by Great Lakes of the IATA Operational Safety Audit (“IOSA”) registration; 

 

	 	(e)	successful implementation and testing of interline e-ticket capabilities between United and Great Lakes, including with all major GDS’; 

 

	 	(f)	successful implementation and testing of codeshare (EDIFACT) and passenger processing automation. 

 

	 	31.2	If a party is unable to comply with any of the conditions set forth in Section 31.1 after the Agreement is implemented because of technical or legal reasons, such
party will not be deemed to be in breach of any obligation in this Agreement if it is using its commercially reasonable efforts to comply with such condition and the non-compliance does not continue for a period longer than ** days.

 [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK] 

  
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 IN WITNESS WHEREOF, the Parties hereto have caused their duly authorized representatives to execute
this Agreement as of the date first written above. 
  

											
	GREAT LAKES AVIATION, LTD.	 	UNITED AIR LINES, INC.	 	
				
	 /s/ Douglas Voss
	 		 	 /s/ Hershel Kamen
	 	
	By:    Douglas Voss	 		 	By:    Hershel Kamen	 	
				
	Title:    Chairman of the Board	 		 	Title:    SVP, Alliances, Regulatory & Policy	 	
						
	Date:	 	 August 25, 2011
	 		 	Date:	 	 August 25, 2011
	 	

 [Signature page for Codeshare Agreement between 

Great Lakes Aviation, Ltd. and United Air Lines, Inc.] 

  
 Page 28 of 35

 ANNEX A 
 DEFINITIONS 
 “Affected Party” has the meaning assigned to such term in
Section 25.1. 
 “Affiliate” means, with respect to any Person or entity, any other Person or entity directly or
indirectly controlling, controlled by, or under common control with, such Person or entity. For purposes of this definition, “control” (including “controlled by” and “under common control with”) means the power,
directly or indirectly, to direct or cause the direction of the management and policies of such Person or entity, whether through the ownership of voting securities, by contract or otherwise. 
 “Agreement” has the meaning assigned in the preamble to this Agreement. 

“AIRIMP” shall mean the ATA / IATA Reservations Interline Message Procedures manual produced and distributed by IATA for the purpose of
developing a communication standard between airline reservation systems and CRSs. 
 “AIRIMP Option 2” shall mean the standards
by which United transmits information regarding Codeshare segments it has sold to Great Lakes, including all message and format elements as defined in the IATA AIRIMP Manual – section 8.13.2. 

“Airline Guides” means the printed and electronic data versions of the “Official Airline Guide” and the “ABC World
Airlines Guide,” and their respective successors. 
 “APIS” shall mean the advance passenger information system used to
send required data to the U.S. Customs Service and the U.S. Immigration and Naturalization Service for passenger processing on international flights. 
 “Applicable Law” means all applicable laws of any jurisdiction including securities laws, tax laws, tariff and trade laws, ordinances, judgments, decrees, injunctions, writs, and orders
or like actions of any Competent Authority and the rules, regulations, orders or like actions of any Competent Authority and the interpretations, licenses, and permits of any Competent Authority. 

“ARS” shall mean a Carrier’s internal reservation systems whereby schedules, fares, flight availability, inventory, etc. reside.

 “ATA” shall mean the Air Transport Association of America. 
 “ATPCO” means the Airline Tariff Publishing Company. 
 “BTM/Baggage
Transfer Message” shall mean baggage transfer messages as defined in the IATA Passenger Services Conference Resolution Manual. 

“Business Day” means any day other than a Saturday, Sunday or other day in which banking institutions in New York, New York USA, are
required by law, regulation or executive order to be closed. 

  
 1 

 “Cascade/Cascading” shall mean the capability of United to relay on a real time basis
Codeshare Flight booking information between a third party reservation source (e.g. CRS equipped travel agency) and Great Lakes. 

“CBP” means the U.S. Bureau of Customs and Border Protection. 
 “Code” means the two (2) character identifier assigned to a carrier by IATA for the purpose of exchanging interline carrier messages in accordance with AIRIMP procedures. 

“Codeshared Flight” means a flight on which United has placed its Code, as defined in Section 2.1 and Annex B. 

“Codeshared Routes” or “Routes” means the city-pair markets set out in Annex B. 

“Codeshared Passenger” means a passenger traveling on a United Flight Coupon on a Codeshared Flight. 

“Competent Authorities” means any national, federal, state, county, local, regulatory or municipal government body, bureau, commission,
board, board of arbitration, instrumentality, authority, agency, court, department, inspectorate, minister, ministry, official or public or statutory person (whether autonomous or not) having jurisdiction over this Agreement or either Party.

 “Conditions of Carriage” means those conditions of contract tariffs and rules of carriage of a Party that govern the
transport of passengers traveling on tickets showing such Party’s Code in the carrier code box of the flight coupon. 

“Confidential Information” means (a) all confidential or proprietary information of a Party, including, without limitation, trade
secrets, information concerning past, present and future research, development, business activities and affairs, finances, properties, methods of operation, processes and systems, customer lists, customer information (such as passenger name record
or “PNR” data) and computer procedures and access codes; and (b) the terms and conditions of this Agreement and any reports, invoices or other communications between the Parties given in connection with the negotiation or performance
of this Agreement; and (c) excludes (i) information already in a Party’s possession prior to its disclosure by the other Party; (ii) information obtained from a third Person or entity that is not prohibited from transmitting such
information to the receiving Party as a result of a contractual, legal or fiduciary obligation to the Party whose information is being disclosed; (iii) information that is or becomes generally available to the public, other than as a result of
disclosure by a Party in violation of this Agreement; or (iv) information that has been or is independently acquired or developed by a Party, or its Affiliate, without violating any of its obligations under this Agreement. 

“CRS” means a computerized reservations system owned or operated by any entity, including either Party to this Agreement, that contains
information about commercial airline schedules, fares, cargo rates, passenger and cargo tariff rules and flight availability that is made available to travel agents, cargo agents and other non-airline entities to facilitate their ability to make
reservations and issue tickets and air waybills. 

  
 2 

 “Damages” means all third party claims, suits, causes of action, penalties, liabilities,
judgments, demands, recoveries, awards, settlements, executions, penalties, fines, losses and expenses of any nature or kind whatsoever (including, without limitation, internal expenses of the Indemnified Party, such as employee salaries and the
costs of cooperating in the investigation, preparation or defense of claims) under the laws of any jurisdiction (whether arising in tort, contract, under the Warsaw Convention as amended, or the Montreal Convention of 1999, as amended, and related
instruments, or otherwise), including reasonable costs and expenses of investigating, preparing or defending any claim, suit, action or proceeding (including post judgment and appellate proceedings or proceedings that are incidental to the
successful establishment of a right of indemnification), such as reasonable attorneys’ fees and fees for expert witnesses, consultants and litigation support services. 
 “DCS” shall mean the automated departure control system of a Carrier that performs check-in, capacity and load control and dispatch functions. 

“DEI 10” shall mean the data element indicator used as a duplicate leg cross-reference on Great Lakes’ SSIM file to identify
United’s two letter code and marketing flight number. 
 “Direct Access” shall mean a dedicated link between two
Carriers’ ARS that enables real-time basis flow of information. 
 “Direct Sell” shall mean the system link between two
ARSs that enables secured sells and real-time decrement of inventory. 
 “Disclosing Party” has the meaning assigned to such
term in Section 25.1. 
 “Dual Record Locator” shall mean the record locator as contained within the system originating
the booking, either a Carrier ARS or a CRS equipped travel agency. 
 “EDIFACT” shall mean the United Nations standard for
Electronic Data Interchange for Administration, Commerce and Transport as used to facilitate the exchange of business data by electronic means using a set of standard codes and syntaxes. 
 “Flight Coupon” shall mean a portion of the record of agreement, including paper and electronic tickets, for the Parties to provide transportation and related services under certain terms
and conditions to the passenger named thereon and in accordance with applicable governing tariffs and regulations that indicates travel points between which the coupon is good for carriage. 
 “FLIFO” shall mean real time display of flight activity including departure time, arrival time, diversion, delays, etc. sent in MVT standard message format. 

“Force Majeure Events” has the meaning assigned to such term in Section 21. 

“Frequent Flyer Participating Carrier Agreements” means the agreements, if any, from time to time, between the Parties relating to the
participation of one Party in the other Party’s frequent flyer program. 

  
 3 

 “Great Lakes” has the meaning assigned in the preamble of this Agreement. 

“Great Lakes Indemnified Party” has the meaning assigned to such term in Section 18.2. 

“Governmental Approvals” means any authorizations, licenses, certificates, exemptions, designations, or other approvals of Competent
Authorities that are reasonably required (in the opinion of either Party) for the operation of the Codeshared Flights. 

“IATA” means the International Air Transport Association. 
 “ACH Clearing House” means the clearing house established by ACH to administer and implement revenue settlement by reference to the Revenue Accounting Manual published by ACH. 

“IATA Luggage Resolution” shall mean reference to the IATA Resolutions and Recommended Practices Manual on handling luggage claims.

 “IATA PMP” has the meaning assigned in Section 6.2. 
 “IATA Scheduling Season” means either the summer or the winter season designated by IATA for the scheduling of air services/slots. 

“Implementation Date” means the date of the first codeshare service operated under this Agreement. 

“Inadmissible Passengers” has the meaning defined in IATA Resolution 701, as modified, supplemented or amended from time to time.

 “Indemnification Notice” has the meaning assigned to such term in Section 18.2. 

“Indemnified Party” has the meaning assigned to such term in Section 18.2. 

“Indemnifying Party” has the meaning assigned to such term in Section 18.2. 

“Interline Service Charge” means the charge referred to in IATA Resolutions 780b, 780c and 780d. 

“Load Date” shall mean the date in which airline schedules are displayed in ARS, CRS and GDS. 

“Licensed Trademark” has the meaning assigned to such term in Section 14.3. 

“United Flight Coupon” means a flight coupon of a ticket issued by United, Great Lakes or a third-party for travel on a Codeshared
Flight showing United’s Code in the carrier code box of the flight coupon. 

  
 4 

 “United Ticket” means a ticket issued by United, Great Lakes or a third-party that contains
at least one United Flight Coupon. 
 “Marketing Flight(s)” means a Codeshared Flight when displayed, sold, or referred to as a
flight of United rather than a flight of Great Lakes, such as when using United’s name, designator Code and/or flight number. 

“Mutual Emergency Assistance Agreement” means the agreement between the Parties relating to provision of assistance by one Party to the
other Party in the event of aircraft emergency. 
 “MVT” shall mean the transmission of aircraft movement messages to be sent
immediately after departure or arrival of an aircraft, aircraft diversions, delays, etc. 
 “NAR” shall mean the transmission
of a new arrival segment message to the down-line Carrier, resulting in an updated PNR in that Carrier’s ARS (also as reference the AIRIMP manual section 3.7). 
 “NCO” shall mean the transmission, to all Carrier’s participating in the itinerary, new continuing segment information such that the PNR is updated within each Carrier’s ARS
(also referenced in AIRIMP manual section 3.7). 
 “OAG” shall mean the Official Airline Guide. 

“OAGLINKS” shall mean view access of Great Lakes’ flight database at the OAG. 

“Open For Sale Date” shall mean the date that flight schedules appear and become available for sale in ARS, CRS and GDS. Also known as
Release Date or Load Date. 
 “Party” or “Parties” means either or both of United and Great Lakes, as the
context requires. 
 “Person” means any individual, corporation, partnership, joint venture, association, joint stock company,
trust, unincorporated organization or (except for the definition of “Affiliate” herein) government or any agency, authority or political subdivision of a government. 
 “PNR” shall mean passenger name records that contain a passenger’s travel requirements necessary to enable reservations to be processed and controlled by the booking Carrier and the
Carrier’s participating in the itinerary. 
 “Point of Sale” shall mean the identification of the booking agent’s
location and CRS. 
 “Premium Class” means First Class or Business Class. 

“Representative” has the meaning assigned to such term in Section 25.1. 
 “Reservations System” means the internal computerized airline passenger or cargo reservations system used by the personnel of an airline that contains information about flight schedules,
fares, cargo rates, passenger and cargo tariff rules and seat availability of that airline and other carriers, and provides the ability to make reservations and issue tickets or air waybills. 

  
 5 

 “Rules” has the meaning assigned to such term in Section 22.3. 

“Seamless Availability” shall mean the system link between two ARSs that enable real time availability exchange rather than AVS
messages. 
 “Seamless Connecting Service” shall mean the adopted service standards and procedures between two or more Carriers
are deployed at airports, reservations offices and other service delivery locations. 
 “Sold As Information” shall mean the
association of United’s flight number and booking class to Great Lakes’ flight number and booking class. 

“SSIM” shall mean the Standard Schedules Information Manual as produced by IATA to facilitate the electronic data processing of airline
schedules throughout the industry. 
 “SSM” shall mean standard schedule messages as referenced in the IATA SSIM Manual,
Chapter 4 to facilitate changes to published airlines’ schedules. 
 “SNC” shall mean the transmission of automated
Synchronization Message Option 1 (reference AIRIMP manual section 8.5) that provides information to the recipient to enable synchronization of their PNRs with that of the sender. 
 “Special Prorate Agreement” means any bilateral agreement, from time to time, between the Parties relating to the proration of interline revenue. 

“SYN” shall mean the transmission of automated Synchronization Message Option 3 (reference AIRIMP manual section 8.5) that provides
information to the recipient to enable synchronization of their PNRs with that of the sender. 
 “Taxes” means all taxes,
assessments, fees, levies, imposts, duties, stamp taxes, documentary taxes or other charges of a similar nature, including, without limitation, income taxes, value-added taxes, sales taxes, excise taxes, transactional taxes, exchange control taxes
and/or fees, and interest and penalties related to the foregoing, but excluding Ticket Taxes, that may be imposed by any Competent Authority 

“Termination Date” means 23:59 Coordinated Universal Standard Time on the date provided in the notice of termination given in accordance
with Section 17.1. 
 “TCI” shall mean the electronic data exchange of Through Check-in messages between two
Carriers’ DCS according to IATA standard version 03:1 with UN APIS using the inter-airline IATCI/EDIFACT links. 
 “TCN Codeshare
Agreement” means an agreement to be filed by United with ATPCO in which United will provide the range of its Marketing Flight numbers. 

  
 6 

 “Through Check-in” shall mean the use of TCI electronic data exchange to process a
passenger with seat assignments, luggage check-in and other passenger related functions to their final destination. This also includes the data exchange over multiple-hosted systems in a passenger’s itinerary. 

“Ticketing Carrier” means a carrier whose traffic documents are used to issue a ticket. 

“Ticket Taxes” means any transactional taxes or passenger facility charges, including, without limitation, sales taxes, use taxes, stamp
taxes, excise taxes, value added taxes, gross receipts taxes, departure taxes, surcharges and travel taxes, and all related charges, fees, licenses or assessments (and any interest or penalty thereon) imposed on passengers (or which air carriers or
their agents are required to collect from passengers) by any authority in any country, or political subdivision thereof or public authority operating therein (including, without limitation any national, federal, state, provincial, territorial,
local, municipal, port or airport authority) or which are levied upon passengers by operation of Applicable Law or industry standard. Ticket Taxes together with the taxes referred to in Section 20.1 are collectively referred to as
“Taxes”. 
 “TWOV” means a carrier’s ability to transport passengers in transit without visas via
designated U.S. ports of entry to a third country. 
 “United” has the meaning assigned in the preamble to this Agreement.

 “$” or “US$” or “Dollars” means lawful currency of the United States of America.

 “U.S.” or “United States” means the fifty states of the United States of America, its Territories,
Guam, the District of Columbia and the Commonwealth of Puerto Rico. 
 “USCIS” means the U.S. Bureau of Citizenship and
Immigration Services. 

  
 7 

 ANNEX B 
 CODESHARED ROUTES 
 The Parties have mutually designated certain flights serving the
Codeshared Routes shown below on which the Parties and their respective Affiliates have placed their respective Codes. 
 Domestic U.S.
Routes between the Following Points: 
 ** 

  
 1 

 ANNEX C 
 TECHNICAL IMPLEMENTATION AND SYSTEM LINKS 
  

	I.	Schedule Transmission and Publication 

 The
Parties agree to provide each other schedule file information so that each may effectively publish in all distribution media the Codeshare Flights contemplated in this Agreement. 
 Accordingly, the Parties agree to the following procedures. 
  

	1.	Schedule Format 

  

	 	A.	Exchange schedule data in SSIM format sent via electronic transmittal. 

  

	 	B.	Implement the use of SSM formatted exchanges. 

  

	 	C.	Ensure schedule data include the following items: flight number, equipment type, airport station codes, departure/arrival times, frequency, effective/discontinue dates,
duplicate leg cross-reference indicators including DEI 10 and DEI 50. 

  

	2.	Transmission 

  

	 	A.	Use commercially reasonable efforts to file with OAG (or a successor entity or process) the same flight information with the same Load Date (Open for Sale Date) such
that flight schedules are synchronized. 

  

	 	B.	Use commercially reasonable efforts to advise each other at least ** days prior to Load Date of ad hoc schedule changes. 

 

	3.	Schedule Changes/New Service 

  

	 	A.	Advice at least ** days prior to Load Date any new flight segment(s) that are to be Codeshare Flights. 

 

	 	B.	Make certain that such changes are not effective prior to Load Date. 

  

	 	C.	Prior to codesharing, specific procedures for schedule change on Codeshare flights and the reaccommodation of Codeshare customers will be mutually agreed.

  

	II.	Internal Reservations and Distribution Systems 

Subject to Section 3, the Parties agree to implement the following prior to the implementation of Codesharing: 

 

	1.	IATA standard AIRIMP Option 2 messaging with Dual Record Locator such that Codeshare Flight bookings are synchronized. 

  
 2 

	2.	Reciprocal Direct Access ARS links (For PNR View/Servicing) 

  

	3.	Host to host Seamless Availability and Direct Sell agreements between their respective ARS or participation in the other’s host-CRS, if different from an ARS, at a
level that provides services based on Seamless Availability and Direct Sell. 

  

	4.	Ability of United to Cascade third party CRS Direct Access Availability, Seamless Availability and Direct Sell requests to Great Lakes, which will include Sold As
Information and Point Of Sale data as is available to United. 

  

	5.	IATA standard AIRIMP standard down-line continuing segments (NAR/NCO messages) to provide updated booking records in each other’s ARS. 

 

	6.	Interline E-ticket (paperless tickets) as well as explore other E-Commerce initiatives including, but not limited to, joint or common airport self service devices and
internet check-in. 

  

	7.	MVT exchanges providing for automated FLIFO of all Codeshare Flights accomplished bilaterally or through alliance-enabled applications. 

 

	8.	Reservations procedures necessary for the support of Codeshare Flights. 

  

	9.	Procedures to reduce the number of no-show Codeshare Flight PNRs by including Codeshare records in day of departure down-line cancellation process.

  

	10.	Marketing Carrier’s inventory integrity rules will apply. It is the responsibility of United to forward ticket numbers in AIRIMP format to Great Lakes for bookings
on Codeshare Flights. As mutually agreed, Great Lakes may apply its own firming procedures on its operated flights but shall send a warning message to United prior to taking any flight firming actions. United shall provide the technical
functionality required to automatically process these warning messages and to forward them to the original booking source. 

  

	III.	Through Check-In and Seamless Connecting Service 

The Parties agree to implement and maintain Through Check-in (TCI) and seamless connecting service capabilities prior to the implementation of
codesharing. 

  
 3 

 Accordingly, the Parties agree to the following list of initiatives. 

 

	1.	UA/ZKArrival Connecting to UA/ZK Departure 

  

	 	A.	Provide passenger with all down-line connecting flight seat assignments and boarding passes at point of initial check-in where technically feasible.

  

	 	B.	Perform airline standard document checks for each connecting passenger at point of initial check-in and issue IATA standard automated baggage tags.

  

	 	C.	Perform enhanced security processing including but not limited to the collection and sending of APIS+ data in compliance with governmental regulations, inclusive of
both host airline DCS and third party vendor handling systems. 

  

	 	D.	Check bags through to the passenger’s final destination airport where technically feasible. 

 

	 	E.	Exchange industry standard Baggage Transfer Messages to the down-line carrier to ensure automated baggage sortation, passenger and baggage reconciliation and other
baggage services. 

  

	 	F.	Automatically process frequent flyer information in each Party’s ARS and develop procedures to transmit flown activity to United. 

 

	2.	Training 

 Provide the necessary
staff, facility and training materials as well as training sessions for their customer service trainers and/or staff to assure full competency in providing the functions defined herein. 

 

	**	Certain information in the publicly filed version of this document has been redacted pursuant to a confidential treatment request filed with the Securities and Exchange
Commission. The redacted material has been filed separately with the Commission. 

  
 4

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