Document:

Unassociated Document

    INTERCREDITOR
AGREEMENT

     

    This
INTERCREDITOR AGREEMENT, dated as of December 4, 2008 (this “Agreement”), is
entered into by and among the noteholders whose names and addresses are set
forth on the signature pages hereto (the “Noteholders”).

     

    WITNESSETH:

     

    WHEREAS,
Novint Technologies, Inc., a Delaware corporation (the “Company”) has issued
8% Senior Secured Promissory Notes (the “8% Notes”) pursuant
to that certain Subscription Agreement dated on or around December 4,
2008.

     

    WHEREAS,
in the event that the 8% Notes are not repaid within one year from the Initial
Closing Date, the Company shall have the option to refinance the Notes and
accrued interest by issuing to each of the Noteholders a 10% Convertible Senior
Secured Promissory Note (the “10%
Notes”).

     

    WHEREAS,
the Noteholders agree that the 8% Notes and the 10% Notes (collectively, the
“Notes”), are
secured by the Collateral and the rights and obligations of the Noteholders with
respect to the Notes and the Collateral shall be governed by this
Agreement.

     

    WHEREAS,
each Noteholder recognizes the security interests granted to such Noteholder
under the Notes ranks pari passu in right of payment and right of lien priority
with the security interests granted by the Company to the other Noteholders and
signatories to this Agreement.

     

    NOW,
THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

     

    1.           Defined
Terms.  Any and all capitalized terms used herein shall have
the meanings ascribed thereto in the Notes or Subscription Agreement, unless
specifically defined herein.

     

    
      	
               
      

            	
              (a)

            	
              The
      following terms, as used in this Agreement, shall have the following
      meanings:

            

    

     

     “Indebtedness” means all
indebtedness and other obligations of the Company to the
Noteholders.

     

    “Insolvency Event” means any
insolvency or bankruptcy proceedings, and any receivership, liquidation,
reorganization or other similar proceedings in connection therewith, relative to
the Company or to its creditors, as such, or to its property, and in the event
of any proceedings for voluntary liquidation, dissolution or other winding up of
the Company, whether or not involving insolvency or bankruptcy.

     

    “Lien” means any mortgage,
lien, pledge, charge, security interest or other encumbrance upon or in any
property or assets (including accounts and contract rights).

     

    “Paid in Full” means all
principal, interest and fees payable under the Note and all other Secured
Obligations shall have been paid in full in cash (other than contingent
obligations or indemnification obligations for which no claim has been
asserted).

     

    “Person” means any person or
entity of any nature whatsoever, specifically including an individual, a firm, a
company, a corporation, a partnership, a limited liability company, a trust or
other entity.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)           The
definitions of terms herein shall apply equally to the singular and plural forms
of the terms defined.  Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter
forms.  The words “include”, “includes” and “including” shall be
deemed to be followed by the phrase “without limitation”.  The word
“will” shall be construed to have the same meaning and effect as the word
“shall”.  Unless the context requires otherwise, (i) any definition of
or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from
time to time amended, restated, supplemented or otherwise modified (subject to
any restrictions on such amendments, restatements, supplements or modifications
set forth herein), (ii) any reference herein to any Person shall be construed to
include such Person’s successors and assigns, (iii) the words “herein”, “hereof”
and “hereunder”, and words of similar import, shall be construed to refer to
this Agreement in its entirety and not to any particular provision hereof, (iv)
all references herein to Sections, clauses and Exhibits shall be construed to
refer to Sections and clauses of, and Exhibits to, this Agreement and (v) the
words “asset” and “property” shall be construed to have the same meaning and
effect and to refer to any right or interest in or to assets and properties of
any kind whatsoever, whether real, personal or mixed and whether tangible or
intangible.  The Exhibit
attached to this Agreement shall be deemed incorporated herein by
reference.

     

    2.           Noteholder
Rights

     

    (a)           Relative
Priorities.  Notwithstanding the date, time, method, manner or
order of grant, attachment or perfection of any Liens securing the Indebtedness
granted on the Collateral and notwithstanding any provision of the UCC, or any
other applicable law or any defect or deficiencies in, or failure to perfect,
the Liens securing the Indebtedness or any other circumstance whatsoever, each
Noteholder hereby agrees that any Lien on the Collateral securing Indebtedness
now or hereafter held by or on behalf of a Noteholder regardless of how
acquired, whether by grant, possession, statute, operation of law, subrogation
or otherwise, shall be deemed pari passu in right, priority, operation, effect
and all other respects to any Lien on the Collateral securing any other
Indebtedness.

     

    (b)           Prohibition on Contesting
Liens.  Each Noteholder agrees that it will not (and hereby
waives any right to) contest or support any other Person in contesting, in any
proceeding (including any Insolvency Event), the perfection, priority, validity
or enforceability of a Lien held by or on behalf of any other Noteholder in the
Collateral or the provisions of this Agreement; provided that nothing
in this Agreement shall be construed to prevent or impair the rights of the
Noteholders to enforce this Agreement.

     

    (c)           Similar Liens and
Agreements.  The Noteholders agree that it is their
intention that the Collateral be substantially identical and that the documents
and agreements creating or evidencing the Collateral shall be in all material
respects the same forms of documents.

     

    (d)           Exercise of
Remedies.  The Noteholders agree that upon an Event of Default
the Noteholders may exercise any rights or remedies available with respect to
the Collateral or institute any action or proceeding with respect to such rights
or remedies upon consent by a majority of the Noteholders based on the
outstanding amount of the Indebtedness.

     

    (e)           Application of
Proceeds.  So long as the Indebtedness has not been Paid in
Full, whether or not any Insolvency Event has been commenced by or against the
Company, Collateral or proceeds thereof received in connection with the sale or
other disposition of, or collection on, such Collateral upon the exercise of
remedies by a Noteholder, shall be applied ratably to the Indebtedness then
outstanding.  Any proceeds of a distribution of Collateral made in
connection with an Insolvency Event shall be applied ratably to the Indebtedness
then outstanding.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (f)           Insurance.  The
Noteholders shall have the sole and exclusive right to adjust settlement for any
insurance policy covering the Collateral in the event of any loss thereunder and
to approve any award granted in any condemnation or similar proceeding (or any
deed in lieu of condemnation) affecting the Collateral.  Unless and
until the Indebtedness is Paid in Full, all proceeds of any such policy and any
such award (or any payments with respect to a deed in lieu of condemnation) if
in respect to the Collateral shall be paid ratably to the Noteholders based on
the outstanding amount of the Indebtedness owed to each Noteholder.

     

    (g)           Credit
Bid(s).  Any Noteholder may make a credit bid at any
foreclosure sale or other sale of any of the Collateral; provided, that the
other Noteholders receive a cash payment as a result of such credit bid equal to
their ratable share of the consideration that would have been received under
this Agreement had such credit bid been paid in cash.

     

    (h)           No
Marshaling.  No Noteholder shall have any obligation to marshal
any assets in favor of, or against or in payment of, any other Noteholder or any
Indebtedness.

     

    3.           Reinstatement.  This
Agreement shall continue to be effective or shall be reinstated, as the case may
be, if, for any reason, any payment of Indebtedness by or on behalf of the
Company shall be rescinded or must otherwise be restored by any Noteholder,
whether as a result of an Insolvency Event or otherwise.

     

    4.           Obligations of the Company
Not Affected.  The provisions of this Agreement are intended
solely for the purpose of defining the relative rights of Noteholders against
the other Noteholders.  Nothing contained in this Agreement shall
impair the obligation of the Company to pay its obligations with respect to the
Indebtedness as and when it shall become due and payable; provided that the
exercise of remedies in connection with a failure to make such payments shall be
limited as provided herein.

     

    5.           No Waivers;
Remedies.  No failure on the part of any party to this
Agreement to exercise, and no delay in exercising, any right hereunder shall
operate as a waiver thereof; nor shall any single or partial exercise of any
right hereunder preclude any other or further exercise thereof or the exercise
of any other right.  The rights and remedies of the parties to this
Agreement or any other Person hereunder provided herein are cumulative and are
in addition to, and not exclusive of, any rights or remedies provided by
law.  Rights hereunder are not conditional or contingent on any
attempt by any party to exercise any of its rights under any other document,
agreement or instrument.

     

    6.           Amendments.  No
amendment or waiver of any provision of this Agreement, and no consent to any
departure by any party therefrom, shall in any event be effective unless the
same shall be in writing and signed by all parties, and then such waiver or
consent shall be effective only in the specific instance and for the specific
purpose for which given; provided that any addition of a Noteholder pursuant to
Section 15
hereof shall not constitute a modification hereto for purposes of this Section
6.

     

    7.           Successors and
Assigns.  The provisions of this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective
permitted successors and assigns.

     

    8.           Exculpation.  In
connection with any exercise of foreclosure upon Collateral or enforcement of
Noteholders’ remedies, no Noteholder nor any of its partners nor any of their
respective directors, officers, employees, attorneys, accountants, or agents
shall be liable as such for any action taken or omitted by it or them, except
for its or their own gross negligence or willful misconduct with respect to its
duties under this Agreement.  No Noteholder shall be responsible for
the negligence or misconduct of any agents or attorneys-in-fact selected by it,
if the selection of such agents or attorneys-in-fact was done without gross
negligence or willful misconduct.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    9.           Notices.  Unless
otherwise provided in this Agreement, all notices or demands by any party
relating to this Agreement or any other agreement entered into in connection
herewith shall be in writing and (except informal documents which may be sent by
first class mail, postage prepaid) shall be personally delivered or sent by
certified mail, postage prepaid, return receipt requested, or by facsimile, or
by reputable overnight delivery service, to the secured parties, at their
respective addresses or fax numbers set forth on the signature pages
below.

     

    10.           GOVERNING
LAW.  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO CONFLICTS OF
LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION.

     

    11.           Headings.  Headings
used in this Agreement are for convenience of reference only and shall neither constitute a
part of this Agreement for any other purpose nor affect the construction of this
Agreement.

     

    12.           No Inconsistent
Requirements.  In the event of a direct conflict between the
terms and provisions contained in this Agreement and the terms and provisions
contained in the Notes, it is the intention of the parties hereto that such
terms and provisions in such documents shall be read together and construed, to
the fullest extent possible, to be in concert with each
other.  In the event of any actual, irreconcilable conflict that
cannot be resolved as aforesaid, the terms and provisions of this Agreement
shall control and govern.

     

    13.           Reliance.  Each
of the parties hereto hereby agrees that this Agreement may be relied upon by
the other parties hereto and this Agreement shall be enforceable by each party
against the other parties hereto.

     

    14.           Counterparts.  This
Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which shall be deemed to be an
original, but all of which taken together shall constitute one and the same
agreement.  Delivery of an executed counterpart of this Agreement by
facsimile shall be equally as effective as delivery of an original executed
counterpart of this Agreement.  Any party delivering an executed
counterpart of this Agreement by facsimile also shall deliver an original
executed counterpart of this Agreement but the failure to deliver an original
executed counterpart shall not affect the validity, enforceability, and binding
effect of this Agreement.

     

    15.           Joinder.  The
Company shall cause each party which, from time to time, after the date
hereof  purchases any Note or other Indebtedness from the Company
which is secured by the Collateral, to execute and deliver a counterpart
signature page hereto substantially in the form of Exhibit I hereto and
upon the execution and delivery of such counterpart signature page shall become
a Noteholder hereunder and shall become bound by the terms and provisions hereof with the same
force and effect as if originally named a party herein.  Each party
hereto shall cause each party which, from time to time, acquires an interest in
any Indebtedness from such party to execute and deliver a counterpart signature
page hereto substantially in the form of Exhibit I hereto and
upon the execution and delivery of such counterpart signature page shall become
a Noteholder hereunder and shall become bound by the terms and provisions hereof with the same
force and effect as if originally named a party herein.  The
obligations of each party hereunder shall remain in full force and effect
notwithstanding the addition of any new party hereunder.  The
execution and delivery of such counterpart signature page shall require the
consent of the Company.

     

    [Signature
Page Follows]

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the undersigned Noteholder has, agreeing to be bound, executed
this Intercreditor Agreement as of the date set forth below.

     

    Date:                                                      

     

    ENTITIES:

    

    

    
      	
               
      

            	
              _____________________________________

            

    

    
      	
               
      

            	
              Print Name of Company,
      Limited

            

    

    
      	
               
      

            	
              Liability Company, Corporation or
      Trust

            

    

    

    
      
        
          
            
              	
                      By:

                    	
                      _______________________

                    
	
                      Name:

                    	
                      _______________________

                    
	
                      Title:

                    	
                      _______________________

                    

            

          

        

      

    

    

    

    
      	
               
      

            	
              INDIVIDUALS:

            

    

    

    

    
      	
               
      

            	
              _____________________________________

            

    

    

    Print
Name: _____________________

    

    

    
      
        
          [Intercreditor
Agreement]

        

         

      

      
         

        
          

        

      

      
         

      

    

    ACKNOWLEDGED
AND AGREED TO

    THIS ___
DAY OF _____________, 2008

    

    Novint
Technologies, Inc., a Delaware corporation

    

    
      
        	
                By:

              	                                                  
       
	
                Name:

              	
                Thomas G.
      Anderson

              
	
                Title:

              	
                Chief Executive
      Officer

              

      

    

    

    
      
        
          [Intercreditor
Agreement]

        

         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit I
to

    Intercreditor
Agreement

    

    [Form of
Counterpart Signature Page to Intercreditor Agreement]

    

    

    By
signing below, [each of] the undersigned becomes a Noteholder under the
Intercreditor Agreement dated as of December 4, 2008 (as amended, restated,
supplemented or otherwise modified from time to time, the “Agreement”) to which
this signature page is attached and is made a part, and agrees that, upon the
execution and delivery of this signature page to the Company (as defined in the
Agreement), it is bound by the terms, conditions and obligations thereof
applicable to it as a Noteholder under the Agreement and further represents and
warrants to the Company and other Noteholders that this Form of Counterpart
Signature Page to Agreement has been duly executed and delivered by
it.

    

    

    
      
        
          	
                  Address:

                	
                  NOTEHOLDER

                
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
                  Date:

                	
                  By:_________________________

                
	 
      	
                  Name:

                
	 
      	
                  Title:

                
	 
      	 
      

        

      

    

    

    

    

    ACKNOWLEDGED
AND AGREED TO

    THIS ___
DAY OF _____________, 2008

    

    Novint
Technologies, Inc., a Delaware corporation

    

    

    
      
        	
                By:

              	                                                    
        
	
                Name:

              	
                Thomas G.
      Anderson

              
	
                Title:

              	
                Chief Executive
      Officer

              

      

    

    
      
        
          [Counterpart
Signature Page to Intercreditor Agreement]Unassociated Document

    
 

    SHARE
EXCHANGE AGREEMENT

     

    SHARE
EXCHANGE AGREEMENT (this “Agreement”), dated as of March
2, 2009 between FirstFlight, Inc., a Nevada corporation (“FirstFlight”), Airborne, Inc.,
a New York corporation (“Airborne”), John H. Dow, an
individual (“J. Dow”),
and Daphne Dow, an individual (“D. Dow” and together with J.
Dow the “Shareholders”).

     

    WHEREAS,
J. Dow owns 1,251,667 shares of common stock, $0.001 par value (“FF Common Stock”), of
FirstFlight, D. Dow owns 1,166,667 shares of FF Common Stock, the Shareholders
jointly own 1,000,200 shares of FF Common Stock, J. Dow owns options to purchase
500,000 shares of FF Common Stock and the Shareholders jointly own warrants to
purchase 600,000 shares of FF Common Stock (collectively, the “FirstFlight
Securities”);

     

    WHEREAS,
FirstFlight owns 20,000 shares of common stock, no par value (collectively, the
“A Common Stock”), of
Airborne;

     

    WHEREAS,
Airborne owns and operates an aircraft management and charter business under the
name “FirstFlight” as well as an aircraft brake and wheel service business and
insurance business through B&F Brake and Wheel Service, Inc. and Margeson
&Associates, Inc., wholly owned subsidiaries of Airborne (collectively the
“Businesses”);

     

    WHEREAS,
the Shareholders desires to assign, transfer and deliver to FirstFlight, and
FirstFlight desires to acquire and accept from the Shareholders, the FirstFlight
Securities; and

     

    WHEREAS,
in consideration thereof, FirstFlight desires to assign, transfer and deliver to
the Shareholders, and the Shareholders desire to acquire and accept from the
FirstFlight, the A Common Stock.

     

    NOW,
THEREFORE, in consideration of the mutual promises, covenants, representations
and warranties contained herein, Shareholders and FirstFlight hereby agree as
follows:

     

    1.           Exchange.  Subject
to the terms and conditions of this Agreement and in reliance upon the
representations and warranties contained herein, simultaneously with the
execution  of this Agreement, (a) the Shareholders shall, jointly and
severally, assign, convey, transfer and deliver to FirstFlight all of their
right, title and interest in, to and under the FirstFlight Securities, free and
clear of all material liens, encumbrances, security interests and mortgages
(“Liens”) (other than
(i) those arising as a result of the delivery of the FirstFlight Securities to
FirstFlight or arising out of actions taken by FirstFlight) or (ii) those
arising under applicable securities laws and (b) in consideration thereof,
FirstFlight shall assign, convey, transfer and deliver to the Shareholders all
of its right, title and interest in, to and under the A Common Stock, free and
clear of all Liens (other than (i) those arising as a result of the delivery of
the A Common Stock to the Shareholders or arising out of actions taken by the
Shareholders or (ii) those arising under applicable securities
laws).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.           Closing

     

    (a)           Time and
Place.  The closing of the transactions contemplated by this
Agreement shall take place at the offices of Wachtel & Masyr, LLP, 110 East
59 Street, New York, NY simultaneously with the execution of this
Agreement.

     

    (b)           Delivery by the
Shareholders.  At the closing of the transactions contemplated
hereby (the “Closing”),
the Shareholders will deliver to FirstFlight stock certificates and other
instruments evidencing the FirstFlight Securities, in each case duly endorsed in
blank or accompanied by an appropriate instrument of transfer duly endorsed in
blank, together with any other documents that are necessary for FirstFlight to
acquire record and beneficial ownership of the FirstFlight
Securities.

     

    (c)           Delivery by
FirstFlight.  At the Closing, FirstFlight will deliver to
Airborne stock certificates and other instruments evidencing the A Common Stock,
in each case duly endorsed in blank or accompanied by an appropriate instrument
of transfer duly endorsed in blank, together with any other documents that are
necessary for the Shareholders to acquire record and beneficial ownership of the
A Common Stock.

     

    3.           Representations and
Warranties of FirstFlight.  FirstFlight represents and warrants
to the Shareholders as follows:

    

    (a)           Authorization;
Enforcement.  FirstFlight has all requisite power and authority
to authorize, execute, deliver and perform this Agreement.  The
execution, delivery and performance by FirstFlight of this Agreement, and the
consummation by FirstFlight of the transactions contemplated hereby, have been
duly authorized by all necessary action on the part of FirstFlight and no
further consent or authorization therefor is presently required by
FirstFlight.  This Agreement has been duly and validly executed and
delivered by FirstFlight and constitutes the valid and binding obligations of
FirstFlight, enforceable against FirstFlight in accordance with its
terms.

     

    (b)           No
Conflicts.  None of the execution, delivery or performance of
this Agreement by FirstFlight will result in any material breach of, or
constitute a material default under, any (x) material contract, agreement or
instrument to which FirstFlight is a party or by which it or any of its assets
is bound or (y) material law or regulation to which FirstFlight or any of its
assets is subject.

     

    (c)           Consents;
Approvals.  Other than filings required pursuant to the
Securities Exchange Act of 1934, as amended, and the rules and regulations
thereunder (the “Exchange
Act”), neither the execution, delivery or performance by FirstFlight of
this Agreement, nor the consummation by it of the obligations and transactions
contemplated hereby, requires any consent or approval of, authorization by,
exemption from, filing with or notice to any governmental entity or any other
person.

     

    (d)           Ownership of the FirstFlight
Securities.  The A Common Stock constitutes all of the issued
and outstanding shares, interests, participations, rights in or other
equivalents of Airborne’s capital stock and upon the closing of the share
exchange described in this Agreement the Shareholders shall be the sole owners
of any outstanding equity interest in Airborne.  FirstFlight owns the
A Common Stock free and clear of all Liens other than (x) those arising as a
result of the delivery of the A Common Stock Shares to the Shareholders or
arising out of actions taken by the Shareholders and (y) those arising under
applicable securities laws.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (e)           Business
Assets. Airborne owns all of the assets set forth on the balance sheet dated
December 31, 2008 (collectively the “Assets”) attached hereto as Exhibit A,
subject to the liabilities recorded therein (collectively the
“Liabilities”).  The Assets represent substantially all of the assets
Airborne utilizes in the conduct of the Business.  Upon closing of the
transaction described in this Agreement, Airborne shall own substantially all of
the Assets, subject to the Liabilities, any increase or decrease since December
31, 2008 having occurred in the ordinary course of business.  In the
event the parties shall discover subsequent to closing any assets that either
have been utilized by Airborne in the conduct of the Business or should have in
the ordinary course of business been included as an Asset but were not, the
parties shall utilize their best efforts to have the title to those omitted
assets transferred to Airborne.

     

    (f)           Name First Flight.
FirstFlight has exclusive proprietary and ownership rights to the name
“FirstFlight.”  Within six months after the closing of the share
exchange described in this Agreement, FirstFlight shall take such steps as are
necessary to change its name and shall simultaneously convey all of its right,
title, and interest in and to the name FirstFlight to Airborne.

     

    4.           Representations and
Warranties of the Shareholders.  The Shareholders, jointly and
severally, represent and warrant to FirstFlight as follows:

    

    (a)           Capacity;
Enforcement.  Each Shareholder has full legal capacity to
execute, deliver and perform this Agreement.  This Agreement has been
duly and validly executed and delivered by Shareholders and constitutes the
valid and binding obligations of the Shareholders, enforceable against the
Shareholders in accordance with its terms.

     

    (b)           No
Conflicts.  None of the execution, delivery or performance of
this Agreement by the Shareholders will result in any material breach of, or
constitute a material default under, any (x) material contract, agreement or
instrument to which any of the Shareholders is a party or by which it or any of
their respective assets is bound or (y) material law or regulation to which the
Shareholders or any of their respective assets is subject.

     

    (c)           Consents;
Approvals.  Other than filings required pursuant to the
Exchange Act, neither the execution, delivery or performance by the Shareholders
of this Agreement, nor the consummation by it of the obligations and
transactions contemplated hereby, requires any consent or approval of,
authorization by, exemption from, filing with or notice to any governmental
entity or any other person.

     

    (d)           Ownership of the FirstFlight
Securities.  Shareholders collectively own the FirstFlight
Securities free and clear of all Liens other than (x) those arising as a result
of the delivery of the FirstFlight Securities to FirstFlight or arising out of
actions taken by FirstFlight and (y) those arising under applicable securities
laws.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (e)           Other
Acknowledgments.  The Shareholders, jointly and severally,
represent, acknowledge and confirm as of the date of this Agreement with respect
to the transactions contemplated hereby or when agreeing to any other matter
with FirstFlight that:

     

    (i)           Each
Shareholder (A) is a sophisticated investor and has such knowledge and
experience in financial and business matters as to be capable of evaluating
independently the merits, risks and suitability of entering into this Agreement
and the transactions contemplated hereby, (B) is able to bear the risks
attendant to the transactions contemplated hereby for an indefinite period, (C)
is dealing with FirstFlight on a professional arms’-length basis and neither
FirstFlight nor any of its affiliates or representatives is acting as a
fiduciary or advisor to the Shareholders with respect to this Agreement and any
of the transactions contemplated hereby, (D) has expertise in assessing tax,
legal, jurisdictional and regulatory risk, and (E) is acquiring the A Common
Stock on an “As Is Where Is” basis without any representation or warranty of any
kind, express or implied, except as is set forth in Section 3
hereof.

    

    (ii)           Each
Shareholders has been, and will continue to be, solely responsible for making
his or her own independent appraisal of and investigations into, and in
connection with this Agreement and the transactions contemplated hereby it has
made such an independent appraisal of and investigation into, the financial
condition, creditworthiness, affairs, status and nature of Airborne and
FirstFlight and their respective related companies and neither of them has
relied, and will not hereafter rely, on FirstFlight or any affiliate,
representative or agent of FirstFlight or any other third party with respect to
such matters or to update them with respect to such matters or to keep such
matters under review on their behalf.  In addition, without limiting
the foregoing, the Shareholders have not relied, and will not hereafter rely, on
FirstFlight or any affiliate, representative or agent of FirstFlight or any
other third party with respect to information relating to or in any way
affecting the A Common Stock, the FirstFlight Securities, the business and
operations of Airborne or FirstFlight or the decision of exchange the
FirstFlight Securities for the A Common Stock.

    

    (iii)           The
Shareholders are receiving the transfer of the A Common Stock hereunder for
investment purposes, and not with a view to, or for a resale in connection with,
any distribution of the A Common Stock.  The Shareholders have not
entered into any agreement, contract, understanding or commitment to and has no
present intention to offer, sell, transfer or otherwise dispose of any portion
of the A Common Stock either currently or after the passage of a fixed or
determinable period of time or upon the occurrence or non-occurrence of any
predetermined event or circumstance and has not offered for sale or entered into
any negotiations for the sale or transfer of any of the A Common
Stock.

    

    (iv)           The
Shareholders understand that the A Common Stock has not been registered under
the Securities Act of 1933, as amended (the “Securities Act”), and that the
certificates evidencing such shares bear a legend to that effect.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (v)           Shareholders
acknowledges that in connection with its investment in Airborne, FirstFlight and
its affiliates, representatives or agents may have possession of material
non-public information that could have a bearing on the price or valuation of
the A Common Stock and the FirstFlight Securities, but which FirstFlight and
their affiliates, representatives or agents are not permitted to disclose and/or
shall not disclose to the Shareholders.  Each Shareholder acknowledges
and agrees that FirstFlight and its affiliates, representatives and agents shall
have no obligation whatsoever to, and that FirstFlight shall have no obligation
whatsoever to cause such affiliates, representatives or agents to, disclose any
such information to the Shareholders and the Shareholders hereby waive any
rights to receive such information and forever waive, to the maximum extent
permitted by law, on its own behalf and on the behalf of its affiliates,
successors and assigns, any claims or remedies arising out of or relating to any
such non-disclosure.

    

    (f)           Accredited
Investor.  Each Shareholder is an “accredited investor,” as
that term is defined in Regulation D promulgated under the Securities
Act.

     

    5.           Assumption of
Leases.  Upon and subject to the conditions of this Agreement,
simultaneously with the execution of this Agreement, FirstFlight shall assign
and transfer to Airborne, and Airborne shall take assignment of, all of
FirstFlight’s right, title and interest in, to and under the leases of the IST
Center and 236 Sing Sing Road, to the extent relating to the period subsequent
to the Closing.

     

    6.           Indemnification.  FirstFlight
shall indemnify Airborne and the Shareholders, in respect of, and hold each of
them harmless from and against any and all Losses suffered, incurred or
sustained by any of them or to which any of them becomes subject, resulting
from, arising out of or relating to any litigation resulting from claims made by
Terry Kelley, Gary Hart, Richard Hodkinson, Bruce McNeely or their Affiliates
against Airborne or the Shareholders.  Airborne shall indemnify
FirstFlight, its shareholders, directors and officers, in respect of, and hold
each of them harmless from and against any and all Losses suffered, incurred or
sustained by any of them or to which any of them becomes subject, resulting
from, arising out of or relating to the business and operations of Airborne
after the Closing.  Any party required to indemnify another party
pursuant to this Section 6 shall
reimburse each party entitled to indemnification for all expenses (including
reasonable counsel fees and disbursements) as they are incurred by such
indemnified party in connection with investigating and preparing or defending
any action, suit, proceeding or investigation.  “Loss” means any and all
damages, fines, fees, taxes, penalties, deficiencies, diminution in value of
investment, losses and expenses, including interest, reasonable expenses of
investigation, court costs, reasonable fees and expenses of attorneys,
accountants and other experts or other expenses of litigation or other
proceedings or of any claim, default or assessment (including, without
limitation, fees and expenses of attorneys, incurred in connection with (i) the
investigation or defense of any claim made by a Person not a party hereto and
(ii) asserting or disputing any rights under this Agreement against any party
hereto or otherwise).

     

    7.           Miscellaneous.

     

    (a)           Entire Agreement.
This Agreement constitutes the entire agreement among the parties with respect
to the subject matter hereof.  This Agreement supersedes any prior
agreement or understanding among them, and may not be modified or amended in any
manner other than by an instrument in writing signed by the parties hereto, or
their respective successors or assigns, or otherwise as provided
herein.  Without limiting the foregoing, with respect to the
transactions contemplated by this Agreement and the subject matter of this
Agreement, neither the Shareholders and their affiliates nor FirstFlight and its
affiliates make any representations or warranties other than those explicitly
set forth in this Agreement.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (b)           Choice of
Law.  EXCEPT AS OTHERWISE PROVIDED HEREIN, THIS AGREEMENT SHALL
BE GOVERNED BY AND INTERPRETED AND ENFORCED IN ACCORDANCE WITH THE SUBSTANTIVE
LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW
PRINCIPLES THEREOF.

     

    (c)           Jurisdiction.  The
parties hereto agree that any proceeding arising out of or relating to this
Agreement or the breach or threatened breach of this Agreement may be commenced
and prosecuted in a court in the State of New York.  Each of parties
hereto hereby irrevocably and unconditionally consents and submits to the
exclusive personal jurisdiction of any court in the State of New York in respect
of any such proceeding.  Each of the parties hereto consents to
service of process upon such party with respect to any such proceeding by
registered mail, return receipt requested, and by any other means permitted by
applicable laws and rules.  Each of the parties hereto waives any
objection that such party may now or hereafter have to the laying of venue of
any such proceeding in any court in the State of New York and any claim that
such party may now or hereafter have that any such proceeding in any court in
the State of New York has been brought in an inconvenient forum.

     

    (d)           Waiver of Jury
Trial.  EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY
WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND
DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT.  EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER, (ii) EACH SUCH PARTY UNDERSTANDS AND HAS
CONSIDERED THE IMPLICATIONS OF THIS WAIVER AND (iii) EACH SUCH PARTY HAS BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS SET FORTH HEREIN.

     

    (e)           Successors and
Assigns.  This Agreement shall be binding upon and inure to the
benefit of the parties and their legal representatives, heirs, administrators,
executors, successors and permitted assigns.  Except for the
provisions of Section
5, nothing in this Agreement, express or implied, is intended or shall be
construed to give any person other than the parties to this Agreement and their
respective successors or permitted assigns, any legal or equitable right, remedy
or claim under or in respect of any agreement or any provision contained
herein.

     

    (f)           Amendments.  Neither
this Agreement nor any term or provision hereof may be amended, modified, waived
or supplemented orally, but only by a written instrument executed by the parties
hereto.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (g)           Assignability.
Neither this Agreement nor any right, remedy, obligation or liability arising
hereunder or by reason hereof shall be assignable by the Shareholders or
FirstFlight without the prior written consent of the other parties.

     

    (h)           Notices.  All
notices, requests, claims, demands and other communications hereunder shall be
in writing and shall be deemed to have been duly given on the date of delivery,
if personally delivered, or if mailed (registered or certified mail, postage
prepaid, return receipt requested), on the third (3rd) business day following
mailing as follows:

     

    

    
      
        
          	 	
                  If
      to Shareholders:

                
	 	
                   Daphne
      Dow and John Dow

                
	 	
                  98
      Willowbrook Drive

                
	 	
                  Auburn,
      New York  13021

                
	 	
                  Tele:
      315-253-6299

                
	 	
                  Cell:  607-742-3059

                
	 	 
      
	 	
                  with
      a copy to:

                
	 	
                  Richard
      D. Keyser

                
	 	
                  Keyser,
      Maloney, & Winner, LLP

                
	 	
                  HSBC
      Building 2nd
      Floor

                
	 	
                  150
      Lake Street

                
	 	
                  Elmira,
      New York  14901

                
	 	
                  Tele:
      607-734-0990

                
	 	 
      
	 	
                  If
      to FirstFlight:

                
	 	
                  101
      Hangar Road

                
	 	
                  Avoca,
      PA 18641

                
	 	
                  Fax:  570-414-0517

                
	 	
                  Attention:
      Ron Ricciardi

                

        

      

    

    

    (i)           Headings.  Captions
contained in this Agreement are inserted only as a matter of convenience and in
no way define, limit or extend the scope or intent of this Agreement or any
provision hereof.

     

    (j)           Severability.  If
any provision of this Agreement, or the application of such provision to any
person or circumstance, shall be held invalid, the remainder of this Agreement,
or the application of such provision to persons or circumstances other than
those to which it is held invalid, shall not be affected thereby.

     

    (k)           Waivers.  No
provision of this Agreement shall be deemed to have been waived unless such
waiver is contained in a written notice given to the party claiming such waiver,
and no such waiver shall be deemed to be a waiver of any other or further
obligation or liability of the party or parties in whose favor the waiver was
given.

     

    (l)           Counterparts.  This
Agreement may be executed in counterparts, each of which shall constitute one
and the same instrument.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (m)           Further
Assurances.  The parties agree (i) to furnish upon request to
each other such further information, (ii) to execute and deliver to each other
such other documents, and (iii) to do such other acts and things, all as the
other party may reasonably request for the purpose of carrying out the intent of
this Agreement.

     

    (n)           No Recourse Against
Others.  No director, officer, partner, employee, owner,
representative, agent, heir, executor, administrator, stockholder, or
controlling person, as such, of Shareholders shall have any liability hereunder
or for any obligations of Shareholders, in respect of the Shares or for any
claim based on, in respect or by reason of, such obligations or their creation
or this Agreement.  Each party, by execution of this Agreement, waives
and releases all such persons for all such liabilities.

     

    IN
WITNESS WHEREOF, Shareholders and FirstFlight have executed this Agreement as of
the date first above written.

     

    
      
        	 
      	
                FIRSTFLIGHT,
      INC.

              
	 
      	 
      
	 
      	
                By:
      /s/ Ronald J.
      Ricciardi                      
      

              
	 
      	
                 
      Name: Ronald J. Ricciardi

              
	 
      	
                 
      Title:  Vice Chairman

              
	 
      	 
      
	 
      	
                AIRBORNE,
      INC.

              
	 
      	 
      
	 
      	
                By:
      /s/ John H.
      Dow                               
      

              
	 
      	
                 
      Name: John H. Dow

              
	 
      	
                 
      Title:  President

              
	 
      	 
      
	 
      	
                /s/
      John H.
      Dow                                      
      

              
	 
      	
                JOHN
      H. DOW

              
	 
      	 
      
	 
      	
                /s/
      Daphne
      Dow                                      
      

              
	 
      	
                DAPHNE
      DOW

              

      

    

     

    
      
        
        

      

      
        8

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