Document:

Employment Agreement

 Exhibit 10.11 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT, made as
of February 23, 2009, by and between ICT GROUP, INC., a Pennsylvania corporation (hereinafter called “Company”), and Rachel Macha, an individual (hereinafter called “Employee”) supersedes all prior and contemporaneous
agreements and understandings, express or implied, oral or written, including but not limited to the Employment Agreement dated August 4, 2008 between the Company and Rachel Macha. 
 WITNESSETH 
 Employee is currently employed by Company
and Company wishes to continue to employ Employee, and Employee wishes to continue to be in the employ of Company, on the terms and conditions contained in this Agreement. 
 NOW, THEREFORE, in consideration of the facts, mutual promises and covenants contained herein and intending to be legally bound hereby,
Company and Employee agree as follows: 
 1. Employment. Company hereby employs Employee as Senior Vice President,
Marketing and Planning, and Employee hereby accepts employment by Company upon the terms, conditions and restrictions contained in this Agreement. 
 2. Duties and Responsibilities. 
 (a) Employee agrees to assume such duties
and responsibilities associated with the position indicated above, and as may be assigned to Employee by the Chief Executive Officer or President of the Company from time to time; provided, however, that such duties and responsibilities may be
modified at the discretion of the Chief Executive Officer or the President. Employee shall perform any other duties reasonably required by Company and, if requested by Company, shall serve as an officer or director of Company or any of its
affiliates without additional compensation. 
 (b) Throughout the term of this Agreement, Employee shall devote her entire
working time, energy, skill and best efforts to the performance of her duties hereunder in a manner, which will faithfully and diligently further the business and interest of Company. During the term of this Agreement, Employee may not, directly or
indirectly, do any work for any other company; provided, however, that it shall not be a violation of this Agreement for Employee to (i) serve on corporate, civic or charitable boards or committees, (ii) deliver lectures, fulfill speaking
engagements or teach at educational institutions, (iii) manage personal investments, or (iv) engage in activities permitted by the policies of Company or as specifically permitted by Company, so long as such activities do not significantly
interfere with the full time performance of Employee’s responsibilities in accordance with this Agreement. 
  

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 3. Term. This Agreement shall commence on February 23, 2009 and shall end when
terminated as hereinafter provided. 
 4. Compensation. 
 (a) For all of the service rendered by Employee to Company, Employee shall receive a gross annual base salary of $245,000, less taxes and
other deductions required by law, payable in reasonable periodic installments in accordance with Company’s regular payroll practices in effect from time to time. Employee’s salary shall be reviewed by Company annually pursuant to
Company’s normal performance review policies for executive officers; provided that no provision of this Agreement shall prohibit a reduction in the Employee’s salary as part of an across the board reduction in the base salaries of
executive officers generally, so long as such reduction applies on substantially the same percentage basis to all executive officers of Company generally. 
 (b) In addition to Employee’s base salary, Company may pay Employee from time to time such bonuses or other additional compensation as Company may determine in its sole discretion. The bonus (if any)
shall be paid in accordance with the terms of the respective plan, but prior to March 15 of the calendar year following the calendar year in which the bonus is earned. 
 (c) Throughout the term of this Agreement, Employee shall be eligible to participate in Company’s insurance and other benefit plans and
programs subject to their terms, conditions and restrictions. Nothing herein shall preclude Company from modifying or terminating any insurance or other benefit plan or program. 
 (d) Employee shall accrue vacation pay at a rate of 1.75 days per full-month of employment, which may be adjusted in accordance with
Company’s vacation, holiday and other pay-for-time-not worked policies. 
 (e) Employee will not receive any remuneration
or any other benefit from any client or any other company or individual in connection with any transaction in which Company is involved, directly or indirectly. Nor will Employee assign or give any part of the compensation which she receives from
Company to any other employee, agent or representative of Company, to any client or any of its employees, agents or representatives, or to any other person or entity involved, directly or indirectly, with Company. 
 5. Expenses. Company will reimburse Employee for all reasonable expenses incurred by Employee in connection with the performance of
Employee’s duties hereunder upon receipt of vouchers therefor satisfactory to Company and in accordance with Company’s regular reimbursement procedures and practices in effect from time to time. 
  

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 6. Post-Termination Payments. 
 (a) If Employee is terminated by Company pursuant to Paragraph 10 hereof, Company shall pay to Employee a monthly severance payment in an
amount equal to Employee’s monthly salary at the time of termination, less taxes and other deductions required by law, for either (i) six (6) months if Employee has less than five (5) years of uninterrupted service with Company
as of the effective date of employment termination or (ii) nine (9) months if Employee has between five (5) and ten (10) years of uninterrupted service with Company as of the effective date of employment termination or
(ii) twelve (12) months if employee has ten (10) years or more of uninterrupted service with Company as of the effective date of employment termination (the applicable period hereinafter called the “Severance Period”),
beginning on the first payroll date after the expiration of the thirty (30)-day period following the date of Employee’s termination of employment and each payroll date thereafter until fully paid, in accordance with Company’s regular
payroll practices; provided that Employee signs and does not revoke at the time of termination of employment a General Release satisfactory to Company of any and all claims which Employee may have arising out of or relating to Employee’s
employment with and/or termination of employment with Company. 
 In addition, if Employee is terminated (i) for any reason
other than for Cause under Paragraph 9 hereof or (ii) for an Inability under Paragraph 7 hereof which does not qualify Employee for coverage under Company’s applicable long-term disability policy, Company shall maintain Employee in its
group health plan on the same basis as if Employee had remained employed by Company during the Severance Period, for the duration of the Severance Period or until Employee becomes covered under another group health plan, whichever occurs first;
provided, that in order to receive such continued coverage, Employee shall be required to pay to Company at the same time that premium payments are due for the month an amount equal to the full monthly premium payments required for such coverage and
Company shall reimburse to Employee the amount of such monthly premium, less the amount that Employee was required to pay for such coverage immediately prior to Employee’s date of termination of employment, (the “Health Payment”) no
later than the next payroll date of Company that occurs after the date the premium for the month is paid by Employee. In addition, on each date on which the monthly Health Payments are made, Company shall pay to Employee an additional amount equal
to the federal, state and local income and payroll taxes that Employee incurs on each monthly Health Payment (the “Health Gross-up Payment on Covered Termination”). The Health Payment and the Health Gross-up Payment on Covered Termination
shall be reimbursed to Employee in a manner that complies with the requirements of Treas. Reg. §1.409A-3(i)(1)(iv). The COBRA healthcare continuation coverage period under section 4980B of the Internal Revenue Code of 1986, as amended (the
“Code”) shall run concurrently with the foregoing Severance Period. 
 (b) Employee shall make reasonable efforts to
obtain replacement income (through employment and other sources) during the period in which Employee receives post-termination payments from Company. 
  

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 (c) Company’s obligation to make post termination payments pursuant to Paragraph 6(a)
shall be offset by any compensation earned by Employee, as an employee, consultant, independent contractor or otherwise, during the period in which Employee receives such post-termination payments. Employee shall report any such compensation to the
Company and shall respond to inquiries by the Company concerning such compensation. 
 (d) Company’s obligations under
Paragraph 6(a) shall cease in the event Employee fails to comply with paragraphs 6(b) or 6(c) of this Agreement or in the event Employee breaches any of the restrictions or obligations set forth in Paragraphs 14 and 15 of this Agreement. 

7. Inability. If Employee is unable to perform the essential functions of her job, with or without reasonable accommodations, for
whatever reason, for a period of thirteen (13) consecutive weeks or for a cumulative period of nineteen (19) weeks during any twelve-month period, Company shall have the right to terminate Employee’s employment, subject to the
Americans with Disabilities Act or other applicable law, in which event Company shall have no further obligations or liabilities hereunder after the date of such termination except as otherwise provided in paragraph 6(a) hereof. The termination of
Employee’s employment with Company pursuant to this Paragraph shall not release Employee from Employee’s obligations and restrictions under Paragraphs 14 and 15 of this Agreement. 
 8. Death. If Employee dies, Company shall have no further obligations or liabilities under this Agreement to Employee’s estate
or legal representative or otherwise after the date of his death; provided, however, that: (i) Employee’s rights under employee benefit plans or equity plans shall be determined by the terms of those plans; and (ii) if Employee dies
before Company has completed payment of post termination payments pursuant to Paragraph 6(a), then Company shall, to the extent still otherwise obligated, continue to pay to Employee’s estate the remainder of those unpaid post termination
payments. Notwithstanding the foregoing, ICT shall not be obligated to pay Employee’s estate unpaid post termination payments if Employee failed to comply with her obligations under Section 6 prior to her death. 
 9. Discharge for Cause. Company may discharge Employee at any time for “Cause,” which shall mean any of the following
grounds for termination of Employee’s employment listed herein, which is not cured by Employee within the 30-day period following written notice from the Board of Directors of the specific grounds that could result in a termination for
“Cause;” provided that Employee shall only have an opportunity to cure a failure to the extent the failure is curable, as determined by the Board of Directors in its sole discretion: (i) Employee’s willful misconduct, fraud,
misappropriation, embezzlement, gross negligence, self-dealing, dishonesty, misrepresentation, or conviction of a crime of moral turpitude, (ii) willful and repeated failure to comply with the lawful directives of the Board of Directors or any
supervisory personnel; or (iii) Employee’s material breach or violation of any provision of this Agreement or other written agreement with Company or Company’s applicable code of conduct or employment policy (or other document of
comparable intent). In the event

  

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Company terminates Employee’s employment for Cause, Company shall have no further obligations or liabilities to Employee after the date of such discharge. The termination of Employee’s
employment with Company pursuant to this Paragraph shall not release Employee from Employee’s obligations and restrictions under Paragraphs 14 and 15 of this Agreement. 
 10. Discharge Not for Cause. Notwithstanding any other provision of this Agreement, Company may discharge Employee at any time
without cause by providing Employee with 30 days written notice, which notice Company may waive, in whole or in part, in its sole discretion, by paying Employee for such 30 days. Upon termination of Employee pursuant to this Paragraph 10, Company
shall be obligated to provide Employee with post-termination payments in accordance with Paragraph 6, but shall have no further obligations or liabilities to Employee after the date of his termination. The termination of Employee’s employment
with Company pursuant to this Paragraph 10 shall not release Employee from Employee’s obligations and restrictions under Paragraphs 14 and 15 of this Agreement. 
 11. Termination by Employee. 
 (a) Employee may terminate Employee’s
employment under this Agreement at any time by providing Company with 30 days written notice, which notice Company may waive, in whole or in part, in its sole discretion, by paying Employee for such 30 days. In the event Employee terminates
Employee’s employment under this Paragraph 11(a), Company shall have no further obligations or liabilities to Employee after the date of his termination. 
 (b) Notwithstanding Paragraph 11(a) above, Employee may initiate a termination of Employee’s employment under this Agreement for Good Reason (as defined herein) following a Change of Control of the
Company (as defined below) by providing Company with 30 days written notice of such resignation. As used herein, “Good Reason” shall mean, with respect to Employee, without Employee’s consent, (i) a material diminution in
Employee’s base compensation; (ii) a material diminution in Employee’s authority, duties or responsibilities; (iii) a material change in the geographic location at which Employee must perform services (which, for purposes of this
Agreement, means relocation of Employee’s principal place of business that results in a commute of fifty (50) miles or more); or (iv) any other action or inaction that constitutes a material breach by Company (or a successor thereto)
of the Agreement; provided that for any of the foregoing to constitute “Good Reason” Employee must object in writing to Company (or a successor thereto) within 30 days following initial discovery of its occurrence or proposed occurrence,
and which action is not then rescinded or otherwise remedied by Company (or a successor thereto) within 30 days after delivery of such notice, and Employee must terminate employment with the Company (or a successor thereto) within two (2) years
following the initial occurrence of the event that constitutes Good Reason. 
  

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 (c) The termination of Employee’s employment with Company pursuant to any portion of
this Paragraph 11 shall not release Employee from Employee’s obligations and restrictions under Paragraphs 14 and 15 of this Agreement 
 12. Termination In Connection With A Change Of Control. Notwithstanding any provision to the contrary in Paragraph 6(a) above, if Employee is terminated by Company pursuant to Paragraph 10 above or
if Employee resigns pursuant to Paragraph 11(b) above within the eighteen (18) month period following a Change of Control (as defined in Company’s 2006 Equity Compensation Plan, as in effect on the date hereof and as it may be amended from
time to time, or in any successor plan of comparable intent) (the “Change of Control Severance Period”), Company shall pay to Employee a lump sum severance payment in an amount equal to 1.33 times the severance payment that Employee would
receive under Paragraph 6(a) above had Employee’s employment been terminated by Company for any reason other than Cause, less applicable taxes and other deductions required by law, within 30 days following Employee’s date of termination of
employment; provided, that Employee executes and does not revoke at the time of Employee’s termination of employment a General Release satisfactory to Company of any and all claims which Employee may have arising out of or relating to
Employee’s employment with Company and/or termination thereof. To the extent any portion of the severance payment payable under this Paragraph 12 is deemed as deferred compensation, Company shall pay such portion in a lump sum as described in
this Paragraph 12 if the Change of Control meets the definition of a “change in control event” within the meaning of section 409A of the Code, but in the form of installments as described in Paragraph 6 above if the Change of Control does
not meet the definition of a “change in control event” within the meaning of section 409A of the Code. In addition, Company shall maintain Employee in its group health plan on the same basis as if Employee had remained employed by Company
during the Change of Control Severance Period for the duration of the Change of Control Severance Period or until Employee becomes covered under another group health plan, whichever occurs first; provided, that in order to receive such continued
coverage, Employee shall be required to pay to Company at the same time that premium payments are due for the month an amount equal to the full monthly premium payments required for such coverage and Company shall reimburse to Employee the Health
Payment no later than the next payroll date of Company that occurs after the date the premium for the month is paid by Employee. In addition, on each date on which the monthly Health Payments are made, Company shall pay to Employee an additional
amount equal to the federal, state and local income and payroll taxes that Employee incurs on each monthly Health Payment (the “Health Gross-up Payment on Change of Control Termination”). The Health Payment and the Health Gross-up Payment
on Change of Control Termination shall be reimbursed to Employee in a manner that complies with the requirements of Treas. Reg. §1.409A-3(i)(1)(iv). The COBRA healthcare continuation coverage period under section 4980B of the Code shall run
concurrently with the foregoing Change of Control Severance Period. 
 13. Upon a Change of Control. Notwithstanding any
provision to the contrary in any applicable plan, program or agreement (including this Agreement), upon the occurrence of a Change of Control during the term of this Agreement, all outstanding equity rights held by Employee as of the date of the
Change of Control will become fully vested and/or exercisable, as the case may be, on the date on which the Change of Control occurs. 
  

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 14. Company Property. 
 (a) All advertising, sales, manufacturers’ and other materials or articles or information, including without limitation data processing
reports, client sales analyses, invoices, price lists or information, samples or any other materials or data of any kind furnished to Employee by Company or developed by Employee on behalf of Company or at Company’s direction or for
Company’s use or otherwise in connection with Employee’s employment hereunder, are and shall remain the sole and confidential property of Company. 
 (b) Immediately upon termination of Employee’s employment, whether by Employee or Company, whether during the term of this Agreement, upon its expiration or subsequent to its expiration, Employee
shall deliver to Company, all Company property (for example, keys and credit cards) and all documents, books, records, lists and other documents relating to Company’s business, regardless of where or by whom said writings were kept or prepared,
retaining no copies. 
 (c) In the event Employee receives notice from Company that her employment is or will be terminated or
Employee provides Company with notice of her intent to resign, within five (5) days of receiving or providing such notice, and thereafter as may be requested by Company, Employee shall provide Company with a list of all clients and potential
clients with whom she is working and/or negotiating and a summary of the status of each matter with which she is involved, directly or indirectly. 
 15. Restrictive Covenants, Trade Secrets, Etc. 
 (a) For a period of one
(1) year after the termination of her employment with Company, for any reason whatsoever, whether during the term of this Agreement, upon its expiration or subsequent to its expiration, whether by Employee or Company, Employee shall not for her
own benefit or for the benefit of any third party, directly or indirectly, in any capacity, participate in any of the following activities: (i) hire or do any business with any employee of Company or otherwise induce or attempt to influence any
employee of Company to terminate his or her employment with Company; (ii) divert, solicit, or do any business with any current, former (within two (2) years of the date of termination), or potential (engaged in discussion with Company as
of the date of termination) client of Company; or (iii) cause or attempt to cause any current, former, or potential client to refrain from doing business with Company. In light of the fact that the clients of Company will be engaged in
operations worldwide and Company will be contacting potential customers for its clients throughout the world, the restrictions set forth in this Paragraph 15(a) shall apply worldwide. 
 (b) During the term of this Agreement and at all times thereafter, Employee shall not use for her personal benefit, or disclose, communicate
or divulge to, or use for the direct or indirect benefit of any person, firm, association or company other

  

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than Company, any material referred to in Paragraph 14 above or any information regarding the business methods, business policies, procedures, techniques, research or development projects or
results, trade secrets, or other knowledge or processes of or developed by Company or any names and addresses of clients or customers or any data on or relating to past, present or prospective clients or customers or any other confidential
information relating to or dealing with the business operations or activities of Company, made known to Employee or learned or acquired by Employee while in the employ of Company. 
 (c) Any and all writing, inventions, improvements, processes, procedures and/or techniques which Employee may make, conceive, discover or
develop, either solely or jointly with any other person or persons, at any time during the term of this Agreement, whether during working hours or at any other time and whether at the request or upon the suggestion of Company or otherwise, which
relate to or are useful in connection with any business now or hereafter carried on or contemplated by Company, including developments or expansions of its present fields of operations, shall be the sole and exclusive property of Company. Employee
shall make full disclosure to Company of all such writings, inventions, improvements, processes, procedures and techniques, and shall do everything necessary or desirable to vest the absolute title thereto in Company. Employee shall write and
prepare all specifications and procedures regarding such inventions, improvements, processes, procedures and techniques and other aid and assist Company so that Company can prepare and present applications for copyright or Letters Patent therefor
and can secure such copyright or Letters Patent wherever possible, as well as reissues, renewals, and extensions thereof, and can obtain the record title to such copyright or patents so that Company shall be the sole and absolute owner thereof in
all countries in which it may desire to have copyright or patent protection. Employee shall not be entitled to any additional or special compensation or reimbursement regarding any and all such writings, inventions, improvements, processes,
procedures and techniques, except that Company shall reimburse Employee for any expenses which Employee may incur in vesting absolute title thereto in Company. 
 (d) During the term of this Agreement and at all times thereafter, Employee shall not disparage or subvert Company, or make any statement reflecting negatively on Company, its affiliated corporations or
entities, or any of their officers, directors, employees, agents or representatives, including, but not limited to, any matters relating to the operation or management of Company, Employee’s employment and the termination of Employee’s
employment, irrespective of the truthfulness or falsity of such statement. 
 (e) Employee acknowledges that the restrictions
contained in the foregoing subparagraphs (a), (b), (c), and (d) in view of the nature of the business in which Company is engaged, are reasonable and necessary in order to protect the legitimate interests of Company, and that any violation
thereof would result in irreparable injuries to Company, and Employee therefore acknowledges that, in the event of her violation of any of these restrictions, Company shall be entitled to obtain from any court of competent jurisdiction preliminary
and permanent injunctive relief as well as damages and an equitable accounting of all earnings, profits and other benefits arising from such violation, which rights shall be cumulative and in addition to any other rights or remedies to which Company
may be entitled. 
  

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 (f) Employee agrees that if any or any portion of the foregoing covenants or the application
thereof, is construed to be invalid or unenforceable, the remainder of such covenant or covenants shall not be affected and the remaining covenant or covenants shall then be given full force and effect without regard to the invalid or unenforceable
portion(s). If the covenant is held to be unenforceable because of the area covered, the duration thereof or the scope thereof, Employee agrees that the court making such determination shall have the power to reduce the area and/or the duration
and/or scope thereof, and the covenant shall then be enforceable in its reduced form. 
 (g) If Employee violates any of the
restrictions contained in the foregoing subparagraph (a), the restrictive period shall not run in favor of Employee from the time of the commencement of any violation until such time as the violation shall be cured by Employee to the satisfaction of
Company. 
 16. Prior Agreements. Employee represents to Company (a) that there are no restrictions, agreements or
understandings whatsoever to which Employee is a party which would prevent or make unlawful her execution of this Agreement or her employment hereunder; (b) there are no agreements, restrictions or understandings whatsoever to which Employee is
a party which place any limitations as to the companies or individuals with whom he may do business; (c) that her execution of this Agreement and her employment hereunder shall not constitute a breach of any contract, agreement or
understanding, oral or written, to which she is a party and by which she is bound; and (d) that she is free and able to execute this Agreement and to enter into employment by Company. 
 17. Employee Obligations Upon Termination. For the duration of Employee’s obligations under Section 15(a) of this Agreement
(as the same may be extended pursuant to Section 15(g) of this Agreement), Employee shall (a) provide a complete copy of this Agreement to any person, entity or association engaged in a business which competes with Company and with whom or
which Employee proposes to be employed, affiliated, engaged, associated or to establish any business or remunerative relationship prior to the commencement of any such relationship and (b) shall notify Company of the name and address of any
such person, entity or association prior to the commencement of such relationship. 
 18. Miscellaneous. 
 (a) Clawback Provision. Notwithstanding any provision to the contrary herein, in the Company’s 2006 Equity Compensation Plan or
in any applicable grant agreement, in addition to other remedies described in this Agreement, if at any time Employee breaches any provisions of Paragraphs 14, 16 or 17, or breaches any provision of Sections 15(a), 15(b), 15(c), 15(e), 15(f), or
materially breaches any provision of Section 15(d) or otherwise engages in activities or conduct that constitutes Cause, all

  

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outstanding unvested and unexercised equity rights (including, but not limited to, stock options, restricted stock, and restricted stock units) held by Employee as of such date shall terminate,
and Company may rescind (i) the exercise and/or vesting of any equity right and the delivery of shares of the Company’s common stock upon such exercise or vesting (the “Shares”) and (ii) the payment of any bonus or incentive
compensation amounts provided to Employee, in either case, within one year after Employee breaches such provisions or engages in such activity or conduct. For purposes of this Paragraph 18, the term “Shares” shall include without
limitation any shares or other property received by Employee with respect to the shares covered by Employee’s equity rights as a result of a stock split or other similar transaction. In the event of any such rescission, Employee shall return to
Company the amount of any bonus or incentive compensation and the Shares received upon the exercise or vesting of Employee’s equity rights, or if Employee no longer owns the Shares, Employee shall pay to Company the amount of any gain realized
or payment received as a result of any sale or other disposition of the Shares (or, in the event Employee transfers the Shares by gift or otherwise without consideration, the fair market value of the Shares on the date of the breach or activity or
conduct), net of the price originally paid by Employee for the Shares. The payment shall be made in such manner and on such terms and conditions as may be required by Company. Company shall be entitled to set off against the amount of any such
payment any amounts otherwise owed to Employee by Company. 
 (b) Waiver. The waiver by Company of a breach of any
provision of this Agreement by Employee shall not operate or be construed as a waiver of any subsequent breach by Employee. No waiver shall be valid unless in writing and signed by Company’s Chief Executive Officer. 
 (c) Controlling Law. This Agreement and all questions relating to validity, interpretation, performance and enforcement (including,
without limitation, provisions concerning limitations of actions), shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, and without the aid of any canon, custom or rule of law requiring construction
against the draftsman. 
 (d) Notices. All notices, requests, demands and other communications required or permitted
under this Agreement shall be in writing and shall be deemed to have been duly given, made and received only when delivered (personally, by courier service such as Federal Express, or by other messenger) or when deposited in the United States mails,
registered or certified mail, postage prepaid, return receipt requested, addressed in the case of Company, to its Chief Executive Officer at its principal place of business, and in case of Employee, to her home address. 
 (e) Binding Nature of Agreement. This Agreement shall be binding upon and inure to the benefit of Company and its successors and
assigns and shall be binding upon Employee, her heirs and legal representatives. 
 (f) Execution in Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. 
  

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 (g) Provisions Separable. The provisions of this Agreement are independent of and
separable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
 (h) Entire Agreement. This Agreement contains the entire understanding between the parties hereto with respect to the subject matter
hereof, and supersedes all prior and contemporaneous agreements and understandings, inducements or conditions, express or implied, oral or written. The express terms hereof control and supersede any course of performance an/or usage of the trade
inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing and signed by the Company’s Chief Executive Officer and Employee. 
 (i) Paragraph Headings. The paragraph headings in this Agreement are for convenience only; they form no part of this Agreement and
shall not affect its interpretation. 
 (j) Survival. The covenants contained in Paragraphs 14, 15 and 17 shall survive
the expiration of this Agreement and the termination of Employee’s employment. 
 (k) Number of Days. In computing
the number of days for purposes of this Agreement, all days shall be counted, including Saturdays, Sundays and holidays; provided, however, that if the final day of any time period falls on a Saturday, Sunday or holiday on which federal banks are or
may elect to be closed, then the final day shall be deemed to be the next day which is not a Saturday, Sunday or such holiday. 
 (l) Benefits of Agreement; Assignment. All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective heirs, executors, administrators, legal representatives,
successors and assigns of the parties hereto, except that the duties and responsibilities of Employee under this Agreement are of a personal nature and shall not be assignable or delegable in whole or in part by the Employee. Company shall require
any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business or assets of Company, within 15 days of such succession, expressly to assume and agree to perform
this Agreement in the same manner and to the same extent as Company would be required to perform if no such succession had taken place and Employee agrees that the provisions hereof, including but not limited to those under Paragraphs 14, 15, 16 and
17 will continue to apply in favor of such successor. 
 (m) Remedies Cumulative. No remedy conferred upon a party by
this Agreement is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to any other remedy given under this Agreement or now or hereafter existing at law or in equity. 

 

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 (n) Withholding. All payments under this Agreement shall be subject to applicable tax
withholding, and Company shall withhold from any payments under this Agreement all federal, state and local taxes as Company is required to withhold pursuant to any law or governmental rule or regulation. Except as specifically provided otherwise in
this Agreement, Employee shall bear all expense of, and be solely responsible for, all federal, state and local taxes due with respect to any payment received under this Agreement. 
 (o) Section 409A of the Code. 
 (i) This Agreement shall be interpreted to avoid any penalty sanctions under section 409A of the Code. If any payment or benefit cannot be provided or made at the time specified herein without incurring
sanctions under section 409A, then such benefit or payment shall be provided in full at the earliest time thereafter when such sanctions will not be imposed. For purposes of section 409A of the Code, all payments to be made upon a termination of
employment under this Agreement may only be made upon a “separation from service” under section 409A of the Code, each payment made under this Agreement shall be treated as a separate payment, and the right to a series of installment
payments under this Agreement shall be treated as a right to a series of separate payments. In no event may Employee, directly or indirectly, designate the calendar year of payment. 
 (ii) All reimbursements and in kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of
section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during Employee’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses
eligible for reimbursement, or in kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible
expense will be made on or before the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit.

 (iii) To the maximum extent permitted under section 409A of the Code, the cash severance payments payable under this
Agreement are intended to comply with the “short-term deferral exception” under Treas. Reg. § 1.409A-1((b)(4), and any remaining amount is intended to comply with the “separation pay exception” under Treas. Reg.
§1.409A-1(b)(9)(iii); provided, however, any amount payable to Employee during the six month period following Employee’s date of termination of employment that does not qualify within either of the foregoing exceptions from being deemed as
deferred compensation subject to the requirements of section 409A of the Code, then such amount shall hereinafter be referred to as the “Excess Amount.” If at the time of Employee’s termination of employment, Employee is a
“specified employee” (as

  

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defined in section 409A of the Code and determined in the sole discretion of Company in accordance with Company’s specified employee determination policy), then Company shall postpone the
commencement of the payment of the portion of the Excess Amount that is payable within the six (6)-month period following Employee’s “separation from service” with Company (as defined under section 409A of the Code) for six
(6) months following Employee’s “separation from service” with Company. The Excess Amount shall be paid in a lump sum to Employee within 30 days following the date that is six (6) months following Employee’s
“separation from service” with Company. If Employee dies during the postponement period prior to the payment of the Excess Amount, the Excess Amount shall be paid to the personal representative of Employee’s estate within sixty
(60) days after the date of Employee’s death. 
 IN WITNESS WHEREOF, the parties have executed and delivered this
Agreement in Newtown, Pennsylvania on the date first above written. 
  

							
	ICT GROUP, INC.	 		 	
				
	By:	 	 /s/ John J. Brennan
	 		 	 /s/ Rachel Macha

		 	John J. Brennan	 		 	Rachel Macha
				
		 	 February 23, 2009
	 		 	 February 23, 2009

		 	Date	 		 	Date

  

 13Operating Agreement of Charlie Brown Air II, LLC

 Exhibit 10.35 
 OPERATING AGREEMENT 
 OF CHARLIE BROWN AIR II, LLC

 THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT is entered into as of the 26th day of June, 2008, by
and among those persons who have executed this Agreement, and whose names and addresses are set forth in Schedule I, as Members. 
 NOW, THERFORE, the parties agree as follows: 
 ARTICLE 1 
 THE COMPANY 
 1.1 Formation. The Company
was formed as a limited liability company pursuant to the Delaware Limited Liability Company Law (the “Law”). 
 1.2 Certificate of Formation. A Certificate of Formation under the Law (the “Certificate”) was filed in the office of the Delaware Secretary of State on June 30, 2008. The Company will execute further documents
(including amendments to the Certificate) and take further action as is appropriate to comply with all requirements of law for the formation and operation of a limited liability company in the State of Delaware and all other counties and states
where the Company may elect to do business. 
 1.3 Name. The name of the Company is Charlie Brown Air II, LLC, but
the business of the Company may be conducted under any other name designated by the Members. 
 1.4 Character of
Business. The sole and exclusive business of the Company is to acquire, own, and otherwise deal with the assets of the Company. The Company may engage in any activities that are reasonable, necessary or appropriate in connection with the
assets to promote the interests of the Company or enhance the value of its property. 
 1.5 Principal Place of
Business. The principal place of business of the Company is 1965 Waddle Road, State College, Pennsylvania 16803, State College, Pennsylvania, or at another location as may be selected by the Members. The Company may maintain other offices or
agents as the Members deem advisable. 
 1.6 Registered Agent and Office. The registered office of the Company is
1209 Orange Street, Wilmington, Delaware. The Corporation Trust Company is the registered agent of the Company for service of process. At any time the Members may change the location of the Company’s registered office or registered agent as
they may determine. 
 1.7 Fiscal Year. The fiscal year of the Company is the calendar year. 

 ARTICLE 2 
 DEFINITIONS 
 The following defined terms used in this Agreement have the
respective meanings specified below. 
 2.1 Adjusted Book Value. “Adjusted Book Value” with respect to
any Company property means the adjusted basis of such property for federal income tax purposes unless such property has been contributed to the Company in which event it shall mean the fair market value of such property at the date of contribution
minus all Depreciation taken with respect to such property. 
 2.2 Bruce. “Bruce” means Bruce Heim.

 2.3 Capital Account. “Capital Account” means the account to be maintained by the Company for
each Member in accordance with the following provisions: 
 (a) a Member’s Capital Account will be increased
by the Member’s Capital Contributions, the amount of any Company liabilities assumed by the Member (or that are secured by Company property distributed to the Member), the Member’s share of Profit and any item in the nature of income or
gain specially allocated to the Member pursuant to the provisions of Article V; and 
 (b) a Member’s
Capital Account will be decreased by the amount of money and the fair market value of any Company property distributed to the Member, the amount of any liabilities of the Member assumed by the Company (or that are secured by property contributed by
the Member to the Company), the Member’s share of Loss and any item in the nature of expenses or losses specially allocated to the Member pursuant to the provisions of Article V. 
 2.4 Capital Contribution. “Capital Contribution” means the fair market value of any contribution by a Member to the
capital of the Company in cash or property. Such property does not include the value of any promissory note for which the contributing Member also is the maker. If such promissory note is contributed, such Member’s capital account will be
increased in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(d)(2). 
 2.5 Cause.
“Cause” shall mean fraud or willful misconduct in the performance of the Manager’s duties or willful breach of the provisions of this Agreement. 
 2.6 Code. “Code” means the Internal Revenue Code of 1986, as amended, or the corresponding provisions of any successor statute. 
 2.7 Company. “Company” means Charlie Brown Air II, LLC. 
  

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 2.8 Depreciation. “Depreciation” means, for each Fiscal Year or
other period, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the fair market value of property contributed to the Company differs
from its adjusted basis for federal income tax purposes at the date of contribution, Depreciation shall be an amount which bears the same ratio to such beginning fair market value as the federal income tax depreciation, amortization, or other cost
recovery deduction for such year or other periods bears to such beginning adjusted tax basis. 
 2.9 Economic
Interest. “Economic Interest” means a Person’s right to share in the Profits and Losses of, and the right to receive distributions and allocations from, the Company. 
 2.10 Economic Interest Percentage. “Economic Interest Percentage” means, as to a Member, the percentage
interest in profits and losses set forth after the Member’s name on Schedule I, as amended from time to time, including, without limitation, to reflect changes in Economic Interest Percentage upon additional Capital Contributions
and as to a Member who is not a Member, the Economic Interest Percentage of an unadmitted assign of a Member. 
 2.11
Fiscal Year. “Fiscal Year” means the calendar year. 
 2.12 Impasse.
“Impasse” means the failure of all Members to consent to or approve any major decision after such action or consent has been proposed by any Member as a major decision. An Impasse shall be considered to have occurred if the Members cannot
agree with respect to a major decision within ten (10) days after such action has been proposed by any Member as a major decision. 
 2.13 Member. “Member” means each Person who or which executes a counterpart of this Agreement as a Member and each Person who or which becomes a Member of the Company. 

2.14 Membership Interest. “Membership Interest” means a Member’s aggregate rights in the Company, including,
without limitation, the Company’s (i) Economic Interest and (ii) Voting Interest. 
 2.15 Person.
“Person” means any person, corporation, governmental authority, limited liability company, partnership, trust, unincorporated association or other entity. 
 2.16 Profits and Losses. “Profits” and “Losses” means, for any fiscal period, an amount equal to the Company’s taxable income or loss for the year or period,
determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the
following adjustments: 
 (a) Any income of the Company that is exempt from federal income tax and not otherwise
taken into account in computing Profits and Losses will be added to taxable income or loss; 
  

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 (b) Any expenditures of the Company described in Code
Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits and Losses will be subtracted from
taxable income or loss; 
 (c) Gain or loss resulting from any taxable disposition of Company property shall be
computed by reference to the Adjusted Book Value of the property disposed of, notwithstanding the fact that the Adjusted Book Value differs from the adjusted basis of the property for federal income tax purposes; and 
 (d) In lieu of the depreciation, amortization, or cost recovery deductions allowable in computing taxable income or loss,
there shall be taken into account the Depreciation for such Fiscal Year or other period. 
 2.17 Rex.
“Rex” shall mean Rex Energy Operating Corp. 
 2.18 SHG. “SHG” shall mean Shaner Hotel
Group Limited Partnership. 
 2.19 Transfer. “Transfer” means, when used as a noun, any gift, sale,
hypothecation, pledge, assignment, attachment, or other transfer, and, when used as a verb, give, sell, hypothecate, pledge, assign, or otherwise transfer. 
 2.20 Treasury Regulations. “Treasury Regulations” means all proposed, temporary and final Treasury Regulations promulgated under the Code as in effect from time to time.

 2.21 Voting Interest. “Voting Interest” means a Member’s right to vote in matters coming before
the Company and to participate in the management of the Company. 
 2.22 Voting Interest Percentage.
“Voting Interest Percentage” means, with respect to a particular Member, that Member’s percentage of the total aggregate Voting Interests in the Company, as set forth after the Member’s name on Schedule I, as amended from time to
time. 
 ARTICLE 3 
 CAPITAL CONTRIBUTIONS 
 3.1 Capital Contributions. Each
Member will make an initial cash Capital Contribution to the Company in an amount set forth on Schedule I. 
  

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 3.2 Additional Contributions and Withdrawals. Except as set forth in
Section 3.1, no Member will be required to make any Capital Contributions. 
 3.3 Negative Capital Accounts.
A Member with a negative balance in his or her Capital Account at no time during the term of the Company or upon dissolution and liquidation of it, has any obligation to the Company or the other Members to restore that negative balance, except
(i) as may be required by law, or (ii) in respect of any negative balance resulting from a withdrawal of capital or dissolution in contravention of this Agreement. 
 3.4 Withdrawal or Reduction of Capital Contributions. A Member may not receive from the Company any portion of a Capital
Contribution until all indebtedness, liabilities of the Company, except any indebtedness, liabilities and obligations to Members on account of their Capital Contributions, has been paid or there remains property of the Company, in the sole
discretion of a Member, sufficient to pay them. 
 ARTICLE 4 
 COSTS AND EXPENSES 
 4.1 Operating
Costs. The Company will pay or cause to be paid all costs and expenses of the Company incurred by the Company in pursuing and conducting, or otherwise related to, the business of the Company. 
 4.2 Reimbursement the Members. The Company will reimburse the Members for any reasonable out-of-pocket costs and expenses
incurred by them in pursuing and conducting, or otherwise related to, the business of the Company. 
 ARTICLE 5

 ALLOCATIONS AND DISTRIBUTIONS 
 5.1 Allocations. 
 (a) Allocation of Profits and
Losses. Except as provided in subparagraphs (b) and (c) of this Section, all Profits and Losses for each Fiscal Year will be allocated to Members in accordance with their respective Economic Interest Percentages. 
 (b) Special Allocations. All capitalized terms used in this Section not otherwise defined in this Agreement have the
meaning set forth in the Treasury Regulations promulgated pursuant to Code Section 704. The following special allocations will be made in the following order: 
 (i) Property Contributions. In accordance with Code Section 704(c) and the Treasury Regulations thereunder,
income, gain, loss and deduction with respect to any property contributed to the capital of the Company solely for tax purposes, will be allocated among the Members so as to take account of any variation between the adjusted basis of that property
to the Company for federal income tax purposes and its initial fair market value. Any elections or decisions relating to these allocations will be made by the Tax Matters Partner in any manner that reasonably reflects the purpose and intention of
this Agreement. 
  

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 (ii) Minimum Gain Chargeback. Except as otherwise provided in
Treasury Regulation Section 1.704-2(f), notwithstanding any other provision of this Section 5.1, if there is a net decrease in Partnership Minimum Gain during any Adjustment Period, each Member will be specially allocated items of Company
income and gain for the period (and, if necessary, subsequent periods) in an amount equal to that Member’s share of the net decrease in Partnership Minimum Gain, determined in accordance with Treasury Regulation Section 1.704-2(g).
Allocations pursuant to the previous sentence will be made in proportion to the respective amounts required to be allocated to each Member. The items to be so allocated will be determined in accordance with Treasury Regulation
Section 1.704-2(f)(6) and 1.704-2(j)(2). This subsection is intended to comply with the minimum gain chargeback requirement in Treasury Regulation Section 1.704-2(f) and may be interpreted consistently with it. 
 (iii) Partner Minimum Gain Chargeback. Except as otherwise provided in Treasury Regulation Section 1.704-2(i)(4),
notwithstanding any other provision of this Section, if there is a net decrease in Partner Nonrecourse Debt Minimum Gain attributable to a Partner Nonrecourse Debt during any period, each Member who has a share of the Partner Nonrecourse Debt
Minimum Gain attributable to the Partner Nonrecourse Debt, determined in accordance with Treasury Regulation Section 1.704-2(i)(5), will be specially allocated items of Company income and gain for the Adjustment Period (and, if necessary,
subsequent Adjustment Periods) in an amount equal to that Member’s share of the net decrease in Partner Nonrecourse Debt Minimum Gain attributable to the Partner Nonrecourse Debt, determined in accordance with Treasury Regulation
Section 1.704-2(i)(4). Allocations pursuant to the previous sentence will be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated will be determined in accordance
with Treasury Regulation Sections 1.704-2(i)(4) and 1.704-2(j)(2). This subsection is intended to comply with the minimum gain chargeback requirement in Treasury Regulation Section 1.704-2(i)(4) and must be interpreted consistently with it.

 (iv) Qualified Income Offset. If any Member unexpectedly receives any adjustments, allocations, or
distributions described in Treasury

  

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Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Company income and gain will be specially allocated to each such Member in an amount and manner sufficient to eliminate,
to the extent required by the Treasury Regulations, the Capital Account deficit of that Member as quickly as possible, provided that an allocation pursuant to this subsection will be made only if and to the extent that Member would have a Capital
Account deficit requiring elimination pursuant to the Treasury Regulations after all other allocations provided for in this Section 5.1 have been tentatively made as if this subsection were not in the Agreement. 
 (v) Nonrecourse Deductions. Nonrecourse Deductions for any period will be specially allocated among the Members in
proportion to their Economic Interests. 
 (vi) Partner Nonrecourse Deductions. Any Partner Nonrecourse
Deductions for any period will be specially allocated to the Member who bears the economic risk of loss with respect to the Partner Nonrecourse Debt to which the Partner Nonrecourse Deductions are attributable in accordance with Treasury Regulation
Section 1.704-2(i)(1). 
 (vii) Section 754 Adjustments. To the extent an adjustment to the
adjusted tax basis of any Company asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(2) or Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(4),
to be taken into account in determining Capital Accounts as the result of a distribution to an Member in complete liquidation of his or her interests, the amount of the adjustment to Capital Accounts will be treated as an item of gain (if the
adjustment increases the basis of the asset) or loss (if the adjustment decreases that basis) and that gain or loss will be specially allocated to the Members in accordance with their Economic Interests in the event that Treasury Regulation
Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Member to whom the distribution was made if Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(4) applies. 
 (viii) Compensation Income. If any Member is determined to recognize compensation income upon his or her receipt of an
Economic Interest, that Member will be allocated all corresponding items of Company deduction. 
 (c)
Compliance with Treasury Regulations. The provisions of this Agreement, as amended, relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulation Section 1.704-1(b), and must be interpreted and applied
in a manner consistent with those Treasury Regulations. If the Tax Matters Partner determines that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto, are computed to comply with those Treasury
Regulations, the Tax Matters Partner may make such modification, if it is not likely to have a material effect on the amounts distributable to any Member upon the dissolution of the Company. 
  

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 (d) Allocation to Transferred Interests. Profits, gains, losses,
deductions and credits allocated to an Economic Interest assigned or reissued during a Fiscal Year of the Company will be allocated to the Person who was the holder of such Economic Interest during the Fiscal Year, in proportion to the number of
days that each holder was recognized as the owner of the Economic Interest during such Fiscal Year or in any other proportion permitted by the Code and selected by the Members, without regard to results of Company operations during the period in
which each holder was recognized as the owner of the Economic Interest during the Fiscal Year, and without regard to the date, amount or recipient of any distributions which may have been made with respect to that Economic Interest. 
 5.2 Distributions. 
 (a) Cash Distributions. From time to time (but at least once each calendar quarter) the Members will determine in their reasonable judgment to what extent (if any) the Company’s cash on hand
exceeds its current and anticipated needs, including, without limitation, for operating expenses, debt service, and a reasonable contingency reserve. If an excess exists, the Members will cause the Company to distribute to the Members, in accordance
with their Economic Interest Percentages, an amount in cash equal to that excess. 
 (b) Allocation of
Distributions. Distributions to Members will be allocated among such Members in accordance with their respective Economic Interest Percentages as of the date of the distribution, without regard to the length of time the Member has held the
Economic Interest. 
 (c) Distribution Upon Liquidation. All distributions by the Company upon its final
liquidation and dissolution will be made to the Members, pro rata in accordance with the balance in the Members’ Capital Accounts, after adjustment to reflect all Profits and Losses (including unrealized appreciation and depreciation allocable
in accordance with Section 5.3) for the Fiscal Year in which the liquidation occurs. 
 5.3 Distributions in
Kind. If the Members determine that a portion of the Company’s assets should be distributed in kind to the Members, an independent appraisal of the fair market value of each of those assets shall be obtained as of a date reasonably
close to the date of the distribution. Any unrealized appreciation or depreciation with respect to the asset will be allocated among the Members in proportion with each Member’s Economic Interest in the Company (assuming that the property is
sold for the appraised value) and distribution of any of those assets in kind to a Member will be considered a distribution of an amount equal to the assets’ appraised fair market value for purposes of determining the Capital Account of the
distributee. 
  

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 5.4 Credit. For all income tax purposes, credits of the Company claimed for a
Fiscal Year will be allocated among the Members in the same manner as Losses are allocated among the Members pursuant to Section 5.1(a). 
 5.5 Offset. The Company may offset all amounts owing to the Company by a Member against any distribution to be made to the Member. 
 5.6 Limitation Upon Distributions. No distribution will be declared and paid unless, after the distribution is made, the
assets of the Company are in excess of all liabilities of the Company. 
 ARTICLE 6 
 MANAGEMENT 
 6.1 Management. The powers of the Company will be exercised by or under the authority of, and the business and affairs of the Company will be managed under, the direction of three Managers. If any Manger dies, are judicially
declared incompetent, resign or are removed and a successor is not appointed for this Manager pursuant to this Agreement, then the Company shall be dissolved. Any Person, other than a Member, dealing with the Company, may rely on the authority of
the Managers in taking any action in the name of the Company without inquiry into the provisions of, or compliance with, this Agreement, regardless of whether that action is actually taken in accordance with the provisions of this Agreement. The
Members agree that the initial Managers shall be a Person appointed by SHG, a Person appointed by Rex and a person appointed by Bruce, and they shall serve in that capacity until removed and their successors have been appointed and have qualified.
However, and in any event, no Member may propose, appoint, select, or vote for a Manager who is not also a United States citizen. 
 6.2 Powers of the Managers. 
 (a) The Managers, by a Majority Vote of the Manager’s
Voting Interest Percentages (which shall be equal to the Voting Interest Percentage of the Member that appointed such Manager) or by unanimous approval or written unanimous consent of all of them, will have full, complete and exclusive power to
manage and control the Company, and will have the authority to take any action deemed by them to be necessary, convenient or advisable in connection with the management of the Company, including, without limitation, the power and authority on behalf
of the Company. Except as provided for in Section 6.2(b), the Managers, in accordance with each Manager’s Voting Interest Percentage by vote or written consent of all of them, will have full, complete and exclusive power to manage and
control the Company, and will have the authority to take any action deemed by them to be necessary, convenient or advisable in connection with the management of the Company, including, without limitation, the power and authority on behalf of the
Company: 
 (i) to manage the affairs of the Company; 
  

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 (ii) to employ agents, employees, accountants, lawyers, clerical help, and
other assistance and services as may seem proper, and to pay remuneration for these as the Members deem reasonable and appropriate; 
 (iii) to manage and administer the Interest; 
 (iv) to select the
Registered Agent of the Company and the Company’s office and principal place of business in accordance with Sections 1.5 and 1.6; 
 (v) to sue and be sued, complain and defend in the name and on behalf of the Company 
 (vi) to do all acts, take part in any proceedings, and exercise all rights and privileges as could an absolute owner of Company property, subject to the faithful performance of the Members’ fiduciary
obligations to the Company and the Members; 
 (vii) to appoint one or more officers of the Company as the
Members deem necessary, convenient or advisable in carrying out the purposes of the Company; 
 (viii) to select
the Tax Matters Partner as defined in Section 7.3; and 
 (ix) to do and perform all other acts as may be
necessary or appropriate to the conduct of the Company’s business. 
 (b) Notwithstanding Section 6.1
or 6.2(a), the unanimous vote or written consent of the Managers is required for the Company to take any one or more of the following actions: 
 (x) any Transfer of the Interest; 
 (xi) the merger, consolidation
or other combination of the Company with or into another entity not owned or controlled by the Company or the members thereof; 
  

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 (xii) the filing of a voluntary petition or otherwise initiating proceedings
to have the Company adjudicated bankrupt or insolvent, or consenting to the institution of bankruptcy or insolvency proceedings against the Company, or the filing of a petition seeking or consenting to reorganization or relief of the Company as
debtor under any applicable federal or state law relating to bankruptcy, insolvency, or other relief for debtors with respect to the Company; or the seeking or consenting to the appointment of any trustee, receiver, conservator, assignee,
sequestrator, custodian, liquidator (or other similar official) of the Company or of all or any substantial part of the properties and assets of the of the Company, or the admitting in writing the inability of the Company to pay its debts generally
as they become due or declare or effect a moratorium on the Company debt or the taking of any action in furtherance of any such action; 
 (xiii) any act in contravention of this Agreement; 
 (xiv) any act
which would make it impossible to carry on the ordinary business of the Company, except as otherwise provided in this Agreement; 
 (xv) causing the Company to not have any airplane owned by the Company and managed by Charlie Brown Air Corp.; 
 (xvi) any Major Decision as provided for by the Members. 
 6.3 Binding
Authority. Unless authorized to do so by this Agreement or the Members, no Person has any power or authority to bind the Company. 
 6.4 Limitation on Authority of Member. No Member is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a
Member. 
 6.5 Liability for Certain Acts. No Member nor an agent (including a person having more than one
capacity) is liable for any debts, obligations or liabilities of the Company or each other, whether arising in tort, contract or otherwise, solely by reason of being a Member or agent or acting (or omitting to act) in those capacities or
participating (as an employee, consultant, contractor or otherwise) in the conduct of the business of the Company. 
 6.6
Indemnification. The Members are not liable, responsible or accountable in damages or otherwise to the Company or any of the Members or the predecessor in interest of a Member for any act or omission performed or omitted by them in good
faith on behalf of the Company and in a manner reasonably believed by him to be within the scope of the authority granted to him by this Agreement and in the best interest of the Company, except for actual fraud, gross negligence or willful
misconduct with respect to such acts or omissions. Any loss or damage incurred by a Member by reason of any act or omission performed or omitted by him in good faith on behalf of the Company and in a manner reasonably believed by him to be within
the scope of the authority granted to him by this Agreement and in the best interest of the Company (but not, in any event, any loss or damage incurred by any Member by reason of actual fraud, gross negligence or willful misconduct with respect to
such act or omission) will be paid from Company assets to the extent available. 
  

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 6.7 Resignation. The Managers may resign at any time by giving written notice
to the Members of the Company. The resignation of the Managers will take effect sixty (60) days following the notice. Unless otherwise specified in the notice, the acceptance of the resignation is not necessary to make it effective. The
resignation of the Managers does not affect the Managers’ rights as Members and does not constitute a withdrawal of a Member. 
 6.8 Meetings of Members. 
 (a) Meetings of the Members for any proper purpose or purposes may be called
at any time by one (1) or more Members. Only business within the purpose or purposes described in the notice (or waiver thereof) required by this Agreement may be conducted at a meeting of the Members. 
 (b) Written notice stating the place, day, hour and purpose or purposes of a special meeting shall be delivered to each Member not less
than ten (10) nor more than sixty (60) days before the date of the meeting, either personally or by mail, by or at the direction of the Persons calling the meeting. 
 (c) No business of the Company may be legally transacted at any meeting of the Members unless, at the time of the commencement of the
meeting, and also at the time any vote is taken, there shall be a quorum of Members present in person, or by proxy. “Quorum” as used herein is defined to mean Members representing (in person or by proxy) not less than a majority of the
Voting Interest Percentage. 
 (d) Except as otherwise provided in this Agreement, matters submitted to a vote of the Members
shall be determined by the holders of a majority of Voting Interest Percentage. 
 (e) All meetings of the Members shall be
held at the principal place of business of the Company or at such other place within the State of Pennsylvania and Centre County as shall be specified or fixed in the notices or waivers of notice thereof; provided that any or all Members may
participate in any such meeting by means of conference telephone or similar communications equipment pursuant to Section 6.11. 
 6.9 Proxies. A Member entitled to vote may vote either in person or by proxy executed in writing by the Member. A telegram, telex, cablegram or similar transmission by the Member, or a photographic, photostatic, facsimile or
similar reproduction of a writing executed by the Member shall be treated as an execution in writing for purposes of this Section. Proxies for use at any meeting of Members or in connection with the taking of any action by written consent shall be
filed with each Member before or at the time of the meeting or execution of the written consent, as the case may be. No proxy shall be valid after eleven (11) months from the date of its execution unless otherwise provided in the proxy. A proxy
shall be revocable unless

  

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the proxy form conspicuously states that the proxy is irrevocable and the proxy is coupled with an interest. Should a proxy designate two (2) or more Persons to act as proxies, unless that
instrument shall provide to the contrary, a majority of such Persons present at any meeting at which their powers thereunder are to be exercised shall have and may exercise all the powers of voting or giving consents thereby conferred; or if only
one be present, then such powers may be exercised by that one; or, if an even number attend and a majority do not agree on any particular issue, the Company shall not be required to recognize such proxy with respect to such issue if such proxy does
not specify how the Voting Interest Percentage that are the subject of such proxy are to be voted with respect to such issue. 
 6.10 Conduct of Meetings. All meetings of the Members shall be presided over by the Member present with the greatest Voting Interest Percentage (Chairman). The Chairman shall determine the order of business and the procedure
at the meeting including such regulation of the manner of voting and the conduct of discussion as seem to him in order. Notwithstanding the other provisions of the Articles or this Agreement, the Chairman shall have the power to adjourn such meeting
from time to time, without any notice other than announcement at the meeting of the time and place of the holding of the adjourned meeting; provided, however, postponement of a meeting under no circumstances shall exceed a period of sixty
(60) days from the date of the original meeting date. Upon the resumption of such adjourned meeting, any business may be transacted that might have been transacted at the meeting as originally called. 
 6.11 Action by Written Consent or Telephone Conference. 
 (a) Any action required or permitted to be taken at any meeting of Members may be taken without a meeting, without prior notice, and without
a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holder or holders of not less than the Voting Interest Percentage that would be necessary to take such action at a meeting at which all Members
entitled to vote on the action were present and voted. Every written consent shall bear the date of signature of each Member who signs the consent. No written consent shall be effective to take the action that is the subject of the consent unless,
within sixty (60) days after the date of the earliest dated consent delivered to the Company and each Member in the manner required by this Section, a consent or consents signed by the holder or holders of not less than the Voting Interest
Percentage that would be necessary to take the action that is the subject of the consent are delivered to the Company to its registered office, its principal place of business and to each Member. Delivery shall be by hand or certified or registered
mail, return receipt requested. Delivery to the Company’s Principal Place of Business shall be addressed as stated in Section 1.5. A telegram, telex, cablegram or similar transmission by a Member, or a photographic, photostatic, facsimile
or similar reproduction of a writing signed by a Member, shall be regarded as signed by the Member for purposes of this Section. Prompt notice of the taking of any action by Members without a meeting by less than unanimous written consent shall be
given to those Members who did not consent in writing to the action. 
  

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 (b) The record date for determining Members entitled to consent to action in writing
without a meeting shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is properly delivered. 
 (c) If any action by Members is taken by written consent, any articles or documents filed with the Secretary of State of Delaware as a result of the taking of the action shall state, that written consent
has been given in accordance with the provisions of law and that any written notice required by the law has been given. 
 (d)
Members entitled to vote may participate in and hold a meeting by conference telephone or similar communications equipment by means of which all Persons participating in the meeting can hear each other, and participation in such meeting shall
constitute attendance and presence in person at such meeting, except where a Person participates in the meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or
convened. 
 ARTICLE 7 
 TAXES 
 7.1 Tax Returns. Charlie Brown Air Corp. pursuant to
the Management Agreement will cause to be prepared and filed all necessary federal and state income tax returns for the Company. 
 7.2 Tax Elections. The Company will make the following elections on the appropriate tax returns: 
 (a) To adopt the calendar year as the Fiscal Year; 
 (b) To adopt the cash method of accounting and
keep the Company’s books and records on such method; 
 (c) If a distribution as described in Code
Section 734 occurs or if a transfer of a Membership Interest described in Code Section 743 occurs, upon the written request of any Member, to elect to adjust the basis of the property of the Company pursuant to Code Section 754;

 (d) To elect to amortize the organizational expenses of the Company and the start-up expenditures of the
Company under Code Section 195 ratably over a period of sixty months as permitted by Code Section 709(b); 
 (e) To elect as a domestic eligible entity to be treated as a partnership under the federal entity classification election rules; and 
  

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 (f) Any other election that the Members may deem appropriate and in the best
interests of the Members. 
 Neither the Company nor any Member may make an election for the Company to be excluded from the application of
Subchapter K of Chapter 1 of Subtitle A of the Code or any similar provisions of applicable state law, and no provisions of this Agreement will be interpreted to authorize any such election. 
 7.3 Tax Matters Partners. The Managers are the “Tax Matters Partner” of the Company pursuant to Code
Section 6231(a)(7). 
 ARTICLE 8 
 COMPENSATION 
 8.1 Expenses. The Members are entitled to
reimbursement of all their reasonable expenses attributable to the performance of their obligations hereunder. No amount paid to any Member, other than distributions pursuant to Article 5, will be deemed to be a distribution of Company assets
for purposes of this Agreement or the Law. 
 8.2 Fees. The Members will not receive any fees or other
compensation from the Company. 
 ARTICLE 9 
 ACCOUNTS 
 9.1 Books. SHG will maintain complete and accurate
books of account of the Company’s affairs at the Company’s principal offices, including a list of the names and addresses of the Members and the interest held by each Member or Member. Each Member and its accountants, lawyers and agents
has the right to inspect the Company’s books and records (including the list of the names and addresses of Members and Members) at the offices of c/o Shaner Hotel Group, 1965 Waddle Road, State College, Pennsylvania 16803. Monthly financial
reports will be provided to all Members. 
 9.2 Members’ Accounts. Separate Capital Accounts will be
maintained for each Member. 
 9.3 Reports, Returns and Audits. The books of account will be kept on the accrual
basis of accounting. The Members reserves the right, however, to change the accounting methods of the Company. The books of the Company will be closed promptly after the end of each Fiscal Year. Within 75 days of the end of each Fiscal Year, each
Member will be provided with an information letter containing all information concerning the Company necessary for the preparation of the Member’s income tax return(s). 
  

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 ARTICLE 10 
 TRANSFERS 
 10.1 Transfer of Member’s
Interest. 
 (a) A Member has no right to withdraw or resign from the Company. Subject to any restrictions on
transferability by operation of law or contained elsewhere in this Agreement, a Member may assign in writing his or her Membership Interest in the Company, subject to the limitations of Section 10.4 and Article 5 in general, provided:

 (i) a duly executed and acknowledged written instrument of assignment in form satisfactory to the
non-transferring Member is filed with the Company; 
 (ii) the assignee consents in writing, in form
satisfactory to the Members, to be bound by the terms of this Agreement as if he or she were the assignor; 
 (iii) the assignor and the assignee execute and acknowledge other instruments, in form and substance satisfactory to the non-transferring Members, as such non-transferring Members may deem necessary or desirable to effect the substitution;

 (iv) the assignment will not jeopardize the status of the Company as an entity taxed as a partnership for
federal income tax purposes, cause a termination of the Company for the purposes of the then applicable provisions of the Code, or violate or cause the Company to violate any applicable law or governmental rule or Treasury Regulation, including
without limitation, any applicable federal or state securities law; and 
 (v) if requested by the
non-transferring Member, an opinion from counsel to the assignee (which counsel and opinion must be satisfactory to counsel for the Company) is furnished to the Company stating that, in the opinion of the counsel, the assignment would not jeopardize
the status of the Company as a partnership for federal income tax purposes, or cause a termination of the Company for the purposes of the then applicable provisions of the Code, or violate, or cause the Company to violate any applicable law or
governmental rule or Treasury Regulation, including without limitation, any applicable federal or state securities law or cause the Company to be subject to any reporting requirements of any applicable federal or state securities law. 
 (b) Each assigning Member agrees to pay, prior to the time the Members consent to an assignment of his or her Membership Interest or
Economic Interest in the Company, all reasonable expenses, including attorneys fees, incurred by the Company in connection with the assignment. 
  

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 10.2 Assignee’s Rights. Any purported assignment of a Membership Interest
or an Economic Interest in the Company that is not in compliance with this Agreement is hereby declared to be null and void and of no force and effect whatsoever. A permitted assignee of any Economic Interest in the Company is entitled to receive
distributions of cash or other property from the Company and to receive allocations of the income, gains, credits, deductions, Profits and Losses of the Company attributable to the Economic Interest after the effective date of the assignment. The
“effective date” of an assignment of a Membership Interest or an Economic Interest in the Company under the provisions of this Article, except as otherwise consented to by the Members, is the day next following receipt by the Members of
written notice of assignment and fulfillment of all conditions precedent to the assignment provided for in this Agreement. 
 10.3 Satisfactory Written Assignment Required. Anything herein to the contrary notwithstanding, both the Company and the Members will be entitled to treat the assignor of a Membership Interest or an Economic Interest in the
Company as the absolute owner thereof in all respects, and will incur no liability for distributions made in good faith to him or her, until a written assignment that conforms to the requirements of this has been received by, accepted and recorded
on the books of the Company. 
 10.4 Substituted Member. In addition to the requirements of Section 10.1, the
assignee of any Membership Interest in the Company may become a substituted Member in place of his or her assignor only upon the express written consent of the non-transferring Members, which consent may be withheld in the sole and absolute
discretion of each non-transferring Member. If the written consent of the Members is received by the assignee, the assignee then will acquire the entire Membership Interest assigned, including without limitation, the Voting Interest held by the
assignor Member. By executing this Agreement, each Member is deemed to have consented to any substitution of an assignee in the place of an assigning Member if permitted by the non-transferring Members. If the written consent is not received from
the non-transferring Members, the purported assignee of a Membership Interest remains an unadmitted assignee and receives only the assignor’s Economic Interest therein and the assignor retains all other rights and interests attributable to the
Membership Interest, including without limitation the Voting Interest. 
 10.5 Automatic Substitution.
Notwithstanding the provisions of Section 10.4, any Member may Transfer his or her Membership Interest without the consent of the Members to the Member’s spouse or descendants or to a trust for the benefit of the Member’s spouse or
descendants or to a family limited partnership that includes the Member, spouse, children or direct descendants of the Member. This Transfer of a Membership Interest may not be effected unless and until the Members receive on behalf of the Company
the consents and instruments required by Section 10.1(a). The Transferee will become a substituted Member without further action by the Members. 
 10.6 Substitution Required for Vote. Until an assignee of a Economic Interest in the Company becomes a substituted Member pursuant to Section 10.4 and obtains the Voting Interest of the
assignor Member, the assignee is not entitled to exercise any vote with respect to the Membership Interest. If the assignee does not become a substituted Member, the Voting Interest of the assignor Member remains with the assignor Member.

  

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 10.7 Death, Bankruptcy or Incapacity of a Member. The death, bankruptcy or
adjudicated incompetency of a Member will not cause a dissolution of the Company, but the rights of the Member to share in the Profits and Losses of the Company, to receive distributions and to assign his or her Membership Interest in the Company
pursuant to Section 10.1 or cause the substitution of a substitute Member pursuant to Section 10.4, on the happening of one of these events, devolve on his or her successor, executor, administrator, guardian or other legal representative
for the purpose of settling his or her estate or administering his or her property, or in the event of the death of one whose Membership Interest is held in joint tenancy, pass to the surviving joint tenant, subject to the terms and conditions of
this Agreement, and the Company will continue as a limited liability company. The successor or personal representative automatically becomes a substituted Member without further action, notwithstanding the provisions of Section 10.4. The estate
of the Member will be liable for all the obligations of the deceased, bankrupt or incapacitated Member. 
 ARTICLE 11 

 DISSOLUTION 
 11.1 Events of Dissolution. The Company will dissolve and its affairs will be wound up upon the first to occur of the following: 
 (a) the approval or written consent of all the Members; or 
 (b) the sale, exchange or other disposition by the Company of all or substantially all of the Company’s assets.

 11.2 Final Accounting. Upon the dissolution of the Company a proper accounting will be made from the date of
the last previous accounting to the date of dissolution. 
 11.3 Liquidation. Upon the dissolution of the Company,
the Members will appoint a person to act as liquidator to wind up the affairs of the Company. The liquidator will have full power and authority to sell, assign and encumber any or all of the Company’s assets and to wind up and liquidate the
affairs of the Company in an orderly and business-like manner. All proceeds from liquidation will be distributed in the following order of priority: (a) to the payment of the debts and liabilities of the Company and expenses of liquidation,
(b) to the setting up of such reserves as the liquidator may reasonably deem necessary for any contingent liability of the Company, and (c) the balance to the Members in accordance with Section 5.2(c). 
 11.4 Distribution in Kind. If the liquidator determines that a portion of the Company’s assets should be distributed in
kind to the Members, the distribution will be made pursuant to Section 5.3. 
  

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 11.5 Cancellation of Certificate. Upon the completion of the distribution of
Company assets as provided in Sections 11.3 and 11.4, the Company will be terminated and the person acting as liquidator will cause the cancellation of the Certificate and shall take such other actions as may be necessary or appropriate to
terminate the Company. 
 ARTICLE 12 
 AMENDMENTS TO AGREEMENTS 
 Amendments to this Agreement may only be made
upon the approval or written consent of the Members. 
 ARTICLE 13 
 MEETINGS OF THE MEMBERS 
 13.1 Meetings.
Meetings of Members, for any purpose, may be called by any Member. The request shall state the purpose or purposes of the proposed meeting and the business to be transacted. The meetings will be held at the principal office of the Company, or at
another place as may be designated by the Members. Notice of any meeting will be delivered to the Members in the manner prescribed in Article 14 within 10 days after receipt of the request and not fewer than 15 days nor more than
60 days before the date of the meeting. The notice will state the place, date, hour and purpose or purposes of the meeting. At each meeting of the Members, the Members present or represented by proxy will adopt such rules for the conduct of
such meeting as they deem appropriate. The expenses of any meeting, including the cost of providing notice thereof, will be borne by the Company. 
 13.2 Proxy. Each Member may authorize any person or persons to act for him or her by proxy in all matters in which a Member is entitled to participate. Every proxy must be signed by the
Member or his or her attorney in fact. No proxy will be valid after the expiration of 6 months from its date. Every proxy will be revocable by the Member executing it. 
 13.3 Written Consents. Whenever Members are required or permitted to take any action by vote or at a meeting, that action may be taken without a meeting, without prior notice and without a
vote, if a written consent setting forth the action so taken is signed by the Members whose Voting Interest Percentages aggregate at least the minimum level that would be necessary to authorize or take the action by vote or at a meeting. Notice of
any action so taken by written consent will be given to the Members who have not so consented, in the manner prescribed in Article 14, promptly after the taking of the action. 
 13.4 Manner of Acting. Consistent with the provisions of Section 6.1, the unanimous vote or written consent of all
Members will be the act of the Members. 
  

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 ARTICLE 14 
 IMPASSE 
 14.1 If an Impasse occurs such
Impasse shall be settled by the sale of the Company’s assets. The Company shall engage a nationally recognized appraiser to place a value on the assets as soon as reasonably possible after the Impasse occurs. After the appraisal has been
provided to each Member for at least ten (10) days, any Member may provide a non-revocable offer to the Company to purchase the assets for the appraised value. The first Member to make such an offer will purchase the assets within thirty
(30) days of the date of the offer presented to the Company for the appraisal amount and the Company shall sell the assets to such Member. The above is conditioned upon the offer by the Member being sufficient to equal the appraised value and
to satisfy any financing lien on the assets at the time. If no Member offers to purchase the assets as provided for herein, then assets shall be marketed by the Company to sell and the first offer received for the appraised value plus enough to
satisfy any financing lien on the assets shall be accepted by the Company. 
 ARTICLE 15 
 GENERAL PROVISIONS 
 15.1 Entire Agreement. This Agreement constitutes the entire agreement among the parties with respect to the subject matter, and supersedes any prior agreement or understanding among the parties with respect to the subject
matter. 
 15.2 Waiver. Except as provided otherwise in this Agreement, no rights of any Member hereunder may be
waived except by an instrument in writing signed by the party sought to be charged with such waiver. 
 15.3 Governing
Law. This Agreement must be construed in accordance with and governed by the laws of the State of Delaware, without giving effect to the provisions, policies or principles of those laws relating to choice or conflict of laws. 
 15.4 Binding Effect. Except as provided otherwise in this Agreement, this Agreement is binding upon and inures to the benefit
of the parties to it and of their respective legal representatives, heirs, successors and assigns. 
 15.5
Counterparts. This Agreement may be executed either directly or by an attorney-in-fact, in any number of counterparts of the signature pages, each of which will be considered an original. 
 15.6 Separability. Any provision that is prohibited or unenforceable in any jurisdiction, as to such jurisdiction, will be
ineffective to the extent of the prohibition or unenforceability, without invalidating the remaining portions or affecting the validity or enforceability of the provision in any other jurisdiction. 
  

 - 20 - 

 15.7 Headings. The section and other headings in this Agreement are for
reference purposes only and do not affect the meaning or interpretation. 
 15.8 Waiver of Partition. Each Member
irrevocably waives, during the term of the Company, any right that he or she may have to maintain any action for partition with respect to any Company property. 
 15.9 Taxable Year. The Company elects the calendar year as its taxable year for federal income tax purposes. Each Member acquiring an interest of 5% or more in Company capital or Profits
must have elected properly to use the calendar year as his or her taxable year for federal income tax purposes unless this requirement is waived by the Members in their discretion. 
 [Signatures on following page] 
  

 - 21 - 

 IN WITNESS WHEREOF the parties have executed this Agreement, to be effective as of
the day and year first above written. 
  

			
	 /s/ Bruce Heim

	Bruce Heim
	Member
	
	SHANER HOTEL GROUP LIMITED PARTNERSHIP
		
	By:	 	 /s/ Peter K. Hulburt

		 	Peter K. Hulburt
		 	Vice President
	
	REX ENERGY OPERATING CORP.
		
	By:	 	 /s/ Benjamin W. Hulburt

		 	Benjamin W. Hulburt
		 	Chief Executive Officer

  

 - 22 - 

 CHARLIE BROWN AIR II, LLC 
 SCHEDULE I 
  

							
	 NAME AND ADDRESS
	 	 CAPITAL
 CONTRIBUTION
	 	 ECONOMIC
 PERCENTAGE
 INTEREST
	 	 VOTING
 INTEREST
 PERCENTAGE

	 Members:
	 		 		 	
	 Bruce Heim
 444 E. College
Avenue
 State College, PA 16801
	 	$100,000.00	 	50%	 	50%
				
	 Shaner Hotel Group Limited Partnership
 1965 Waddle Road
 State College, PA 16803
	 	$50,000.00	 	25%	 	25%
				
	 Rex Energy Operating Corp.
 1975 Waddle Road
 State College, PA 16803
	 	$50,000.00	 	25%	 	25%

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