Document:

Exhibit 10.1

 Exhibit 10.1 

EXECUTION COPY 

SEPARATION AND TRANSITION AGREEMENT 

This Separation and Transition Agreement (the “Agreement”) is dated as of this
23rd day of March, 2017 (the “Effective Date”), by and between U.S. Concrete, Inc., a Delaware corporation (together with its successors and assigns, the
“Company”) and Joseph C. Tusa, Jr. (the “Executive”). 
 WHEREAS, the Executive and the Company (each, a
“Party” and together, the “Parties”) are parties to an Executive Severance Agreement dated as of February 1, 2016 (the “Severance Agreement”), which sets forth certain rights and obligations of
the Parties in the event of a termination of Executive’s employment; and 
 WHEREAS, the Parties wish to set forth their respective
rights and obligations in connection with the termination of the Executive’s employment with the Company. 
 NOW, THEREFORE, in
consideration of the premises and agreements contained herein, the parties agree as follows: 
 1. Transition Period.
Executive’s employment with the Company will continue during the period commencing on the Effective Date and ending on the Separation Date (as defined below) (such period, the “Transition Period”). During the Transition Period,
Executive will assist the Company with such duties and responsibilities as reasonably requested by the Board of Directors of the Company (the “Board”) and the Chief Executive Officer of the Company. During the Transition Period, the
Company will pay or provide to the Executive the base salary and employee benefits that the Executive received from the Company immediately prior to the Effective Date. Notwithstanding anything herein to the contrary, the Executive acknowledges and
agrees that (i) the Company may terminate the Transition Period for any reason by written notice to the Executive in accordance with Section 13(d) below and (ii) the Company may appoint a new Chief Financial Officer prior to the
Separation Date and that Executive may be required to assist such person during the Transition Period. 
 2. Termination of
Employment. The Company and the Executive acknowledge and agree that the Executive’s employment with the Company shall terminate (the “Separation”) on the earlier of (i) the date the Company terminates the
Executive’s employment for any reason by written notice to the Executive in accordance with Section 13(d) below and (ii) July 1, 2017 (such applicable date, the “Separation Date”). In connection with the
Separation, the Executive shall resign from any and all positions that the Executive holds with the Company and its affiliates effective as of the Separation Date. 

3. Separation Payments and Benefits. In connection with the Separation, subject to the terms and conditions set forth in this
Agreement, including the acknowledgement of the terms of this Agreement as of the Separation Date in accordance with Appendix A attached hereto, the Company will pay or provide the Executive with the following payments and benefits: 

(a) the Company will pay to the Executive a lump-sum cash payment equal to $365,000, payable within ten (10) days following the
Separation Date; 

 (b) the Company will pay to the Executive a lump-sum cash payment equal to $219,000,
payable within ten (10) days following the Separation Date; 
 (c) the Company will pay all applicable medical continuation
premiums for continuation coverage under the Consolidated Omnibus Budget Reconciliation Act for the benefit of Executive and his covered dependents for 18 months following the Separation Date; and 

(d) fifty percent (50%) of all outstanding and unvested restricted stock awards granted by the Company to the Executive prior to
the Separation Date that would otherwise have vested during the twelve-month period following the Separation Date will become vested as of the Separation Date. All other equity awards, including restricted stock awards granted to the Executive that
remain unvested on Separation Date will be immediately forfeited and cancelled without further consideration. 
 (e) All payments and
benefits described in this Section 3 are subject to applicable withholdings and normal deductions for income and employment taxes and will be made no later than the time required by applicable law. The Executive agrees that the payments or
benefits specified in this Section 3 constitute any and all payments or benefits which may be due to the Executive up to or as of the end of the Executive’s employment with the Company, or related to the Executive’s employment with
and separation from the Company, including, without limitation, pursuant to the Severance Agreement, and that the Executive shall bring no further claims for compensation of any kind. 

4. Full Release. The Executive, for himself, his heirs, executors, administrators, successors and assigns (hereinafter
collectively referred to as the “Releasors”), hereby fully releases and discharges the Company and all of its subsidiaries, affiliates, insurers, successors and assigns (together, the “Releasees”), and the
Releasees’ respective past and present officers, directors, stockholders, partners, members, insurers, attorneys, employees, related parties and agents (all such persons, firms, corporations and entities being deemed beneficiaries hereof and
are referred to herein as the “Related Parties”) from any and all actions, causes of action, claims, obligations, costs, losses, liabilities, damages and demands of whatsoever character (the “Claims”), whether or
not known, suspected or claimed, which the Releasors have, from the beginning of time through the date of this Agreement, against the Related Parties arising out of or in any way related to the Executive’s employment or termination of
employment, including, without limitation, Claims for employment discrimination or harassment, breach of express or implied contract, promissory estoppel, emotional distress, defamation, invasion of privacy rights, fraud, misrepresentation, wrongful
discharge, or breach of public policy. The Executive intends this release to be as broad and comprehensive as possible so that the Releasees shall never be liable, directly or indirectly, to the Executive for any Claims of whatsoever nature or
character released herein; provided, however, that this Agreement shall not release any rights or entitlements of the Executive that (i) arise under or are preserved by this Agreement; (ii) any existing right Executive has to
indemnification, contribution, or right to require a defense from the Company; (iii) any directors and officers and general liability insurance coverage; and (iv) any rights which cannot be waived or released as a matter of law. 

  
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 5. Waiver of Rights Under All Applicable Statutes And Common Law. The Executive
understands that, with respect to the matters released herein, this Agreement waives all Claims and rights the Executive may have under certain applicable federal, state and local statutory and regulatory laws, as each may be amended from time to
time, including but not limited to, the Age Discrimination in Employment Act (including the Older Workers Benefit Protection Act) (“ADEA”); Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Employee
Retirement Income Security Act of 1974; the Equal Pay Act; the Rehabilitation Act of 1973; the Americans with Disabilities Act; the Americans with Disabilities Amendment Act; the Worker Adjustment and Retraining Notification Act; the Family and
Medical Leave Act; the Fair Labor Standards Act; Title 42 U.S.C. § 1981; the Sarbanes-Oxley Act of 2002; the Texas Commission on Human Rights Act; the Texas Pay Day Law; Chapter 451 of the Texas Labor Code; the Texas Worker’s Compensation
Act; and all other statutes, regulations, common law, and other laws in any and all jurisdictions (including, but not limited to, the State of Texas). 

6. Reaffirmation of Continuing Obligations Under Severance Agreement And Applicable Law. Nothing in this Agreement is intended
to replace, supersede or supplant Executive’s independent and continuing obligations under the Severance Agreement or applicable law. By executing this Agreement, Executive hereby acknowledges and reaffirms all continuing obligations under the
Severance Agreement and applicable law, including but not limited to his obligations set forth in Sections 2.1, 2.2, 2.3, 2.4, 2.5, 2.6 and 4.1 of the Severance Agreement. 

7. Informed and Voluntary Signature. The Executive hereby acknowledges that he has carefully read this Agreement and has had the
opportunity to thoroughly discuss the terms of this Agreement with legal counsel of his choosing. The Executive hereby acknowledges that he fully understands the terms of this Agreement and its final and binding effect and that he affixes his
signature hereto voluntarily and of his own free will. 
 8. Waiver of Rights Under the Age Discrimination in Employment Act.
Executive understands that this Agreement, and the release contained herein, waives all of his or her claims and rights under the ADEA (including the Older Workers Benefit Protection Act). The waiver of the Executive’s rights under the ADEA
does not extend to claims or rights that might arise after the date this Agreement is executed. All or part of the consideration to be paid to the Executive are in addition to any sums to which the Executive would be entitled without signing this
Agreement. The Executive acknowledges that he has been given up to twenty-one (21) days to consider the terms of this Agreement. The Executive has been advised to consult with an attorney prior to executing this Agreement and has been given a
full and fair opportunity to do so. Executive acknowledges that he has carefully read this Agreement, fully understands this Agreement, and is entering into this Agreement knowingly and voluntarily. For a period of seven (7) days following
execution of this Agreement (including execution by the Executive on or following the Separation Date), the Executive may revoke the terms of this Agreement by a written document received by the Company no later than 11:59 p.m. of the seventh
(7th) day following the Executive’s execution of this Agreement. This Agreement will not be effective until said revocation period has expired without a revocation by the Executive on the eighth (8th) day following its execution
(including execution by the Executive on or following the Separation Date) (the “Release Effective Date”). Upon revocation of this Agreement, the Company will have no obligation to make payments of any kind hereunder, other than
amounts due to the Executive as a matter of law, and this Agreement will be void ab initio. 

  
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 9. Covenant Not To Sue. The Executive represents and warrants that he has not filed
any Claim against the Company or Related Parties. Except for an action brought to enforce this Agreement or challenge the validity of the ADEA waiver, the Executive agrees to refrain from filing or otherwise initiating any Claim against the Company
or Related Parties over matters released or waived herein, and agrees that he will refrain from participating in any Claim initiated or pursued by any individual, group of individuals, partnership, corporation or other entity against the Company
and/or the Related Parties over matters released or waived herein, except as required by law. Notwithstanding the foregoing, nothing in this Agreement shall interfere with the Executive’s right to file a charge with or participate in an
investigation or proceeding by the Equal Employment Opportunity Commission or other federal or state regulatory or law enforcement agency. However, the consideration provided to the Executive under this Agreement shall be the sole relief provided
for the released Claims. The Executive will not be entitled to recover and the Executive agrees to waive any monetary benefits or other recovery in connection with any such charge or proceeding, without regard to who has brought such charge or
proceeding. 
 10. Litigation And Regulatory Cooperation. The Executive shall reasonably cooperate with the Company and/or
Related Parties in the defense or prosecution of any claims or actions now in existence or that may be brought in the future against or on behalf of the Company and/or Related Parties that relate to events or occurrences that transpired while the
Executive was employed by the Company. The Executive’s cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on
behalf of the Company at mutually convenient times. The Executive also shall cooperate fully with the Company in connection with any investigation or review by any federal, state, or local regulatory authority as any such investigation or review
relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse the Executive for any reasonable travel-related expenses (including transportation, lodging and meals) incurred with any
cooperation pursuant to this Section 10. 
 11. No Admission of Liability. This Agreement shall not in any way be
considered or construed as an admission by the Company or the Executive of any improper actions or liability whatsoever as to each other or any other person, and the Company and the Executive specifically disclaim any liability to or improper
actions against each other or any other person, on the part of themselves and their agents and affiliates. 
 12. Effect of
Breach. In the event of a material breach by the Executive of any of the material terms or conditions of this Agreement or the Employment Agreement, which is not cured (to the extent curable) within ten (10) business days after written
notice of such breach from the Company, the Executive shall forfeit the right to receive the payments and benefits described in Section 3 hereof and upon such breach, the Executive shall repay to the Company all amounts paid to the Executive
hereunder, including the value of any benefits provided to the Executive, to the maximum extent permitted by law. 

  
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 13. Miscellaneous. 

(a) This Agreement shall be governed in all respects by the laws of the State of Texas without regard to the principles of conflict of
law. 
 (b) In the event that any one or more of the provisions of this Agreement is held to be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. Moreover, if any one or more of the provisions contained in this Agreement is held to be excessively broad as to duration, scope,
activity or subject, such provisions will be construed by limiting and reducing them so as to be enforceable to the maximum extent compatible with applicable law. 

(c) Notwithstanding anything herein to the contrary, this Agreement is intended to be interpreted and applied so that the payment of the
benefits set forth herein shall either be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, or shall comply with the requirements of such provision. 

(d) Any notice or other communication required or permitted to be delivered under this Agreement shall be (i) in writing;
(ii) delivered personally, by facsimile, by electronic mail, by courier service or by certified or registered mail, first class postage prepaid and return receipt requested; (iii) deemed to have been received on the date of delivery or, if
so mailed, on the third business day after the mailing thereof; and (iv) addressed to the party as set forth below (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof). 

 

							
	If to Executive:	 		 	To Executive’s home address most recently on file with the Company.	 	
				
	With a copy to:	 		 	 Law Office of Dennis Herlong
 440 Louisiana
Street, Suite 900
 Houston, Texas 77002
 Attention: Dennis
Herlong
	 	
				
	If to the Company:	 		 	 U.S. Concrete, Inc.
 331 N. Main Street

Euless, Texas 76039
 Attention: General Counsel
	 	
				
	With a copy to:	 		 	 Akin Gump Strauss Hauer & Feld LLP
 One
Bryant Park
 New York, NY 10036
 Facsimile:
(212) 872-1002
 Attention: Kerry Berchem
	 	

 or to such other address as any party may have furnished to the other in writing in accordance herewith, except that notices
of change of address shall be effective only upon receipt. 

  
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 (e) This Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. Signatures delivered by facsimile and/or portable document format (“.pdf”) shall be deemed effective for all purposes. 

(f) The paragraph headings used in this Agreement are included solely for convenience and shall not affect or be used in connection with
the interpretation of this Agreement. 
 (g) This Agreement and the Severance Agreement represent the entire agreement between the
parties and supersede all prior agreements and understandings between the Parties with respect to the subject matter hereto and may not be amended except in a writing signed by the Company and the Executive. Any and all prior or contemporaneous
agreements or understandings that are not embodied or incorporated by reference in this Agreement or the Severance Agreement, whether oral or written, are of no force or effect. 

(h) This Agreement shall be binding on the executors, heirs, administrators, successors and assigns of the Executive and the Company and
the successors and assigns of the Related Parties and the Releasors and shall inure to the benefit of the respective executors, heirs, administrators, successors and assigns of the Related Parties and the Releasors. 

[Signature page follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written
above. 
  

			
	U.S. CONCRETE, INC.
		
	By:	 	/s/ William J. Sandbrook
	Name:	 	William J. Sandbrook
	Title:	 	President & Chief Executive Officer

  

	
	EXECUTIVE
	
	/s/ Joseph C. Tusa, Jr.
	Joseph C. Tusa, Jr.

 APPENDIX A 

GENERAL RELEASE AND WAIVER 
 As a condition to
receiving the consideration set forth in Section 3 of the Agreement attached to this Appendix A, I, Joseph C. Tusa, Jr., hereby execute for a second time the Agreement on the Separation Date (except that the consideration set
forth therein shall be paid, to the extent payable, only once) and the general release and waiver as set forth in Section 4 and Section 5 thereof. The applicable date for purposes of this execution of this Appendix A and such
release shall be the Separation Date. I shall be deemed to have been delivered this release for my review for at least twenty one (21) days, and shall have seven (7) days to revoke it following execution on the Separation Date. 

I ACKNOWLEDGE AND AGREE THAT I HAVE CAREFULLY READ AND FULLY UNDERSTAND THE PROVISIONS OF THE AGREEMENT. I SIGN MY NAME VOLUNTARILY AND WITH A FULL
UNDERSTANDING OF ITS LEGAL CONSEQUENCES. I HEREBY ACCEPT AND AGREE TO ALL OF THE TERMS OF THE AGREEMENT KNOWINGLY AND VOLUNTARILY. I ACKNOWLEDGE AND AGREE THAT FAILURE TO SIGN OR THE REVOCATION OF THIS APPENDIX A SHALL CONSTITUTE GROUNDS
FOR THE COMPANY TO CEASE PAYMENTS TO ME UNDER SECTION 3 OF THE AGREEMENT FOLLOWING THE SEPARATION DATE. 
  

	
	ACKNOWLEDGED AND AGREED:
	
	   

	 Joseph C. Tusa, Jr.
 Date:Exhibit 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE EMPLOYMENT
AGREEMENT (“Agreement”) is dated as of July 8, 2016 (the “Effective Date”) and is entered into by and between
Baltia Air Lines, Inc., a New York corporation (“Company”), and Sheryle Milligan (Executive).

 

RECITALS

 

A.           Executive
is currently employed by the Company as Chief of Operations. The Company and Executive desire to formally state the terms and conditions
of Executive’s employment by the Company and to provide Executive with certain benefits upon a qualifying termination of
such employment.

 

B.           The
Company desires to employ Executive in the executive capacity hereinafter stated, and the Executive desires to enter into the employ
of the Company in such capacity for the period and with the terms and conditions set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the promises and the covenants set forth in this Agreement and for other valuable consideration, the parties hereby agree as
follows:

 

1.          Employment.
The Company hereby employs Executive as Chief of Operations, assigned with responsibilities to do and perform all services, acts,
or things necessary or advisable to manage and conduct the business of the Company, subject at all times to the policies set by
the Board of Directors of the Company (the “Board”), and to the consent of the Board when required by the terms of
this contract. Executive hereby accepts such employment and agrees to devote such time and energies as Executive, in his sole discretion,
deems appropriate to fulfill such responsibilities to the Company.

 

2.          Term.
This Agreement shall begin as of the Effective Date of this Agreement and end on July 7, 2017 (such time period, as may be extended
pursuant to the terms of this Agreement, the “Term”). Thereafter, this Agreement shall automatically renew for successive
one (1) year terms unless otherwise terminated as provided herein.

 

3.          Compensation.
In consideration for services rendered by Executive under this Agreement, Executive shall receive the compensation described in
this Section 3. Such compensation shall be paid subject to required tax withholding and similar required deductions.

 

a.           Salary.
During the Term, Executive shall be paid an annual base salary of $200,000 (the “Base Salary”), payable in accordance
with the Company’s normal practices in the payment of salary and wages, in equal installments not fewer than 24 increments
annually; provided that the Base Salary will be reduced to $127,400 until the Company has obtained Federal Aviation Authority authorization
to commence revenue-generating flight.

 

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b.           
Executive Benefit and Incentive Compensation Plans. During the Term, Executive shall be entitled to receive all benefits
which are made available to any employee of the Company. Executive shall be entitled to receive any stock, stock options, restricted
stock awards, long term incentive plan benefits, profit sharing plan, bonus plan and any other equity awards or benefits that the
Company authorizes, life insurance, health insurance, short-term and long-term disability insurance and participation in a retirement
plan. Notwithstanding the foregoing, the Company agrees to maintain for the benefit of Executive, at the Company’s sole cost
and expense, short-term and long-term disability insurance with coverage amounts at least equal to such coverage amounts maintained
by the Company with respect to Executive on the Effective Date. In addition, the Company agrees to reimburse Executive for membership
fees and other reasonable expenses incurred with respect to Executive’s participation in community and business-related organizations,
in each case subject to the Board’s approval. The Company shall not take any action that would materially diminish the aggregate
value of Executive’s fringe benefits as they exist as of the Effective Date of this Agreement or as the same may be increased
from time to time, except for actions taken with respect to officers or employees generally.

 

c.           Expense
Reimbursement. The Company shall promptly reimburse Executive for all reasonable expenses incurred during conduct of Company
business, and for which adequate documentation is presented.

 

d.           Personal
Time Off. Executive shall be entitled to paid time off in accordance with the Company’s policies applicable to executives,
such paid time off to be not less than fifteen (15) days per year.

 

4.          Termination.
The parties agree and understand that Executive’s employment cannot be terminated for any reason whatsoever, or no reason
at all, except as expressly set forth in this Section 4.

 

a.           Mutual
Agreement. Executive’s employment may be terminated by mutual written agreement between Executive and the Company.

 

b.           
Death. Executive’s employment shall terminate automatically upon the death of Executive.

 

c.           Disability.
Executive’s employment shall terminate automatically if Executive is unable to perform his duties as required under this
Agreement, with or without reasonable accommodation, for a period of more than thirty (30) consecutive days (“Disability”).

 

d.           Termination
for Cause. The Company may terminate Executive’s employment hereunder for Cause. For the purposes of this Agreement,
“Cause” is defined as intentional and willful misconduct that is reasonably likely to subject the Company to criminal
or civil liability, willful disregard of Company policies and procedures, deliberate refusal to follow the instructions of the
Board, conviction of a felony or any crime involving moral turpitude, gross negligence in performing duties, or unreasonably refusing
to perform the duties of Executive’s position.

 

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e.           Termination
Without Cause. Notwithstanding any provisions of this Agreement to the contrary, the Company may terminate Executive’s
employment for any reason other than those specified in the foregoing paragraphs (a), (b), (c) or (d) (or for no reason) at any
time upon thirty (30) days’ prior written notice from the Board to Executive.

 

f.            Voluntary
Resignation. Executive may terminate this Agreement (“Voluntary Resignation”) at any time upon thirty (30) days’
prior written notice from Executive.

 

5.          Compensation
and Payments upon Termination. Executive shall be entitled to the following compensation from the Company (in lieu of all other
sums payable to the Executive hereunder) upon the termination of Executive’s employment for reasons other than a Change in
Control (as defined below).

 

a.           Mutual
Agreement. If Executive’s employment is terminated as a result of mutual agreement, the Company shall make a lump-sum
payment to Executive within fifteen (15) days of such termination in an amount equal to (i) the unpaid Base Salary for the remainder
of the Term, plus (ii) the value of all compensation and benefits, whether accrued or unaccrued, for the remainder of the Term,
plus (iii) any unused benefits under any and all benefit plans through the date of such termination. Additionally, Executive will
be entitled to receive any vested incentive stock grants or cash incentives or bonuses that may have been earned by the Executive
prior to the date of termination (all such items described in this Section 5(a), the “Earned Amounts”).

 

b.           Death.
If Executive’s employment is terminated as a result of death, the Company will pay to Executive’s estate the Earned
Amounts and income due for the remainder of the Term.

 

c.           Disability.
If Executive’s employment is terminated as a result of Disability, the Company shall provide Executive with long-term disability
benefits in accordance with the Company’s then-existing benefit plans, and the Company shall pay to Executive the Earned
Amounts and income due for the remainder of the Term.

 

d.           Termination
by the Company without Cause or by the Executive. If Executive’s employment is terminated by the Company without Cause,
or in the event Executive voluntarily elects to terminate employment, the Company shall pay Executive the Earned Amounts. Additionally,
the Company shall cause the accelerated vesting of any stock, stock options, restricted stock awards, long term incentive plan
benefits and any other equity awards or benefits that are subject to vesting which were given or owed to Executive that may have
vested during the Term. At Executive’s request, the Company shall repurchase all equity interests of the Company owned or
held by Executive at a price equal to the greater of (i) $0.02 per share of common stock of the Company and (ii) fair market value.

 

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e.           Termination
for Cause. If Executive’s employment is terminated for Cause, the Company shall pay the Executive the Earned Amounts.

 

6.          Termination
of Employment Following a Change in Control.

 

a.           Termination
and Change in Control. For purposes of this Agreement, a “Change in Control” shall mean a change of control of
the Company of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or not the Company is in fact required
to comply with that regulation; provided that a Change in Control shall also be deemed to have occurred if (A) any “person”
(as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than a trustee or other fiduciary holding securities
under an employee benefit plan of the Company or a corporation owned, directly or indirectly, by the stockholders of the Company
in substantially the same proportions as their ownership of stock of the Company, is or becomes the “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 30% or more
of the combined voting power of the Company’s then outstanding securities; (B) during any period of two (2) consecutive years
(not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute
the Board and any new director (other than a director designated by a person who has entered into an agreement with the Company
to effect a transaction described in clauses (A), (D) or (E) of this Section) whose election to the Board or nomination for election
by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either
were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for
any reason to constitute a majority; (C) the Company enters into an agreement, the consummation of which would result in the occurrence
of a change in control of the Company; (D) the stockholders of the Company approve a merger or consolidation of the Company with
any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately
prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) at least 50% of the combined voting power of the voting securities of the Company or such surviving
entity outstanding immediately after such merger or consolidation; or (E) the stockholders of the Company approve a plan of complete
liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all the Company’s
assets.

 

b.           Accrued
Benefits. Within 30 days following a Change in Control, the Company shall pay to Executive, in a lump sum in cash, the sum
of (i) the Base Salary through the Change in Control to the extent not theretofore paid and (ii) the Earned Amounts.

 

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c.           Additional
Payment. Within 30 days following a Change in Control, the Company shall pay to the Executive, in a lump sum in cash, an amount
equal to three (3) times the then-applicable Base Salary. At Executive’s request, the Company shall repurchase all equity
interests of the Company owned or held by Executive at a price equal to the greater of (i) $0.02 per share of common stock of the
Company and (ii) fair market value.

 

d.           Continuation
of Benefits. For (i) one(1) years after the date of a Change in Control, or (ii) the remainder of the Term, whichever is longer,
or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue
to pay all amounts in respect of any benefits provided to Executive and/or Executive’s family pursuant to this Agreement
are provided by the Company the benefits to Executive and/or Executive’s family in amounts at least equal to those which
would have been paid by the Company for such benefits as would have been provided to Executive and/or Executive’s family
in accordance with the plans, programs, practices and policies described in this Agreement if Executive’s employment had
not been terminated or the Change in Control had not occurred or, if more favorable to Executive, as in effect generally at any
time thereafter with respect to other peer executives of the Company and its affiliated companies and their families; provided,
however, that if Executive thereafter becomes employed by another employer and is eligible to receive medical or other welfare
benefits under such employer’s plans, the medical and other welfare benefits described herein shall be secondary to those
provided under such other employer’s plans during any applicable period of Executive’s eligibility thereunder. For
purposes of determining eligibility (but not the time of commencement of benefits) of Executive for retiree benefits pursuant to
such plans, practices, programs and policies, Executive shall be considered to have remained employed until one(1) years after
the date of termination or Change in Control, whichever is later, and to have retired on the last day of such period. If due to
insurance company or Internal Revenue Service restrictions, Executive is ineligible to continue to be covered under the terms of
any such benefit plan or program, or in the event Executive is eligible but the benefits applicable to Executive under any such
plan or program after termination of employment or Change in Control are not substantially equivalent to the benefits applicable
to Executive immediately prior to termination or Change in Control or, if more favorable to Executive, during the one(1) year period
thereafter, the Company shall provide substantially equivalent benefits, or such additional benefits as may be necessary to make
Executive whole through other sources.

 

e.           Acceleration
of Vesting. Upon a Change in Control, all stock, stock options, restricted stock awards, long term incentive plan benefits
and any other equity awards or benefits that are subject to vesting based upon the continued employment of Executive shall automatically
become vested, unrestricted and/or exercisable, as applicable.

 

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7.           Conflict
of Interest. During the Term, Executive shall be free to pursue other business and/or investment activities which do not interfere
with the performance of his duties and responsibilities under this Agreement; provided that Executive shall not engage in any business
or investment activity which involves actual competition with the business of the Company (such activity, a “Conflicting
Activity”), except with the written consent of the Board; provided, further, that “Conflicting Activity” shall
not include any investment activities of Executive in which Executive acquires or holds not more than 5% of the publicly traded
securities of an entity engaging in actual competition with the business of the Company.

 

8.           Assignment.
This Agreement may not be assigned by Executive. This Agreement shall bind and inure to the benefit of the Company’s
successors and assigns, as well as Executive’s heirs, executors, administrators, and legal representatives. The Company shall
obtain from any successor and deliver to Executive, before any succession takes place, a written agreement of such successor to
assume the obligations and perform all of the terms and conditions of this Agreement.

 

9.           Notices.
All notices required by this Agreement may be delivered by first class mail at the following addresses:

 

To the Company:

Baltia Air Lines, Inc.

Attn: President

Terminal 4, Room 262.089

 Jamaica, NY 11430

 

To Executive:

Sheryle Milligan

7460 Kensington Drive

Ypsilanti, MI 48917

 

10.         Amendment.
This Agreement may be modified only by written agreement signed by both the Company and Executive.

 

11.         Choice
of Law. This Agreement shall be governed by the laws of the State of New York, without regard to choice of law principles.
The parties hereby agree that all disputes (whether in contract or tort) arising out of or relating to this Agreement, or the negotiation,
execution or performance of this Agreement shall, unless otherwise agreed, be litigated only in, and the parties hereto hereby
agree and consent to be subject to the jurisdiction of, the courts of the United States located in the State of New York and in
the absence of such federal jurisdiction, the parties consent to be subject to the jurisdiction of the courts of the State of New
York.  The parties hereto irrevocably waive the defense of an inconvenient forum to the maintenance of any such action.

 

12.         Severability.
If any provision hereof or the application thereof to any party or circumstance shall be invalid or unenforceable to any extent,
the remainder of this Agreement and the application of such provision to other parties or circumstances shall not be affected thereby
and shall be enforced to the greatest extent permitted by law.

 

13.         Waiver.
No waiver of any breach of this Agreement shall constitute a waiver of any subsequent breach.

 

    	 	6	 

     

    

 

14.         Complete
Agreement. As of the Effective Date, this Agreement constitutes the entire agreement between the parties hereto in connection
with the subject matter hereof and supersedes any and all prior or contemporaneous oral and written agreements or understandings
between the parties.

 

15.         Headings.
Headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement
for any other purpose.

 

[Remainder of page intentionally left blank.]

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Executive Employment Agreement as of the date first written above.

 

THE COMPANY:

 

Baltia Air Lines, Inc.

 

	By:	/s/ Russell Thal	 
	Name: Russel Thal	 
	Title: President	 
	 	 
	EXECUTIVE:	 
	 	 
	/s/ Sheryle A. Milligan	 

 

[Signature page to Executive Employment
Agreement]

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