Document:

Exhibit 10.48

 

AIRCRAFT
MANAGEMENT AGREEMENT

 

This Aircraft Management
Agreement (this “Agreement”) is entered into effective as of this 22nd day of
May, 2003 between 7700 PROPERTIES,
L.L.C., an Oklahoma limited
liability company (“Owner”), and UNITED STATES AVIATION CO.,
an Oklahoma corporation (“Manager”).

 

R E C I T A L S

 

A.            Owner owns a certain Falcon aircraft, Model Number 20-5, Serial
Number 344, bearing United States Federal Aviation Administration (“FAA”)
Registration Number N227WE (the “Aircraft”).

 

B.            Manager has been requested by Owner to consult with and to
give recommendations and advise to Owner regarding the maintenance of the
aircraft and such other matters as set forth herein.

 

C.            Manager has agreed to enter into this Agreement by which
it will consult with, advise, and submit recommendations to Owner with respect
to the Aircraft, but only under the terms and conditions set forth in this
Agreement.

 

Now, therefore, in
consideration of the payments to be made pursuant hereto, the mutual promises
contained herein, and for other valuable consideration, all of which is
considered by the parties as adequate, Owner and Manager agree as follows:

 

 

1

 

AGREEMENT

 

1.             Term. The term of this Agreement shall be for a period
of twelve (12) months (unless sooner terminated as set forth hereinafter),
commencing on the date hereof, May 22, 2003, and ending on May 21, 2004, provided
that this Agreement shall automatically renew for successive periods of twelve
(12) months each unless otherwise terminated pursuant to the terms hereof.

 

2.             Duties of Manager. During the term or terms
hereof, Manager shall, as an independent contractor, provide consulting services
to Owner and shall perform such other services to and on behalf of Owner as are
within the scope of this Agreement. Such consulting services shall include the
following:

 

A.            Recommendations Regarding Maintenance
and Repair. Manager shall, from time to time and as necessary or as
reasonably requested by Owner, consult with and advise Owner with respect to
and make recommendations regarding routine and periodic maintenance of the
Aircraft and necessary repairs thereto. All maintenance and repair of the
Aircraft shall be at the sole direction of Owner, and all expenses incurred in
connection therewith shall be the sole responsibility of Owner. Owner hereby
acknowledges and agrees that, notwithstanding the receipt by Owner of advice
and recommendations from Manager, it is the responsibility of Owner to maintain
and repair the aircraft and to comply with all applicable government regulations,
including airworthiness directives from the FAA.

 

B.            Insurance. Manager shall
consult with and advise Owner regarding insurance with respect to the Aircraft,
although it is the responsibility of Owner to inform itself regarding such
insurance, and notwithstanding anything else to the contrary contained herein, Owner
shall procure and maintain the insurance in the amounts, with the coverage

 

2

 

and insuring the interests
as set forth in paragraph 3 below.

 

3.             Insurance.

 

A.            General. Without limiting any
other obligation of Owner under this Agreement, Owner shall, at its own cost
and expense, procure and maintain in full force and effect for the full terms
of this Agreement, a policy or policies of insurance issued by a company or
companies satisfactory to Manager and providing coverage as follows: (i) public
liability insurance on the Aircraft (including, without limitation, passenger legal
liability) in an amount not less than Fifty Million U.S. Dollars ($US
50,000,000) for all claims of damages arising out of any one (1) accident or
occurrence and property damage insurance with respect to the Aircraft; and (ii)
all-risk ground and flight Aircraft hull insurance covering the Aircraft, and fire,
transit and extended coverage with respect to any engine or parts while removed
from the Aircraft, in an amount equal to the full fair market value of the
Aircraft. Owner shall not operate or permit the operation of the Aircraft in
any area in which the ordinary hull policy of Owner does not cover all of such
risks.

 

B.            Other Insurance. In addition
to and not in limitation of the foregoing, Owner shall maintain at its own cost
and expense such other or additional insurance on the Aircraft and/or in
respect of damages arising from the use of operation thereof, and shall post
such bonds, as may be required by any applicable law, ordinance, rule,
regulation or order as a condition to the use or operation of the Aircraft in
any jurisdiction where operated.

 

C.            Additional Insureds. Any
policies of insurance carried in accordance with this Agreement and any policy
taken out in substitution or replacement of any such policies (i) shall name
Manager and Manager’s successors and assigns as additional insureds; (ii) shall
provide that in respect of the interests of Manager, the insurance shall not be
invalidated by an action or inaction of

 

3

 

Owner or any other person
without the prior written consent of Manager, as the case may be, and shall
insure Manager regardless of any breach of the policy conditions by Owner; and
(iii) shall provide that if the insurers cancel such insurance for any reason
whatsoever, or the same is allowed to lapse for nonpayment of premium, such
cancellation or lapse shall not be effective as to Manager for thirty (30) days
after receipt by Manager of written notice from the insurers of such
cancellation or lapse or any reduction in scope or amount of coverage.

 

D.         Policy Requirements.
Each liability policy (i) shall be primary without right of contribution from
any other insurance which is carried by Manager to the extent that such other
insurance provides he or it with contingent and/or excess liability insurance
with respect to his or its
interest in the Aircraft, and (ii) shall expressly provide that all of the
provisions thereof, except the limits of liability, shall operate in the same
manner as if there were a separate policy covering each insured.

 

E.             Copies of Policies Expiration.
Owner shall, simultaneously with the execution hereof, furnish to Manager
copies of all insurance policies and certificates evidencing insurance and with
copies of all endorsements required by this Agreement. Owner shall promptly
advise Manager in writing of any default in the payment of any premium and of
any other act or omission, on the part of Owner which might invalidate or render
unenforceable, in whole or in part, any insurance on the Aircraft. Owner shall
also advise Manager in writing at least ten (10) days prior to the expiration
or termination of any insurance carried and maintained on the Aircraft pursuant
to this Agreement, and Owner shall, not less than five (5) days prior to the
expiration or termination of any insurance carried and maintained on the Aircraft
pursuant to this Agreement, provide to Manager evidence that such insurance has
been renewed or new insurance has been procured.

 

4

 

4.             Manager’s Compensation. In exchange for the performance by Manager of the
consulting services discussed herein, Manager shall for each term hereof be
paid by Owner $10,000.00, each annual payment of which shall be due in advance
before May 22, 2003 of each beginning term. Manager acknowledges receipt from
Owner of $10,000.00 representing the management fee for the first twelve-month
period under this Agreement. No portion of any management fee paid by Owner to
Manager or its employee, agent or designee shall be refunded, notwithstanding
the termination of this Agreement in accordance with the terms hereof or
otherwise, it being acknowledged by Owner that such annual fee has been earned
at the beginning of each term of this Agreement. No payment to Manager shall be
made subject to deductions therefrom, including social security and withholding
taxes, it being understood that Manager is an independent contractor and shall
be solely responsible for all withholding taxes and other necessary or required
deductions. Manager shall place the aircraft on its Air Carrier Certificate
Number USNA973S and shall pay to Owner 85% of the charter rate charge per
flight hour for each particular flight.

 

5.             Reimbursed Expenses. Owner shall, during the term
or terms hereof and, if applicable, subsequent to the termination hereof,
reimburse Manager for all out-of-pocket expenses incurred by Manager in the
performance of its duties hereunder. Manager shall deliver or cause to be
delivered to Owner each month during the term or terms hereof statements or
invoices reflecting such expenses, and Owner shall, within five (5) days after
the receipt

 

5

 

thereof, pay to Manager the amount of such statements
or invoices. Manager shall not obligate Owner for, nor incur expenses
exceeding, $20,000.00 without the prior approval of Owner.

 

6.             Independent Contractor. The parties hereto
understand and agree that Manager is an independent contractor and shall not be
deemed an employee of Owner nor the operator or operator’s agent of or with
respect to the Aircraft. The responsibilities and duties of Manager are those
specifically set forth in this Agreement, and the use and operation of the
Aircraft is the sole responsibility of Owner, and Manager accepts no
responsibility therefor.

 

7.             Pilots. Manager shall employ for the use on the
Aircraft two Pilots (Captain & 1st Officer), a Flight Attendant and his/her
replacement from time to time if necessary, all of whom shall remain as
employees of Manager. Manager shall, be reimbursed for their salaries plus
benefits and add-ons of approximately 30% on an annual basis.

 

8.             Fuel, Oil and Miscellaneous Expenses. All fuel,
oil, catering costs, and other miscellaneous costs and expenses incurred in
connection with the operation of the flight shall be the sole responsibility of
Owner, notwithstanding that a pilot or pilots employed by Manager for the
flight may contract therefor.

 

9.             Risk of Loss. All risk of loss of or damage to
the Aircraft shall be borne by Owner, including without limitation the following
events of loss: (i) the actual loss of the Aircraft; (ii) the total or partial
loss of the Aircraft or the use thereof

 

6

 

due to theft, disappearance, destruction, or damage;
or (iii) the condemnation, confiscation, or seizure of the Aircraft or any
portion thereof. Manager shall not be liable to Owner for any damage to or loss
or destruction of the Aircraft or the use, maintenance, operation, handling,
hangaring or storage thereof, or the repair, servicing or adjustment
thereto or by any interruption of service or loss of use thereof, or for any
loss of business or damage whatsoever or howsoever caused. It is expressly
understood and agreed that Manager assumes no liability for any acts or
omissions or Owner or of Owner’s agents, servants or employees, or for any of Owner’s
property, or any property of any person in privity with Owner, which is
damaged, lost or stolen in or from the Aircraft.

 

10.           Indemnification. Owner does
hereby assume liability for, and does hereby covenant and agree to indemnify,
protect, save and keep harmless Manager and its respective officers, directors,
shareholders, agents and employees, heirs, personal representatives, successors
and assigns (collectively the “Indemnities”) from and against any and all
losses, damages or expenses resulting from, or arising out of, loss or damage
to the Aircraft, and from and against any and all losses, damages, claims,
demands, penalties, obligations, actions, suits and all expenses, legal or
otherwise, of whatsoever kind and nature, relating to or resulting from the
death of any person or any damage or injury to the person or property of any person and arising on account of
the use, condition or operation of the Aircraft, and by whomsoever used

 

7

 

or operated, during the term or terms of this
Agreement. This covenant of indemnity shall continue in full force and effect
notwithstanding the termination of this Agreement in any manner whatsoever. Owner
shall handle any claim and defend any suit or action brought against
Indemnities, or any of them, based upon any such, loss, liability, damage,
injury, and any other claim or demand, and shall pay all damages, costs and
expenses, including attorneys fees, in connection therewith or resulting
therefrom.

 

11.           Hangar Space. Manager shall,
during the term or terms of this Agreement, provide to Owner space at Hangar 35
at Tulsa International Airport for the storage of the Aircraft. In exchange for
the use of such hangar, Owner shall pay to Manager, during the term or terms of
this Agreement, $1,000.00 per month, payable in advance on or before the first
day of each month during the term or terms hereof. The relationship between
Owner and Manager in connection with the hangar space shall be as Lessor and
Lessee (and not as partners, joint venturers, or otherwise).

 

12.           No Assignment. Neither this
Agreement, nor any of the rights or duties hereunder, may be assigned or transferred,
in whole or in part, in any manner whatsoever by Owner or Manager without the
prior written consent of the other.

 

13.           Benefits of Agreement. This
Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their respective heirs, personal representatives, successors and
assigns.

 

8

14.           Notices. Any notices required
hereunder shall be sent by telegram, Telex, facsimile, or by certified mail,
postage prepaid, and addressed as follows: 

 

If to Owner, to:

 

7700 Properties,
L.L.C. 

c/o William E. Lobeck 

1132 S. Lewis
Avenue 

Tulsa, OK
74104-3906

 

and if to Manager,
to: 

 

United States
Aviation Co. 

c/o F. Roger
Hardesty 

4141 N. Memorial
Drive 

Tulsa, OK
74115-1400

 

15.           Governing Law. This Agreement
shall be construed in accordance with and shall be governed by the laws of the
State of Oklahoma.

 

l6.            Entirety, Modification, and
Waiver. This Agreement represents the entire understanding and agreement
among the parties concerning the subject matter discussed herein and supersedes
all prior oral or written negotiations, agreements or understandings regarding
such subject matter. This Agreement may be amended or modified only by written
agreement duly dated and executed by each party hereto. No waiver of any of the
provisions in this Agreement shall be binding unless in writing, dated, and
executed by the party sought to be charged therewith.

 

17.           Termination. This Agreement
shall terminate at the end of any term if Owner or Manager gives to the other
written notice thereof at least thirty (30) days prior to the end of such term,
provided that if Owner wishes to terminate the Agreement at a time

 

 

9

 

other than at the end of a term, Owner shall
nonetheless be responsible for reimbursing Manager compensation for the full
twelve (12) month period constituting the then current term.

 

IN WITNESS WHEREOF, each
of the parties has duly executed this Agreement the date and year first above
written.

 

	
   

  	
  7700 PROPERTIES,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William E. Lobeck

  	
   

  
	
   

  	
   

  	
  William E.
  Lobeck Gen MGR

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  UNITED STATES
  AVIATION CO.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ F. Roger Hardesty

  	
   

  
	
   

  	
   

  	
  F. Roger Hardesty, President

  
							

 

10Exhibit 10.49

 

AIRCRAFT
MANAGEMENT AGREEMENT

 

This Aircraft Management
Agreement (this “Agreement”) is entered into effective as of this 1st day of
October, 2003 between 1132 INVESTMENT CO.,
a Nevada corporation (“Owner”), and UNITED STATES AVIATION CO.,
an Oklahoma corporation (“Manager”).

 

R
E C I T A L S

 

A.            Owner owns a certain Learjet aircraft, Model Number 31A, Serial
Number 208, bearing United States Federal Aviation Administration (“FAA”)
Registration Number N518JG (the “Aircraft”).

 

B.            Manager has been requested by Owner to consult with and to
give recommendations and advise to Owner regarding the maintenance of the
aircraft and such other matters as set forth herein.

 

C.            Manager has agreed to enter into this Agreement by which it
will consult with, advise, and submit recommendations to Owner with respect to
the Aircraft, but only under the terms and conditions set forth in this
Agreement.

 

Now, therefore, in
consideration of the payments to be made pursuant hereto, the mutual promises
contained herein, and for other valuable consideration, all of which is
considered by the parties as adequate, Owner and Manager agree as follows:

 

 

AGREEMENT

 

1.             Term. The term of this Agreement shall be for a period
of twelve (12) months (unless sooner terminated as set forth hereinafter),
commencing on the date hereof, October 1, 2003, and ending on September 30,
2004, provided that this Agreement shall automatically renew for
successive periods of twelve (12) months each unless otherwise terminated
pursuant to the terms hereof.

 

2.             Duties of Manager. During the term or terms
hereof, Manager shall, as an independent contractor, provide consulting
services to Owner and shall perform such other services to and on behalf of
Owner as are within the scope of this Agreement. Such consulting services shall
include the following:

 

A.            Recommendations Regarding Maintenance
and Repair. Manager shall, from time to time and as necessary or as
reasonably requested by Owner, consult with and advise Owner with respect to
and make recommendations regarding routine and periodic maintenance of the
Aircraft and necessary repairs thereto. All maintenance and repair of the
Aircraft shall be at the sole direction of Owner, and all expenses incurred in
connection therewith shall be the sole responsibility of Owner. Owner hereby
acknowledges and agrees that, notwithstanding the receipt by Owner of advice
and recommendations from Manager, it is the responsibility of Owner to maintain
and repair the aircraft and to comply with all applicable government regulations,
including airworthiness directives from the FAA.

 

B.            Insurance. Manager shall
consult with and advise Owner regarding insurance with respect to the Aircraft,
although it is the responsibility of Owner to inform itself regarding such insurance,
and notwithstanding anything else to the contrary contained herein, Owner shall
procure and maintain the insurance in the amounts, with the coverage

 

2

 

and insuring the interests
as set forth in paragraph 3 below.

 

3.             Insurance.

 

A.            General. Without limiting any
other obligation of Owner under this Agreement, Owner shall, at its own cost
and expense, procure and maintain in full force and effect for the full terms
of this Agreement, a policy or policies of insurance issued by a company or
companies satisfactory to Manager and providing coverage as follows: (i) public
liability insurance on the Aircraft (including, without limitation, passenger
legal liability) in an amount not less than Fifty Million U.S. Dollars ($US
50,000,000) for all claims of damages arising out of any one (1) accident or
occurrence and property damage insurance with respect to the Aircraft; and (ii)
all-risk ground and flight Aircraft hull insurance covering the Aircraft, and fire,
transit and extended coverage with respect to any engine or parts while removed
from the Aircraft, in an amount equal to the full fair market value of the
Aircraft. Owner shall not operate or permit the operation of the Aircraft in
any area in which the ordinary hull policy of Owner does not cover all of such
risks.

 

B.            Other Insurance. In addition
to and not in limitation of the foregoing, Owner shall maintain at its own cost
and expense such other or additional insurance on the Aircraft and/or in respect
of damages arising from the use of operation thereof, and shall post such
bonds, as may be required by any applicable law, ordinance, rule, regulation or
order as a condition to the use or operation of the Aircraft in any
jurisdiction where operated.

 

C.            Additional Insureds. Any
policies of insurance carried in accordance with this Agreement and any policy taken
out in substitution or replacement of any such policies (i) shall name Manager
and Manager’s successors and assigns as additional insureds; (ii) shall provide
that in respect of the interests of Manager, the insurance shall not be
invalidated by an action or inaction of

 

3

 

Owner or any other person
without the prior written consent of Manager, as the case may be, and shall
insure Manager regardless of any breach of the policy conditions by Owner; and
(iii) shall provide that if the insurers cancel such insurance for any reason
whatsoever, or the same is allowed to lapse for nonpayment of premium, such
cancellation or lapse shall not be effective as to Manager for thirty (30) days
after receipt by Manager of written notice from the insurers of such
cancellation or lapse or any reduction in scope or amount of coverage.

 

D.            Policy Requirements. Each liability
policy (i) shall be primary without right of contribution from any other
insurance which is carried by Manager to the extent that such other insurance
provides he or it with contingent and/or excess liability insurance with
respect to his or its interest in the Aircraft, and (ii) shall expressly
provide that all of the provisions thereof, except the limits of liability,
shall operate in the same manner as if there were a separate policy covering
each insured.

 

E.             Copies of Policies and
Expiration. Owner shall, simultaneously with the execution hereof, furnish
to Manager copies of all insurance policies and certificates evidencing
insurance and with copies of all endorsements required by this Agreement. Owner
shall promptly advise Manager in writing of any default in the payment of any
premium and of any other act or omission on the part of Owner which might
invalidate or render unenforceable, in whole or in part, any insurance on the
Aircraft. Owner shall also advise Manager in writing at least ten (10) days
prior to the expiration or termination of any insurance carried and maintained
on the Aircraft pursuant to this Agreement, and Owner shall, not less than five
(5) days prior to the expiration or termination of any insurance carried and
maintained on the Aircraft pursuant to this Agreement, provide to Manager
evidence that such insurance has been renewed or new insurance has been
procured.

 

4

 

4.             Manager’s Compensation. In exchange for the
performance by Manager of the consulting services discussed herein, Manager
shall for each term hereof be paid by Owner $10,000.00, each annual payment of
which shall be due in advance before October 1 of each beginning term. No
portion of any management fee paid by Owner to Manager or its employee, agent
or designee shall be refunded, notwithstanding the termination of this
Agreement in accordance with the terms hereof or otherwise, it being
acknowledged by Owner that such annual fee has been earned at the beginning of
each term of this Agreement. No payment to Manager shall be made subject to
deductions therefrom, including social security and withholding taxes, it being
understood that Manager is an independent contractor and shall be solely
responsible for all withholding taxes and other necessary or required
deductions. Manager shall place the aircraft on its Air Carrier Certificate
Number USNA973S and shall pay to Owner 85% of the charter rate charge per
flight hour for each particular flight.

 

5.             Reimbursed Expenses. Owner shall, during the term
or terms hereof and, if applicable, subsequent to the termination hereof,
reimburse Manager for all out-of-pocket expenses incurred by Manager in the
performance of its duties hereunder. Manager shall deliver or cause to be delivered
to Owner each month during the term or terms hereof statements or invoices
reflecting such expenses, and Owner shall, within five (5) days after the
receipt thereof, pay to Manager the amount of such statements or invoices.
Manager shall not obligate Owner for, nor incur expenses exceeding,

 

5

 

$20,000.00 without the prior approval of
Owner.

 

6.             Independent Contractor. The parties hereto
understand and agree that Manager is an independent contractor and shall not be
deemed an employee of Owner nor the operator or operator’s agent of or with
respect to the Aircraft. The responsibilities and duties of Manager are those
specifically set forth in this Agreement, and the use and operation of the
Aircraft is the sole responsibility of Owner, and Manager accepts no
responsibility therefor.

 

7.             Pilots. Manager shall employ for the use on the
Aircraft two Pilots (Captain & 1st Officer) and his/her replacement from time
to time if necessary, all of whom shall remain as employees of Manager. Manager
shall be reimbursed for their salaries plus benefits and add-ons of
approximately 30% on an annual basis.

 

8.             Fuel, Oil and Miscellaneous Expenses. All fuel,
oil, catering costs, and other miscellaneous costs and expenses incurred in
connection with the operation of the flight shall be the sole responsibility of
Owner, notwithstanding that a pilot or pilots employed by Manager for the
flight may contract therefor.

 

9.             Risk of Loss. All risk of loss of or damage to
the Aircraft shall be borne by Owner, including without limitation the
following events of loss: (i) the actual loss of the Aircraft; (ii) the total
or partial loss of the Aircraft or the use thereof due to theft, disappearance,
destruction, or damage; or (iii) the condemnation, confiscation, or seizure of
the Aircraft or any portion thereof. Manager shall not be liable to Owner for
any

 

6

 

damage to or loss or destruction of the
Aircraft or the use, maintenance, operation, handling, hangaring or storage
thereof, or the repair, servicing or adjustment thereto or by any interruption
of service or loss of use thereof, or for any loss of business or damage
whatsoever or howsoever caused. It is expressly
understood and agreed that Manager assumes no liability for any acts or
omissions or Owner or of Owner’s agents, servants or employees, or for any of
Owner’s property, or any property of any person in privity with Owner, which is
damaged, lost or stolen in or from the Aircraft.

 

10.           Indemnification. Owner does hereby assume liability
for, and does hereby covenant and agree to indemnify, protect, save and keep
harmless Manager and its respective officers, directors, shareholders, agents and
employees, heirs, personal representatives, successors and assigns (collectively
the “Indemnities”) from and against any and all losses, damages or expenses
resulting from, or arising out of, loss or damage to the Aircraft, and from and
against any and all losses, damages, claims, demands, penalties, obligations,
actions, suits and all expenses, legal or otherwise, of whatsoever kind and
nature, relating to or resulting from the death of any person or any damage or
injury to the person or property of any person and arising on account of the
use, condition or operation of the Aircraft, and by whomsoever used or
operated, during the term or terms of this Agreement. This covenant of
indemnity shall continue in full force and effect notwithstanding the
termination of this Agreement in any manner

 

7

 

whatsoever. Owner shall handle any claim and
defend any suit or action brought against
Indemnities, or any of them, based upon any such loss, liability, damage,
injury, and any other claim or demand, and shall pay all damages, costs and
expenses, including attorneys fees, in connection therewith or resulting
therefrom.

 

11.           Hangar Space. Manager shall, during the term or
terms of this Agreement, provide to Owner space at Hangar 35 at Tulsa
International Airport for the storage of the Aircraft. In exchange for the use
of such hangar, Owner shall pay to Manager, during the term or terms of this
Agreement, $1,000.00 per month, payable in advance on or before the first day
of each month during the term or terms hereof. The relationship between Owner
and Manager in connection with the hangar space shall be as Lessor and Lessee
(and not as partners, joint venturers, or otherwise).

 

12.           No Assignment. Neither this Agreement, nor any of
the rights or duties hereunder, may be assigned or transferred, in whole or in
part, in any manner whatsoever by Owner or Manager without the prior written
consent of the other.

 

13.           Benefits of Agreement. This Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their
respective heirs, personal representatives, successors and assigns.

 

8

 

14.           Notices. Any notices required hereunder shall be
sent by telegram, Telex, facsimile, or by certified mail, postage prepaid, and
addressed as follows:

 

If to Owner, to:

 

1132 Investment Co.

c/o William E. Lobeck

1132 S. Lewis Avenue 

Tulsa, OK 74104-3906

 

and if to Manager, to:

 

United States Aviation Co. 

c/o F. Roger Hardesty 

4141 N. Memorial Drive 

Tulsa, OK 74115-1400

 

15.           Governing Law. This Agreement shall be construed in
accordance with and shall be governed by the laws of the State of Oklahoma.

 

16.           Entirety, Modification, and Waiver. This Agreement represents
the entire understanding and agreement among the parties concerning the subject
matter discussed herein and supersedes all prior oral or written negotiations,
agreements or understandings regarding such subject matter. This Agreement may
be amended or modified only by written agreement duly dated and executed by
each party hereto. No waiver of any of the provisions in this Agreement shall
be binding unless in writing, dated, and executed by the party sought to be
charged therewith.

 

17.           Termination. This Agreement shall terminate at the
end of any term if Owner or Manager gives to the other written notice thereof
at least thirty (30) days prior to the end of such term, provided that
if Owner wishes to terminate the Agreement at a time

 

9

 

other than at the end of a term, Owner shall
nonetheless be responsible for reimbursing Manager compensation for the full
twelve (12) month period constituting the then current term.

 

IN WITNESS WHEREOF, each of
the parties has duly executed this Agreement the date and year first above
written.

 

	
   

  	
  1132 INVESTMENT CO.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William E. Lobeck

  	
   

  
	
   

  	
   

  	
  William E. Lobeck,
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  UNITED STATES AVIATION CO.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ F. Roger Hardesty

  	
   

  
	
   

  	
   

  	
  F. Roger Hardesty,
  President

  

 

10

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