Document:

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                                                                   Exhibit 10.35

                             STOCKHOLDERS AGREEMENT

      THIS STOCKHOLDERS AGREEMENT (this "Agreement"), dated as of July ___,
2004, by and among U.S. Helicopter Corporation, a Delaware corporation (the
"Company"), and each of the Stockholders listed on Exhibit A attached hereto
(singularly, a "Stockholder" and collectively, the "Stockholders").

                                    RECITALS

      The Stockholders and the Company desire to enter into this Agreement to
restrict their transfer of shares of Common Stock (as defined below) on the
terms set forth herein.

      NOW, THEREFORE, in consideration of the mutual covenants contained herein
and for other good and valuable consideration, the receipt of and sufficiency of
which is hereby acknowledged, the parties hereto hereby agree that:

1. Definitions.

      When used in this Agreement, the following terms shall have the meanings
specified:

      1.1 "Additional Party Signature Page" means a signature page substantially
in the form attached hereto as Exhibit B.

      1.2 "Affiliate", as applied to any Person, means any other Person directly
or indirectly controlling, controlled by or under common control with that
Person. The term "control" (including, with correlative meanings, the terms
"controlling", "controlled by" and "under common control with"), as applied to
any Person, means the possession, directly or indirectly, of power to direct the
management and policies of that Person, whether through voting power, by
contract or otherwise.

      1.3 "Board" means the Board of Directors of the Company.

      1.4 "Certificate of Incorporation" means the Company's Certificate of
Incorporation, as amended from time to time.

      1.5 "Closing Price" on any day means (i) if Common Stock is listed or
admitted for trading on a national securities exchange, the reported last sales
price regular way or, if no such reported sale occurs on such day, the average
of the closing bid and asked prices on such day, in either case on the principal
national securities exchange on which the Common Stock is listed or admitted to
trading or (ii) if the Common Stock is not listed or admitted to trading on any
national securities exchange, the average of the closing bid and asked prices on
such day as reported by the Nasdaq or any comparable system.

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      1.6 "Commission" means the Securities and Exchange Commission.

      1.7 "Common Stock" means the shares of common stock of the Company.

      1.8 "Competitor" means a person or entity that either directly or
indirectly, either as principal agent, stockholder, employee, consultant,
representative or in any other capacity, owns, manages, operates or controls, or
is connected or employed by or otherwise associated in any manner with, or
engaged in or has a financial interest in any business whose primary line of
business performs or plans to perform any of the services offered or proposed to
be offered by the Company.

      1.9 "Equity Securities" means (i) the Common Stock, (ii) other classes of
capital stock of the Company (whether voting or non-voting), if any, and (iii)
other securities convertible or exchangeable into, or representing rights to
purchase, Common Stock or any other class of capital stock of the Company
(whether voting or non-voting), if any.

      1.10 "Exempted Securities" means (i) Equity Securities to be issued
pursuant to an underwritten registered public offering to third parties,
including the offering in which the Company achieves Qualified Public Company
Status, (ii) Equity Securities issued pursuant to a Stock Plan, (iii) Equity
Securities issued upon the conversion of Equity Securities issued as a dividend
or distribution on Equity Securities outstanding on the date hereof, (iv) Equity
Securities issued in connection with the acquisition of another corporation by
the Company through a merger, purchase by the Company of all or substantially
all of the assets of such other corporation or other reorganization following
which the Company owns not less than 51% of the voting stock of such other
corporation and (v) Equity Securities issued in connection with any stock split,
stock dividend or recapitalization of the Company.

      1.11 "Fair Market Value" shall mean the fair market value of the Company's
Equity Securities.

      1.12 "Family Member" means, with respect to any Individual Stockholder,
(i) any person related to such Stockholder by blood or marriage or (ii) any
trust, partnership or entity established for the benefit of such related person.

      1.13 "Fully Diluted Basis" means on the basis of the number of shares of
Common Stock that would be outstanding if all Equity Securities then convertible
or exchangeable into Common Stock were so converted or exchanged.

      1.14 "Individual Stockholder" means (i) each of the Stockholders
designated as Individual Stockholders on Exhibit A attached hereto, (ii) such
other Persons who become parties hereto and are designated Individual
Stockholders on the Additional Party Signature Pages for such Persons and (iii)
the permitted transferees of the Persons described in the foregoing clauses (i)
and (ii), as applicable.

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      1.15 "Institutional Stockholder" means, (i) such Persons who become a
party hereto and are designated Institutional Stockholders on the Additional
Party Signature Pages for such Persons and (ii) the permitted transferees of the
Persons described in the foregoing clause (i).

      1.16 "Person" means any natural person, corporation, firm, joint venture,
limited liability company, partnership, trust, unincorporated organization,
government or any department or agency of government or any other legal entity.

      1.17 "Preempted Securities" means Equity Securities other than Exempted
Securities.

      1.18 "Pro Rata" means, for each member of a specified group of
Stockholders, in the proportion that the number of shares of Common Stock, on a
Fully Diluted Basis, then owned by such Stockholder bears to the number of
shares of Common Stock, on a Fully Diluted Basis, then owned by all Stockholders
of such group.

      1.19 "Qualified Public Company Status" means the attainment of the
following: (a) the Common Stock is registered on one or more national securities
exchanges or listed on the Nasdaq National Market and (b) either (i) a sale of
shares of Common Stock pursuant to an underwritten public offering or offerings
registered under the Securities Act has resulted in aggregate proceeds (net of
underwriters' discount and the other fees and expenses incurred by the Company
in connection therewith) to the Company equal to or greater than $20,000,000 or
(ii) the product of the Closing Price and the number of shares of Common Stock
held by Persons who are neither Stockholders nor Affiliates of the Company is
equal to or greater than $20,000,000.

      1.20 "Securities Act" means the Securities Act of 1933, and the rules and
regulations of the Commission thereunder, all as amended.

      1.21 "Stock Plan" means a compensatory benefit plan as that term is
defined under Rule 701 of the Securities Act.

      1.22 "Subscription Agreement" means the agreement between the Company and
each applicable Stockholder relating to the purchase by the Stockholder of
Equity Securities.

      1.23 "Transfer" means, with respect to Equity Securities, any sale,
assignment, pledge, hypothecation, encumbrance, gift or other disposition or
transfer of such Equity Securities in any manner whatsoever, including without
limitation by the merger, consolidation or sale of securities by the holder of
such Equity Securities or an entity which owns, directly or indirectly, a
majority of the equity interest in such holder.

2. General Restriction on Transfer of Shares. Except to the extent otherwise
specifically provided in this Agreement and in accordance with the terms and
provisions of this Agreement and applicable law, no Stockholder shall Transfer
any Equity Securities now owned or hereafter acquired by such Stockholder except
in accordance with Section 3, 4, 5 or

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6 of this Agreement. Any attempted Transfer other than in accordance with
applicable law and the terms and provisions of this Agreement shall be void, and
the Company shall refuse to recognize any such Transfer and shall not reflect on
its records any change in record ownership of the Equity Securities pursuant to
any such attempted Transfer.

3. Permitted Transfers by Stockholders.

      3.1 Individual Stockholder Transfers. An Individual Stockholder may during
the lifetime of the Individual Stockholder Transfer Equity Securities to a
Family Member, provided, that such gift is made without consideration and solely
for estate planning purposes; and further provided, that the Family Member
executes and delivers an Additional Party Signature Page to the Company prior to
receiving such Equity Securities, thereby agreeing to be bound by the terms of
this Agreement.

      3.2 Right of First Offer/Co-Sale Rights. At any time, and from time to
time, a Stockholder shall have the right to Transfer all or a portion of his
Equity Securities to a third party provided such third party is not a Competitor
of the Company upon compliance with the following requirements:

      (a) Notice of Transfer. A Stockholder who desires to Transfer all or a
portion of his Equity Securities (the "Offeror") to a third party shall, prior
to making a definitive offer to any third party with respect to such proposed
transfer or prior to accepting any proposal from a third party, deliver or cause
to be delivered to the Company and to each other Stockholder a written notice of
the proposed Transfer (a "Notice of Transfer") which sets forth the following
information:

            (i)   the name and address of the third party;

            (ii)  any affiliation, relationship, agreement or understanding that
                  might make the Transfer other than an arm's-length
                  transaction;

            (iii) the type and number of Equity Securities that the third party
                  proposes to acquire from the Offeror and, for each Equity
                  Security other than Common Stock, the number of shares Common
                  Stock, on a Fully Diluted Basis, represented by such Equity
                  Security;

            (iv)  the proposed purchase price, terms of payment and other
                  material terms and conditions of the proposed transfer;

            (v)   an estimate, in the third party's reasonable, good-faith
                  judgment, of the fair market value of any non-cash
                  consideration offered by the third party, and the basis for
                  such estimate; and

            (vi)  an offer by the third party to purchase, concurrently with the
                  Transfer described in the Notice of Transfer and for the same
                  per share consideration, the Equity Securities that such third
                  party is required to

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                  purchase from Stockholders other than the Offeror pursuant to
                  Section 3.4 hereof.

      3.3 Right of First Offer. Each Stockholder (other than the Offeror) and
the Company (each, an "Offeree") shall have fifteen (15) days from their receipt
of the Notice of Transfer (the "First Offer Period") in which to provide the
Offeror with written notice (a "First Offer Notice") of whether or not each,
individually, desires to purchase all or a part of the Equity Securities
proposed to be Transferred by the Offeror. In the event that two or more
Offerees tender a First Offer Notice during the First Offer Period, (a) the
Company, if it tendered a First Offer Notice, shall have the first priority and
right to purchase the Equity Securities specified in its First Offer Notice and
(b) the other Offerees shall have the right to acquire their Pro Rata portion of
any remaining offered Equity Securities. Each Offeree that has a right to
purchase Equity Securities shall purchase the Equity Securities on the same
terms and conditions of the Notice of Transfer. The Offeror may Transfer,
subject to Section 3.4, (i) any Equity Securities described in the Notice of
Transfer which are in excess of the Equity Securities for which First Offer
Notices were tendered during the First Offer Period, and (ii) any Equity
Securities for which a First Offer Notice was tendered but for which the
respective Offeree failed to satisfy any condition set forth herein, in either
case provided that such Transfer must be made within one hundred thirty-five
(135) days following the expiration of the First Offer Period or the date on
which an Offeree failed to satisfy a condition, as the case may be, and further
provided that such Transfer must be made on terms at least as favorable to the
Offeror as those set forth in the Notice of Transfer.

      3.4 Co-Sale Rights. Any Transfer of Equity Securities by an Offeror to a
third party which is permitted by Section 3.3 shall be subject to the
requirement that the third party transferee must also purchase up to an
equivalent number, in the aggregate, of like Equity Securities from Stockholders
who choose to exercise their right to participate in the transaction (a "Co-Sale
Right"), on the same terms and conditions which govern the Transfer of Equity
Securities by the Offeror. Each Stockholder that chooses to exercise a Co-Sale
Right must give the Offeror written notice (a "Co-Sale Notice") of such election
no later than fifteen (15) days after the receipt of the Offeror's Notice of
Transfer, provided that any Stockholder who has given a First Offer Notice
pursuant to Section 3.3 shall not be entitled to exercise Co-Sale Rights or give
a Co-Sale Notice. Each Co-Sale Notice shall set forth (a) the maximum number of
Equity Securities (the "Co-Sale Bid") for which the Stockholder is willing to
exercise his Co-Sale Right (which number shall not be greater than the
Stockholder's Pro Rata portion of the Equity Securities described in the Notice
of Transfer) and (b) such Stockholder's agreement to transfer to the third party
transferee the number of like Equity Securities determined in accordance with
this Section 3.4. The third party transferee shall purchase from each
Stockholder that exercises a Co-Sale Right a number of like Equity Securities
that is lesser of (i) such Stockholder's Co-Sale Bid and (ii) the product of (1)
the number of Equity Securities Transferred by the Offeror and (2) a fraction,
the numerator of which is such Stockholder's Co-Sale Bid and the denominator of
which the sum of the Co-Sale Bids of all the Stockholders that exercised Co-Sale
Rights.

      3.5 Agreement to be Bound. No transfer of Equity Securities pursuant to
this Section 3 to a Person whom is not a party of this Agreement shall be valid
unless and until

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the third-party transferee executes and delivers an Additional Party Signature
Page to the Company prior to such Transfer, thereby agreeing to be bound by the
terms of this Agreement.

      3.6 Rules of Construction. For the purposes of this Section 3, the
following rules of construction shall apply:

      (a) for each type of Equity Security other than Common Stock, the "number"
of any Equity Security shall mean the number of shares of Common Stock into
which such Equity Security is convertible;

      (b) in the event that two or more types of Equity Securities are the
subject of a Notice of Transfer, the provisions of Section 3.2 shall be followed
separately for each such type of Equity Securities; and

      (c) a Stockholder's Pro Rata portion shall be calculated without regard to
the ownership of Equity Securities of a type that is different than the type of
Equity Securities described in the Notice of Transfer to which such calculation
relates.

4. Involuntary Transfers.

      4.1 Company Right of First Offer.

      (a) In the event than Equity Securities owned by any Stockholder shall be
subject to sale or other transfer by reason of (i) bankruptcy or insolvency
proceedings, whether voluntary or involuntary or (ii) distraint, levy,
execution, court order, divorce decree or other involuntary transfer, then such
Stockholder shall give the Company written notice thereof as soon as
practicable, but in no event later than promptly after the occurrence of such
event, stating the number and type of Equity Securities to be transferred (the
"Subject Securities"), the terms of such proposed transfer, the identity of the
proposed transferee and the price or other consideration, if readily
determinable, for which the Subject Securities are proposed to be transferred.
After receipt by the Company of such notice or, failing such receipt, after the
Company otherwise obtains actual knowledge of such a proposed transfer, the
Company shall (x) promptly send a copy of such notice to, or otherwise notify,
each Stockholder and (y) have a first right to purchase some or all of the
Subject Securities (at the Company's option) at the price and on the terms
applicable to such proposed transfer, which right shall be exercised by written
notice given by the Company to the transferring Stockholder within ninety (90)
days of the Company's receipt of notice from such Stockholder or, failing such
receipt, the Company's obtaining actual knowledge of such proposed transfer.

      (b) The closing of the purchase and sale of the Subject Securities shall
be held at the principal office of the Company on a date to be established by
the Company in its notice of its election to purchase the Subject Securities,
which in no event shall be less than ten (10) days nor more than thirty (30)
days after the date on which the Company sends its notice of election to
purchase.

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      4.2 Stockholder's Option. If the Company does not elect to purchase all of
the Subject Securities, it shall thereupon give notice thereof to each
non-transferring Stockholder, each of whom shall then have, for a period of
fifteen (15) days after the receipt of such notice, the right to purchase his
Pro Rata share of the Subject Securities not purchased by the Company, with the
right of over allotment to purchase Subject Securities not purchased by any
other Stockholder (on a Pro Rata basis or such other basis as the participating
Stockholders may agree upon) by giving written notice to the Company and the
proposed transferor within such 15-day period. The purchase of Subject
Securities by Stockholders shall be subject to the same procedures and terms as
those relating to the purchase by the Company.

      4.3 Transfer of Shares Not Purchased by the Company or other Stockholders.
In the event that the foregoing rights are not fully exercised with respect to
all of the Subject securities, the proposed involuntary transfer referred to in
Section 4.1(a) shall be permitted to occur with respect to Subject Securities
not purchased by the Company or other Company Stockholders. Notwithstanding the
forgoing sentence, any proposed Transfer of Equity Securities pursuant to this
section shall not be a valid Transfer and the Company will not recognize such
Transfer unless such transferee (a) executes and delivers an Additional Party
Signature Page to the Company and (b) agrees to be bound by and enjoy the
rights, benefits and obligations of a Stockholder pursuant to this Agreement.

      4.4 Consideration. If the nature of the event giving rise to such
involuntary transfer is such that no readily determinable consideration is paid
for the Subject Securities, the price per share of Subject Securities to be paid
by the Company or the Stockholders, as the case may be, shall be its Fair Market
Value as determined in good faith by the Company's Board.

5. Redemption and Purchase on Death of a Stockholder.

      5.1 Company Right of Redemption. Upon the death of a Stockholder (the
"Deceased Stockholder"), the Company shall have the option for a period of sixty
(60) days after the receipt of notice of the Deceased Stockholder's death to
purchase any Shares owned by the Deceased Stockholder's estate and any Shares
owned by a Family Member of such Deceased Stockholder which were transferred to
such Family Member pursuant to Section 3.1 (the "Decedent Shares"). The purchase
price of the Decedent Shares shall be determined in accordance with and payable
in accordance with Section 5.4. The Company shall exercise its option by giving
written notice (the "Estate Notice") to the Deceased Stockholder's personal
representative or Family Member owning the Decedent Shares, as applicable (in
either case, the "Deceased Stockholder's Representative"), with copies to the
other Stockholders (the "Surviving Stockholders").

      5.2 Remaining Stockholder's Option. If the Company does not exercise its
option to purchase all of the Decedent Shares under Section 5.1, or exercise its
option but elects to purchase less than all of the Decedent Shares, it shall
thereupon give notice thereof to each Surviving Stockholder, each of whom shall
then have, for a period of fifteen (15) days after the receipt of such notice,
the right to purchase his Pro Rata share of the Decedent Shares not

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purchased by the Company, with the right of over allotment to purchase the
Decedent Shares not purchased by any other Surviving Stockholders (on a Pro Rata
basis or such other basis as the participating Stockholders may agree upon) by
giving written notice to the Company and the Deceased Stockholder's
Representative within such 15-day period. The purchase price shall be determined
and payable in accordance with Section 5.4.

      5.3 Closing. If the Company or the Surviving Stockholders, or both, have
given written notice, pursuant to Section 5.1 or 5.2, of their election to
purchase all the Decedent Shares, a closing to purchase all of the Decedent
Shares shall be held and the purchase price shall be paid in accordance with
Section 5.4. If the Company and the Surviving Stockholders have not elected to
purchase all of the Decedent Shares pursuant to Section 5.1 or 5.2, all of the
Decedent Shares not purchased by the Company or the Surviving Stockholders may
thereafter (a) be transferred by gift, sale, pledge or otherwise by the personal
representative of the Deceased Stockholder provided such transferee (i) executes
and delivers an Additional Party Signature Page to the Company and (ii) agrees
to be bound by the terms of this Agreement or (b) continue to be held by the
Family Member who acquired such Shares pursuant to Section 3.1 of this
Agreement, and such Shares shall continue to be subject to the terms of this
Agreement.

      5.4 Purchase Price for Decedent Shares.

      (a) Determination of Purchase Price.

            (i) The purchase price to be paid for any Shares purchased by any
            Surviving Stockholder or the Company pursuant to the provisions of
            Section 5 shall be the Share Value. The Share Value shall be the
            Fair Market Value of the Company's Equity Securities determined as
            of the end of the calendar month immediately preceding the month in
            which the Deceased Stockholder died, divided by the number of Equity
            Securities then outstanding.

            (ii) The Fair Market Value at the end of any relevant month shall be
            determined by the Company's accountants in accordance with generally
            accepted accounting principles consistently applied. Such
            determination shall be final and binding on the parties thereto,
            unless the personal representative of the Deceased Stockholder shall
            request that the determination be made by an independent appraiser
            selected jointly by the Company and the Deceased Stockholder's
            personal representative, as the case may be.

            (iii) In the event that the parties fail to agree on an acceptable
            appraiser, each of the Company and the Deceased Stockholder's
            personal representative, as the case may be, shall appoint an
            independent appraiser and the two appraisers shall designate a third
            appraiser whose appointment shall be final and binding. The
            determination of the appraiser shall be final, binding and not
            subject to appeal (except where a party was denied a hearing or
            fraud, misconduct, corruption or other irregularity caused the
            rendition of an unjust,

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            inequitable or unconscionable determination). The costs of the
            appraisal shall be borne by the Company.

      (b) Payment Terms.

            (i)   A closing of the purchase and sale of the Decedent Shares
                  shall be held within forty-five (45) days after the Share
                  Value has been determined in accordance with Section 5.4(a).

            (ii)  The purchase price for the Shares being purchased shall be
                  paid at the closing by the Company and/or Surviving
                  Stockholders who have elected to purchase such Decedent Shares
                  (the "Purchasers") against delivery to each Purchaser of the
                  certificates representing the Decedent Shares being purchased
                  by the Purchaser, duly endorsed for transfer, free and clear
                  of all pledges, security interests and other liens,
                  encumbrances or restrictions (except the restrictions of this
                  Agreement). Each Purchaser shall pay such purchase price in
                  cash or by certified check, except that at the option of any
                  Purchaser up to 90% of the purchase price to be paid by such
                  Purchaser may be paid by the unsecured (other than the pledge
                  from time to time of any Decedent Shares with respect to which
                  payment has not been made) promissory note of the Purchaser,
                  with principal payable in equal annual installments over a
                  period of not more than five (5) years, payments commencing
                  not later than the first anniversary of the closing date with
                  interest from the date of the note at the lowest rate of
                  simple interest which would result in there being no imputed
                  interest under the Internal Revenue Code of 1986, as now or
                  hereafter amended, payable annually on the outstanding
                  balance. Each promissory note shall provide that if any
                  installment of principal or interest is not paid when due, and
                  if the default continues for a period of fifteen (15) days
                  after notice, then, at the election of the holder, the full
                  amount of the principal and interest remaining unpaid shall
                  become immediately due and payable, and the maker shall pay
                  reasonable attorneys' fees to the holder in the event suit is
                  commenced because of default. The maker of the note shall have
                  the right to repay the principal and any accrued but unpaid
                  interest thereon without premium or penalty at any time and
                  from time to time, but prepayments shall be applied first to
                  reduce accrued interest and then to reduce installments of
                  principal in the inverse order of maturity.

            (iii) Notwithstanding the provisions of Section 5.4(b)(ii) of this
                  Agreement, if under the applicable corporate law or under
                  applicable agreements (including bank financing agreements),
                  the Company is legally or contractually unable to pay any
                  principal or interest due under any note on any payment date,
                  the failure to make such payment by the Company shall not be
                  deemed a default under the note provided the

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                  Company pays such principal and interest on or before the
                  final maturity date of the note.

      5.5 Failure to Determine Purchase Price. If the amount of the Share Value
for any Decedent Shares is not determined in accordance with Section 5.4(a), for
any reason, within one hundred twenty (120) days following receipt by the
Company of the notice of the Deceased Stockholder's death, the personal
representative of the Deceased Stockholder may petition a court to determine the
fair value of the Decedent Shares and the fair value so determined shall be the
Share Value of such Decedent Shares hereunder.

6. Redemption and Purchase on Termination of Employment of a Stockholder.

      6.1 Remaining Stockholders Right of Redemption. Upon the termination of
employment of a Stockholder as an officer or an employee of the Company for any
reason, including by the Company or the Stockholder with or without cause, on or
before the first anniversary of the date of this Agreement (the "Terminated
Stockholder"), the other Stockholders (the "Remaining Stockholders") shall have
the option for a period of sixty (60) days after such termination to purchase
his Pro Rata share of any Shares owned by the Terminated Stockholder and owned
by a Family Member of such Terminated Stockholder which were transferred to such
Family Member pursuant to Section 3.1 (the "Terminated Employee Shares"), with
the right of over allotment to purchase the Terminated Employee Shares not
purchased by any other Remaining Stockholders (on a Pro Rata basis or such other
basis as the participating Stockholders may agree upon). The purchase price of
the Terminated Employee Shares shall be determined in accordance with and
payable in accordance with Section 6.4. The Remaining Stockholders shall
exercise their option by giving written notice (the "Terminated Employee
Notice") to the Terminated Stockholder or Family Member owning the Terminated
Employee Shares, as applicable (in either case, the "Terminated Stockholder's
Representative"), with copies to the Company and the other Remaining
Stockholders.

      6.2 Company's Option. If the Remaining Stockholders do not exercise their
option to purchase all of the Terminated Employee Shares under Section 6.1, or
exercise their option but elect to purchase less than all of the Terminated
Employee Shares, they shall thereupon give notice thereof to the Company, which
shall then have, for a period of fifteen (15) days after the receipt of such
notice, the right to purchase any Terminated Employee Shares not purchased by
the Remaining Stockholders by giving written notice to Terminated Stockholder's
Representative within such 15-day period. The purchase price shall be determined
and payable in accordance with Section 6.4.

      6.3 Closing. If the Company or the Remaining Stockholders, or both, have
given written notice, pursuant to Section 6.1 or 6.2, of their election to
purchase all the Terminated Employee Shares, a closing to purchase all of the
Terminated Employee Shares shall be held and the purchase price shall be paid in
accordance with Section 6.4. If the Company and the Remaining Stockholders have
not elected to purchase all of the Terminated Employee Shares pursuant to
Section 6.1 or 6.2, all of the Terminated Employee Shares not purchased by the
Company or the Remaining Stockholders may thereafter (a) be transferred by gift,
sale,

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pledge or otherwise by the Terminated Stockholder
provided such transferee (i) executes and delivers an Additional Party Signature
Page to the Company and (ii) agrees to be bound by the terms of this Agreement
or (b) continue to be held by the Terminated Stockholder or Family Member who
acquired such Shares pursuant to Section 3.1 of this Agreement, and such Shares
shall continue to be subject to the terms of this Agreement.

      6.4 Purchase Price for Terminated Employee Shares.

      (a) Determination of Purchase Price.

            (i) The purchase price to be paid for any Shares purchased by any
            Remaining Stockholder or the Company pursuant to the provisions of
            Section 6 shall be the 25% Share Value. The 25% Share Value shall be
            25% of the Fair Market Value of the Company's Equity Securities
            determined as of the end of the calendar month immediately preceding
            the month in which the Terminated Stockholder was terminated,
            divided by the number of Equity Securities then outstanding.

            (ii) The Fair Market Value at the end of any relevant month shall be
            determined by an independent appraiser, selected jointly by the
            Company and the Terminated Stockholder, in accordance with generally
            accepted accounting principles consistently applied. Such
            determination shall be final and binding on the parties thereto.

            (iii) In the event that the parties fail to agree on an acceptable
            appraiser, each of the Company and the Terminated Stockholder shall
            appoint an independent appraiser and the two appraisers shall
            designate a third appraiser whose appointment shall be final and
            binding. The determination of the appraiser shall be final, binding
            and not subject to appeal (except where a party was denied a hearing
            or fraud, misconduct, corruption or other irregularity caused the
            rendition of an unjust, inequitable or unconscionable
            determination). The costs of the appraisal shall be borne by the
            Company.

      (b) Payment Terms.

            (i)   A closing of the purchase and sale of the Terminated Employee
                  Shares shall be held within forty-five (45) days after the 25%
                  Share Value has been determined in accordance with Section
                  6.4(a).

            (ii)  The purchase price for the Shares being purchased shall be
                  paid at the closing by the Company and/or Remaining
                  Stockholders who have elected to purchase such Terminated
                  Employee Shares (the "Section 6 Purchasers") against delivery
                  to each Purchaser of the certificates representing the
                  Terminated Employee Shares being purchased by the Section 6
                  Purchaser, duly endorsed for transfer, free and clear of all
                  pledges, security interests and other liens, encumbrances or
                  restrictions

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                  (except the restrictions of this Agreement). Each Section 6
                  Purchaser shall pay 10% of such purchase price in cash or by
                  certified check, and the balance of the purchase price to be
                  paid by such Section 6 Purchaser may be paid by the unsecured
                  (other than the pledge from time to time of any Terminated
                  Employee Shares with respect to which payment has not been
                  made) promissory note of the Section 6 Purchaser, with
                  principal payable in equal annual installments over a period
                  of not more than three (3) years, payments commencing not
                  later than the first anniversary of the closing date with
                  interest from the date of the note at the lowest rate of
                  simple interest which would result in there being no imputed
                  interest under the Internal Revenue Code of 1986, as now or
                  hereafter amended, payable annually on the outstanding
                  balance. Each promissory note shall provide that if any
                  installment of principal or interest is not paid when due, and
                  if the default continues for a period of fifteen (15) days
                  after notice, then, at the election of the holder, the full
                  amount of the principal and interest remaining unpaid shall
                  become immediately due and payable, and the maker shall pay
                  reasonable attorneys' fees to the holder in the event suit is
                  commenced because of default. The maker of the note shall have
                  the right to repay the principal and any accrued but unpaid
                  interest thereon without premium or penalty at any time and
                  from time to time, but prepayments shall be applied first to
                  reduce accrued interest and then to reduce installments of
                  principal in the inverse order of maturity.

            (iii) Notwithstanding the provisions of Section 6.4(b)(ii) of this
                  Agreement, if under the applicable corporate law or under
                  applicable agreements (including bank financing agreements),
                  the Company is legally or contractually unable to pay any
                  principal or interest due under any note on any payment date,
                  the failure to make such payment by the Company shall not be
                  deemed a default under the note provided the Company pays such
                  principal and interest on or before the final maturity date of
                  the note.

      6.5 Failure to Determine Purchase Price. If the amount of the 25% Share
Value for any Terminated Employee Shares is not determined in accordance with
Section 6.4(a), for any reason, within one hundred twenty (120) days following
the termination of the Terminated Stockholder, the Terminated Stockholder may
petition a court to determine the fair value of the Terminated Employee Shares
and 25% of the fair value so determined shall be the 25% Share Value of such
Terminated Employee Shares hereunder.

      6.6 Miscellaneous. Notwithstanding anything in this Agreement to the
contrary, the provisions of this Section 6 and its subsections 6.1 through 6.5
shall apply only to (a) the Equity Securities held by those shareholders of the
Company that are officers or employees of the Company as of the date of this
Agreement or who may become an officer or employee at any time up to the First
Anniversary of the Agreement and acquires Equity Securities; and

                                       12
<PAGE>

      (b) any Equity Securities acquired in the future by any party to this
Agreement while that party is an officer or employee of the Company.

7. Miscellaneous.

      7.1 Stock Certificate Legend. A copy of this Agreement shall be filed with
the Secretary of the Company and kept with the records of the Company. Each
certificate representing shares of Common Stock owned by any Stockholder shall
bear the following legends:

      First Legend:

      "THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE
SECURITIES LAWS, AND SUCH SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE
DISPOSED OF UNLESS (A) THE SAME ARE REGISTERED AND QUALIFIED IN ACCORDANCE WITH
THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (B) IN THE OPINION OF
COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, SUCH REGISTRATION AND
QUALIFICATION ARE NOT REQUIRED."

      Second Legend:

      "THE SHARES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
PROVISIONS OF A STOCKHOLDERS AGREEMENT (AS SUCH AGREEMENT MAY BE SUPPLEMENTED,
MODIFIED, AMENDED OR RESTATED FROM TIME TO TIME) A COPY OF WHICH IS ON FILE AT
THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED TO THE STOCKHOLDER ON
REQUEST TO THE SECRETARY OF THE COMPANY. SUCH STOCKHOLDERS AGREEMENT, PROVIDES,
AMONG OTHER THINGS, FOR CERTAIN RESTRICTIONS ON SALE, TRANSFER, PLEDGE,
HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES EVIDENCED BY THIS
CERTIFICATE AND THAT SUCH SHARES MAY BE SUBJECT TO PURCHASE BY THE COMPANY OR
CERTAIN OF ITS STOCKHOLDERS UPON THE OCCURRENCE OF CERTAIN EVENTS. ANY ISSUANCE,
SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION OF THE SHARES EVIDENCED BY THIS
CERTIFICATE TO PERSONS WHO ARE NOT A PARTY TO SUCH STOCKHOLDERS AGREEMENT SHALL
BE NULL AND VOID."

Each Stockholder shall be bound by the requirements of such legends to the
extent that such legends are applicable. Upon request of a Stockholder, the
Company shall remove the first Legend from the certificate or issue to such
Stockholder a replacement certificate without the First Legend if, with such
request, the Company shall have received an opinion of counsel to

                                       13
<PAGE>

such Stockholder reasonably acceptable to the Company to the effect that such
legend is no longer necessary under the Securities Act. Upon the Company
achieving Qualified Public Company Status, all certificates representing shares
of Common Stock shall be replaced, at the expense of the Company, with
certificates not bearing the Second Legend required by this Section 7.1 and, in
connection with shares to be sold pursuant to a registered public offering, the
certificates representing such shares shall be replaced, at the expense of the
Company, with certificates not bearing either of the legends required by this
Section 7.1.

      7.2 No Inconsistent Agreements. Each Stockholder hereby represents that he
has not entered into, and agrees that he will not enter into, any other
agreement or arrangement the performance of which would in any manner conflict
with, restrict or be inconsistent with the performance of its obligations under
this Agreement.

      7.3 Confidentiality. Each Stockholder hereby agrees to use the same degree
of care to keep confidential any information from time to time supplied to it by
or on behalf of the Company (which the Company or the Person acting on its
behalf designates in writing, at the time of such delivery, to be treated as
confidential or actually known by the Stockholder [including any director,
executive officer or controlling Person of a Stockholder that is not a natural
person] to be confidential information) as such Stockholder uses to keep
confidential its own information of a similar character; provided, however, that
the foregoing provisions of this paragraph shall not apply:

      (a) to the extent a Stockholder is required to disclose the information in
question pursuant to any law, statute, rule or regulation or any order of any
court or judicial process or pursuant to any direction, request or requirement
(whether or not having the force of law but, if not having the force of law,
being of a type with which the Institutional Stockholders in the relevant
jurisdiction are accustomed to complying) of any self-regulating organization or
any governmental, fiscal, monetary or other authority;

      (b) to the extent that a Stockholder needs to disclose the information in
question for the protection or enforcement of any of its rights or interests
against the Company (provided that such Stockholder hereby agrees that it will
use reasonable efforts promptly to notify the Company of any request for
information to which this clause (b) applies) or to the extent counsel to such
Stockholder reasonably believes is required by the discovery process in
connection with any litigation to which a Stockholder is a party; or

      (c) to a prospective transferee in connection with any contemplated
transfer of Equity Securities by such Stockholder, provided such transferee
agrees to maintain the confidentiality of such information consistent with the
provisions of this Section 7.3.

      It is understood by the parties hereto that information which (i) is or
becomes public through no fault of a Stockholder, (ii) was, at the time of
receipt, already in the possession of a Stockholder or (iii) was obtained by a
Stockholder from a third party legally entitled to use and disclose the same,
shall not be considered confidential information subject to the provisions of
this Section 7.3.

                                       14
<PAGE>

      7.4 Successors and Assigns. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors and
assigns, regardless of whether or not any such successors, assigns or holders
have delivered an undertaking or assumption with respect to this Agreement. In
addition, whether or not any express assignment has been made, the provisions of
this Agreement that are for the benefit of or bind holders of Equity Securities
are also for the benefit of or bind any subsequent holder of Equity Securities;
provided, however, that no third-party transferee shall derive any rights under
this Agreement unless and until such third-party transferee has executed and
delivered to the Company an Additional Party Signature Page. Any party to, or
Person who is subject to, this Agreement (other than the Company) that ceases to
own Equity Securities or any interest therein shall cease to be a party to, or
person who is subject to, this Agreement and thereafter shall have no rights or
obligations hereunder other than those under Section 7.3 hereof. In no event
shall any Stockholder be permitted to Transfer any right or benefit hereunder
separate and apart from the Transfer to a Permitted Transferee of the Equity
Securities conferring and underlying such right.

      7.5 Specific Performance. Without limiting the rights of each party hereto
to pursue all other legal and equitable rights available to such party for any
other party's failure to perform its obligations under this Agreement, the
parties hereto acknowledge and agree that the remedy at law for any failure to
perform their obligations hereunder would be inadequate and that each of them,
respectively, shall be entitled to specific performance, injunctive relief or
other equitable remedies in the event of any such failure.

      7.6 Entire Agreement; Amendment. This Agreement constitutes the full and
entire understanding and agreement between the parties with regard to the
subject matter hereof. This Agreement may be amended, and the performance of any
provision hereof may be waived only by the written agreement of Stockholders (or
their respective permitted successors and assigns) who own in the aggregate at
least 51% of the Common Stock that is subject to the terms of this Agreement.
Notwithstanding the foregoing sentence, the Board may amend Exhibit A without
the further vote, act or consent of any other Person to reflect the issuance of
additional Equity Securities to Stockholders, as provided herein.

      7.7 Term. This Agreement shall terminate on the date that the Company
achieves Qualified Public Company Status or upon the Written Consent of all of
the Stockholders (such date, the "Termination Date").

      7.8 Notices. Any notice provided for in this Agreement must be in writing
and must be either (a) personally delivered, (b) mailed by registered or
certified first class mail, prepaid with return receipt requested, or (c) sent
by a recognized overnight courier service, to the recipient at the address below
indicated or (d) by facsimile which is confirmed in writing by sending a copy of
such facsimile to the recipient thereof pursuant to clause (a) or (c) above:

                                       15
<PAGE>

                  (i)   If to the Company, addressed to:

                        U.S. Helicopter Corporation
                        Downtown Manhattan Heliport
                        Pier 6, East River
                        New York, New York 10004
                        Attention: John G. Murphy
                        Telephone: (516) 763-0257
                        Fax: (516) 763-0257

                        With copies to:

                        Gallagher, Briody & Butler
                        155 Village Boulevard, 2nd Floor
                        Princeton, NJ 08540
                        Attention: Thomas P. Gallagher, Esq.
                        Fax: (609) 452-0090
                        Confirmation: (609) 452-6000

                  (ii)  if to any other Person who is the registered holder of
                        any Equity Securities to the address of such holder as
                        it appears in the stock ledger of the Company or such
                        other address or to the attention of such other person
                        as the recipient party shall have specified by prior
                        written notice to the sending party.

Any notice under this Agreement will be deemed to have been given (w) on the
date such notice is personally delivered, (x) four (4) days after the date of
mailing if sent by certified or registered mail, (y) one (1) day after the date
such notice is delivered to the overnight courier service if sent by overnight
courier or (z) with respect to facsimiles, on the earlier of one (1) day after
the date such facsimile is delivered to the overnight courier for confirmation
or confirmation by telephone to the number designated herein; provided that in
each case notices received after 4:00 p.m. (local time of the recipient) shall
be deemed to have been duly given on the next business day.

      7.9 Severability. Whenever possible, each provision of this Agreement will
be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement is held to be prohibited by or invalid
under applicable law, such provision will be ineffective only to the extent of
such prohibition or invalidity, without invalidating the remainder of this
Agreement.

      7.10 Headings. The headings and captions contained herein are for
convenience only and shall not control or affect the meaning or construction of
any provision hereof.

                                       16
<PAGE>

      7.11 Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original and which together
shall constitute one and the same instrument.

      7.12 Representations and Warranties. Each party to this Agreement
represents and warrants to each other party to this Agreement that (i) all
action on the part of such party necessary for the authorization, execution,
delivery and performance of this Agreement has been taken and (ii) this
Agreement is a legal, valid and binding obligation of such party, enforceable
against such party in accordance with its terms, except as such enforcement may
be limited by (i) bankruptcy, insolvency, reorganization, moratorium or other
similar laws now or hereinafter in effect relating to creditors' rights
generally and (ii) general principles of equity (regardless of whether
enforceability is considered in a proceeding in equity or at law).

      7.13 GOVERNING LAW. ALL QUESTIONS CONCERNING THE VALIDITY, MEANING AND
EFFECT OF THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THAT
STATE.

      7.14 CONSENT TO JURISDICTION AND VENUE. THE PARTIES HERETO EACH HEREBY
CONSENT TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE
STATE OF NEW JERSEY AND IRREVOCABLY AGREE THAT ALL ACTIONS OR PROCEEDINGS
ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE LITIGATED IN SUCH COURTS.
EACH OF THE PARTIES HERETO ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS
RESPECTIVE PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION
AND VENUE OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON
CONVENIENS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY NON-APPEALABLE JUDGMENT
RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT.

      7.15 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND TO THE
FULLEST EXTENT PERMITTED BY LAW WAIVES ANY RIGHTS THAT IT MAY HAVE TO CLAIM OR
RECEIVE CONSEQUENTIAL OR SPECIAL DAMAGES IN CONNECTION WITH ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

                           [SIGNATURE PAGES TO FOLLOW]

                                       17
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have executed this Stockholders
Agreement as of the day and year first above written.

The Company:                       U.S. HELICOPTER CORPORATION

                                   By: /s/  John G. Murphy
                                       -----------------------------------------
                                        Name: John G. Murphy
                                        Title: President and Chief Executive
                                        Officer

Stockholders:

                                    /s/  John G. Murphy
                                   ---------------------------------------------
                                   John G. Murphy, as an individual

                                    /s/ Gabriel S. Roberts
                                   ---------------------------------------------
                                   Gabriel S. Roberts, as an individual

                                    /s/  Rue Reynolds
                                   ---------------------------------------------
                                   Rue Reynolds, as an individual

                                    /s/  George Mehm
                                   ---------------------------------------------
                                   George Mehm, as an individual

                                    /s/  Thomas P. Gallagher
                                   ---------------------------------------------
                                   Gallagher, Briody & Butler
                                   By: Thomas P. Gallagher, Esq.

                                    /s/ Col. Clinton Pagano
                                   ---------------------------------------------
                                   Col. Clinton Pagano

                                    /s/  Donal McSullivan
                                   ---------------------------------------------
                                   Donal McSullivan

                                    /s/  John Capozzi
                                   ---------------------------------------------
                                   John Capozzi

                                       18
<PAGE>

                                                                  July ___, 2004

                                    EXHIBIT A

                              LIST OF STOCKHOLDERS
<TABLE>
<CAPTION>
NAME                                     STATUS                NUMBER OF SHARES HELD
----                                     ------                ---------------------
<S>                               <C>                          <C>
John G. Murphy                    Individual Stockholder             7,029,000
Gabriel S. Roberts                Individual Stockholder             4,899,000
Rue Reynolds                      Individual Stockholder               639,000
John Capozzi                      Individual Stockholder             3,897,900
Donal McSullivan                  Individual Stockholder             3,450,600
George Mehm                       Individual Stockholder               639,000
Gallagher, Briody & Butler        Individual Stockholder               532,500
Col. Clinton Pagano               Individual Stockholder               213,000
TOTAL SHARES                                                        21,300,000
</TABLE>

                                       19
<PAGE>

                                    EXHIBIT B

                         ADDITIONAL PARTY SIGNATURE PAGE

      The undersigned hereby executes the Stockholders Agreement, dated as of
July ___, 2004 (the "Agreement"), by and among U.S. Helicopter Corporation, a
Delaware corporation, and each of the Stockholders listed on Exhibit A thereto,
authorizes this Additional Party Signature Page to be attached to a counterpart
of such agreement, and agrees to be bound by such agreement as if the
undersigned had executed such agreement on the date of its original execution.

INITIALS:  STATUS:

______     Institutional Stockholder  __________________________________________
                                      NAME (Type or Print)

______     Individual Employee
           Stockholder

______     Individual Non-Employee
           Stockholder
                                      __________________________________________
                                      Address
                                      __________________________________________
                                      Signature

                                      U.S.HELICOPTER CORPORATION
                                      (on behalf of itself and the Stockholders)

                                      By:_______________________________________
                                         Name:
                                         Title:

                                       20<PAGE>

                                                                   Exhibit 10.36

                           U.S. HELICOPTER CORPORATION
                            2004 STOCK INCENTIVE PLAN

      1. Objectives. The U.S. Helicopter Corporation 2004 Stock Incentive Plan
(the "Plan") is designed to attract, motivate and retain selected employees,
non-employee directors and other individuals providing services to the Company.
These objectives are accomplished by making long-term incentive and other awards
under the Plan, thereby providing Participants with a proprietary interest in
the growth and performance of the Company.

      2. Definitions.

            (a) Award. The grant of any form of stock option, stock appreciation
            right or restricted stock award, whether granted singly, in
            combination or in tandem, to a Participant pursuant to such terms,
            conditions, performance requirements, and limitations and
            restrictions as the Committee may establish in order to fulfill the
            objectives of the Plan.

            (b) Award Agreement. An agreement between the Company and a
            Participant setting forth the terms, conditions, performance
            requirements, limitations and restrictions applicable to an Award.

            (c) Board. The Board of Directors of U.S. Helicopter Corporation.

            (d) Cause. Cause shall mean the definition of cause set forth in any
            written employment agreement between the Company and the Participant
            and in the event there is no such agreement Cause shall mean: (i)
            the Participant acting fraudulently in his or her relations with the
            Company; (ii) the Participant misappropriating or doing material,
            intentional damage to the property of the Company; (iii) the
            substantial breach or continuous neglect by the Participant of his
            or her employment obligations, or willful misconduct by the
            Participant in the performance of such obligations which occurs or
            persists after notice and an opportunity to cure; (iv) the
            Participant being convicted of a felony; or (v) the Participant's
            failure to act in the best interest of the Company or breach of his
            or her fiduciary duties to the Company.

            (e) Change in Control. The occurrence of any of the following
            events:

                  (i) The members of the Board at the beginning of any
                  consecutive twenty-four calendar month period (the "Incumbent
                  Directors") cease for any reason other than due to death to
                  constitute at least a majority of the members of the Board,
                  provided that any director whose election, or nomination for
                  election by the Company's stockholders, was approved by a vote
                  of at least a majority of the members of the Board then still
                  in office who were members of the Board at the beginning of
                  such twenty-

<PAGE>

                  four calendar month period other than as a result of a proxy
                  contest, or any agreement arising out of an actual or
                  threatened proxy contest, shall be treated as an incumbent
                  director; or

                  (ii) Any "person," including a "group" (as such terms are used
                  in Sections 13(d) and 14(d)(2) of the Exchange Act), but
                  excluding the Company, any affiliate, or any employee benefit
                  plan of the Company, or any affiliate is or becomes the
                  "beneficial owner" (as defined in Rule 13(d)(3) under the
                  Exchange Act), directly or indirectly, of securities of the
                  Company representing 50% or more of the combined voting power
                  of the Company's then outstanding securities; or

                  (iii) The approval by the stockholders of the Company of (A) a
                  merger or other business combination or any other corporate
                  reorganization, if more than 50% of the combined voting power
                  of the continuing or surviving entity's securities outstanding
                  immediately after such merger, consolidation or other
                  reorganization is owned by persons who were not stockholders
                  of the Company immediately prior to such merger, consolidation
                  or other reorganization, or (B) the sale or other disposition
                  of all or substantially all of the assets of the Company to
                  any other entity; or

                  (iv) The purchase of Stock pursuant to any tender or exchange
                  offer made by any "person", including a "group" (as such terms
                  are used in Sections 13(d) and 14(d)(2) of the Exchange Act),
                  other than the Company, or any affiliate, or an employee
                  benefit plan of the Company or any of its affiliates, for 30%
                  or more of the Stock of the Company.

                  Notwithstanding the foregoing, a "Change in Control" shall not
                  be deemed to occur in the event the Company files for
                  bankruptcy, liquidation or reorganization under the United
                  States Bankruptcy Code.

            (e) Change in Control Price. The higher of (i) the highest price per
            share of Stock offered in conjunction with any transaction resulting
            in a Change in Control (as determined in good faith by the Committee
            if any part of the offered price is payable other than in cash) or,
            (ii) the highest Fair Market Value of the Stock on any of the 30
            trading days immediately preceding the date on which a Change in
            Control occurs.

            (f) Code. The Internal Revenue Code of 1986, as amended from time to
            time.

            (g) Committee. The committee of the Board as may be designated from
            time to time by the Board to administer the Plan. If at any time no
            Committee shall be in office, then the functions of the Committee
            specified in the Plan shall be exercised by the Board.

                                       2
<PAGE>

            (h) Company. U.S. Helicopter Corporation and its direct and indirect
            subsidiaries.

            (i) Disabled or Disability. Permanent and total disability as
            determined under the Company's long-term disability program or, if
            no such program has been adopted, the continuous absence of an
            employee for 187 consecutive days or more due to physical or mental
            illness or incapacity.

            (j) Exchange Act. Securities Exchange Act of 1934, as amended,
            together with the rules and regulations thereunder.

            (k) Fair Market Value. The value of a share of Stock on a particular
            date, determined as follows: (i) if the Stock is not listed on such
            date on any national securities exchange but is traded in the
            over-the-counter market, the mean between the highest "bid" and
            lowest "offered" quotations of a share of Stock on such date (or if
            none, on the most recent date on which there were bid and offered
            quotations of a share of Stock), as reported on the National
            Association of Securities Dealers, Inc. Automated Quotation System,
            or, if not so reported, as reported by the National Quotation
            Bureau, Incorporated, or any other similar service selected by the
            Board; or (ii) if the Stock is listed on such date on one or more
            national securities exchanges, the last reported sale price of a
            share of Stock on such date as recorded on the composite tape
            system, or, if such system does not cover the Stock, the last
            reported sale price of a share of Stock on such date on the
            principal national securities exchange on which the Stock is listed,
            or if no sale of Stock took place on such date, the last reported
            sale price of a share of Stock on the most recent day on which a
            sale of a share of Stock took place as recorded by such system or on
            such exchange, as the case may be; or (iii) if the Stock is neither
            listed on such date on a national securities exchange nor traded in
            the over-the-counter market, as determined by the Committee.

            (l) Participant. An individual to whom an Award has been made under
            the Plan. Awards may be made to any employee, non-employee director
            or any other individual providing services to the Company. However,
            incentive stock options may be granted only to individuals who are
            employed by the Company or by a subsidiary corporation (within the
            meaning of Section 424(f) of the Code) of the Company, including a
            subsidiary that becomes such after the adoption of the Plan.

            (m) Public Company Status. When the sale of securities pursuant to a
            registration statement filed by the Company under the Securities Act
            in connection with the firm commitment underwritten offering of its
            securities to the general public is consummated or when the Company
            first becomes subject to the periodic reporting requirements of
            Sections 12(g) or 15(d) of the Exchange Act, whichever event shall
            first occur.

                                       3
<PAGE>

            (n) Securities Act. Securities Act of 1933, as amended, together
            with the rules and regulations thereunder.

            (o) Stock. Authorized and issued or unissued shares of common stock
            of the Company or any security issued in exchange or substitution
            therefor.

      3. Stock Available for Awards. Subject to Section 11 hereof, a total of
Three Million Seven Hundred Thousand (3,700,000) shares of Stock shall be
available for issuance pursuant to Awards granted under the Plan. Shares of
Stock may be made available from the authorized but unissued shares of the
Company or from shares held in the Company's treasury and not reserved for some
other purpose. For purposes of determining the number of shares of Stock issued
under the Plan, no shares shall be deemed issued until they are actually
delivered to a Participant, or such other person in accordance with Section 7
hereof. Shares of Stock related to Awards, or portions of Awards, that are
forfeited, cancelled or terminated, expire unexercised, are surrendered in
exchange for other Awards, or are settled in such manner that all or some of the
shares of Stock covered by an Award are not and will not be issued to a
Participant, shall be restored to the total number of shares of Stock available
for issuance pursuant to Awards. Further, shares tendered to or withheld by the
Company in connection with the exercise of stock options, or the payment of tax
withholding on any Award, shall also be available for future issuance under
Awards.

      4. Administration. The Plan shall be administered by the Committee, which
shall have full power to select Participants, to interpret the Plan, to grant
waivers of Award restrictions, to continue, accelerate or suspend
exercisability, vesting or payment of an Award and to adopt such rules,
regulations and guidelines for carrying out the Plan as it may deem necessary or
proper. These powers include, but are not limited to, the adoption of
modifications, amendments, procedures, subplans and the like as are necessary to
comply with provisions of the laws and regulations of the countries in which the
Company operates in order to assure the viability of Awards granted under the
Plan and to enable Participants regardless of where employed to receive
advantages and benefits under the Plan and such laws and regulations.

      5. Awards. The Committee shall determine the types and timing of Awards to
be made to each Participant and shall set forth in the related Award Agreement
the terms, conditions, performance requirements, and limitations applicable to
each Award. Awards may include those listed below in this Section 5. Awards may
be granted singly, in combination or in tandem, or in substitution for, or as
alternatives to, grants or rights under any other benefit plan of the Company,
including any plan of any entity acquired by, or merged with or into, the
Company. Awards shall be effected through Award Agreements executed by the
Company in such forms as are approved by the Committee from time to time.

            The Committee may determine to make any or all of the following
            Awards:

            (a) Stock Options. A grant of right to purchase a specified number
            of shares of Stock at a specified exercise price. A stock option may
            be in the form of (i) an incentive stock option ("ISO") which, in
            addition to being subject to such terms, conditions and limitations
            as are established by the Committee, complies with

                                       4
<PAGE>

            Section 422 of the Code or (ii) a non-qualified stock option subject
            to such terms, conditions and limitations as are established by the
            Committee. The aggregate Fair Market Value (as determined as of the
            time of grant) of the Stock with respect to which ISOs are
            exercisable for the first time by an employee in any calendar year
            under the Plan (and/or any other incentive stock option plans of the
            Company) shall not exceed $100,000. To the extent that any Stock
            Option is not designated as an ISO or even if so designated does not
            qualify as an ISO, it shall constitute a Nonqualified Stock Option.

            Stock Options granted under the Plan shall be subject to the
            following terms and conditions and shall contain such additional
            terms and conditions as the Committee shall deem desirable and set
            forth in the Award Agreement:

                  (i) Exercise Price. The exercise price per share of Common
                  Stock shall not be less than the Fair Market Value of the
                  Common Stock subject to the Stock Option on the date of grant;
                  provided, however, that for any Nonqualified Stock Option, the
                  exercise price per share of Common Stock may, alternatively,
                  be fixed at any price deemed to be fair and reasonable, as of
                  the date of grant, by the Committee but shall not be less than
                  85% of the Fair Market Value of the Stock subject to the Stock
                  Option on the date of grant.

                  (ii) Option Term. The term of each Stock Option shall be fixed
                  by the Committee, but no ISO shall be exercisable more than 10
                  years after the date the Stock Option is granted.

                  (iii) Exercisability. Except as otherwise provided herein,
                  Stock Options shall be exercisable at such time or times and
                  subject to such terms and conditions as shall be determined by
                  the Committee at the rate of at least 20% per year over five
                  years from the date of grant. If the Committee provides that
                  any Stock Option is exercisable only in installments, the
                  Committee may at any time waive such installment exercise
                  provisions, in whole or in part, based on such factors as the
                  Committee may determine. In addition, the Committee may at any
                  time accelerate the exercisability of any Stock Option.

                  (iv) Payment of Exercise Price. The price at which shares of
                  Stock may be purchased under a Stock Option shall be paid in
                  full in cash at the time of the exercise or, if permitted by
                  the Committee, by means of tendering Stock or surrendering
                  another Award or any combination thereof. The Committee shall
                  determine acceptable methods of tendering Stock or other
                  Awards and may impose such conditions on the use of Stock or
                  other Awards to exercise a Stock Option as it deems
                  appropriate.

                  (v) Ten Percent Stockholders. An individual who owns more than
                  10% of the total combined voting power of all classes of
                  outstanding stock

                                       5
<PAGE>

                  of the Company, its Parent or any of its Subsidiaries shall
                  not be eligible for the grant of an ISO unless (i) the
                  exercise price is at least 110% of the Fair Market Value of
                  the Stock on the date of grant and (ii) such ISO by its terms
                  is not exercisable after the expiration of five years from the
                  date of grant. For purposes of this Subsection (v), in
                  determining stock ownership, the attribution rules of Section
                  424 (d) of the Code shall be applied.

            (b) Stock Appreciation Rights. A right to receive a payment, in cash
            or Stock, equal in value to the excess of the Fair Market Value of a
            specified number of shares of Stock on the date the stock
            appreciation right ("SAR") is exercised over the grant price of the
            SAR, which shall not be less than 100% of the Fair Market Value on
            the date of grant of such SAR, as determined by the Committee,
            provided that if an SAR is granted in tandem with or in substitution
            for another award granted under any plan of the Company, the grant
            price may be the same as the exercise or designated price of such
            other award.

            (c) Stock Awards. An Award may be made in restricted Stock or
            denominated in units of Stock. All or part of any stock award may be
            subject to conditions established by the Committee, and set forth in
            the Award Agreement, which may include, but are not limited to,
            continuous service with the Company, achievement of specific
            business objectives, increases in specified indices, attaining
            growth rates, and other comparable measurements of the Company
            performance.

                  Each restricted Stock Award Agreement shall be subject to the
            following terms and conditions and such additional terms and
            conditions as the Committee shall deem desirable and set forth the
            Award Agreement that are not inconsistent with the Plan:

                  (i) Restricted Stock may be sold or awarded under the Plan for
                  such consideration as the Committee may determine but shall
                  not be less than 85% of the Fair Market Value of such Stock.

                  (ii) Each Award of restricted Stock may or may not be subject
                  to vesting. Vesting shall occur, in full or in installments,
                  upon satisfaction of the conditions specified in the
                  restricted Stock Award Agreement and shall vest at the rate of
                  at least 20% per year over five years from the date of grant.

                  (iii) A restricted Stock Award Agreement may provide for
                  accelerated vesting in the event of the Participant's death,
                  disability or retirement or other events.

                                       6
<PAGE>

                  (iv) The holders of restricted Stock awarded under the Plan
                  shall have the same voting, dividend and other rights as the
                  Company's other stockholders.

                  (v) The provisions of the various restricted Stock Award
                  Agreements entered into under the Plan need not be identical.

      6. Tax Withholding. Prior to the payment or settlement of any Award, the
Participant must pay, or make arrangements acceptable to the Company for the
payment of, any and all federal, state and local tax withholding that in the
opinion of the Company is required by law. The Company shall have the right to
deduct applicable taxes from any Award payment and withhold, at the time of
delivery or vesting of shares under the Plan, an appropriate number of shares
for payment of taxes required by law or to take such other action as may be
necessary in the opinion of the Company to satisfy all obligations for
withholding of such taxes.

      7. Transferability.

            (a) No Award shall be transferable or assignable, or payable to or
            exercisable by, anyone other than the Participant to whom it was
            granted, except, (i) by law, will or the laws of descent and
            distribution, (ii) as a result of the Disability of a Participant or
            (iii) that the Committee (in the form of an Award Agreement or
            otherwise) may permit transfers of Awards by gift or otherwise to a
            member of a Participant's immediate family and/or trusts whose
            beneficiaries are members of the Participant's immediate family, or
            to such other persons or entities as may be approved by the
            Committee. Notwithstanding the foregoing, in no event shall ISOs be
            transferable or assignable other than by will or by the laws of
            descent and distribution.

            (b) All shares of Stock acquired by a Participant pursuant to the
            Plan or upon the exercise of a Stock Option shall be subject, prior
            to the time the Company acquires Public Company Status, to special
            forfeiture conditions, rights of repurchase, rights of refusal and
            other transfer restrictions as set forth in the Award Agreement and
            a "lock-up" agreement of the Participant that, if requested by the
            Company and an underwriter of Common Stock of the Company, the
            Participant will agree not to sell or otherwise transfer or dispose
            of any shares of Common Stock of the Company held by the Participant
            for a specified period of time (not to exceed 18 months) following a
            public offering of securities of the Company.

            Such restrictions shall be set forth in the applicable stock Award
            Agreement and shall apply in addition to any restrictions that may
            apply to holders of Stock generally.

            Any right of the Company to repurchase the Participant's Stock upon
            the termination of the Participant's services shall be at Fair
            Market Value. Any such repurchase right may be exercised for cash or
            for cancellation of indebtedness

                                       7
<PAGE>

            incurred in purchasing the Stock for a period of 90 days after (i)
            the death, Disability or termination of Participant's employment and
            (ii) the date of exercise of any Option that is exercised after the
            death, Disability or termination of Participant's employment during
            the applicable exercise period set forth in Section 8 of this Plan.

      8. Termination of Employment; Death or Disability.

            (a) Termination of Employment.

            (i) Resignation or Termination Without Cause. If Participant's
            employment by the Company terminates for any reason other than by
            reason of death or Disability or for Cause, all vested and currently
            exercisable installments of any Option shall remain exercisable for
            a period of thirty (30) days from the date of termination and, to
            the extent not exercised, shall terminate and all other non-vested
            installments of the Option shall immediately and automatically
            terminate.

            (ii) Termination for Cause. If Participant's employment by the
            Company terminates by virtue of a termination for Cause, the Option,
            whether vested or not, shall terminate on the date participant's
            employment terminates.

            (b) Disability of Participant. If Participant is unable to continue
            his or her employment by the Company as a result of Disability of
            the Participant, Participant may, but only within six (6) months
            from the date of Disability, exercise such portion of the Option
            which has vested as of the date of such Disability, and such portion
            of the Option which has not vested shall terminate. If Participant
            does not exercise such portion of the Option which has vested and
            which Participant was entitled to exercise within the time specified
            herein, the Option shall terminate.

            (c) Death of Participant. In the event of the death of Participant
            during the term of the Option and while an employee of the Company,
            the Option may be exercised, at any time within six (6) months
            following the date of Participant's death, by the Participant's
            estate or by a person who acquired the right to exercise the Option
            by bequest or inheritance but only to the extent that the Option has
            vested at the date of death. If Participant's estate or a person who
            acquired the right to exercise the Option by bequest or inheritance
            does not exercise such portion of Participant's Option which has
            vested and which the Participant was entitled to exercise in the
            time specified herein, the Option shall terminate.

      9. Change in Control.

            (a) Subject to the provisions of Section 9(b) below, in the event of
            a Change in Control, at the discretion of the Committee, (i) each
            Stock Option shall either be cancelled in exchange for a payment in
            cash of an amount equal to the excess, if any, of the Change in
            Control Price over the exercise price for such Stock

                                       8
<PAGE>

            Option, or be fully exercisable regardless of the exercise schedule
            otherwise applicable to such Stock Option and (ii) all restricted
            shares of Stock and all SARs shall become nonforfeitable and be
            immediately transferable or payable, as the case may be.

            (b) Notwithstanding Section 9(a), no cancellation, acceleration of
            exercisability, vesting, cash settlement or other payment shall
            occur with respect to any Award or any class of Awards if the
            Committee reasonably determines in good faith prior to the
            occurrence of a Change in Control that such Award or Awards shall be
            honored or assumed, or new rights substituted therefor (such
            honored, assumed or substituted award hereinafter called an
            "Alternative Award"), by a Participant's employer (or the parent or
            an Affiliate of such employer) immediately following the Change in
            Control, provided that any such Alternative Award must:

                  (i) provide such Participant (or each Participant in a class
                  of Participant) with rights and entitlements substantially
                  equivalent to or be better than the rights, terms and
                  conditions applicable under such Award, including, but not
                  limited to, an identical or better exercise or vesting
                  schedule and identical or better timing and methods of
                  payment; and

                  (ii) have substantially equivalent economic value to such
                  Award (determined at the time of the Change in Control).

      10. Amendment, Modification, Suspension or Termination of the Plan. The
Board may amend, modify, suspend or terminate the Plan, (a) for the purpose of
meeting or addressing any changes in any applicable tax, securities or other
laws, rules or regulations or (b) for any other purpose permitted by law.

      11. Adjustments. In the event of any change in the outstanding Stock of
the Company by reason of a stock split, stock dividend, combination or
reclassification of shares, recapitalization, merger or similar event, the
Committee may adjust proportionally (a) the number of shares of Stock (i)
available for issuance under the Plan, and (ii) covered by outstanding Awards
denominated in stock or units of Stock; (b) the exercise and grant prices
related to outstanding Awards; and (c) the appropriate Fair Market Value and
other price determinations for such Awards. In the event of any other change
affecting the Stock or any distribution to holders of Stock, such adjustments in
the number and kind of shares and the exercise, grant and conversion prices of
the affected Awards as may be deemed equitable by the Committee, including
adjustments to avoid fractional shares, shall be made to give proper effect to
such event.

      12. Securities Laws.

            (a) Stock shall not be issued pursuant to the Plan unless the
            issuance and delivery of such stock complies with (or is exempt
            from) all applicable requirements of law, including (without
            limitation) the Securities Act of 1933, as

                                       9
<PAGE>

            amended, the rules and regulations promulgated thereunder, state
            securities laws and regulations, and the regulations of any stock
            exchange or other securities market on which the Company's
            securities may then be traded.

            (b) The Company each year shall furnish to each Participant holding
            an Option and each stockholder who has received Stock under the Plan
            the Company's balance sheet and income statement, unless such
            Participant or stockholder is a key employee whose duties with the
            Company assure such person access to equivalent information. Such
            balance sheet and income statement need not be audited.

      13. Miscellaneous.

            (a) Any notice to the Company required by any of the provisions of
            the Plan shall be addressed to the Committee, c/o the Secretary of
            the Company, and shall become effective when it is received.

            (b) The Plan shall be unfunded and the Company shall not be required
            to establish any special account or fund or to otherwise segregate
            or encumber assets to ensure payment of any Award.

            (c) Nothing contained in the Plan shall prevent the Company from
            adopting other or additional compensation arrangements or plans,
            subject to shareholder approval if such approval is required, and
            such arrangements or plans may be either generally applicable or
            applicable only in specific cases.

            (d) No Participant shall have any claim or right to be granted an
            Award under the Plan and nothing contained in the Plan shall be
            deemed or be construed to give any Participant the right to be
            retained in the employ of the Company or to interfere with the right
            of the Company to discharge any Participant at any time without
            regard to the effect such discharge may have upon the Participant
            under the Plan. Except to the extent otherwise provided in any plan
            or in an Award Agreement, no Award under the Plan shall be deemed
            compensation for purposes of computing benefits or contributions
            under any other plan of the Company.

            (e) The Plan and each Award Agreement shall be governed by the laws
            of the State of Delaware, excluding any conflicts or choice of law
            rule or principle that might otherwise refer construction or
            interpretation of the Plan to the substantive law of another
            jurisdiction.

            (f) The Committee shall have full power and authority to interpret
            the Plan and to make any determinations thereunder and the
            Committee's determinations shall be binding and conclusive.
            Determinations made by the Committee under the Plan need not be
            uniform and may be made selectively among individuals, whether or
            not such individuals are similarly situated.

                                       10
<PAGE>

            (g) If any provision of the Plan is or becomes or is deemed invalid,
            illegal or unenforceable in any jurisdiction, or would disqualify
            the Plan or any Award under any law deemed applicable by the
            Committee, such provision shall be construed or deemed amended or
            limited in scope to conform to applicable laws or, in the discretion
            of the Committee, it shall be stricken and the remainder of the Plan
            shall remain in full force and effect.

            (h) This Plan shall terminate on January 1, 2014 and no Award shall
            be granted after that date.

                                       11

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