Document:

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                                                                   Exhibit 10.37

                       NORTH COAST SECURITIES CORPORATION
                             9995 Gate Parkway North
                                    Suite 300
                             Jacksonville, FL 32246

                               September 22, 2004

U.S. Helicopter Corporation
Downtown Manhattan Heliport
Pier 6 East River
New York, NY 10006

Attn: John G. Murphy
      President and CEO

Dear Mr. Murphy:

We are pleased to confirm our mutual understanding regarding the retention of
North Coast Securities Corporation ("Agent") by U.S. Helicopter Corporation (the
"Company"), subject to the terms and conditions of this agreement (the
"Agreement").

1.    Agent will act as the Company's Agent in connection with the private
placement of up to $1,500,000 of Equity Units (referred to as the "Units"), each
Unit consisting of five shares of Series A Preferred Stock and two warrants,
each warrant to purchase one share of common stock. The Units will be issued
only to accredited investors (as defined in Rule 501 under the Securities Act of
1933, as amended), on terms mutually agreeable between the parties hereto,
certain of which terms are set forth on Exhibit A, annexed hereto and
incorporated herein by reference (such private placement referred to as the
"Offering"). The Offering will be made on a best efforts basis subject to the
terms and conditions set forth herein. Agent will act as the non-exclusive Agent
for the Offering and sale of the Units constituting the Offering.

2.    Agent will provide the Company with the following services in connection
with the Offering:

      A.    Assisting the Company in preparation of documents in connection with
            the Offering, and acting as the Agent in connection with such
            Offering;

      B.    Coordinating the marketing effort for the sale of the Units;

      C.    Assisting the Company in negotiating transaction terms with
            potential investors in the Units; and

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U.S. Helicopter Corporation
September 22, 2004
Page 2

      D.    Providing such other advice, assistance or services as may be
            reasonably requested by the Company in connection with the Offering
            and as mutually agreed upon by Agent and the Company.

3.    Agent's compensation for acting as Agent for the Company in connection
with the Offering pursuant to this Agreement will be as follows:

      A.    A fee equal to 12% of the gross proceeds raised in the Offering by
            Agent (the "Offering Amount"), payable on the Offering Amount
            subscribed for and accepted at each Closing of the Offering.

      B.    At each Closing of the Offering, the Company shall pay to Agent, a
            non-accountable expense allowance in the amount equal to 3% of the
            Offering Amount subscribed for and accepted at that Closing.

      C.    Agent will receive as a Due Diligence and Pre-Marketing Fee, a
            payment from the Company of $25,000 upon execution of this
            Agreement, to cover the costs and expenses of Agent's due diligence
            investigation and pre-marketing activities on behalf of the Company.
            One-half of the Pre-Marketing fee will not be earned and payable
            until and unless $750,000 has been raised by Agent in the Offering.

      D.    Agent will receive warrants to purchase that number of shares of
            common stock of the Company as equals 10% of the Preferred Stock
            issued to investors in the Offering (including such number of shares
            of common stock issuable upon exercise of warrants) with an exercise
            price equal to the lower of $0.75 per share or 110% of the price of
            the closing bid price of the Company's common stock on December 31,
            2004, with respect to which such warrants are issued, a term of five
            years and all other terms substantially the same as those of the
            warrants to be issued to investors in the Offering.

      E.    Agent and the Company will enter into a separate Financial
            Consulting and Advisory Agreement at the Closing of the Offering,
            with compensation of Warrants to purchase 250,000 shares of Common
            Stock of the Company with an exercise price equal to the lower of
            $0.75 or 110% of the closing bid price of the Company's Common Stock
            on December 31, 2004, a term of five years and all other terms
            substantially the same as those of the Warrants to be issued to
            investors in the Offering.

      F.    Agent shall not be entitled to compensation as described in
            paragraphs A through E above as a result of proceeds received by the
            Company from subscribers in the Offering who were introduced to the
            Company from persons other than Agent.

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U.S. Helicopter Corporation
September 22, 2004
Page 3

4.    The Company will pay all expenses incurred by or on behalf of the Company
in connection with the preparation and printing of the Units, blue sky filings
and fees, legal expenses of the Agent up to a maximum of $15,000 and all other
documents and instruments required in connection with the Offering.

5.    In connection with Agent's activities on the Company's behalf, the Company
will cooperate with Agent and will furnish Agent with all information and data
concerning the Company which Agent reasonably believes appropriate to the
performance of services contemplated by this Agreement (all such information so
furnished being the "Information") and will provide Agent with reasonable access
to the Company's officers, directors, employees, independent accountants and
legal counsel. The Company recognizes and confirms that Agent (i) will use and
rely primarily on the Information and on information available from generally
recognized public sources in performing the services contemplated by the
Agreement, without having independently verified same, (ii) does not assume
responsibility for the accuracy or completeness of the Information and such
other information and (iii) will not make an independent appraisal of any of the
Company's assets. The Information to be furnished by the Company, when
delivered, will be, to the best of the Company's knowledge, true and correct in
all material respects and will not contain any material misstatements of fact or
omit to state any material fact necessary to make the statements contained
therein not misleading. The Company will promptly notify Agent if it learns of
any material inaccuracy or misstatement in, or material omission from any
Information thereto delivered to Agent. Agent agrees to keep the Information
confidential and only to release the Information with the consent of the Company
(except for such Information as set forth in the Offering Memorandum). At the
Closing, the Company shall deliver to Agent an officer certificate and opinion
of counsel reasonably acceptable to the Company and Agent. If the transaction
contemplated by this Agreement is not completed for whatever reason, Agent will
return the Information (without keeping any copies thereof) forthwith on demand
by the Company. Agent on its part represents, warrants, and agrees that it has
complied, and at all times while it is performing services under this Agreement
it will comply, with all laws, rules, and regulations applicable to it in
connection with the services it performs under this Agreement, such compliance
to include maintaining all licenses in all applicable jurisdictions it and its
agents are required to maintain for purposes of its activities under this
Agreement.

6.    The Company agrees that Agent has the right to place "tombstone" or other
advertisements describing its services to the Company under this Agreement in
financial and other newspapers and journals, provided the Company consents to
the same, and which consent shall not be unreasonably withheld, and provided
further that any such advertisement complies with applicable law.

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U.S. Helicopter Corporation
September 22, 2004
Page 4

7.    The Company agrees to indemnify Agent in accordance with the
indemnification provisions (the "Indemnification Provisions") attached to this
Agreement, as Exhibit B, and which Indemnification Provisions are incorporated
herein and made a part hereof and which shall survive the termination or
expiration of this Agreement.

8.    The validity and interpretation of this Agreement shall be governed by,
and construed and enforced in accordance with, the laws of the State of New York
applicable to agreements made and to be fully performed therein (excluding the
conflicts of laws rules).

9.    The benefits of this Agreement shall inure to the parties hereto, their
respective successors and assigns and to the indemnified parties hereunder and
their respective successors and assigns and representatives, and the obligations
and liabilities assumed in this Agreement by the parties hereto shall be binding
upon their respective successors and assigns.

10.   Each of the Company and Agent (and, to the extent permitted by law, on
behalf of their respective equity holders and creditors) hereby knowingly,
voluntarily and irrevocably waives any right it may have to a trial by jury in
respect of any claim based upon, arising out of or in connection with this
Agreement and the transactions contemplated hereby. Each of the Company and
Agent hereby certify that no representative or agent of the other party has
represented expressly or otherwise that such party would not seek to enforce the
provisions of this waiver. Further each of the Company and Agent acknowledges
that each party has been induced to enter this Agreement by, inter alia, the
provisions of this Section.

11.   If it is found in a final judgment by a court of competent jurisdiction
(not subject to further appeal) that any term or provision hereof is invalid or
unenforceable, (i) the remaining terms and provisions hereof shall be unimpaired
and shall remain in full force and effect and (ii) the invalid or unenforceable
provision or term shall be replaced by a term or provision that is valid and
enforceable and that comes closest to expressing the intention of such invalid
or unenforceable term or provision.

12.   This Agreement embodies the entire agreement and understanding of the
parties hereto and supersedes any and all prior agreements, arrangements and
understanding relating to the matters provided for herein. No alteration,
waiver, amendment, change or supplement hereto shall be binding or effective
unless the same is set forth in writing signed by a duly authorized
representative of each party.

13.   The Company has all requisite corporate power and authority to enter into
this Agreement and the transactions contemplated hereby. This Agreement has been
duly and validly authorized by all necessary corporate action on the part of the
Company and has been duly executed and delivered by the Company and constitutes
a legal, valid and binding agreement of

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U.S. Helicopter Corporation
September 22, 2004
Page 5

the Company, enforceable in accordance with its terms (except as enforceability
may be limited by applicable bankruptcy, insolvency or similar laws).

14.   Agent has all requisite corporate power and authority to enter into this
Agreement, once executed by Agent's Officers. This Agreement has been duly and
validly authorized by all necessary corporate action on the part of Agent and
has been duly executed and delivered by Agent and constitutes a legal, valid and
binding agreement of Agent, enforceable in accordance with its terms (except as
enforceability may be limited by applicable bankruptcy, insolvency or similar
laws).

15.   This Agreement does not create, and shall not be construed as creating,
rights enforceable by any person or entity not a party hereto, except those
entitled thereto by virtue of the Indemnification Provisions hereof. The Company
acknowledges and agrees that with respect to the services to be rendered by
Agent, Agent is not and shall not be construed as a fiduciary of the Company and
shall have no duties or liabilities to the equity holders or creditors of the
Company or any other person by virtue of this Agreement and the retention of
Agent hereunder, all of which are hereby expressly waived. The Company also
agrees that Agent shall not have any liability (including without limitation,
liability for losses, claims, damages, obligations, penalties, judgments,
awards, liabilities, costs, expenses or disbursements resulting from any
negligent act or omission of Agent, whether direct or indirect, in contract,
tort or otherwise) to the Company or to any person (including, without
limitation, equity holders and creditors of the Company) claiming through the
Company for or in connection with the engagement of Agent, this Agreement and
the transactions contemplated hereby, except for liabilities which arise as a
result of the gross negligence or willful misconduct of Agent. The Company
acknowledges that Agent was induced to enter into this Agreement by, inter alia,
the provisions of this Section.

16.   For the convenience of the parties, any number of counterparts of this
Agreement may be executed by the parties hereto. Each such counterpart shall be,
and shall be deemed to be, an original instrument, but all such counterparts
taken together shall constitute one and the same Agreement.

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U.S. Helicopter Corporation
September 22, 2004
Page 6

      If the foregoing correctly sets forth our agreement, we would appreciate
your signing the enclosed copy of this letter in the space provided and
returning it to us.

                                    Very truly yours,

                                    NORTH COAST SECURITIES CORPORATION

                                    By: /s/ Frank Pasterczyk
                                        ------------------------------
                                    Name: Frank Pasterczyk
                                    Title: President and CEO

Confirmed and agreed to
this _____ day of September, 2004

U.S. HELICOPTER CORPORATION

By: /s/ John G. Murphy
    -----------------------------
     John G. Murphy
     President and CEO

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                                   EXHIBIT A

                      SUMMARY OF CERTAIN TERMS OF OFFERING

Offering                Sale of up to $1,500,000 of Equity Units to raise money
                        principally for working capital purposes, capital
                        expenditures and retirement of debt. No minimum dollar
                        amount of Equity Units must be subscribed for in order
                        to close. Expenses of the offering, sales commissions
                        and additional fees and costs of the Placement Agent
                        will be deducted from the proceeds of the offering.

Equity Unit             Five shares of Series A Preferred Stock and two
                        Warrants, each to purchase one share of Common Stock,
                        for an initial purchase price of $5.00 per Unit, subject
                        to adjustment as follows. The Common Stock issuable upon
                        conversion of the preferred stock and warrants shall be
                        subject to demand and piggyback registration rights as
                        described below.

Warrants                Each warrant included in a Unit will contain exercise
                        prices equal to 125% and 150% respectively, of the
                        conversion price of the Series A Preferred Stock.
                        Warrants shall be exercisable upon conversion of the
                        Preferred Stock and terms shall include a five year term
                        from date of issuance, demand and piggyback registration
                        rights as described below and standard anti-dilution
                        protection.

Registration Rights     The Company shall undertake to file with the SEC a
                        registration statement on Form SB-2 or S-3 covering the
                        Common Stock underlying the preferred stock and Warrants
                        by February 1, 2004. The Company shall use its best
                        efforts to have the registration statement declared
                        effective within 60 days of filing.

Indemnification of      The Company will indemnify the Placement Agent for any
Placement Agent         and all claims by other brokers, dealers, placement
                        agents, investment advisors or the like.

Qualified Investors     Accredited investors only.

Confidentiality         The Company will not disclose, and will not include in
                        any public announcement, the name of the investors in
                        this offering, unless expressly agreed to by the
                        investor or unless such disclosure is required by law or
                        applicable regulation, and then only to the extent of
                        such requirement.

Governing Law           New York law, New York courts.
and Jurisdiction

                                      A-1
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                                   EXHIBIT B

                           INDEMNIFICATION PROVISIONS

      Capitalized terms used herein that are not defined in these
indemnification provisions ("Indemnification Provisions") have the meaning set
forth in the engagement letter agreement dated September 22, 2004, between North
Coast Securities Corporation ("Agent") and U.S. Helicopter Corporation (the
"Company"), as such a agreement may be amended from time to time (the
"Agreement").

      The Company agrees to indemnify and hold harmless Agent, to the fullest
extent permitted by law, from and against any and all losses, claims, damages,
liabilities, obligations, penalties, judgments, awards, costs, expenses and
disbursements (and any and all actions, suits, proceedings and investigations in
respect thereof and any and all legal and other costs, expenses and
disbursements in giving testimony or furnishing documents in response to a
subpoena or otherwise), including, without limitation, the costs, expenses and
disbursements, as and when incurred, of investigating, preparing or defending
any such action, suit, proceeding or investigation (whether or not in connection
with litigation in which Agent is a party), directly or indirectly, caused by,
relating to, based upon, arising out of or in connection with (a) Agent's acting
for the Company, including, without limitation, any act or omission by Agent in
connection with its acceptance of or the performance or nonperformance of its
obligations under the Agreement, (b) any untrue statement or alleged untrue
statement of a material fact contained in, or omissions or alleged omissions
from any information furnished to Agent by the Company or (c) any Offering;
provided, however, such indemnity agreement shall not apply to any portion of
any such loss, claim, damage, obligation, penalty, judgment, award, liability,
cost, expense or disbursement to the extent it is found in a final judgment by a
court of competent jurisdiction (not subject to further appeal) to have resulted
primarily and directly from the gross negligence or willful misconduct of Agent.

      These Indemnification Provisions shall be in addition to any liability
which the Company may otherwise have to Agent or the persons indemnified below
in this sentence and shall extend to the following: Agent, its affiliated
entities, directors, officers, employees, legal counsel, agents and controlling
persons (within the meaning of the federal securities laws). All references to
Agent in these Indemnification Provisions shall be understood to include any and
all of the foregoing.

      If any action, suit, proceeding or investigation is commenced, as to which
Agent proposes to demand indemnification, it shall notify the Company with
reasonable promptness; provided, however, that the Company shall be relieved
from its obligations hereunder to the extent a failure by Agent to notify the
Company with reasonable promptness results in a significant increase in the
Company's obligations hereunder. Agent shall have the right to retain counsel of
its own choice to represent it, which counsel shall be reasonably acceptable to
the Company, and the Company shall pay the fees, expenses and disbursements of
such counsel; and such counsel shall, to the extent consistent with its
professional responsibilities, cooperate with the Company and any counsel
designated by the Company. The Company shall be liable for any settlement of any
claim against Agent made with the Company's written consent, which consent

                                      B-1
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shall not be unreasonably withheld. The Company shall not, without the prior
written consent of Agent, settle or compromise any claim, or permit a default or
consent to the entry of any judgment in respect thereof, unless such settlement,
compromise or consent includes, as an unconditional term thereof, the giving by
the claimant to Agent of an unconditional and irrevocable release from all
liability in respect of such claim.

      In order to provide for just and equitable contribution, if a claim for
indemnification pursuant to these Indemnification Provisions is made but it is
found in a final judgment by a court of competent jurisdiction (not subject to
further appeal) that such indemnification may not be enforced in such case, even
though the express provisions hereof provide for indemnification in such case,
then the Company, on the one hand, and Agent, on the other hand, shall
contribute to the losses, claims, damages, obligations, penalties, judgments,
awards, liabilities, costs, expenses and disbursements to which the indemnified
persons may be subject in accordance with the relative benefits received by the
Company, on the one hand, and Agent, on the other hand, and also the relative
fault of the Company, on the one hand, and Agent, on the other hand, in
connection with the statement, acts or omissions which resulted in such losses,
claims, damages, obligations, penalties, judgments, awards, liabilities, costs,
expenses or disbursements and the relevant equitable considerations shall also
be considered. No person found liable for a fraudulent misrepresentation shall
be entitled to contribution from any person who is not also found liable for
such fraudulent misrepresentation. Notwithstanding the foregoing, Agent shall
not be obligated to contribute any amount hereunder that exceeds the amount of
fees previously received by Agent pursuant to the Agreement.

      Neither termination nor completion of the engagement of Agent referred to
above shall affect these Indemnification Provisions which shall then remain
operative and in full force and effect.

                                      B-2<PAGE>

                                                                   EXHIBIT 10.38

                                  US HELICOPTER

JOHN W. GALLIGAN:

      -     EMPLOYMENT TERMS - DATED March 11, 2005:

            -     EFFECTIVE March 11, 2005 (START DATE - PART TIME)

            -     EFFECTIVE May 1, 2005 (START DATE - FULL TIME)

      -     POSITION

                  -     DIRECTOR OF MAINTENANCE

      -     LOCATION

                  -     SIKORSKY MEMORIAL AIRPORT, STRATFORD, CT or at some
                        other yet to be determined facility in the New York
                        (TRI-STATE) area.

      -     REPORTS TO

                  -     SENIOR VICE PRESIDENT/CHIEF OPERATING OFFICER

      -     RESPONSIBILITIES

                  -     AIRCRAFT MAINTENANCE DEPARTMENT

                  -     MAINTENANCE PLANNING

                  -     MAINTENANCE PERSONNEL

                  -     AIRCRAFT AIRWORTHIENESS

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      JOHN W. GALLIGAN
      EMPLOYMENT TERMS
      MARCH 11, 2005
      PAGE TWO

      -     SALARY

      -     Part Time March/April 2005, Salary Rate of $31.25 Her Hour

      -     Full Time May 1, 2005 Pre Start-up Period (Estimated May/June)

      -     Base Salary $65,000

      -     Effective with Start-up Base Salary will be $75,000

      -     Effective Six (6) Months After Start-Up Base Salary will be $78,000
            (Based on Performance)

      -     Effective Twelve (12) Months After Start-Up Base Salary will be
            $82,500 (based on Performance)

      -     Variance Between May 01, 2005 Pre Start-up period and Effective
            Start-up, Salary Difference Between $65,000 and $75,000 will be
            Deferred

      -     STOCK PLAN

      -     100,000 SHARES VESTED OVER ONE (1) YEAR

      -     STOCK OPTIONS (AT PRE-ESTABLISHED VALUATION RATE) 70,000 SHARES IN
            ACCORDANCE WITH COMPANY'S STOCK OPTION PLAN

      -     BENEFITS

              -     John Galligan Elects Not to Participate in USH Medical Plan
                    (Only)

              -     John Galligan Will participate in Other Benefits Offered
                    This Position as Established/Finalized by The Company

AGREED TO:

  /s/ Terence O. Dennison                               /s/ John W. Galligan
-------------------------                            --------------------------
TERENCE O. DENNISON                                  JOHN W. GALLIGAN
Senior Vice President/
Chief Operating Officer

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