Document:

EX-10.4

 Exhibit 10.4 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT is made and entered into as of January 1, 2021, by and between Air Wisconsin Airlines LLC, a Delaware limited
liability company (the “Company”), and Liam Mackay (the “Executive” and, together with the Company, collectively, the “Parties”). 

RECITALS 
 The Company is engaged
in the business of operating a regional airline company. The Company desires to employ the Executive, and the Executive desires to be employed by the Company, as Chief Financial Officer, and the Parties desire to enter into this Agreement to secure
the Executive’s employment during the term of Executive’s employment, all on the terms and conditions set forth herein. 

AGREEMENTS 
 In consideration of
the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

1. Title. The Company hereby employs the Executive, and the Executive agrees to serve the Company, as its Chief Financial Officer on the
terms and conditions hereinafter set forth. 
 2. Employment Term. The Executive’s employment by the Company as Chief Financial
Officer under this Agreement shall commence on January 1, 2021 (the “Effective Date”) and shall continue through December 31, 2022, unless sooner terminated pursuant to Paragraph 7 below. The term of the
Executive’s employment hereunder shall thereafter automatically renew for successive one year periods unless sooner terminated pursuant to Paragraph 7 below or unless either Party provides notice to the other Party, at least sixty days prior to
the commencement of the first or next such renewal period, that the term of the Executive’s employment shall end upon the expiration of the then term. Such term of employment hereunder, including any such automatic renewal periods, shall
hereafter be referred to as the “Term.” 
 3. Duties. 

(a) General Duties, Authority and Direction. The Executive shall report directly to the Company’s Chief Executive Officer. The
Executive shall have all the power, authority and responsibilities customarily attendant to the position of Chief Financial Officer, consistent with the Company’s Limited Liability Company Agreement. The Executive shall work under the direction
and control of the Chief Executive Officer and the Board of Managers of the Company (the “Board”). The Executive will render his services under this Agreement faithfully and to the best of his abilities and in conformance with all
laws and Company rules and policies and will cooperate fully with the Board and other executive officers of the Company in the advancement of the best interests of the Company. 

  
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 (b) Location. The Executive currently resides in Chicago, Illinois. The Executive
shall relocate to the Appleton, Wisconsin area as soon as reasonably practicable after the Effective Date taking into consideration the existence of the current global COVID-19 pandemic. Prior to such
relocation, the Executive shall perform his duties remotely but shall commute to Appleton on a regular basis. The Company shall reimburse the Executive for the cost of temporary accommodation in the Appleton, WI area, subject to documentation and
reasonable verification. Following his relocation to the Appleton, WI area, the Executive shall perform his duties under this Agreement principally out of the Company’s Appleton, WI office. 

(c) Exclusive Services. During the Term, the Executive shall, except during vacation periods, periods of illness and the like, devote
his full and exclusive time and attention to his duties and responsibilities for the Company and its affiliates, and the Executive shall not engage in any other business activity that would interfere with his full time responsibilities and the
performance of his duties under this Agreement. 
 4. Compensation. 

(a) Base Compensation. During the Term, the Executive shall be compensated for his services at an annual base salary of $220,000 or such
higher base salary as the Board may determine in its sole discretion (the “Base Salary”). The Executive shall be paid the Base Salary on the same payroll terms that are applicable to other senior executives of the Company. The Base
Salary shall be reviewed annually by the Board. 
 (b) Sign-On Bonus. The Company shall pay
the Executive, within thirty days of the Effective Date, a lump sum bonus of $35,000 as a sign-on bonus (the “Sign-on Bonus”). If the Executive
terminates his employment with the Company without Good Reason (as defined in subparagraph 7(b)) or if the Company terminates such employment with Cause (as defined in subparagraph 7(a)), in either event within two years of the Effective Date, the
Executive shall repay to the Company the entire amount of the Sign-on Bonus within ninety days of such termination. Notwithstanding anything to the contrary contained herein, the Company shall have the right
to withhold any amounts owing to the Executive from or after such termination until the Executive has repaid the Sign-on Bonus in full. 

(c) Annual Incentive Bonus. For each fiscal year during the Term (so long as the Executive remains employed by the Company on the date
of payment), the Executive shall be eligible to receive a lump sum incentive bonus (the “Incentive Bonus”) for the prior fiscal year. Any such bonus in respect of a fiscal year shall be paid no later than March 31 of the next
fiscal year. The payment and amount of the Incentive Bonus in any year is subject to the approval of the Board. The Incentive Bonus will be based on a percentage of the Base Salary for the fiscal year (without regard to any increase of the Base
Salary for the subsequent fiscal year). The target percentage shall be 50% of Base Salary. The particular percentage shall be determined at the end the fiscal year by the Board based on the Executive’s performance during the fiscal year. The
Executive’s performance will be measured based on performance metrics that the Board determines at the beginning of the fiscal year to be reasonably attainable with input from the Chief Executive Officer and the Executive. No amount of the
Incentive Bonus is guaranteed, and no payment will be made unless the Executive remains a full time active employee of the Company through the date scheduled for payment of the Incentive Bonus. 

  
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 (d) Withholding. All payments made to or on behalf of the Executive under the terms
of this Agreement, including without limitation all payments of Base Salary and any bonuses, as set forth herein, shall be subject to all withholding required or permitted by law (such as federal, state and local income and payroll taxes) and such
additional withholding as may be agreed upon by the Executive (such as for payment of the employee portion of insurance or welfare plan premiums). 

5. Employee Benefits. 
 (a)
Vacation. During the Term, the Executive shall be entitled to four weeks paid annual vacation in any calendar year. In accordance with Company policy, any accrued vacation time not used in a year shall expire and shall not roll over to any
subsequent year. 
 (b) Business Expenses. The Executive shall be reimbursed for all reasonable expenses incurred by him during the
Term in the discharge of his duties hereunder, including but not limited to, expenses for travel and entertainment, provided the Executive shall account for and substantiate all such expenses in accordance with the Company’s policies for
reimbursement of the expenses of its senior executives. 
 (c) Air Travel Benefit. During the Term, the Executive and his eligible
family members shall be entitled to reduced rate air travel on other commercial airline companies pursuant to the Company’s interline agreements, subject to the Company’s continuing agreements with such companies. 

(d) Benefit Plans. The Executive shall be eligible to participate in any other employee benefit plans and arrangements sponsored or
maintained by the Company for the benefit of its senior executives, including without limitation, all welfare benefits plans (life, medical and disability), retirement plans and deferred compensation plans. 

(e) General Company Policies. Except to the extent specifically provided herein, the provision of all employee benefits to the Executive
shall be made in accordance with the Company’s established policies and procedures. 
 6. Freedom to Contract. The Executive
represents and warrants that he has the right to enter into this Agreement, that he is eligible for employment by the Company as contemplated by this Agreement and that no other written or verbal agreements exist that would be in conflict with or
prevent performance of any portion of this Agreement. The Executive represents and warrants that he has not made and will not make any contractual or other commitments that would conflict with or prevent his performance of any portion of this
Agreement or conflict with the full enjoyment by the Company of the rights herein granted. 

  
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 7. Termination. Notwithstanding the provisions of Paragraph 2 above, the
Executive’s employment under this Agreement and the Term hereunder shall terminate on the earliest of the following dates: 
 (a) For
Cause. On the date of delivery of a notice from the Company terminating the Executive’s employment for Cause stating the grounds for such termination, provided, that in the case of termination pursuant to the following clauses (ii), (viii)
or (ix), the Executive shall have ten days following the date of notice from the Company to cure any conduct or act, which constitutes grounds for termination of the Executive’s employment for Cause, to the extent that the Company determines
that the Executive’s breach is subject to cure. The Board shall determine, in its sole discretion, whether the Executive has cured the conduct or act attributable to the grounds for termination. The term “Cause” used in this Agreement
shall mean: (i) fraud against the Company; (ii) failure or refusal to implement or undertake the lawful directives of the Company, the Chief Executive Officer or the Board; (iii) engaging in conduct that causes material injury,
monetary or otherwise, to the Company or that reflects adversely on the Company or materially affects the Executive’s ability to perform his duties hereunder; (iv) arrest for commission of a felony or for commission of a crime, whether or
not a felony, involving the Executive’s duties for the Company or that may reflect unfavorably on the Company or bring the Executive into public disrepute or scandal; (v) violation of federal, state or local tax laws; (vi) dependence
on alcohol or drugs without the supervision of a physician or the illegal use, possession or sale of drugs; (vii) theft, misappropriation, embezzlement or conversion of the assets or opportunities of the Company; (viii) a material breach
of the terms, covenants or representations of this Agreement; or (ix) a violation of Company policies. In the event of the termination of the Executive’s employment for Cause pursuant to this subparagraph (a), the Company shall pay to the
Executive only such Base Salary as had been accrued but unpaid as of the date of the termination, and the Executive shall receive no further payments of any kind, except as provided in subparagraph 7(e). 

(b) Without Cause or For Good Reason. On the date specified in a written notice from the Company terminating the Executive’s
employment Without Cause, or in the event no date is specified in the notice, on the date on which the notice is delivered to the Executive, or on the date specified in a written notice from the Executive terminating his employment for Good Reason
stating the grounds for termination of the Executive’s employment for Good Reason; provided, that the Company shall have ten days following the date of notice from the Executive to cure any conduct or act, if curable, which constitute grounds
for termination of the Executive’s employment for Good Reason, and if such conduct or act is cured within such ten day period, then Executive’s Employment shall not be terminated For Good Reason. For purposes of this Agreement,
“Without Cause” shall mean any reason for the Company’s decision to terminate the Executive’s employment other than by reason of Cause, as provided in subparagraph (a) above, and “Good Reason” shall
mean termination by the Executive due to a material breach by the Company of the terms of this Agreement. In the event of the termination of the Executive’s employment by the Company Without Cause or by the Executive for Good Reason, the
Company shall pay to the Executive: (i) the Executive’s Base Salary as had been earned but unpaid as of the date of the termination, and (ii) a lump sum severance payment equal to the sum of (A) the total amount of one year of
Base Salary, calculated as of the date the Executive’s employment with the Company terminated, plus (B) the total amount of the Incentive Bonus for the prior fiscal year, such payment to be made within thirty days after such termination,
and the Executive shall receive no further payments of any kind, except as provided in subparagraph 7(e). In addition, upon termination of the Term by the Company Without Cause or by the Executive for Good Reason, the Executive shall be eligible to
participate in the Company’s benefit plans, as provided in subparagraph 5(d), subject to the terms and conditions of those plans, for one year following such termination. 

  
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 (c) Death. On the date of the Executive’s death. In the event of the death of
the Executive, the Company shall pay to the Executive’s legal representatives or named beneficiaries (as the Executive may designate from time to time in a writing delivered to the Company) the same payments and other benefits as would be
provided to the Executive upon the termination of his employment Without Cause pursuant to subparagraph (b) above. 
 (d) Expiration
of the Full-Time Term. On the expiration of the Term other than by termination by either Party pursuant to this Paragraph 7. If the Executive’s employment with the Company terminates at any time for any reason, other than by termination by
a Party pursuant to this Paragraph 7, and the Parties have not entered into a new employment agreement, then the Company shall pay the Executive only such Base Salary as had been accrued but unpaid as of the date of the termination, and the
Executive shall receive no further payments of any kind, except as provided in subparagraph 7(e). 
 (e) No Further Liability.
Following the termination of the Term and the Executive’s employment under this Agreement, the Company will have no further liability to the Executive and no further payments or benefits will be provided to the Executive, except, without
duplication: (i) as provided in subparagraphs (a) through (d) above; (ii) to the extent the Executive is entitled to payment of benefits following termination of employment under any employee benefit plan made available to the
Executive pursuant to Paragraph 5 above in accordance with the terms of those plans; (iii) to the extent the Executive is entitled to the reimbursement of business expenses incurred prior to termination pursuant to Paragraph 5 above; or
(iv) to the extent the Executive is entitled to indemnification pursuant to the terms of the Company’s Limited Liability Company Agreement. 

8. Restrictive Covenants. 

(a) Confidentiality. The Executive agrees that both during his employment with the Company and thereafter he will not disclose to any
third party or use in any way (except in furtherance of the best interests of the Company) any confidential information, business secrets, or business opportunity of the Company or any of its affiliates, including without limitation, marketing,
advertising and promotional ideas and strategies, marketing surveys and analyses, technology, budgets, forecasts, business plans, customer lists, research or financial, purchasing, planning, employment or personnel data or information. Immediately
upon termination of the Executive’s employment or at any other time upon the Company’s request, the Executive will return to the Company all memoranda, notes, records or other documents compiled by the Executive or made available to the
Executive during his employment with the Company, concerning the business of the Company or its affiliates, all other confidential information and all personal property of the Company or its affiliates, including without limitation, all files,
records, documents, lists, equipment, supplies, promotional materials, keys, phone or credit cards and similar items and all copies thereof or extracts therefrom. Notwithstanding the foregoing, information or materials shall not be subject to the
provisions of this subparagraph (a) to the extent such information or materials are publicly available other than as a result of a breach by the Executive of his obligations of confidentiality set forth herein. In addition, if the Executive is
required by applicable law or regulation in response to any subpoena, summons or judicial order to disclose information or materials subject to the provisions of this subparagraph (a), then the Executive may disclose such information or materials to
the extent he is advised to do so by counsel, provided that the Executive shall, to the extent permitted by law, provide the Company with advance prompt written notice of such subpoena, summons or judicial order to enable the Company to seek a
protective order or other appropriate remedy for such information or material, or to waive the provisions of this subparagraph (a). 

  
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 (b) No Solicitation. The Executive agrees that, both during his employment with the
Company and for a period of two years following the termination of the Executive’s employment with the Company at any time and for any reason, the Executive will not, directly or indirectly, on behalf of himself or any other person or entity,
hire or solicit to hire for employment or consulting or other provision of services, any person who is actively employed (or in the preceding six months was actively employed) by the Company or any of its affiliates. This includes, but is not
limited to, inducing or attempting to induce, or influencing or attempting to influence, any person employed by the Company or any of its affiliates to terminate his or her employment with the Company or such affiliate. 

(c) Non-Compete. The Executive agrees that, both during his employment with the Company and for
a period of six months following the termination of the Executive’s employment with the Company at any time and for any reason, the Executive will not, compete with the business of the Company and its successors and assigns. The term “not
compete” as used herein shall mean that the Executive shall not own, manage, operate, consult or be employed by a regional airline flying aircraft with 76 or fewer seats for a major airline in the United States. The Executive acknowledges that
the provisions of this subparagraph are reasonably necessary to protect the Company’s legitimate business interests in preserving the confidentiality of the information that will be obtained by the Executive in the performance of his duties
under this Agreement and to prevent such information from being used to the Company’s detriment or for the benefit of the Company’s competitors. 

  
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 (d) Enforcement. The Executive acknowledges and agrees that the services he is to
provide under this Agreement are of a special, unique and extraordinary nature. The Executive further acknowledges and agrees that the restrictions contained in this Paragraph 8 are necessary to prevent the use and disclosure of confidential
information and to protect other legitimate business interests of the Company. The Executive acknowledges that all of the restrictions in this Paragraph 8 are reasonable in all respects, including duration, territory and scope of activity. The
Executive agrees that the restrictions contained in this Paragraph 8 shall be construed as separate agreements independent of any other provision of this Agreement or any other agreement between the Executive and the Company. The Executive
agrees that the existence of any claim or cause of action by the Executive against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants and restrictions in
this Paragraph 8. The Executive agrees that the restrictive covenants contained in this Paragraph 8 are a material part of the Executive’s obligations under this Agreement for which the Company has agreed to compensate the Executive as provided
in this Agreement. The Executive agrees that the injury the Company will suffer in the event of the breach by the Executive of any clause of this Paragraph 8 will cause the Company irreparable injury that cannot be adequately compensated by monetary
damages alone. Therefore, the Executive agrees that the Company, without limiting any other legal or equitable remedies available to it, shall be entitled to obtain equitable relief by injunction or otherwise from any court of competent
jurisdiction, including, without limitation, injunctive relief to prevent the Executive’s failure to comply with the terms and conditions of this Paragraph 8. The two year period referenced in subparagraph (b) above shall be tolled on a day-for-day basis for each day during which the Executive violates the provisions of subparagraph (b) in any respect, so that the Executive is restricted from engaging in
the activities prohibited by subparagraph (b) for the full two year period. 
 9. Intangible Property. The Executive will not at
any time during or after his employment with the Company have or claim any right, title or interest in any trade name, trademark, trade secret, patent, copyright or other intellectual property belonging to or used by the Company and shall not have
or claim any right, title or interest in any material or matter of any sort prepared for or used in connection with the advertising, promotion or business of the Company, whatever the Executive’s involvement with such matters may have been, and
whether procured, produced, prepared, or published in whole or in part by the Executive, it being the intention of the Parties that the Executive shall and hereby does, recognize that the Company now has and shall hereafter have and retain the sole
and exclusive rights in any and all such trade names, trademarks, trade secrets, patents, copyrights (all the Executive’s work in this regard being a work for hire for the Company under the copyright laws of the United States), other
intellectual property, material and matter as described above. The Executive shall cooperate fully with the Company during his employment and thereafter in the securing of trade name, trademark, patent or copyright protection or other similar rights
in the United States and in foreign countries and shall give evidence and testimony and execute and deliver to the Company all papers requested by it in connection therewith. Following the Executive’s termination of employment with the Company,
if the Company requests the Executive’s assistance under this Paragraph 9, the Company shall reimburse the Executive for all reasonable out-of-pocket expenses
incurred by him in connection with the rendering of such assistance. 
 10. Arbitration. With the exception of any dispute regarding
the Executive’s compliance with the provisions of Paragraph 8 (Restrictive Covenants) above, any dispute relating to or arising out of the provisions of this Agreement shall be decided by arbitration in Wisconsin, in accordance with the
Expedited Arbitration Rules of the American Arbitration Association then obtaining, unless the Parties mutually agree otherwise in a writing signed by both Parties. This undertaking to arbitrate shall be specifically enforceable. The decision
rendered by the arbitrator will be final and judgment may be entered upon it in accordance with appropriate laws in any court having jurisdiction thereof. 

  
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 11. Nondisclosure. Except as may be required by law, neither the Executive nor the
Company shall disclose the financial terms of this Agreement to persons not involved in the operation of the Company and the Parties shall disclose the financial terms of this Agreement to those involved in the operation of the Company only as
needed to implement the terms of this Agreement or carry out the operations of the Company. The above notwithstanding, the financial terms of this Agreement may be disclosed to (i) the Parties’ attorneys, lenders, accountants, financial or
tax advisors, and any potential investors in or purchasers of the Company or a Company affiliate, provided such persons agree not to disclose such terms of this Agreement further, and (ii) members of the Executive’s immediate family,
provided such family members agree not to reveal the terms of this Agreement further. The terms of this Paragraph 11 shall not apply to any disclosures that the Company, in its sole discretion, deems are necessary or appropriate in connection with
compliance with applicable securities laws. 
 12. Successors and Assigns. The rights and obligations of the Company under this
Agreement shall be binding on and inure to the benefit of the Company, its successors and permitted assigns. The rights and obligations of the Executive under this Agreement shall be binding on and inure to the benefit of the Executive and the heirs
and legal representatives of the Executive. Neither Party may assign this Agreement without the prior written consent of the other, except that the Company may assign this Agreement to any entity that owns, is owned by or is under common control
with or is affiliated with the Company or to any entity acquiring all or substantially all of the assets or the business of the Company. 

13. Insurance. If the Company desires at any time or from time to time during the Term to apply in its own name or otherwise for life,
health, accident or other insurance covering the Executive, the Company may do so and may take out such insurance for any sum which the Company may deem necessary to protect its interests. The Executive will have no right, title or interest in or to
such insurance, but will, nevertheless, assist the Company in procuring and maintaining the same by submitting from time to time to the usual customary medical, physical, and other examinations and by signing such applications, statements and other
instruments as may reasonably be required by the insurance company or companies issuing such policies. 
 14. Waiver or Modification.
Any waiver by either Party of a breach of any provision of this Agreement shall not operate as, or be construed to be, a waiver of any other breach of such provision of this Agreement. The failure of a Party to insist on strict adherence to any term
of this Agreement on one or more occasions shall not be considered a waiver or deprive that Party of the right thereafter to insist on strict adherence to that term or any other term of this Agreement. Neither this Agreement nor any part of it may
be waived, changed or terminated orally, and any waiver, amendment or modification must be in writing signed by the Executive and the Company. 

15. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall, when executed, be deemed to be an
original and all of which shall be deemed to be one and the same instrument. A facsimile or email signature will be deemed sufficient to constitute an original signature. 

  
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 16. Choice of Law. This Agreement will be governed and construed and enforced in
accordance with the laws of the State of Wisconsin, without regard to its conflicts of law rules. 
 17. Entire Agreement. This
Agreement contains the entire understanding of the Parties relating to the subject matter of this Agreement and supersedes all other prior written or oral agreements, understandings or arrangements, including any previous employment agreements by
and between the Parties. The Executive acknowledges that, in entering into this Agreement, he does not rely and has not relied on any statements or representations not contained in this Agreement. 

18. Severability. Any term or provision of this Agreement that is determined to be invalid or unenforceable by any court of competent
jurisdiction in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the
validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction and such invalid or unenforceable provision shall be modified by such court so that it is enforceable to the extent permitted by applicable law.

 19. Notices. All notices and other communications required or permitted to be given under this Agreement shall be in writing and
delivery shall be deemed to have been made (i) on the day of delivery if delivered in person; (ii) three business days following the date when such notice is deposited in first class mail, postage prepaid, return receipt requested; or
(iii) the business day following the date when such notice is deposited with any overnight air courier service, to the Party entitled to receive the same, at the address indicated below or at such other address as such Party shall have
specified by written notice to the other Party given in accordance with the terms of this Paragraph 19: 
  

			
	 If to the Company
	  	Air Wisconsin Airlines Corporation
		  	W6390 Challenger Drive, Suite 203
		  	Appleton, Wisconsin 54914
		  	Attn: Chief Executive Officer
		
	 If to the Executive
	  	Liam Mackay
		  	Air Wisconsin Airlines LLC
		  	W6390 Challenger Drive, Suite 203
		  	Appleton, Wisconsin 54914

 20. Headings. The headings of any paragraphs in this Agreement are for reference only and shall
not be used in construing the terms of this Agreement. 
 21. No Third Party Beneficiaries. This Agreement does not create, and shall
not be construed as creating, any rights enforceable by any person not a Party to this Agreement. 

  
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 22. Indemnification. The Company shall take all reasonable actions consistent with
the terms of the Company’s Limited Liability Company Agreement to ensure that the Executive is covered under the terms of any applicable directors and officers’ liability insurance coverage and is subject to coverage under the terms of any
indemnification provisions contained in the Company’s Limited Liability Company Agreement, to the same extent that such coverage and such provisions are provided by the Company with respect to other management level employees of the Company.

 23. Survival. The covenants, agreements, representations and warranties contained in this Agreement shall survive the termination
of the Term and the Executive’s termination of employment with the Company at any time and for any reason. 
 [Signature page follows]

  
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 IN WITNESS WHEREOF, this Agreement has been executed and delivered by the Parties as of the
first date written above. 
  

			
	AIR WISCONSIN AIRLINES LLC
		
	By:	 	 /s/ Robert Binns

		 	Robert Binns
		 	President and Chief Executive Officer
	
	 /s/ Liam S. Mackay

	LIAM MACKAY

  
 11EX-10.5.3

 Exhibit 10.5.3 

Execution Version 

Certain confidential information contained in this document, marked by [***], has been omitted because it (i) is not material and would
be competitively harmful if publicly disclosed, or (ii) contains personally identifiable information, omitted pursuant to Item 601(a)(6) under Regulation S-K. 

FIRST AMENDMENT TO CAPACITY PURCHASE AGREEMENT 

This First Amendment to Capacity Purchase Agreement (this “Amendment”) is made, entered into and effective as of
October 14, 2020 (the “Amendment Effective Date”), by and among United Airlines, Inc., a Delaware corporation (“United”), Air Wisconsin Airlines LLC, a Delaware limited liability company
(“Contractor”), and, solely for the purposes of Section 16, each of AWAC Aviation, Inc., a Delaware corporation (“AWAC”), and Harbor Diversified, Inc., a Delaware corporation
(“Harbor”). United and Contractor are collectively referred to herein as the “Parties” and individually as a “Party.” 

RECITALS 
 WHEREAS,
United and Contractor entered into that certain Capacity Purchase Agreement, dated as of February 26, 2017 (the “Agreement”); 

WHEREAS, pursuant to Section 10.04 of the Agreement, the Agreement may be amended pursuant to a written
agreement signed by Contractor and United that specifically states that it is intended to amend or modify the Agreement; and 

WHEREAS, Contractor and United intend to amend the Agreement subject to and in accordance with this Amendment. 

AGREEMENTS 
 NOW,
THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree to amend the Agreement as follows: 

1.    Scheduling. The following new Section 2.01(f) is added to the Agreement: 

“(f)    Pre-Termination Scheduling. Notwithstanding anything in
this Section 2.01 or elsewhere in this Agreement to the contrary, if United does not exercise its extension right under Section 8.01(b) on or prior to [***], then United shall not schedule a number
of block hours in any calendar month after [***] that exceeds the number of scheduled block hours set forth in the Final Monthly Schedule for [***].” 

2.    Crew and Maintenance Bases. Section 3.02(c) of the Agreement is hereby deleted and
replaced in its entirety with the following: 

  
 CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO

 ITEM 601(A)(6) UNDER REGULATION S-K. 

 “(c)    Crew and Maintenance Bases. 

 

	 	(i)	 From time to time, if Contractor alters its operating schedule pursuant to written direction from United (an
“Alteration”), whether such direction is contained in a Final Monthly Schedule or otherwise, then either United or Contractor may submit written notice to the other party requesting to confer to determine whether changes to
Contractor’s crew and/or maintenance bases are reasonably necessary in response to such Alteration (a “Base Change Request Notice”). 

If either party submits a Base Change Request Notice to the other party, then, for a period not to exceed [***] from and after the delivery of
such Base Change Request Notice, United and Contractor shall confer and determine (both parties acting in a commercially reasonable manner) whether changes to Contractor’s crew and/or maintenance bases are reasonably necessary in response to
such Alteration; provided that the parties hereby stipulate that, with respect to any Base Change Request Notice, if any Specified Condition has persisted for at least [***] (which [***] period includes the [***] period specified in the
definition of the applicable Specified Condition), whether or not such [***] period commenced before or after the giving of the applicable Base Change Request Notice or before or after the [***] period referenced above, and such Specified Condition
remains in existence as of the delivery of such Base Change Request Notice, then the applicable Specified Opening or Specified Closing (as the case may be) associated with such Specified Condition will be deemed to be “reasonably necessary in
response to such Alteration” as referenced above in this sentence. If a Specified Condition has existed for such [***] period or if the parties otherwise agree in writing (in the case of United, signed by its Senior Vice President – United
Express, or, if that office no longer exists, the person holding the successor or replacement office) that the change to Contractor’s crew and/or maintenance bases identified in the Base Change Request Notice is reasonably necessary in response
to the applicable Alteration, then the parties shall execute an agreement (an “Alteration Agreement”) in the form attached hereto as Exhibit A; provided that each Alteration Agreement, (A) in the case of
United, shall be signed by its Senior Vice President – United Express (or if that office no longer exists, the person holding the successor or replacement office), (B) shall describe the crew and/or maintenance base to be opened or closed,
(C) shall indicate with reasonable detail the steps and targeted timeline for the implementation of the application Alteration, and (D) in the case of an Alteration Agreement that is for a Hub MX Base Opening, a Hub MX Base Closing or a Non-Specified Condition Opening or Closing, shall specify the amount agreed by the parties (both parties acting in a commercially reasonable manner) to be paid by United to Contractor as reimbursement of
Contractor’s reasonable and documented out-of-pocket expenses that relate directly and exclusively to the applicable opening or closing. 

United shall pay to Contractor the amount for each Specified Opening or Specified Closing (as the case may be) applicable to such Specified
Opening or Specified Closing in accordance with Section 3.02(c)(iii). 

  
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 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

 Without limiting the foregoing in this Section 3.02(c)(i),
Contractor shall use commercially reasonable efforts to provide at least [***] advance written notice to United of any changes to its crew and/or maintenance bases not covered by a Base Change Request Notice; provided, however, that, except
as provided in sub-clause 3.02(c)(iv)(II), United shall not have any payment obligation pursuant to this Section 3.02(c) other than as contemplated in an Alteration Agreement.

  

	 	(ii)	 For purposes of this Section 3.02(c), the following conditions set forth in sub-clauses (a)-(h) below are, collectively, the “Specified Conditions”, it being understood that (x) a Specified Condition in a sub-clause
below shall only give rise to the Specified Opening or Specified Closing defined in the same sub-clause, and not any other Specified Opening or Specified Closing, and (y) no [***] period referenced in any
of sub-clauses (a)-(h) below shall commence prior to [***]: 

 (a) the
scheduling parameters set forth in Paragraph 2 of Exhibit P attached hereto have not been met in a period of at least [***], and the existence of a new maintenance base at a non-Hub Airport would have
allowed such scheduling parameters to have been met (any maintenance base opened pursuant to an Alteration Agreement due to such Specified Condition, a “Non-Hub MX Base Opening”). 

(b) for at least [***] of the days in a period of at least [***], fewer than [***] have been scheduled for overnight maintenance at a non-Hub Airport (any maintenance base closed pursuant to an Alteration Agreement due to such Specified Condition, a “Non-Hub MX Base Closing”). 

(c) the scheduling parameters set forth in Paragraph 2 of Exhibit P attached hereto have not been met for a period of at least [***],
and the existence of a new maintenance base at a Hub Airport would have allowed such scheduling parameters to have been met (any maintenance base opened pursuant to an Alteration Agreement due to such Specified Condition, a “Hub MX Base
Opening”). 
 (d) for at least [***] of the days in a period of at least [***], fewer than [***] have been scheduled for
overnight maintenance at a Hub Airport (any maintenance base closed pursuant to an Alteration Agreement due to such Specified Condition, a “Hub MX Base Closing”). 

(e) Contractor’s crewmembers’ block per duty period number would have [***] for a period of at least [***], if a crew base at a non-Hub Airport had been opened at the beginning of such period (any crew base opened pursuant to an Alteration Agreement due to such Specified Condition, a
“Non-Hub Crew Base Opening”). For all purposes of this Agreement, the parties agree that crewmember block per duty period is calculated as a result of Contractor’s ordinary course
use of its crew optimization software, and Contractor will promptly provide to United a copy of each periodic output from such crew optimization process. 

  
 3 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

 (f) Contractor’s crewmembers’ block per duty period number for a period of at
least [***] is not at least [***] as a result of a particular existing crew base at a non-Hub Airport remaining open than it would have been had such crew base been closed (any crew base closed pursuant to an
Alteration Agreement due to such Specified Condition, a “Non-Hub Crew Base Closing”). 

(g) both (1) there is a minimum of [***] that are scheduled to be flown by Contractor from a Hub Airport over at least a [***] period and
(2) [***] (any crew base opened pursuant to an Alteration Agreement due to such Specified Condition, a “Hub Crew Base Opening”). 

(h) both (1) the [***] that are scheduled to be flown by Contractor from a Hub Airport drops below [***] over at least a [***] period and
(2) [***] (any crew base closed pursuant to an Alteration Agreement due to such Specified Condition, a “Hub Crew Base Closing”). 

“Specified Opening” means any of the following: a Non-Hub MX Base Opening, a
Hub MX Base Opening, a Non-Hub Crew Base Opening, a Hub Crew Base Opening and any other crew or maintenance base opening approved as set forth in an Alteration Agreement. 

“Specified Closing” means any of the following: a Non-Hub MX Base Closing, a
Hub MX Base Closing, a Non-Hub Crew Base Closing, a Hub Crew Base Closing and any other crew or maintenance base closing approved as set forth in an Alteration Agreement. 

 

	 	(iii)	 Payment Amounts; Certain Adjustments to Base Compensation. United’s payment obligation under
Section 3.02(c)(i) shall be determined as provided in this Section 3.02(c)(iii) with respect to each Specified Opening or Specified Closing that is subject to an applicable Alteration Agreement.
For each Specified Opening or Specified Closing (as the case may be), an amount equal to [***] of the applicable payment obligation set forth below in this Section 3.02(c)(iii) (which payment obligation, for the avoidance
of doubt, is distinct from the rate increases referenced below in this Section 3.02(c)(iii)) shall be paid by United within [***] of the parties’ execution and delivery of the Alteration Agreement applicable to such
Specified Opening or Specified Closing, and the remainder shall be paid by United no later than the [***] following the execution and delivery of such Alteration Agreement. 

 

	 	(a)	 In connection with each Non-Hub MX Base Opening, United shall pay
Contractor $[***] and, effective as of the date of the parties’ execution and delivery of an Alteration Agreement, the Per Aircraft per Day rate set forth on Appendix 1 to Schedule 3 shall automatically be increased by $[***],
without any further action by the parties if, but only for so long as, the number of remaining maintenance bases after giving effect to both such opening and any contemporaneous maintenance base closings [***]. 

  
 4 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

	 	(b)	 In connection with each Non-Hub MX Base Closing, United shall pay
Contractor $[***] and, effective as of the date of the parties’ execution and delivery of an Alteration Agreement, the Per Aircraft per Day rate set forth on Appendix 1 to Schedule 3 shall automatically be reduced by $[***],
without any further action by the parties if, but only for so long as, the number of remaining maintenance bases (not including Contractor’s maintenance base located at [***]) after giving effect to both such closing and any contemporaneous
maintenance base openings [***]. 

  

	 	(c)	 In connection with each Hub MX Base Opening or Hub MX Base Closing, United shall pay Contractor [***].

  

	 	(d)	 In connection with a Non-Hub Crew Base Opening or a Hub Crew Base
Opening, United shall pay $[***] to Contractor and, effective as of the date of the parties’ execution and delivery of an Alteration Agreement, the Per Aircraft per Day rate set forth on Appendix 1 to Schedule 3 shall
automatically be increased by $[***], without any further action by the parties if, but only for so long as, the number of remaining crew bases after giving effect to both such opening and any contemporaneous crew base closings [***].

  

	 	(e)	 In connection with a Non-Hub Crew Base Closing or a Hub Crew Base
Closing, United shall pay $[***] to Contractor and, effective as of the date of the parties’ execution and delivery of an Alteration Agreement, the Per Aircraft per Day rate set forth on Appendix 1 to Schedule 3 shall
automatically be reduced by $[***], without any further action by the parties if, but only for so long as, the number of remaining crew bases (without regard to Contractor’s crew base located at [***]) after giving effect to both such closing
and any contemporaneous crew base opening [***]. 

  

	 	(f)	 In connection with a crew or maintenance base opening or closing that is not a
Non-Hub MX Base Opening, an Non-Hub MX Base Closing, a Hub MX Base Opening, a Hub MX Base Closing, a Non-Hub Crew Base Opening, a
Non-Hub Crew Base Closing, a Hub Crew Base Opening, or a Hub Crew Base Closing (a “Non-Specified Condition Opening or Closing”), United shall pay
Contractor [***]. 

  

	 	(iv)	 Notwithstanding anything to the contrary in this Agreement, (I) United shall have no obligation to make
any payment, and there shall be no adjustment to the Per Aircraft per Day rate, under Section 3.02(c)(iii) with respect to any crew base closing at [***], that occurred prior to the Amendment Effective Date or with respect
to the first opening of any crew base at [***], that occurs after the Amendment Effective Date, and (II) United shall pay to Contractor no later than [***] after the Amendment Effective Date an amount equal to $[***] for the closing of
Contractor’s maintenance base and crew base in [***], which commenced prior to the Amendment Effective Date, and United shall have no further obligation to make payments with respect to such closings, including under
Section 3.02(c)(iii). 

  
 5 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

	 	(v)	 Upon the reasonable request of United at any time from time to time, Contractor shall inform United, with
reasonable detail and on a reasonably prompt basis, as to the status of any crew and/or maintenance base opening or closing. 

  

	 	(vi)	 Notwithstanding anything to the contrary in this Agreement, the parties acknowledge and agree that the payments
provided for in this Section 3.02(c) shall constitute Contractor’s sole and exclusive right to reimbursement for, or recovery of, costs related to or associated with changes to Contractor’s crew and/or maintenance
bases, including, without limitation, inventory costs, labor costs, severance, relocation and any other costs incurred by Contractor in connection with such changes in excess of the amount set forth in this
Section 3.02(c).” 

 3.    United Debt Obligations. The
following new Section 3.08 is added to the Agreement: 

“Section 3.08    United Debt Obligations. 

(a)     Scheduling – Deferred Obligations. Effective [***], for any fiscal quarter in which the number
of Scheduled Quarterly Block Hours is less than the Deferred Obligation Quarterly Benchmark, then on the [***] following the end of such fiscal quarter, United shall accrue a payment obligation to Contractor (a “Deferred
Obligation”) in an amount equal to the product of: 
 (i) the Deferred Obligation Quarterly Benchmark minus the greater of
(A) the Scheduled Quarterly Block Hours and (B) the UA Quarterly Benchmark, multiplied by, 
 (ii) the Accrued Liability Rate for
the calendar year in which such fiscal quarter falls. 
 Notwithstanding the foregoing, 

(y) with respect to the second fiscal quarter of 2020, the Deferred Obligation Quarterly Benchmark and the Scheduled Quarterly Block Hours for
such quarter shall be calculated solely for the period from and after June 1, 2020 through and including June 30, 2020 (it being understood that the Deferred Obligation for the second fiscal quarter of calendar year 2020 will be calculated
for the month of June rather than the entire quarter); and 
 (z) if United exercises its extension right under
Section 8.01(b) at any time on or prior to [***], in a manner that extends the Agreement for a period of [***] (a “Subject Extension”), then, for purposes of calculating the Deferred Obligation for
the quarter in which the Subject Extension occurs, the Deferred Obligation Quarterly Benchmark, the Scheduled Quarterly Block Hours and the UA Quarterly Benchmark for such quarter shall be calculated solely with respect to the period of time
preceding the date on which such extension right is exercised, rather than the entire quarter 

  
 6 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

 
(with the quantity set forth in clause (B)(i) of the definition of “UA Quarterly Benchmark” being prorated based on the number of days in such period), and for all subsequent
quarters following the fiscal quarter in which United exercises a Subject Extension, the Deferred Obligation shall be deemed to be zero. 
 The Deferred
Obligations shall (I) bear interest at the rate of [***]% per annum, compounding annually, (II) be unsecured, (III) be evidenced by negotiable instruments in the form attached hereto as Exhibit B provided by United at
Contractor’s request, (IV) be absolute and unconditional and not be subject to any offset and (V) shall be paid in full on February 28, 2023 (or before such date if United so elects in its sole discretion). United shall provide
to Contractor no later than [***] after the completion of the Final Monthly Schedule for the last month of each quarter information regarding [***] sufficient to permit Contractor to calculate the UA Quarterly Benchmark for such quarter. 

(b)    Settlement of Contractual Claims. 

(i)     Settlement Obligation. On the First Amendment Effective Date, in consideration of
Contractor’s release of claims set forth in Section 3.08(b)(ii), United agrees to accrue a payment obligation to Contractor (the “Settlement Obligation”) in an amount equal to the sum of (i)
$[***] and (ii) all interest accrued thereon from the First Amendment Effective Date at a rate of [***]% per annum, compounded annually. The Settlement Obligation shall (i) be unsecured, (ii) be evidenced by negotiable instruments in
the form attached hereto as Exhibit B provided by United at Contractor’s request, (iii) be absolute and unconditional and not be subject to any offset and (iv) be paid in full on February 28, 2023 (or before such date if
United so elects in its sole discretion). 
 (ii)     Release of Claims. Effective from and
after the First Amendment Effective Date, and notwithstanding anything to the contrary in the Agreement or any Ancillary Agreement, each party (the “Releasing Party”) FOREVER RELEASES, ACQUITS, HOLDS HARMLESS, AND DISCHARGES
the other party (the “Released Party”), in each case for itself and also for the Releasing Party’s successors, affiliates, and assignees, and in each case for the benefit of the Released Party as well as the Released
Party’s predecessor and successor entities, divisions, and affiliates, and their current and former officers, directors, members, managers, partners, owners, employees, volunteers, servants, agents and attorneys, of and from any and all
existing or contingent claims, demands, actions, causes of action, liabilities, damages, contracts, expenses, costs, accounts, duties, obligations, rights, covenants and promises of every kind and character, in each case, to the extent accrued prior
to the Amendment Effective Date, whether sounding in contract or tort, whether existing or contingent, that arise from or relate to the following: 

(w) payments for Base Compensation for periods prior to May 1, 2019; 

  
 7 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

 (x) except as provided in sub-clause
3.02(c)(iv)(II), reimbursement of one-time and recurring expenses incurred by Contractor relating to changes in maintenance and crew bases that occurred prior to the Amendment Effective Date; 

(y) incentive bonus payments for periods prior to January 1, 2020; or 

(z) failure of either party to comply with the minimum scheduled block hour parameters set forth in Exhibit P to the Agreement as in
effect prior to the Amendment Effective Date.” 
 4.    Exclusivity. The Agreement is amended (i) by
deleting the text of Article V and replacing it with “[Intentionally Omitted]” and (ii) by deleting the text “and shall not be flown for anyone else for the remainder of the Term of Agreement” from the last sentence of
Section 8.01(b) of the Agreement. Any provision in the Agreement or any Ancillary Agreement that refers to Section 5.01 of the Agreement or that limits Contractor’s ability to, or prohibits it from, flying any aircraft that is not a
Covered Aircraft for any other carrier or for any purpose shall be of no further force or effect. 
 5.    United
Extension Right. The first sentence of Section 8.01(b) of the Agreement is hereby deleted and replaced in its entirety with the following: 

“(b)    United may elect, in its sole discretion, to extend the Covered Aircraft Term of all of the Covered Aircraft
for a minimum of two years or for any number of months in excess thereof up to an additional three years beyond the Covered Aircraft Term Expiration Date of each respective Covered Aircraft specified on Schedule 1, by providing written notice
of such election to Contractor on or prior to [***].” 
 6.    Notices.
Section 10.02 of the Agreement is hereby amended by deleting the addresses set forth therein and replacing them with the following: 

“if to United: 
 United
Airlines, Inc. 
 Willis Tower 

233 S. Wacker Drive 
 Chicago, IL
60606 
 Attention: Senior Vice President – United Express 

E-mail: [***] 

and to: 
 United Airlines, Inc.

 Willis Tower 
 233 S. Wacker
Drive 
 Chicago, IL 60606 

Attention: Vice President – Procurement 

E-mail: [***] 

  
 8 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

 with a copy to: 

United Airlines, Inc. 
 Willis
Tower 
 233 S. Wacker Drive 

Chicago, IL 60606 
 Attention:
Vice President, Deputy General Counsel and Corporate Secretary 
 E-mail: [***] 

if to Contractor: 
 Air Wisconsin
Airlines LLC 
 W6390 Challenger Drive, Suite 203 

Appleton, WI 54914 
 Attention:
[***] 
 Telephone: [***] 

Facsimile: [***] 
 E-mail: [***] 
 with a copy to: 

DLA Piper 
 4365 Executive Drive,
Suite 1100 
 San Diego, CA 92121 

Attention: [***] 
 E-mail: [***] 
 7.    Public Filing of the Amendment. Prior to making any
public filing of this Amendment, Contractor shall provide a proposed redacted version of this Amendment and afford United [***] to propose the redaction of any additional commercially sensitive information contained in this Amendment, provided that
nothing in this provision will limit the right of Contractor to make any disclosure that it determines (upon consultation with its legal counsel) to be necessary pursuant to applicable laws or regulations. 

8.    Parent Guarantee. The first sentence of Section 10.19 of the Agreement is hereby
deleted, and the heading of such Section shall be restated as “Dividend Restriction” with a corresponding change in the Table of Contents. 

9.    Covered Aircraft. Effective [***], the Covered Aircraft and Delivery Schedule table on Schedule 1 of
the Agreement is hereby deleted and replaced with the revised Covered Aircraft and Delivery Schedule table attached hereto as Attachment 1. The Parties hereby acknowledge and agree that all of the aircraft listed on Schedule 1 are Covered
Aircraft. [***]. Note (j) to Schedule 1 to the Agreement is hereby amended by adding the following sentences at the end thereof: 

“Contractor shall have the right at any time, without notice to United, to fly any Scheduled Flight with any CRJ-200 regional jet that is in United livery and configuration and covered by Contractor’s FAA approved maintenance program. Such aircraft shall not be included in determining the weighted average number of
Covered Aircraft for purposes of Section A.1.c of Schedule 3 unless such aircraft is substituted for a Covered Aircraft pursuant to this Note (j).” 

  
 9 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

 10.    Incentive Compensation. 

(a) Effective [***], the lead-in to Paragraph A(2) of Schedule 3 is hereby deleted and
replaced in its entirety with the following: 
  

	“2.	 Incentive Compensation. With respect to each calendar month after expiration of the Ramp-Up Period, incentive compensation (“Incentive Compensation”) shall be calculated as specified in Appendix 4 to this Schedule 3 and as follows, other than during the Interim
Period when Incentive Compensation shall be deemed to be [***]:” 

 (b) United shall pay to Contractor all accrued
and unpaid incentive bonus payments for the period from [***], through [***], within [***] after the Amendment Effective Date. 
 (c) The
Operating Goals under the Incentive Program for [***] shall be as follows: 
  

							
	Operating Goal:	  	[***]	  	[***]	  	[***]
				
	On-Time Zero (excluding United Cancelled Flights)	  	[***]	  	[***]	  	[***]
				
	Customer Satisfaction	  	[***]	  	[***]	  	[***]
				
	Controllable Completion Factor	  	[***]	  	[***]	  	[***]

 11.    Flight Reconciliation. Effective [***], the following new Paragraph
B(3)(e) of Schedule 3 is added to the Agreement: 
  

	“e.	 For any fiscal quarter for which the [***] for such fiscal quarter, then the reconciliation for the final month
in such fiscal quarter shall include a payment by United to Contractor in an amount equal to the product of (i) [***], multiplied by (ii) [***].” 

12.    Reasonable Operating Constraints. Effective [***], Paragraph 1 of Exhibit P to the Agreement,
setting forth the minimum and maximum scheduling parameters, is hereby deleted and replaced in its entirety with the following: 

  
 10 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

 1.    Scheduling Parameters: 

 

					
	 	  	 Minimum
	  	 Maximum

	Scheduled Block Hours per Available Covered Aircraft per day	  	[***]	  	[***]

 *Note: The above maximum schedule parameter applies only to Covered Aircraft in revenue service and does not apply to Spare
Aircraft or aircraft in maintenance. The above maximum schedule parameter is per day per Available Covered Aircraft calculated on the Final Monthly Schedule. 

13.    Definitions. Exhibit A of the Agreement is amended (i) by deleting clause (x) of the
definition of “Termination Event” and (ii) by adding, or amending and restating, as applicable, the following definitions: 

“Accrued Liability Rate” – means, for any calendar year, the sum of (i) the product of (A) [***], multiplied
by (B) [***], plus (ii) the product of (A) [***] multiplied by (B) [***] divided by (C) [***]. (For the avoidance of doubt, the Accrued Liability Rate for 2020 will be equal to $[***], which is the sum of (i) the
product of (A) $[***] multiplied by (B) [***], plus (ii) the product of (A) $[***], multiplied by (B) [***], divided by (C) [***].) 

“Alteration” – is defined in Section 3.02(c)(i). 

“Alteration Agreement” – is defined in Section 3.02(c)(i). 

“Available Covered Aircraft” – means a Covered Aircraft available to schedule for revenue service (excluding Spare
Aircraft and aircraft in heavy maintenance, overhauls or modifications but including any Covered Aircraft in short-term storage) pursuant to Section 2.01. 

“AWAC” – AWAC Aviation, Inc. 

“Base Change Request Notice” – is defined in Section 3.02(c)(i). 

“Deferred Obligation” – is defined in Section 3.08(a).  

“Deferred Obligation Quarterly Benchmark” – means, for any fiscal quarter, the aggregate number of [***] for that quarter
that corresponds to [***]. 
 “First Amendment Effective Date” – means the effective date of the First Amendment to
Capacity Purchase Agreement by and between United and Contractor dated as of October 14, 2020. 
 “Interim Period”
– means the period beginning at 12:00 a.m. local time in Houston, Texas on [***] and ending at 12:00 a.m. local time in Houston, Texas on [***]. 

“Hub Crew Base Closing” – is defined in Section 3.02(c)(ii)(h). 

  
 11 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

 “Hub Crew Base Opening” – is defined in
Section 3.02(c)(ii)(g). 
 “Hub MX Base Closing” – is defined in
Section 3.02(c)(ii)(d). 
 “Hub MX Base Opening” – is defined in
Section 3.02(c)(ii)(c). 
 “maintenance base” – means a facility where Contractor, or a third
party provider on its behalf, routinely performs the daytime or overnight maintenance of the Covered Aircraft described in Paragraph 2 of Exhibit P, regardless whether such facility is owned or leased by Contractor or whether such maintenance
is performed by Contractor or a third party provider. As of the Amendment Effective Date, Contractor’s maintenance bases are located at [***]. 

“Non-Hub Crew Base Closing” – is defined in
Section 3.02(c)(ii)(f). 
 “Non-Hub Crew Base Opening”
– is defined in Section 3.02(c)(ii)(e). 
 “Non-Hub MX
Base Closing” – is defined in Section 3.02(c)(ii)(b). 

“Non-Hub MX Base Opening” – is defined in
Section 3.02(c)(ii)(a). 
 “Non-Specified Condition Opening or
Closing” – is defined in Section 3.02(c)(iii)(f). 
 “Scheduled Quarterly Block
Hours” – means, for any fiscal quarter, the aggregate number of scheduled block hours set forth in the Final Monthly Schedules for all months in such fiscal quarter. 

“Settlement Obligation” – is defined in Section 3.08(b)(i). 

“Specified Closing” – is defined in Section 3.02(c)(ii). 

“Specified Conditions” – is defined in Section 3.02(c)(ii). 

“Specified Opening” – is defined in Section 3.02(c)(ii). 

“Subject Extension” – is defined in Section 3.08(a). 

“UA Quarterly Benchmark” – means, with respect to any fiscal quarter, a number of [***] equal to the lesser of:
(A) the aggregate number of [***] that would result from [***] over such fiscal quarter, and (B) the greater of (i) [***], and (ii) the number of [***]; provided, however, that solely with respect to the calculation of the
[***] for the second fiscal quarter of 2020, the [***] for such quarter shall be calculated solely for the period from and after June 1, 2020 through and including June 30, 2020 (it being understood that the [***] for the second fiscal
quarter of calendar year 2020 will be calculated for the month of June rather than the entire quarter and references to “fiscal quarter” in this definition with respect to the second fiscal quarter of 2020 shall instead be deemed to be
references to the month of June). 

  
 12 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

 14.    Removed Definition. Exhibit A of the Agreement is
amended by deleting the term “Parent Guarantee” and its associated definition. 
  

	 	15.    Form	 of Parent Guarantee. Exhibit Q of the Agreement is deleted. 

16.    Termination of Parent Guarantee. That certain Guarantee Agreement, effective as of February 26, 2017,
executed by Harbor and AWAC, is hereby terminated, effective as of the date hereof. 
 17.    Miscellaneous.
Capitalized terms used in this Amendment that are defined in the Agreement have the meanings assigned to them in the Agreement. This Amendment may be executed in counterparts, each of which is deemed an original hereof. The Parties shall become
bound by this Amendment immediately upon execution hereof by each Party. Except as expressly amended in this Amendment, the Agreement will remain in full force and effect. Notwithstanding anything to the contrary in this Amendment, the terms and
provisions of this Amendment are intended solely for the benefit of the Parties, and it is not the intention of the Parties to confer third party beneficiary rights upon any other person. This Amendment (together with the attached exhibits)
constitutes the entire agreement between the Parties, and supersedes any other agreements, representations, warranties, covenants, communications, or understandings, whether oral or written (including, but not limited to, e-mail correspondence), that may have been made or entered into by or between the Parties or any of their respective affiliates or agents relating in any way to the transactions contemplated by this Amendment. 

IN WITNESS WHEREOF, the undersigned have caused this Amendment to be duly executed and delivered as of the date and year first written above.

  

					
	UNITED AIRLINES, INC.
		
	By:	 	 /s/ Sarah Rae Murphy

		 	Name:	 	Sarah Rae Murphy
		 	Title:	 	Senior Vice President - United Express

  

			
	AIR WISCONSIN AIRLINES LLC
		
	By:	 	 /s/ Robert Binns

		 	Robert Binns
		 	President and Chief Executive Officer

  
 13 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

 
			
	AWAC AVIATION, INC.
	(SOLELY FOR PURPOSES OF SECTION 16)
		
	By:	 	 /s/ Robert Binns

		 	Robert Binns
		 	Executive Vice President

  

			
	HARBOR DIVERSIFIED, INC.
	(SOLELY FOR PURPOSES OF SECTION 16)
		
	By:	 	 /s/ Christine Deister

	 	 	Christine Deister
	 	 	Chief Executive Officer

  
 14 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

 ATTACHMENT 1 

Schedule 1 

Covered Aircraft and Delivery Schedule 

[***] 

  
 15 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

 EXHIBIT A 

Form of Alteration Agreement 

ALTERATION AGREEMENT 

This Alteration Agreement (this “Agreement”) is made, entered into and effective as of
[                    ], by and between United Airlines, Inc., a Delaware corporation (“United”), and Air Wisconsin
Airlines LLC, a Delaware limited liability company (“Contractor”). United and Contractor are collectively referred to herein as the “Parties” and individually as a “Party.” 

RECITALS 
 WHEREAS,
the Parties entered into that certain Capacity Purchase Agreement, dated as of February 26, 2017 (as amended from time to time thereafter, the “CPA”); capitalized terms used herein that are not defined herein and that
are defined in the CPA shall have the meanings assigned to them in the CPA; and 
 WHEREAS, pursuant to
Section 3.02(c) of the CPA, the parties are required to enter into an Alteration Agreement under the circumstances described in that Section; and [United/Contractor] submitted to the other Party a Base Change Request Notice
dated [                    ] (the “Applicable Base Change Request Notice”). 

AGREEMENTS 
 NOW,
THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

1. The Parties have determined that the [opening/closing] of the [maintenance/crew] base located at
[                    ] identified in the Applicable Base Change Request Notice is reasonably necessary (the “Applicable Base
Change”), or the Applicable Base Change is deemed reasonably necessary in accordance with the proviso to the first sentence of the second paragraph of sub-clause 3.02(c)(i) of the CPA. 

2. If the Applicable Base Change is a Hub MX Base Opening, a Hub MX Base Closing or a Non-Specified
Condition Opening or Closing, the amount that United shall pay to Contractor as reimbursement of Contractor’s reasonable, direct, out-of-pocket expenses that relate
to such Applicable Base Change is [$                    ]; provided, however, that the terms and conditions regarding the payment of
such amount are set forth in
Section 3.02 (c) (iii) of the CPA, and are not set forth in this Agreement. 

  
 16 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

 3. The Applicable Base Change is targeted to be accomplished according to the following
timeline:                     . 

4. This Agreement may be executed in counterparts, each of which is deemed an original hereof. 

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed and delivered as of the date and year first written above.

  

			
	UNITED AIRLINES, INC.
		
	By:	 	  

		 	
Name:                         
                 

		 	Title: Senior Vice President – United Express
	
	AIR WISCONSIN AIRLINES LLC
		
	By:	 	  

		 	Robert Binns
		 	President and Chief Executive Officer

  
 17 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

 EXHIBIT B 

Form of Negotiable Instrument 

NEGOTIABLE PROMISSORY NOTE 
 FOR VALUE
RECEIVED, and subject to the terms and conditions set forth herein, United Airlines, Inc., a Delaware corporation (the “Maker”), hereby unconditionally promises to pay to the order of Air Wisconsin Airlines LLC or its assigns (the
“Noteholder,” and together with the Maker, the “Parties”), the principal amount of $[            ], together with all accrued interest thereon, as
provided in this Negotiable Promissory Note (the “Note,” as the same may be amended, restated, supplemented, or otherwise modified from time to time in accordance with its terms). 

1.    Definitions. Capitalized terms used herein shall have the meanings set forth in this Section 1. 

“Business Day” means a day other than a Saturday, Sunday, or other day on which commercial banks in New York
City are authorized or required by law to close. 
 “Default” means any of the events specified in
Section 6 which constitute an Event of Default or which, upon the giving of notice, the lapse of time, or both, pursuant to Section 6 would, unless cured or waived, become an Event of Default. 

“Event of Default” has the meaning set forth in Section 6. 

“Governmental Authority” means the government of any nation or any political subdivision thereof, whether at
the national, state, territorial, provincial, municipal or any other level, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of, or pertaining to, government. 
 “Law” as to any Person, means the
certificate of incorporation and by-laws or other organizational or governing documents of such Person, and any law (including common law), statute, ordinance, treaty, rule, regulation, order, decree,
judgment, writ, injunction, settlement agreement, requirement or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any
of its property is subject. 
 “Maturity Date” means the earlier of (a) February 28, 2023 and
(b) the date on which all amounts under this Note shall become due and payable pursuant to Section 7. 

“Person” means any individual, corporation, limited liability company, trust, joint venture, association,
company, limited or general partnership, unincorporated organization, Governmental Authority, or other entity. 

  
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 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

	 	2.	 Final Payment Date; Optional Prepayments. 

2.1    Final Payment Date. The aggregate unpaid principal amount of this Note, all accrued and
unpaid interest, and all other amounts payable under this Note shall be due and payable on the Maturity Date, unless otherwise provided in Section 7. 

2.2    Optional Prepayment. The Maker may prepay this Note in whole or in part at any time or from
time to time without penalty or premium by paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment. No prepaid amount may be reborrowed. 

 

	 	3.	 Interest. 

3.1    Interest Rate. Except as otherwise provided in Section 3.2, the outstanding principal
amount of this Note shall accrue interest at the rate of [***]% per annum from the date of this Note until this Note is paid in full, whether at maturity, upon acceleration, by prepayment, or otherwise. Interest shall be compounded annually on each
anniversary of the date of this Note on a 365 day basis with all accrued interest being added to the principal amount of this Note. 

3.2    Default Interest. If any amount payable hereunder is not paid when due (without regard to any
applicable grace periods), whether at stated maturity, by acceleration, or otherwise, the entire outstanding principal amount of this Note shall bear interest at the rate of [***]% per annum from the date of such
non-payment until such amount is paid in full. 

3.3    Interest Rate Limitation. If at any time and for any reason whatsoever, the interest rate
payable on this Note shall exceed the maximum rate of interest permitted to be charged by the Noteholder to the Maker under applicable Law, such interest rate shall be reduced automatically to the maximum rate of interest permitted to be charged
under applicable Law; any portion of each sum paid attributable to that portion of such interest rate that exceeds the maximum rate of interest permitted by applicable Law shall be deemed a voluntary prepayment of principal. 

 

	 	4.	 Payment Mechanics. 

4.1    Manner of Payment. All payments of interest and principal shall be made in lawful money of
the United States of America no later than 12:00 PM central time on the date on which such payment is due by wire transfer of immediately available funds to the Noteholder’s account at a bank specified by the Noteholder in writing to the Maker
from time to time. 
 4.2    Application of Payments. All payments made hereunder shall be applied
first to the payment of any fees or charges outstanding hereunder, second to accrued interest, and third to the payment of the principal amount outstanding under this Note. 

  
 19 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

 4.3    Business Day Convention. Whenever any
payment to be made hereunder shall be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension will be taken into account in calculating the amount of interest payable under this
Note. 
 5.    Representations and Warranties. The Maker hereby represents and warrants to the Noteholder on the
date hereof as follows: 
 5.1    Existence. The Maker is a corporation duly incorporated, validly
existing and in good standing under the laws of the state of its jurisdiction of organization. 

5.2    Power and Authority. The Maker has the power and authority, and the legal right, to execute
and deliver this Note and to perform its obligations hereunder. 
 5.3    Authorization; Execution and
Delivery. The execution and delivery of this Note by the Maker and the performance of its obligations hereunder have been duly authorized by all necessary corporate action in accordance with all applicable Laws. The Maker has duly executed and
delivered this Note. 
 5.4    No Approvals. No consent or authorization of, filing with, notice
to, or other act by, or in respect of, any Governmental Authority or any other Person is required in order for the Maker to execute, deliver, or perform any of its obligations under this Note. 

5.5    No Violations. The execution and delivery of this Note and the consummation by the Maker of
the transactions contemplated hereby do not and will not (a) violate any provision of the Maker’s organizational documents; (b) violate any Law applicable to the Maker or by which any of its properties or assets may be bound; or
(c) constitute a default under any material agreement or contract by which the Maker may be bound. 

5.6    Enforceability. This Note is a valid, legal, and binding obligation of the Maker, enforceable
against the Maker in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights generally and by general
equitable principles (whether enforcement is sought by proceedings in equity or at law). 
 6.    Events of
Default. The occurrence of any of the following shall constitute an Event of Default hereunder: 

6.1    Failure to Pay. The Maker fails to pay any principal amount of this Note, interest or any
other amount when due. 
 6.2    Breach of Representations and Warranties. Any representation or
warranty made or deemed made by the Maker to the Noteholder herein is incorrect in any material respect on the date as of which such representation or warranty was made or deemed made. 

  
 20 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

 6.3    Bankruptcy; Insolvency. 

(a)    the Maker commences any case, proceeding, or other action (i) under any existing or future law
relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment,
winding-up, liquidation, dissolution, composition, or other relief with respect to it or its debts, or (ii) seeking appointment of a receiver, trustee, custodian, conservator, or other similar official
for it or for all or any substantial part of its assets, or the Maker makes a general assignment for the benefit of its creditors; 

(b)    there is commenced against the Maker any case, proceeding, or other action of a nature referred to
in Section 6.3(a) above which (i) results in the entry of an order for relief or any such adjudication or appointment or (ii) remains undismissed, undischarged, or unbonded for a period of sixty (60) days; 

(c)    there is commenced against the Maker any case, proceeding, or other action seeking issuance of a
warrant of attachment, execution, or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded pending appeal within sixty
(60) days from the entry thereof; 
 (d)    the Maker takes any action in furtherance of, or
indicating its consent to, approval of, or acquiescence in, any of the acts set forth in Section 6.3(a), Section 6.3(b), or Section 6.3(c) above; or 

(e)    the Maker is generally not, or is unable to, or admits in writing its inability to, pay its debts as
they become due. 
 7.    Remedies. Upon the occurrence of an Event of Default and at any time thereafter during
the continuance of such Event of Default, the Noteholder may at its option, by written notice to the Maker (a) declare the entire principal amount of this Note, together with all accrued interest thereon and all other amounts payable hereunder,
immediately due and payable and/or (b) exercise any or all of its rights, powers, or remedies under applicable law; provided, however that, if an Event of Default described in Section 6.3 shall occur, the principal of and accrued
interest on this Note shall become immediately due and payable without any notice, declaration, or other act on the part of the Noteholder. 

8.    No Offset. The Maker’s obligation to make the payments provided for in this Note and otherwise
perform its obligations hereunder shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Maker or any of its
affiliates may have against the Noteholder or others. 

  
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 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

 9.    Miscellaneous. 

9.1    Notices. 

All notices, requests, or other communications required or permitted to be delivered hereunder shall be delivered in writing,
in each case to the address specified below or to such other address as such Party may from time to time specify in writing in compliance with this provision: 
  

	 	(i)	 If to the Maker: 

  

	 	 	 United Airlines, Inc. 

	 	 	 Willis Tower 

	 	 	 233 S. Wacker Drive 

	 	 	 Chicago, IL 60606 

	 	 	 Attention: Senior Vice President – United Express 

	 	 	 E-mail: [***] 

 

	 	 	 and to: 

  

	 	 	 United Airlines, Inc. 

	 	 	 Willis Tower 

	 	 	 233 S. Wacker Drive 

	 	 	 Chicago, IL 60606 

	 	 	 Attention: Vice President – Procurement 

	 	 	 E-mail: [***] 

 

	 	 	 with a copy to: 

  

	 	 	 United Airlines, Inc. 

	 	 	 Willis Tower 

	 	 	 233 S. Wacker Drive 

	 	 	 Chicago, IL 60606 

	 	 	 Attention: Vice President, Deputy General Counsel and Corporate Secretary 

	 	 	 E-mail: [***] 

 

	 	(ii)	 If to the Noteholder: 

 

	 	 	 Air Wisconsin Airlines LLC 

	 	 	 W6390 Challenger Drive, Suite 203 

	 	 	 Appleton, WI 54914 

	 	 	 Attention: [***], President and Chief Executive Officer 

	 	 	 Telephone: [***] 

	 	 	 E-mail: [***] 

  
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 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

	 	 	 with a copy to: 

  

	 	 	 DLA Piper 

	 	 	 4365 Executive Drive, Suite 1100 

	 	 	 San Diego, CA 92121 

	 	 	 Attention: [***] 

	 	 	 E-mail: [***] 

(b)    Notices if (i) mailed by certified or registered mail or sent by hand or overnight courier
service shall be deemed to have been given when received; and (ii) sent by email shall be deemed received upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested”
function, as available, return email, or other written acknowledgment). 
 9.2    Expenses. The
Maker shall reimburse the Noteholder on demand for all out-of-pocket costs, expenses, and fees (including expenses and fees of its external counsel) incurred by the
Noteholder in connection with the enforcement of the Noteholder’s rights hereunder. 

9.3    Governing Law. This Note and any claim, controversy, dispute, or cause of action (whether in
contract or tort or otherwise) based upon, arising out of, or relating to this Note, and the transactions contemplated hereby, shall be governed by the laws of the State of New York, without regard to any conflict of laws provisions thereof. 

9.4    Submission to Jurisdiction. 

(a)    The Maker hereby irrevocably and unconditionally (i) agrees that any legal action, suit, or
proceeding arising out of or relating to this Note may be brought in the courts of the State of New York or of the United States of America for the Southern District of New York and (ii) submits to the jurisdiction of any such court in any such
action, suit, or proceeding. Final judgment against the Maker in any action, suit, or proceeding shall be conclusive and may be enforced in any other jurisdiction by suit on the judgment. 

(b)    Nothing in this Section 9.4 shall affect the right of the Noteholder to (i) commence legal
proceedings or otherwise sue the Maker in any other court having jurisdiction over the Maker or (ii) serve process upon the Maker in any manner authorized by the laws of any such jurisdiction. 

9.5    Venue. The Maker irrevocably and unconditionally waives, to the fullest extent permitted by
applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Note in any court referred to in Section 9.4(b) and the defense of an inconvenient forum to
the maintenance of such action or proceeding in any such court. 
 9.6    Waiver of Jury Trial.
THE MAKER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY WHETHER
BASED ON CONTRACT, TORT, OR ANY OTHER THEORY. 

  
 23 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

 9.7    Integration; Effectiveness. This Note
constitutes the entire contract between the Parties with respect to the subject matter hereof and supersedes all previous agreements and understandings, oral or written, with respect thereto. Delivery of an executed signature page to this Note in
electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Note. 

9.8    Successors and Assigns. This Note may be assigned, transferred, or negotiated by the
Noteholder to any Person, at any time, without notice to or the consent of the Maker. The Maker may not assign or transfer this Note or any of its rights, or delegate any of its duties, hereunder without the prior written consent of the Noteholder
which may be withheld in its sole discretion. This Note shall inure to the benefit of and be binding upon the parties hereto and their successors and permitted assigns. 

9.9    Waiver of Notice. The Maker hereby waives presentment, demand for payment, protest, notice of
dishonor, notice of protest or nonpayment, notice of acceleration of maturity, and diligence in connection with the enforcement of this Note or the taking of any action to collect sums owing hereunder. 

9.10    Amendments and Waivers. No term of this Note may be waived, modified, or amended except by
an instrument in writing signed by both of the parties hereto. Any waiver of the terms hereof shall be effective only in the specific instance and for the specific purpose given. 

9.11    Headings. The headings of the various Sections and subsections herein are for reference only
and shall not define, modify, expand, or limit any of the terms or provisions hereof. 
 9.12    No
Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Noteholder, any right, remedy, power, or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege. The rights, remedies, powers, and privileges herein provided are cumulative and not
exclusive of any rights, remedies, powers, and privileges provided by law. 

9.13    Severability. If any term or provision of this Note is invalid, illegal, or unenforceable in
any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Note or invalidate or render unenforceable such term or provision in any other jurisdiction. 

  
 24 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K. 

 IN WITNESS WHEREOF, the Maker has executed this Note as of [DATE]. 

 

	
	 UNITED AIRLINES, INC.

	
	
By                         
                               

Name:                         
                         

Title:                         
                           

  
 25 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT (I) IS NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED, OR (II) CONTAINS PERSONALLY IDENTIFIABLE INFORMATION, OMITTED PURSUANT TO 

ITEM 601(A)(6) UNDER REGULATION S-K.

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