Document:

EX-10.12

 Exhibit 10.12 

 
 

 
 ACMI PASSENGER AGREEMENT 

This ACMI Passenger Agreement is made and entered into as of the 5 th day of February, 2021, by and between Global Crossing Airlines, LLC.,
having its principal place of business at Building 5A, Miami International Airport, 4th Floor, 4200 NW 36th Street, Miami, Fl 33166, U.S.A.
(“GlobalX”); and Estelar Latinamerica (“Estelar”) having its principal place of business at 5000 Calle Londres, Edif, Las Mercedes, Piso, Caracas, Miranda, Zona Postal 1061, Venezuela (“Estelar” and, collectively with
GlobalX, the “Parties”). 
 RECITALS 

A. GlobalX and Estelar desire to enter into an agreement whereby GlobalX will transport passengers, baggage and, to the extent allowed under
this Agreement, cargo and mail for Estelar (the “Air Travel Service”) and to define their respective roles, responsibilities and compensation with respect thereto. 

In consideration of the premises and the terms, conditions and mutual agreements contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
 SECTION 1 

PASSENGER SERVICE 
 1.1
GlobalX and Estelar have agreed to the flights to be operated by GlobalX under this Agreement (the “Flights”) as set out in a Flight Agreement in the form of Exhibit A hereto (the “Flight Agreement”). GlobalX and Estelar shall
agree in writing, in advance, on any additional flight(s) or change(s) to the schedule or frequency of Flights to be operated by GlobalX under this Agreement. 

1.2 GlobalX shall operate, on the Flights, based on Estelar preference per route, either one A320 aircraft, with 170 or greater seats, in an
split class configuration, or one A321 aircraft, with 183 or greater seats in split class configuration (the “Aircraft”). GlobalX will use commercially reasonable efforts to cause the Aircraft to be available during the Term (as defined
below) but shall have the right to substitute an equal or larger capacity aircraft when the Aircraft is unavailable. In such event, GlobalX shall provide prompt notice to Estelar, and the substitute aircraft shall be considered the Aircraft for the
purposes of this Agreement. GlobalX shall not be obligated to provide a substitute aircraft, and flight(s) may be cancelled, in the event a GlobalX aircraft is unavailable due to any event outside its control, including without limitation mechanical
defect, damage, etc. 
 1.3 GlobalX shall provide Passenger Service on the Aircraft in accordance with the more restrictive of (a) the
U.S. Federal Aviation Regulations (“FARs”) and GlobalX-approved manuals, (b) those regulations and rules of the countries where the Flights are to operate and with which either GlobalX or Estelar is required to comply, and
(c) any other required governmental rule or regulation. GlobalX shall be responsible for payment of all Passenger Service expenses relating to the Flights, except as set forth in this Agreement or in the Flight Agreement. GlobalX’s
obligation to operate the scheduled Flights is subject to availability of the Aircraft. 

  
 Page 1 

 

 
  

 1.4 GlobalX shall ensure for all Flights that the Aircraft (a) is airworthy and equipped
for commercial Estelar operations, (b) has a valid and current Certificate of Airworthiness from the U.S. Federal Aviation Administration (the “FAA”), and (c) has onboard the official documents, as required by the FAA and the
U.S. Department of Transportation (the “DOT”) for the operation of the Aircraft and the carriage of passengers, baggage, cargo and mail on the Flights. Estelar shall obtain all other necessary government approvals for the Flights. 

1.5 GlobalX shall ensure that the Aircraft is maintained and operated in accordance with the requirements of the FAA and in accordance with
GlobalX’s approved maintenance program. 
 1.6 For purposes of this Agreement, GlobalX shall provide sufficient crews to complete the
schedule outlined in the Flight Agreement (“Crews”). All Crews shall be fully qualified and licensed in accordance with applicable regulations. All Crews shall be and remain employees of GlobalX unless otherwise specified in this Agreement
or the Flight Agreement. 
 1.7 GlobalX shall provide maintenance personnel, spare parts support, tools and equipment as necessary to
support the Aircraft in the operation of the Flights. All costs related to the maintenance, insurance, and crew of the Aircraft shall be the responsibility of GlobalX. All other operational costs, including landing fees, taxes, ground handling fees,
standard ground equipment at all airports of operation such as but not limited to ground power unit, conditioned air unit, aircraft stairs, chocks and other equipment generally referred to as Ground Support Equipment (GSE). Estelar shall be
responsible for all such equipment or costs that are not associated with Aircraft lease agreements, Crew Employment Costs but not exclusive of crew travel costs, Aircraft Maintenance, and Aircraft Insurance. 

SECTION 2 
 COMPENSATION
AND PAYMENT 
 GlobalX shall be paid for its services under this Agreement at the rates and in accordance with the payment terms and
conditions which are provided below and detailed in the Flight Agreement: 
 (a) The Parties have agreed to the schedule for
the Flights as detailed in the Flight Agreement. The Parties agree that the ACMI Rate provided herein is based on GlobalX operating the schedule set forth in the Flight Agreement (the “Minimum Guaranteed Rotations”). “ACMI” is
defined as the agreed upon hourly rate multiplied the the complete round trip operation of the total time measured in hours and minutes beginning from the Aircraft’s initial move from its departure point at MIA until its final stop at its MIA.
Any changes to the schedule, guaranteed Rotations or alternate locations shall be subject to the mutual agreement of the Parties. 

(b) The due dates of payment(s) to be made by Estelar to GlobalX hereunder shall be as described in this Agreement and the
Flight Agreement (“Due Date(s)”). Payments shall not be considered received by GlobalX until they are recognized in GlobalX’s account, details of which are set forth in the Flight Agreement. Estelar will be responsible for the timely
processing of payments to guarantee compliance with the Due Date. Failure of GlobalX to receive a payment on or before the applicable Due Date will give rise to a late fee as described in Section 2(h) below. 

  
 Page 2 

 

 
  

 (c) Subject to the Minimum Guaranteed Rotations, Estelar shall compensate
GlobalX at the ACMI Rate as defined in Exhibit A in accordance with the Flight Agreement for its service (the “ACMI Rate”), based on the schedule and Rotation Schedule detailed in the Flight Agreement (the “Guarantee”),
regardless of whether actual Rotations are fewer. The ACMI Rate will not include any ground handling below and above wing, nor any operational and landing fees or taxes. The ACMI Rate is exclusive of all fuel and catering which will be provided by
Estelar through their own vendor agreements. Estelar will be responsible for payment of all landing fees, all ground handling below and above the wing, and all operations fees at all airports. 

(d) Estelar will bear the costs of any operational charges or fees imposed by any of the Venezuelan or Dominican Republic
authorities and ground handlers on any or all flights that are operated to or from on behalf of Estelar. 
 (e) Estelar shall
also compensate GlobalX at the ACMI Rate for each Hour, or part thereof, operated by GlobalX. 
 (f) Due to excessive wear
and tear of Aircraft and engine components, the following additional fees shall apply on all flights segments, whether reposition or live, that fall below the described block hours: 

 

	 	•	 	 A320 and A321 cycle fee of $ 900.00 USD will be assessed for each cycle less than 1.5 Block Hours.

 Estelar shall compensate GlobalX at the ACMI Rate for Hours contemplated in the Flight Agreement even if subsequent routing reduces
Rotations. 
 (g) Prior to commencement of the Flights, Estelar shall make payment to GlobalX in the amounts and on the dates
specified in the Flight Agreement. 
 (h) The Parties agree that GlobalX shall complete a reconciliation within 30 days after
the completion of each month or other payment period, or the conclusion of all Flights as determined by the Flight Agreement. For this reconciliation the Parties agree to reconcile the following: 

(i) The Minimum ACMI Hours against the actual Rotations flown during the Term; 

(ii) Any fuel paid for by GlobalX; 

(iii) Any expense(s) incurred by GlobalX not specifically identified as GlobalX’s responsibility in either this Agreement
or the Flight 
 Any deficiency in payment identified by GlobalX as a result of the above reconciliation will be satisfied by Estelar within five business
days after written notification from GlobalX to Estelar. 

  
 Page 3 

 

 
  

 Any overpayment made to GlobalX and identified by GlobalX as a result of the above reconciliation will be
satisfied by GlobalX within seven business days after written notification from GlobalX and acknowledgement from Estelar. 

(i) Estelar shall pay GlobalX a deposit in the amount equal to 7 days of initial flight schedule within three days following
both the full execution of this Agreement and notification to Estelar that GlobalX has successfully achieved U.S. FAA Certification (the “Security Deposit”). The Security Deposit will serve as security for the faithful performance by
Estelar of any and all of its obligations hereunder. Should Estelar fail to perform as required under this Agreement, GlobalX shall be entitled to apply the Security Deposit at its sole option and discretion, without any set-off, to additional invoicing, defense, counterclaim or deduction of any nature whatsoever to or by Estelar, against payment(s) due to GlobalX. Such remedy shall be in addition to and not in lieu of any other
remedies that may be available to GlobalX. Estelar shall remain liable for any deficiency between the amount of the Security Deposit and the amount due GlobalX. Should GlobalX draw upon all or a part of the Security Deposit, Estelar shall replace
the amount drawn, thus returning the Security Deposit to its original amount, within three business days after notification from GlobalX of said withdrawal. Upon mutual agreement to the final reconciliation and payment by Estelar of the amount
thereof, GlobalX shall refund to Estelar the entire Security Deposit, to the extent not used to offset failure(s) in performance by Estelar. 

(j) All compensation to GlobalX will be made in U.S. dollars (“USD”), and GlobalX will not be liable to pay wire
transfer fees, exchange fees, or any fees related to the conversion or exchange of currency that may or may not reduce the total amount of compensation as stated in the Flight Agreement. 

SECTION 3 
 COMMERCIAL
CONTROL 
 3.1 Commercial control of the Flights during the Term shall be vested in Estelar. Estelar shall, subject to operational and
technical considerations as specified in Section 4 below, be solely competent to cancel, delay or re-route a Flight for commercial reasons with a minimum of 12 hours notification per individual flight.
(subject to the Minimum Rotations, and Estelar shall indemnify GlobalX for all costs and expenses as a result of any such cancellation, re-routing or rescheduling. Subject always to Section 4 below,
GlobalX’s flight crew shall comply with all reasonable instructions of Estelar of a commercial nature. Changes requested inside of 12 hours will be subject to all governmental regulations, crew availability, and best effort by GlobalX, but
cannot be guaranteed. 
 3.2 Notwithstanding the provisions of Section 3.1 above or any other provision in this Agreement or the Flight
Agreement to the contrary, Estelar represents that the Flights contemplated under this Agreement and the Flight Agreement do not and will not require the Aircraft to operate in, to or over any country excluded by applicable laws, FARs,
GlobalX’s FAA operating authority or GlobalX’s insurance coverage. Estelar will not direct GlobalX to operate in, to or over any country described in the immediately preceding sentence. 

  
 Page 4 

 

 
  

 3.3 Under no circumstance will a commercial cancellation or reduction in the Flights caused
by Estelar reduce the Minimum Rotations payable to GlobalX, unless the Parties mutually agree to a reduction of Minimum Rotations, or an alternative solution is agreed in writing and executed as an amendment to this Agreement. 

3.4 Any increase in cost to GlobalX from a cancellation, re-routing, or
re-scheduling by Estelar will be promptly reimbursed and subject to Section 2(h) of this Agreement. 

SECTION 4 
 OPERATIONAL
CONTROL 
 4.1 GlobalX shall at all times be responsible for and maintain the legal possession and operational control and airworthiness
of the Aircraft. 
 4.2 GlobalX shall be responsible for the technical operation of the Aircraft and the safe performance of the Flights and
shall retain full operational control and possession of the Aircraft to enable it to do so. In particular, the captain of the Aircraft shall, for the purpose of the safe performance of the Flights, have absolute discretion in all matters concerning
the preparation of the Aircraft for a Flight, the load carried and its distribution, the decision whether or not a Flight shall be undertaken, the route to be flown, any deviation from the time and place where landings should be made, and all other
matters relating to the technical operation of the Aircraft. Estelar shall accept all such decisions of the captain as final and binding. GlobalX shall not be liable to Estelar for any loss, damage, cost, or claim whatsoever and howsoever arising as
a result of any such decision of GlobalX or the captain of the Aircraft. 
 4.3 The operation of the Aircraft shall be carried out in
accordance with the FARs, GlobalX’s FAA operating authority, GlobalX’s insurance coverage, and the standards and practices of GlobalX as set out in GlobalX’s flight operations manual. 

4.4 GlobalX shall maintain all logs and records pertaining to the Aircraft in accordance with the rules and regulations of the FAA. Copies of
such records shall be made available to Estelar upon written request. 
 4.5 It shall be the sole responsibility of Estelar to file tariffs
and schedules and to prepare and file all other documents and reports with any governmental entity whatsoever concerning the operation of Flights hereunder, and Estelar shall indemnify, defend and hold GlobalX harmless from and against any and all
losses, costs, damages, liabilities and expenses for GlobalX harmless from and against any and all losses, costs, damages, liabilities and expenses for which GlobalX may be liable as a result of Estelar either delaying or failing to make such
filing. 
 4.6 The Flights will be operated under GlobalX’s flight numbers and IACO GXA call sign Gemini. 

4.7 Arrival/departure and related messages relating to Flights performed in accordance with this Agreement shall be sent to the appropriate
departments of GlobalX and Estelar. 

  
 Page 5 

 

 
  

 4.8 Estelar will bear the costs associated with GlobalX obtaining all necessary documents,
visas, work permits, airport badges, consents and certificates required in connection with the operation of the Aircraft under this Agreement. 

4.9 Global X shall cause the Aircraft to be loaded in accordance with GlobalX’s weight and balance manual, and load and trim sheets shall
be accurately compiled by Global X and made available to Estelar promptly upon Estelar’s request. 
 4.10 Flights to be operated under
this Agreement will be operated under GlobalX’s ICAO designated code. Estelar shall be considered as the operator of the Flights for purpose of the EU Emissions Trading Scheme under EU Directive No. 101/2008 (ETS), if and to the extent
applicable (or any such other regulation as appropriate), and shall be responsible for payment of all costs, including without limitation the ETS sums arising and the surrender of all applicable allowances as a result of the operation of the
Aircraft during the Term and any extension. 
 SECTION 5 

SECTION 5 FLIGHT CREW 
 5.1
GlobalX shall provide, at GlobalX’s expense, except as provided elsewhere in this Agreement, qualified and licensed Crews for the operation of the Aircraft for the Flights. Any change to the Flights that result in a change in the number of
Crews required must be coordinated with and approved by GlobalX in advance, and any additional cost and expense shall be paid for by Estelar. 

5.2 Except when paid in advance by Estelar, Estelar shall, at its own expense, provide the Crews, and GlobalX’s maintenance and
operations representatives with living accommodations (single rooms), on site restaurant or 24-hour room service, and transportation in a secure, 4 star or better hotel for the duration of the Agreement in all
locations where the Crews are away from their base of operations overnight. The accommodations shall be a room in a hotel rated no lower than four stars. GlobalX will retain sole discretion in approving hotels for its Crews and its maintenance and
operational personnel. GlobalX is under no obligation to use hotels provided by Estelar. 
 5.3 Per Diem is charges at $2.55 per hour both
domestic and international per crewmember for meals. Per diem will also be paid to the technical, maintenance and all other staff of GlobalX who are supporting the operation away from their base. Estelar will pay the total sum of Crew per diem at
the same time as payment of the relevant Rotations, including if those per diem payments reflect any variances in duration or changes to crewing pursuant to this Agreement. Per Deim charges will be billed to Estelar for each month in arrears and in
addition to the Rotation Price. 
 SECTION 6 

ESTELAR’S RESPONSIBILITIES 
 Estelar
shall arrange and pay for the following: 
 (a) To the extent not already included in the ACMI payment, and subject to
Sections 2 and 5.2 above, hotel accommodations, Crew meals and ground transport for the Crews and any ground staff, including without limitation mechanics and operations personnel, and the cost of positioning of all of GlobalX’s personnel in
connection with the operation of the Aircraft and the Flights; 

  
 Page 6 

 

 
  

 (b) Flight dispatch of the Aircraft in respect of the Flights; 

(c) Fuel and in-to-plane services of fuel and
oil for the operation of the Flights; 
 (d) Ground handling at all airports (including without limitation passenger
handling, cargo handling, loading and unloading the Aircraft and securing Aircraft doors before take-off), the provision of labor and equipment to perform apron services, including without limitation the
internal cleaning of the Aircraft, servicing of Aircraft toilets, air, oxygen and fluids, marshaling, chocks, ground power during scheduled transit time, deicing, engine starting, firefighting,
refueling/de-fueling, heating and cooling, parking and security, qualified ground personnel to assist with Aircraft movement, push back, tugs, tow bar and qualified personnel for
taxi-in and push- out procedures, crew steps, water replenishment and ground to cockpit communications; 

(e) All landing fees at all airports, traffic rights, overfly and other enroute navigation charges in connection with the
operation of the Aircraft for the Flights; 
 (f) All passenger taxes, security charges and other governmental charges and
fees not assessed on a per passenger basis or based on air revenue and all fines and penalties resulting from the nonpayment thereof; all charges arising from compliance with DOT regulations or any other governmental agency associated with the
Flights; 
 (g) Aircraft parking, including without limitation standard aircraft ground equipment such as stairs, ground
power units, conditioned air units and other equipment generally required to support the Aircraft during parking and maintenance periods; 

(h) All allowances and other payments from time to time due to Estelar’s flight crew (if any) on any Flights as referred
to in Section 5 above; 
 (i) All necessary customs and immigration, technical and diplomatic clearances for the
operation of the Flights; 
 (j) All catering for the passengers and flight crew on live and reposition flights; 

(k) Any and all taxes, fees, security charges and related charges which are assessed on a per passenger basis or based on air
revenue (excluding taxes based on the net income of GlobalX) which are imposed by any governmental entity or airport authority, including without limitation departure taxes, head taxes, excise taxes, VAT and ticket taxes, security fees, passenger
facility charges and air passenger duties, and all fines and penalties resulting from the nonpayment thereof; 
 (1) Office
accommodation, with telephone, fax and Internet, for GlobalX flight crew and assigned maintenance and operations personnel at primary base(s) of operation and such other layover points as required by GlobalX; 

  
 Page 7 

 

 
  

 (m) Air sickness bags, blankets, pillows, headrest covers, and any additional
passenger amenity; 
 (n) Any and all direct operating costs incurred in the performance of the Flights, whether or not
listed above; 
 (o) All licenses required for operation of the Flights other than those required for GlobalX to operate the
Aircraft under this Agreement; 
 (p) Transport on Estelar’s routes, and hangar/storage space, for spare parts as needed
to support the operation of the Flights; any costs in regard of transportation, import, export, tax, all customs and duty fees in regard of spare parts and any license fees for GlobalX staff and/or equipment will be borne by Estelar; 

(q) The positioning and re-positioning of the Aircraft for each Flight at the agreed
ACMI Rate from/to the main base of GlobalX; 
 (r) Any and all other costs associated with the Air Travel Service and the
Flights that are not the specific responsibility of GlobalX under this Agreement; 
 (s) Coach seats over the minimum
guaranteed seats at Estelar expense for Crew members flying to and from the U.S. when off duty, as required by GlobalX’s policies; 

(t) Administrative and logistics support to GlobalX as reasonably necessary to support the operation of the Aircraft on the
Flights, including without limitation necessary storage location for GlobalX maintenance support equipment, tooling and spare parts; 

(u) To the extent required under applicable regulations and governmental law based on the Flights: 

(i) Compliance with U.S. Tarmac Delay Contingency Plan (14 CFR section 259.4), including without limitation any DOT penalties
for noncompliance, 
 (ii) Compliance with U.S. Customer Service Plan (14 CFR section 259.5), including without limitation
any DOT penalties for noncompliance, 
 (iii) Estelar will allow GlobalX to post web link to Estelar’s tarmac delay
contingency plan customer service plan, and conditions of carriage to meet 14 CFR section 259 requirements on GlobalX’s public website, 

(iv) Compliance with all other U.S. and foreign consumer protection laws, rules, regulations and requirements, including
without limitation the cost or reimbursement to GlobalX for such passenger amenities, protections and compensation required by regulation and any penalties for noncompliance, and 

(v) Compliance with U.S. requirements with respect to passengers with disabilities (14 CFR Part 382), including without
limitation any DOT penalties for noncompliance, and submission of annual reports under 14 CFR section 382.157; 

  
 Page 8 

 

 
  

 (v) All costs related to compliance with U.S. Department of Transportation
Safety Administration (“TSA”) rules and regulations on foreign or domestic operations, including but not limited to costs associated with airport compliance with TSA airport screening procedures 

(w) Airport badging sponsorship to assist in badging GlobalX personnel for unescorted access to the Aircraft; and 

(x) All costs related to branding the Aircraft, cabin or other unique logos for Estelar, if required. 

(y) Provision of passenger amenities, if any, provided in event of flight delay, cancellation, and/or missed connections, and
cost thereof; 
 (z) Provision of complete passenger manifests to GlobalX in accordance with GlobalX requirements, including
without limitation U.S.-citizen emergency contact information to be collected by Estelar under 14 CFR section 243.7; 
 (aa)
Processing and resolution of, and liability for, all claims for loss/delay/damage of baggage, cargo or mail; 
 SECTION 7 

TRAFFIC DOCUMENTS 
 7.1
Transportation of passengers, baggage, cargo and mail on all Flights shall be governed by Estelar’s conditions of carriage and applicable laws, rules and regulations. Estelar shall contract as principal and as carrier in relation to any
passengers, cargo and mail which may be carried on the Aircraft and shall under no circumstances have authority to enter into any contract on behalf of or binding on GlobalX. 

7.2 Estelar shall provide all applicable passenger tickets and baggage checks or shipper air waybills (“Traffic Documents”). Estelar
shall ensure that each passenger to be carried on the Aircraft shall be supplied with Estelar’s passenger ticket and baggage check duly completed in accordance with the provisions of the Convention for the Unification of Certain Rules relating
to International Carriage by Air signed at Warsaw on October 12, 1929, or that convention as amended at The Hague on September 28, 1955, or the Convention for the Unification of Certain Rules for International Carriage by Air, signed at
Montreal, Canada, May 28, 1999, whichever may be applicable (each, the “Convention”), showing the passenger’s name and place of departure and destination and any agreed stopping places. Estelar shall ensure that, except as the
Convention or other applicable law may otherwise require, GlobalX shall not be liable for any death, wounding or personal injury or claim of whatsoever nature, whether for death or bodily injury or for delay of passengers or loss of or damage to or
delay of their baggage or cargo, whether arising in contract, whether occasioned by GlobalX or not, and Estelar hereby waives any and all rights and claims against GlobalX and discharges GlobalX from any such claim as aforesaid, unless the same is
caused by the willful misconduct or gross negligence of GlobalX. All passenger tickets, baggage checks and air waybills to be issued under the provisions of this Agreement shall be duly completed and issued as far in advance of the relevant flight
as possible and in any event sufficiently in advance so as to give each passenger or other interested party a reasonable time in which to read and appreciate them. 

  
 Page 9 

 

 
  

 7.3 Estelar shall indemnify, defend and hold harmless GlobalX from and against any and all
claims, demands, liabilities, actions, proceedings and costs whatsoever which arise from any act or omission of Estelar relating to the Traffic Documents. 

7.4 Estelar shall comply with all TSA requirements, including without limitation cargo and passenger vetting regulations, airport screening
regulations, and tarmac delay regulations. Estelar shall indemnify, defend and hold harmless GlobalX from and against any and all claims, demands, liabilities, actions, proceedings and costs whatsoever which arise in respect of such requirements or
the failure of Estelar to comply therewith. 
 7.5 Estelar shall assume all responsibility for checking passengers for appropriate
passports, visas, medical certificates and any other required immigration and emigration documents and for accomplishing the immigration and customs clearance of passengers, baggage, cargo and mail. Estelar shall be solely responsible for any fines
or penalties levied as a result of the illegal transportation of Estelar’s employees and passengers and their property and/or cargo and mail (including without limitation contraband) on the Aircraft. 

7.6 Estelar shall ensure that all services and carriage hereunder shall be in accordance with the regulations of the applicable transportation
and aviation authorities and with all applicable governmental regulations, except for such regulations for which GlobalX, as the operator is directly responsible for compliance. 

SECTION 8 
 TERM AND
TERMINATION 
 8.1 The term of this Agreement shall commence on its full execution and continue until completion of the last scheduled
Flight, as set forth in the Flight Agreement, subject to extension by mutual agreement of the Parties (the “Term”). Any extension of the Term must be agreed in writing no later than 90 days prior to the start of the extension. 

8.2 This Agreement may be terminated prior to the end of the Term for any of the following reasons: 

(a) Subject to Section 8.3 below, either Party shall have the right to terminate this Agreement, immediately or at any
time thereafter, by giving notice to the other Party, in the event that the other Party: 
 (i) Becomes subject to any
bankruptcy, liquidation, winding-up, receivership or similar proceedings, whether voluntary, involuntary, provisional or final, or a cessation of all or a substantial part of its business; 

(ii) Enters into any assignment for the benefit of its creditors; 

(iii) Engages in any fraudulent conduct in its dealings with the terminating Party; or 

  
 Page 10 

 

 
  

 (iv) Engages in conduct materially detrimental to the reputation or business
of the terminating Party. 
 (b) Subject to Section 8.3 below, either Party may terminate this Agreement immediately if
the other Party materially breaches and/or fails to perform any of its obligations or make payments required hereunder and such breach or failure is not cured within 10 days after receipt of written notice from the
non-terminating Party (except that the cure period shall not apply in the case of a payment breach or a termination under Section 8.2(a) above). 

(c) Subject to Section 8.3 below, failure of Estelar or GlobalX, acting in good faith, to secure regulatory approval for
the Flights contemplated under this Agreement. 
 (d) GlobalX may terminate this Agreement immediately in the event of
(i) failure of Estelar to pay the Security Deposit on or before the date provided in the Flight Agreement; or (ii) failure of Estelar, in GlobalX’s sole but reasonable judgment, to fulfill Estelar’s obligations to comply with the
terms of this Agreement. 
 8.3 In the event that all or part of the Flights listed in the Flight Agreement are cancelled by Estelar, or in
the case of GlobalX’s termination as a result of Estelar’s failure to pay in accordance with Section 2 above or failure to obtain regulatory approval in accordance with Section 8.2(c) above, Estelar will pay the following
cancellation charges to GlobalX within one day following written notice from GlobalX, or to the extent some or all of the Security Deposit has been paid: 

(a) If cancelled within three days of signature of this Agreement, the Security Deposit amount as described in the Flight
Agreement; or 
 (b) If cancelled after three days from signature of this Agreement, 100% of the Minimum Rotations for the
remainder of the Term, in which case the amount to be paid by Estelar shall be offset by any amount paid toward the Security Deposit and the Security Deposit shall be retained by GlobalX. 

SECTION 9 

INDEMNIFICATION 
 9.1
Estelar shall be liable for any delay, injury or death of any passenger or any other person carried or to be carried on the Aircraft (other than GlobalX’s employees acting in the course of their duties under this Agreement) or any loss, damage,
destruction or delay of or to any cargo, baggage or mail carried or to be carried on the Aircraft caused by an occurrence arising out of or incidental to the possession, use, maintenance or operation of the Aircraft during the Term and, for the
avoidance of doubt, all Estelar responsibilities as provided for in Section 6 above, and Estelar shall indemnify and hold harmless GlobalX and its directors, officers, servants, employees and agents accordingly in respect of all liability,
costs, claims, demands, suits, judgments or actions, including without limitation all costs and expenses of any defense (except in respect of claims caused by the gross negligence or willful misconduct of GlobalX or any of its directors, officers,
servants, employees or agents). 

  
 Page 11 

 

 
  

 9.2 GlobalX shall be liable for any loss of or damage to property or any injury or death of
any person not carried on the Aircraft (including without limitation Estelar’s officers, servants, employees and agents unless in conflict with any ground handling agreement between the Parties in which event such ground handling agreement
shall prevail) caused by an occurrence arising out of or incidental to GlobalX’s possession, use, maintenance or operation of the Aircraft during the Term, but excluding action, inaction or services provided by a person other than GlobalX, and
GlobalX shall indemnify and hold harmless Estelar, its directors, officers, servants, employees and agents accordingly in respect of all liability, costs, claims, demands, suits, judgments or actions, including without limitation all costs and
expenses of any defense (except in respect of claims caused by the gross negligence or willful misconduct of Estelar or any of its directors, officers, servants, employees or agents). 

9.3 GlobalX shall be liable for and shall bear all risks of loss of or damage to the Aircraft during the Term, except for any damage or loss
related to services provided by, or otherwise caused by, Estelar personnel or contracted parties, the cost of which shall be borne by Estelar. Each Party shall always bear the risk of consequential loss or damage sustained by that Party in
connection with any loss, damage or delay and will hold the other Party free and harmless in this respect. 
 9.4 The obligations of GlobalX
and Estelar under this Section 9 shall survive the termination of this Agreement for any act or event arising during the Term. 
 9.5
If any demand, claim, action or suit for damages is made or commenced against a Party indemnified by the other Party (“Indemnitee”) or by a third party for which Indemnitee may seek indemnification from the other Party pursuant to this
Section 9, Indemnitee shall promptly notify the indemnifying Party in writing of the commencement of such suit or action or receipt of such claim or demand for damages. Upon such notice, the Party providing indemnification may elect to assume
full control of the defense, and Indemnitee shall provide whatever reasonable assistance as the Party providing indemnification may require. If and to the extent that the failure by Indemnitee to give prompt notice of the commencement of any suit or
action, as required herein, has prejudiced the indemnifying Party’s ability to properly defend the suit or action, then the indemnifying Party shall have no responsibility to defend, or any liability to indemnify, Indemnitee for any damages
paid or awarded to the third party in the suit or action. 
 SECTION 10 

INSURANCE 
 10.1 GlobalX,
at its own cost and expense, shall maintain in full force and effect, during the Term, Aircraft Third Party Legal Liability (Bodily Injury/Property Damage) insurance for a Combined Single Limit of not less than $750,000,000 USD each occurrence, each
aircraft unlimited in all, but in the aggregate in respect of war and allied perils coverage (including without limitation war and allied perils coverage for those perils excluded by war, hijacking and other perils exclusion clause AVN48B, excluding
paragraph B or any other modification or substitution thereof for the time being in force). The insurance maintained by GlobalX shall include the following provisions: 

  
 Page 12 

 

 
  

 (a) Include Estelar, its directors, officers, servants, employees and agents
as additional insureds (the “Additional Estelar Insureds”), except in respect of claims caused by the gross negligence or willful misconduct of Estelar or any of its directors, officers, servants, employees or agents. 

(b) Provide that the insurance shall operate in all respects as if a separate policy had been issued covering each person
insured hereunder. Notwithstanding the foregoing, the total liability of insurers in respect of any and all Insureds shall not exceed the limits of liability stated in the policy. 

(c) Provide that the insurance hereunder shall be primary and without right of contribution from any other insurance which may
be available to the Additional Estelar Insureds. 
 (d) Provide that the Additional Estelar Insureds shall have no
responsibility for premium in respect of the insurance coverage required to be carried by GlobalX, and GlobalX’s insurers shall waive any rights of set-off or counterclaim against the Additional Estelar
Insureds. 
 (e) Provide that the coverage afforded to each Additional Estelar Insured by the policy shall not be invalidated
by any act or omission (including without limitation misrepresentation and non-disclosure) of any other person or party which results in a breach of any term, condition or warranty of the policy, PROVIDED THAT
the Additional Estelar Insured so protected has not caused, contributed to or knowingly condoned the said act or omission. 

(f) Provide that, except in respect of any provision for cancellation or automatic termination specified in the policy or any
endorsement thereof, the coverage provided may only be cancelled or materially altered in a manner adverse to the Additional Estelar Insureds by insurers giving not less than 30 days’ notice in writing, except that, with respect to war and
allied perils coverage, such period of notice shall be seven days or such lesser period as may be customarily available. Notice shall not, however, be given at normal policy expiry date or in the event of
non-renewal. 
 10.2 Estelar, at its own cost and expense, shall maintain in full force and effect,
during the Term, cargo and mail legal liability insurance for a combined single limit of not less than $750,000,000 USD each occurrence, each aircraft, unlimited in all (including without limitation, to the fullest extent available, war and allied
perils coverage for those perils excluded by war, hijacking and other perils exclusion clause AVN48B or any modification or substitution thereof for the time being in force). The insurance maintained by Estelar, Inc. shall incorporate the following
provisions 
 (a) Include GlobalX and any aircraft head lessors and/or finance parties and their directors, officers,
servants, agents and employees as additional insureds (the “Additional GlobalX Insureds”), except in respect of claims caused by the gross negligence or willful misconduct of GlobalX or any of its directors, officers, servants, employees
or agents. 

  
 Page 13 

 

 
  

 (b) Provide that the insurance shall operate in all respects as if a separate
policy had been issued covering each person insured hereunder. Notwithstanding the foregoing, the total liability of insurers in respect of any and all insureds shall not exceed the limits of liability stated in the policy. 

(c) Provide that the insurance hereunder shall be primary and without right of contribution from any other insurance which may
be available to the Additional GlobalX Insureds. 
 (d) Provide that the Additional GlobalX Insureds shall have no
responsibility for premium in respect of the insurance coverage required by be carried by Estelar, and Estelar’s insurers shall waive any rights of set-off or counterclaim against the Additional GlobalX
Insureds. 
 (e) Provide that the coverage afforded to each Additional GlobalX Insured by the policy shall not be invalidated
by any act or omission (including without limitation misrepresentation and non-disclosure) of any other person or party which results in a breach of any term, condition or warranty of the policy, PROVIDED THAT
the Additional GlobalX Insured so protected has not caused, contributed to or knowingly condoned the said act or omission. 

(f) Provide that, except in respect of any provision for cancellation or automatic termination specified in the policy or any
endorsement thereof, the coverage provided may only be cancelled or materially altered in a manner adverse to the Additional GlobalX Insureds by insurers giving not less than 30 days’ notice in writing, except that, with respect to war and
allied perils coverage, such period of notice shall be seven days or such lesser period as may be customarily available. Notice shall not, however, be given at normal policy expiry date or in the event of
non-renewal. 
 10.3 GlobalX and Estelar shall, prior to the first Flight hereunder and prior to
each renewal of the insurance coverage thereafter, furnish or cause to be furnished to the other, in a satisfactory form, certificates of insurance evidencing compliance with the foregoing. 

SECTION 11 
 FORCE
MAJEURE 
 Neither Party shall be liable for any delay or failure in the performance of any Flight or any other obligation under this
Agreement (other than with respect to the payment of money for the Security Deposit or Advance based on the Minimum Rotations) due to any cause beyond that Party’s reasonable control and not reasonably foreseeable or, if foreseeable, that
cannot be prevented by reasonable diligence on the part of such Party, including without limitation fires, floods, weather, strikes, lockouts or other labor disputes, mechanical difficulty or breakdown of the Aircraft or any engine, part or
component thereof, embargoes, riots, Global health pandemic (such as pandemic recognize by the WHO, us government or the Government where the operation is schedule for.) insurrection, war and acts of the public enemy, U.S. military or airlift
emergency, or substantially expanded U.S. military airlift requirement as determined by the U.S. Government, which results in unavailability of the Aircraft or activation of the U.S. Civil Reserve Air Fleet. Any or any action resulting from
political action or political force by either the United States or Venezuelan governments that prohibits the performance of obligations associate with this agreement shall be considered cause for release of obligation under this agreement. 

  
 Page 14 

 

 
  

 SECTION 12 

REPRESENTATIONS AND COVENANTS 

12.1 GlobalX’s Representations. GlobalX hereby represents that, as of the date of execution of this Agreement, it: 

(a) is in the process of being certified for a valid U.S Air Carrier Certificate to operate under FAA Part 121 of the federal
aviation regulations for the services contemplated herein; 
 (b) is a corporation duly incorporated, validly existing in
good standing under the laws of the State of Florida, U.S.A.; and 
 (c) has the corporate power and authority to carry on
its business as presently conducted and to perform its obligations hereunder. 
 12.2 Estelar’s Representations. Estelar hereby
represents that, as of the date of execution of this Agreement, it: 
 (a) is a certificated Venezuelan carrier operating in
accordance with the Venezuela Civil Aviation Authority of Venezuela and authorized for the Flights contemplated herein; 

(b) is a Venezuelan Corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of
organization; and 
 (c) has the corporate or company power and authority to carry on its business as presently conducted and
to perform its obligations hereunder. 
 12.3 Estelar’s Covenants. Estelar covenants to GlobalX that it will comply with the
following throughout the Term as it relates to this Agreement: 
 (a) Estelar, Inc. will comply with all applicable GlobalX
policies and procedures and ensure all personnel operate, are trained and comply with GlobalX’s manuals for operation of all Flights. 

(b) Estelar, Inc. will provide all necessary reports, schedules and all other information requested by GlobalX. 

  
 Page 15 

 

 
  

 SECTION 13 

MISCELLANEOUS PROVISIONS 

13.1 No Continuing Waiver. Waiver by either Party of performance of any covenant or condition hereof by the other Party shall not
thereafter preclude such Party from demanding, pursuant to the terms and provisions of this Agreement, strict performance according to the terms hereof, 

13.2 Entire Agreement. This Agreement, including without limitation the Exhibits hereto and the Flight Agreement, which form an
integral part of this Agreement, represent the entire agreement, and supersede all prior written and oral understandings between the Parties, with respect to its subject matter. 

13.3 Counterparts. This Agreement may be executed in multiple counterparts, each of which when so executed and delivered shall be an
original, but all such counterparts shall together constitute one and the same instrument. 
 13.4 Amendments; Waivers. This
Agreement may be amended only by a written instrument executed in one or more counterparts by both Parties. The waiver by a Party of the performance or breach of any provision hereof by the other Party must be in writing and shall not operate as a
waiver of any subsequent performance or breach of the same or any other provision. 
 13.5 Time of the Essence. Time is of the
essence for this Agreement and for every provision herein contained. 
 13.6 Binding Effect. The provisions of this Agreement shall
apply to and bind the successors and assigns of the Parties. 
 13.7 Paragraph and Section Headings. Paragraph and Section headings
used herein are descriptive only, and no limitation of the language contained in the particular paragraph or Section shall be implied from the paragraph or Section heading thereof. 

13.8 Severability. In the event any term or provision herein contained is held to be invalid or unenforceable by any court of competent
jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of any other provision hereof and such other provisions shall be deemed to remain in full force and effect. In such event, the Parties shall promptly
use reasonable efforts to reform or replace the invalid, void or unenforceable provision so as to effect its original intent. 
 13.9
Assignment. This Agreement shall not be assigned, in whole or in part, by either Party without the express written consent of the other Party, except that GlobalX may assign this Agreement in connection with the sale of its business,
including without limitation a sale of all or substantially all of its assets. 
 13.10 Consequential Damages. Neither Party shall be
liable to the other for special, indirect, consequential or incidental damages of any kind, whether arising in contract, tort or otherwise (including without limitation negligence and strict liability) except as otherwise allowed in this Agreement.

  
 Page 16 

 

 
  

 13.11 Applicable Law and Invalidity of Provisions. This Agreement shall be interpreted
in accordance with the laws of the State of New York, U.S.A., without reference to the principles of conflicts of laws. Any and all disputes between the Parties respecting this Agreement and their respective duties and obligations hereunder shall be
submitted to binding arbitration under the rules of the American Arbitration Association involving the appointing of an arbitrator by each Party and the arbitrators so appointed agreeing to the appointment of a third. The decision of the arbitrators
may be reduced to a final judgment order to be entered in any court having jurisdiction of the matter or the Parties. The prevailing Party, if one is found, shall be entitled to recover reasonable attorneys’ fees and costs. 

13.12 Notices. Any notice required or permitted hereunder shall be in writing, in English and shall be deemed given (a) on the
seventh day after being sent by certified or registered airmail, return receipt requested, (b) on the second business day after being sent by reputable overnight courier with tracking capability, (c) on the next business day after
transmission by facsimile providing confirmation of receipt, (d) upon personal delivery, or (e) on the next business day after transmission by electronic mail, in each case to a Party at its address specified in the introductory paragraph
of this Agreement or at such other address as such Party may from time to time specify by notice hereunder. 
 13.13 Validity. This
Agreement shall be of full force and effect upon execution by GlobalX and Estelar. 
 (Signature Page to Follow) 

  
 Page 17 

 

 
  

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly
authorized representatives as of the date first above written. 
  

									
	Global Crossing Airlines, LLC.	 		 	Estelar International
					
	By:	 	/s/ Edward J. Wegel	 		 	By:	 	/s/ Boris Serrano
	Name:	 	Edward J. Wegel	 		 	Name:	 	Boris Serrano
	Title:	 	CEO/Founder	 		 	Title:	 	President & CEO

  
 Page 18 

 

 
  

 EXHIBIT A 

FLIGHT AGREEMENT 
 This Flight Agreement is
made and entered into as of the 5th day of February, 2021, by and between Global Crossing Airlines, LLC, having its principal place of business at Building 5A, Miami International Airport, 4th Floor, 4200 NW 36th Street, Miami, F1 33166, U.S.A. (“GlobalX”); and Estelar, Inc. having its principal place of business at Calle
Londres, Torre Estelar, Las Mercedes, Caracas, Miranda, Zona Postal 1061, Venezuela (“Estelar” and, collectively with GlobalX, the “Parties”). 

GlobalX will provide aircraft to Estelar International on an ACMI basis for the flight, journey, service or period stated below and upon the terms and
conditions of the Passenger Agreement between the Parties dated February 5, 2021 (the “ACMI Agreement”), subject to seats for required GlobalX personnel. This Flight Agreement is hereby incorporated into the ACMI Passenger Agreement
upon its execution. GlobalX will be the exclusive charter operator to fly all Estelar Charter flights from Miami to Caracas, Maracaibo, and Santo Domingo during this Term. GlobalX will agree to not operate flights for any other airline partners on
the Miami to Caracas and Miami to Maracaibo route. 
 Term: May 1, 2021—April 30, 2022, with and extension period equal to three (3) renewal
periods of six (6) months each. Date subject to GlobalX receiving final approval from the U.S. DOT and 121 certification from the U.S. FAA. 

Route(s): MIA-CCS-MIA, MIA-MAR-MIA, MIA-SDQ-MIA 
  

			
	Minimum Guaranteed Hours:	  	120 Hours Per Month for the first 90 days
		
		  	Monday, Wednesday, Friday MIA-CCS-MIA
		
		  	Tuesday and Thursday MIA-MAR-MIA
		
		  	And 160 Hours Per Month thereafter

 GlobalX will be compensated for reposition hours. 
  

			
	Per Hour ACMI Price:	  	Airbus A320, N276GX, MSN 2695, 170 Seats, $3500 per hour
		  	Airbus A321, N277GX, MSN 2480, 183 Seats, $3850 per hour

 Schedule of Payment(s): Seven (7) Days schedule payment is due full and in advance of each weeks flying by 1500z
seven (7) days in advance of the weeks first flight. 

  
 Page 19 

 

 
  

 Proposed Schedule: 

(To Be Completed) 
 Payment Instructions: 

In accordance with the terms of this Flight Agreement, payments will be made by Estelar directly to GlobalX in accordance with the Schedule of Payment(s)
immediately above. Estelar shall use the banking information provided below for wiring funds: 
 Account Name: Global Crossing Airlines LLC 

Account Number: 7435324640 
 Address: 4200 NW 36th Street, Bldg 5A, Miami, FL 
 33166 

Bank Name: Fifth Third Bank 
 Address: 200 E. Las Olas Blvd #130,
Ft. Lauderdale,FL 
 33301 

Bank ABA Number: 067091719 
 Swift Code: FTBCUS3CXXX 

IN WITNESS WHEREOF, the Parties have caused this Flight Agreement to be executed by their duly authorized representatives as of the day first above written.

  

									
	Global Crossing Airlines, LLC.	 		 	Estelar International
					
	By:	 	/s/ Edward J. Wegel	 		 	By:	 	/s/ Boris Serrano
		 	Name: Edward J. Wegel	 		 		 	Name: Boris Serrano
		 	Title: CEO/Founder	 		 		 	Title: President & CEO

  
 Page 20EX-10.13

 Exhibit 10.13 

PASSENGER AIRCRAFT CHARTER AGREEMENT 

This Passenger Aircraft Charter Agreement (“Agreement”) is made and entered into as of this 23rd day of February, 2021, by and
between Global Crossing Airlines, LLC (GLOBALX), an airline with a place of business at 4200 NW 36th Street, Miami, Florida 33166 and CubaX Air Tours, LLC (CHARTERER),
a corporation having its principal place of business at 4200 NW 36th Street, Miami, FL 33166. 

This Agreement is made between GLOBALX and CHARTERER for the period of two years. GlobalX warrants that it is in the process of
obtaining a DOT Certificate of Public Convenience and Necessity and an FAA Air Carrier Certificate and operations specifications to operate under Part 121 of the Federal Aviation Regulations for the services contemplated herein. This Agreement and
all terms herein are subject to GlobalX receiving final approval from the DOT and the FAA. Wherein it is mutually agreed that Charterer shall purchase from GLOBALX, and GLOBALX shall furnish to Charterer, charter air transportation
(hereafter the Flight(s) or Charters), subject to the terms and conditions herein and with the schedule of flights indicated on the Schedule ‘A’ . 

THIS AGREEMENT WILL SUPERSEDE ANY OTHER CONTRACT OR AGREEMENT BETWEEN THE PARTIES. 

AIRCRAFT, ROUTING, FLIGHT SCHEDULE, AND CHARGES 

Charter Type: Special Cuba Charters                A/C Types:
A320/A321                            Max. Luggage/Pax: par.6 

Base Fuel Price: $2.00 per Gallon Seating Capacities: 146/170 Maximum Payload A320 -17,500/A321-24,000 kilos per flight leg. 
 NO. OF FLIGHTS: See Schedule “A” DATES OF TRAVEL:
See Schedule “A” ITINERARY: See Schedule “A” BASE PRICE OF CONTRACT: SEE APPENDIX TO CONTRACT U.S.DEP./ARR CHARGES: SEE EXHIBIT “B” 7.5% DOMESTIC TAX:
$                N/A    FOREIGN TAX/CHARGES: (To be paid by Charterer) 

SECURITY SURCHARGE: SEE EXHIBIT “B” 
 CATERING
SERVICE: Refreshments, water, and ice only to be provided by GlobalX    LIQUOR SERVICE: N/A PASSENGER FACILITY CHARGE (PFC): SEE EXHIBIT “B” 

 

													
	ACCEPTED FOR GLOBALX:	 		 		 	ACCEPTED FOR CHARTERER:
							
		 	BY:	 	/s/ Ed J. Wegel	 		 		 	BY:	 	/s/ Mark A. Salvador
	PRINTED NAME: Ed J. Wegel	 		 		 	PRINTED NAME: Mark A. Salvador
	TITLE: CEO	 		 		 	TITLE: CEO
	DATE SIGNED: 2-23-21	 		 		 	DATE SIGNED: 2-23-21

  

			
	INITIALS: 

 DATE: 2-23-21	  	INITIALS:

 DATE: 2-23-21

  
 1 

 1. COMPLIANCE WITH CHARTER REGULATIONS 

A. All Charters. Charterer and its employees, agents, passengers, and contractors and GLOBALX and its employees, agents, and contractors shall
be deemed to have notice of, and shall comply in all respects with, Part 212 of the Economic Regulations of the DOT, 14 C.F.R. Part 212; Part 380 of the Special Regulations of the DOT, and all other applicable laws, rules, or regulations
(hereinafter collectively “Charter Regulations”). To the extent applicable, the Charter Regulations shall govern the relations between the parties notwithstanding any provisions of this Agreement. Charterer acknowledges it has in its
possession a copy of the Charter Regulations in effect on the date hereof. In the event that Charterer has failed to observe such Charter Regulations regarding specific contracted Flights, GLOBALX shall have the power and right, at its option, to
cancel the applicable Flight without any liability or penalty against GLOBALX of any kind. In the event any passenger or prospective passenger on any Flight has failed to observe such Charter Regulations, GLOBALX shall have the power and right, at
its option, to refuse to board any such passenger or perspective passenger for such Flight without any liability or penalty against GLOBALX of any kind. In the event that GLOBALX has failed to observe such Charter Regulations regarding specific
contracted Flights, Charterer shall have the power and right, at its option, to cancel the applicable Flight without any liability or penalty against Charterer of any kind. 

B. Public Charters. Charterer agrees to make the necessary filings with the DOT required by Part 380 at charter’s sole expense. GLOBALX
will cooperate with all such filings. GLOBALX shall receive a copy of the approved prospectus with the DOT Public Charter number assigned to the specific contracted Flight(s) herein prior to the commencement of the Flight(s), provided Charterer has
received from DOT such a copy of the approved prospectus. 
 C. Single Entity, Mixed, or Pro Rate Charter. Charterer shall cooperate and shall
cause any travel agent, tour operator, or other principal or agent involved in any Flight to cooperate in the provision of information required by the Charter Regulations, including but not limited to the requirements for a Certification of
Compliance pursuant to Part 212, Appendix B of the Charter Regulations, if applicable. 
 2. CHARGES 

A. Fuel Charges. The charter price for the Flight(s) contracted for herein, or any amendments thereto, reflect in part the projected average fuel
consumption at a certain assumed price of fuel (see base fuel price). The charter price is subject to increase by a U.S. dollar amount equal to any additional sum that GLOBALX must pay for such fuel prices higher than assumed in accordance with
Section 9 of this Agreement, as set forth. 
 B. Special Services. In the event of an aircraft or flight delay, GLOBALX will make
reasonable attempt to provide an aircraft within 6 hours to complete and flight. Charterer shall indemnify and hold GLOBALX harmless from any kind and all claims of loss asserted agianst GLOBALX, or incurred and claimed by the passengers due to this
delay or ability to perform the flight. GLOBALX will make all possible efforts to obtain subservice from another carrier if GLOBALX cannot use another aircraft from its own fleet once the delay is over 4 hours. In the event GLOBALX is unable to
perform a Flight or has to delay a Flight for more than 12 hours in Cuba, GLOBALX will bear the cost of Hotel, ground transportation to and from the Hotel and meals to the passengers that need this assistance. For flight delays of more than 12 hours
in Miami, GLOBALX will bear the cost of hotel, ground transportation to and from the hotel and meals to passengers who are not considered South Florida residents, with an permanent address more than a 2 hours drive from Miami International Airport.

 C. Payment Conditions. (i) All payments made under this Agreement by the Charterer shall be by wire transfer to GLOBALX’s
escrow account as indicated in this Agreement and in compliance with all regulatory mandates for Public Charters. See Appendix for wire transfer information. 
  

			
	INITIALS:

 DATE: 2-23-21	  	INITIALS:

 DATE: 2-23-21

  
 2 

 (ii) Payments shall be made in United States currency, unless otherwise indicated in this Agreement.
Payments shall be made in conformity with currency rules and regulations of all governments concerned and shall be accompanied by such authorization as is required to enable GLOBALX to convert such currencies into United States dollars and to
transfer such funds to the United States. Any refunds due to the Charterer by GLOBALX shall be made in the currency and at the place where the Charterer originally made payment. 

(iii) Charterer agrees to pay the charter price to GLOBALX or its authorized agent in full for each Flight as indicated in Exhibit B. 

(iv) RESERVED. 
 (iv) The escrow account of the indicated bank
in the Appendix secures advance Charterer payments received by GLOBALX on account of this Agreement. Charterer agrees to serve GLOBALX as soon as practicable after cancellation of a Flight with any and all claims concerning such canceled Flight. In
any event, the Charterer shall file any claim with GLOBALX, or if GlobalX is not available, with the depository bank within sixty (60) days after the cancellation of the flight, or that bank shall be released from all liability for that flight.
Claims against amounts in GLOBALX’s escrow account may be made only with respect to the non-performance of air transportation and shall apply only to advance payments that are unearned by GLOBALX or which
GLOBALX is not entitled to retain under the terms and provisions of this Agreement. 
 (v) GLOBALX shall advise Charterer as soon as practicable of any
additional charges or taxes levied against GLOBALX that are the responsibility of the Charterer pursuant to this Agreement. Such taxes and charges shall be payable by Charterer within fourteen (14) days of receipt of GLOBALX’s invoice,
unless such taxes and charges are being challenged in good faith by Charterer. 
 (vi) No Flight will commence until all required funds are deposited in
GLOBALX’s escrow account in the timely manner indicated by the Charter Regulations. Notwithstanding the foregoing, no Flight may be cancelled on less than 10 days’ notice, except as provided by the Charter Regulations. 

(vii) Upon receipt of GlobalX’s receipt of DOT Certificate of Public Convenience and Necessity and an FAA Air Carrier Certificate and operations
specifications to operate under Part 121 of the Federal Aviation Regulations for the services contemplated herein, GlobalX will notify Charterer of said receipt. GlobalX will also provide details of GlobalX’s “Carrier Depository
Account” details at the “Carrier Depository Bank” in that notification. Upon receipt of said notification, Charterer will have (72) hours to facilitate forwarding all required payments of the Contract Price to the Carrier
Depository Account listed on the notice. 
 3. CANCELLATION AND TERMINATION 

A. Cancellation. This Agreement is valid for two years, effective March 1, 2021, except as specified in Paragraph 11. Notwithstanding the
foregoing, either party may terminate this Agreement on 60 days’ prior written notice to the other party. Individual Flights may be cancelled upon agreement of both parties pursuant to Paragraph 11. Charterer must send Flight cancellation
notices via email to GLOBALX at least with 48 hours in advance. 
 B. Any changes by Charterer’s Cuban counterparts does not affect the prices
of this contract, as the Charterer is liable and pays all charges of the operation in Cuba, including but not limited to: ground handling, parking, use of ground ramp equipment, passenger service, etc. 

 

			
	INITIALS: 

 DATE: 2-23-21	  	INITIALS:

 DATE: 2-23-21

  
 3 

 C. Termination. Refer to Paragraphs 3.A., 3.D., 4.C., and 11 of this Agreement. 

D. Termination for Default. Except as provided in Paragraphs 4.C. and 11, in the event one party fails to comply with any of its duties,
obligations, covenants, representations or warranties including the Charter Regulations, and such failure continues for 30 days (“Cure Period”) following receipt of written notice of default by the
non-defaulting party, or in the event of (i) the dissolution, liquidation, suspension of business or immediate termination of existence of such party; (ii) the insolvency or bankruptcy of such party;
(iii) the making by such party of an assignment for the benefit of creditors; (iv) the consent of such party to the appointment of a trustee or receiver for such party for all or a substantial part of its business; (v) the admission
by such party of its inability to pay its debts as they mature; or (vi) the institution by or against such party of bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings or any other proceedings for relief under any
bankruptcy or similar law for the relief of debtors, then the other party will have the right to terminate this Agreement immediately. Such right of termination, whether or not exercised, will not be an exclusive remedy but will be in addition to
all other legal and equitable rights and remedies available to such other party. In the event the identified deficiencies are cured by the defaulting party within the Cure Period, the Termination for Default notification is void and not enforceable;
and all terms and conditions will revert to the original Agreement terms and conditions. 
 4. OPERATIONS AND PERFORMANCE OF CHARTER
FLIGHT 
 A. Operations. Departure times shall be established by GLOBALX with previous approval of the Charterer and are subject to
aircraft routing, gate space, weather conditions, and other operational factors. Each party shall use commercially reasonable efforts to cause on-time departures. GLOBALX WILL ALWAYS HAVE FULL OPERATIONAL
CONTROL OF ALL FLIGHTS. 
 B. Origination. Subject to the Charter Regulations, Charterer may originate or terminate a Flight in any
city listed in this Agreement or any amendment hereof, taking into consideration the DOT regulations and orders on Cuba flights and OFAC restrictions, if any. 

C. Operating Rights. This Agreement is conditioned on GLOBALX’s timely receipt of any consents and/or approvals of foreign governments and
the timely grant of all landing rights and over flights authorizations required to operate the Flights. GLOBALX will only operate to the destinations approved by the Federal Aviation Administration (“FAA”), and U.S. Department of
Treasury’s Office of Foreign Assets Control (“OFAC”) in the case of Cuba, included in GLOBALX’s FAA operations specifications. This Agreement also is conditioned on Charterer’s timely receipt of any consents and/or approvals
of foreign governments required to operate the Flights. If such consents, approvals, and/or operating rights are not obtained or are at any time surrendered or revoked, this Agreement shall terminate immediately without further obligation of either
party. 
 D. GLOBALX Rules. Charterer shall observe all operating instructions of GLOBALX communicated to Charterer and comply with all
reasonable instructions of GLOBALX employees and agents. It is understood that the aircraft and its crew will at all times be under the exclusive command and control of the GLOBALX
pilot-in-command, whose orders will be strictly complied with by the Charterer and all passengers. Subject to Part 382 of DOT’s regulations, GLOBALX may refuse to
transport or may remove any passenger if such refusal or removal is reasonably necessary for the safety and comfort of the other passengers or if such passenger is creating a hazard to himself, to the Flight, or to other persons or to property. In
the event of such refusal or removal, GLOBALX shall not be required to refund any charges paid by Charterer but shall comply with the provisions of Part 382 of DOT’s regulations, if applicable. 

 

			
	INITIALS:

 DATE: 2-23-21	  	INITIALS:

 DATE: 2-23-21

  
 4 

 F. Schedules. GLOBALX shall use commercially reasonable efforts to carry the charter passengers and
their baggage with reasonable dispatch, but except as provided in Paragraph 2.B., GLOBALX shall not be liable for failure of a Flight to depart or arrive according to any predetermined schedule or routing in case of Weather, Governmental or Airports
Authorities delays or Acts of God or last minute maintenance problems (AOG). Not withstanding the foregoing, if GLOBALX reasonably expects a delay due to maintenance problems to exceed four hours, GLOBALX shall make all possible effort to provide a
substitute aircraft or obtain subservice, both as set forth in Paragraph 2.B and subsection G below. 
 G. Substitute Aircraft. GLOBALX reserves the
right to substitute similar or larger aircraft as reasonably required for all Flights. GLOBALX at its option may substitute aircraft of a type different from that specified without penalty to GLOBALX provided that any such substitution shall not
result in an increase in the charter price payable by the Charterer; and provided further such substitute aircraft has the same or greater passenger seating and payload capacities and range. The foregoing shall be deemed to include GLOBALX’s
right to consolidate two or more groups on one aircraft, with the prior approval of the Charterer. GLOBALX may, to the extent permitted by applicable government regulations, subcontract the performance of any of its obligations under this Agreement,
provided that it shall not thereby be relieved of its obligations to the Charterer. Any such subcontract shall be limited to air carriers authorized by the DOT, FAA, and any other Foreign Government with jurisdiction over the Flight(s), to perform
such services. In the event that GLOBALX exercises its option to substitute larger aircraft, Charterer will be limited to the original aircraft number of passengers and baggage weight irrespective of the seating and payload capacities of the
substitute aircraft; provided the parties may negotiate in good faith a reasonable increase in the charter price to allow Charterer to utilize the substitute aircraft’s larger seating and payload capacities. In the event sub-service from another carrier is required, GLOBALX will have the option to contract another carrier to complete the flight within in the 6 hours of the planned flight time. For unplanned delays greater than 6
hours but less than 14 hours, GLOBALX shall advise the charterer of the estimated delay and the Charterer will have the option to accept the delay, without penalty, or to invoke the option of reasonable accomodations provided as describe in section
2.B. GLOBALX shall make every reasonable effort to provide Charterer with at least 48 hours’ prior notice of any intent to substitute aircraft or air carriers. 

H. Flight Delays (International). For delays that are attributable to GLOBALX of more than four hours from the schedule departure of a Flight,
GLOBALX shall pay only incidental expense of meals not to exceed $12.00 per passenger. This obligation shall cease when substitute air transportation is provided as set forth above, or a GLOBALX aircraft is available to operate the delayed Flight.
For the sake of clarity, delays resulting from weather or other operational conditions affecting the airports to be used for the Flight are not delays attributable to GLOBALX. 

I. Landing Facilities. If, for any reason, GLOBALX determines at its sole discretion at any time that the landing facilities at any point(s) on
the itinerary of the Flight are inadequate for safe operations or that landing is prohibited or restricted by law, GLOBALX may at its sole discretion substitute in place thereof the nearest point. 

J. Boarding and Departure. The time of boarding and departure from the origin point and all intermediate points or a Flight shall be determined by
GLOBALX. In the event that operational constraints and/or airport restrictions prohibit a departure time prior to midnight on local date of operation, GLOBALX will effect a departure at the closest possible time thereafter. In the event that the
Charterer does not have the passengers ready for boarding at the time specified, the Flight may proceed without the full load. In the event that individual passenger(s) fail to present themselves for boarding at the time specified by GLOBALX, the
Flight may proceed without said passenger(s); and GLOBALX shall not be liable to the Charterer nor to the passengers for their transportation or expenses, nor shall GLOBALX refund any portion of the charter price to the Charterer under such
circumstances. 
  

			
	INITIALS:

 DATE: 2-23-21	  	INITIALS:

 DATE: 2-23-21

  
 5 

 K. Immigration and Customs. 

GLOBALX assumes no responsibility for compliance by Flight passengers with immigration and customs laws of each country from, through, or to which a Flight is
operated pursuant to this Agreement. Charterer will hold GLOBALX harmless from any fines, violations, or penalties imposed by the Immigration and/or Customs authorities of each country with jurisdiction to exert such fines or penalties due to
noncompliance by Flight passengers. Charterer will assume all liabilities with regards to imposition of such fines as well as the attorney’s fees and costs of defending the same before the courts or governmental body of each country imposing
any such fines or penalties. Charterer will use its best efforts to obtain any documentation, evidentiary materials, or witnesses that may aid GLOBALX in the defense of all such fines or penalties imposed, and GLOBALX shall permit Charterer to
participate in such defense. 
 5. LIABILITY 

A. Force Majeure. If GLOBALX or the Charterer is rendered unable, wholly or in part, by Force Majeure to carry out its obligations under this
Agreement, other than the obligation to make money payments, such party as is prevented from performing shall be entitled to cancel, with such notice to the other party as is reasonable under the circumstances, any and all Flights affected by such
Force Majeure without being subject to or responsible for any penalties or damages for such cancellation (the “Canceling Party”). Furthermore, the obligations of Canceling Party, so far as they are affected by the Force Majeure, shall be
suspended during the continuance of the Force Majeure. The Canceling Party shall use commercially reasonable efforts to remove the Force Majeure with all reasonable dispatch but shall not be required to settle strikes, lockout, or other labor
difficulty contrary to its wishes and in its sole discretion. The term “Force Majeure” as hereby employed shall mean any event which is not reasonable within the control of the parties hereto which would prevent such party from fulfilling
its obligation under this Agreement, including but not limited to acts of God, strike, lockout, or other industrial disturbance, act of the public enemy, war, blockade, public riot, lightning, fire, storm, flood, explosion, governmental action
(including quarantine, stay-at-home orders, and closure of airspace or prohibition on aircraft operations), and any otherwise occurrence beyond a party’s control.

 GLOBALX shall not be liable for loss, injury, damage or delay to or suffered by the Charterer or any passengers from landing at an airport at a
destination other than contracted, failure to stop at any contracted intermediate airport, any Flight interruption, delay or cancellation if any of which is caused by riots, wars, civil commotions, strikes, labor disputes, acts of God, public
enemies, quarantine, the absences of any necessary government approvals, or any other cause (whether of the same or different nature) beyond GLOBALX control. In the event any of the foregoing shall occur, GLOBALX shall have the right to cancel all
or parts of the affected Flight(s) and shall give notice of such occurrence of the event and the cancellation to the Charterer; and the rates and charges stated herein shall apply only to services actually performed by GLOBALX. If GLOBALX lands at
an airport at a destination other than contracted as set forth in this paragraph, GLOBALX shall use best efforts either to return passengers to their point of origin or continue the Flight as contracted at Charterer’s sole discretion. 

B. Limitation of Liability for Personal Injury or Death on International Flights. (I) GLOBALX (or the “Carrier”)
shall avail itself of the limitation of liability provided in the Convention for the Unification of Certain Rules Relating to International Carriage by Air signed at Warsaw October 12, 1929, or provided by the said Convention as amended by the
Protocol signed at the Hague September 28, 1955, Convention signed at Guadalajara 18th September 1961, Protocol to Amend the Convention signed at Guatemala City 8th March 1961, Protocol to Amend the Convention signed at Montreal 25th
September 1975, or the “Montreal Convention” for the Unification of Certain Rules for the International Carriage by Air done at Montreal on May 28, 1999, whichever is applicable. 

 

			
	INITIALS: 

 DATE: 2-23-21	  	INITIALS:

 DATE: 2-23-21

  
 6 

 GLOBALX shall abide by the rules and regulations of the “Montreal Convention”, whenever
applicable, in respect of death, injury, or for destruction or loss or delay of, or damage to, baggage and for delay. 
 Nothing herein shall be deemed to
affect the rights and liabilities of the Carrier with regard to any claim brought by, on behalf of, or in respect of any person who has willfully caused damage which resulted in death, wounding, or other bodily injury of a passenger. 

Charterer shall cooperate with the Carrier to assure that, at the time the passenger is given his ticket or other documentary equivalent thereto, there shall
be furnished to each passenger whose transportation is governed by the foregoing, the following notice in or on the ticket envelope. 

“ADVICE TO INTERNATIONAL PASSENGER ON LIMITATION OF LIABILITY” 

“Passengers on a journey involving an ultimate destination or stop in a country other than the country of origin are advised that the provisions of the
treaties known as the “Warsaw Convention” and the “Montreal Convention” may be applicable to the entire journey, including any portion entirely within the country of origin or destination. For such passengers on a journey to,
from or with an agreed stopping place in the United States of America, the Convention and special contracts of carriage embodied in the applicable tariff provide that the liability of GLOBALX and certain other carrier parties to such special
contracts, for death or personal injury to passengers is limited to proven damages not to exceed the amounts stipulated and specified in the rules and regulations of the special contracts of carriage embodied in the applicable tariffs of the
Conventions”. For such passengers traveling by a carrier not a party to such special contracts or on a journey not to, from, or having an agreed stopping place in the United States of America, liability of the carrier for death or personal
injury to passengers are limited in most cases. The names of carrier parties to such special contracts are available at all ticket offices of such carriers and may be examined on request. Additional protection can usually be obtained by purchasing
insurance from a private company. Such insurance is not affected by any limitation of the Carrier’s liability under the Warsaw Convention or such special contract of carriage”. 

C. Baggage Liability. GLOBALX’s liability for loss, delay, or damage to baggage generally is limited as follows unless a higher value is
declared and an extra charge is paid: for the international travel to and from Cuba, up to 1,288 Special Drawing Rights per passenger. Each passenger can purchase, on its own, additional insurance for values above the described limits of baggage
liability. 
 D. Indemnification. Each party will indemnify and hold the other party (including without limitation, the other party’s
officers, directors, employees, servants and agents), for, from, and against all damages and claims for damages, demands, liabilities, actions, losses, costs, taxes, assessments, suits, recoveries, judgments or executions (including, without
limitations, reasonable cause of investigation, litigation costs, court costs, expert witness fees, litigation support services, settlement cost or reasonable attorney’s fees), damages or injury to person or property (including, without
limitation, injury resulting in death), however caused, arising from or relating to any acts or omission or any breach of this Agreement by the indemnifying party. 

E. Damages. IN NO EVENT WILL EITHER PARTY BE LIABILE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY, PUNITIVE, OR SIMILIAR
DAMAGES. Notwithstanding anything else to the contrary in this Agreement, except for Force Majeure events, GLOBALX shall be liable, and shall reimburse Charterer, for any and all charges imposed on Charterer by Cuba for Flight delays or cancelations
attributable to GLOBALX. 
  
  

			
	INITIALS:

 DATE: 2-23-21	  	INITIALS:

 DATE: 2-23-21

  
 7 

 6. BAGGAGE 

A. Baggage Checks. GLOBALX shall issue and deliver to each passenger its standard applicable form of baggage check for use and placement on each item
of baggage to be accepted by GLOBALX from such participant at check-in for transportation on the Flight. 

B. Acceptable Baggage. GLOBALX will accept for transportation as baggage such personal property as it is necessary or appropriate for the wear,
use, or convenience of the passenger for the purpose of the trip, subject to the following conditions: 
 (i) GLOBALX may refuse to transport or may remove
at any point any baggage which the passenger refuses to allow the TSA and/or GLOBALX upon request to examine, or baggage and/or items that are not accepted by the TSA to be transported in the flights, as well as the regulations of GLOBALX and/or the
Airport Authorities that the flights will be operated to and from. This includes HAZARDOUS or DANGEROUS items. Global X my also refuse non standard baggage that is identify by a government agency as not acceptable to be carried in a passanger
aircraft without penalty. 
 (ii) Checked baggage is limited to bags that are not to exceed 70 pounds in weight, for each participant. There are some
instances whereby a bag might be allowed weighing more than the allowed limit, but never to exceed 99 lbs. This authorization will be at the discretion of the Station Manager or GLOBALX’s supervisor
in-charge of the outbound flight. 
 (iii) All payloads (passengers and baggage) will be subject to structural and
performance limits of the aircraft. Charterer will be advised when baggage restrictions may be varied in order to be able to carry all baggage in the aircraft. There is no guarantee in the amount of baggage carried, as baggage will be carried
according to the space and weight limitations of the aircraft. Baggage quantity and weight is not to exceed the greater of 320 bags or 17,500 kg onboard an A320, and 544 bags or 24,000 kg onboard an A321. Within 72 hours of the departure of the
flight, Charterer may request an increase in the number of passenger or baggage. Every effort will be made to accommodate this request. GLOBALX will notify Charterer within 48 hours prior to departure of the maximum number of passengers and baggage
weight. Charterer must obtain GLOBALX approval to sell any seats in excess of 148 on A320 aircraft and 172 on A321 aircraft. Any baggage and weight associated with these excess seats and in excess of the maximium bags defined above are not
guaranteed to fly. Any baggage that cannot be carried on the chartered aircraft, due of failure to meet the limitations of the bag or restrictions contained herein or aircraft limitations, will be forwarded by means requested by, and at the expense
of the Charterer. 
 (iv) Acceptability of carry-on luggage for storage in the overhead bin is dependent on the
weight and size of the item in the sole discretion of GLOBALX. Carry-on property that cannot be stored in the overhead bin or under the seat will be taken and stored in an appropriate location at the carriers
risk, which may include in the cargo compartment. This subsection is subject to Part 382 of DOT’s regulations. Notwithstanding anything to the contrary in this Agreement, GLOBALX will make every effort to carry the maximum payload applicable to
the aircraft used on a Flight giving priority first to passengers and their baggage and then to fuel. If any passengers or baggage are left behind due to GLOBALX’s failure to comply with this requirement, GLOBALX will be solely responsible for
the associated cost of transporting the passengers and baggage left behind to their destination. Subject to the immediately prior requirement, GLOBALX will make every effort to carry the maximum amount of fuel when departing a U.S. airport and to
purchase only the minimum amount of fuel necessary in Cuba. Carry on bags are required to fit within the carry on baggage sizer at both the time of check in and the time of boarding. Should any carry on baggage not meet one of these requirements,
boarding of the bag will be denied, and GLBOALX shall not be liable for its transportation. Additionally, all carry on bags will be weighed at check-in as well as boarding. Should there be a difference in the
bag weight at the time of boarding, GlobalX may deny the boarding of the bag until such a time as an overweight fee is paid. In the instance of the baggage weight causing the flight to exceed the maximum allowable weight of the aircraft, GlobalX
offers no guarantee of carriage or transporting the bag. 

  

																	
	INITIALS:	  	

	  	DATE:	  	2-23-21	  		  	INITIALS:	  	

	  	DATE:	  	2-23-21
		  		  		  		  	8	  		  		  		  	

 (V) All flights will automatically close to check-in and acceptance
of baggage at one hour prior to schedule departure time in order to properly process the baggage. Should Charterer insist that check-in or baggage acceptance proceed beyond the established one hour prior to
flight time cut off, then Charterer assumes all responsibilities for any fees assessed but Cuba in relation to the late arrival of that flight. Any fees assessed to GLOBALX in this scenario will be invoiced to the Charterer. Additionally in the case
of delay as a result of Charterer insistence, Charterer will be responsible for reimbursement to GlobalX of any incremental crew costs including but not limited to payroll, overtime, hotel and per diem expenses. 

C. Unacceptable Baggage. Subject to Part 382 of DOT’s regulations, GLOBALX may refuse to accept the following articles for transportation
unless advance written arrangements have been made: 
 (I) Assembled firearms or ammunition could be acceptable only by previous arrangements and
authorizations as per the manual requirements of GLOBALX’s Manual System and Governmental Authorities. 
 (II) Any other articles which cause annoyance
to passengers or which cannot be carried in the baggage or cargo compartments of the aircraft are not acceptable. 
 (III) Any liquids, as baggage or
otherwise or any other articles not suitably packed for transportation in the aircraft are not acceptable. 
 (IV) Any article considered HAZMAT or listed
in the Official Air Transport Restricted Articles Tariff and revisions thereto or reissues thereof issued by Airline Tariff & Publishing Company, Agent, and such article will be accepted on conformity with the above-named tariff. 

(V) PERISHABLE OR FRAGILE ITEMS (including electronic, musical, ornamental, artistic, photographic, recreational, sporting and mechanical items, items made of
or bottled in glass, items made of paper and liquids) will be accepted if they are appropriately packaged in an original factory sealed carton, cardboard mailing tube or container or case designed for shipping such items or packed with protective
internal material. However, fragile items may be accepted without the appropriate packaging upon the execution of a release of damage. (GLOBALX will supply a release which relieves GLOBALX of liability for damage or destruction of checked baggage of
the type identified above, which results solely from the unsuitability of such items as checked baggage and/or inadequacy of their packaging and not from GLOBALX’s failure to exercise the ordinary standard of care.) 

D. Liability Disclaimer. GLOBALX shall be held harmless from any liability for loss, damage, or delay of baggage or its contents as stated
expressly herein, except as provided for by applicable international treaty. GLOBALX will not accept baggage interlined by another carrier, nor will interline bags to another carrier. 

7. Integration. This Agreement is the sole and final agreement between GLOBALX and the Charterer with respect to the Flights to which the
Agreement pertains. The terms of the Agreement may only be varied in writing by a document signed on behalf of both GLOBALX and the Charterer. No oral agreement by or on behalf of GLOBALX or the Charterer shall be effective in contradiction to the
terms of this Agreement. 

  

																	
	INITIALS:	  	

	  	DATE:	  	2-23-21	  		  	INITIALS:	  	

	  	DATE:	  	2-23-21
		  		  		  		  	9	  		  		  		  	

 8. Manifests and Emergency Data. For all Flights, Charterer is responsible to
obtain and deliver to GLOBALX a complete passenger list with each passenger full First Name, Middle Initial, and Last Name and date of birth at least 72 hours before the flight departs. For Flights departing, or arriving in the United States,
Charterer is responsible for soliciting emergency contact data information from United States citizens. These emergency contact data cards are to be maintained by the Charterer until the flight is completed. They then are to be destroyed. The
Charterer will hold GLOBALX harmless for any fines or penalties imposed by the DOT for violations of 14 CFR Part 243 involving Flights. Charterer will use its best efforts to obtain any documentation, evidentiary materials or witnesses that may aid
GLOBALX in the defense of all such fines or penalties imposed, and GLOBALX shall permit Charterer to participate in such defense. 
 8a.
Security. Due to the security requirements dictated by the U.S. Department of Homeland Security, Transportation Security Administration (TSA), in all international transportation to or from the United States, certain data
and information from every passenger must be collected and processed. GLOBALX will provide Charterer specific instructions to be followed regarding compliance with TSA requirements. In case of non-compliance
by the Charterer with such instructions (provided GLOBALX provided Charterer with such instructions in a timely manner), the Charterer will be solely responsible for the payments of any fine or fines imposed on GLOBALX due to the failure of
compliance, provided GLOBALX shall permit Charterer to participate in the defense of such fines. 
 9. Base Fuel Price.
CHARTERER agrees and acknowledges that the charter price(s) is directly related to the “Base Fuel Price per Gallon” specified in Page #1 to this Agreement. A surcharge of the increase in cost of fuel in addition to the charter price(s)
will be assessed to the CHARTERER in the event the base fuel price of GLOBALX’s fuel is increased. Documentation of such increase or decrease will be furnished to the CHARTERER. Such surcharge shall be the actual cost to GLOBALX as a result of
the increase in fuel price. Fuel cost in case of uplift of fuel in any Cuban airport will be refunded to the Charterer at the same price per gallon indicated as the base fuel price of this Agreement, the difference of the cost of fuel in Cuba is the
responsibility of the Charterer. 
 10. CHARTER PROSPECTUS AND ELIGIBILITY REQUIREMENTS 

A. Charterer hereby agrees that upon execution of this Agreement, if this Agreement is for a Public Charter, it will file a public charter
prospectus with DOT to the extent necessary to secure approval of the program contemplated by this Agreement and provide GLOBALX with copies of all filings upon approval by DOT, and that enforceability of this Agreement by Charterer shall be
contingent upon the acceptance and approval of such prospectus by the DOT. 
 B. Charterer shall bear the expenses of such DOT filing. GLOBALX will
cooperate with all such filings. 
 C. Except as otherwise provided herein, each party is responsible for its own compliance with all applicable laws
and governmental rules and regulations, including but not limited to the obligation to establish and maintain its own public charter bonding and escrow bank accounts. 

D. Charterer represents that it is authorized under applicable laws and regulations to enter into this Agreement and to act as charterer of the
aircraft. GLOBALX represents that it is authorized under applicable laws and regulations to enter into this Agreement and to act as the operator of the aircraft. 

E. Each passenger shall be responsible for obtaining all necessary travel documents (Passport, visa, tourist card, immunization certificate and any
other documents as required) and for complying with the laws of each country from, through, or to which he/she receives transportation. 

  

																	
	INITIALS:	  	

	  	DATE:	  	2-23-21	  		  	INITIALS:	  	

	  	DATE:	  	2-23-21
		  		  		  		  	10	  		  		  		  	

 F. Charterer shall indemnify GLOBALX for any loss, damage or expense suffered or incurred by reason
of any passenger’s failure to comply with Paragraph 10.E., unless caused by the negligence or willful misconduct of GLOBALX or of the passenger. 

11. OPERATING AUTHORITY 
 A.
GLOBALX’s performance of each Flight provided for herein shall be subject to the timely issuance of such approvals, clearances, permits and operating authorities as may be required by any government, governmental agency or airport authority for
the operation of such flight, including without limitation such landing, transit, over flight and uplift rights as may be necessary. GLOBALX will use its best efforts to obtain all necessary approvals, clearances, permits and consents necessary to
operate the flights covered by this Agreement. GLOBALX will strictly abide by the regulation of OFAC regarding all applicable instructions, dictated in the case of operating direct flights between the United States and Cuba. 

B. In the event that any government or governmental agency or airport authority shall fail or refuse to issue or grant the approvals, clearances,
permits or operating authority referred to herein sufficiently in advance of scheduled departure to reasonably allow GLOBALX to make required flight arrangements or shall, after issuance, revoke or rescind the same, GLOBALX may elect to terminate
this Agreement as to the affected Flight(s) without liability for penalties or damages. 
 C. Upon such termination and unless the failure to obtain
or maintain required governmental approvals was attributable to an act or omission of Charterer, GLOBALX shall refund all sums received by it on account of the charter price, excepting: 

1) Nonrefundable government fees, and 
 2) That portion of the
charter price attributable to transportation already performed by GLOBALX and such remaining transportation as will be performed by GLOBALX or by another carrier at GLOBALX’s direction. 

D. Charterer hereby acknowledges that it has not relied on any representation that the approvals, clearances, permits or operating authorities referred
to herein have or will be obtained, except in the case of Cuban Governmental authorities, from which the Charterer will obtain all permits according to its contract with Cuban entities. 

12. INSURANCE AND FAR 121 REGULATIONS 
 A.
Insurance. Throughout the term of this Agreement, GLOBALX will maintain in effect the following insurance in respect of the aircraft: Aviation liability Insurance in respect of Passenger Legal Liability (while on board the Aircraft) and
Aircraft Third-Party Legal Liability, with a combined single limit of not less than Seven Hundred and Fifty Million Dollars ($750,000,000) for any one accident/occurrence. 

B. Insurance Requirements. GLOBALX will obtain such insurance from a financially sound insurance company of recognized responsibility and will
furnish Charterer with a certificate of insurance evidencing such coverage prior to commencement of the services to be provided hereunder by GLOBALX. GLOBALX will use best efforts to obtain a waiver of all rights of subrogation that such insurer(s)
have or acquire against Charterer arising from the services provided hereunder. All insurance policies will provide 

  

																	
	INITIALS:	  	

	  	DATE:	  	2-23-21	  		  	INITIALS:	  	

	  	DATE:	  	2-23-21
		  		  		  		  	11	  		  		  		  	

 that the insurance will not be invalidated by any action or inaction of Charterer and that the insurance
will continue in full force and effect for at least thirty (30) days after Charterer receives written notice of cancellation, termination or material alteration. GLOBALX will name Charterer, CUBAX AIR TOURS, LLC., and their respective officers,
directors, employees, and agents as additional insureds. 
 C. FAR 121. GLOBALX will operate the charter in accordance with Federal Aviation
Regulations Part 121 and all applicable Federal, State and Local ordinances as defined by DOT and FAA. 
 13. CHOICE OF LAW AND VENUE 

This Agreement will be governed by and construed in accordance with the substantive and procedural laws of the State of Florida. The parties hereby agree that
any dispute arising under this Agreement will be adjudicated in any State or Federal court of competent jurisdiction within the State of Florida, and hereby irrevocably submits to the jurisdiction of any such court. 

14. AIRCRAFT SECURITY 
 A. CHARTERER agrees
to cooperate with GLOBALX in fulfilling any requirements pertaining to security of the aircraft. Passengers are subject to search of their person and search or inspection of their property, including checked baggage, in accordance with security
screening and TSA procedures, which can include an electronic detector with or without the passenger’s consent or knowledge. Charterer agrees to abide and cooperate with the security procedures and inspections ordered by the U.S. Government or
any foreign Government where the aircraft will operate to or from based on the schedule of Flight(s) of this Agreement. 
 B. Any passenger who does
not consent to a search of his person or property will be refused transportation by GLOBALX, and GLOBALX will have no liability for an inconvenience, delay, loss, damage injury or refund to any passenger. 

15. NOTICES 
 All notices hereunder will be given
by email, express delivery with confirmed receipt, or by certified or registered mail with postage prepaid, and addressed as follows: 
  

					
		  	If to GLOBALX, to:	  	If to CHARTERER, to:
			
	Address	  	Building 5A, Miami International Airport	  	Building 5A, Miami International Airport
			
	Address	  	4200 NW 36th Street, Miami, FL 33146	  	4200 NW 36th Street, Miami, FL 33146
			
	Country	  	USA	  	USA
			
	Contact	  	Ryan Goepel, CFO	  	Mark Salvador, CEO
			
	Phone	  	786-751-8503	  	751-751-8525
			
	Email	  	ryan.goepel@globalxair.com	  	mark.salvador@cubaxtours.com

  

																	
	INITIALS:	  	

	  	DATE:	  	2-23-21	  		  	INITIALS:	  	

	  	DATE:	  	2-23-21
		  		  		  		  	12	  		  		  		  	

 [SIGNATURE PAGE FOLLOWS] 

  

																	
	INITIALS:	  	

	  	DATE:	  	2-23-21	  		  	INITIALS:	  	

	  	DATE:	  	2-23-21
		  		  		  		  	13	  		  		  		  	

 IN WITNESS, WHEREOF, THE PARTIES HERETO HAVE EACH EXECUTED AND DELIVERED THIS AGREEMENT AS OF THE DAY AND
YEAR FIRST BELOW WRITTEN. 
  

									
	 ACCEPTED AND AGREED TO:
 GLOBAL
CROSSING AIRLINES LLC
	 		 	 ACCEPTED AND AGREED TO: 

CUBAX AIR TOURS, LLC

					
	By:	 	/s/ Ed J. Wegel	 		 	By:	 	/s/ Mark A. Salvador
	Printed Name: Ed J. Wegel	 		 	Printed Name: Mark A. Salvador
	Title:	 	CEO	 		 	Title:	 	CEO
					
	Date:	 	2-23-21	 		 	Date:	 	2-23-21

  

																	
	INITIALS:	  	

	  	DATE:	  	2-23-21	  		  	INITIALS:	  	

	  	DATE:	  	2-23-21
		  		  		  		  	14	  		  		  		  	

 APPENDIX TO CHARTER AGREEMENT 

Agreement Dated February 23     , 2021 

COST PER ROTATION: 
 Airbus A320 (148 usable
seats)—Charter Price: $21,500 per MIA-HAV-MIA rotation 
 Airbus A321
(172 usable seats)—Charter Price: $25,000 per MIA-HAV-MIA rotation 

The cost per rotation will have a stipulated increase annually of 2.5%, beginning April 16, 2022, or on the anniversary date of the first flown flight.

 Upon receipt of GlobalX’s receipt of DOT Certificate of Public Convenience and Necessity and an FAA Air Carrier Certificate and operations
specifications to operate under Part 121 of the Federal Aviation Regulations for the services contemplated herein, GlobalX will notify Charterer of said receipt. GlobalX will also provide details of GlobalX’s “Carrier Depository
Account” details at the “Carrier Depository Bank” in that notification. Upon receipt of said notification, Charterer will have (72) hours to facilitate forwarding all required payments of the Contract Price to the Carrier
Depository Account listed on the notice. 
 Upon said notification, Charterer will forward an amount equal to one weeks flying. Subsequently Charterer will
prepay each additional weeks flying no later than 72 hours prior to the start of the weeks rotations. 
 INSTRUCTIONS FOR WIRE TRANSFERS: 

All charter price payments will be done by Wire Transfer to GLOBALX’s DOT-approved escrow account as
indicated below. Aircraft availability is subject to cancellation if payment of the charter price is not deposited in the escrow account at least 14 days prior to the date of the corresponding Flight. 

Escrow Wire Transfer Funds to: 

ABA Routing No.: 

Account No.: 

Beneficiary: 

  

																	
	INITIALS:	  	

	  	DATE:	  	2-23-21	  		  	INITIALS:	  	

	  	DATE:	  	2-23-21
		  		  		  		  	15	  		  		  		  	

 SCHEDULE “A” 

FLIGHT SCHEDULES AND ROUTING 

MIA-HAV-MIA Once Daily, 7 Days Per Week, 52 Weeks Per Year
Beginning April 15, 2021 or thereafter based on U.S. DOT Approvals: 
  

							
		 	Monday	 	Time TBA	 	
		 	Tuesday	 	Time TBA	 	
		 	Wednesday	 	Time TBA	 	
		 	Thursday	 	Time TBA	 	
		 	Friday	 	Time TBA	 	
		 	Saturday	 	Time TBA	 	
		 	Sunday	 	Time TBA	 	

 This Agreement is valid for two years. Any rotation or rotations to any other authorized Cuban airport requested and/or
added to this schedule will be programmed and reserved as soon as the schedule times and airports slots are approved by both parties to this Agreement and the schedule is filed with the DOT. 

  

																	
	INITIALS:	  	

	  	DATE:	  	2-23-21	  		  	INITIALS:	  	

	  	DATE:	  	2-23-21
		  		  		  		  	16	  		  		  		  	

 EXHIBIT “B” 

Agreement Dated February 23, 2021 

The charter price per rotation to the cities listed in Schedule “A” includes the following: 

THE COST PER ROTATION INCLUDES GROUND HANDLING BELOW AND ABOVE WING, AND ALL OPERATIONAL FEES AT MIAMI INTERNATIONAL AIRPORT OR OTHER US AIRPORTS, FUEL BASED
AT $2.00 PER GALLON UPLIFTED AT ANY AIRPORT (DOMESTIC OR FOREIGN) WHERE THE CHARTER FLIGHT(S) OPERATES TO AND FROM, AND CATERING OF ICE, REFRESHMENTS, AND BOTTLED WATER. 

CHARTERER WILL BEAR THE COST OF ANY OPERATIONAL AND NAVIGATIONAL CHARGES AND FEES IMPOSED BY THE CUBAN AIRPORTS OR THE CUBAN CIVIL AERONAUTICAL OFFICES, AS
WELL AS ANY COST ABOVE 10 WHEELCHAIRS PER U.S. DEPARTURE. Any additional wheelchair cost beyond the 10-wheelchairs per rotation paid by GLOBALX will be invoiced to the Charterer. 

RECONCILIATION OF FUEL UPLIFTED IN CUBA THAT ARE PAID BY THE CHARTERER AND THE U.S. TAXES TO BE PAID BY CHARTERER (IF APPLICABLE) WILL BE PERFORMED ON A
MONTHLY BASIS ON THE FIFTEENTH DAY OF EVERY MONTH. 
 Notes on charter price: 

*Each party is responsible for, and shall indemnify the other party against, all taxes imposed on the first party’s income. 

**GLOBALX is not responsible for any Cuban Landing Fees, Cuban Navigational Fees, Cuban Over-Flight Fees, Ground Handling at Cuban airports and/or Cuban
Government Taxes and Fees on all Cuba flights operated on behalf of the Charterer. 
 ***Charterer will arrange for collection and remittance of any and all
U.S. taxes and fees, and related charges which are imposed on passengers by any U.S. Governmental or airport authority, excluding taxes based on the net income of GLOBALX. Charterer will provide GLOBALX with proof of payment of such taxes and fees
upon request. The Charterer will pay for fines or additional fees charged by the U.S. Government in case of delays in the payments of such taxes and fees, provided such delays are not the result of the acts or omissions of GLOBALX. 

****Charterer will pay all cost of fuel above base price. 

  

																	
	INITIALS:	  	

	  	DATE:	  	2-23-21	  		  	INITIALS:	  	

	  	DATE:	  	2-23-21
		  		  		  		  	17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}]]