Document:

Walmart Agreement Letter

 EXHIBIT 10.21 
  
 Mr. Tim Klein, President 
 Farmland National Beef Packers, LLP 
 10100 N. Executive Hills Blvd. 
 Suite 400 
 Kansas City, MO 64153 
  
 Dear Tim: 
  
 This letter agreement (“Agreement”) serves to amend and further define the terms and conditions under which Wal-Mart Stores, Inc. (“Wal-Mart”) will
buy case-ready pork, beef and ground beef (collectively referred to as “Products”) from Farmland National Beef Packers, LLP (“National Beef”); and under which National Beef will produce and sell Products to Wal-Mart. The parties
have entered into a vendor agreement (“Vendor Agreement”) delivered by National Beef to Wal-Mart, executed an addendum to the vendor agreement on November 28, 2000, and this Agreement will further amend the Vendor Agreement.
Notwithstanding any language in the Vendor Agreement to the contrary, based on the substantial investments that will be made by the parties to market, produce and sell Products, the parties have agreed to the following commitment for the purchase
and sale of Products: 
  

	 	I.	 	Term. Wal-Mart and National Beef agree that the terms and conditions of this Agreement will commence on February 1, 2001 and terminate on January 31, 2004, unless terminated
earlier in accordance with the terms and conditions in Paragraph VII. 

  

	 	II.	 	Confidentiality. This Agreement and the terms and conditions herein will be kept confidential by Wal-Mart and National Beef, and neither party will provide this Agreement, or
any of the terms or conditions herein, to a third party without the other party’s written approval. Notwithstanding the above, a party will not be in violation of this Agreement if the party is legally compelled to provide the information, or
if the party is required to provide the information pursuant to a court order. If a party is required to provide any such information, the party will only provide the information that the party’s counsel informs the party that it is legally
required to disclose. Information that is (i) in the public domain at the time of this Agreement, or (ii) that comes into the public domain through no acts or omissions of National Beef or Wal-Mart will not be deemed to be confidential pursuant to
the terms of this Agreement. 

  

	 	III.	 	Production and Distribution. It is Wal-Mart’s initial intention to assign the Distribution Centers listed below to National Beef. However, if National Beef is unable to
begin sales to Wal-Mart for certain categories in the year listed below, or National Beef is otherwise unable to fulfill its requirements to provide Product to an assigned Wal-Mart DC, Wal-Mart reserves the right to purchase the Product from another
supplier in order to continue its execution of its business plan. 

  

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	 Calendar Year 2001

	 Wal-Mart DC

	 	 Beef

	 	 Ground Beef

	 	 Pork

	 Bedford, PA
	 	Yes	 	No	 	No
	 Johnstown, NY
	 	Yes	 	No	 	Yes
	 Winterhaven, FL
	 	Yes	 	Yes	 	Yes
	 Harrisonville, MO
	 	Yes	 	Yes	 	Yes
	
	 Calendar Year 2002

	 Wal-Mart DC

	 	 Beef

	 	 Ground Beef

	 	 Pork

	 Northeast FL
	 	Yes	 	Yes	 	Yes
	
	 Calendar Year 2003

	 Wal-Mart DC

	 	 Beef

	 	 Ground Beef

	 	 Pork

	 Central FL
	 	Yes	 	Yes	 	Yes
	 Southern CT
	 	Yes	 	No	 	Yes

  

	 	•	 	National Beef will be the sole supplier of that category of Products to that Distribution Center, however, if National Beef is unable to timely supply all of Wal-Mart’s demand
for Product pursuant to the terms of this Agreement, Wal-Mart can buy from other suppliers any Product National Beef is unable to supply, as discussed above. As National Beef’s facilities reach full production, Wal-Mart may amend the list of
Distribution Centers serviced by National Beef to accommodate the full Product volume required by this Agreement. 

  

	 	•	 	With proper handling, storage and temperature control, consistent with reasonable industry standards, Products will have a minimum shelf life of 14 days for pork, 12 days for beef,
and 9 days for ground beef (shelf life commences from the date of production). These dates may be extended by mutual agreement as to individual cuts. The parties will jointly develop scheduling and delivery systems that remove costs from the
process—National Beef and Wal-Mart have communication interfaces that work together to speed order delivery and accuracy as well as reduce costs. 

  

	 	•	 	Wal-Mart will provide National Beef with firm orders for Products approximately 40 hours prior to delivery to the respective Wal-Mart distribution center.. 

 

	 	•	 	Wal-Mart will work with National Beef to choose Distribution Centers that will be supplied by each of the National Beef facilities in a manner that allows for Products to be
delivered to the Distribution Center within twelve hours, or such longer period as mutually agreed upon by the parties, from the time the Products are shipped from the National Beef facility. 

  

	 	•	 	Wal-Mart will identify specific promotional Product for National Beef three weeks in advance of delivery, unless otherwise mutually agreed upon by the parties.

  

	 	•	 	In addition to the guarantees made in the Vendor Agreement, National Beef guarantees that Product shipped to Wal-Mart under this Agreement will not be (i) 

 

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	 	•	 	“adulterated” or “misbranded” as such terms are specifically defined in the Federal Meat Inspection Act, as amended (“Act”), or (ii) prohibited from
introduction into interstate commerce as described under Part 302 or Part 325 of the Act. Wal-Mart will have no obligation to buy Product that does not conform to this guarantee. 

  

	 	IV.	 	Business Review: Pricing. Wal-Mart and National Beef will conduct quarterly reviews to insure mutual profitability and insure that both parties fully understand long and
short term needs and goals for each company. 

  

	 	•	 	The prices for Product will be the yielded meat cost (raw material cost adjusted for yield) plus the standard overage, as each are described below. 

  

	 	•	 	National Beef recognizes Wal-Mart’s low-price strategy and will work diligently to provide Wal-Mart with competitive case-ready products. National Beef will work on different
pricing strategies that will help ensure low cost to Wal-Mart (USDA formula pricing, hedging, 6 month pricing arrangements, National Beef average week prior sales pricing, formulation of the entire hog, formula of live market price previous week,
etc.). The parties will mutually agree from time to time on which pricing strategy will be used to determine the raw material costs for producing Products under this Agreement. If the parties cannot agree on which pricing strategy to use for a given
period, the parties will determine the raw material cost for each week by using the lower of: (i) National Beef’s average weekly sales pricing for such week; or (ii) the average of the top side USDA price (as quoted by USDA) for such week.
National Beef will implement with Wal-Mart short term pricing opportunities and scheduling features for long or out of season product. 

  

	 	•	 	To calculate yielded meat costs National Beef will use the yield for each Product as shown on attached Exhibit A. If specifications on a Product are changed, or if a new Product is
added, National Beef will calculate a yield for such Product. Credits for trimmings will be based on current market prices realized by National Beef for such trim products. To determine the per pound yielded meat cost, the value realized by National
Beef in selling the trimmings is subtracted from the cost of the raw material and the amount remaining is then divided by the pounds of finished Product. 

  

	 	•	 	As of the date of this Agreement, the standard overage for each Product SKU is listed on attached Exhibit B, these overages do not include any amounts for marketing support. Over
time, these overages may be adjusted by National Beef as discussed below. National Beef will adequately document the changes in its costs that require the overage change, and such overages will not be adjusted by National Beef if a cost change is
not reasonably consistent with cost changes for the industry in general. 

  

	 	•	 	Major items impacting costs will be reviewed and adjusted. These items include, without limitation, yields, labor, packaging, utilities, repairs, product mix, volume, order entry
timing, weigh price labeling, and transportation. 

  

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	 	•	 	Costs will be reviewed and adjusted pursuant to one of the following two processes: 

  

	 	•	 	While National Beef is in the process of bringing its three facilities up to full production, costs will be based on standard estimates. Once full production is achieved, National
Beef and Wal-Mart will further define standards and National Beef will be responsible for achieving those standards. New products will require overage charges and standards to be established, and changes in product specifications will require the
overage charges and standards to be adjusted. 

  

	 	•	 	National Beef will update overage pricing per SKU on a quarterly basis for changes in input costs, which include without limitation; labor rates, transportation costs, utilities,
repairs and depreciation. 

  
 Wal-Mart may request
National Beef to weigh-price label Products for Wal-Mart. If Wal-Mart requests National Beef to weigh-price label Products, Wal-Mart agrees to maintain uniform retail pricing within National Beef plant locations so that National Beef will only need
to have one price per SKU. Wal-Mart will give National Beef reasonable notice to commence or discontinue weigh-price labeling, and Wal-Mart will purchase all inventory of Products that have been produced pursuant to its prior instructions.

  
 The pricing methodology for Products described in this
section is F.O.B. National Beef’s facility, and appropriate freight will be added for delivery to Wal-Mart’s Distribution Center (the overages describe in Exhibit B do not include freight to Wal-Mart’s Distribution Centers, and the
cost of such transportation will be added to the Wal-Mart invoice). 
  

	 	V.	 	Support of National Beef’s Brand. As the parties work together to provide consumers with the freshest, most attractive meat possible, Wal-Mart and National Beef will
enjoy increased business volume by jointly supporting Farmland branded products. 

  

	 	•	 	If the average sales growth for the meat departments of all Wal-Mart “comp” stores (stores that have been open for at least 13 months) carrying Farmland Products, is not
at least equal to the meat division’s comparable sales growth for all Wal-Mart “comp” stores, Wal-Mart may choose to move to a private label-unbranded or alternative case-ready program. 

  

	 	VI.	 	Growth Opportunities. National Beef appreciates its relationship with Wal-Mart and wants the opportunity to grow together. National Beef agrees that it will commit to
reviewing capital resources for future growth in a timely manner. 

  

	 	•	 	If Wal-Mart adds additional Distribution Centers, or as Wal-Mart provides case-ready meat to consumers in new regions of the country, National Beef will be given notice of such
decision by Wal-Mart and Wal-Mart will allow National 

  

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 Beef to compete for the opportunity to provide production of the additional volume. 
  

	 	VII.	 	Termination. This Agreement may be terminated forthwith by either party (unless otherwise specified) upon the occurrence of any of the following, by either party giving
written notice to the other party by registered or certified mail, in which event this Agreement shall terminate on the date set forth in such notice. The date of mailing said written notice shall be deemed the date on which notice of termination of
this Agreement shall have been given. 

  
 (a) The
other party engaging directly or indirectly in any attempt to defraud the party giving the notice. 
  
 (b) In any proceeding in bankruptcy or in reorganization or for the appointment of a receiver or trustee or any other proceedings under any law for the
relief of debtors shall be instituted by or against the other party or if the other party shall make an assignment for the benefit of creditors. 
  
 (c) A breach by the other party of any of the material terms of this Agreement which breach is not remedied by the other party to the non-breaching
party’s reasonable satisfaction within thirty (30) days of the other party’s receipt of notice of such breach from the non-breaching party. 
  
 (d) If control or ownership of either party is acquired directly or indirectly by a third party or if either party is merged with a third party.

  
 (e) If either party shall be prevented by legal proceeding or
injunction from performing its obligations under this Agreement, as determined by a court of competent jurisdiction. Termination will be effective upon the date that judgment is entered. 
  
 (f) If National Beef’s Farmland branded Products are involved in a recall or product safety issue involving deaths
and/or numerous serious illnesses. 
  
 (g) If a National Beef
plant producing Farmland Product under this Agreement experiences a withdrawal of inspection by any federal or state agency empowered with the authority to enforce such action. 
  

	 	VIII.	 	Additional Wal-Mart Expectations. National Beef agrees to meet Wal-Mart’s expectations as to the performance of this Agreement, which are: 

  

	 	•	 	98% order fill 

  

	 	•	 	98% on time deliveries 

  

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	 	•	 	Production pursuant to Wal-Mart specifications of minimum shelf life of nine (9) days for pork, eight (8) days for beef, and six (6) days for ground beef remaining on sell by date
of Product upon arrival at distribution center. 

  
 If National Beef does not meet Wal-Mart’s expectations, Wal-Mart may notify National Beef under Section VII(c) that National Beef is in breach of a material term of this Agreement, and National Beef will have 30 days to cure such
breach. If National Beef fails to cure the breach within the 30 day period, Wal-Mart may terminate this Agreement. 
  
 IX. Waiver. The failure by National Beef or Wal-Mart to enforce at any time, or for any period of time, any of the provisions of this Agreement
shall not be deemed or construed to be a waiver of such provisions or of the right of either party thereafter to enforce each and every such provision. No waiver shall be effective unless in writing signed by the party waiving. 
  
 Except as modified by this Agreement, or any other written agreement between the parties
executed after the date of this Agreement, the sale and purchase of Products by the parties will be controlled by the terms of the Vendor Agreement and its Addendum. 
  
 If the terms and conditions outlined above accurately reflect the agreement of the parties, please execute both originals of this letter,
and return one original to Wal-Mart. If you have any questions, please feel free to contact me at (501) 273-8658. 
  
 Sincerely, 
  
 /s/    Tom Coughlin 

	 	

 Tom Coughlin, President 
 Wal-Mart Stores 
  
 Farmland National Beef, LLP agrees that the terms and conditions above accurately describe the agreement of the parties, and Farmland National Beef, LLP will be bound by
the terms and conditions contained herein. 
  

		
	 By:
	 	 /s/    Tim Klein

	 Printed Name:
	 	 Tim Klein
  

	 Title:
	 	 President
  

	 Date:
	 	 12/12/00
  

  

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 [LOGO OF NATIONAL BEEF] 
  

Exhibit “A” 
  
 The following are initial standard yields and will be under continual review. 
  
 Beef Yields 
  
 Note: These yields are currently being used for Select and Angus beef. 
  

	 Product

	  	Trim

	 	 	Fat

	 	 	Bone

	 	 	Shrink

	 	 	Cut
Loss

	 	 	Total

	 	 	Yield

	 
	 XT Chuck Clod
	  	30.71	%	 	0.90	%	 	 	 	 	2.00	%	 	0.19	%	 	33.80	%	 	66.20	%
	 Boneless Blade Chuck
	  	35.54	%	 	1.45	%	 	 	 	 	2.00	%	 	0.41	%	 	39.40	%	 	60.60	%
	 BI N/O Blade Chuck
	  	13.04	%	 	1.28	%	 	1.87	%	 	2.00	%	 	0.11	%	 	18.30	%	 	81.70	%
	 N/O Chuck Roll
	  	12.82	%	 	1.29	%	 	 	 	 	2.00	%	 	0.09	%	 	16.20	%	 	83.80	%
	 Chuck Tender
	  	7.60	%	 	 	 	 	 	 	 	2.00	%	 	 	 	 	9.60	%	 	90.40	%
	 BI Export Rib
	  	10.44	%	 	1.75	%	 	2.79	%	 	2.00	%	 	0.32	%	 	17.30	%	 	82.70	%
	 Lip-on Ribeye
	  	3.80	%	 	6.23	%	 	 	 	 	2.00	%	 	0.07	%	 	12.10	%	 	87.90	%
	 Inside Skirts
	  	23.88	%	 	3.72	%	 	 	 	 	2.00	%	 	 	 	 	29.60	%	 	70.40	%
	 Cap Meat
	  	13.17	%	 	1.08	%	 	 	 	 	2.00	%	 	0.15	%	 	16.40	%	 	83.60	%
	 Bnls 0x1 Strip Loin
	  	2.90	%	 	7.28	%	 	 	 	 	2.00	%	 	0.12	%	 	12.30	%	 	87.70	%
	 0x1 Short Loin
	  	9.16	%	 	8.12	%	 	 	 	 	2.00	%	 	0.22	%	 	19.50	%	 	80.50	%
	 Butt Tenderloin
	  	4.62	%	 	4.53	%	 	 	 	 	2.00	%	 	0.65	%	 	11.80	%	 	88.20	%
	 Bnls Top Sirloin
	  	16.38	%	 	5.18	%	 	 	 	 	2.00	%	 	0.14	%	 	23.70	%	 	76.30	%
	 Pld Knuckle
	  	13.01	%	 	 	 	 	 	 	 	2.00	%	 	0.09	%	 	15.10	%	 	84.90	%
	 Inside Round
	  	17.85	%	 	4.05	%	 	 	 	 	2.00	%	 	0.20	%	 	24.10	%	 	75.90	%
	 Bottom Round Flat
	  	18.05	%	 	1.19	%	 	 	 	 	2.00	%	 	0.66	%	 	21.90	%	 	78.10	%
	 Round Eye
	  	7.26	%	 	2.12	%	 	 	 	 	2.00	%	 	0.12	%	 	11.50	%	 	88.50	%

  
 Pork Yields 
  

	 Product

	  	Trim

	 	 	Fat

	    	Bone

	 	 	Shrink

	 	 	Cut
Loss

	 	 	Total

	 	 	Yield

	 
	 Pork Loins - Reg 14-18#
	  	3.00	%	 	 	    	0.75	%	 	2.50	%	 	0.75	%	 	7.00	%	 	93.00	%
	 8/13 Tender-In CC Pork Loin
	  	5.25	%	 	 	    	 	 	 	1.22	%	 	0.53	%	 	7.00	%	 	93.00	%
	 Boston Butt 4/8#
	  	9.01	%	 	 	    	0.50	%	 	2.49	%	 	 	 	 	12.00	%	 	88.00	%
	 Pork Hocks
	  	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	 	 	N/A	 
	 Pork Neckbones
	  	 	 	 	 	    	 	 	 	2.00	%	 	 	 	 	2.00	%	 	98.00	%
	 Spareribs, Fresh
	  	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	 	 	N/A	 
	 Bnls Picnic Cbo 72% Fr
	  	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	 	 	N/A	 

  

 [LOGO OF NATIONAL BEEF] 
  

EXHIBIT “B” 
  
 The following volume related overages will be applied to the beef portion of the volume for each facility until such a time that the combined volume reaches the original
proposed volumes that were based on 80 stores per distribution center. The volume related overage would decline as volume increases based on the following schedule:  
  

	 Pennsylvania

	    	BEEF

	    	PORK

	    	GRINDS

	 (Bedford, PA and
	    	 	 	    	 	 	    	 	 
	 Johnstown, NY)
	    	 	 	    	 	 	    	 	 
	 Beef and Pork Combined
	    	 	 	    	 	 	    	 	 
	 Below 450,000 lbs.
	    	$	0.69	    	$	0.55	    	$	0.35
	 450,000 to 500,000 lbs
	    	$	0.67	    	$	0.55	    	$	0.35
	 500,000 to 550,000 lbs.
	    	$	0.65	    	$	0.55	    	$	0.35
	 550,000 to 600,000 lbs.
	    	$	0.63	    	$	0.55	    	$	0.35
	 600,000 to 650,000 lbs.
	    	$	0.61	    	$	0.55	    	$	0.35
	 650,000 to 700,000 lbs.
	    	$	0.59	    	$	0.55	    	$	0.35
	 700,000 to 750,000 lbs.
	    	$	0.57	    	$	0.55	    	$	0.35
	 Over 750,000 lbs.
	    	$	0.55	    	$	0.55	    	$	0.35
				
	 Florida

	    	 	    	 	    	 
	 (Winter Haven, FL)
	    	 	 	    	 	 	    	 	 
	 Beef, Pork, and Grinds Combined
	    	 	 	    	 	 	    	 	 
	 Below 450,000 lbs.
	    	$	0.69	    	$	0.55	    	$	0.35
	 450,000 to 500,000 lbs
	    	$	0.67	    	$	0.55	    	$	0.35
	 500,000 to 550,000 lbs.
	    	$	0.65	    	$	0.55	    	$	0.35
	 550,000 to 600,000 lbs.
	    	$	0.63	    	$	0.55	    	$	0.35
	 600,000 to 650,000 lbs.
	    	$	0.61	    	$	0.55	    	$	0.35
	 650,000 to 700,000 lbs.
	    	$	0.59	    	$	0.55	    	$	0.35
	 700,000 to 750,000 lbs.
	    	$	0.57	    	$	0.55	    	$	0.35
	 Over 750,000 lbs.
	    	$	0.55	    	$	0.55	    	$	0.35
				
	 Kansas

	    	 	    	 	    	 
	 (Harrisonville, MO)
	    	 	 	    	 	 	    	 	 
	 Beef, Pork, And Grinds Combined
	    	 	 	    	 	 	    	 	 
	 Below 450,000 lbs.
	    	$	0.69	    	$	0.55	    	$	0.35
	 450,000 to 500,000 lbs
	    	$	0.67	    	$	0.55	    	$	0.35
	 500,000 to 550,000 lbs.
	    	$	0.65	    	$	0.55	    	$	0.35
	 550,000 to 600,000 lbs.
	    	$	0.63	    	$	0.55	    	$	0.35
	 600,000 to 650,000 lbs.
	    	$	0.61	    	$	0.55	    	$	0.35
	 650,000 to 700,000 lbs.
	    	$	0.59	    	$	0.55	    	$	0.35
	 700,000 to 750,000 lbs.
	    	$	0.57	    	$	0.55	    	$	0.35
	 Over 750,000 lbs.
	    	$	0.55	    	$	0.55	    	$	0.35

  
 Based on current estimates, the
anticipated total volumes and beef overages will be: 
  

	 Pennsylvania
	  	539,000 lbs.	  	Beef overage $0.65
	 Florida
	  	670,000 lbs.	  	Beef overage $0.59
	 Kansas
	  	489,000 lbs.	  	Beef overage $0.67Aircraft Lease dated October 15, 2003

 Exhibit 10.22 
  
 AIRCRAFT LEASE 
  
 THIS AIRCRAFT LEASE is made and entered into at Liberal, Kansas as of the 15th day of October, 2003, by and between JOHN R. MILLER ENTERPRISES III, LLC, a
Montana limited liability company, with its principal place of business located at Shining Mntn. Ranch, French Basin Road, P. O. Box 46, Sula, Montana 59871, as lessor, hereinafter called “OWNER”, and NATIONAL BEEF PACKING COMPANY, L.L.C.,
a Delaware limited liability company, with a place of business at 12200 N. Ambassador Drive, Kansas City, Missouri 64163, hereinafter called “LESSEE”. 
  

W I T N E S S E T H: That; 
  
 1.    THE LEASED AIRCRAFT. OWNER leases to LESSEE, and LESSEE leases from OWNER, upon the terms
and conditions herein contained, the following described aircraft, including, without limitation, all presently installed equipment, including, but not limited to, the engines identified below and the equipment listed on Annex A, all engine,
airframe, and other logbooks for or relating to the aircraft and all additions thereto and replacements or substitutions therefore, all of the foregoing items (including, without limitation, all additions thereto and replacements or substitutions
therefore) being herein referred to as the “Aircraft”: 
  

	Citation Model	 	Citation 560
	Serial No.	 	560-0644
	FAA Reg. No.	 	N814QS (to be changed to N95NB)
	Engine(s):	 	 
	 Make & Model
	 	Pratt Whitney Canada, Inc. PW535A Turbo Fan
	 Serial No. LH
	 	PCE-DC-0221
	 Serial No. RH
	 	PCE- DC-0222
	 Each engine has 750 or more rated takeoff horsepower

  
 OWNER either owns the Aircraft on the
date hereof or will purchase the Aircraft on or before the date the Aircraft is actually delivered to LESSEE. Ownership of the Aircraft is retained by Owner. All tax benefits of ownership of the Aircraft shall be retained by and for the exclusive
benefit of Owner. 
  
 2.    DELIVERY
OF AIRCRAFT. The Aircraft will be delivered to LESSEE at Hamilton, Montana, or at such other location and on such terms as shall be mutually agreed to by the parties. 
  
 3.    LOCATION AND USE
OF AIRCRAFT. The Aircraft shall be based at the Hamilton Municipal Airport at Hamilton, Ravalli County, Montana. The permanent base of the Aircraft may not be changed to another location without OWNER’s prior
written consent to such new permanent base. LESSEE shall not fly the Aircraft outside the continental United States without the prior written 

  

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consent of OWNER. In no event shall LESSEE operate the Aircraft outside the United States: (a) in any area not covered by any insurance required by the terms
of Article 5 hereof, or in any recognized or threatened areas of hostilities unless fully covered to OWNER’s reasonable satisfaction by political risk, expropriation, hijacking, and war risk insurance; (b) in any jurisdiction for which a travel
advisory or equivalent warning issued by the United States Department of State, or any subagency thereof, is in effect, or in any country that is experiencing widespread civil unrest or widespread anti-American activity; (c) in any area in which
OWNER’s title to the Aircraft may reasonably be expected to be jeopardized or not recognized; or (d) more than ninety (90) days during any twelve month period during the term hereof. LESSEE will use the Aircraft for business purposes in
connection with its business and shall not use the Aircraft for the transportation of persons or goods for hire to third parties without OWNER’s prior express written consent. LESSEE shall have operational control and possession, command and
control of the aircraft at all times under this Lease, except when OWNER is using the aircraft pursuant to Article 11. 
  
 4.    TERM AND LEASE RENTAL; CONTINGENT LEASE TERMINATION PAYMENT. The Aircraft is
leased for a term of eighty (81) months, commencing with the date of the delivery of the Aircraft to LESSEE as shown on a delivery and acceptance receipt signed by LESSEE or LESSEE’s agent, a true and complete copy of which shall be attached
hereto. As consideration for the lease of the Aircraft, LESSEE agrees to pay OWNER a base regular monthly rental as follows: (a) in year one, base monthly rental payments of $25,400; (b) in year two, base monthly rental payments of $35,400; (c) in
year three, base monthly rental payments of $40,380; and (d) in years four, and thereafter, base monthly rental payments of $45,380 (hereinafter “Regular Monthly Rental Payments”). The base rental payments are indexed to the three (3)
month London Interbank Offered Rate (“LIBOR”) as set forth in “The Wall Street Journal” and will be adjusted quarterly (at January, April, July and October) after the first quarter of the term hereof by adding a Payment
Adjustment Amount, as defined below. LESSEE may lock in the Payment Adjustment Amount at any Rental Review Date, as defined below, by giving OWNER not less than thirty (30) days’ notice of intent to lock prior to the beginning of a quarter
subject to adjustment. 
  
 Regular Monthly Rental Payments due during each quarter
after the first quarter of the term of this Lease, shall be subject to adjustment by adding thereto a Payment Adjustment Amount. Not less than five (5) business days before the first Regular Monthly Payment is due at the beginning of each quarter
subject to adjustment (each a “Rental Review Date”), OWNER shall compute a Payment Adjustment Amount to be added to each Regular Monthly Rental Payment. The Payment Adjustment Amount for each pertinent Regular Monthly Rental Payment during
a quarter shall be equal to the “Outstanding Lease Balance” set forth in Annex B for the Regular Monthly Rental Payment immediately preceding the first Regular Monthly Rental Payment in that quarter, multiplied by
..            , multiplied by the difference between 1.15% and LIBOR for the pertinent Rental Review Date. If, on the pertinent Rental Review Date, LIBOR is greater than 1.15 % per annum,
LESSEE shall pay OWNER on each of the subject Monthly Rental Payment Dates (beginning with the first payment due after the payment due five Business Days after the subject Rental Review Date), in addition to the Regular Monthly Rental Payments, the
Payment Adjustment Amounts so calculated as described above. If, on the pertinent Rental Review Date, LIBOR is less 

  

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than 1.15% per annum, the amount of the Regular Monthly Rental Payments due from LESSEE on the pertinent Monthly Rental Payment Dates shall be reduced by the
Payment Adjustment Amounts so calculated as described above. If, on the pertinent Rental Review Date, LIBOR equals 1.15% per annum, no Payment Adjustment Amount will be due from LESSEE and no reduction in Regular Monthly Rental Payments will be made
on the pertinent Monthly Rental Payment Dates. In the event a Rental Review Date falls on a date when “The Wall Street Journal” is not published or on which LIBOR is not published in “The Wall Street Journal”, LIBOR will be
determined by reference to the immediately preceding published rate for LIBOR. In the event LIBOR is no longer published, a reference rate will be determined by OWNER, in its sole discretion, by selecting another index which is similar, beyond
OWNER’s control and readily verifiable by LESSEE. OWNER shall notify LESSEE by telefax or otherwise of the Payment Adjustment Amount so calculated. 
  
 The first Regular Monthly Rental Payment shall be paid to OWNER on the delivery date of the Aircraft, and each subsequent Regular Monthly Rental Payment shall be due and
payable to OWNER on or before the same day of each succeeding month (hereinafter “Monthly Rental Payment Date”) during the lease term. All payments shall be payable to John R. Miller Enterprises III, LLC, unless otherwise directed. Any
late rental payments shall be subject to a late payment fee of one and one-half percent (11⁄2%) of the amount of the late rental payment per month or fraction thereof. 
  
 LESSEE shall not have any right to terminate this Lease before the end of the term hereof unless OWNER in its sole discretion approves such
termination in writing and the terms and conditions of such termination. Nevertheless, if LESSEE terminates this Lease before the end of the term hereof with the prior written approval of OWNER (but not if LESSEE terminates this Lease due to a
default by OWNER) or if this Lease otherwise terminates at the end of the term hereof due to LESSEE’s payment in full of all rent and other amounts due hereunder and performance in full of all other obligations of LESSEE hereunder, LESSEE and
OWNER shall each solicit offers to purchase the Aircraft from prospective third party purchasers. If one or more such offers to purchase the Aircraft, acceptable to OWNER in OWNER’s discretion, are received within thirty (30) days of the
expiration of the term of this Lease, then the Aircraft shall be sold by OWNER to the highest bidder. OWNER shall, upon receipt of the purchase price of the Aircraft in connection with such sale, convey title to the Aircraft to the purchaser by a
bill of sale, which transfer shall be “AS-IS, WHERE IS”, with all faults, without recourse to OWNER and without any representation or warranty of any kind whatsoever by OWNER, express or implied. OWNER shall retain the entire net
proceeds of any such sale of the Aircraft. In addition to any other amounts that LESSEE may otherwise owe hereunder, LESSEE shall pay OWNER a contingent lease termination payment (“Contingent Payment”) if the net sale proceeds from the
sale of the Aircraft pursuant to the above terms of this paragraph (net of all reasonable expenses of sale, including, without limitation, any reasonable sales commission) are less than the stipulated loss value of the Aircraft as of the nearest
month on the Amortization Schedule attached hereto and incorporated herein as Annex “B.” The Contingent Payment shall be equal to the difference between the subject stipulated loss value and the net sale proceeds from the sale of the
Aircraft. If the net sale proceeds from the sale of the Aircraft exceed the subject stipulated loss value of the Aircraft, LESSEE shall not owe OWNER any Contingent 

  

 3 

 
Payment for the termination of this Lease. The Contingent Payment shall be due within thirty (30) days from LESSEE’s receipt from OWNER of a detailed
accounting of the determination of the net sale proceeds from the sale of the Aircraft. 
  
 5.    INSURANCE. LESSEE shall, at LESSEE’s expense, secure and maintain in effect throughout the term of this Aircraft Lease, as a minimum, insurance coverage on the Aircraft as follows:

  

	 (a) Bodily Injury Liability —
       Including Passengers
	 	 }
 }
	  	 
	 	 	}	  	$ 100,000,000
	(b) Property Damage Liability	 	}	  	Single Limit
	 	 	 	  	 
	(c) Hull Insurance	 	 	  	$7,100,000
	 	 	 	  	 
	 	 	 	  	 
	 	 	 	  	 

  
 All insurance shall be
written in the name of OWNER and LESSEE, and shall name OWNER as loss payee. Hull insurance shall be all risk ground and flight, include a breach of warranty endorsement in favor of OWNER, provide for 30 days’ prior written notice to OWNER of
cancellation, and provide coverage for foreign object damage. All insurance shall be written in insurance companies and with terms (including, but not limited to, maximum deductibles) acceptable to OWNER. 
  
 LESSEE shall furnish OWNER copies of all hull and liability insurance policies and all
endorsements and attachments thereto, whether the insurance is purchased at the beginning or during the term of the Aircraft Lease. LESSEE shall furnish OWNER evidence that the required insurance has been secured prior to the delivery of the
Aircraft. 
  
 6.    RISK OF
LOSS. 
  
 a.    LESSEE hereby assumes and shall bear the entire risk of loss, theft, confiscation, damage, to or destruction of the Aircraft from any cause whatsoever, and shall promptly notify OWNER thereof. Except as otherwise
provided in Article 6(b) below, this Aircraft Lease shall not terminate and the obligations of LESSEE shall not be affected by reason of any damage or loss of the Aircraft. Notwithstanding any other provisions of this Aircraft Lease, LESSEE shall
not assume or bear the risk of loss, theft, confiscation, damage to or destruction of the Aircraft when such damage is caused by the negligent acts or omissions of OWNER, or if such loss, theft, confiscation, damage or destruction occurs during, or
as a result of, any hours of usage by OWNER, its agents, owners, or employees.  
  
 b.    All references to hull insurance that follow are based on the assumption that such coverage has been maintained
in an amount at least as great as that required by Article 5(c) hereof. In the event of loss or damage to the Aircraft as described below, LESSEE shall be obligated to pay OWNER any applicable deductible and any deficiency between the amount of hull
insurance required by Article 5(c) hereof and the amount of hull insurance in force, and OWNER shall, 

  

 4 

 
provided LESSEE is not then in default hereunder, refund to LESSEE any excess of the proceeds from such insurance over the amount of the hull insurance
required by Article 5(c) hereof. 
  
 (i)    If the Aircraft is lost or damaged beyond repair and the insurance company pays OWNER the amount of the hull insurance required by Article 5(c), LESSEE shall, within ten (10) days after such payment by the
insurance company, pay OWNER the amount of the hull insurance deductible plus all other amounts due hereunder as of the date of such payment and this Aircraft Lease shall end. LESSEE will pursue settlement with the insurance company diligently and
time is of the essence. If payment is not made to OWNER for the Aircraft by the insurance company within one hundred twenty (120) days of the date of loss, LESSEE shall pay OWNER on the one hundred twentieth (120th) day an amount equal to the hull
insurance required by Article 5(c) hereof, including any applicable hull insurance deductible, and the obligation to pay rental hereunder shall continue until such payment is made. LESSEE shall continue to pay the Regular Monthly Rental Payments and
all other sums due hereunder as the same become due until this Aircraft Lease ends with the receipt by OWNER of all payments from the insurance company and/or LESSEE as set forth above. If LESSEE makes full payment to OWNER prior to its receipt of
any hull insurance payments, OWNER will assign to LESSEE all claims it may have against the insurance company under the hull insurance policy and this Aircraft Lease shall end. If such insurance claims are not assignable for any reason, and LESSEE
has made all prescribed payments to OWNER, OWNER shall pursue such insurance claims on behalf of LESSEE. 
  
 (ii)    If the Aircraft is only partially damaged, this Aircraft Lease shall remain in full force and effect, and
LESSEE shall at its cost and expense repair the Aircraft so as to place it as nearly as possible in the same condition as it was before the damage. To the extent such damage is covered by insurance, OWNER, upon receiving from LESSEE such information
and such documents as may be required, shall make claim under the insurance policy and shall promptly reimburse LESSEE for the cost of repairing the Aircraft to the full extent of, but not more than, the net amount of such insurance recovery
actually received; provided, however, that no such payment shall be made if LESSEE has not paid all amounts then owing hereunder and the payment shall not be made until the repairs have been approved by OWNER or its designees. During the
period the Aircraft is being repaired, LESSEE shall continue to pay the Regular Monthly Rental Payments and all other sums due hereunder as they become due. If payment for the damage to the Aircraft is not made to OWNER by the insurance company,
LESSEE shall be obligated to repair the Aircraft at its sole cost and expense, and OWNER will assign to LESSEE all claims it may have against the insurance company for the damages to the Aircraft. 
  
 (iii)    If the Aircraft is seized,
condemned, confiscated, or in any manner taken by the government of the United States, any foreign government, or any political subdivision thereof, or any agencies of any such governments or political subdivisions, or by any terrorist or terrorist
group, LESSEE shall immediately notify OWNER in writing and take all necessary action to secure release of the Aircraft. If the Aircraft is not returned to OWNER 

  

 5 

 
or LESSEE within ninety (90) days of such taking, LESSEE shall immediately notify OWNER in writing and shall forthwith pay OWNER the value of the Aircraft,
which for purposes of this paragraph shall be equal to the amount of the hull insurance required by Article 5(c) hereof, and upon such payment being made by LESSEE to OWNER, this Aircraft Lease shall end. In the event of such payment, OWNER shall
transfer to LESSEE its interest in the Aircraft. LESSEE shall continue to pay the Regular Monthly Rental Payments and all other sums due hereunder until receipt by OWNER of payment from LESSEE pursuant to this subparagraph. 
  
 Notwithstanding any other provision of this Article 6.b., LESSEE shall not assume or bear the
risk of loss, theft, confiscation, damage to or destruction of the Aircraft when such damage is caused by the negligent acts or omissions of OWNER, or if such loss, theft, confiscation, damage or destruction occurs during, or as a result of, any
hours of negligent usage by OWNER, its agents, owners, or employees. Any loss to the Aircraft resulting from OWNER’S negligent acts or omissions shall be the sole responsibility of OWNER. Nothing in the immediately preceding sentence shall be
construed to contradict the parties’ agreement in Article 8 hereof to share the cost of regular maintenance and repairs of the Aircraft based upon their proportionate, non-negligent use of the Aircraft. 
  
 c.    Notwithstanding any other provision of this Article
6 (but subject to the agreement of the parties that any loss to the Aircraft caused by the negligent act or omission of LESSEE or OWNER shall be the sole responsibility of such negligent party), LESSEE and OWNER shall share proportionately any
uninsured loss to the Aircraft based upon their proportionate use of the Aircraft during the preceding year, or partial year if the loss occurs during the first year of the lease term. 
  
 7.    LESSEE AND OWNER COVENANTS.
LESSEE covenants and agrees: 
  
 (a)    to obtain all licenses and registrations (except Federal Aviation Administration Registrations) required by law, in the name of OWNER; to pay all taxes, assessments, licenses and other fees and charges imposed by
any national, state or municipal government or other public or airport authority of any nature whatsoever on this Aircraft Lease, on OWNER’s purchase of the Aircraft for lease to LESSEE hereunder, on any payments hereunder, on the Aircraft or
on its use during the term of this Aircraft Lease (including penalties and interest, but excluding any sales tax payable on OWNER’s purchase of the Aircraft and excluding any state or federal income taxes on OWNER’S receipt of payments
hereunder) whether the same be payable by or assessed to OWNER or LESSEE and whether assessed during the term or after the expiration or cancellation of this Aircraft Lease, and to save OWNER free and harmless therefrom or, if under local law or
custom payment therefor may be made only by OWNER, to reimburse OWNER upon demand for any such payments made by OWNER; to file any returns or reports in connection with the foregoing required of either OWNER or LESSEE except when OWNER makes payment
as aforesaid; 
  
 (b)    that
the Aircraft will be used and operated (1) in accordance with the operating instructions of the manufacturers, (2) in conformity with all laws, ordinances, rules and regulations, 

  

 6 

 
national, state, municipal or otherwise, now existing or hereafter enacted, controlling or in any way affecting the operation, use or possession of the
Aircraft or the use of any airport premises by the Aircraft; and (3) only in compliance with the conditions and limitations set forth in the applications for or policies of insurance made or issued pursuant to the terms of this Aircraft Lease;

  
 (c)    that LESSEE shall
not make any alterations or modifications to the Aircraft or install any additional equipment therein without the prior express written consent of OWNER; that unless otherwise expressly agreed in writing prior to installation, all additional
equipment installed in the Aircraft shall become the property of OWNER forthwith, be included in the definition of the Aircraft and subject to all of the terms and conditions of this Aircraft Lease; 
  
 (d)    that neither this Aircraft Lease
nor LESSEE’s rights hereunder shall be assignable by LESSEE nor shall the Aircraft be subleased or loaned without the prior express written consent of OWNER, and LESSEE will not permit any charge, lien, or encumbrance of any nature to be placed
or to remain upon the Aircraft; 
  
 (e)    to inspect the Aircraft upon receipt and furnish OWNER a delivery and acceptance receipt; upon acceptance it shall be conclusively presumed that LESSEE accepted the Aircraft in its then condition and that it has
been found by LESSEE to be in good, safe, and serviceable condition and fit for LESSEE’s intended use; that at the termination of this Aircraft Lease, however caused, LESSEE shall deliver possession of the Aircraft to OWNER at Liberal, Kansas,
or at another mutually acceptable location, in the same condition as when delivered to LESSEE, excepting only normal wear, and, if the Aircraft is not returned in such condition, LESSEE shall pay OWNER all applicable rentals that would have accrued
hereunder until the Aircraft is put into such condition plus all reasonable costs of all parts and labor necessary to put the Aircraft in such condition; to permit OWNER and its designees at all reasonable times to inspect the Aircraft; and to
furnish any information with respect to the Aircraft and its use and maintenance that OWNER may reasonably request; 
  
 (f)    to be liable to OWNER for and indemnify OWNER against any and all accidental damage to the Aircraft which
occurs in any manner from any cause or causes during the term of this Aircraft Lease or until redelivery of the Aircraft to OWNER, except to the extent such accidental damage to the Aircraft occurs during or as a result of any hours of usage by
OWNER, its agents, owners, officers, directors, or employees, and except to the extent that OWNER shall be promptly paid for such damage pursuant to the heretofore described insurance, and to indemnify and save OWNER harmless from and against any
and all claims, costs, expenses, demands, liabilities, penalties, fines, and forfeitures of any nature whatsoever which may be asserted against OWNER or the Aircraft or incurred by OWNER arising out of or in any manner occasioned by LESSEE’s
use, operation, or maintenance of the Aircraft during the term of this Aircraft Lease or until redelivery of the Aircraft to OWNER, except to the extent that such claims, costs, expenses, demands, liabilities, penalties, fines, and forfeitures occur
during or as a result of any hours of usage by OWNER, its agents, owners, officers, directors, or employees, and that this covenant of indemnity shall survive the expiration or termination of this Aircraft Lease; 
  

 7 

 (g)    to maintain all records, logs, and other materials in good
form as required pursuant to this Aircraft Lease or by the Federal Aviation Administration or any other governmental authority to be maintained in respect of the Aircraft, to make the same available at all reasonable times for inspection by OWNER
(which right of inspection shall include, without limitation, the right to inspect all records and materials generated and maintained by LESSEE or by the Aircraft’s manufacturer or the designees thereof in connection with any maintenance
monitoring system), and at the expiration or termination of this Aircraft Lease to deliver such materials to OWNER; 
  
 (h)    to permit the Aircraft to be operated only by pilots having a current certification as required by the Federal
Aviation Administration or any other governmental authority and which meets the minimum requirements of the heretofore described insurance policies or applications; however, the operation of the Aircraft by OWNER, its agents, owners, officers,
directors, or employees in a manner so as not to meet the requirements of such insurance policies or applications shall not result in a breach of this Article 7(h) by LESSEE; 
  
 (i)    to pay for all fuel, oil and other consumables for operation of the Aircraft;

  
 (j)    to carry in the
Aircraft a fully executed copy of this Aircraft Lease at all times; 
  
 (k)    to maintain a hangar facility for storage of the Aircraft at the airport identified in Article 3. 
  
 OWNER covenants to be bound by the applicable provisions of Article 7(b), (g), (h), (i), and (j) above during any time that the Aircraft is being used by, or is under the
operational control of, OWNER as permitted herein. 
  
 8.    MAINTENANCE AND RESERVES FOR ENGINE REPLACEMENT. LESSEE (with cost sharing from OWNER as provided below) will cause
the Aircraft to be maintained and kept in good order and repair and completely airworthy, replace any and all parts which may be worn out, lost, destroyed, or unavailable for use in or on the Aircraft, and cause all inspections and overhauls of the
Aircraft and its engines to be made, all in accordance with the requirements and recommendations of the manufacturer of the Aircraft and the manufacturers of the components thereof and in accordance with the requirements of the Federal Aviation
Administration or any other governmental authority. LESSEE further agrees to keep the Aircraft and its engines enrolled and participating at all times in the manufacturers’ maintenance and maintenance tracking systems, if any. Except in case of
emergency, all maintenance, repairs, parts replacement, inspections, and overhauls shall be performed at factory authorized service centers. It is understood that if any emergency maintenance item can be deferred for handling at the next scheduled
routine inspection at a factory authorized service center, then such items will be deferred. LESSEE will notify OWNER within one working day when such emergency maintenance is required and forward complete copies of all invoices and work orders
arising therefrom to OWNER. OWNER will contribute to the cost of all regular and emergency maintenance of the Aircraft and of keeping the Aircraft in good condition and repair as described 

  

 8 

 
herein based upon OWNER’s proportionate share of the total number of hours that the Aircraft is flown annually. The parties shall keep a log of the
total flight hours used by LESSEE and by OWNER to determine the parties’ proportionate use of the Aircraft over the term of the Lease. Initially, OWNER shall reimburse LESSEE for five and one half percent (5.5%) of LESSEE’s out-of-pocket
costs for maintenance and upkeep of the Aircraft upon monthly invoices therefore with supporting documentation. OWNER’s proportionate share of such maintenance and upkeep expenses shall be reconciled annually. 
  
 LESSEE agrees, as further consideration for the lease of the Aircraft, to pay OWNER on a
monthly basis an amount equal to $197 multiplied by the number of hours of usage by LESSEE during the preceding month, excepting any hours of usage by OWNER, which is the subject of Section 11 hereof. This $197 per hour engine replacement reserve
amount shall be reviewed annually and adjusted pursuant to the Cessna Finance Corporation quoted engine rate of reserve for similar jet aircraft engines. 
  
 LESSEE and OWNER agree that no upgrades or enhancements to the Aircraft will be made during the term hereof without their mutual agreement upon the desirability of such
upgrade or enhancement and upon how such upgrade or enhancement will be paid for or impact lease payments hereunder. OWNER agrees that during the term hereof (so long as LESSEE is not in default hereunder) LESSEE will be permitted to make claims
under the Aircraft’s manufacturers’ warranties to the extent permitted thereunder and that OWNER will cooperate with LESSEE in making all warranty claims. 
  
 9A.    DEFAULT BY LESSEE. If LESSEE fails to repair and maintain the
Aircraft, discharge all liens (except for liens created by Owner), secure all licenses or registrations, pay all taxes (except for any sales tax due on OWNER’s purchase of the Aircraft and any of Owner’s income tax obligations),
assessments, licenses, and other fees or charges, pay all costs and expenses to be paid by LESSEE, procure and maintain insurance, all as above provided, or to perform any of the other covenants or obligations of LESSEE, OWNER, at its option, may do
so, and all advances and expenses incurred by OWNER in connection therewith shall be repaid by LESSEE to OWNER upon demand, together with interest thereon at the highest applicable rate allowed by law (but not more than one and one-half percent
(1.5%) per month or fraction thereof) until paid. OWNER may enter upon the premises where the Aircraft is located for purpose of inspection, and may remove the Aircraft forthwith, without notice to LESSEE, if, in the reasonable opinion of OWNER, the
Aircraft is being improperly used or maintained. 
  
 If LESSEE shall fail to make
any Regular Monthly Rental Payment or fail to pay any other amounts payable hereunder when the same are due and payable, or if LESSEE should default in the performance of any of the other terms, conditions, or covenants to be performed by LESSEE
hereunder, or if LESSEE should default in the performance of any of the terms, conditions, or covenants to be performed by LESSEE under any other contracts or agreements between LESSEE and OWNER at any time, or if the insurance required to be
maintained hereunder shall expire or be canceled and LESSEE shall fail to replace such insurance, or if the Aircraft shall be misused or abandoned by LESSEE, or if LESSEE shall become insolvent, commit any act of bankruptcy, or if 

  

 9 

 
bankruptcy proceedings are begun by or against LESSEE, or if a receiver is appointed for LESSEE, or if for any reason OWNER shall, in good faith, reasonably
deem said Aircraft or itself insecure, then OWNER, at its option, and in addition to and without prejudice to any other remedies, (a) may enter upon the premises where the Aircraft is located and take possession of and remove the Aircraft, with or
without notice to LESSEE, and with or without legal proceedings, and in removing the Aircraft, OWNER may, if permitted by law, use any of LESSEE’s licenses in respect to the Aircraft, and/or (b) may terminate this Aircraft Lease, and/or (c) may
sell, lease or otherwise dispose of all or any part of the Aircraft at public or private sale, with or without advertisement or publication, with or without notice to LESSEE, and with or without legal proceedings; provided that such sale is
conducted in accordance with the requirements of applicable law. 
  
 Upon such
termination, LESSEE shall be liable to OWNER and shall forthwith pay OWNER the amount of OWNER’s damages caused by LESSEE’s default(s), including, but not limited to, (a) any and all reasonable costs and expenses incurred by OWNER in the
repossession or disposition of the Aircraft (including, but not limited to, court costs and reasonable attorneys’ fees, where allowed by law, and transportation and storage expenses), plus (b) any other sums due under other provisions of this
Aircraft Lease, including, but not limited to, past due Regular Monthly Rental Payments, reserves for engine replacement, and late payment fees, plus (c) as liquidated damages for loss of a bargain and not as a penalty, and in lieu of any further
payments of rent, the stipulated loss value of the Aircraft as of the month preceding the date of OWNER’s demand as shown on the Amortization Schedule attached hereto and incorporated herein as Annex “B”, plus (d) interest at the rate
of 18% per annum on the total of the foregoing from the date of demand to the date of payment (and the parties acknowledge that the foregoing money damage calculation reasonably reflects OWNER’s anticipated loss with respect to the Aircraft and
this Lease resulting from the event of default and the termination of this Lease due to such default by LESSEE). 
  
 If OWNER actually repossesses the Aircraft, then OWNER shall not be required to sell, lease or otherwise dispose of the Aircraft prior to OWNER enforcing
any of the remedies described above. OWNER may sell, lease or otherwise dispose of the Aircraft in any manner it chooses so long as such disposition is conducted in accordance with the requirements of applicable law, free and clear of any claims or
rights of LESSEE and without any duty to account to LESSEE with respect thereto except as provided below. If OWNER actually sells or leases the Aircraft pursuant to the remedies provided above in this Article 9A, then OWNER will credit the net
proceeds of any sale of the Aircraft, or the net present value (discounted at the then current LIBOR plus 300 basis points) of the rents payable under any new lease of the Aircraft, against and up to (but not exceeding) the amounts payable by LESSEE
under any of the preceding paragraphs of this Article 9A and any other amounts LESSEE owes OWNER hereunder, or will reimburse LESSEE for and up to (but not exceeding) LESSEE’s payment thereof. 
  
 9B.    OWNER DEFAULTS. If OWNER
materially breaches its obligations under Article 14 herein or its obligations to share maintenance and repair expenses of the Aircraft as provided herein, LESSEE may cancel this Lease upon not less than thirty (30) days’ written notice, after
giving OWNER not less than ten (10) business days’ written notice of the default and an opportunity to cure 

  

 10 

 
such default within such ten (10) business day period. At the end of such cancellation notice period, LESSEE shall return the Aircraft in the condition
required in Article 7(e) hereof. 
  
 10.    NO REPRESENTATIONS. Time is of the essence of this Aircraft Lease. No representations, warranties, promises, guarantees, covenants, or agreements, oral or written, expressed or
implied, have been made by LESSEE or OWNER, or any agents or employees thereof, with respect to this Aircraft Lease or the Aircraft, except as expressly provided herein. 
  
 11.    OCCASIONAL USE BY OWNER. Under
circumstances not detrimental to LESSEE, and to LESSEE’S ready access to the Aircraft whenever LESSEE desires to use the Aircraft, LESSEE agrees to make the Aircraft available to OWNER, without pilots, for OWNER’S occasional, incidental
use. LESSEE shall be reimbursed for costs incurred by LESSEE, if any, for fuel, hangar and tie-down costs away from the Aircraft’s base of operation and miscellaneous out-of-pocket expenses and taxes incurred by LESSEE that are attributable to
such occasional use of the Aircraft by OWNER, if any. During all such OWNER flights, OWNER shall assume operational control, possession, command and control of the Aircraft, and shall indemnify, defend, and hold harmless LESSEE from and against any
and all claims, costs, expenses, demands, liabilities, penalties, fines, and forfeitures of any nature whatsoever which may be asserted against LESSEE arising out of or in any manner occasioned by OWNER’s use, operation, or maintenance of the
Aircraft during the term of this Aircraft Lease or until redelivery of the Aircraft to OWNER, and that this covenant of indemnity shall survive expiration or termination of this Aircraft Lease. If OWNER and LESSEE agree to allow OWNER to use the
aircraft with LESSEE’S pilots in a context that would require reimbursement to LESSEE for use of the pilot’s time, OWNER shall be responsible for applicable excise taxes of all types with respect to such payments, if any. Nothing contained
herein shall preclude OWNER from separately, occasionally employing LESSEE’s pilots on a part-time basis that does not interfere with LESSEE’s employment of such pilots on a full-time basis. OWNER shall be solely responsible for all
payments to pilots, including compliance with withholding taxes, if any, for any such part-time employment. OWNER shall not use the Aircraft or LESSEE’S pilots under any circumstances that would be characterized as causing LESSEE to be
conducting a commercial flight or flight for hire. 
  
 12.    MISCELLANEOUS. This Aircraft Lease is, and is intended to be, a lease, and LESSEE does not acquire any right, title, or interest whatsoever, legal or equitable, in the Aircraft, except its
interest as LESSEE hereunder as expressed herein. The relationship between OWNER and LESSEE hereunder shall always and only be that of lessor and lessee of the Aircraft. OWNER covenants that if LESSEE is not in default under this Aircraft Lease as
described herein, LESSEE shall peacefully and quietly hold, possess, and use the Aircraft during the entire lease term, free from any interference or hindrance. Rentals hereunder shall not abate during the term hereof because LESSEE’s right to
possession of the Aircraft has terminated, except if such termination is the result of an early termination hereof as permitted in Article 4 above. 
  
 LESSEE shall at no time during this Lease for any purpose whatsoever be or become the agent of OWNER, and OWNER shall not be responsible for the acts and omissions of
LESSEE or LESSEE’S agents. Except as expressly provided herein to the contrary, OWNER shall at no time during this 

  

 11 

 
Aircraft Lease for any purpose whatsoever be or become the agent of LESSEE, and LESSEE shall not be responsible for the acts and omissions of OWNER or
OWNER’s AGENTS. The rights and remedies with respect to any term and condition of the Aircraft Lease shall be cumulative and not exclusive, and shall be in addition to all other rights and remedies in favor of OWNER or LESSEE under any
applicable law. Failure by either party to enforce strictly any provisions of this Aircraft Lease shall not be construed as a waiver thereof. All notices shall be effective and binding on the parties hereto upon actual delivery or when deposited in
the United States mail with first class postage prepaid and properly addressed to the address of the party set forth herein. This Aircraft Lease may not be assigned without the written consent of the non-assigning party, which consent shall not be
unreasonably withheld. All payments or other money due hereunder shall be paid by LESSEE or OWNER without recoupment, setoff, or counterclaim, either in law or in equity. This Aircraft Lease, which, together with the referenced Annex, constitutes
the entire agreement between the parties, shall be binding on the heirs, executors, administrators, successors, and assigns of LESSEE and inure to the benefit of the parties’ successors and assigns. Except as elsewhere herein provided, any
change or modification to this Aircraft Lease shall be in writing and signed by the parties hereto. This Aircraft Lease is a Kansas Contract and shall be construed and interpreted in accordance with the Laws of the State of Kansas. 
  
 13.    NO OTHER
WARRANTIES; LIMITATION OF LIABILITY. EXCEPT FOR THE WARRANTY OF TITLE, TO
THE EXTENT ALLOWED BY APPLICABLE LAW, THERE ARE NO OTHER WARRANTIES
BY OWNER APPLICABLE TO THE AIRCRAFT, EXPRESS OR IMPLIED, WHETHER OF
MERCHANTABILITY, DESCRIPTION, DURABILITY, FITNESS FOR A PARTICULAR USE OR PURPOSE OR
OTHERWISE, ALL OF SUCH WARRANTIES BEING HEREBY EXPRESSLY DISCLAIMED. EXCEPT AS
EXPRESSLY PROVIDED HEREIN, OWNER SHALL HAVE NO LIABILITY TO LESSEE FOR
ANY CLAIM, LOSS, OR DAMAGE CAUSED OR ALLEGED TO HAVE BEEN CAUSED,
DIRECTLY OR INDIRECTLY, BY THE AIRCRAFT OR THE USE THEREOF, WHETHER
SUCH DAMAGES OR ALLEGED DAMAGES ARE GENERAL, SPECIAL, CONSEQUENTIAL, INCIDENTAL, OR
OTHERWISE, WHETHER SUCH LIABILITY OR ALLEGED LIABILITY ARISES OR IS ALLEGED
TO ARISE OUT OF ANY DESIGN, MANUFACTURING, OR OTHER DEFECT, LATENT OR
PATENT, IMPROPER MAINTENANCE, STRICT LIABILITY, CRASH WORTHINESS, OR ANY OTHER
STATUTORY OR COMMON LAW THEORY OF LIABILITY WHATSOEVER. 
  
 14.    OWNER COVENANTS. OWNER covenants and agrees: 
  
 (a)    that OWNER, its agents, owners, officers,
directors, and employees, whether on LESSEE’s business or otherwise, shall not use or operate the Aircraft, or cause the Aircraft to be used or operated, (1) in violation of the Operating Instructions of the manufacturers, (2) in violation of
any laws, ordinances, rules, and regulations, national, state, municipal, or otherwise, now existing or hereafter enacted, controlling or in any way affecting the operation, use, or possession of the Aircraft or the use of any airport premises by
the Aircraft, (3) in violation or contravention with the conditions and limitations set forth in the applications for or policies of insurance made or issued pursuant to the terms of this Aircraft Lease, or (4) in violation of any of the provisions
of Article 7 above that are applicable to OWNER. 
  

 12 

 (b)    to be liable to LESSEE for and indemnify LESSEE against any and all claims,
costs, expenses, demands, liabilities, penalties, fines, and forfeitures of any nature whatsoever which may be asserted against LESSEE or incurred by LESSEE arising out of or in any manner occasioned by OWNER’s breach of this Article. This
covenant of indemnity shall survive the expiration or termination of this Aircraft Lease. 
  
 15.    TRUTH IN LEASING. 
  
 (a)    LESSEE AND OWNER HAVE REVIEWED THE
AIRCRAFT’S MAINTENANCE AND OPERATING LOGS AND HAVE FOUND THAT THE
AIRCRAFT HAS BEEN MAINTAINED AND INSPECTED UNDER PART 135 OF THE FEDERAL
AVIATION REGULATIONS DURING THE 12 MONTHS PRECEDING THE EXECUTION OF THIS AIRCRAFT
LEASE. LESSEE AND OWNER CERTIFY THAT THE AIRCRAFT PRESENTLY COMPLIES WITH
THE APPLICABLE MAINTENANCE AND INSPECTION REQUIREMENTS OF PART 135 OF THE FEDERAL
AVIATION REGULATIONS. 
  
 (b)    LESSEE CERTIFIES THAT LESSEE, THROUGH ITS COMPANY PILOT AT
HAMILTON MONTANA, AND NOT OWNER, IS RESPONSIBLE FOR OPERATIONAL CONTROL OF
THE AIRCRAFT UNDER THIS AIRCRAFT LEASE DURING THE TERM HEREOF. LESSEE
FURTHER CERTIFIES THAT LESSEE UNDERSTANDS ITS RESPONSIBILITY FOR COMPLIANCE WITH
APPLICABLE FEDERAL AVIATION REGULATIONS. LESSEE’S ADDRESS IS: 12200 N. Ambassador Drive, Kansas City, Missouri 64163

  
 (c)    LESSEE
CERTIFIES THAT THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED UNDER PART 91
OF THE FEDERAL AVIATION REGULATIONS FOR OPERATIONS TO BE CONDUCTED UNDER
THIS AIRCRAFT LEASE. LESSEE UNDERSTANDS THAT AN EXPLANATION OF FACTORS BEARING
ON OPERATIONAL CONTROL AND PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED
FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE, GENERAL AVIATION DISTRICT
OFFICE, OR AIR CARRIER DISTRICT OFFICE. 
  
 [Space Intentionally Left Blank] 
  

 13 

 IN WITNESS WHEREOF, this Aircraft Lease has been finally executed at Kansas City, MO, as of the day and year first above
written in duplicate originals, one executed copy of which was delivered to LESSEE, the receipt of which is hereby acknowledged. 
  

	 Attest:
	 	 	 	NATIONAL BEEF PACKING COMPANY, L.L.C.
					
	By:	 	 /s/    LANE
CRITCHFIELD        

	 	 	 	By:	 	 /s/    JAY
NIELSEN        

	 	 	 	 	 	 	 	 	“LESSEE”
			
	 :
	 	 	 	 JOHN R. MILLER ENTERPRISES III, L.L.C.
  
 by JOHN R. MILLER ENTERPRISES, L.L.C.
 Its sole Member

					
	 	 	 	 	 	 	By:	 	 /s/    JOHN R.
MILLER        

	 	 	 	 	 	 	 	 	John Miller, President

  

 14 

 ANNEX “A” 
 TO AIRCRAFT LEASE 
  
 No. ___________
             
  
 Equipment List 
 Model of Aircraft Cessna 560 (Citation Encore) 
 Serial No. 560-0644 
 U.S.
Registration N814QS (to be changed to N95NB) 
  

 15 

 ANNEX “B” 
 TO AIRCRAFT LEASE 
 (See Attached) 
  

 16

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