Document:

EX-10.2

 Exhibit 10.2 

[For Canadians Only] UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES REPRESENTED HEREBY, AND ANY SECURITIES ISSUABLE UPON
EXERCISE OF SUCH SECURITIES, WILL NOT TRADE THE SECURITIES BEFORE [•]. 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”). THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF GLOBAL CROSSING AIRLINES INC. (THE “ISSUER”) THAT SUCH SECURITIES MAY BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE ISSUER; (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT; (C) IN ACCORDANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE
U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE
SECURITIES LAWS, AND, IN THE CASE OF PARAGRAPH (C) OR (D), THE SELLER FURNISHES TO THE ISSUER AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO SUCH EFFECT; OR (E) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE GOOD DELIVERY IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA. 

 

							
	 Warrant Certificate

Number:
	  	2022-[•]	  	 Number of
 Warrants:
	  	[•]
		  		  		  	

 ISIN: US37960G5009 

COMMON STOCK PURCHASE WARRANT 

For the Purchase of [•] Shares of Common Stock 

of 
 GLOBAL CROSSING AIRLINES GROUP
INC. 

 1. Purchase Warrant. THIS CERTIFIES THAT, in consideration of [•] [Name and Address of
Subscriber] (“Holder”) subscription of Units pursuant to the Subscription Agreement to which this Purchase Warrant is attached (the “Subscription Agreement”), Holder is entitled, at any time or from time to time
from the date of the closing of Holder’s subscription of Units pursuant to the Subscription Agreement (the “Effective Date”), and at or before 11:59 p.m., Eastern time, twenty four (24) months from the Effective Date (the
“Expiration Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to [•] shares of common stock of Global Crossing Airlines Group Inc., a Delaware corporation (the
“Company”), par value $0.001 per share (the “Shares”), subject to adjustment as provided in Section 5 hereof. If the Expiration Date is a day on which banking institutions are authorized by law to close, then
this Purchase Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate this
Purchase Warrant. This Purchase Warrant is initially exercisable at US $1.24 per Share; provided, however, that upon the occurrence of any of the events specified in Section 5 hereof, the rights granted by this Purchase Warrant,
including the exercise price per Share and the number of Shares to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise Price” shall mean the initial exercise price or the adjusted exercise
price, depending on the context. 
 2. Exercise. 

2.1 Exercise Form. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and
completed and delivered to the Company, together with this Purchase Warrant and, at the option of the Holder, payment of the Exercise Price for the Shares being purchased or by notifying the Company that this Purchase Warrant is being exercised
pursuant to a cashless exercise, by the following methods: 
  

	 	i.	 in cash by wire transfer of immediately available funds to an account designated by the Company or by certified
check or official bank check; 

  

	 	ii.	 by instructing the Company to issue Shares then issuable upon exercise of all or any part of this Purchase
Warrant on a net basis such that, without payment of any cash consideration or other immediately available funds, the Holder shall surrender this Purchase Warrant in exchange for the number of Shares as is computed using the following formula:

 X = Y(A - B) ÷ A. 

Where: 
 X = the number of
Shares to be issued to the Holder. 
 Y = the total number of Shares for which the Holder has elected to exercise. 

  
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 A = the fair market value of one Share as of the applicable Exercise Date. 

B = the Exercise Price in effect under this Purchase Warrant as of the applicable Exercise Date. 

For purposes of this Section 2.1, the fair market value of a Share is defined as follows: 

(i) if the Company’s common stock is traded on a securities exchange in the United States, the fair market value shall be deemed to be
the closing price on such exchange on the trading day immediately prior to the date the exercise form is submitted to the Company in connection with the exercise of the Purchase Warrant; or 

(ii) if (i) is not applicable but the Company’s common stock is traded on a securities exchange in Canada, the fair market value
shall be deemed to be the closing price on such exchange on the trading day immediately prior to the date the exercise form is submitted to the Company in connection with the exercise of the Purchase Warrant, with such price converted into United
States dollars using the average rate Canadian/US dollar exchange rate reported by the Bank of Canada on the trading day immediately prior to the date the exercise form is submitted to the Company in connection with the exercise of the Purchase
Warrant; or 
 (iii) if (i) and (ii) are not applicable but is actively traded over-the-counter in the United States, the fair market value shall be deemed to be the closing bid price on the trading day immediately prior to the date the exercise form is submitted to the Company in
connection with the exercise of the Purchase Warrant; or 
 (iv) if (i), (ii) and (iii) are not applicable and there is no active
public market, the value shall be the fair market value thereof, as agree to in good faith between the Holder and the Company’s Board of Directors. 

If the subscription rights represented hereby shall not be exercised at or before 11:59 p.m., Eastern time, on the Expiration Date, this Purchase Warrant
shall become and be void without further force or effect, and all rights represented hereby shall cease and expire. 
 2.2 Valid
Issuance of Purchase Warrant and Shares; Payment of Taxes. With respect to the exercise of this Purchase Warrant, the Company hereby represents, covenants and agrees: 

 

	 	i.	 This Purchase Warrant is, and any Purchase Warrant issued in substitution for or replacement of this Purchase
Warrant shall be, upon issuance, duly authorized and validly issued. 

  

	 	i.	 All Shares issuable upon the exercise of this Purchase Warrant pursuant to the terms hereof shall be, upon
issuance, and the Company shall take all such actions as may be necessary or appropriate in order that such Shares are, validly issued, fully paid and non-assessable, issued without violation of any preemptive
or similar rights of any stockholder of the Company and free and clear of all taxes, liens and charges. 

  
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	 	ii.	 The Company shall take all such actions as may be necessary to ensure that all such Shares are issued without
violation by the Company of any applicable law or governmental regulation or any requirements of any securities exchange upon which the Shares may be listed at the time of such exercise. 

 

	 	iii.	 The Company shall pay all expenses in connection with, and all taxes and other governmental charges that may be
imposed on the Company with respect to, the issuance or delivery of Shares upon exercise of this Purchase Warrant. 

 2.3
Legend. Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities have been registered under the Securities Act of 1933, as amended (the “Act”):

 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR APPLICABLE STATE LAW. NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR PURSUANT TO
AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE LAW WHICH, IN THE OPINION OF COUNSEL TO THE COMPANY, IS AVAILABLE.” 

[For Canadians Only] In addition, until the date that is four months and one day after the issuance of this Purchase Warrant, each
certificate for the securities purchased under this Purchase Warrant shall bear legends as follows: 
 “UNLESS PERMITTED UNDER
SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [•].” 
 3. Transfer. 

3.1 General Restrictions. In order to make any permitted assignment or transfer, the Holder must deliver to the Company the
assignment form attached hereto duly executed and completed, together with the Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within two (2) business days transfer this Purchase
Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Shares purchasable
hereunder or such portion of such number as shall be contemplated by any such assignment. 
 3.2 Restrictions Imposed by the
Securities Act. The securities evidenced by this Purchase Warrant shall not be transferred unless and until: (i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an
exemption from registration under the Securities Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company (the Company hereby agreeing that the opinion of Saul Ewing
Arnstein & Lehr, LLP or Baker & Hostetler LLP shall be deemed satisfactory evidence of the availability of an exemption), or (ii) a registration statement or a post-effective amendment to the Registration Statement relating to
the offer and sale of such securities has been filed by the Company and declared effective by the U.S. Securities and Exchange Commission (the “Commission”) and compliance with applicable state securities law has been established.

  
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 4. New Purchase Warrants to be Issued. 

4.1 Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised
or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any
Exercise Price if exercised pursuant to Section 2.1.i hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of
the Holder to purchase the number of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned. 

4.2 Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation
of this Purchase Warrant and of reasonably satisfactory indemnification, the Company shall execute and deliver a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft,
mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company. 
 5. Adjustments. 

5.1 Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase
Warrant shall be subject to adjustment from time to time as hereinafter set forth: 
 5.1.1 Share Dividends; Split Ups. If,
after the date hereof, and subject to the provisions of Section 5.3 below, the number of outstanding Shares is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective day
thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Shares, and the Exercise Price shall be proportionately decreased. 

5.1.2 Aggregation of Shares. If, after the date hereof, and subject to the provisions of Section 5.3 below, the number of
outstanding Shares is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease
in outstanding Shares, and the Exercise Price shall be proportionately increased. 
 5.1.3 Replacement of Securities upon
Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares other than a change covered by Section 5.1.1 or 5.1.2 hereof or that solely affects the par value of such Shares, or in the case of any
share reconstruction or amalgamation or consolidation of the Company with or into another corporation or other entity (other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation and that
does not result in any reclassification or 

  
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reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an entirety
in connection with which the Company is dissolved, the Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant) to receive upon the exercise hereof, for the same
aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, share reconstruction or
amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if any
reclassification also results in a change in Shares covered by Section 5.1.1 or 5.1.2, then such adjustment shall be made pursuant to Sections 5.1.1, 5.1.2 and this Section 5.1.3. The provisions of this Section 5.1.3 shall similarly
apply to successive reclassifications, reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers. 

5.1.4 Changes in Form of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to
this Section 5.1, and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated in the Purchase Warrants initially issued pursuant to the Subscription Agreement. The acceptance by
any Holder of the issuance of new Purchase Warrants reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Effective Date or the computation thereof. 

5.1.5 Issuance of Additional Securities. If, after the date hereof, the Company shall, at any time or from time to time, issue
or sell, or is deemed to have issued or sold, any Shares or securities convertible into or exercisable or exchangeable for Shares, without consideration or for consideration of less than $0.75 per Share (as adjusted for stock splits, stock
dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like), then immediately upon such issuance or sale (or deemed issuance or sale), the Exercise Price in effect immediately prior to such issuance or sale (or deemed
issuance or sale) shall be reduced (and in no event increased) to an Exercise Price equal to the quotient obtained by dividing: 
  

	 	i.	 the sum of (A) the product obtained by multiplying the Shares, Class A
Non-Voting Shares and Class B Non-Voting Shares outstanding immediately prior to such issuance or sale (or deemed issuance or sale) by the Exercise Price then in
effect plus (B) the aggregate consideration, if any, received by the Company upon such issuance or sale (or deemed issuance or sale); by 

  

	 	ii.	 the sum of (A) the Shares, Class A Non-Voting Shares and
Class B Non-Voting Shares outstanding immediately prior to such issuance or sale (or deemed issuance or sale) plus (B) the aggregate number of Shares issued or sold (or deemed issued or sold) by the
Company in such issuance or sale (or deemed issuance or sale), provided that in no event may the reduced Exercise Price be less than any minimum price threshold required by the rules of the securities exchange where the Shares of the Company are
listed. 

  
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 This Section 5.1.5 shall not be applicable to issuances pursuant to the Company’s stock option
plan, restricted share unit plan, performance share unit plan or employee share purchase plan in effect on the Closing Date (and as may be amended in accordance with the rules of the securities exchange where the Shares of the Company are traded) or
any other currently outstanding securities convertible into Shares or other securities of the Company provided that the terms of such outstanding securities are not amended or otherwise modified after the date hereof. 

5.1.6 Rights Offering. If, after the date hereof, the Company fixes a record date for the issue or distribution of rights,
options or warrants to the holders of all or substantially all of the outstanding Shares pursuant to which such holders are entitled, during a period expiring not more than 45 days after the record date for such issue (such period being the
“Rights Period”), to subscribe for or purchase Shares or securities exchangeable for or convertible into Shares at a price per Share (or in the case of securities exchangeable for or convertible into Shares at an exchange or
conversion price per share at the date of issue of such securities) of less than 95% of the Current Market Price of the Shares on such record date (any of such events being herein called a “Rights Offering”), the Exercise Price will
be adjusted effective immediately after the record date for the Rights Offering to the amount determined by multiplying the Exercise Price in effect on such record date by a fraction: 

 

	 	i.	 the numerator of which will be the aggregate of 

(A) the number of Shares outstanding on the record date for the Rights Offering; and 

(B) the quotient determined by dividing 

(1) either (a) the product of the number of Shares offered during the Rights Period pursuant to the Rights Offering and the price at
which such Shares are offered, or, (b) the product of the exchange or conversion price of the securities so offered and the number of Shares for or into which the securities offered pursuant to the Rights Offering may be exchanged or converted,
as the case may be, by 
 (2) the Current Market Price of the Shares as of the record date for the Rights Offering; and 

 

	 	ii.	 the denominator of which will be the aggregate of the number of Shares outstanding on such record date and the
number of Shares offered pursuant to the Rights Offering (including in the case of the issue or distribution of securities exchangeable for or convertible into Shares the number of Shares for or into which such securities may be exchanged or
converted). 

  
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 If by the terms of the rights, options, or warrants referred to in this Section 5.1.6, there is more
than one purchase, conversion or exchange price per Share, the aggregate price of the total number of additional Shares offered for subscription or purchase, or the aggregate conversion or exchange price of the convertible or exchangeable securities
so offered, will be calculated for purposes of the adjustment on the basis of the lowest purchase, conversion or exchange price per Share, as the case may be. Any Shares owned by or held for the account of the Company will be deemed not to be
outstanding for the purpose of any such calculation. To the extent that any adjustment in the Exercise Price occurs pursuant to this Section 5.1.6 as a result of the fixing by the Company of a record date for the issue or distribution of
rights, options or warrants referred to in this Section 5.1.6, the Exercise Price will be readjusted immediately after the expiry of any relevant exchange, conversion or exercise right to the Exercise Price which would then be in effect based
upon the number of Shares actually issued and remaining issuable after such expiry and will be further readjusted in such manner upon the expiry of any further such right. 

“Current Market Price” of a Share at any date means the volume weighted average trading price on the securities exchange set out in
Section 2.1(i) or (ii), as applicable, for the twenty (20) consecutive trading days ending one (1) trading day prior to the relevant date or, if the Shares are not listed on any securities exchange, then on the over-the-counter market set out in Section 2.1(iii) with the volume weighted average price per Share being determined by dividing the aggregate sale price of all Shares
sold on the said exchange or market, as the case may be, during the said twenty (20) consecutive trading days by the aggregate number of Shares so sold or, if the Shares are not listed or quoted on any stock exchange or over-the-counter market, such price as agreed to in good faith between the Holders and the Company’s Board of Directors. 

5.1.7 Other Events. If any event occurs of the type contemplated by the provisions of this Section 5.1 but not expressly
provided for by such provisions(including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features), then the Company’s Board of Directors will make an appropriate adjustment in
the Exercise Price and the number of Warrant Shares, as mutually determined by the Company’s Board of Directors and the Holder, so as to protect the rights of the Holder; provided that no such adjustment pursuant to this Section 5.1.7 will
increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 5.1. 
 5.1.8
Statement of Adjustment. Whenever the Exercise Price or the Warrant Shares into which this Purchase Warrant is exercisable shall be adjusted as provided in this Section 5.1, the Company shall forthwith prepare a statement showing
in reasonable detail the facts requiring such adjustment and the Exercise Price that shall be in effect and the Warrant Shares into which this Purchase Warrant shall be exercisable after such adjustment, and cause a copy of such statement to be
delivered to the Holder as promptly as practicable. 
 5.1.9 Disputes. In the case of a dispute as to the determination of the
Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in accordance with Section 8.6. 

  
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 5.2 Substitute Purchase Warrant. In case of any consolidation of the Company
with, or share reconstruction or amalgamation of the Company with or into, another corporation or other entity (other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification or change of the
outstanding Shares), the corporation or other entity formed by such consolidation or share reconstruction or amalgamation shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then
outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise of such Purchase Warrant, the kind and amount of shares of stock and other securities and property
receivable upon such consolidation or share reconstruction or amalgamation, by a holder of the number of Shares of the Company for which such Purchase Warrant might have been exercised immediately prior to such consolidation, share reconstruction or
amalgamation, sale or transfer. Such supplemental Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this Section 5. The above provision of this Section 5 shall similarly apply to
successive consolidations or share reconstructions or amalgamations. 
 5.3 Elimination of Fractional Interests. The Company
shall not be required to issue certificates representing fractions of Shares upon the exercise of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties that
all fractional interests shall be eliminated by rounding any fraction up to the nearest whole number of Shares or other securities, properties or rights. 

5.4 Purchase Rights. In addition to any adjustments pursuant to Section 5.1 above, if at any time on or after the Effective
Date and on or prior to the Expiration Date the Company grants, issues or sells any options, convertible securities or rights to purchase stock, warrants, securities or other property, in each case pro rata to the record holders of the common stock
(the “Purchase Rights”), then the Holder will be entitled, and the Company shall reserve the Holder’s pro rata share of the Purchase Rights pending the complete exercise of this Purchase Warrant, to acquire, upon the terms
applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of common stock acquirable upon complete exercise of this Purchase Warrant (without regard to any
limitations or restrictions on exercise of this Purchase Warrant) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders
of common stock are to be determined for the grant, issuance or sale of such Purchase Rights. 
  

	6.	 Noncircumvention; Reservation and Listing. 

6.1 The Company hereby covenants and agrees that the Company will not, by amendment of its certificate of incorporation or bylaws, or through
any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Purchase
Warrant, and will at all times in good faith carry out all of the provisions of this Purchase Warrant and take all action as may be required to protect the rights of the Holder. 

6.2 The Company shall at all times reserve and keep available out of its authorized Shares, solely for the purpose of issuance upon exercise
of the Purchase Warrants, such number of Shares or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants and payment of the Exercise Price
therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights
of any shareholder. 

  
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 6.3 The Company hereby covenants and agrees that as long as the Purchase Warrants shall be
outstanding, the Company shall use its commercially reasonable efforts to cause all Shares issuable upon exercise of the Purchase Warrants to be listed (subject to official notice of issuance) on all national securities exchanges (or, if applicable,
on the OTCQB or OTCQX or any successor trading market) on which the Shares may then be listed or quoted. 
 7. Certain Notice Requirements. 

7.1 Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or
consent or to receive notice as a shareholder for the election of directors or any other matter, or, subject to Section 5.4, as having any rights whatsoever as a shareholder of the Company. If, however, at any time prior to the expiration of
the Purchase Warrants and their exercise, any of the events described in Section 7.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen (15) days prior to the date fixed
as a record date or the date of closing the transfer books for the determination of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed
dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each
notice given to the other shareholders of the Company at the same time and in the same manner that such notice is given to the shareholders. 

7.2 Events Requiring Notice. The Company shall be required to give the notice described in this Section 7 upon one or more
of the following events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable
otherwise than out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer to all the holders of its Shares any additional shares of capital stock
of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in
connection with a consolidation or share reconstruction or amalgamation) or a sale of all or substantially all of its property, assets and business shall be proposed. 

7.3 Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price
pursuant to Section 5 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe the event causing the change and the method of calculating same and shall be certified as being
true and accurate by the Company’s Chief Financial Officer. 

  
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 7.4 Transmittal of Notices. Any notice required or permitted to be given to
the Company or the Holder will be in writing and may be given by prepaid registered post, email transmission (return receipt requested) or other means of electronic communication capable of producing a printed copy to the address of the party set
forth below or such other address as such party may specify by notice in writing to the other party, and any such notice will be deemed to have been given and received by the party to whom it was addressed if mailed, on the third day following the
mailing thereof, if by facsimile or other electronic communication, on the date sent, or, if delivered, on delivery if sent or delivered during normal business hours of the recipient, and on the next business day if sent or delivered after normal
business hours of the recipient: (i) if to the registered Holder of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to following address or to such other address as the
Company may designate by notice to the Holders: 
 Global Crossing Airlines Group 

Bldg. 5A, Miami Int’l Airport, 4th Floor. 

4200 NW 36th Street, Miami, FL, 33166 

Attention: Ryan Goepel, EVP/Chief Financial Office 

Email: ryan.goepel@globalxair.com 
 8.
Miscellaneous. 
 8.1 Amendments. Except as otherwise provided herein, this Purchase Warrant may only be amended,
modified or supplemented by an agreement in writing signed by each party hereto. No waiver by the Company or the Holder of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No
waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that
waiver. No failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Purchase Warrant shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power
or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 
 8.2
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Purchase Warrant. 

8.3 Entire Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in
connection with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the
subject matter hereof. 
 8.4 Binding Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding
upon, the Holder and the Company and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or
by virtue of this Purchase Warrant or any provisions herein contained. 

  
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 8.5 Governing Law; Submission to Jurisdiction; Trial by Jury. This Purchase
Warrant shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, without giving effect to conflict of laws principles thereof. Each of the parties hereby irrevocably and unconditionally consents and
submits to the exclusive jurisdiction of the federal and state courts sitting in the City of New York, Borough of Manhattan, State of New York, for adjudication of any dispute arising hereunder, the transactions contemplated hereby, or the
agreements entered into in connection herewith. Any process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the
address set forth in Section 7.4 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any
such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on its behalf
and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and the Holder hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby. 
 8.6 Waiver, etc. The failure of the
Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision hereof
or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach, non-compliance or
non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver
is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment. 
 8.7 Execution in
Counterparts. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute
one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or
other electronic transmission. 
 8.8 Electronic Signature. This Warrant Certificate may be electronically signed on behalf of
the Corporation by the Authorized Signing Officer of the Company and such electronic signature shall be deemed an original signature. 
 8.9
Severability. If any provision of this Purchase Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or
unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Purchase Warrant
so long as this Purchase Warrant as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the 

  
 12 

 
prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the
practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of
which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s). 
 [Signature Page Follows]

  
 13 

 IN WITNESS WHEREOF, the Company has caused this Purchase Warrant to be signed by its duly
authorized officer as of the [•] day of [•], 2022. 
  

			
	GLOBAL CROSSING AIRLINES GROUP INC.
		
	By:	 	  

	Name:	 	Sheila Paine
	Title:	 	Corporate Secretary

  
 14 

 [Form to be used to exercise Purchase Warrant] 

Date: _______________, 20___ 
 The undersigned
hereby elects irrevocably to exercise the Purchase Warrant for                     shares of common stock, par value $0.001 per share
(the “Shares”), of Global Crossing Airlines Group Inc., a Delaware corporation (the “Company”), and hereby makes payment of
$                    (at the rate of
$                    per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which the Purchase Warrant is
exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been exercised. 

or 
 The undersigned hereby
elects irrevocably to convert its right to purchase ___ Shares of the Company under the Purchase Warrant for ______ Shares, as determined in accordance with the following formula: 

Y(A-B) 

X    =                  A 

Where, 
 X = The number of Shares to be issued to
Holder; 
 Y = The number of Shares for which the Purchase Warrant is being exercised; 

A = The fair market value of one Share as of the applicable Exercise Date, which is equal to $_____; and 

B = The Exercise Price in effect under the Purchase Warrant as of the applicable Exercise Date, which is equal to $______ per share 

The undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement
with respect to the calculation shall be resolved pursuant to Section 8.5 of the Purchase Warrant. 
 Signature
                                        

  
 15 

 INSTRUCTIONS FOR REGISTRATION OF SECURITIES 

Name: 
 (Print in Block Letters) 

 

			
	Address:                                     
                                         
                                 	  	
		
	                                      
                                         
                                         
      	  	
		
	                                      
                                         
                                         
      	  	

 __________ Check here if requesting delivery by Deposit/Withdrawal at Custodian as follows: 

DTC Participant:    ______________________________________________________ 

DTC Number:    ____________________________________________________________ 

Account Number:    ______________________________________________________ 

NOTICE: The signature to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or
enlargement or any change whatsoever. 

  
 16 

 [Form to be used to assign Purchase Warrant] 

ASSIGNMENT 
 (To be executed by the registered Holder to effect
a transfer of the within Purchase Warrant): 
 FOR VALUE RECEIVED, __________________ does hereby sell, assign and transfer unto the right to purchase
shares of common stock, par value $0.001 per share, of Global Crossing Airlines Group Inc., a Delaware corporation (the “Company”), evidenced by the Purchase Warrant and does hereby authorize the Company to transfer such right on
the books of the Company. 
 Dated: __________, 20__ 

Signature                        
                              

NOTICE: The signature to this form must correspond with the name as written upon the face of the within Purchase Warrant without alteration or enlargement or
any change whatsoever. 

  
 17EX-10.3

 Exhibit 10.3 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES SHALL NOT TRADE SUCH SECURITIES BEFORE [•], 2022. 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S.
SECURITIES ACT”). THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF GLOBAL CROSSING AIRLINES GROUP INC. (THE “COMPANY”) THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE
COMPANY; (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT OR (C) IN ACCORDANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF
AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND, IN THE CASE OF PARAGRAPH (C) OR
(D), THE SELLER FURNISHES TO THE COMPANY, UPON ITS REQUEST, AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY TO SUCH EFFECT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE GOOD DELIVERY IN
SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA. 
 DEBENTURE 

 

			
	Issue Date: [•], 2022	  	ISIN: US37960GAB05

 FOR VALUE RECEIVED, GLOBAL CROSSING AIRLINES GROUP INC. (the “Company”) promises to pay
to [NAME], [ADDRESS], [EMAIL] or its registered assigns (the ”Holder”), the principal sum of [•] ($[•]) in lawful currency of the United States (the “Principal
Amount”), together with all Obligations accrued thereon, on the date that is not later than two years after the Issue Date (the “Maturity Date”), subject to the terms and conditions hereof. This Debenture will bear Interest
(as defined herein) calculated per annum at the Interest Rate (as defined herein). 
 This Debenture is subject to the following additional terms and
conditions: 
  

	1.	 Definitions 

1.1 In this Debenture, capitalized terms used but not otherwise defined herein have the meanings given to such terms in the Subscription Agreement (as defined
herein), and the following terms will have the following meanings: 
  

	 	(a)	 “Account Debtor” means any Person who is or who may become obligated to the Credit Parties
under, with respect to, or on account of an Account Receivable or other Collateral; 

  

	 	(b)	 “Accounts Receivable” mean any and all accounts (as such term is defined in the UCC) of Credit
Parties and each and every right of the Credit Parties to (i) the payment of money, or (ii) the receipt or disbursement of products, goods, services or other valuable consideration, whether such right now exists or hereafter arises,
whether such right arises out of a sale, lease or other disposition of Inventory, or out of a rendering of services, or out of a policy of insurance issued or to be issued, or from a secondary obligation or arising out of the use of a credit or
charge card or information contained on or for use with such card, incurred or to be incurred, or any other transaction or event, whether such right is created, generated or earned by Credit Parties or by some other Person who subsequently transfers
its interest to Credit Parties, whether such right is or is not already earned by performance, and howsoever such right may be evidenced, together with all other rights and interests (including all liens and security interests) which Credit Parties
may at any time have by law or agreement against any Account Debtor or other Person obligated to make any such payment or against any property of such Account Debtor or other Person; 

	 	(c)	 “Affiliate” means, with respect to a specified Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified; 

  

	 	(d)	 “Alterna Lease” means the lease arrangement for aircraft MSN 2662 A319; 

 

	 	(e)	 “Applicable Laws” means applicable: (i) laws, constitutions, treaties, statutes,
codes, ordinances, statutory rules, principles of common and civil law and equity, terms and conditions of any grants of approval, permissions, orders, decrees, rules, regulations and municipal by-laws,
whether domestic, foreign or international, (ii) judicial, arbitral, administrative, ministerial, departmental and regulatory judgments, orders, writs, injunctions, decisions, rulings, licences, decrees and awards of any Governmental Authority,
and (iii) policies, practices and guidelines of any Governmental Authority, which, although not actually having the force of law, are considered by such Governmental Authority as requiring compliance as if having the force of law, in each case
binding on or affecting a Person, or the assets of a Person, referred to in the context in which such word is used; 

  

	 	(f)	 “Annual Forecast” has the meaning given to such term in Section 5.1(c);

  

	 	(g)	 “Business” means the business of operating a US 121 domestic flag and supplemental charter
airline and a cargo service airline; 

  

	 	(h)	 “Business Day” means any day except Saturday, Sunday and any day which is a statutory holiday
in the City or New York or a day on which banking institutions in the City of New York are authorized or required by Applicable Laws to close; 

  

	 	(i)	 “Capital Stock” means (i) in the case of a corporation, corporate stock;
(ii) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (iii) in the case of a partnership or limited liability company,
partnership interests (whether general or limited) or membership interests; and (iv) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the
issuing Person, but excluding from all of the foregoing any debt securities convertible into, or exchangeable for, Capital Stock, whether or not such debt securities include any right of participation with Capital Stock; 

 

	 	(j)	 “Capitalized Lease Obligation” means, for any Person, any payment obligation of such Person
under an agreement for the lease, license or rental of, or providing such Person with the right to use, property that, in accordance with GAAP, would be treated as a balance sheet liability; 

  
 - 2 - 

 “Change of Control” means (i) one or more related transactions in
which a Credit Party shall, directly or indirectly, (a) consolidate or merge with or into another Person (whether or not such Credit Party is the surviving entity), (b) sell, assign, transfer, lease, license, convey or otherwise dispose of all
or substantially all of the properties or assets of a Credit Party to another Person, (c) allow another Person to make a purchase, tender or exchange offer that is accepted by the holders of more than fifty percent (50%) of the outstanding
shares of Shares or other Equity Interests (not including any Shares or other Equity Interests held by the Person or Persons making or party to, or associated or affiliated with the Persons making or party to, such purchase, tender or exchange
offer), (d) consummate a stock purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person
whereby such other Person acquires more than fifty percent (50%) of the outstanding shares of Shares or Equity Interests of a Credit Party, or (E) reorganize, recapitalize or reclassify its Shares or other Equity Interests, (ii) one or
more related transactions in which any “person” or “group” (within the meaning of Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) is or shall become the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of fifty percent (50%) of the aggregate ordinary voting power represented by the Company’s issued
and outstanding Shares, or (iii) the entering into of any other instrument or one or more related transactions structured in a manner to circumvent, or that circumvents, the intent of this definition in which case this definition shall be
construed and implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to correct this definition or any portion of this definition which may be defective or inconsistent with the intended
treatment of such instrument or transaction; provided, however, that the occurrence of any of the foregoing events shall not be deemed a Change of Control if, prior to the occurrence of the transaction which would otherwise trigger a
Change of Control, the Company obtained the prior written approval to such transaction from the Holder; 
  

	 	(k)	 “Collateral” means all of the Credit
Parties’ tangible fixed assets, howsoever arising, wherever located and whether now owned or existing or hereafter existing or acquired, including, but not limited to, the following: (i) all Equipment; (ii) all Accounts Receivable;
(iii) all Inventory; (iv) any and all monies, reserves, deposits, deposit accounts, securities, cash, cash equivalents, balances, credits, and interest and dividends on any of the above, of or in the name of Credit Parties, now or
hereafter with any financial institution, and any and all other Property of any kind and description of or in the name of Credit Parties, now or hereafter, for any reason or purpose whatsoever, in the possession or control of, or in transit to, the
Holder or any agent or bailee for the Holder; (v) all investment Property; (vi) all furniture and fixtures; (vii) all documents of title and receipts, including, without limitation, all Vehicle Titles, whether negotiable or
nonnegotiable, including all goods covered by such documents; and (viii) all contracts, plans, specifications, documents and records of any kind relating to, and any and all substitutions, renewals, improvements, replacements, additions and
proceeds of, (i) through (vii) above, including, without limitation, proceeds of insurance policies; 

  

	 	(l)	 “Contingent Obligation” means, as to any Person, any direct or indirect liability, contingent
or otherwise, of that Person with respect to any indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to
the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with respect
thereto; 

  

	 	(m)	 “Control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have corresponding meanings; 

  
 - 3 - 

	 	(n)	 “Credit Party” means the Company, Global Opco and Global LLC; 

 

	 	(o)	 “Debenture” means this debenture; 

 

	 	(p)	 “Debt” of any Person means, without duplication (i) all indebtedness for borrowed money,
(ii) all obligations issued, undertaken or assumed as the deferred purchase price of property or services (including, without limitation, “capital leases” in accordance with GAAP) (other than trade payables entered into in the
ordinary course of business), (iii) all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (iv) all obligations evidenced by notes, bonds, notes or similar instruments whether
convertible or not, including obligations so evidenced incurred in connection with the acquisition of property, assets or businesses, (v) all indebtedness created or arising under any conditional sale or other title retention agreement, or
incurred as financing, in either case with respect to any property or assets acquired with the proceeds of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event of default are limited to
repossession or sale of such property), (vi) all indebtedness referred to in clauses (i) through (v) above secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise, to be secured by) any mortgage,
lien, pledge, charge, security interest or other encumbrance upon or in any property or assets (including accounts and contract rights) owned by any Person, even though the Person which owns such assets or property has not assumed or become liable
for the payment of such indebtedness, (vii) all Contingent Obligations in respect of indebtedness or obligations of others of the kinds referred to in clauses (i) through (vi) above; (viii) banker’s acceptances; (ix) the
balance deferred and unpaid of the purchase price of any property or services due more than three months after such property is acquired or such services are completed; (x) Hedging Obligations; and (xi) obligations under convertible
securities of a Credit Party. In addition, the term “Debt” of a Credit Party includes (a) all Debt of others secured by a Lien on any assets of a Credit Party or their respective Subsidiaries (whether or not such Debt is assumed by a
Credit Party or their respective Subsidiaries), and (b) to the extent not otherwise included, the guarantee by a Credit Party of any Debt of any other Person; 

 

	 	(q)	 “Disposition” means any sale, assignment, transfer, conveyance, lease, license, granting of an
option, demolition, abandonment or other disposition (or agreement to dispose) of any nature or kind whatsoever of any property or of any right, title or interest in or to any property, and the verb “Dispose” has a correlative
meaning; 

  

	 	(r)	 “EBITDAR” means earnings before interest, taxes, depreciation, amortization, and restructuring
or rent costs, as calculated by the Company, in each case in accordance with GAAP; 

  

	 	(s)	 “Equipment” means all machinery and equipment owned by the Credit Parties, wherever located,
whether now owned or hereafter existing or acquired by the Credit Parties, any embedded software thereon, any additions thereon, accessions thereto or replacements of parts thereof; 

 

	 	(t)	 “Equity Financing” means the sale of any Shares or securities convertible into or exchangeable
for Shares for cash proceeds to the Company (other than issuances pursuant to the Company’s stock option plan, restricted share unit plan, performance share unit plan or employee share purchase plan in effect on the Closing Date (and as may be
amended in accordance with the rules of the Exchange) or any other currently outstanding securities convertible into Shares or other securities of the Company); 

  
 - 4 - 

	 	(u)	 “Equity Interests” means Capital Stock and all warrants, options and other rights to acquire
Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock, whether or not such debt security includes the right of participation with Capital Stock). 

 

	 	(v)	 “Event of Default” has the meaning set forth in Section 6.1; 

 

	 	(w)	 “Exchange” means the Neo Exchange Inc., OTCQB or such other stock exchange as the securities
of the Company are listed on; 

  

	 	(x)	 “GAAP” means generally accepted accounting principles in the United States applied on a
consistent basis; 

  

	 	(y)	 “Global LLC” means Global Crossing Operations LLC; 

 

	 	(z)	 “Global Opco” means Global Crossing Airlines Inc.; 

 

	 	(aa)	 “Governmental Authority” means: (i) any international, multinational, national, federal,
provincial, state, municipal, local or other governmental or public department, central bank, court, commission, board, bureau, agency or instrumentality, domestic or foreign, (ii) any subdivision or authority of any of the foregoing, and
(iii) any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing, including any Securities Regulatory Authority; 

 

	 	(bb)	 “Guarantor” means Global Opco, Global LLC and each other Person which guarantees all or any
part of the Obligations; 

  

	 	(cc)	 “Hedge Instrument” means, with respect to any Person, any interest rate, foreign exchange or
commodity price risk management agreement or product, including interest rate, currency or commodity exchange or swap agreements, futures contracts, forward rate agreements, interest rate cap agreements and interest rate collar agreements, options
and all other agreements or arrangements designed primarily to protect such Person against fluctuations in interest rates, currency exchange rates or commodity prices; 

 

	 	(dd)	 “Hedging Obligations” means, with respect to any Person, the Person’s payment obligations
under Hedge Instruments calculated on a mark to market basis at the date of determination; 

  

	 	(ee)	 “Interest” means any accrued but unpaid interest with respect to the Principal Amount;

  

	 	(ff)	 “Interest Rate” means 15% per annum; 

 

	 	(gg)	 “Inventory” means any and all goods, finished goods, whole goods, materials, raw materials, work-in-progress, components or supplies, wheresoever located and whether now owned or hereinafter acquired and owned by the Credit Parties, including, without limitation,
goods, finished goods, whole goods, materials, raw materials, work-in-process, components or supplies in transit, wheresoever located, whether now owned or hereafter
acquired by the Credit Parties, which are held for demonstration, illustration, sale or lease, furnished under any contract of service or held as raw materials,
work-in-

  
 - 5 - 

	 	
process for manufacturing or processing or supplies for manufacturing or processing, and all materials used or consumed in the business of the Credit Parties, and shall include such other
Property, the sale or disposition of which has given rise to an Accounts Receivable and which has been returned to or repossessed or stopped in transit by or on behalf of the Credit Parties, but shall not include Property owned by third parties in
the possession of the Credit Parties; 

  

	 	(hh)	 “Issue Date” means the date set out as the issue date on the first page of this Debenture;

  

	 	(ii)	 “Lien” means any mortgage, charge, hypothec, assignment, pledge, lien, vendor’s
privilege, supplier’s right of reclamation or other security interest or encumbrance or adverse claim of whatever kind or nature, regardless of form and whether consensual or arising by law (statutory or otherwise), that secures the payment of
any indebtedness or liability or the observance or performance of any obligation; 

  

	 	(jj)	 “Make-Whole Premium” has the meaning given to such term in Section 4.3;

  

	 	(kk)	 “Material Adverse Effect” means any event, circumstance, occurrence, fact or state of facts,
change or effect that, when taken individually or in aggregate: has or is reasonably expected to have a material adverse effect on (A) the financial condition of the Credit Parties (taken as a whole), on the value of any material Collateral, on
the enforceability of any Transaction Documents, or on the validity or priority of Holder Liens on any Collateral, (B) the ability of the Company to operate its business in all material respects in accordance with the operating plan in effect
at the time of the occurrence of such event, circumstance, occurrence, fact or state of facts, change or effect, (C) the ability of the Company to perform or comply with its material obligations under the Transaction Documents, including
repayment of the Obligations, or (D) the rights and remedies of the Holder under the Transaction Documents; 

  

	 	(ll)	 “Obligations” ” means any and all obligations, liabilities and indebtedness, including
without limitation, principal, interest (including, but not limited to, any interest calculated at a default rate and post-petition interest in any proceeding under any under any bankruptcy, insolvency or other similar law), preferences and other
fees, costs, expenses and other charges and obligations under, relating to or arising out of this Debenture, the Subscription Agreement (for so long as this Debenture remains outstanding), the Warrant (for so long as this Debenture remains
outstanding), the Registration Rights Agreement (for so long as this Debenture remains outstanding) or any of the other agreements of the Credit Parties to the Holder (with the exception of the Alterna Lease) of any and every kind and nature,
howsoever created, arising or evidenced and howsoever owned, held or acquired, whether now or hereafter existing, whether now due or to become due, whether primary, secondary, direct, indirect, absolute, contingent or otherwise (including, without
limitation, obligations of performance), whether several, joint or joint and several, and whether arising or existing under written or oral agreement or by operation of law, in all such cases, arising under this Debenture, the Subscription
Agreement, the Warrant, the Registration Rights Agreement and any of the other Transaction Documents; 

  

	 	(mm)	 “Offering” means the offering by the Company of Debentures for gross proceeds of up to
$7,500,000; 

  

	 	(nn)	 “Offering Principal Amount” means the aggregate Principal Amount of all Debentures issued in
the Offering that is outstanding at the relevant time; 

  
 - 6 - 

	 	(oo)	 “Permitted Asset Disposition” means so long as no Event of Default exists (i) a sale,
transfer or other Disposition of tangible property that is worn out, obsolete or no longer required in the conduct of the Business, (ii) a sale, transfer or other Disposition by the Company of tangible property that is not and has not been used
and is not reasonably required for carrying out the Business, provided that the Company receives fair market value for such property, (iii) a sale, transfer or other Disposition of property by the Company to the extent such Disposition is
required by health and safety Applicable Law or rulings by any Governmental Authority, (iv) a sale, transfer or other Disposition of inventory in the ordinary course of business, or (v) any Disposition as otherwise approved in writing by
the Holder; 

  

	 	(pp)	 “Permitted Liens” means, in respect of any property of any Person, any of the following:

  

	 	(i)	 liens for Taxes not yet due or for which installments have been paid based on reasonable estimates pending
final assessments, or if due, the validity of which is being contested diligently and in good faith by appropriate proceedings by the Person and for which reasonable reserves under GAAP are maintained; 

 

	 	(ii)	 undetermined or inchoate liens, rights of distress and charges incidental to current operations which have not
at such time been filed or exercised, or which relate to obligations not due or payable, or if due, the validity of which is being contested diligently and in good faith by appropriate proceedings by the Person; 

 

	 	(iii)	 reservations, limitations, provisos and conditions expressed in any original grants from applicable
Governmental Authorities or other grants of real or immovable property, or interests therein, which do not materially affect the use of the affected land for the purpose for which it is used by the Person; 

 

	 	(iv)	 zoning, land use and building restrictions, by laws, regulations and ordinances of federal, provincial, state,
municipal and other Governmental Authorities, licences, easements, rights of way, servitudes and rights in the nature of easements (including, without limiting the generality of the foregoing, licences, easements, rights of way and rights in the
nature of easements for railways, sidewalks, public ways, sewers, drains, gas, steam and water mains or electric light and power, or telephone and telegraph conduits, poles, wires and cables) which do not materially impair the use of the affected
land for the purpose for which it is used by the Person; 

  

	 	(v)	 title defects, encroachments or irregularities or other matters relating to title which are of a minor nature
and which in the aggregate do not materially impair the use of the affected property for the purpose for which it is used by the Person; 

  

	 	(vi)	 the right reserved to or vested in any Governmental Authority which is conferred or reserved by or in any
statute of the United States of America or the State of Florida, by the terms of any lease, licence, franchise, grant or permit acquired by the Person or by any statutory provision to terminate any such lease, licence, franchise, grant or permit, or
to require annual or other periodic payments as a condition to the continuance thereof; 

  
 - 7 - 

	 	(vii)	 Liens resulting from the deposit of cash or securities (A) in connection with contracts, tenders,
expropriation proceedings, surety or appeal bonds and other similar Liens arising in connection with court proceedings when required by law, (B) in connection with workmen’s compensation and employment insurance obligations, (C) in
connection with the discharge of Liens and claims incidental to construction, mechanics’, warehousemen’s, carriers’, suppliers, repairers, storage and other similar Liens, and (D) in connection with public, statutory and other
like obligations incurred in the ordinary course of business; in each case, provided the obligations secured by such Liens are not yet due and payable, or are being contested diligently and in good faith; 

 

	 	(viii)	 security given to a public utility or any municipality or Governmental Authority when required by such utility
or Governmental Authority in connection with the operations of the Person in the ordinary course of its business; 

  

	 	(ix)	 applicable municipal and other governmental restrictions, including municipal by laws and regulations,
affecting the use of land or the nature of any structures which may be erected thereon, provided that the Person in compliance therewith in all material respects and such restrictions do not materially reduce the value of the assets of the Person or
materially interfere with the use of such assets in the operation of the business of the Person; 

  

	 	(x)	 Liens or any rights of distress that are reserved in or exercisable under any lease or sublease to which the
Person is a lessee which secure the payment of rent or compliance with the terms of such lease or sublease, provided that such rent is not then overdue and the Person is then in compliance in all material respects with such terms and provided
further that any such Liens are limited to property located at the premises subject to the applicable lease or sublease; 

  

	 	(xi)	 the Lien created by a judgment of a court of competent jurisdiction, as long as the judgment is being contested
diligently and in good faith by appropriate proceedings by the Person; 

  

	 	(xii)	 Liens securing Purchase Money Obligations and Capitalized Lease Obligations; 

 

	 	(xiii)	 cash collateral required by, and deposited with, financial institutions and bonding/surety companies as
security for letters of credit, letters of guarantee, performance bonds and surety bonds posted by or on behalf of the Company in the ordinary course of business; and 

 

	 	(xiv)	 the extension, renewal or refinancing of any Permitted Lien provided that the principal amount is not increased
or the terms modified to impose more burdensome terms upon the Credit Parties; 

  

	 	(qq)	 “Person” means an individual, partnership, corporation, joint stock company, trust,
unincorporated association, joint venture or other entity or Governmental Authority; 

  

	 	(rr)	 “Purchase Money Obligations” means the outstanding balance of the purchase price of real
and/or personal property, title to which has been acquired or will be acquired upon payment of such purchase price, or indebtedness to non vendor third parties incurred to finance the acquisition of new (and not replacement) real and/or personal
property, or any refinancing of such indebtedness or outstanding balance (provided the outstanding principal amount thereof is not increased) provided such indebtedness does not exceed 100% of the fair market value of such real and/or personal
property; 

  
 - 8 - 

	 	(ss)	 “Principal Amount” means the principal amount as may be due and owing by the Company to the
Holder from time to time under this Debenture; 

  

	 	(tt)	 “Property” means all types of real, personal, or tangible property; 

 

	 	(uu)	 “Securities Regulatory Authorities” means collectively, the Securities and Exchange
Commission, the state securities regulatory authorities in each Sate of the United States, the provincial and territorial securities regulatory authorities in each of the provinces and territories of Canada, and the Exchange; 

 

	 	(vv)	 “Shares” means collectively the shares of Common Stock, Class A Non-Voting Common Stock and Class B Non-Voting Common Stock of the Company; 

  

	 	(ww)	 “Subscription Agreement” means the Subscription Agreement to which the Company and the Holder
are parties and pursuant to which the Holder agreed to purchase this Debenture; 

  

	 	(xx)	 “Subsidiary” or “Subsidiaries” means, with respect to any Person (the
“Parent”), any corporation, limited liability company, partnership, association or other entity of which Capital Stock or other Equity Interests representing 50% or more of the ordinary voting power or, in the case of a partnership,
50% or more of the general partnership interests are, owned, Controlled or held by the Parent or one or more Subsidiaries of the Parent, or by the Parent and one or more Subsidiaries of the Parent; 

 

	 	(yy)	 “Taxes” means all taxes (including for certainty, real property taxes), assessments, levies,
imposts, stamp taxes, duties, deductions, charges and similar impositions payable, levied, collected or assessed as of the date of this Agreement or at any time in the future, and “Tax” shall have a corresponding meaning; and

  

	 	(zz)	 “UCC” means the Uniform Commercial Code as in effect in the State of New York; provided, in
the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, the Lender’s security interest in the Collateral is governed by the Uniform Commercial Code as in
effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions of this Agreement and the other Transaction Documents
relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions; provided further, that to the extent that the UCC is used to define any term herein and such term is defined differently in
different Articles or Divisions of the UCC, the definition of such term contained in Article or Division 9 shall govern. 

 1.2 Unless
otherwise provided, all dollar amounts referred to in this Debenture are in lawful money of the United States. 
  

	2.	 Subscription Agreement 

2.1 This Debenture has been issued pursuant to the Subscription Agreement, is subject in all respects to the terms of the Subscription Agreement, and
incorporates the terms of the Subscription Agreement to the extent that they do not conflict with the terms of this Debenture. The Company may not be assign, transfer, novate or dispose of any of its interest in or rights and Obligations under this
Debenture without the prior written consent of the Holder. The Holder may freely transfer or assign, novate or sup-participate any or all of its interest in or rights and Obligations under this Debenture,
subject to its compliance with Applicable Laws. 

  
 - 9 - 

	3.	 Interest 

3.1 The Principal Amount will bear simple Interest before the Maturity Date until the date of repayment in full of the Principal Amount and any Interest. The
Interest will be calculated and payable quarterly (March 31, June 30, September 30 and December 31) and on the Maturity Date, on the basis of a year of 365 days. Following the Maturity Date, Interest will be calculated and compounded
monthly until repayment in full of the Principal Amount together with all outstanding Obligations as provided. 
  

	4.	 Prepayments 

4.1 The Principal Amount may be prepaid at any time at the Company’s option, in whole but not in part, and on not less than 30 Business Days’ prior
written notice to the Holder. At the expiry of such notice period, the Company will pay to the Holder the Principal Amount together with all outstanding Obligations as provided herein. 

4.2 The Principal Amount must be prepaid in whole or in part, as applicable, by the Company upon the occurrence of any of the foregoing events: 

 

	 	(a)	 If the Company receives written notice from the Holder of any Applicable Law coming into force after the Issue
Date, or of any change in any existing Applicable Law or in the interpretation or application thereof by any court or Governmental Authority, now or hereafter, that makes it unlawful for the Holder to have advanced the Principal Amount under the
Debenture or to give effect to its obligations in respect thereof, the Holder’s obligations under the Debenture shall immediately terminate and the Company shall pay to the Holder the Principal Amount together with all outstanding Obligations
as provided herein within the time required by such law, but in no event later than the Maturity Date. 

  

	 	(b)	 If the Company incurs Debt other than Debt permitted by Section 5.2(b), then not later than five
(5) Business Days after the incurrence of such Debt, an amount equal to the net proceeds of such Debt shall be paid by the Company to the Holder as a mandatory prepayment and shall be applied against the Principal Amount together with all
outstanding Obligations as provided herein. 

  

	 	(c)	 If the Company completes an Equity Financing, then not later than five (5) Business Days after the closing
of such Equity Financing, an amount equal to the net proceeds of such Equity Financing shall be paid by the Company to the Holder as a mandatory prepayment and shall be applied against the Principal Amount together with all outstanding Obligations
as provided herein. 

  

	 	(d)	 The Company shall provide the Holder with not less than 15 Business Days’ prior written notice of the
closing date of any Change of Control, and the Holder may, upon not less than 10 Business Days’ written notice in advance of such closing date, elect to require the Company to prepay the Principal Amount of the Debenture at a rate of 105% of
the Principal Amount, together with all outstanding Obligations as provided herein, on or prior to the closing date of such Change of Control. 

  
 - 10 - 

	 	(e)	 In the event that the Company completes a listing on any NASDAQ market that includes a concurrent equity
offering (the “Nasdaq Listing”), then not later than five (5) Business Days after the completion of the Nasdaq Listing, the Company shall prepay the Principal Amount of the Debenture, together with all outstanding Obligations
as provided herein. 

  

	 	(f)	 If there shall be an Event of Default the Company shall immediately prepay in full the Principal Amount
together with all outstanding Obligations as provided herein. 

 4.3 If the Company prepays all or any portion of the Principal Amount, the
Company shall pay to the Holder a make-whole premium (the “Make-Whole Premium”) equal to: 
 (10% x P) – I 

Where: 
 I = the aggregate amount
of Interest received by the Holder on the prepaid Principal Amount as at the date of prepayment; and 
 P = the prepaid Principal Amount.

 If the formula generates a negative number, the Make-Whole Premium is nil. 

4.4 No Principal Amount prepaid under the terms of this Debenture may be reborrowed by the Company. 

 

	5.	 Covenants 

5.1 So long as any Obligations remain outstanding, the Credit Parties will (except as otherwise consented to by the Holders representing at least 80% of the
Offering Principal Amount): 
  

	 	(a)	 preserve and maintain its corporate existence; 

 

	 	(b)	 prohibit the Issuer’s Chief Executive Officer, Chief Financial Officer and Chief Operating Officer from
transferring any of their Shares. The foregoing prohibition shall not apply to: 

  

	 	(i)	 transfers upon the death of the individual to his or her executors, legatees or beneficiaries, including by
will or other testamentary document or intestacy, or a bona fide gift, including to a charitable organization or educational institution, or for bona fide estate planning purposes; 

 

	 	(ii)	 transfers of Shares or any security convertible into or exercisable or exchangeable/redeemable for Shares that
occurs by operation of law pursuant to a qualified domestic order in connection with a divorce settlement, separation agreement or other court order; 

  

	 	(iii)	 the transfer of Shares or any security convertible into or exercisable or exchangeable/redeemable for Shares
pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by the board of directors of the Company, made to all holders of Shares and if consummated would constitute a Change of Control,
provided that in the event that the tender offer, merger, consolidation or other such transaction is not completed, the Shares owned by the undersigned shall remain subject to the restrictions; or 

  
 - 11 - 

	 	(iv)	 the transfer of Shares in connection with the vesting, redemption, settlement, or exercise of restricted share
units, stock options, warrants or other rights or awards to receive or purchase Shares (including, in each case, by way of “net” or “cashless” exercise/redemption), including for the payment of the exercise or redemption price,
transaction fees and/or tax withholdings or remittance payments due as a result of the vesting, redemption, settlement, or exercise of such securities. 

  

	 	(c)	 deliver to the Holder (with such delivery being satisfied by uploading the required documents to an online
dataroom that the Holder has access to): 

  

	 	(i)	 on or before January 30th, an annual budget and forecast
for the current fiscal year (the “Annual Forecast”); 

  

	 	(ii)	 within 30 days of month end, provide to the Holder monthly financial statements (balance sheet and income
statement) prepared from the Company’s accounting system. Such monthly financial statements will not be audited or reviewed by accountants and will not include footnotes or other items generally completed for the Company’s regulatory
financial reporting; 

  

	 	(iii)	 as soon as available and in any event within forty-five (45) days after the end of each of the first,
second and third fiscal quarters of each fiscal year, unaudited consolidated statements of income, retained earnings and cash flows of the Company for such period and for the period from the beginning of the respective fiscal year to the end of such
period, and the related consolidated balance sheet of the Company, setting forth in each case in comparative form the corresponding consolidated figures for the corresponding period in the preceding fiscal year; 

 

	 	(iv)	 as soon as available and in any event within ninety (90) days after the end of each fiscal year, audited
consolidated statements of income, retained earnings and cash flows of the Company for such fiscal year and the related consolidated balance sheet of the Company as at the end of such fiscal year, setting forth in each case in comparative form the
corresponding consolidated figures for the preceding fiscal year, and accompanied by an audit report in customary form from auditors of recognized standing; 

  

	 	(v)	 as soon as practicable after becoming aware, notice of the occurrence of any litigation, dispute, arbitration,
proceeding or other circumstance affecting which could reasonably be expected to have a Material Adverse Effect, and from time to time provide the Holder with all information reasonably requested by the Holder concerning the status thereof;

  

	 	(vi)	 as soon as practicable after becoming aware, notice of any Event of Default; 

 

	 	(vii)	 as soon as practicable after becoming aware, notice of any material information with respect to the Company
which has not been publicly disclosed and which could be expected to have a Material Adverse Effect; and 

  
 - 12 - 

	 	(viii)	 as soon as practicable following a request therefor from the Holder, such information as is required by Holder
to complete “Know Your Customer” due diligence required by Governmental Authorities; 

  

	 	(ix)	 as soon as practicable following a request therefor from the Holder, such other information as the Holder may
reasonably request from time to time 

  

	 	(x)	 as soon as practicable after the filing thereof copies of all filings with any Commission on EDGAR or SEDAR.

  

	 	(d)	 conduct its business in such a manner so as to comply in all material respects with all Applicable Laws;

  

	 	(e)	 keep insured with financially sound and reputable insurance companies all of its property, in amounts and
against losses, including property damage and public liability, to the extent that such property is usually insured by businesses comparable to its business; 

  

	 	(f)	 pay all Taxes as they become due and payable unless they are being contested in good faith by appropriate legal
proceedings, arrangements have been made regarding adequate provision for their payment and any resulting Lien is a Permitted Lien pursuant to such definition; 

 

	 	(g)	 keep proper books of record and account, in which full and correct entries of all transactions in relation to
its business are made; 

  

	 	(h)	 at Holder’s reasonable request, upon ten days’ notice but not more than once per quarter, key
personnel of the Company will make themselves available to Holder to discuss the business, operations, condition (financial or otherwise), assets, liabilities and prospects of Company and its Affiliates. The Company and its Affiliates shall not
provide the Holder with any material nonpublic information without obtaining written confirmation from the Holder that it wishes to receive material nonpublic information. Such discussions and information that includes
non-public information will be subject to SEC Reg FD. Credit Parties will maintain and comply with policies and procedures reasonably acceptable to Holder to allow Holder to have reasonable access to the
property, books and records and operations of, which policies and procedures will be reviewed at Holder’s request. Upon the occurrence and continuation of an Event of Default, notification time will be reduced to one Business Day.

  

	 	(i)	 ensure that EBITDAR is not less than 80% of the forecasted EBITDAR set out in the Annual Forecast for any two
consecutive fiscal quarters; and 

  

	 	(j)	 promptly cure or cause to be cured any defects in the execution and delivery of the Transaction Documents or
any defects in the validity or enforceability of the Transaction Documents. 

 5.2 So long as any Obligations remain outstanding, the
Credit Parties will not, without the consent of Holders representing at least 80% of the Offering Principal Amount: 
  

	 	(a)	 Pay any dividends to its shareholders, unless the Principal Amount of this Debenture has been reduced to 25% or
less of the original Principal Amount; 

  
 - 13 - 

	 	(b)	 Create, incur, assume, or otherwise become directly or indirectly liable upon or in respect of, or suffer to
exist, any Debt other than: 

  

	 	(i)	 the Obligations; 

  

	 	(ii)	 Debt secured by Liens permitted pursuant to clause (xii) of the definition of Permitted Liens;

  

	 	(iii)	 Debt owing pursuant to intercompany loans between the Company and any of its Affiliates, or Debt owing pursuant
to intercompany loans between the Company’s Affiliates; 

  

	 	(iv)	 unsecured short-term (tenor of less than one year) financing of insurance premiums; 

 

	 	(v)	 Debt in respect of performance and surety bonds, letters of credit and letters of guarantee in favour of a
public utility or any other Governmental Authority; 

  

	 	(vi)	 Debt that is incurred to repay the outstanding Principal Amount together with all outstanding Obligations as
provided herein; 

  

	 	(vii)	 Debt that is first offered to the Holder at least 10 Business Days prior to being offered to any other Persons
(the “ROFO”), on such terms and subject to such conditions as is to be offered to such other Persons, provided that, if there is any material change to the terms or conditions of such Debt when offered to such other Persons, the
Holder shall again have a ROFO hereunder; or 

  

	 	(viii)	 Hedging Obligations. 

 

	 	(c)	 enter into any transaction or series of related transactions that will result in Change of Control, unless,
concurrently with the consummation of such transaction or series of related transactions, the Principal Amount will be repaid in full, together with all other Obligations then due and owing hereunder, in accordance with Section 4.2;

  

	 	(d)	 dispose of all or any part of its property, except pursuant to a Permitted Asset Disposition;

  

	 	(e)	 change in any material respect the nature of its business or operations from the Business;

  

	 	(f)	 directly or indirectly, purchase, acquire or lease any property from, or sell, transfer or otherwise Dispose of
any property to, or otherwise deal or enter into any agreement with, any Affiliate, except in the ordinary course of and pursuant to the reasonable requirements of business and upon fair and reasonable terms that are no less favourable than those
that could be obtained in an arm’s length transaction with an unrelated third party; 

  

	 	(g)	 change its auditor. 

 

	6.	 Events of Default 

6.1 The occurrence of any of the following will constitute an “Event of Default” under this Debenture: 

  
 - 14 - 

	 	(a)	 the Company failing to pay the Principal Amount on the Maturity Date, or the Company failing to pay the
Interest quarterly, on the Maturity Date or when otherwise due, or the Company failing to pay any other Obligation hereunder or under the terms of the Transaction Documents as and when otherwise due, unless such
non-payment is caused by (i) administrative or technical error, and (ii) payment is made within two (2) Business Days of its due date; 

 

	 	(b)	 except as set out in section 6.1(a), a Credit Party failing to observe or perform any covenant or agreement
contained in any of the Transaction Documents which failure is not cured, if possible to cure, within 15 days after the Chief Executive Officer, Chief Financial Officer or Chief Operating Officer has notice thereof or after notice of such default is
sent by the Holder to the Company; 

  

	 	(c)	 this Debenture or any Guaranty ceases to be in full force and effect, or is invalidated by any act, regulation
or governmental action or is determined to be invalid by a court or other judicial entity; 

  

	 	(d)	 a lienor or any other Person takes possession of any substantial part of the property of the Company or any
Affiliate by appointment of a receiver, receiver and manager, by expropriation or otherwise; 

  

	 	(e)	 any representation or warranty made by a Credit Party under any Transaction Documents is in any material
respect (or in any respect, in the case of representations and warranties that are qualified by materiality, including by the occurrence of a Material Adverse Effect) incorrect, incomplete or misleading when made and, if capable of remedy, the facts
or circumstances which make such representation or warranty incorrect or incomplete are not remedied within 20 days after the earlier of (i) the Company becoming aware that such representation or warranty is incorrect or incomplete and
(ii) the Holder notifying the Company of the same; 

  

	 	(f)	 any judgment or order for the payment of money in excess of $200,000 (or the equivalent amount in any other
currency), net of any amounts available for the satisfaction of such judgment or order pursuant to an enforceable contract of insurance, shall be rendered against a Credit Party and either (i) the same shall remain undischarged, unvacated,
unstayed and unbonded pending appeal for a period of 30 days from the entry thereof or (ii) enforcement proceedings shall have been commenced by any creditor upon such judgment; 

 

	 	(g)	 the occurrence of any event or circumstance that has a Material Adverse Effect; 

 

	 	(h)	 the occurrence of any litigation, dispute, arbitration, proceeding or other circumstance affecting which could
reasonably be expected to have a Material Adverse Effect 

  

	 	(i)	 an event of default has occurred under any other agreement between a Credit Party and the Holder;

  

	 	(j)	 the Credit Parties are enjoined, restrained or in any way prevented by any Governmental Authority from
conducting any material part of its Business; a Credit Party suffers the loss, revocation or termination of any material license, permit, lease or agreement necessary to its business; there is a cessation of any material part of a Credit
Party’s business for a material period of time; any material Collateral or property of a Credit Party is taken or impaired through condemnation, seizure, expropriation or nationalisation; 

  
 - 15 - 

	 	(k)	 EBITDAR falls below 80% of the forecasted EBITDAR set out in the Annual Forecast for more than two consecutive
fiscal quarters; 

  

	 	(l)	 beginning with the fiscal year ended December 31, 2022 and any fiscal year thereafter, the auditors of the
Company qualify the annual financial statements of the Company; 

  

	 	(m)	 the Company ceases to carry on all or a material part of its Business where such cessation is reasonably likely
to have a Material Adverse Effect; or 

  

	 	(n)	 the Company is unable to pay its debts (including trade debts) as they become due or otherwise becomes
insolvent, or enters into any proceeding for the appointment of a receiver, trustee, liquidator or custodian of the Company or of all or a substantial part of the property thereof, or an involuntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect is commenced and an order for relief is not entered or such proceeding is not dismissed
or discharged within thirty (30) Business Days of commencement. 

 6.2 Upon the occurrence or existence of any Event of Default, and
following the expiry of any applicable grace periods, and at any time thereafter during the continuance of such Event of Default, the Holder may, without notice or demand to the Company, do any or all of the following: 

 

	 	(a)	 declare the Debenture, all interest thereon, and all other Obligations payable under the Transaction Documents
to be forthwith due and payable, whereupon the Debenture, all such interest, and all such Obligations shall become and be forthwith due and payable, without presentment, demand, protest, or further notice of any kind, all of which are hereby
expressly waived by the Company (but if an Event of Default described in Section 6.1(m) occurs all Obligations are immediately due and payable without any action by the Holder); 

 

	 	(b)	 Make any payments and do any acts it considers necessary or reasonable to protect its security interest in the
Collateral. The Company shall assemble the Collateral if the Holder requests and make it available as the Holder designates. The Holder may enter premises where the Collateral is located, take and maintain possession of any part of the Collateral,
and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. The Company grants the Holder a license to enter and occupy any of its premises, without charge, to
exercise any of the Holder’s rights or remedies; and 

  

	 	(c)	 Exercise all rights and remedies available to the Holder under the Transaction Documents or at law or equity,
including all remedies provided by the UCC (including disposal of the Collateral pursuant to the terms thereof). 

 6.3 Many of the rights
of the Holder under this Agreement, whether arising from an Event of Default or otherwise, relate to unique assets and to restrictive covenants, including the right to preclude the Company from taking various actions. The Company and the Holder
recognize that the Holder will not obtain the full benefit of its bargain through the receipt of money damages but must receive specific performance of the terms of this Agreement. Accordingly, the Company and the Holder hereby express their
intention that a court award equitable relief and enforce specifically the rights of the Holder under this Agreement. 

  
 - 16 - 

 6.4 The Holder’s failure, at any time or times, to require strict performance by the Company of any
provision of this Agreement or any other Transaction Document shall not waive, affect, or diminish any right of the Holder thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder shall be effective unless
signed by the Holder and then is only effective for the specific instance and purpose for which it is given. The Holder’s rights and remedies under this Agreement and the other Transaction Documents are cumulative. The Holder has all rights and
remedies provided under the UCC, by law, or in equity. The Holder’s exercise of one right or remedy is not an election, and the Holder’s waiver of any Event of Default is not a continuing waiver. The Holder’s delay in exercising any
remedy is not a waiver, election, or acquiescence. 
 6.5 Application of Collateral Proceeds. The Holder will apply the proceeds of sale, to the extent
actually received in cash, in the manner and order it determines in its sole discretion, and as prescribed by Applicable Law. 
  

	7.	 Security Interest 

 

	7.1	 Grant of Security Interest. 

 

	 	(a)	 The Company grants and pledges to the Holder a continuing security interest in the Collateral to secure prompt
repayment of any and all Obligations and to secure prompt performance by the Company of each of its covenants and duties under the Transaction Documents. Such security interest shall constitute a valid and, subject to any Permitted Liens, first
priority, security interest in all then-existing Collateral, and shall constitute a valid and, subject to any Permitted Liens, first priority security interest in all later-acquired Collateral. 

 

	 	(b)	 Except as expressly permitted herein, Company hereby agrees not to sell, transfer, assign, mortgage, pledge,
lease, grant a security interest in, or otherwise encumber any of the Collateral. 

  

	 	(c)	 The Holder’s Lien on the Collateral pursuant to this Section 7 shall remain in effect for so long as
any Obligations remain outstanding. 

  

	7.2	 Perfection of Security Interest. 

 

	 	(a)	 The Company authorizes the Holder to (i) file, at any time, financing statements, continuation statements,
and amendments thereto that (A) either specifically describe the Collateral or describe the Collateral as all assets of Company of the kind pledged hereunder, and (B) contain any other information required by the UCC for the sufficiency of
filing office acceptance of any financing statement, continuation statement, or amendment, as applicable, and (ii) file, at any time, such other filings, or take such other actions for the purpose of perfecting, affording first and exclusive
priority to or otherwise relating to the Holder’s Lien under this Agreement or the other Transaction Documents. 

  
 - 17 - 

	 	(b)	 The Company shall have possession of the Collateral, except where expressly otherwise provided in this
Agreement or where the Holder reasonably chooses to perfect its security interest by possession in addition to the filing of a financing statement. Where Collateral is in possession of a third party bailee, the Company shall take such steps as the
Holder reasonably requests for Holder to (i) obtain an acknowledgment, in form and substance satisfactory to the Holder in its sole reasonable discretion, of the bailee that the bailee holds such Collateral for the benefit of the Holder, and
(ii) obtain “control” of any Collateral consisting of investment property, deposit accounts, letter-of-credit rights or electronic chattel paper (as such
items and the term “control” are defined in Article 9 of the UCC) by causing the securities intermediary or depositary institution or issuing bank to execute a control agreement in form and substance reasonably satisfactory to the Holder.

  

	 	(c)	 The Company shall take such other actions as the Holder reasonably requests from time to time in order to
perfect, and, as applicable, maintain the first priority status of, the Holder’s security interests granted under this Agreement. 

  

	 	(d)	 The Company does hereby constitute and appoint the Holder as the Company’s true and lawful attorney,
irrevocably, with full power (in the name of the Company or otherwise), upon the occurrence of any Event of Default under this Agreement to file any claims or take any action at law or in equity or as the Holder may otherwise deem appropriate or to
be necessary or advisable in respect of the Collateral. This power of attorney is coupled with an interest and shall be irrevocable. 

  

	8.	 Notices 

8.1 Any notice required or permitted to be given to the Company or the Holder will be in writing and may be given by prepaid registered post, email
transmission (return receipt requested) or other means of electronic communication capable of producing a printed copy to the address of the party set forth below or such other address as such party may specify by notice in writing to the other
party, and any such notice will be deemed to have been given and received by the party to whom it was addressed if mailed, on the third day following the mailing thereof, if by facsimile or other electronic communication, on the date sent, or, if
delivered, on delivery if sent or delivered during normal business hours of the recipient, and on the next business day if sent or delivered after normal business hours of the recipient: 

 

	 	(a)	 to the Company: 

Global Crossing Airlines Group Inc. 

Bldg. 5A, Miami Int’l Airport, 4th Floor 

4200 NW 36th Street, Miami, FL, 33166 

Attention: Chief Financial Officer 

Email: ryan.goepel@globalxair.com 
  

	 	(b)	 to the Holder at the address set forth on the first page of this Debenture. 

 

	9.	 Exchange or Replacement of Debenture 

9.1 The Holder may, at its option, in person or by duly authorized attorney, surrender this Debenture for exchange at the principal business office of the
Company and receive in exchange therefore a new Debenture in the same Principal Amount as the unpaid Principal Amount of this Debenture and bearing Interest at the same annual rate as this Debenture, each such new Debenture to be dated as of the
date of this Debenture and to be in respect of such Principal Amount and Interest as remains unpaid and payable to such Holder. 

  
 - 18 - 

 9.2 Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction, or
mutilation of this Debenture and (in the case of loss, theft or destruction) of an indemnity reasonably satisfactory to the Company, or upon surrender and cancellation of this Debenture if mutilated, the Company will deliver a new Debenture of like
tenor in lieu of this Debenture. Any Debenture delivered in accordance with the provisions of this Section 9.2 will be dated as of the date of this Debenture. 
  

	10.	 Governing Law 

10.1 All matters relating to the Debenture shall be governed by, construed and enforced in accordance with, the laws of the State of New York, without regard
to conflicts of law rules of the State of New York, or any other jurisdiction that would cause the laws of a jurisdiction other than the State of New York, to apply, and each of the parties hereby irrevocably and unconditionally consents and submits
to the exclusive jurisdiction of the federal and state courts of sitting in the City of New York, Borough of Manhattan, State of New York, United States of America for adjudication of any dispute arising hereunder, the transactions contemplated
hereby, or the agreements entered into in connection herewith (waiving right to trial by jury and agreeing not to commence any litigation relating thereto except in such courts). 

 

	11.	 Waiver 

11.1 No delay in exercising any power or right hereunder will operate as a waiver of any other power or right, nor will any single or partial exercise of any
power or right preclude other or further exercise thereof, or the exercise thereof, or the exercise of any other power or right hereunder or otherwise; and no waiver whatsoever or modification of the terms hereof will be valid unless set forth in
writing by the waiving party, and then only to the extent set forth therein. 
  

	12.	 Amendments 

12.1 This Debenture may not be amended without the express written consent of both the Company and the Holders representing at least 80% of the Offering
Principal Amount. 
  

	13.	 Severability 

13.1 If any provision of this Debenture is invalid, illegal or unenforceable, the balance of this Debenture will remain in effect, and if any provision is
inapplicable to any Person or circumstance, it will nevertheless remain applicable to all other Persons and circumstances. 
  

	14.	 Confidentiality  

14.1 The Holder agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to it, its
Affiliates and its and its Affiliates’ respective partners, directors, officers, employees, managers, administrators, trustees, agents, auditors, advisors and representatives (it being understood that the Persons to whom such disclosure is made
will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory
authority) or any rating agency in connection with any financing the Holder may obtain, (c) to the extent required by Applicable Laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in
connection with the exercise of any remedies hereunder or any other Transaction Document or any action or proceeding relating to a Transaction Document or the enforcement of rights hereunder or thereunder, (f) with the consent of the Company,
or (g) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Holder on a non-confidential basis. 

  
 - 19 - 

 14.2 For purposes of this Section, “Information” means all information of a confidential
nature received in connection with this Debenture from the Company or its Affiliates relating to the Company or any of its Affiliates or any of their respective businesses, other than any such information that is available to the Holder on a non-confidential basis prior to such receipt. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such
Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
  

	15.	 Assignment 

15.1 This Debenture shall enure to the benefit of and be binding upon the parties hereto and thereto, their respective successors and any permitted assignee of
some or all of the parties’ rights or obligations under this Debenture as permitted under this Section. 
 15.2 The Company shall not assign all or any
part of its rights, benefits or obligations under this Debenture without the prior written consent of the Holder. 
 15.3 The Holder may assign or transfer
its rights in respect of the Obligations, and this Debenture and to or in favour of any Person and have its corresponding obligations hereunder and thereunder assumed by such Person at any time without the consent of the Company. 

15.4 Notwithstanding any other provision of this Debenture, the consent of the Company shall not be required in the case of an assignment by the Holder to or
in favour of any of its Affiliates. 
 15.5 Any assignment made hereunder shall become effective when the Company has been notified by the Holder that it has
received an acknowledgement from the assignee Holder that it is bound by this Debenture. Any such assignee shall be treated as a party to this Debenture for all purposes of this Debenture and shall be entitled to the full benefit hereof and thereof
and shall be subject to the obligations of the Holder to the same extent as if it were an original party, in each case, in respect of the rights assigned to it and obligations assumed by it and the assignor Holder shall be released and discharged
accordingly. 
  

	16.	 Next Business Day 

16.1 Whenever any payment or other obligation hereunder will be due on a day other than a Business Day, such payment will be made on the next succeeding
Business Day. 
  

	17.	 Time of the Essence 

17.1 Time will be of the essence of this Debenture. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK – SIGNATURE PAGE TO FOLLOW] 

  
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 IN WITNESS WHEREOF, the Company has caused this Debenture to be duly executed by a duly authorized officer
as of the date first above indicated. 
 GLOBAL CROSSING AIRLINES GROUP INC. 

 

			
	Per:	 	  

		 	Authorized Signatory

  
 - 21 -

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