Document:

Exhibit 10.27

AMENDMENT
NUMBER ONE TO

AGREEMENT
BETWEEN REPUBLIC AIRWAYS

HOLDINGS
INC. AND DELTA AIR LINES, INC.

 

 

                               
This Amendment Number One (the “Amendment”), dated and effective October 1,
2003, amends the Agreement dated June 7, 2002 between Republic Airways Holdings
Inc. (“Republic”) and Delta Air Lines, Inc. (“Delta”).

 

                               
WHEREAS, Republic and Delta are parties to the Agreement; and

 

                               
WHEREAS, Republic, Delta and Chautauqua Airlines, Inc. (“Chautauqua”) are,
contemporaneously herewith, entering into Amendment Number Two to the Delta
Connection Agreement dated June 7, 2003 as previously amended among Delta,
Republic and Chautauqua (the “Delta Connection Amendment”); and

 

WHEREAS, in connection with the Delta Connection
Amendment, Republic is issuing a warrant to purchase three hundred thousand
(300,000) shares of Republic common stock to Delta (the “Additional Warrant”);
and

 

WHEREAS, in connection with the issuance of the
Additional Warrant, Republic and Delta wish to amend the Agreement as provided
herein;

 

NOW THEREFORE, in consideration of the mutual
undertakings set forth herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be
legally bound, Republic and Delta agree as follows:

 

               
1.            
Section 5 of the Agreement shall be deleted and replaced with the following:

 

“5.           Lock-Up.               
Delta agrees, if requested by the principal underwriter managing the IPO, not
to publicly sell the Participation Shares, the Warrant Shares or any other
shares of Common Stock obtained by Delta as the result of the exercise of any
warrant or option to purchase Common Stock without the prior written consent of
such underwriter for a period not to exceed one hundred eighty (180) days
following the effective date of an S-1 registration statement filed by the
Company, as amended from time to time (the “Lock-Up”); provided that the terms
of any such Lock-Up are no more restrictive than the terms of the least
restrictive lock-up or similar restriction imposed on any shareholder of the
Company affiliated with Wexford Capital LLC or any executive officer of the
Company.”

 

               
2.             All
capitalized terms used but not defined herein shall have the meanings set forth
in the Agreement.

 

1

 

               
3.            
Except as specifically amended herein, the Agreement shall remain in full force
and effect.

 

               
IN WITNESS WHEREOF, the parties have executed this Amendment by their
undersigned duly authorized representatives:

 

	
  REPUBLIC AIRWAYS HOLDINGS INC.

  	
  DELTA AIR LINES,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Bryan Bedford

  	
   

  	
  By:

  	
  /s/ Fred Buttrell

  
	
  Name:

  	
  Bryan Bedford

  	
  Name:

  	
  Fred Buttrell

  
	
  Title:

  	
  President

  	
  Title:

  	
  President & CEO

  
	
   

  	
   

  	
  Delta Connection

  
	
   

  	
   

  	
   

  	
   

  	
   

  
						

 

2Exhibit 10.28(b)

 

NEITHER THIS
WARRANT NOR ANY OF THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES  ACT”), OR UNDER ANY
APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF REGISTRATION
UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR THE
AVAILABILITY OF AN EXEMPTION THEREFROM UNDER THE PROVISIONS OF THE SECURITIES
ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

WARRANT

TO PURCHASE SHARES OF COMMON STOCK

OF

REPUBLIC AIRWAYS HOLDINGS, INC.

 

Date: 
October 1, 2003

 

THIS
IS TO CERTIFY THAT, for value received, DELTA AIR LINES, INC., a Delaware
corporation (“Delta”),
is entitled, subject to the terms herein, to purchase from REPUBLIC AIRWAYS
HOLDINGS INC., a Delaware corporation (the “Company”),  three hundred thousand (300,000) fully paid and
nonassessable shares of the Company’s common stock, $.001  par value (the “Common Stock”), at
the Exercise Price (as defined below), all on the terms and conditions and
pursuant to the provisions hereinafter set forth.  The term “Warrant  Shares,” as used
herein, refers to the shares of Common Stock purchasable hereunder.  As
used herein, the term “Holder”
shall initially mean Delta, and shall subsequently mean each person or entity
to whom this Warrant is duly assigned.

 

1.            
Exercise of Warrant. 
This Warrant is exercisable, in whole or part, at any time or from time to time
after the date hereof until 5:30 p.m., New York time, on October ___, 2013 (the
“Exercise
Period”);
provided, however, that if the Company at any time
gives Delta written notice that the Company has scheduled a “road show” in
connection with its sale of Common Stock pursuant to an initial public offering
under the Securities Act (an “IPO”), then, unless the Company, in its sole discretion,
determines otherwise, this Warrant will not be exercisable for a period
commencing on the date which is seven days after the date of the Company’s
written notice and ending on (a) the day of effectiveness of the IPO or (b) the
day of withdrawal of  the registration statement for the IPO upon its
failure to go effective (each such period, a “Blocking Period”).  The Company
shall promptly notify Delta if the IPO is not consummated, and in any event, no
Blocking Period shall be longer than forty-five (45) days.

 

2.            
Exercise Price. 
The per share price at which the Warrant Shares may be purchased (the “Exercise Price”) shall
be equal to:

 

               
(a)           if the Warrant is exercised prior to a
consummated IPO, $18.00 per share; or

 

1

 

               
(b)           if the Warrant is exercised after or in
connection with the IPO, 95% of the price per share at which the Common Stock
was sold to the public in the Company’s IPO.

 

3.            
Manner of Exercise; Payment for Shares; Issuance of Certificates.

 

               
(a)           Manner of
Exercise.  Subject to the provisions of this
Warrant, the Warrant Shares may be purchased by the Holder, in whole or in
part, by the surrender of this Warrant together with a completed election to
purchase agreement in the form attached to this Warrant (the “Election Agreement”),
to the Company during normal business hours on any business day, during the
Exercise Period, at the Company’s principal executive offices (or such other
office or agency of the Company as it may reasonably designate by notice to the
Holder), and upon payment to the Company of an amount of consideration equal to
the aggregate Exercise Price of the purchased Warrant Shares  (“Total  Purchase Price”).

 

               
(b)           Payment for
Shares.  The Total Purchase Price may be paid
(i) in cash, by certified or official bank check or by wire transfer for the
account of the Company, (ii) notwithstanding (i), if the Fair Market Value (as
defined below) of the Company’s Common Stock is greater than the Exercise
Price, in lieu of exercising this Warrant by payment of cash, the Holder may elect
to receive shares of Common Stock computed as of the date of such calculation
using the following formula:

 

	
  X=

  	
  Y(A-B)

  
	
   

  	
  A

  

 

Where
X = the number of shares of Common Stock to be issued to the Holder

 

Y =
the number of shares of Common Stock purchasable under the Warrant or, if only
a portion of the Warrant is being exercised, the portion of the Warrant being
exercised and canceled

A =
the Fair Market Value of one share of the Company’s Common Stock

B =
the Exercise Price

 

or
(iii) in any combination of the foregoing.

 

               
(c)           Definitions.

 

               
(i)                                    
“Fair Market Value”
shall mean, as of any date of determination, with respect to any Common Stock,
(x) if there is a Qualified Public Market (as defined below) for such Common
Stock, the value per share determined pursuant to clause (i) or (ii) below of
this definition or (y) if there is no such Qualified Public Market, the value
determined pursuant to clause (iii) below of this definition:

 

(i)           
if such Common Stock is listed or quoted on a national securities exchange or
admitted to unlisted trading privileges on

 

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such
an exchange, the average last reported sale price (as reported in The  Wall
Street Journal) of a share of such Common Stock over the 21 trading
day period immediately prior to the date of determination or if no such sale is
made on any such day, the mean of the closing bid and asked prices for such
Common Stock on such day on such exchange; or

 

(ii)          
if such Common Stock is not so listed or admitted to unlisted trading
privileges, the average mean of the last bid and asked prices reported for a
share of such Common Stock over the 21 trading day period immediately prior to
the date of determination (A) by the National Association of Securities Dealers
Automatic Quotation System or (B) if reports are unavailable under clause (A)
above by the National Quotation Bureau Incorporated; or

 

(iii)         
if such Common Stock is not so listed or admitted to unlisted trading
privileges and bid and asked prices are not so reported, then the Company shall
give prompt written notice to the Holder of the need to determine the Fair
Market Value of such Common Stock, as well as a statement of the fair market
value of such Common Stock determined by the Board of Directors of the
Company.  In such event, the Fair Market Value of such Common Stock shall
be the fair market value per share agreed to by the Board of Directors of the
Company and the Holder; provided,
however, if no such agreement is
reached within thirty (30) days of the date on which the event for which the
Fair Market Value is required to be determined occurs, then the Fair Market
Value shall be determined as follows: the Company and the Holder shall each
designate promptly in a written notice to the other its determina­tion of the
fair market value of such Common Stock as of the applicable reference date, and
the Fair Market Value of such Common Stock as of the applicable reference date
shall then be determined by a nationally recognized independent appraiser (the
“Independent Financial
Expert”) selected by the Holder from a group of three appraisers
chosen by the Company (with whom the Company does not have an existing business
relationship) and the Holder assuming an arm’s-length private sale between a
willing buyer and a willing seller, neither acting under compulsion.  The
determination by the Independent Financial Expert of the Fair Market Value
shall be final and binding on the Company and the Holder.  The costs and
expenses of any such Independent Financial Expert making such valuation shall
be paid by the Company, except that such expenses shall be borne solely by the
Holder to the extent that the Independent Financial Expert concludes that the
valuation of such Common Stock made by the Board of Directors

 

3

 

of the
Company is within ten percent (10%) of the Fair Market Value.

 

               
(ii)                                 
“Qualified  Public  Market” shall mean
with respect to the Common Stock of the Company, an active trading market on a
national securities exchange or over-the-counter market which consists of such
publicly held Common Stock in the Company, with a minimum market value of
$10,000,000 for such Common Stock.  A “Qualified Public Market” shall be
deemed to exist if the financial parameters set forth in the immediately
preceding sentence have been met for the Common Stock for a period of 21
consecutive days.

 

               
(d)           Issuance of
Certificates. 
The Warrant Shares so purchased shall be deemed to be issued to the Holder, as
the record owner of such shares, as of the close of business on the date on
which this Warrant shall have been surrendered, the completed Election
Agreement shall have been delivered, and payment of the Total Purchase Price
shall have been made as set forth above. Certificates for the Warrant Shares so
purchased, with the legend specified in Subsection 10(f) hereof, shall be delivered
to the Holder within a reasonable time, not to exceed three (3) business days
after this Warrant shall have been so exercised. The certificates so delivered
shall be in such denominations as may be requested by the Holder and shall be
registered in the name of the Holder.  If this Warrant should be exercised
in part only, the Company shall, upon surrender of this Warrant, execute and
deliver a new Warrant evidencing the rights of the Holder thereof to purchase
the balance of the Warrant Shares issuable hereunder.

 

4.            
Certain Agreements of the Company. The
Company hereby covenants and agrees as follows:

 

               
(a)           Shares to be
Fully Paid. 
All Warrant Shares will, upon issuance in accordance with the terms of this
Warrant, be validly issued, fully paid and nonassessable and free from all
taxes, liens and charges with respect to the issue thereof.

 

               
(b)           Reservation of
Shares. 
During the Exercise Period, the Company shall at all times have authorized, and
reserved for the purpose of issuance upon exercise of this Warrant, a
sufficient number of shares of Common Stock to provide for the exercise of this
Warrant.

 

               
(c)           Successors and
Assigns. 
This Warrant will be binding upon any entity succeeding to the Company by
merger, consolidation or acquisition of all or substantially all of the
Company’s assets.

 

5.            
Adjustment to the Number of Warrant Shares.  During the Exercise Period, the number of
Warrant Shares and the Exercise Price shall be subject to adjustment from time
to time as provided in this Section 5.

 

               
(a)           Subdivision or
Combination of Common Stock.  During
the Exercise Period, if the Company subdivides (by any stock split, stock
dividend, recapitalization, reorganization, reclassification or otherwise) any
shares of Common Stock into a greater number 

 

4

 

of shares or
combines (by any reverse stock split, recapitalization, reorganization,
reclassification or otherwise) any shares of Common Stock into a smaller number
of shares, then, after the date of record for effecting such subdivision or
combination, the number of shares of Common Stock issuable upon exercise of
this Warrant shall be proportionally increased (in the case of a subdivision)
or decreased (in the case of a combination) so that the percentage of Warrant
Shares, after the subdivision or combination, of the total number of shares of
Common Stock outstanding will be equal to the percentage of Warrant Shares,
immediately prior to such subdivision or combination, of the total number of
shares of Common Stock outstanding immediately prior to such subdivision or
combination.  In addition, the Exercise Price shall be proportionally
decreased (in the case of a subdivision) or increased (in the case of a
combination) to appropriately reflect such subdivision or combination.

 

               
(b)           Consolidation,
Merger or Sale. 
During the Exercise Period, in case of any consolidation of the Company with,
or merger of the Company into any other corporation, or in case of any sale or
conveyance of all or substantially all of the assets of the Company other than
in connection with a plan of complete liquidation of the Company, then as a
condition of such consolidation, merger or sale or conveyance, adequate
provision will be made whereby the Holder of this Warrant will have the right
to acquire and receive upon exercise of this Warrant in lieu of the shares of
Common Stock immediately theretofore acquirable upon the exercise of this
Warrant, such shares of stock, securities or assets as may be issued or payable
with respect to or in exchange for the number of shares of Common Stock
immediately theretofore acquirable and receivable upon exercise of this Warrant
had such consolidation, merger or sale or conveyance taken place.  In any
such case, the Company will make appropriate provision to insure that the
provisions of this Section
5 will thereafter be applicable as nearly as may be in relation
to any shares of stock or securities thereafter deliverable upon the exercise
of this Warrant.

 

               
(c)           Notice of
Adjustment. 
Upon the occurrence of any event that requires any adjustment of the number of
Warrant Shares and Exercise Price, then, and in each such case, the Company
shall give notice thereof to the Holder, which notice shall state the increase
or decrease in the number of Warrant Shares purchasable and Exercise Price,
setting forth in reasonable detail the method of calculation and the facts upon
which such calculation is based.

 

6.            
No Fractional Shares.   No fractional shares of Common Stock
are to be issued upon the exercise of this Warrant. In lieu of delivering any
fractional shares to which the Holder would otherwise be entitled, the number
of shares of Common Stock shall be rounded to the nearest whole number.

 

7.            
Issue Tax. 
The issuance of certificates for Warrant Shares upon the exercise of this
Warrant shall be made without charge to the Holder of such shares for any
issuance tax or other costs in respect thereof.

 

8.            
No Rights or Liabilities as a Stockholder.  This Warrant shall not entitle the Holder to
any voting rights or other rights as a stockholder of the Company.  No
provision of this Warrant, in the absence of affirmative action by the Holder
to purchase Warrant Shares, and no mere enumeration herein of the rights or
privileges of the Holder, shall give rise to any liability 

 

5

 

of such Holder for
the Exercise Price or as a stockholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company.

 

9.            
Investment Representations.  Delta, as the initial Holder of this Warrant,
represents to the Company that (a) Delta is acquiring this Warrant for its own
account, for investment purposes and not with a view to the distribution
thereof, and (b) Delta is an “accredited investor” (as defined in Rule
501(a)(1), (2), (3) or (7) promulgated under the Securities Act).

 

10.         
Transfer and Replacement of Warrant.

 

               
(a)           Restriction on
Transfer. 
This Warrant and the rights granted to the Holder are transferable, in whole or
in part, upon surrender of this Warrant, together with a properly executed
assignment in the form attached hereto, at the office of the Company referred
to in Section 11
below; provided, that any
transfer or assignment shall be subject to the conditions set forth in Subsection 10(e). 
Until due presentment for registration of transfer on the books of the Company,
the Company may treat the registered Holder as the owner and Holder of this
Warrant for all purposes, and the Company shall not be affected by any notice
to the contrary.

 

               
(b)           Replacement of
Warrant. 
Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction, or mutilation of this Warrant and, in the case of any such loss,
theft, or destruction, upon delivery of an indemnity agreement reasonably
satisfactory in form and amount to the Company, or, in the case of any such
mutilation, upon surrender and cancellation of this Warrant, the Company, at
its expense, will execute and deliver, in lieu thereof, a new Warrant of like
tenor.

 

               
(c)           Cancellation;
Payment of Expenses. 
Upon the surrender of this Warrant in connection with any transfer or
replacement as provided in this Section 10, this Warrant shall be promptly canceled by
the Company.  The Company shall pay all taxes and all other expenses
(other than legal expenses, if any, incurred by the Holder) in connection with the
preparation, execution, and delivery of Warrants pursuant to this Section 10.

 

               
(d)           Register.  The Company shall maintain, at
its principal executive offices (or such other office of the Company as it may
designate by notice to the Holder), a register for this Warrant, in which the
Company shall record the name and address of the person or business entity in
whose name this Warrant has been issued, as well as the name and address of
each transferee and each prior owner of this Warrant.

 

               
(e)           Exercise or
Transfer Without Registration.  If, at the time of the surrender of this
Warrant in connection with any exercise, transfer, or exchange of this Warrant,
this Warrant (or in the case of any exercise, the Warrant Shares issuable
hereunder) shall not be registered under the Securities Act, and under
applicable state securities or blue sky laws, the Company may require, as a
condition of allowing such exercise, transfer, or exchange (i) that the Holder
or transferee of this Warrant, as the case may be, furnish to the Company a
written opinion of counsel, which opinion and counsel shall be reasonably
acceptable to the Company, to 

 

6

 

the effect that
such exercise, transfer or exchange may be made without registration under the
Securities Act and under applicable state securities or blue sky laws, and (ii)
that the Holder or transferee execute and deliver to the Company an investment
intent representation letter in form and substance acceptable to the Company. 
Notwithstanding anything in this Subsection 10(e) to the contrary, the Holder
may transfer this Warrant to any affiliate of the Holder without compliance
with clause (i)
of this Subsection 10(e).

 

               
(f)                                   
Legends.

 

(i)           
This Warrant (and each new or replacement Warrant issued in
accordance with the terms hereof), unless and until such time as the same is no
longer required under the applicable requirements of the Securities Act, or any
applicable state securities laws, shall bear the following legend:

 

“NEITHER
THIS WARRANT NOR ANY OF THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR UNDER ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
REGISTRATION UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS,
OR THE AVAILABILITY OF AN EXEMPTION THEREFROM UNDER THE PROVISIONS OF THE
SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.”

 

(ii)          
Each certificate or instrument (if any) representing any Warrant Shares issued
upon the exercise of this Warrant (and each certificate or instrument
representing any Warrant Shares issued to transferees of this Warrant or such
certificate or instrument), unless and until such time as the same is no longer
required under the applicable requirements of the Securities Act, or any
applicable state securities laws, shall bear substantially the following
legend:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY
APPLICABLE STATE SECURITIES LAWS.  THE SECURITIES REPRESENTED BY THIS
CERTIFICATE MAY NOT BE SOLD, PLEDGED, TRANSFERRED, ASSIGNED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER
THE PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.”

 

7

 

11.         
Notices.  All notices, requests and other
communications required or permitted to be given or delivered hereunder to the
Holder of this Warrant shall be in writing, and shall be personally delivered,
or shall be sent by certified or registered mail or by recognized overnight
mail courier, postage prepaid and addressed, to such Holder at the address
shown for such Holder on the books of the Company, or at such other address as
shall have been furnished to the Company by notice from such Holder.  All
notices, requests, and other communications required or permitted to be given
or delivered hereunder to the Company shall be in writing, and shall be
personally delivered, or shall be sent by certified or registered mail or by
recognized overnight mail courier, postage prepaid and addressed to the office
of the Company at 2500 South High School Road, Indianapolis,
IN 46241, Attention: President, or at such other address as shall have
been furnished to the Holder of this Warrant by notice from the Company. Any
such notice, request or other communication may be sent by facsimile, but shall
in such case be subsequently confirmed by a writing personally delivered or
sent by certified or registered mail or by recognized overnight mail courier as
provided above.  All notices, requests and other communications shall be
deemed to have been given either at the time of the receipt thereof by the
person entitled to receive such notice at the address of such person for
purposes of this Section
11 or, if mailed by registered or certified mail or with a
recognized overnight mail courier upon deposit with the United States Post
Office or such overnight mail courier, if postage is prepaid and the mailing is
properly addressed, as the case may be.

 

12.         
Governing Law.  THIS WARRANT SHALL BE GOVERNED AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW
YORK WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.

 

13.         
Miscellaneous.

 

               
(a)           Amendments.  This Warrant may only be amended
by an instrument signed by the Company and the Holder.

 

               
(b)           Descriptive
Headings. 
The descriptive headings of the several paragraphs of this Warrant are inserted
for purposes of reference only, and shall not affect the meaning or
construction of any of the provisions of this Warrant.

 

               
(c)           Severability
and Savings Clause. 
If any one or more of the provisions contained in this Warrant is for any
reason (i) objected to, contested or challenged by any court, government
authority, agency, department, commission or instrumentality of the United
States or any state or political subdivision thereof, or any securities
industry self-regulatory organization (collectively, “Governmental Authority”),
or (ii) held to be invalid, illegal or unenforceable in any respect, the
Company and the Holder agree to negotiate in good faith to modify such objected
to, contested, challenged, invalid, illegal or unenforceable provision. It is
the intention of the Company and the Holder that there shall be substituted for
such objected to, contested, challenged, invalid, illegal or unenforceable
provision a provision as similar to such provision as may be possible and yet
be acceptable to any objecting Governmental Authority and be valid, legal and
enforceable. Further, should any provisions of this Warrant ever be reformed or
rewritten by a judicial body, those provisions as rewritten will be binding,
but only in that 

 

 

8

 

jurisdiction, on
the Holder and the Company as if contained in the original Warrant.  The
invalidity, illegality or unenforceability of any one or more provisions of
this Warrant will not affect the validity and enforceability of any other
provisions of this Warrant.

 

               
(d)          
Counterparts.  This
Warrant may be executed in any number of counterparts, including by facsimile,
and each of such counterparts shall for all purposes be deemed to be an
original, and such counterparts shall together constitute but one and the same
instrument.

 

9

 

               
IN WITNESS  WHEREOF, the parties hereto have caused
this Warrant to be duly executed, as of the date first above written.

 

 

 

	
   

  	
   

  	
  REPUBLIC
  AIRWAYS HOLDINGS INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Bryan Bedford 

  
	
   

  	
   

  	
   

  	
  Name:  Bryan
  Bedford

  
	
   

  	
   

  	
   

  	
  Title:  President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  DELTA
  AIR LINES, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Fred Buttrell 

  
	
   

  	
   

  	
   

  	
  Name:  Fred Buttrell

  
	
   

  	
   

  	
   

  	
  Title  President
  & CEO Delta Connection

  

 

10

 

[FORM OF ASSIGNMENT]

 

(To be executed by the registered
Holder if

such Holder desires to transfer the Warrant)

 

FOR VALUE
RECEIVED,                                                                                   
hereby sells, assigns and transfers unto

 

 

(Please print
name, address and taxpayer identification number or social security number of
transferee.)

 

the accompanying
Warrant, together with all right, title and interest therein, and does hereby
irrevocably constitute and appoint:

 

 

attorney, to
transfer the accompanying Warrant on the books of the Company, with full power
of substitution. The transferee’s tax identification or social security number
is                        .

 

 

Dated:            ,
20  .

 

 

	
   

  	
   

  	
  [HOLDER]

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

 

NOTICE

 

The
signature to the foregoing Assignment must correspond to the name as written
upon the face of the accompanying Warrant or any prior assignment thereof in
every particular, without alteration or enlargement or any change whatsoever.

 

11

 

[FORM OF ELECTION TO PURCHASE
AGREEMENT]

 

(To be executed by the registered
Holder if

such Holder desires to exercise the Warrant)

 

 

 

To:                        :

 

The undersigned
hereby irrevocably elects (i) to purchase [insert
number of shares in words] ([insert
number of shares in numbers]) of the shares of common stock of
Republic Airways Holdings Inc., $.001  par
value, (“Common
Stock”),
pursuant to the provisions of Section 3(b)(i) of the accompanying warrant (the “Warrant”), and
tenders herewith payment of the aggregate purchase price for such Warrant
Shares in full; (ii) elects to exercise the Warrant for the purchase of [insert number of shares in words] ([insert number of shares in numbers]) of
the shares of Common Stock pursuant to the provisions of Section 3(b)(ii) (the
“cashless exercise”
provision) of the attached Warrant; or (iii) elects to exercise this Warrant
for the purchase of [insert number of shares
in words] ([insert number of
shares in numbers]) of the shares of Common Stock pursuant to the
provisions of Section
3(b)(iii) (the “combination exercise” provision) of the attached
Warrant.  The undersigned requests that certificates for such shares of
Common Stock be issued in the name of:

 

 

(Please print name
and address.)

 

 

(Please insert
social security or other identifying number.)

 

The undersigned
hereby confirms and acknowledges that it is acquiring the shares of Common
Stock solely for investment for its own account and not with a view to
distribution, and it will not offer, sell or otherwise dispose of any such
shares of Common Stock except in compliance with the Securities Act of 1933, as
amended, or any applicable state securities laws.

 

If such number of
shares of Common Stock shall not be all of the shares of Common Stock evidenced
by the accompanying Warrant, the undersigned requests that a new Warrant for
the balance remaining of such Warrant Shares shall be issued to, registered in
the name of, and delivered to:

 

 

(Please print name
and address.)

 

 

(Please insert
social security or other identifying number.)

 

12

 

	
  Dated:                       ,
            .

  	
  [HOLDER]

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

NOTICE

 

The signature to
the foregoing Election to Purchase Agreement must correspond to the name as
written upon the face of the accompanying Warrant or any prior assignment
thereof in every particular, without alteration or enlargement or any change
whatsoever.

 

13

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