Document:

exv4w3

 

Exhibit 4.3

SECOND SUPPLEMENTAL INDENTURE

     SECOND SUPPLEMENTAL INDENTURE, dated as of February 5, 2007 (this “Second Supplemental
Indenture”), among Covanta ARC LLC, formerly known as American Ref-Fuel Company LLC, a Delaware
limited liability company (the “Company”), U.S. Bank National Association, as successor trustee
under the Indenture referred to below (the “Trustee”) and U.S. Bank National Association as
successor securities intermediary under the Indenture referred to below (the “Securities
Intermediary”).

W I T N E S S E T H:

     WHEREAS, the Company has duly issued its 6.26% Senior Notes due 2016 (the “Notes”) pursuant to
an Indenture, dated as of May 1, 2003 (the “Initial Indenture”), among the Company, the Trustee and
the Securities Intermediary, as supplemented by the First Supplemental Indenture thereto, dated as
May 1, 2003 (the “First Supplemental Indenture” and, together with the Initial Indenture, the
“Indenture”); and

     WHEREAS, the Company desires to enter into this Second Supplemental Indenture to eliminate
from the Indenture substantially all of the covenants and certain events of default contained
therein and make certain other changes therein; and

     WHEREAS, pursuant to Section 11.2 of the Indenture, the Company has obtained the consent of
the Holders of at least a majority in aggregate principal amount of the Notes, the only outstanding
securities issued under the Indenture; and

     WHEREAS, an Officers’ Certificate and an Opinion of Counsel have been delivered to the Trustee
in accordance with Sections 1.3, 11.2 and 11.3 of the Indenture; and

     WHEREAS, all things necessary to make this Second Supplemental Indenture a valid agreement of
the Company, in accordance with its terms, have been done; and

     WHEREAS, on the execution of this Second Supplemental Indenture by the parties hereto, the
provisions hereof will become effective but not operative until the time specified in Section 12
herein.

     NOW, THEREFORE, in consideration of the mutual agreements and covenants contained herein and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company, the Trustee and the Securities Intermediary, agree as follows:

     1. Deletion of Sections in the Initial Indenture Related to Covenants. The provisions
of each of the following sections and subsections of the Initial Indenture, including any related
cross-references, events of default provisions, defined terms and other references thereto made
irrelevant as a result of their deletion, are hereby deleted in their entirety and replaced with
the phrase “Intentionally Omitted”:

 

 

Section 4.2

Section 4.3

Section 4.4

Section 4.5

Section 4.6

Section 4.7

Section 4.8

Section 4.10

Section 4.11

Section 4.13

Section 4.14

Section 4.15

Section 4.16

Section 4.17

Section 7.14.

     2. Deletion of Sections in the Initial Indenture Related to Events of Default. The
provisions of each of the following subsections of Section 7.1 of the Initial Indenture, including
any related cross-references, defined terms and other references thereto made irrelevant as a
result of their deletion, are hereby deleted in their entirety and replaced with the phrase
“Intentionally Omitted”:

Subsection 7.1(3)

Subsection 7.1(4)

Subsection 7.1(5)

Subsection 7.1(6)

Subsection 7.1(7)

Subsection 7.1(8)

Subsection 7.1(11)

Subsection 7.1(12).

     3. Deletion of Sections in the Initial Indenture Related to Defeasance. The provisions
of each of the following subsections of Section 13.2 of the Initial Indenture, including any
related cross-references, defined terms and other references thereto made irrelevant as a result of
their deletion, are hereby deleted in their entirety and replaced with the phrase “Intentionally
Omitted”:

Subsection 13.2(e)

Subsection 13.2(f)

Subsection 13.2(g)

Subsection 13.2(h).

     4. Amendment of Minimum Denomination of the Notes in the First Supplemental Indenture. Section 2.2 of the First Supplemental Indenture is hereby amended and restated
in its entirety and replaced with the following section:

2

 

SECTION 2.2. Denominations. Each Note created hereby shall be issued in
fully registered form without coupons in minimum denominations of $1,000 and
integral multiples thereof.

     5. Definitions. Capitalized terms used but not defined in this Second
Supplemental Indenture shall have the meanings ascribed thereto in the Indenture.

     6. Confirmation of the Indenture. The Indenture, as modified, supplemented and
superseded by this Second Supplemental Indenture, is in all respects ratified and confirmed, and
the Indenture and this Second Supplemental Indenture shall be read, taken and construed as one and
the same instrument. (Reference herein to the Indenture shall be deemed to be to the Indenture, as
modified, supplemented and superseded by this Second Supplemental Indenture).

     7. Governing Law. NEW YORK LAW TO GOVERN. THIS SECOND SUPPLEMENTAL INDENTURE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW THEREOF TO THE EXTENT THE APPLICATION OF SUCH PRINCIPLES WOULD CAUSE
THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.

     8. Separability. In case any provision in this Second Supplemental Indenture shall for
any reason be held to be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

     9. Counterparts. The parties may sign any number of copies of this Second Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement.

     10. Effect of Headings. The Section headings herein are for convenience only and shall
not affect the construction hereof.

     11. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Second Supplemental Indenture or for or in respect
of the recitals contained herein, all of which recitals are made solely by the Company.

     12. Effectiveness and Operativeness. The provisions of this Second Supplemental
Indenture will become effective upon execution and delivery hereof and will become operative on the
first date that the Company (a) accepts for payment a majority in aggregate principal amount of the
outstanding Notes pursuant to the Offer to Purchase and Consent Solicitation Statement dated
January 23, 2007, as supplemented by the Supplement thereto dated January 31, 2007 and (b) provides
notice of such acceptance to the Trustee.

[Signature Pages Follow]

3

 

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

	 	 	 	 	 
	 	COVANTA ARC LLC

 	 
	 
	 	 	 	 
	 	By:  	/s/ Mark A. Pytosh
 	 
	 	 	Name:  	Mark A. Pytosh 	 
	 	 	Title:  	Senior Vice President and Chief
Financial
Officer 	 
	 
	 
	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as
Trustee

 	 
	 
	 	 	 	 
	 	By:  	             /s/ Paul O’Brien
 	 
	 	 	Name:  	Paul O’Brien 	 
	 	 	Title:  	Vice President 	 
	 
	 
	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as
Securities Intermediary

 	 
	 
	 	 	 	 
	 	By:  	/s/ Paul O’Brien
 	 
	 	 	Name:  	Paul O’Brien 	 
	 	 	Title:  	Vice Presidentexv10w1

 

Exhibit 10.1

AIRCRAFT SERVICES AGREEMENT

     This Aircraft Services Agreement (hereinafter “Agreement”) is made and entered into as of this
6th day of February, 2007 (the “Effective Date”) by and between Rockcreek Aviation, Inc., a
Delaware corporation with its principal place of business at 2800 Rockcreek Parkway, Kansas City,
Missouri 64117 (“Rockcreek Aviation”) and PANDI, INC., a Missouri corporation with its principal
place of business at 11504 Pawnee Circle, Leawood, Kansas 66211 (“PANDI”).

     WHEREAS, PANDI is the operator of an aircraft described as follows:

	 	(1)	 	Make:    Beechcraft
	 
	 	(2)	 	Model:  BeechJet 400
	 
	 	(3)	 	Year:    1988
	 
	 	(4)	 	Serial Number:   RJ-3
	 
	 	(5)	 	FAA Registration Number:   N203BA

     (the “Aircraft”); and

     WHEREAS, Rockcreek Aviation desires to provide aviation services to PANDI pursuant to FAR Part
91;

     NOW THEREFORE, in consideration of the premises and the mutual covenants contained herein, and
for good and valuable consideration, Rockcreek Aviation and PANDI agree as follows:

I. TERM

     1.1 This Agreement shall commence on the Effective Date for a period of one (1) year, and
shall automatically be renewed for additional periods of one (1) year, unless terminated by either
party in accordance with Article X below (hereinafter the “Term”).

II. AVIATION SERVICES

     2.1 Retention and Provision of Services. PANDI agrees to retain Rockcreek Aviation to
provide the staffing, operation and maintenance of the Aircraft to support PANDI’s operation of the
Aircraft pursuant to FAR Part 91.

     2.2 Services. Rockcreek Aviation will provide PANDI with the following services in
connection with the Aircraft during the Term of this Agreement:

	 	(a)	 	Pilot and crew staffing services in accordance with Article III below;
	 
	 	(b)	 	Operational support services, including:

	 	(i)	 	local hangar space;
	 
	 	(ii)	 	Flight Safety training;
	 
	 	(iii)	 	handling of all record keeping and expense
tracking associated with the operation of the Aircraft in connection
with flights taken by Cerner Corporation or Rockcreek Aviation
associates; and
	 
	 	(iv)	 	assisting PANDI in obtaining and maintaining
such insurance covering the Aircraft and its operation as is set forth
in Article VII below;

1

 

	 	(c)	 	Maintenance, inspections and repairs services in accordance with Article IV below.

The services outlined in this Section 2.2, inclusive, shall hereinafter be defined as
“Services.”

     2.3 Services Fees. PANDI will pay a daily pilot/crew staffing fee as set forth in
Section 7.4. PANDI shall pay to Rockcreek Aviation a monthly Aviation Services Fee in accordance
with Section 7.1 below representing fees for the operational support services and general
administration of this Agreement. PANDI shall also pay actual labor and parts fees for the
maintenance, inspections and repairs services as set forth in Section 4.2.

III. PILOT AND FLIGHT SERVICES

     3.1 FAR Part 91 Crew Assignment/Qualifications. Rockcreek Aviation agrees to provide
to PANDI a Chief Pilot/Flight Department Manager and one other qualified pilot. In fulfilling this
obligation, Rockcreek Aviation will designate Jay New as the Chief Pilot.

     3.2 Crew Duties. In accordance with the applicable FARs, the flight crew provided by
Rockcreek Aviation will exercise all of its duties and responsibilities with the highest regard for
the safety of each flight conducted hereunder. PANDI specifically agrees that the flight crew, in
its sole discretion, may terminate any flight, refuse to commence any flight, or take any other
such action, which in the considered judgment of the assigned pilot in command is necessitated by
safety considerations. PANDI agrees that no such action by the pilot in command shall create or
support any liability for loss, injury, damage or delay to any customer or any other person. PANDI
further agrees that Rockcreek Aviation shall not be liable for delay or failure to furnish or
return the Aircraft or flight crew pursuant to this Agreement when such failure is caused by
government regulation or authority, mechanical difficulty, war, civil commotion, strikes or labor
disputes, terrorism, weather conditions or acts of God.

     3.3 Pilot in Command. Notwithstanding any other provision in this Agreement, the
pilot in command shall have the final and complete authority to cancel any flight for any reason or
condition, which in his/her judgment would compromise the safety of the flight.

IV. MAINTENANCE, INSPECTION AND REPAIR SERVICES

     4.1 Scope of Maintenance, Inspection and Repair. Rockcreek Aviation shall
supervise, conduct and contract for all repairs to and inspection and maintenance of the Aircraft
in accordance with Rockcreek Aviation’s FAA-approved maintenance program during the term of this
Agreement. Rockcreek Aviation shall maintain the Aircraft to FAR Part 91 standards. No period of
maintenance, preventive maintenance, or inspection shall be delayed or postponed for the purpose of
scheduling the Aircraft unless said maintenance or inspection can be safely conducted at a later
time in compliance with all applicable laws and regulations within the sound discretion of the
assigned Pilot in Command.

     4.2 Maintenance, Inspection and Repair Costs. PANDI shall pay all costs and expenses
incurred by Rockcreek Aviation in performing or causing to be performed all maintenance, repair,
inspection and overhaul work on the Aircraft pursuant to Section 4.1 above, including but not
limited to, all costs and expenses associated with new parts and accessories utilized for such
work.

     4.3 Records. Rockcreek Aviation will maintain reports, records, and other data to
comply with the applicable FARs in connection with repair and maintenance performed by Rockcreek
Aviation or its agents or designated contractors on the Aircraft.

     4.4 Inspection. PANDI or its designee shall have the right, but not the duty, to
inspect the Aircraft upon reasonable notice to Rockcreek Aviation, wherever the Aircraft may then
be located. Upon PANDI’s notice, Rockcreek Aviation shall advise PANDI of the Aircraft’s location
and, within a reasonable time, shall furnish PANDI with all information, logs, documents and
Rockcreek Aviation’s records regarding or in respect to the Aircraft and its use, maintenance or
condition.

2

 

The services outlined in Sections 4.1 through 4.4, inclusive, shall hereinafter be defined as
“Maintenance Services.”

V. TRAINING

     5.1 Training Services. Rockcreek Aviation will pay the training costs for the Chief
Pilot and other qualified pilot to complete the manufacturer’s recommended or approved ground and
flight training course. Such training is part of the operational services set forth in Section
2.2(b) above.

VI. PART 91 OPERATIONS

     6.1 PANDI Flights. PANDI has, and shall retain, operational control and possession,
command and control of the Aircraft for all PANDI flights under this Agreement. During PANDI’s
operation of the Aircraft, PANDI shall have the right, subject to safety considerations, to use
Rockcreek Aviation provided pilots and to direct such pilots as to when and where to fly. In
exercising operational control PANDI shall comply with the FARs and any pertinent regulations of
any country other than the United States where the Aircraft may be operated from time to time.
PANDI shall operate the Aircraft in accordance with FAR Part 91.

     6.2 Advance Notification. PANDI shall provide Rockcreek Aviation with PANDI’s
proposed flight schedules as far in advance of any given flight as possible, and in any case, at
least 4 hours in advance of PANDI’s planned departure.

VII. COMPENSATION

     7.1 Operational Services Fee. PANDI agrees to pay to Rockcreek Aviation and Rockcreek
Aviation agrees to accept as full payment eight-thousand dollars ($8,000) each month for Rockcreek
Aviation’s Service in accordance with Section 7.7 below.

     7.2 Fuel and Oil Costs. PANDI shall pay all costs and expenses incurred by Rockcreek
Aviation in purchasing fuel and oil for the Aircraft in accordance with Section 7.7 below.

     7.3 Maintenance Services Charges. PANDI agrees to pay to Rockcreek Aviation all
Maintenance Services costs as determined under Article IV above in respect to the Aircraft in
accordance with Section 7.7 below.

     7.4 Crew Expenses. PANDI agrees to pay to Rockcreek Aviation eight-hundred-fifty
dollars ($850) per day plus any and all reasonable lodging, transportation and all other reasonable
out of pocket costs incurred by the Crew in connection with a PANDI flight or flights. Crew costs
shall include, but are not limited to hotel accommodation, meals, rental cars and/or taxi fares,
plus taxes applicable to them.

     7.5 Part 91 Costs. PANDI agrees to pay all landing and parking fees,
international landing, handling and navigation fees, hangar fees away from the Base of Operation,
flight phone fees, and catering fees in connection with a PANDI flight or flights.

     7.6 Aircraft Direct Operating Costs. PANDI agrees to pay Rockcreek Aviation for all
Aircraft direct operating costs for PANDI’s flights.

     7.7 Invoices. Rockcreek Aviation will submit invoices to PANDI each month which
reflects the flights made, Services Fee, Crew expenses, and the cost of any other services,
expenses or costs payable by PANDI in accordance with this Agreement. Said invoices shall be mailed
to PANDI at the address specified below or at such other address as PANDI may from time to time
designate. Payment by PANDI is due thirty (30) days following the invoice date.

3

 

VIII. INSURANCE

     8.1 PANDI shall maintain insurance coverage as set forth below, in the minimum amounts and
subject to the provisions set forth below, on Rockcreek Aviation’s insurance policy:

	 	(a)	 	Aircraft Bodily Injury and Property Damage Liability, including Passenger
Liability, in limits of not less than fifty million dollars ($50,000,000) combined
single limit any one occurrence;
	 
	 	(b)	 	All Risks Hull (Physical Damage), including War Risks and Confiscation, with an
Agreed Value of two million dollars ($2,000,000);
	 
	 	(c)	 	Such insurance shall:

	 	(1)	 	cover all uses of the Aircraft as set forth in this Agreement;
	 
	 	(2)	 	name PANDI as an Additional Insured;
	 
	 	(3)	 	provide a waiver of subrogation in favor of PANDI;
	 
	 	(4)	 	name PANDI as a Loss Payee and provide PANDI with a Breach of
Warranty clause with respect to the insurance described in paragraph (b) above;
	 
	 	(5)	 	provide Rockcreek Aviation with at least thirty (30) days prior
written notice of any cancellation of any insurance coverage required herein;
	 
	 	(6)	 	contain a Severability of Interests provision;
	 
	 	(7)	 	be primary without any right of contribution from any insurance
maintained by PANDI; and
	 
	 	(8)	 	be maintained in force throughout the entire term of this
Agreement.

IX. INDEMNIFICATION/SOLE REMEDIES

     9.1 Indemnification. Each party to this Agreement (hereinafter the “Indemnitor”)
hereby agrees to indemnify, defend, and hold harmless the other party, its officers, directors,
employees, shareholders and agents (hereinafter the “Indemnitee”) from and against any and all
claims, damages, losses, liabilities (including, without limitation, bodily injury or death),
demands, suits, judgments, causes of action, legal proceedings, whether civil or criminal,
penalties, fines, other sanctions, and any costs and expenses in connection therewith, including
attorneys’ fees and expenses (any and all of which are hereinafter referred to as “Claims”) which
to the extent that such Claims arise out of or are in any way caused by the gross negligence or
willful misconduct of the Indemnitors. However, in no event shall either party be liable for or
have any duty for indemnification or contribution to the other party for any claimed indirect,
special, incidental, consequential, or punitive damages, or for any damages consisting of damages
for loss of use, revenue, profit, business opportunities and the like, or diminution of value of
the Aircraft, or insurance deductible, even if the party had been advised, or knew or should have
known of the possibility of such damages.

     9.2 Sole Remedies. Each party to this Agreement acknowledges and agrees that: (a) the
proceeds of insurance to which it is entitled; (b) its rights to indemnification from the other
party under Section 9.1; and (c) its right to direct damages arising in contract from a material
breach of the other party’s obligations under this Agreement are the sole remedies for any damage,
loss, or expense arising out of this Agreement or the services provided hereunder or contemplated
hereby. Except as expressly set forth in this Section 9.2, each party waives any right to recover
any damage, loss or expense arising out of this Agreement or the
services provided hereunder or contemplated hereby.

4

 

     9.3 Survival. The provisions of this Article IX shall survive the termination or the
expiration of this Agreement.

X. PAYMENT

     10.1 Invoices. Rockcreek Aviation shall forward all invoices under Section 7.7 on a
monthly basis to PANDI at the following address:

PANDI, INC.

11504 Pawnee Circle

Leawood, KS 66211

     PANDI shall pay all invoices in accordance with Section 7.7 and make such payment to Rockcreek
Aviation at the following address:

Rockcreek Aviation, Inc.

2800 Rockcreek Parkway

North Kansas City, MO 64117

     10.2 Late Payment. PANDI shall pay a finance charge on all undisputed amounts that are
more than forty-five (45) days past due at a rate of interest equal to the lesser of one and
one-half percent (1.5%) per month or the maximum permissible legal rate. PANDI shall also
reimburse Rockcreek Aviation for reasonable collection costs, including attorney’s fees, relating
to the collection of any such past due amounts.

     10.3 Right to Offset. Rockcreek Aviation shall have the right to set off against any
undisputed amounts owed to PANDI.

XI. TERMINATION

     11.1 Either party to this Agreement shall have the right, with or without cause, to terminate
this Agreement by giving sixty (60) days written notice to the other party in accordance with
Section 15.3 below. Within thirty (30) days following the termination date, Rockcreek Aviation
shall make a full accounting and settle all accounts between the parties.

XII. RISK OF LOSS OR DAMAGE TO AIRCRAFT

     12.1 Risk of loss or damage to the Aircraft shall be borne by PANDI. If, during the term of
this Agreement, the Aircraft is destroyed, lost or damaged beyond repair, this Agreement shall
terminate immediately.

XIII. TAXES

     13.1 Rockcreek Aviation shall not be liable for any taxes incurred by reason of ownership of
the Aircraft during the term of this Agreement, including personal property taxes, and all taxes
incurred by reason of its operation of the Aircraft.

XIV. INDEPENDENT CONTRACTOR

     14.1 Nothing contained in this Agreement shall be regarded as creating any relationship
(employer/employee, joint venture, partnership) between the parties other than as set forth herein.

5

 

XV. MISCELLANEOUS PROVISIONS

     15.1 Base of Operation. The Aircraft’s base of operation shall be Kansas City Downtown
Airport, Hangar 2, 150 Richards Road, Kansas City, Missouri, 64116 (the “Base of Operation”).

     15.2 Entire Agreement. This Agreement constitutes the entire understanding between the
parties as of its effective date and supersedes all prior or independent agreements between the
parties which concern the Aircraft. Any change, modification or amendment to this Agreement must
be in writing signed by both parties.

     15.3 Notices. Any notice given by one party to the other in connection with this
Agreement shall be in writing and shall be sent by facsimile, courier, overnight delivery, or
certified mail, return receipt requested, to the addresses listed below or to such other addresses
as either party may specify to the other in writing from time to time:

	 	(a)	 	if to Rockcreek Aviation, addressed to:

	 
	 	 	 	Rockcreek Aviation, Inc.

2800 Rockcreek Parkway

North Kansas City, MO 64117

Attn: General Counsel

	 	(b)	 	if to PANDI, addressed to:

	 
	 	 	 	PANDI, INC.

11504 Pawnee Circle

Leawood, KS 66211

Attn: President

Notices shall be deemed effective when delivered and shall be deemed delivered when actually
received, or if earlier and whether or not received, three (3) days after it is deposited in the
United States mail, postage prepaid, certified mail, return receipt requested, addressed to the
parties as set forth above.

     15.4 Compliance with laws. Rockcreek Aviation shall comply with all applicable
federal, state and local laws and executive orders and regulations issued pursuant thereto,
including without limitation, and to the extent applicable to this Agreement, all FARs.

     15.5 Severability. In the event that any one or more of the provisions of this
Agreement shall be termed to be invalid, unenforceable or illegal, such invalidity,
unenforceability and illegality shall not affect any other provisions of this Agreement, and the
Agreement shall be construed as if such invalid, unenforceable or illegal provisions had never been
contained herein.

     15.6 Force Majeure. Exclusive of payment obligations, each party shall be relieved of
its obligations hereunder in the event and to the extent that the party’s performance is delayed or
prevented by any cause reasonably beyond such party’s control, including but not limited to, acts
of God, public enemies, war, civil disorder, fire, flood, explosion, labor disputes or strikes, or
any acts or order of any governmental authority.

     15.7 Assignment. Rockcreek Aviation may assign this Agreement to any of its
wholly-owned subsidiaries. This Agreement shall inure to the benefit of and be binding upon the
parties hereto, their heirs, representatives and successors.

     15.8 Confidentiality. During the term of this Agreement, PANDI agrees not to disclose
to any person, firm or corporation or utilize for PANDI’s own purposes any confidential information
regarding fees, trade secrets or customer information of Rockcreek Aviation relating to the
business of Rockcreek Aviation. PANDI agrees to keep

6

 

confidential such information, and at Rockcreek Aviation’s request promptly to return to
Rockcreek Aviation all such confidential information. PANDI agrees that Rockcreek Aviation would be
irreparably damaged if PANDI used such confidential information for its own purposes. Accordingly,
PANDI agrees that its obligation to keep information confidential may be enforceable in a court of
equity by injunction.

     15.9 Counterparts. This Agreement may be executed in any number of counterparts each
of which shall be deemed an original, but all of which together shall constitute one instrument.

     15.10 Survival. All indemnifications, representations and warranties shall survive
the expiration or termination of this Agreement.

     15.11 Governing Law. This Agreement shall be governed by, construed, interpreted and
enforced in accordance with the laws of the State of Missouri, excluding Missouri’s rules on
conflict of laws that would apply the substantive law of another jurisdiction.

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

	 	 	 	 	 
	PANDI
	 	 	 	 
	 
	 	 	 	 
	By:

	 	/s/ Cliff W. Illig
 

	 	 
	Name: Cliff W. Illig	 	 
	Title: President	 	 
	 
	 	 	 	 
	ROCKCREEK AVIATION, INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Marc G. Naughton
 

	 	 
	Name: Marc G. Naughton
	 	 
	Title: Chief Financial Officer	 	 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]