Document:

exv10w3

 

Exhibit 10.3

AIRFRAME SALE AGREEMENT

dated as of June 27, 2007

between

KITTY HAWK AIRCARGO, INC.,

Seller,

and

AIRLEASE INTERNATIONAL, INC.,

Buyer.

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AIRFRAME SALE AGREEMENT

          THIS AIRFRAME SALE AGREEMENT, executed this 27th day of June, 2007 (the “Execution
Date”), but effective as of May 1, 2007 (the “Effective Date”) (this “Agreement”) is between KITTY
HAWK AIRCARGO, INC., a Texas corporation (“Seller”), and AirLease International, Inc., a Texas
corporation (“Buyer”). Capitalized terms used herein, unless otherwise defined herein, shall have
the meanings ascribed to such terms in Section 1 of this Agreement.

RECITALS

     WHEREAS, Seller owns:

Six (6) Boeing 727-200 Airframes Bearing Manufacturer’s Serial Numbers 21269, 20041,
20664, 21512, 21513, and 20997 together with all loose equipment, logbooks, manuals and
records in the possession of Seller, and excluding engines and QEC components (collectively,
“the Airframes”). Each Airframe will be equipped and in the condition required for FAA Part
121 cargo operations.

     WHEREAS, subject to the terms and conditions of this Agreement, Seller wishes to sell the
Airframes to Buyer, and Buyer wishes to buy the Airframes from Seller.

     NOW, THEREFORE, in consideration of the mutual covenants and premises contained herein and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, agree as follows:

Section 1. Definitions.

     The following terms, when capitalized, shall have the following meanings for all purposes of
this Agreement, except where the context otherwise requires:

     “Affiliate” of any Person means any other Person (i) directly or indirectly
controlling, directly or indirectly controlled by or under direct or indirect common control with
such Person; (ii) that beneficially owns or holds (directly or through a Subsidiary) 50% or more of
the voting power of any class of voting securities of the Person; or (iii) 50% or more of the
voting securities (or in the case of a Person which is not a corporation, 50% or more of the equity
interest) of which is beneficially owned or held by the Person or a Subsidiary thereof. For
purposes of this definition, “control” when used with respect to any specified Person shall
mean the power to direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise, and the terms
“controlling” and “controlled” have meanings correlative to the foregoing.

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     “Bill of Sale” means the long form Bill of Sale, in the form attached hereto as
Exhibit “B” from Seller to Buyer.

     “Business Day” means any day other than a Saturday, Sunday or day on which commercial
banking institutions are required or authorized by law to close in New York, New York.

     “Buyer” has the meaning set forth in the preamble hereof.

     “Delivery” means, with respect to the Airframe, the time at which the Buyer obtains
title to such Airframe in accordance with this Agreement.

     “Delivery Date” means the “Effective Date,” as previously defined.

     “Delivery Location” shall have the meaning set forth in Section 3(a).

     “Delivery Receipt” means the Delivery Receipt in the form attached hereto as Exhibit
“A.”

     “Dollars”
and the sign “$” mean the lawful currency of the United States of
America.

     “Event of Loss” means any loss or destruction of the Airframe.

     “Governmental Body” means any national government, political subdivision thereof, or
local jurisdiction therein or any instrumentality, board, court, agency or commission thereof.

     “Losses” means losses, costs, expenses, fees (including legal fees and disbursements),
payments, demands, liabilities, claims, actions, proceedings, penalties, fines, damages and
judgments of any kind and nature whatsoever (other than Taxes).

     “Payment Date” means that date within three (3) business days after the Execution Date.

     “Person” means an individual, corporation, national banking association, partnership,
limited liability company, trust, unincorporated association, joint venture, joint-stock company,
Governmental Body or any other entity.

     “Purchase Price” means the total sale price for six (6) Airframes shall be one million
four hundred thousand dollars ($1,400,000.00).

     “Sale Documents” means this Agreement, the Bill of Sale and the Delivery Receipt.

     “Seller” has the meaning set forth in the preamble hereto.

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     “Seller Indemnitees” means Seller and its respective directors, members, managers,
servants, agents, employees, successors and assigns.

     “Subsidiary” of any Person means any other Person more than 50% of the outstanding
voting stock of which is at the time owned or controlled directly or indirectly by the Person or a
Subsidiary thereof.

     Section 2. Sale of Airframe; Purchase Price.

     (a) Sale of Airframe. Subject to the terms of this Agreement, effective as of the
Delivery Date for the Airframes, the Seller shall sell the Airframes to the Buyer, and the Buyer
shall purchase the Airframes from the Seller. The obligation of the Seller and the Buyer to effect
such sale and purchase shall be subject only to the compliance or waiver of their respective
conditions precedent set forth in Section 4 hereof.

     (b) Purchase Price. The Purchase Price for the Airframes shall be paid by the Buyer
to the Seller on or before the Payment Date.

     (c) Payment

     The payments provided for herein shall be paid to KHA via wire transfer to account number:

Beneficiary: Kitty Hawk Aircargo, Inc.

Capital One, N.A.

14651 Dallas Parkway, Suite 300

ABA # 111 901 014

Account # 3620477833

Swift code: HIBKUS44

     With confirmation of payment concurrently sent to the attention of Jessica Wilson, Chief
Accounting Officer, 1535 W. 20th St., P.O. Box 612787, DFW Int’l Airport, TX
75261.

     Section 3. Airframe Delivery, Title, Risk of Loss.

     (a) Place of Delivery. Delivery of the Airframes shall be at Seller’s Dallas, Texas
headquarters.

     (b) Condition of Airframe. Buyer confirms that the Airframes and the related
logbooks, manuals and records have been made available to it, that it has inspected the Airframes
and such logbooks, manuals and records and the condition of the Airframes, logbooks, manuals

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and
records are acceptable to it for all purposes. Buyer shall be given the opportunity, upon notice
from Seller two days prior to the scheduled Delivery Date of the Airframes, to inspect
such Airframe, logbooks, manuals and records to confirm that same are not in materially different
condition than when inspected and accepted by Buyer.

     (c) Title and Risk of Loss. All right, title and interest in and to the Airframes and
the risk of loss or destruction of, or damage to, the Airframes and all other risks relating
thereto shall pass to Buyer upon the delivery (and release) of the Bill of Sale therefor to Buyer.

     (d) Event of Loss. In the event that, prior to the Payment Date, such Airframe
suffers an Event of Loss, then the Seller shall immediately notify the Buyer in writing of such
occurrence and such notice shall discharge and terminate all obligations and liabilities of the
parties hereunder with respect to such Airframe.

     (e) Force Majeure. The Seller shall not be liable for any delay or failure in
Delivery of the Airframes or the performance of any other obligation under this Agreement where
such failure or delay is the result of any cause or matter beyond the Seller’s reasonable control.

     Section 4. Conditions Precedent.

     (a) The obligation of the Seller to sell the Airframes on the Delivery Date therefor pursuant
to Section 2(a) hereof shall be subject only to the following conditions precedent, unless, in any
case, waived by the Seller in its sole discretion:

(i) Buyer shall have paid in full the Purchase Price for such Airframes and paid it
to Seller in accordance with Section 2(b) hereof;

(ii) Buyer shall have executed and delivered the Delivery Receipt for such Airframes
to Seller;

(iii) the representations and warranties of the Buyer contained in Section 5 hereof
shall be true and accurate in all material respects on and as of the Delivery Date
as though made on and as of such date except to the extent that such representations
and warranties relate solely to an earlier date (in which event such representations
and warranties shall have been true and accurate on and as of such earlier date);
and

(iv) such Airframes shall not have suffered an Event of Loss.

     (b) The obligation of the Buyer to purchase the Airframes and pay the Purchase Price therefor
on the Delivery Date therefor shall be subject only to the following conditions precedent unless,
in any case, waived by the Buyer in its sole discretion:

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(i) the Seller shall have executed and delivered the Bill of Sale for such Airframes
to Buyer;

(ii) the Seller shall have executed and delivered the Delivery
Receipt for such Airframes to Buyer;

(iii) the Seller shall have executed and delivered to Buyer a
certificate of conformance and non-incident statement on Seller’s letterhead in
a form materially the same as Exhibit “C” attached hereto;

(iv) the representations and warranties of the Seller contained in Section 5 hereof
shall be true and accurate in all material respects on and as of the Delivery Date
as though made on and as of such date except to the extent that such representations
and warranties relate solely to an earlier date (in which event such representations
and warranties shall have been true and accurate on and as of such earlier date);
and

(v) such Airframes shall not have suffered an Event of Loss prior to the Payment
Date and shall be in the condition required herein.

Section 5. Representations and Warranties.

     (a) Representations and Warranties of the Seller. The Seller hereby represents and
warrants to the Seller that:

(i) The Seller is a Texas corporation and has the corporate power and authority to
perform its obligations under this Agreement and the other Sale Documents to which
it is a party and this Agreement and the other Sale Documents to which it is a party
have been duly authorized by all necessary corporate action on the part of Seller;

(ii) this Agreement has been duly executed and delivered by the Seller and
constitutes, and each other Sale Document to which it is a party when executed and
delivered by the Seller will constitute, the legal, valid and binding obligation of
the Seller, enforceable in accordance with its terms, subject only to bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting creditors’
rights generally and to general equitable principles;

(iii) the execution, delivery and performance by the Seller of this Agreement are
not in violation of its certificate of incorporation or by-laws or of any indenture,
mortgage, contract or other agreement to which the Seller is a party or by which it
is bound or of any order or judgment applicable to the Seller or any

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law, government
rule or regulation binding upon the Seller or applicable to its business generally
and do not require the consent or approval of, or the giving of notice to, the
registration with or the taking of any other action in respect of any Governmental
Body;

(iv) there is no litigation or proceeding pending or, to the best knowledge of the
Seller, threatened against the Seller an adverse decision in which would prohibit or
materially frustrate the consummation by the Seller of the transactions contemplated
by this Agreement or any other Sale Document to which it is a party;

(v) as of the Delivery Date, the Seller will be the legal owner of such Airframes
and will transfer to Buyer good and marketable title to such Airframes, free and
clear of all Liens, and;

(vi) as of each of the Delivery Date, the Execution Date and the Payment Date, the
Seller is not, or will not, have any knowledge of any Losses which would otherwise
be covered by or within the scope of Seller’s indemnification of Buyer and Buyer’s
Indemnitees as provided in Section 7(c) of this Agreement.

     (b) Representations and Warranties of the Buyer. The Buyer hereby represents and
warrants to the Seller that:

(i) The Buyer is Texas corporation and has the power and authority to perform its
obligations under this Agreement and this Agreement has been duly authorized by all
necessary action on the part of Buyer;

(ii) this Agreement has been duly executed and delivered by the Buyer and
constitutes the legal, valid and binding obligation of the Buyer, enforceable in
accordance with its terms, subject only to bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally and to
general equitable principles;

(iii) the execution, delivery and performance by the Buyer of this Agreement are not
in violation of its organizational documents or of any indenture, mortgage, contract
or other agreement to which the Buyer is a party or by which it is bound or of any
order or judgment applicable to the Buyer or any law, government rule or regulation
binding upon the Buyer or applicable to its business generally and do not require
the consent or approval of, or the giving of notice to, the registration with or the
taking of any other action in respect of any Governmental Body;

(iv) there is no litigation or proceeding pending or, to the best knowledge of the
Buyer, threatened against the Buyer an adverse decision in which would

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prohibit or
materially frustrate the consummation by the Buyer of the transactions contemplated
by this Agreement or any other Sale Document to which it is a party.

     (c) The Seller confirms that acceptance by the Seller of payment of the Purchase Price for the
Airframes pursuant to Section 2 hereof on the Payment Date therefor will constitute a certification
by the Seller that its representations and warranties contained in this Section 5 are true and
accurate on and as of the Delivery Date and the Payment Date. The Buyer confirms that the payment
by the Buyer of the Purchase Price for the Airframes pursuant to Section 2 hereof on the Delivery
Date therefor will constitute a certification by the Buyer that its representations and warranties
contained in this Section 5 are true and accurate on and as of the Delivery Date and the Payment
Date.

     (d) The representations and warranties contained in this Section 5 shall survive the sale of
the Airframes hereunder and the execution and delivery of the agreements contemplated hereby.

     (e) Disclaimer. Other than the express representations and warranties of the Seller
set forth above in this Section 5 and in the Bill of Sale, the Airframes are being sold hereunder,
“AS IS, WHERE IS” and THE BUYER ACKNOWLEDGES AND AGREES THAT THE SELLER NOR ANY OF ITS AFFILIATES,
OFFICERS, DIRECTORS, MEMBERS, MANAGERS, EMPLOYEES OR REPRESENTATIVES HAS MADE OR WILL BE DEEMED TO
HAVE MADE ANY TERM, CONDITION, REPRESENTATION, WARRANTY OR COVENANT EXPRESS OR IMPLIED (WHETHER
STATUTORY OR OTHERWISE) AS TO (a) THE CAPACITY, AGE, VALUE, QUALITY, DURABILITY, DESCRIPTION,
CONDITION (WHETHER OF THE AIRFRAME OR ANY PART THEREOF), DESIGN, WORKMANSHIP, MATERIALS,
MANUFACTURE, CONSTRUCTION, OPERATION, DESCRIPTION, STATE, MERCHANTABILITY, PERFORMANCE, FITNESS FOR
ANY PARTICULAR USE OR PURPOSE (INCLUDING THE ABILITY TO OPERATE OR REGISTER THE AIRFRAME OR USE THE
AIRFRAME IN ANY OR ALL JURISDICTIONS) OR SUITABILITY OF THE AIRFRAME, OR ANY PART THEREOF, (b) THE
ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE, KNOWN OR UNKNOWN, APPARENT OR
CONCEALED, EXTERIOR OR INTERIOR, AND (c) ANY IMPLIED WARRANTY ARISING FROM THE COURSE OF
PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE, IT BEING UNDERSTOOD THAT NOTHING HEREIN WILL BE
DEEMED TO LIMIT THE BUYER FROM AVAILING ITSELF OF ANY WARRANTIES, COVENANTS, AND REPRESENTATIONS OF
ANY MANUFACTURER.

     Section 6. Taxes. The Buyer and the Seller shall reasonably
endeavor to complete this transaction in a manner to avoid or minimize any transaction taxes.
However, if such taxes are due, the Buyer shall pay any and all sales, other applicable transfer,
use, value-added, stamp, registration and other similar taxes and any penalties, fines, additions
to tax or interest thereon, (individually a “Tax”, and collectively called
“Taxes”), imposed upon the Seller by any taxing jurisdiction or authority arising out of
the sale of the Airframe hereunder; provided, however,

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Buyer shall not have any
obligation to pay Taxes imposed on the Seller by any Governmental Body in the state or country in
which such other party is incorporated, organized or conducts any business. In the event that any
taxes are due, assessed and/or paid by Buyer or Seller, Buyer and Seller each as to each other
agree to assist and cooperate with each other to preserve and obtain any and all refunds or credits
arising therefrom.

     Section 7. Indemnification.

     (a) Buyer assumes liability for, and hereby agrees to indemnify, protect, save and keep
harmless each Seller Indemnitee from and against any and all Losses which may arise on or after the
Payment Date in any manner out of or in relation to injury to or death of any persons whomsoever or
loss or damage to any property of any Person and which may result from, or arise in any manner out
of, or be attributable to (i) the condition, ownership, leasing, purchase, delivery, possession,
disposition, use or operation of the Airframe or any part thereof either in the air or on the
ground; or (ii) any defect in the Airframe or any part thereof arising from its manufacture or any
material or article used therein or from the design, testing or use thereof or from any
maintenance, service, repair, overhaul or testing of the Airframe, in the case of either (i) or
(ii) in respect of Losses arising out of acts, omissions or events after the Payment Date;
provided, however, that the Buyer’s obligations under this Section 7 to any Seller Indemnitee shall
not extend to any Losses caused by the negligence or willful misconduct of any such Seller
Indemnitee or arising from or related to the lease, use, operation, possession or use of any
Airframe by Seller pursuant to the General Terms Agreement for the lease of the any Airframes
between Buyer and Seller.

     (b) The Buyer hereby agrees to indemnify, reimburse, and hold harmless the Seller Indemnitees
from any Losses arising out of (i) the breach by Buyer of any of its representations or warranties
hereunder or any other Sale Document, and (ii) the non-performance by Buyer of its obligations
hereunder or any other Sale Document.

     (c) Seller agrees to indemnify, protect, save and keep harmless Buyer and each of Buyer’s
officers, directors, employees, agents, servants and contractors (collectively, “Buyer’s
Indemnitees”) from and against any and all Losses which may have arisen either before the Effective
Date or during the period from and after the Effective Date and on or before the Payment Date, in
any manner out of or in relation to injury to or death of any persons whomsoever or loss or damage
to any property of any Person and which may result from, or arise in any manner out of, or be
attributable to (i) the condition, ownership, leasing, purchase, delivery, possession, disposition,
use or operation of the Airframe or any part thereof either in the air or on the ground; or (ii)
any defect in the Airframe or any part thereof arising from its manufacture or any material or
article used therein or from the design, testing or use thereof or from any maintenance, service,
repair, overhaul or testing of the Airframe, in the case of either (i) or (ii) in respect of Losses
arising out of acts, omissions or events prior to the Payment Date; provided, however,
that the Seller’s obligations under this Section 7 to Buyer or any Buyer’s

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Indemnitee shall not
extend to any Losses caused by the negligence or willful misconduct of Buyer or any such Buyer’s
Indemnitee.

     Section 8. Assignment of Manufacturer’s Warranties. The Seller
shall extend to the Buyer the rights and benefits, to the extent that the same are not extinguished
by the sale of the Airframes or the passage of time, of any warranties, service life policies and
patent indemnities of any manufacturer and any maintenance and overhaul agencies of and for such
Airframe which the Seller may have to the extent that the same are assignable and transferable.
The Seller also hereby grants to the Buyer rights of subrogation relating to any claim which the
Seller may have under such warranties (if any) concerning the Airframes.

     Section 9. Default and Remedies.

     (a) The following events shall constitute events of default (hereafter “Events of Default”):

(i) if the Buyer shall fail to make any payment when due hereunder; or

(ii) if either party shall default in the performance of this Agreement and such
default shall continue for five (5) Business Days after written notice of default to
the defaulting party and is not thereafter waived; provided that no Event of Default
shall be deemed to have occurred under this sub-section if the relevant party is
using diligent efforts to cure the default as soon as may be practicable (but, in
any case, within fourteen (14) days after notice from the other party); or

(iii) if the Seller or the Buyer shall file a voluntary petition in bankruptcy, or
shall be adjudicated as bankrupt or insolvent, or shall file any petition or answer
seeking any reorganization, composition, readjustment, liquidation or similar relief
for itself under any present statute, law or regulation or any future statute, law
or regulation adopted on or prior to the Delivery Date, or shall seek or consent to,
or acquiesce in, the appointment of any trustee, or shall make any general
assignment for the benefit of creditors, or shall admit in writing its inability to
pay its debts generally as they become due; or

(iv) if a petition shall be filed against the Seller or the Buyer seeking any
reorganization, composition, readjustment, liquidation or similar relief under any
present statute, law or regulation or any future statute, law or regulation adopted
on or prior to the Delivery Date or if any trustee, receiver or liquidator of either
party is appointed.

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     (b) Upon the occurrence of an Event of Default by one party under this Agreement, the other
party shall be entitled, by notice in writing to the other, to terminate this Agreement and/or
recover such damages and/or remedies as are available to it under applicable Law, and, in addition
to such remedies of Seller, upon the occurrence of an Event of Default by Buyer, Seller shall, as
liquidated damages for loss of a bargain and not as a penalty, retain any Deposit paid to Seller
and Buyer shall have no further right or interest therein.

     Section 10. Broker’s Commissions. Each party hereto agrees that
should any claim be made for commissions or other amounts by any broker or brokers by or through or
on account of actions of that party, that party shall hold the other parties free and harmless from
any and all claims, demands, liabilities, damages, losses, judgments and expenses of every kind
(including legal fees, costs and related expenses) in connection therewith.

     Section 11. Miscellaneous.

     (a) Notice. All notices required or permitted hereunder shall be in writing and may
be either telefaxed or sent by internationally recognized overnight courier service, addressed as
follows:

     If to Seller:

Kitty Hawk Aircargo, Inc.

P.O. Box 612787

DFW Airport, Texas 75261-2787

Telephone: 972-456-2427

Facsimile: 972-456-2350

(Attention: Robert Barron)

     If to Buyer:

AirLease International, Inc.

Attn: Harold Woody, President

204 Whispering Hills Street

Hot Springs, AR 71901

(501) 318-2341 Fax

or to such other address as the party desiring the change advises the others from time to time
through a notice given in accordance with the provisions of this Section 11(a). Any such notice
shall be effective and shall be deemed to have been given, in the case of a facsimile, upon
confirmation of receipt of such facsimile by the addressee (provided that if the date of dispatch
is

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not a Business Day, it shall be deemed to have been received at the opening of business in the
country of the addressee on the next Business Day), and in the case of a notice sent by courier
service, when delivered personally (provided that if delivery is tendered but refused, such notice
shall be deemed effective upon such tender).

     (b) Counterparts. This Agreement may be executed in counterparts, and each
counterpart shall be an original, and all counterparts together shall be but one and the same
Agreement.

     (c) Applicable Law; Jurisdiction. THIS AGREEMENT SHALL BE DEEMED TO HAVE BEEN
NEGOTIATED AND MADE IN, AND SHALL BE GOVERNED AND INTERPRETED UNDER THE LAWS OF, THE STATE OF
TEXAS, UNITED STATES, APPLICABLE TO AGREEMENTS MADE BY RESIDENTS THEREOF TO BE ENTIRELY PERFORMED
THEREIN.

     (d) Dispute Resolution: The parties hereby agree that any dispute that arises
under this Lease which is not disposed of by mutual agreement shall be resolved through mediation
and/or arbitration. Specifically, any disputes arising out of or connected with this Lease will be
submitted to mediation in Tarrant County, Texas, in accordance with the rules for alternative
dispute resolutions set forth under Texas law. The parties will mutually cooperate to select the
mediator to be used. Any and all information, negotiation and results of the mediation will remain
confidential.

In the event that mediation is not successful, any remaining dispute that may arise in connection
with any and all aspects of this Agreement, on the written request of either party, shall be
submitted to binding arbitration in accordance with appropriate statutes of the State of Texas and
the Commercial Arbitration Rules of the American Arbitration Association. Judgment upon the award
rendered by the arbitrators may be entered in any court having appropriate jurisdiction. The
parties agree to act in good faith to select a single, neutral arbitrator. If the parties are
unable to do so within ninety (90) days after one party notifies the other party, in writing, of a
dispute or claim, then each party shall appoint one person as arbitrator, and a third neutral
arbitrator shall be chosen by the two arbitrators previously selected by the parties. The third
arbitrator shall then conduct the arbitration alone. It is provided, however, that if there is no
agreement as to the third arbitrator within sixty (60) days after the notice is served, then the
third arbitrator shall be selected by a district judge in Tarrant County, Texas, having subject
matter jurisdiction over the dispute. In such event, all three arbitrators shall conduct the
arbitration. It is further agreed that the expenses of the arbitration shall be paid in
proportions as the arbitrators decide, except that the successful party in any proceeding seeking
enforcement of the provisions of this agreement shall be entitled to receive from the party not
prevailing reasonable and necessary attorneys’ fees and expenses, in addition to any other sums to
which such successful party may be entitled. The arbitrators shall decide the identity of the
successful party for the purposes of the preceding sentence.

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     (e) Time of the Essence. Time shall be of the essence in the performance of the
duties of the parties hereto.

     (f) Captions and Paragraph Headings. Captions and paragraph headings used herein are
for convenience only and are not a part of this Agreement and shall not be used in construing it.

     (g) Severability. In the event that any one or more of the provisions of this
Agreement shall be invalid, illegal or unenforceable in any respect or in any jurisdiction, the
validity, legality and enforceability of the remaining provisions contained herein or of the same
provisions in any other jurisdiction shall not, in any way, be affected or impaired thereby.

     (h) Further Assurances. Seller and Buyer will promptly, at any time and from time to
time, execute and deliver to each other such further instruments and documents and take such
further action as may be required by law or as they may each reasonably request to establish,
maintain and protect their respective rights and remedies and to carry out the intent of the
parties under this Agreement.

     (i) Written Changes Only. No term or provision of this Agreement may be changed or
waived orally, but only by an instrument in writing signed by the parties hereto.

     (j) Exclusiveness. This Agreement and the other Sale Documents are the complete and
exclusive statement of the parties hereto with respect to the subject matter hereof and supersede
all prior oral and written communications, proposals, agreements, representations, statements,
negotiations and undertakings, whether express or implied, between the parties hereto with respect
to the subject matter hereof.

     (k) Terms and Definitions. The terms and definitions, as herein contained, shall
include the singular and/or plural, masculine, feminine and/or neuter, successors and/or permitted
assigns wherever the context so requires or admits.

     (l) Successors and Assigns. This Agreement shall be binding upon, and shall inure to
the benefit of and shall be enforceable by the parties hereto and their respective successors and
assigns.

     (m) Confidentiality. This Agreement and the terms and conditions contained herein
shall be and remain strictly privileged and confidential between the parties, and shall not be
discussed, revealed, disseminated or divulged to the media or general public, or to any other third
party, without the express prior written consent of the other party, which consent shall not be
unreasonably withheld; except that (i) the Buyer may disclose any relevant term to a financial
institution for the purpose of financing the purchase of the Airframe or any technical data to any
potential purchaser or lessee of the Airframe from the Buyer; (ii) the Buyer may disclose any
relevant term to its insurers for the purpose of insuring the Airframe; (iii) either party may
disclose any relevant term to any of its Affiliates; (iv) either party may make any disclosure

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required by generally accepted accounting principles, by applicable Law or by any order of a court
or other Governmental Body; (v) either party may make any disclosure in connection with any
litigation relating to the transactions contemplated by this Agreement; (vi) either party, or their
professional advisors, may make any disclosure to any of its agents, employees, auditors, lawyers,
any Governmental Body having jurisdiction over it or any other person which it in good faith
determines has reason to have knowledge of such information; (vii) either party may make any
disclosure to the extent such information is publicly available through no fault of the party
making the disclosure; (viii) either party may make any disclosure to the extent such disclosure is
necessary to carry out its obligations hereunder; (ix) the Seller may make a press announcement in
respect of the transactions contemplated hereby and may announce the same in any of its shareholder
or other reports; and (x) subject to the Seller having approved the text and content of the same in
advance, the Buyer may make a press announcement in respect of the
transactions contemplated hereby and may announce the same in any of its shareholder or other
reports.

     (n) Expenses. Except to the extent provided herein, each party will bear and be
responsible for all costs and expenses incurred or to be incurred by it in connection with this
Agreement and the transactions contemplated hereby.

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     IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement through
their respective duly authorized officers, as of the date and year first above written.

	 	 	 	 	 	 	 
	 	 	KITTY HAWK AIRCARGO, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robbie Barron
 

	 	 
	 	 	Name: Robbie Barron	 	 
	 	 	Title: VP & COO	 	 
	 
	 	 	 	 	 	 
	 	 	AirLease International, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Harold M. Woody
 

	 	 
	 	 	Name: Harold M. Woody	 	 
	 	 	Title: President	 	 

 - 15 -exv10w4

 

Exhibit 10.4

ENGINES SALES AGREEMENT

Dated as of June 27, 2007

by and between

AIRLEASE INTERNATIONAL, INC.

as Buyer

and

KITTY HAWK AIRCARGO, INC.

as Seller

JT8D Aircraft Engines

 

 

ENGINES SALES AGREEMENT

This ENGINES SALES AGREEMENT (this “Agreement”) is executed this 27th day of June 2007
(the “Execution Date”) but effective as of May 1, 2007 (the “Effective Date”) by and between KITTY
HAWK AIRCARGO, INC., a Texas corporation, as seller (“Seller”) and AIRLEASE INTERNATIONAL, INC., a
Texas corporation, as buyer (“Buyer”).

RECITALS:

A. WHEREAS, Seller currently owns the Engines (as defined below); and

B. WHEREAS, Seller desires to sell the Engines to Buyer, and Buyer wishes to buy the Engines from
Seller, on the terms and subject to the conditions set forth in this Agreement.

NOW, THEREFORE, the parties hereto agree as follows:

SECTION 1. DEFINITIONS

     In addition to other terms defined throughout this Agreement, the following terms shall have
the meanings specified below for all purposes of this Agreement. It is expressly understood that
plural terms shall include the singular, and vice versa.

     Affiliate shall mean, with respect to any Person, any other Person directly or
indirectly controlling, controlled by or under common control with such Person.

     Acceptance Certificate shall mean a certificate to be executed by Buyer and dated the
Closing Date confirming technical acceptance of the Engines by Buyer, and confirming tender of the
Engines by Seller to Buyer, in substantially the form set forth in Exhibit A hereto.

     Bill of Sale shall mean a Bill of Sale in respect of each of the Engines in
substantially the form set forth in Exhibit B hereto, executed by the selling party and dated the
Closing Date.

     Closing shall have the meaning set forth in Section 2.2 hereof.

     Closing Date shall have the meaning set forth in Section 2.2 hereof.

     Delivery Location shall mean the Sellers facility at DFW Airport.

 

 

     Engines means eleven (11) used JT8D aircraft Engines as identified in Schedule One in
complete Pratt & Whitney bare configuration including any shipping stands owned by seller,
otherwise, sold in ‘as is, where is’ condition together with all equipment attached thereto or
installed thereon, and all logs, manuals and technical records (sufficient to provide for life
limited parts traceability back to birth) with respect thereto.

     FAA means the Federal Aviation Administration of the United States Department of
Transportation or any successor thereto.

     Governmental Entity shall mean and include (a) the FAA, (b) any national government,
or political subdivision thereof or local jurisdiction therein; (c) any board, commission,
department, division, organ, instrumentality, court or agency of any entity described in (b)
above, however constituted; and (d) any association, organization or institution of which any
entity described in (b) or (c) above is a member or to whose jurisdiction any such entity is
subject or in whose activities any such entity is a participant but only to the extent that any of
the preceding have jurisdiction over the Engines, or the operations of Buyer or Seller.

     Seller Indemnitee shall mean Seller and each of its Affiliates, including their
respective shareholders, directors, officers, agents, representatives and employees (excluding the
repair facility which repaired, modified, altered, tested and or certified said Engines and deemed
them “Serviceable” per the OEM standards).

     Buyer Indemnitee shall mean Buyer and each of its Affiliates, including their
respective shareholders, directors, officers, agents, representatives and employees.

     Parties shall mean Seller and Buyer collectively, and “Party” shall mean either one
of them individually.

     Person shall mean and include any individual person, corporation, partnership,
limited liability company, firm, joint stock company, joint venture, trust, estate, unincorporated
organization, associate or Governmental Entity.

     Purchase Price shall have the meaning specified in Section 2.1.

     Records shall have the meaning specified in Section 3.1.

     Transaction Documents shall mean this Agreement, the Bill of Sale, the Acceptance
Certificate and the other documents and instruments executed in connection with any of the
foregoing.

 

 

SECTION 2. PURCHASE AND CLOSING

	2.1	 	Purchase Price. The Purchase Price for the Engines is One Million and 00/100 Dollars
($1,000,000.00). The Purchase Price shall be payable in accordance with Section 2.3 below.
	 
	2.2	 	Closing Upon satisfaction or waiver of each of the conditions precedent set forth
in Section 4, Seller shall deliver the Engines to Buyer and Buyer shall pay the Purchase Price
to Seller as set forth in Section 2.3 below (the “Closing”). A Closing will occur on or
before three (3) business days after the Execution Date. (the “Closing Date”).

	2.3	 	Payment of the Purchase Price Buyer shall pay the Purchase Price to Seller on the
Closing Date in immediately available funds via wire transfer to:

Beneficiary: Kitty Hawk Aircargo, Inc.

Capital One, N.A.

14651 Dallas Parkway, Suite 300

ABA # 111 901 014

Account # 3620477833

Swift code: HIBKUS44

With confirmation of payment concurrently sent to the attention of Jessica Wilson, Chief
Accounting Officer, 1535 W. 20th St., P.O. Box 612787, DFW Int’l Airport, TX
75261.

	2.4	 	Delivery of the Engines On the Closing Date for the Engines, Seller shall deliver the
Engines to Buyer at the Delivery Location and an executed Bill of Sale for the Engines to
Buyer, and a Non-Incident Statement in the form of Attachment C, and Buyer shall execute and
deliver the Acceptance Certificate. On the Closing Date title and risk of loss of or damage
to the Engines shall pass to Buyer.

SECTION 3. INSPECTION

Technical Inspection and Acceptance Buyer may conduct or cause to be conducted an
inspection of the Engines including a borescope inspection, a review of the disk sheets for the
Engines and a review of all records in the possession or reasonably available to Seller. Buyer may
inspect the (i) disk sheets, (ii) non-incident statement and (iii) all

 

 

pertinent maintenance and operation records as required by the FAA for FAR Part 121 cargo
operations in Seller’s possession sufficient to provide for life limited parts
traceability back to birth, (collectively, the “Records”). Buyer shall notify Seller no later than
three (3) days following conclusion of records review. If the Engines and Records do not meet
Buyer’s technical standards, Seller may then correct any deficiencies identified on the Engines or
may substitute another engine so long as it has a suitable engine in inventory. Nothing in this
Agreement obligates Seller to purchase an Engine to fulfill a delivery requirement nor is Seller
obligated to correct deficiencies in an Engine should such correction not be economically
justified, in Seller’s sole but commercially reasonable discretion. In the event that Seller
exercises his rights contained herein section 3 and cannot produce a satisfactory solution for the
deficient Engines, then Buyer has the right to cancel the order for that Engine. If Buyer elects
to accept the Engines, the parties shall proceed to a Closing Date no more than two (2) days
following Buyer’s acceptance unless otherwise mutually agreed by the parties in writing.

SECTION 4. CONDITIONS PRECEDENT

4.1 Conditions to Buyer’s Obligations Buyer’s obligation to purchase the Engines from
Seller shall be subject to (a) Buyer’s receipt of this Agreement, the Bill of Sale and the
Non-incident Statements for the Engines, each duly executed by Seller, on or prior to the Closing
Date and (b) the representations and warranties of Seller contained in this Agreement and the other
Transaction Documents being true and correct on the Closing Date with the same effect as though
made on the Closing Date in respect of the circumstances on the Closing Date.

4.2 Conditions to Seller’s Obligations Seller’s obligation to sell the Engines under
this Agreement is subject to (a) Seller’s receipt of this Agreement and the Acceptance Certificate,
each duly executed by Buyer, (b) Seller’s receipt of the Purchase Price pursuant to Section 2.3,
and (c) the representations and warranties of Buyer contained in this Agreement and the other
Transaction Documents being true and correct on the Closing Date with the same effect as though
made on the Closing Date in respect of the circumstances on the Closing Date.

SECTION 5. REPRESENTATIONS AND WARRANTIES; DISCLAIMER

5.1 Representations and Warranties of Buyer Buyer hereby represents and warrants that
(a) Buyer is a corporation duly organized and existing in good standing under the laws of the State
of Texas with full power and authority to enter into and perform its obligations under this
Agreement and each of the other Transaction Documents to which it is a party, and (b) this
Agreement and each of the other Transaction Documents to which it is a party has been duly
authorized, executed and delivered on behalf of Buyer and constitutes the valid and binding
obligation of Buyer, enforceable against Buyer in accordance with its terms.

 

 

5.2 Representations and Warranties of Seller: Seller hereby represents and warrants that
(a) Seller is a corporation duly organized and existing in good standing under the laws of the
State of Texas, with full power and authority to enter into and perform its obligations under this
Agreement and each of the other Transaction Documents to which it is a party, (b) this Agreement
and each of the other Transaction Documents to which it is a party has been duly authorized,
executed and delivered on behalf of Seller and constitutes the valid and binding obligation of
Seller, enforceable against Seller, in accordance with its terms, (c) the Engines records delivered
to Buyer are all of the records in Seller’s possession, and to the best of Seller’s knowledge, all
of the Records accurately reflect the current condition of the Engines, and (d) Seller is the legal
and beneficial owner of the Engines, and, upon execution and delivery of the Bill of Sale, Seller
will convey to Buyer good and marketable title to the Engines, free and clear of all liens, claims
and encumbrances.

OTHER THAN THE WARRANTY OF TITLE EXPRESSED ABOVE, SELLER MAKES NO EXPRESS OR IMPLIED WARRANTY OF
MERCHANTABILITY OR FITNESS FOR PURPOSE, AND NO REPRESENTATION OR AFFIRMATION OF FACT IS MADE BY
SELLER WITH RESPECT TO THE ENGINES COVERED BY THIS AGREEMENT, AND SUCH ENGINES IS SOLD AND CONVEYED
“AS-IS, WHERE-IS” IN “SERVICEABLE” CONDITION AND “WITH ALL
FAULTS”. SELLER SHALL NOT BE LIABLE TO BUYER FOR ANY INCIDENTAL OR CONSEQUENTIAL DAMAGES
SUSTAINED BY BUYER AS A RESULT OF THE SALE OF THE ENGINES TO BUYER.

SECTION 6. ASSIGNMENT OF MANUFACTURER’S WARRANTIES

     Seller, upon the transfer of title to the Engines to Buyer shall assign any and all warranties
of and product support agreements with manufacturers, maintenance and overhaul agencies and other
applicable vendors of and for the Engines, and all appliances, parts, instruments, appurtenances,
accessories, furnishings or other equipment installed in or attached to the Engines to the extent
such warranties are assignable. Seller shall provide Buyer with reasonable assistance in
transferring such warranty rights, provided however that all costs incurred shall be for the
account of Buyer.

SECTION 7. BROKERS

     Each of Seller and Buyer represents and warrants to the other party that it has not employed
any broker or sales agent in connection with the transactions contemplated by this Agreement and
the other Transaction Documents. Each of Seller and Buyer agrees to indemnify and hold the other
party harmless from and against any liabilities, losses, claims, suits, damages, costs and expenses
(including but not limited to reasonable attorneys’ fees) arising out of any breach of the
foregoing representation.

 

 

SECTION 8. TAX INDEMNITY

8.1 Buyer Indemnity Buyer hereby assumes liability for and agrees (i) to pay in a
procedurally proper and timely manner to the appropriate taxing authority, and on written demand to
defend Seller against and indemnify Seller for, all sales taxes, use taxes, value-added taxes,
documentary stamp taxes and similar transfer taxes (and all fines, penalties, additions to tax and
interest relating thereto, if any) (collectively, “Transfer Taxes”) which are imposed by any
governmental, regulatory or taxing authority in the United States or in any other jurisdiction and
which are imposed on or with respect to (x) the sale, transfer of title or delivery of the Engines
by Seller to Buyer, or any payment by Buyer to Seller, pursuant to this Agreement or (y) the
execution, delivery, filing or recording of this Agreement or any other agreement or other document
pursuant to this Agreement (including any of the Transaction Documents), and all costs and expenses
incurred by Seller with respect thereto, (ii) to prepare and file in a procedurally proper and
timely manner all reports and other documents required to be filed with respect to all Transfer
Taxes, and (iii) on written demand to pay, and to indemnify Seller for all costs and expenses
(including reasonable attorneys’ fees and disbursements) incurred by Seller with respect to any
Transfer Taxes. Without in any way limiting, modifying or amending Buyer’s obligations set forth
in this Section 8.1 hereinabove, if Buyer is entitled to an exemption from any Transfer Tax which,
but for such exemption, would apply to the sale, transfer or delivery of the Engines by Seller to
Buyer pursuant to this Agreement, Buyer shall deliver to Seller before the transfer of title to
such Engines by Seller to Buyer on the Closing Date a properly completed and duly signed exemption
certificate or other document required by applicable Transfer Tax law evidencing Buyer’s
entitlement to such exemption.

8.2 Net Price For the avoidance of doubt, the Purchase Price of the Engines and each
other amount stated as being payable by Buyer to the Seller pursuant to this Agreement does not
include any amount with respect to any Transfer Tax, and if any Transfer Tax is required to be paid
with respect to any such amount, Buyer shall pay such Transfer Tax and indemnify Seller therefore
in the manner described in Section 8.1 hereof.

SECTION 9. GENERAL INDEMNITIES AND INSURANCE

9.1 Indemnity from Buyer Buyer agrees to indemnify, reimburse and hold harmless each
Seller Indemnitee from and against any and all claims, damages, losses, liabilities, demands,
suits, judgments, causes of action, proceedings, whether civil or criminal, penalties, fines and
other sanctions, and any attorney’s fees and other reasonable costs and expenses in connection
herewith or therewith, arising or in any way connected with injury to or death of any Person or
loss or damage to property or loss of use of any property (including the Engines), including,
without limitation, any of the foregoing arising or imposed with or without Seller’s negligence
(whether passive or active), or under the doctrine of strict liability (any and all of which are
hereafter referred to as “Claims”) arising after the date of Delivery which in any way may result
from, pertain to or arise in any manner out of, or are in any manner related to, (i) the Engines,
this Agreement or any of the Transaction Documents, or the breach of any representation,
warranty or covenant made by Buyer hereunder or under any of the Transaction Documents; (ii) the
condition, ownership, manufacture, purchase, delivery, non-delivery,

 

 

registration, performance,
transportation, management, control, design, testing, maintenance, repair, service, modification,
overhaul, replacement, removal, redelivery, lease, acceptance, rejection, possession, return,
disposition, use, or operation of the Engines, either in the air or on the ground by Buyer or any
other Person, whether or not such Claims may be attributable to any defect in the Engines or any
part thereof or to the design, testing or use thereof or to any maintenance, service, repair,
overhaul, or to any other reason whatsoever (whether similar to any of the foregoing or not); or
(iii) any defect in the Engines (whether or not discovered or discoverable by Buyer or Seller)
arising from the material or any articles used therein or from the design, testing or use thereof
or from any maintenance, service, repair, overhaul, or testing of the Engines, whether or not the
Engines is in the possession of Buyer, and regardless of where the Engines may then be located; or
(iv) any design, article or material in the Engines or any part thereof or the operation or use
thereof constituting or being alleged to constitute an infringement of any patent, copyright,
design or any proprietary right; or (v) preventing or attempting to prevent the arrest,
confiscation, seizure, taking and execution, impounding, forfeiture or detention of the Engines, or
in securing the release of the Engines.

     The indemnity set forth in the preceding paragraph shall not extend to (i) any Claim to the
extent such Claim is attributable to the willful misconduct or gross negligence of a Seller
Indemnitee, or (ii) any Claim to the extent such Claim results from a breach of any Seller
representation or warranty in Section 5.2.

9.2 Indemnity From Seller. Seller agrees to indemnify, reimburse and hold harmless each
Buyer Indemnitee from and against any and all claims, damages, losses, liabilities, demands, suits,
judgments, causes of action, proceedings, whether civil or criminal, penalties, fines and other
sanctions, and any attorney’s fees and other reasonable costs and expenses in connection herewith
or therewith, arising or in any way connected with injury to or death of any Person or loss or
damage to property or loss of use of any property (including the Engines), including, without
limitation, any of the foregoing arising or imposed with or without Buyer’s negligence (whether
passive or active), or under the doctrine of strict liability (any and all of which are hereafter
referred to as “Claims”) which in any way may result from, pertain to or arise in any manner out
of, or are in any manner related to, (i) the Engines, this Agreement or any of the Transaction
Documents, or the breach of any representation, warranty or covenant made by Buyer hereunder or
under any of the Transaction Documents; (ii) the condition, ownership, manufacture, purchase,
delivery, non-delivery, registration, performance, transportation, management, control, design,
testing, maintenance, repair, service, modification, overhaul, replacement, removal, redelivery,
lease, acceptance, rejection, possession, return, disposition, use, or operation of the Engines,
either in the air or on the ground by Buyer or any other Person, whether or not such Claims may be
attributable to any defect in the Engines or any part thereof or to the design, testing or use
thereof or to any maintenance, service, repair, overhaul, or to any other reason whatsoever
(whether
similar to any of the foregoing or not) arising prior to the date of Delivery, or the Closing Date,
whichever is later.

 

 

9.3 Buyer’s Insurance If and during such times as the Engines are placed into service,
Buyer shall, for a period of thirty six (36) months after the Delivery Date maintain or cause
to be maintained by the operator of such Engine(s) comprehensive Airline liability insurance
issued by a reputable insurance company of internationally recognized responsibility and
standing specializing in aircraft insurance, and reasonably acceptable to Seller, covering the
ownership, maintenance and use of any aircraft to which the Engines is affixed (the
“Aircraft”) with a minimum aggregate limit of Five Hundred Million and 00/100
($500,000,000.00) Dollars per occurrence,

SECTION 10. MISCELLANEOUS

10.1 Governing Law This Agreement shall in all respects be governed by and construed in
accordance with the internal laws of the State of Texas, without regard to conflicts of laws
principles. Each of the parties hereto hereby submits to the nonexclusive jurisdiction of the
state or federal courts sitting in Dallas, Texas and consents to the service of process out of any
of the foregoing courts by mailing of copies of the summons and proceedings thereof to such party
at the address set forth in Section 10.2 below.

10.2 Notices All notices required under the terms of this Agreement shall be in writing
and shall be sent to Seller or Buyer at its address set forth below (or such other address as the
parties may designate) and shall become effective upon (the earlier of actual receipt or (i) in the
case of a letter, the fifth day after posting, and (ii) in the case of a facsimile transmission on
the day immediately following the date of dispatch. Address of Seller and Buyer are as follows:

	 	 	 	 	 
	 

	 	Buyer:
	 	AirLease International, Inc.
	 

	 	 	 	204 Whispering Hills
	 

	 	 	 	Hot Springs, Arkansas 27410
	 

	 	 	 	Attention: Harold M. Woody, President
	 

	 	 	 	Facsimile: (501) 318-2341
	 
	 	 	 	 
	 

	 	Seller:
	 	KITTY HAWK AIRCARGO, INC.
	 

	 	 	 	P.O. Box 612787
	 

	 	 	 	1535 W. 20th ST.
	 

	 	 	 	DFW Int’l Airport, Texas 75261
	 

	 	 	 	Attention: Robert L. Barron, Vice President
	 

	 	 	 	Facsimile: (972) 456-2427

10.3 Entire Agreement This Agreement, including all of the exhibits hereto which are
incorporated herein by this reference as though set forth in full herein, constitutes the

 

 

 entire
agreement of the parties relating hereto and supersedes any prior or contemporaneous agreements,
whether oral or in writing.

10.4 Assignment This Agreement shall inure to the benefit of the Parties and their
respective successors and assigns. Without limiting the generality of the foregoing, Buyer and
Seller shall be permitted to assign their respective rights hereunder to the trustee of any grantor
trust established by it.

10.5 Time is of the Essence Except as otherwise provided herein, time is of the essence
with respect to each provision of this Agreement.

10.6 Further Assurances Each Party shall cooperate with the other and execute and deliver
such instruments and other documents as may be necessary to effectuate and carry out the provisions
of this Agreement.

10.7 Confidentiality Without the prior written consent of the other Party with respect to
each instance of disclosure, each party agrees, except as required by law or an order of court, not
to disclose, advertise or publicize the contents of this Agreement or the transactions contemplated
therein or thereby as it relates to confidential information.

10.8 Headings The headings in this Agreement are for reference only, and do not form part
of and are not to be used to interpret this Agreement.

10.9 Severability If any provision of this Agreement is declared to be invalid or
unenforceable by a final judgment, order or decree of any court of administrative body having
jurisdiction then, as to that jurisdiction only, such provision shall be deemed to be severed from
the Agreement and the remainder of the Agreement shall remain in full force and effect.

10.10 Interpretation No section, clause or provision of this Agreement shall be construed
or resolved against any Party based upon the fact that such Party drafted the section, clause or
provision.

10.12 Consequential Damages  IN NO EVENT WILL EITHER BUYER OR SELLER BE LIABLE
FOR ANY REASON FOR SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, SUCH AS LOST REVENUES, LOST
PROFITS, OR LOSS OF PROSPECTIVE ECONOMIC ADVANTAGE, RESULTING FROM PERFORMANCE OR FAILURE TO
PERFORM UNDER THIS AGREEMENT.

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Engines Sales Agreement to be
executed as of the date set forth in the first paragraph above.

	 	 	 	 	 
	 

	 	 	 	 
	AIRLEASE INTERNATIONAL, INC.

	 	KITTY HAWK AIRCARGO, INC.	 	 
	 
	 	 	 	 
	/s/ Harold M. Woody

	 	/s/ Robbie Barron	 	 
	 

	 	 	 	 
	Signed by: Harold M. Woody

	 	Signed by: Robbie Barron	 	 
	Its: President

	 	Its: VP & COO

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