Document:

EX-4.39

 Exhibit 4.39 

Supplemental Agreement No. 7 (SA-7) 

to 
 Purchase Agreement
No. 3158 
 between 
 The
Boeing Company 
 and 
 TAM
Linhas Aéreas S.A. 
 Relating to Boeing Model 777 Aircraft 

THIS SUPPLEMENTAL AGREEMENT, entered into as of             , 2014, by and between
THE BOEING COMPANY (Boeing) and TAM LINHAS AÉREAS S.A. (Customer); 
 [***][***] 

[***] 
 WHEREAS, the parties
have agreed to incorporate a new Exhibit A-4 for the 777F Aircraft configuration into the Agreement; 
 WHEREAS, Boeing and Customer have
mutually agreed to amend the Purchase Agreement to incorporate the effect of this and certain other changes. 
 AGREEMENT 

NOW THEREFORE, and in consideration of the mutual covenants herein contained, the parties agree to amend the Purchase Agreement as follows:

  

	1.	Revision of Table of Contents and Aircraft Information Table to the Purchase Agreement: 

1.1. Table of Contents. [***]Tables. “[***]. 
  

	2.	Exhibit A-4 

 2.1. A new “Exhibit A-4” attached hereto is added to describe the
777F Aircraft. 
 “[* * *]” This information is subject to confidential treatment and has been omitted and filed separately with the commission.

	3.	Letter Agreements. 

 3.1. [***]. 

 

	4.	Other Matters. 

 It is contemplated that Boeing and Customer will enter into an
assignment agreement assigning Customers rights to LATAM Airlines Group S.A. At such time as the assignment agreement is signed Boeing agrees to make Letter Agreement 6-1162-ILK-0277, entitled
“777-FREIGHTER Performance Retention Commitment,” to Purchase Agreement 3194 applicable to the two Table 3 Aircraft. 
  

	5.	Confidential Treatment. 

 Boeing and Customer understand that the commercial and
financial information contained in this Supplemental Agreement is considered by the parties as confidential (Confidential Information) and both agree not to disclose such Confidential Information except as provided herein. In addition to the
parties’ respective officers, directors and employees who need to know the Confidential Information and who understand the obligation to keep it confidential, the parties may disclose Confidential Information (1) to the extent required by
law and (2) to its agents, auditors and advisors who need to know the Confidential Information for purposes of enabling each party to understand, perform its obligations under, or receive the benefits of, this Supplemental Agreement and who
have agreed not to use or disclose the Confidential Information for any other purpose without the other party’s prior written consent. In the event that a party concludes that disclosure of Confidential Information contained in this
Supplemental Agreement is required by applicable law, the party will so advise the other party promptly in writing and endeavor to protect the confidentiality of such Confidential Information to the widest extent possible. In the event of a legal
dispute with Boeing, nothing herein will preclude Customer from sharing with its legal counsel information necessary for purposes of enabling counsel to advise or represent Customer provided that so long as Customer causes its legal counsel to
maintain the confidentiality of information that is the subject of this Article. This provision shall not apply to any Confidential Information that is in the public domain except that a party will be liable to the other for breach of its
obligations under this provision if the Confidential Information entered the public domain as a consequence of a wrongful act or omission on its part. 

EXECUTED IN DUPLICATE as of the day and year first above written. 

DATED AS OF this             day
of                                         of
2014 
 P.A. No. 3158 
 TAM 

Boeing Proprietary 
 “[* * *]”
This information is subject to confidential treatment and has been omitted and filed separately with the commission. 

									
	TAM LINHAS AÉREAS S.A.				THE BOEING COMPANY
					
	By:		  
				By:		

					
			  
						Mr. David J. Hilby
			    (Printed or Typed Name)						
					
	Its:		  
				Its:		Attorney in Fact
					
	By:		  
						
					
			  
						
			    (Printed or Typed Name)						
	Its:		  
						

 P.A. No. 3158 
 TAM 

Boeing Proprietary 
 “[* * *]”
This information is subject to confidential treatment and has been omitted and filed separately with the commission. 

 TABLE OF CONTENTS 
  

					
	 ARTICLES
	  	 	  	 Supplemental
Agreement 
Number

			
	1.	  	Quantity, Model and Description	  	
	2.	  	Delivery Schedule	  	
	3.	  	Price	  	
	4.	  	Payment	  	
	5.	  	Miscellaneous	  	
			
	 TABLE
	  	 	  	 
			
	[***]	  	[***]	  	[***]
			
	[***]	  	[***]	  	[***]
			
	[***]	  	[***]	  	[***]
			
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	[***]	  	[***]	  	
			
	[***]	  	[***]	  	

 “[* * *]” This information is subject to confidential treatment and has been omitted and filed separately with the
commission. 

					
	 LETTER AGREEMENTS
	  	 SA 
Number

			
	 [***]
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	  	[***]	  	[***]

 P.A. No. 3158 
 TAM 

Boeing Proprietary 

 Table 3 To 

Purchase Agreement No. PA-3158 

Aircraft Delivery, Description, Price and Advance Payments 

[***] 
 “[* * *]” The information in this table is
subject to confidential treatment and has been omitted and filed separately with the commission. 
  

					
			Boeing Proprietary		SA-7
					Page 1

 Exhibit A-4 To 

Boeing Purchase Agreement 
  

					
	 CR
	  	 Title
	  	 2010 Dollars

	 0110-000039
	  	MAJOR MODEL 777 AIRPLANE	  	[***]
	 0110B750A90
	  		  	[***]
	 0220-000040
	  	FAA TYPE CERTIFICATION	  	[***]
	 0220C485B30
	  	TYPE CERTIFICATON & EXPORT CERTIFICATE OF AIRWORTHINESS FOR AIRPLANE DELIVERY - REQUIREMENT	  	[***]
	 0221-000002
	  	DISPATCH WITH GEAR EXTENDED FOR REVENUE FLIGHT	  	[***]
	 0221B401A43
	  	TAKEOFF AND LANDING WITH TAILWIND UP TO 15-KNOTS	  	[***]
	 0221B401A44
	  	ENGINE INOPERATIVE TEN MINUTE TAKEOFF THRUST OPERATION	  	[***]
	 0228-000032
	  	FLIGHT CREW OPERATIONS MANUAL IN FAA FORMAT	  	[***]
	 0228C485B24
	  	AIRPLANE FLIGHT MANUAL	  	[***]
	 0229C677A10
	  	PERFORMANCE - CERTIFICATION FOR OPERATION AT AIRPORTS WITH PRESSURE ALTITUDES UP TO 9800 FEET	  	[***]
	 0252B299A36
	  	INSTRUMENTATION, AIRPLANE AND FUEL MEASURING STICK MANUALS IN METRIC UNITS - TEMPERATURE IN DEGREES CELSIUS	  	[***]
	 0315C485B25
	  	CERTIFIED OPERATIONAL WEIGHTS AND STRUCTURAL DESIGN WEIGHT- 777-FREIGHTER	  	[***]
	 0351C485B36
	  	TAKEOFF PERFORMANCE IMPROVEMENT - ALTERNATE FORWARD CENTER OF GRAVITY LIMITS	  	[***]
	 0352-000003
	  	AIRPLANE CUSTOMIZED LOADING SCHEDULE FOR WEIGHT AND BALANCE CONTROL - UNIVERSAL INDEX LOADING	  	[***]
	 1110C826G34
	  	ENGINE NACELLES BAC 7067 WHITE - EXTERIOR COLOR SCHEME AND MARKINGS	  	[***]
	 1110D121A74
	  	EXTERIOR COLOR SCHEME AND MARKINGS	  	[***]
	 1130C826G26
	  	BILINGUAL INTERIOR PLACARDS - SUPERNUMERARY COMPARTMENT	  	[***]
	 1130D121A69
	  	REGISTRY PLACARD AND EXTERNAL DATA PLATE	  	[***]
	 1130D121A76
	  	INTERIOR PLACARDS - VERTICAL SIDEWALL LOWER LOBE COMPARTMENTS	  	[***]
	 1200C608C65
	  	SERVICE OPTION - ELECTRONIC FLIGHT BAG (EFB) SOFTWARE INSTALLATION - CUSTOMER ACCEPTANCE WALK AND CUSTOMER FLIGHTS	  	[***]
	 2162C687A13
	  	AFT CARGO COMPARTMENT - INSTALLATION - CONDITIONED AIR SYSTEM	  	[***]
	 2210-000003
	  	AUTOFLIGHT - INHIBIT GLIDE SLOPE CAPTURE PRIOR TO LOCALIZER CAPTURE	  	[***]
	 2210-000030
	  	AUTOFLIGHT - THREE DIGIT MACH NUMBER ON MODE CONTROL PANEL	  	[***]
	 2210-000037
	  	AUTOFLIGHT - BANK ANGLE HOLD AT AUTOPILOT COMMAND ENGAGE	  	[***]
	 2210C594A11
	  	AUTOFLIGHT - ENABLE LNAV ENGAGEMENT ON TAKEOFF GO-AROUND	  	[***]
	 2311-000137
	  	HF COMMUNICATIONS - PARTIAL PROVISIONS FOR DUAL ARINC 753 HF DATALINK	  	[***]
	 2311B401A39
	  	HF COMMUNICATIONS - EQUIPMENT INSTALLATION OF DUAL ROCKWELL HF VOICE/DATA TRANSCEIVERS - P/N 822-0990-004 AND DIGITAL HF COUPLERS - P/N 822-0987-004 BFE/SPE	  	[***]
	 2312-000703
	  	VHF COMMUNICATIONS - ACTIVATION OF 8.33 KHZ CHANNEL SPACING	  	[***]

  

							
	P.A. 3158	  	BOEING PROPRIETARY	  	SA-7	  	    Page 1

 Exhibit A-4 To 

Boeing Purchase Agreement 
  

					
	 CR
	  	 Title
	  	 2010 Dollars

	 2312B401A87
	  	VHF COMMUNICATIONS - EQUIPMENT INSTALLATION OF TRIPLE ROCKWELL ARINC 750 VHF-2100 TRANSCEIVERS WITH 8.33 KHZ CHANNEL SPACING, VDL MODE 2, AND CMC INTERFACE CAPABILITY - P/N 822-1287-101 - BFE/SPE	  	[***]
	 2315C581A25
	  	SATCOM - AVIONICS EQUIPMENT INSTALLATION - ARINC 781 AERO-H+ AND SWIFTBROADBAND - THALES TOPFLIGHT SERIES - BFE/SPE	  	[***]
	 2315C594A56
	  	SATCOM - ANTENNA EQUIPMENT INSTALLATION - ARINC 781 COMPACT HIGH GAIN ANTENNA - CHELTON HGA-7001 WITH DIPLEXER P/N ###-##-#### - BFE/SPE	  	[***]
	 2321B401A04
	  	SELCAL - AVTECH FIVE CHANNEL DECODER - P/N NA138-714C - BFE/SPE	  	[***]
	 2322C926A04
	  	AIRCRAFT COMMUNICATIONS ADDRESSING AND REPORTING SYSTEM (ACARS) - AIRPLANE INFORMATION MANAGEMENT SYSTEM (AIMS) ACTIVATION - VHF DATALINK MODE 2	  	[***]
	 2324B299A29
	  	EMERGENCY LOCATOR TRANSMITTER (ELT) - WULFSBERG ELECTRONICS AUTOMATIC FIXED WITH NAVIGATION INTERFACE UNIT (NIU) - MODE S BROADCAST - BFE/SPE	  	[***]
	 2351-000033
	  	HAND HELD MICROPHONE - CAPTAIN AND FIRST OFFICER - ELECTROVOICE - P/N 903-1342 - BFE/SPE	  	[***]
	 2351-000035
	  	HAND HELD MICROPHONE - FIRST OBSERVER - ELECTROVOICE - P/N 903-1342 - BFE/SPE	  	[***]
	 2351-000042
	  	CONTROL WHEEL PUSH TO TALK (PTT) SWITCH - STANDARD THREE POSITION	  	[***]
	 2351-000044
	  	AUDIO CONTROL PANEL - SECOND OBSERVER	  	[***]
	 2351A213B78
	  	BOOM MICROPHONE HEADSETS - CAPTAIN, FIRST OFFICER AND FIRST OBSERVER - TELEX AIRMAN 750 - P/N 64300-200 - BFE/SPE	  	[***]
	 2351A213B79
	  	BOOM MICROPHONE HEADSET - SECOND OBSERVER - TELEX AIRMAN 750 - P/N 64300-200 - BFE/SPE	  	[***]
	 2371B628B36
	  	VOICE RECORDER, REMOTE MICROPHONE AND CONTROL PANEL - HONEYWELL - 2 HOUR RECORDING TIME - WITH DATALINK RECORDING CAPABILITY - P/N 980-6032-001, P/N 980-6115-001, P/N 980-6117-004 - BFE/SPE	  	[***]
	 2371B628B42
	  	VOICE RECORDER - MANUAL ON/AUTO OFF SWITCH INSTALLATION - BACKUP POWER COMPATIBLE	  	[***]
	 2371C608G87
	  	VOICE RECORDER - AIRPLANE INFORMATION MANAGEMENT SYSTEM (AIMS) ACTIVATION - CONTROLLER-PILOT DATA LINK COMMUNICATIONS (CPDLC) DATA LINK MESSAGE RECORDING CAPABILITY	  	[***]
	 2431-000013
	  	NO BATTERY POWERED POSITION LIGHTS AND DC BACKUP POWER - TOWING OPERATION	  	[***]
	 2524C204D44
	  	OVERHEAD STOWAGE UNIT - CEILING MOUNTED	  	[***]
	 2525C204F43
	  	HIGH CAPACITY SEATING PROVISIONS - SUPERNUMERARY COMPARTMENT - 9 SEATS	  	[***]
	 2525C204F45
	  	ATTENDANT SEAT INSTALLATION - SUPERNUMERARY COMPARTMENT	  	[***]
	 2527C204G19
	  	FLOOR COVERING - INSTALLATION - VINYL MAT THROUGHOUT THE SUPERNUMERARY AREA	  	[***]
	 2530C826G23
	  	GALLEY - SUPERNUMERARY COMPARTMENT	  	[***]
	 2530C826G24
	  	GALLEY INSERTS - SUPERNUMERARY COMPARTMENT	  	[***]

  

							
	P.A. 3158	  	BOEING PROPRIETARY	  	SA-7	  	    Page 2

 Exhibit A-4 To 

Boeing Purchase Agreement 
  

					
	 CR
	  	 Title
	  	 2010 Dollars

	 2552-000318
	  	SLOPING SIDEWALL - FORWARD CARGO COMPARTMENT - 0.050-INCH-THICK BMS 8-223	  	[***]
	 2552-000319
	  	SLOPING SIDEWALL - AFT CARGO COMPARTMENT - 0.050-INCH-THICK BMS 8-223	  	[***]
	 2557C703A68
	  	AIRPLANE LOADING TIP ALARM SYSTEM INSTALLATION	  	[***]
	 2557C703A73
	  	INSTALL ““SEAT-TRACK-TYPE”” IN LIEU OF ““SHACKLE-TYPE”” MOVEABLE TIE-DOWNS IN THE MAIN DECK CARGO HANDLING SYSTEM	  	[***]
	 2558C703A75
	  	MAIN DECK CARGO RESTRAINTS - USE OF LBL AND RBL 48.2 RESTRAINT ANCHOR POINTS FOR TIE-DOWNS	  	[***]
	 2558C756A03
	  	CENTERLINE LOADING OF THREE (3) LONGITUDINALLY-LOADED 16FT OR 20 FT ULDS IN THE MAIN DECK CARGO COMPARTMENT	  	[***]
	 2560-000207
	  	HALON FIRE EXTINGUISHER - FLIGHT DECK - WALTER KIDDE	  	[***]
	 2560A075A10
	  	PROTECTIVE GLOVES - FLIGHT DECK - NORTH STAR - SFE	  	[***]
	 2560C204E96
	  	PROTECTIVE BREATHING EQUIPMENT - FLIGHT DECK - B/E AEROSPACE	  	[***]
	 2560C204H14
	  	FLASHLIGHTS WITH TAMPER SHIELD FOR TWO PILOTS - LED - FLIGHT DECK	  	[***]
	 2560D121A81
	  	CREW LIFE VESTS - FLIGHT DECK, WITH SECOND OBSERVER - EASTERN AERO MARINE - P01202-101C - BFE	  	[***]
	 2562C417D63
	  	EMERGENCY LOCATOR TRANSMITTER - PORTABLE	  	[***]
	 2562D121A80
	  	EASTERN AERO MARINE CREW LIFE VEST - OVERWATER SURVIVAL EQUIPMENT - SUPERNUMERARY COMPARTMENT - BFE	  	[***]
	 2564C204F03
	  	PROTECTIVE BREATHING EQUIPMENT - SUPERNUMERARY - B/E AEROSPACE	  	[***]
	 2564C204G43
	  	FIRST AID KIT - FAA	  	[***]
	 2564D413D53
	  	OXYGEN BOTTLE WITH FULL-FACE MASK, ADDITIONAL - SUPERNUMERARY COMPARTMENT- SUPPLEMENTAL CEILING MOUNTED STOWAGE COMPARTMENT	  	[***]
	 2622-000017
	  	ENGINE/APU FIRE EXTINGUISHER BOTTLES - COMMON BOTTLE	  	[***]
	 2911-000003
	  	AC MOTOR-DRIVEN HYDRAULIC PUMPS - EATON (VICKERS) S270T201-7	  	[***]
	 2911-000026
	  	ENGINE-DRIVEN HYDRAULIC PUMPS - PARKER (ABEX) S271W111	  	[***]
	 3120-000013
	  	SIXTY MINUTE COUNT DOWN TIMER - INSTALLATION - FLIGHT DECK	  	[***]
	 3131B628B16
	  	DIGITAL FLIGHT DATA RECORDER (DFDR) - HONEYWELL - 1024 WORDS PER SECOND MAXIMUM DATA RATE - P/N 980-4750-009 - BFE/SPE	  	[***]
	 3135B628B47
	  	QUICK ACCESS RECORDER - TELEDYNE CONTROLS - GSM WIRELESS GROUNDLINK QUICK ACCESS RECORDER - P/N 2243800-81 - 512 MB PCMCIA FLASH MEMORY CARD RECORDING MEDIA - INSTALLATION - BFE	  	[***]
	 3143-000013
	  	AIMS AIRPLANE MODIFIABLE (AMI) SOFTWARE - INSTALLATION AFTER DELIVERY AND BEFORE FLYAWAY	  	[***]
	 3143C926A05
	  	AIRPLANE INFORMATION MANAGEMENT SYSTEM (AIMS) - OPERATIONAL PROGRAM CONFIGURATION FILE ACTIVATION - FLIGHT INFORMATION DATALINK COMMUNICATIONS MENU - ARINC 623 AIR TRAFFIC SERVICE MESSAGES	  	[***]
	 3150A213A18
	  	AURAL ADVISORY OF ALTITUDE APPROACH - FLIGHT DECK	  	[***]
	 3151-000042
	  	FIREBELL AURAL WARNING - 1 SECOND ON, 9 SECONDS OFF	  	[***]
	 3151-000046
	  	AUTOPILOT DISCONNECT - AURAL WARNING SIREN - AURAL WARNING AND MASTER WARNING LIGHT INHIBITED WHEN AUTOPILOT DISCONNECT SWITCH IS DOUBLE PRESSED QUICKLY	  	[***]
	 3151A065A47
	  	RESETTABLE OVERSPEED AURAL WARNING - SIREN	  	[***]

  

							
	P.A. 3158	  	BOEING PROPRIETARY	  	SA-7	  	    Page 3

 Exhibit A-4 To 

Boeing Purchase Agreement 
  

					
	 CR
	  	 Title
	  	 2010 Dollars

	 3161-000002
	  	DOOR SYNOPTIC AND EICAS MESSAGE - PASSENGER DOOR SLIDE/RAFT ARMING HANDLE POSITION INDICATION - AUTO, MANUAL AND AUTO/MANUAL MESSAGES	  	[***]
	 3161-000167
	  	ANNUNCIATION FOR LOSS OF RIGHT OR LEFT FMCS - EICAS ADVISORY MESSAGE	  	[***]
	 3161-000168
	  	FLIGHT DECK COMMUNICATIONS FUNCTION (FDCF) AUTOMATIC RESET - ACTIVATION	  	[***]
	 3161-000169
	  	ANNUNCIATION FOR SATELLITE VOICE COMMUNICATION CAPABILITY - EICAS	  	[***]
	 3161-000170
	  	ANNUNCIATION FOR DATALINK AVAILABILITY - EICAS	  	[***]
	 3161A425A45
	  	VMO/MMO OVERSPEED EICAS STATUS MESSAGE AND VFE OVERSPEED EICAS STATUS MESSAGE WITH FLAP/SLAT POSITION SNAPSHOT - FLIGHT DECK	  	[***]
	 3162-000022
	  	FLIGHT DIRECTOR COMMAND DISPLAY - SPLIT AXIS - ADI	  	[***]
	 3162-000026
	  	DISPLAY OF ROUND DIAL AND DIGITAL RADIO ALTITUDE - ADI	  	[***]
	 3162-000030
	  	RISING RUNWAY - DISPLAYED ON THE ADI	  	[***]
	 3162-000036
	  	LANDING ALTITUDE REFERENCE BAR - PRIMARY FLIGHT DISPLAY	  	[***]
	 3162-000040
	  	BARO MINIMUMS POINTER - DISPLAYED ON SELECTION OF RADIO ALTITUDE MINIMUMS - PRIMARY FLIGHT DISPLAY	  	[***]
	 3162-000044
	  	TCAS RESOLUTION ADVISORY - VSI	  	[***]
	 3162-000051
	  	ILS LOCALIZER DEVIATION EXPANDED SCALE - AUTOPILOT OR FLIGHT DIRECTOR MODE	  	[***]
	 3162-000059
	  	MAP MODE ORIENTATION - TRACK UP - NAVIGATION DISPLAY	  	[***]
	 3162-000062
	  	GRID HEADING - NAVIGATION DISPLAY	  	[***]
	 3162-000084
	  	TCAS 3 NM RANGE RING - NAVIGATION DISPLAY	  	[***]
	 3162-000211
	  	VREF AND SELECTED FLAP POSITION - PRIMARY FLIGHT DISPLAY	  	[***]
	 3162-000218
	  	GROUND SPEED - DISPLAYED BELOW AIRSPEED TAPE WHEN MACH NUMBER IS NOT DISPLAYED - PRIMARY FLIGHT DISPLAY	  	[***]
	 3162C594A07
	  	NAVIGATION PERFORMANCE SCALES (NPS) AND REQUIRED NAVIGATION PERFORMANCE (RNP) ENHANCEMENTS - AIRPLANE INFORMATION MANAGEMENT SYSTEM (AIMS) - PRIMARY FLIGHT DISPLAY AND NAVIGATION DISPLAY	  	[***]
	 3245B047A08
	  	BRAKES - CARBON - HIGH CAPACITY - MESSIER-BUGATTI	  	[***]
	 3245B047A09
	  	WHEELS AND TIRES - MAIN LANDING GEAR - HIGH GROSS WEIGHT WHEELS - MESSIER - BUGATTI - INSTALLATION WITH SFE 36 PR, 235 MPH RADIAL TIRES.	  	[***]
	 3245B047A10
	  	WHEELS AND TIRES - NOSE LANDING GEAR - WHEELS - MESSIER - BUGATTI- INSTALLATION WITH SFE 32 PR, 235 MPH RADIAL TIRES	  	[***]
	 3324C198A28
	  	PASSENGER INFORMATION SIGNS - NO SMOKING SIGN - PERMANENT ILLUMINATION AND NO SMOKING FLIGHT DECK SELECTOR SWITCH REMOVAL	  	[***]
	 3430B866A33
	  	ILS/GPS MULTI-MODE RECEIVER (MMR) - ROCKWELL COLLINS - P/N 822-1821-001 - BFE/SPE	  	[***]
	 3433-000032
	  	RADIO ALTIMETER (RA) - ROCKWELL INTERNATIONAL CORP - P/N 822-0334-002 - BFE/SPE	  	[***]
	 3443A065B20
	  	DUAL WEATHER RADAR CONTROL PANEL - WITH MULTISCAN FUNCTIONALITY - ROCKWELL COLLINS P/N 622-5130-801 - BFE/SPE	  	[***]
	 3443C594A20
	  	DUAL WEATHER RADAR SYSTEM - WITH PREDICTIVE WINDSHEAR AND MULTISCAN CAPABILITY - ROCKWELL COLLINS WRT-2100 TRANSCEIVER - P/N 822-1710-002 - BFE/SPE	  	[***]

  

							
	P.A. 3158	  	BOEING PROPRIETARY	  	SA-7	  	    Page 4

 Exhibit A-4 To 

Boeing Purchase Agreement 
  

					
	 CR
	  	 Title
	  	 2010 Dollars

	 3445C594B04
	  	TCAS SYSTEM - ROCKWELL COLLINS TCAS COMPUTER P/N 822-1293-033 - TCAS CHANGE 7.1 COMPLIANT - BFE/SPE	  	[***]
	 3446-000050
	  	500 SMART CALLOUT	  	[***]
	 3446-000088
	  	GROUND PROXIMITY WARNING SYSTEM ALTITUDE CALLOUTS - 2500, 1000, 50, 40, 30, 20, 10, APPROACHING DECISION HEIGHT, MINIMUMS	  	[***]
	 3446C174A14
	  	ENHANCED GROUND PROXIMITY WARNING SYSTEM (EGPWS) - BANK ANGLE CALLOUT (VARIABLE CALLOUT BELOW 130 FT) - ENABLE	  	[***]
	 3451-000022
	  	VOR/MARKER BEACON - ROCKWELL RECEIVER P/N 822-0297-001 - BFE/SPE	  	[***]
	 3453D197A15
	  	ATC SYSTEM - ROCKWELL COLLINS ATC TRANSPONDER P/N 822-1338-005 - ELS/EHS/ES AND TCAS CHANGE 7 COMPLIANT - GABLES CONTROL PANEL P/N G7131-03 - BFE/SPE	  	[***]
	 3455-000019
	  	DISTANCE MEASURING EQUIPMENT (DME) - ROCKWELL INTERROGATOR P/N 822-0329-001 - BFE/SPE	  	[***]
	 3457-000214
	  	AUTOMATIC DIRECTION FINDER (ADF) - DUAL SYSTEM - ROCKWELL ADF-900 SERIES - ADF RECEIVER P/N 822-0299-001; ADF ANTENNA P/N 822-5404-003 - BFE/SPE	  	[***]
	 3461A213A10
	  	FMCS - ENHANCED FIX PAGE CAPABILITIES	  	[***]
	 3461A213A11
	  	FLIGHT MANAGEMENT COMPUTER SYSTEM (FMCS) - GPS APPROACHES WITH VERTICAL ANGLES	  	[***]
	 3461A213A12
	  	FLIGHT MANAGEMENT COMPUTER SYSTEM (FMCS)- DISPLAY OF VERTICAL BEARING, FLIGHT PATH ANGLE (FPA) AND VERTICAL SPEED	  	[***]
	 3461A425A05
	  	FLIGHT MANAGEMENT COMPUTER SYSTEM (FMCS) - RUNWAY DISTANCE AND OFFSET POSITION SHIFT IN UNITS OF FEET	  	[***]
	 3461A425A08
	  	FLIGHT MANAGEMENT COMPUTER SYSTEM (FMCS) - FLIGHT CREW ALERTNESS MONITORING - ENABLE	  	[***]
	 3461A425A10
	  	FLIGHT MANAGEMENT COMPUTER SYSTEM (FMCS) - NAVIGATION DATABASE - CUSTOMER SUPPLIED	  	[***]
	 3461A425A23
	  	FLIGHT MANAGEMENT COMPUTER SYSTEM (FMCS)- QUICK REFERENCE HANDBOOK (QRH) - TAKEOFF SPEEDS- DISPLAYED	  	[***]
	 3461C739A08
	  	FMCS - PROVIDE REQUIRED NAVIGATION PERFORMANCE (RNP) VALUES WITH 0.3 NM APPROACH	  	[***]
	 3511B899B48
	  	CREW OXYGEN MASKS - AUTOMATIC PRESSURE BREATHING TYPE WITH SEPARATE SMOKE GOGGLES - CAPTAIN AND FIRST OFFICER - AVOX - BFE/SPE	  	[***]
	 3511B899B49
	  	CREW OXYGEN MASKS - AUTOMATIC PRESSURE BREATHING TYPE WITH SEPARATE SMOKE GOGGLES - FIRST OBSERVER - AVOX - BFE/SPE	  	[***]
	 3511B899B50
	  	CREW OXYGEN MASKS - AUTOMATIC PRESSURE BREATHING TYPE WITH SEPARATE SMOKE GOGGLES - SECOND OBSERVER - AVOX - BFE/SPE	  	[***]
	 4610B872A04
	  	ELECTRONIC FLIGHT BAG (EFB) - INSTALLATION	  	[***]
	 4610C164A11
	  	CUSTOMER UNIQUE ELECTRONIC FLIGHT BAG (EFB) SOFTWARE INSTALLATION - AFTER DELIVERY AND BEFORE FLYAWAY	  	[***]
	 4610C594A09
	  	ELECTRONIC FLIGHT BAG (EFB) SYSTEM - AIRPLANE INFORMATION MANAGEMENT SYSTEM (AIMS) - ACTIVATION OF ARINC 724B ACARS INTERFACE	  	[***]
	 4900-000016
	  	MUFFLER IN APU EXHAUST SYSTEM	  	[***]
	 7200-000412
	  	GE PROPULSION SYSTEM	  	[***]
	 7200A519A02
	  	GENERAL ELECTRIC ENGINES - GE90-110B1L THRUST RATING	  	[***]
	 7900B753B83
	  	LUBRICATING OIL - BP TURBO OIL 2197	  	[***]
		  		  	[***]
	 OPTIONS: 131
	  	TOTALS:	  	[***]

  

  

							
	P.A. 3158	  	BOEING PROPRIETARY	  	SA-7	  	    Page 5

							
	

						 The Boeing Company
 P.O. Box 3707

Seattle, WA 98124-2207

  
  

6-1161-DJH-1298 
 TAM Linhas Aereas S.A. 

Rua General Pantaleao Teles, 210 
 Sao Paulo - SP 

04355-040 
 Brazil 

 

	Subject:	Aircraft Performance Guarantees for Table 3 Aircraft 

  

	Reference:	Purchase Agreement No. 3158 (Purchase Agreement) between The Boeing Company (Boeing) and TAM Linhas Aereas S.A. (Customer) relating to Model Model 777 aircraft (777F Aircraft)

 This letter agreement (Letter Agreement) amends and supplements the Purchase Agreement. All terms used but
not defined in this Letter Agreement will have the same meaning as in the Purchase Agreement. 
 [***] 

 

	1.	Confidential Treatment. 

 Boeing and Customer understand that the commercial and financial information
contained in this Letter Agreement is considered by the parties as confidential (Confidential Information) and both agree not to disclose such Confidential Information except as provided herein. In addition to the parties’ respective
officers, directors and employees who need to know the Confidential Information and who understand the obligation to keep it confidential, the parties may disclose Confidential Information (1) to the extent required by law and (2) to its
agents, auditors and advisors who need to know the Confidential Information for purposes of enabling each party to understand, perform its obligations under, or receive the benefits of, this Letter Agreement and who have agreed not to use or
disclose the Confidential Information for any other purpose without the other party’s prior written consent. In the event that a party concludes that disclosure of Confidential Information contained in this Letter Agreement is required by
applicable law, the party will so advise the other party promptly in writing and endeavor to protect the confidentiality of such Confidential Information to the widest extent possible. In the event of a legal dispute with Boeing, nothing herein will
preclude Customer from sharing with its legal counsel information necessary for purposes of enabling counsel to advise or represent Customer provided that so long as Customer causes its legal counsel to maintain the confidentiality of information
that is the subject of this Article. This provision shall not apply to any 

  

					
	PA-3158				SA-7
	Aircraft Performance Guarantees				Page 1

 BOEING PROPRIETARY 

“[* * *]” This information is subject to confidential treatment and has been omitted and filed separately with the commission. 

 

 
  
  

Confidential Information that is in the public domain except that a party will be liable to the other for breach of its obligations under this provision if the Confidential Information entered
the public domain as a consequence of a wrongful act or omission on its part. 
 Very truly yours, 

 

			
	THE BOEING COMPANY
		
	[***]		  

		
	[***]		 [***]

	
	ACCEPTED AND AGREED TO this
		
	Date:		  

	
	TAM Linhas Aereas S.A.
		
	By		  

		
	Its		  

  

			
	TAM Linhas Aereas S.A.
		
	By		  

		
	Its		  

  

					
	PA-3158				SA-7
	Aircraft Performance Guarantees				Page 1

 BOEING PROPRIETARY 

“[* * *]” This information is subject to confidential treatment and has been omitted and filed separately with the commission. 

					
	

				 The Boeing Company
 P.O. Box 3707

Seattle, WA 98124-2207

  
  

TPR-PA-3158-LA-1103768R1 
 TAM Linhas Aereas S.A. 

Rua General Pantaleao Teles, 210 
 Sao Paulo - SP 

04355-040 
 Brazil 

 

			
	Subject:		Table 3 Aircraft Special Matters
		
	Reference:		Purchase Agreement No. PA-3158 (Purchase Agreement) between The Boeing Company (Boeing) and TAM Linhas Aereas S.A. (Customer) relating to Model 777F aircraft (777F Aircraft)

 This letter agreement (Letter Agreement) amends and supplements the Purchase Agreement. All
terms used but not defined in this Letter Agreement shall have the same meaning as in the Purchase Agreement. 
 1. [***] 

2. [***] 
 3. [***] 

4. [***] 
 [***] 

 

	1.	Confidentiality 

 Boeing and Customer understand that the commercial and financial
information contained in this Letter Agreement is considered by the parties as confidential (Confidential Information) and both agree not to disclose such Confidential Information except as provided herein. In addition to the parties’
respective officers, directors and employees who need to know the Confidential Information and who understand the obligation to keep it confidential, the parties may disclose Confidential Information (1) to the extent required by law and
(2) to its agents, auditors and advisors who need to know the Confidential Information for purposes of enabling each party to understand, perform its obligations under, or receive the benefits of, this Letter Agreement and who have agreed not
to use or disclose the Confidential Information for any other purpose without the other party’s prior written consent. In the event that a party concludes that disclosure of Confidential Information contained in this Letter Agreement is
required by applicable law, the party will so advise the other party promptly in writing and endeavor 
  

  
 “[* * *]” This information is
subject to confidential treatment and has been omitted and filed separately with the commission. 
 BOEING PROPRIETARY 

 

 
 
to protect the confidentiality of such Confidential Information to the widest extent possible. In the event of a legal dispute with Boeing, nothing herein will preclude Customer from sharing with
its legal counsel information necessary for purposes of enabling counsel to advise or represent Customer provided that so long as Customer causes its legal counsel to maintain the confidentiality of information that is the subject of this Article.
This provision shall not apply to any Confidential Information that is in the public domain except that a party will be liable to the other for breach of its obligations under this provision if the Confidential Information entered the public domain
as a consequence of a wrongful act or omission on its part. 
 Very truly yours, 
  

			
	THE BOEING COMPANY
		
	By		

		
	Its		 Attorney-In-Fact

	
	ACCEPTED AND AGREED TO this
		
	Date:		  

	
	TAM Linhas Aereas S.A.
		
	By		  

		
	Its		  

	
	TAM Linhas Aereas S.A.
		
	 By
		  

		
	 Its
		  

  
 “[* * *]” This information is
subject to confidential treatment and has been omitted and filed separately with the commission. 
 PA 3158 

			
	Table 3 Aircraft Special Matters		SA-7 Page 2

					
			
			BOEING PROPRIETARY		

 Attachment to Letter Agreement 

No. 6-1161-DJH-1298 
 GE90-110B1L Engines 

Page 1 
 MODEL 777 FREIGHTER PERFORMANCE
GUARANTEES 
 FOR TAM LINHAS AEREAS S.A. 
  

			
	SECTION	  	                            CONTENTS
		
	1	  	AIRCRAFT MODEL APPLICABILITY
		
	2	  	FLIGHT PERFORMANCE
		
	3	  	MANUFACTURER’S EMPTY WEIGHT
		
	4	  	AIRCRAFT CONFIGURATION
		
	5	  	GUARANTEE CONDITIONS
		
	6	  	GUARANTEE COMPLIANCE
		
	7	  	EXCLUSIVE GUARANTEES

  

					
	P.A. No. 3158	  		  	
	AERO-B-BBA4-M14-0074B	  		  	SS14-0059

 BOEING PROPRIETARY 

“[* * *]” This information is subject to confidential treatment and has been omitted and filed separately with the commission. 

 Attachment to Letter Agreement 

No. 6-1161-DJH-1298 
 GE90-110B1L Engines 

Page 2 
  

1 [***] [Information in this and the next three pages has been omitted] 

  

					
	P.A. No. 3158				
	AERO-B-BBA4-M14-0074B				SS14-0059

 BOEING PROPRIETARY 

“[* * *]” This information is subject to confidential treatment and has been omitted and filed separately with the commission. 

 AIRCRAFT CONFIGURATION – 777F Aircraft 

between 
 THE BOEING COMPANY 

and 
 TAM LINHAS AÉREAS
S.A. 
 Exhibit A-4 to Purchase Agreement Number 3158 

  

					
	P.A. No. 3158		A-4		SA-07

 BOEING PROPRIETARY 

“[* * *]” This information is subject to confidential treatment and has been omitted and filed separately with the commission. 

 AIRCRAFT CONFIGURATION 

Dated                      

relating to 
 BOEING MODEL 777-F
AIRCRAFT 
 [***] 

  

					
	P.A. No. 3158		A1		SA-07

 BOEING PROPRIETARY 

“[* * *]” This information is subject to confidential treatment and has been omitted and filed separately with the commission. 

					
	

				 The Boeing Company
 P.O. Box 3707

Seattle, WA 98124-2207

  
 6-1161-DJH-1295 

TAM Linhas Aereas S.A. 
 Rua General Pantaleao Teles, 210 

Sao Paulo - SP 
 04355-040 

Brazil 
  

			
	Subject:		May 2017 777F Aircraft Model Substitution Rights
		
	Reference:		Purchase Agreement No. PA-3158 (Purchase Agreement) between The Boeing Company (Boeing) and TAM Linhas Aereas S.A. (Customer) relating to Model 777 aircraft (777F Aircraft)

 This letter agreement (Letter Agreement) amends and supplements the Purchase Agreement. All
terms used but not defined in this Letter Agreement shall have the same meaning as in the Purchase Agreement. 
 [***]: 

 

	1.	Customer’s Written Notice. 

 [***] 

 

	2.	Boeing’s Production Capability. 

 2.1 Customer’s substitution right is
conditioned upon Boeing having production capability for the Substitute Aircraft in the same scheduled delivery month as [***] Aircraft for which it will be substituted. Boeing will provide a written response to Customer’s notice of intent
indicating [***]. 
 2.2 If Boeing is unable to manufacture the Substitute Aircraft in the same scheduled delivery month as [***] for which
it will be substituted, then Boeing shall [***] acceptance within thirty days of such offer. 
 2.3 All of Boeing’s quoted delivery
positions for Substitute Aircraft shall be considered preliminary until such time as the parties enter into a definitive agreement in accordance with paragraph 4 below. 
  

	3.	Auxiliary Fuel Tanks (for 737MAX-9 Aircraft). 

 [***] 

  

					
	PA-3158				SA-7
	May 2017 777F Aircraft Model Substitution Rights		Page 1

 BOEING PROPRIETARY 

“[* * *]” This information is subject to confidential treatment and has been omitted and filed separately with the commission. 

 

 
  

	4.	Definitive Agreement. 

 Customer’s substitution right and Boeing’s obligation
in this Letter Agreement are further conditioned upon Customer’s and Boeing’s executing a definitive agreement for the purchase of the Substitute Aircraft within thirty (30) days of Customer’s receipt of a draft of such
definitive agreement. Boeing shall provide Customer with a draft of the definitive agreement as soon as reasonably practicable following receipt of Customer’s notice of intent or, as the case may be, Customer’s acceptance of an alternative
delivery month. The parties shall negotiate the definitive agreement in good faith. 
  

	5.	Price and Advance Payments. 

 5.1 [***]. 

 

	6.	Assignment. 

 [***] 

 

	7.	Confidential Treatment. 

 Boeing and Customer understand that the commercial and
financial information contained in this Letter Agreement is considered by the parties as confidential (Confidential Information) and both agree not to disclose such Confidential Information except as provided herein. In addition to the
parties’ respective officers, directors and employees who need to know the Confidential Information and who understand the obligation to keep it confidential, the parties may disclose Confidential Information (1) to the extent required by
law and (2) to its agents, auditors and advisors who need to know the Confidential Information for purposes of enabling each party to understand, perform its obligations under, or receive the benefits of, this Letter Agreement and who have
agreed not to use or disclose the Confidential Information for any other purpose without the other party’s prior written consent. In the event that a party concludes that disclosure of Confidential Information contained in this Letter Agreement
is required by applicable law, the party will so advise the other party promptly in writing and endeavor to protect the confidentiality of such Confidential Information to the widest extent possible. In the event of a legal dispute with Boeing,
nothing herein will preclude Customer from sharing with its legal counsel information necessary for purposes of enabling counsel to advise or represent Customer provided that so long as Customer causes its legal counsel to maintain the
confidentiality of information that is the subject of this Article. This provision shall not apply to any Confidential Information that is in the public domain except that a party will be liable to the other for breach of its obligations under this
provision if the Confidential Information entered the public domain as a consequence of a wrongful act or omission on its part. 

  
 PA-3158 

			
	May 2017 777F Aircraft Model Substitution Rights		SA-7

					
					Page 2
			BOEING PROPRIETARY		

 “[* * *]” This information is subject to confidential treatment and has been omitted and filed separately with
the commission. 

 

 
  
 Very truly yours, 

 

			
	THE BOEING COMPANY
		
	By		

		
	Its		 Attorney-In-Fact

	
	ACCEPTED AND AGREED TO this
		
	Date:		  

	
	TAM Linhas Aereas S.A.
		
	By		  

		
	Its		  

	
	TAM Linhas Aereas S.A.
		
	 By
		  

		
	 Its
		  

  
 PA-3158 

			
	May 2017 777F Aircraft Model Substitution Rights		SA-7

					
					Page 3
			BOEING PROPRIETARY		

 “[* * *]” This information is subject to confidential treatment and has been omitted and filed separately with
the commission. 

					
	

				 The Boeing Company
 P.O. Box 3707

Seattle, WA 98124-2207

  
  

TPR-PA-3158-LA-1103767R-1 
 TAM Linhas Aereas S.A. 

Rua General Pantaleao Teles, 210 
 Sao Paulo - SP 

04355-040 
 Brazil 

 

			
	Subject:		Table 3 Aircraft Banded Fixed Escalation Program
		
	Reference:		Purchase Agreement No. PA-3158 (Purchase Agreement) between The Boeing Company (Boeing) and TAM Linhas Aereas S.A. (Customer) relating to Model 777-300ER aircraft (Aircraft)

 This letter agreement (Letter Agreement) amends and supplements the Purchase Agreement. All
terms used but not defined in this Letter Agreement shall have the same meaning as in the Purchase Agreement. 
 [* * *] 

[The information in the next ten pages has been omitted]. 

  

					
	TPR-PA-3158-LA-1103767R-1				
	Escalation-Banded Fixed Program				LA Page 1
			BOEING PROPRIETARY		SA-7

 “[* * *]” This information is subject to confidential treatment and has been omitted and filed
separately with the commission. 

 

 
  

					
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 TPR-PA-3158-LA-1103767R-1 

			
	Escalation-Banded Fixed Program		LA Page 2

					
			BOEING PROPRIETARY		SA-7

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separately with the commission. 

 

 
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 TPR-PA-3158-LA-1103767R-1 

			
	Escalation-Banded Fixed Program	  	LA Page 3

					
		  	BOEING PROPRIETARY	  	SA-7

 “[* * *]” This information is subject to confidential treatment and has been omitted and filed
separately with the commission. 

 

 
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 TPR-PA-3158-LA-1103767R-1 

			
	Escalation-Banded Fixed Program	  	LA Page 4

					
		  	BOEING PROPRIETARY	  	SA-7

 “[* * *]” This information is subject to confidential treatment and has been omitted and filed
separately with the commission. 

 

 
  

							
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 TPR-PA-3158-LA-1103767R-1 

			
	Escalation-Banded Fixed Program	  	LA Page 5

					
		  	BOEING PROPRIETARY	  	SA-7

 “[* * *]” This information is subject to confidential treatment and has been omitted and filed
separately with the commission. 

 

 
  

							
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 TPR-PA-3158-LA-1103767R-1 

			
	Escalation-Banded Fixed Program	  	LA Page 6

					
		  	BOEING PROPRIETARY	  	SA-7

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separately with the commission. 

 

 
  

							
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	Escalation-Banded Fixed Program	  	LA Page 7

					
		  	BOEING PROPRIETARY	  	SA-7

 “[* * *]” This information is subject to confidential treatment and has been omitted and filed
separately with the commission. 

 

 
  

							
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 TPR-PA-3158-LA-1103767R-1 

			
	Escalation-Banded Fixed Program	  	LA Page 8

					
		  	BOEING PROPRIETARY	  	SA-7

 “[* * *]” This information is subject to confidential treatment and has been omitted and filed
separately with the commission.Exhibit 10.37

 

DONALD L. BOBBITT, JR.

SEPARATION AGREEMENT

 

Donnie, this Agreement (the “Agreement”) will confirm
the arrangements we have discussed concerning your separation from Campus Crest Communities, Inc. (the “Company” or
“we” or “us”) as a result of the termination of your employment effective November 4, 2014. It constitutes
our entire understanding regarding the terms of your separation.

 

		1.	Separation of Employment. Your last day of employment with the Company will be November 4,
2014 (your “Separation Date”). As of your Separation Date, you will be relieved of all further duties and responsibilities
and are no longer authorized to transact business or incur any expenses, obligations, or liabilities on behalf of the Company.
However, for two years following your Separation Date, you agree to be available to respond to occasional inquiries or reasonable
requests for assistance from us related to matters arising during your employment with the Company. From November 5, 2014 through
March 5, 2015, you agree to be available to consult with the Company upon request (with reasonable advance notice) on a per diem
basis.  The  Company will pay you a per diem amount of $875 for each full day of consulting services.  These services
will be performed by you as an independent contractor consultant.  We will make available for your use in performance of such
consulting services your current office to the extent practicable.

 

		2.	Post-Separation Benefits. In exchange for your executing this Agreement and abiding by its terms, the Company will provide
you with the following benefits:

 

		·	The sum of $640,000.00 (two times your current annual base salary of $320,000.00) to be paid in equal
installments on the Company’s regular paydays for the payment of base salary to executives, less payroll deductions, for
a period of 24 months commencing no later than 60 days following your Separation Date, with the exact commencement of payments
to be determined in the sole discretion of the Company; except that the first payment shall include any payments that would already
have been paid had payments commenced on November 5, 2014;

 

		·	The sum of $717,478.00 (two times the bonus provided to you in 2014 for your work in 2013), to be paid in equal installments
on the Company’s regular paydays for the payment of base salary to executives, less payroll deductions, for a period of 24
months commencing no later than 60 days following your Separation Date, with the exact commencement of payments to be determined
in the sole discretion of the Company; except that the first payment shall include any payments that would already have been paid
had payments commenced on November 5, 2014;

 

		·	An amendment to your restricted stock award dated April 22, 2013 (the “Performance Award”) that will waive the
requirement that you must be employed with the Company on the date on which the performance condition specified in Section 2(b)
of the Performance Award is satisfied in order to vest in such award and an amendment to your outstanding restricted stock awards
other than the Performance Award that provides that the vesting of such awards will be accelerated to become fully vested on the
Separation Date; and

 

    	 

    	 

    

 

		·	If you elect to extend your health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”),
the Company will pay you in a lump sum the amount of eighteen (18) months of COBRA payments for your current level of coverage.

 

The Company shall have the right to offset against
any sums payable to you under this Agreement that are exempt from section 409A of the Internal Revenue Code of 1986, as amended,
any amounts you owe the Company as a result of expense account indebtedness, failure to return Company property, or other advances
or debts due.

 

You acknowledge that the payments
and benefit described above and all other benefits and consideration contained herein are given to you in exchange for your executing
this Agreement and abiding by its terms. You further acknowledge that the payment described above is not required by your Employment
Agreement or the Company’s policies and procedures and constitutes value to which you are not already entitled.

 

Regardless of whether you sign this
Agreement, you will receive your regular base salary through your Separation Date and payment for unused vacation accrued through
your Separation Date in accordance with normal Company policies for payment upon termination of employment.

 

You will not be eligible to accrue
vacation, participate in any retirement or savings plan, or receive any other employment benefits after your Separation Date. No
further amounts shall be due or owed to you from the Company for or in any way relating to or connected with your employment with
us, except as set forth above.

 

		3.	Release of Claims. Except for any claims you may have for workers’ compensation benefits, unemployment compensation
benefits, vested pension or retirement benefits, or nonforfeitable health care, disability, or other similar welfare benefits (which
are not released by this Agreement) and in further consideration of the benefits we have agreed to provide you, you do hereby release
and forever discharge the Company and its affiliates, subsidiaries, parent companies, predecessors, successors, and assigns, and
all of their present and former officers, directors, benefit plans and programs, agents, representatives, shareholders, attorneys,
trustees, and employees (hereinafter collectively referred to as the “Releasees”) from any and all claims, actions,
causes of action, suits, entitlements, liabilities, agreements, damages, losses, or expenses (including attorney’s fees and
costs actually incurred) of any nature whatsoever, whether known or unknown (hereinafter “Claim” or “Claims”),
that you have, may have had, or may later claim to have had against any of them for personal injuries, losses or damage to personal
property, breach of contract (express or implied), breach of any covenant of good faith (express or implied), or any other losses
or expenses of any kind (whether arising in tort or contract or by statute) resulting from anything that has occurred prior to
the date you execute this Agreement. This release includes, but is not limited to, any Claims for back pay, liquidated damages,
compensatory damages, or any other losses or other damages to you or your property resulting from any claimed violation of local,
state, or federal law, including, for example (but not limited to), claims arising under Title VII of the Civil Rights Act of 1964,
42 U.S.C. § 2000e et seq. (prohibiting discrimination on account of race, color, religion, sex, or national
origin); 42 U.S.C. § 1981; the Age Discrimination in Employment Act (the “ADEA”), 29 U.S.C. § 621 et
seq. (prohibiting discrimination on account of age); the Americans with Disabilities Act of 1990, 42 U.S.C. § 12101
et seq. (prohibiting discrimination on account of disabilities); the Uniformed Services Employment and Reemployment
Rights Act of 1994, 38 U.S.C. § 4301 et seq.; the Employee Retirement Income Security Act of 1974, 29 U.S.C.
§ 1001 et seq.; the Worker Adjustment and Retraining Notification Act, 29 U.S.C. § 2101 et
seq.; Title II of the Genetic Information Nondiscrimination Act of 2008, 42 U.S.C. § 2000ff et seq.;
the North Carolina Equal Employment Practices Act, N.C. Gen. Stat. § 143-422.1 et seq.; the North Carolina
Persons With Disabilities Protection Act, N.C. Gen. Stat. § 168A-1 et seq.; the Occupational Safety and Health
Act of North Carolina, N.C. Gen. Stat. § 95-151; the North Carolina Wage and Hour Act, N.C. Gen. Stat. § 95-25.1 et
seq.; any other Claims under federal, state, or local statutory or common law; or any claim under any Employment Agreement
between you and the Company. The foregoing release of Claims expressly includes a waiver of any right to recovery for the Claims
released herein in any and all private causes of action and/or charges and/or in any and all complaints filed with, or by, any
governmental agency and/or other person or tribunal. This Agreement does not, however, waive rights or claims that may arise after
the date you sign it below.

 

 

    	2

    	 

    

 

You expressly acknowledge that this Agreement is intended
to include in its effect, without limitation, all Claims which you do not know or suspect to exist in your favor at the time you
sign this Agreement, and that this Agreement contemplates the extinguishment of any such Claim or Claims. Thus, in order to effectuate
a full and complete release and discharge of the Released Parties, you expressly waive and relinquish all rights and benefits which
you may have under any state or federal statute or common law principle that would otherwise limit the effect of this Agreement
to Claims known or suspected prior to the date you sign this Agreement, and do so understanding and acknowledging the significance
and consequences of such specific waiver.

 

		4.	Affirmations. You affirm that you have not filed, caused to be filed, or are not presently a party to any claim, complaint,
or action against the Company in any forum or form. You furthermore affirm that you have no known workplace injuries or occupational
diseases and have been provided and/or have not been denied any leave requested under the Family and Medical Leave Act. You further
affirm that you are not aware of any wrongful, tortious, or criminal action committed by the Company or its agents. If it is proven
at any time hereafter that any of the above affirmations was false when made, you agree that you shall be found in breach of the
terms of this Agreement.

 

    	3

    	 

    

 

		5.	Covenant Not to Sue. You agree that, except to the extent such right may not be waived by law,
you will not commence any legal action or lawsuit or otherwise assert any legal claim seeking relief for any Claim released or
waived under the Release of Claims provision above. This “covenant not to sue” does not, however, prevent or prohibit
you from seeking a judicial determination of the validity of your Release of Claims under the Age Discrimination in Employment
Act (“ADEA”). In addition, this “covenant not to sue” does not prevent or prohibit you from filing any
administrative complaint or charge against the Releasees (or any of them) with any federal, state, or local agency, including,
for instance, the U.S. Equal Employment Opportunity Commission or the U.S. Department of Labor, but you understand that by signing
this Agreement, you will have no right to recover monetary damages or obtain individual relief of any kind in such proceeding with
respect to Claims released or waived by this Agreement.

 

		6.	Non-Admission. This Agreement shall not in any way be construed as an admission by the Company
that it has acted wrongfully with respect to you or any other person, or that you have any rights whatsoever against the Company.

 

		7.	Return of Property. You represent that you have returned or agree that you will return to the
Company on or before the Effective Date of this Agreement any and all Company property in your possession or control, including,
but not limited to all keys, credit cards, computers, cellular telephones, and other personal items or equipment provided to you
by the Company for use during your employment, together with all written or recorded materials, documents, computer discs, plans,
records, notes, files, drawings, or papers, and any copies thereof, relating to the affairs of the Company, including all notes
or records relating to clients of the Company. Any severance benefits payable under this Agreement will not be paid until after
you have returned all Company property in your possession.

 

		8.	Confidentiality. You agree that you will keep the terms, amount, and fact of this Agreement
completely confidential, and that, except as required by law, as necessary for the enforcement of this Agreement, or as authorized
in writing by the Company, you will not hereafter disclose any information concerning this Agreement to anyone other than your
immediate family and professional representatives who will be informed by you of, and must agree to be bound by, this confidentiality
clause before you disclose any information about this Agreement to them.

 

		9.	The parties agree that the Confidentiality and Noncompetition Agreement that you entered into effective October 19, 2010 remains
in effect and is incorporated herein by reference with the following modifications:

 

		·	Section 1(d) is deleted.

 

		·	The following language is added to Section 1:

 

(d)“Competitive Business” shall mean
the development, construction, acquisition, sale, marketing or management of facilities whose primary function and purpose is student
housing and/or the provision of third party student housing services to providers of student housing.

 

    	4

    	 

    

 

and

 

(j)“Services” shall mean (a) providing
managerial, operational or executive-level oversight, (b) providing strategic guidance, (c) providing any additional services of
the type that Executive performed for Company. You acknowledge and agree that these are the services that you performed for the
Company.

 

 

		·	Section 4 is amended to read as follows:

 

You covenant and agree that during the Restricted Period,
in any State of the United States of America in which the Company conducts business, has purchased or is under contract to purchase
real estate to conduct business, or has identified specific sites as potential future development opportunities, you shall not,
directly or indirectly whether individually or as a principal, partner, officer, director, consultant contractor, employee, stockholder
or manager of any person, partnership, corporation limited liability company or any other entity provide Services for a Competitive
Business.

 

		·	The following language is added as the last sentence of Section 5:

 

This provision (ii) applies to those persons, concerns,
or entities that were actual or potential customers or suppliers of the Company during the time period of Executive’s employment
with the Company and with which Executive or those he supervised had contact on behalf of the Company.

 

Except as otherwise provided in this Agreement, the
Employment Agreement that you and the Company entered into effective October 19, 2010 is hereby superseded and shall be null and
void, effective immediately.

 

		10.	Non-Disparagement. You agree not to make any oral or written statement or take any other action that disparages or criticizes
the Company or its management or practices, that damages the Company’s good reputation, or that impairs its normal operations.
You understand that this nondisparagement provision does not apply on occasions when you are subpoenaed or ordered by a court or
other governmental authority to testify or give evidence and must, of course, respond truthfully, to conduct otherwise protected
by the Sarbanes-Oxley Act, or to conduct or testimony in the context of enforcing the terms of this Agreement or other rights,
powers, privileges, or claims not released by this Agreement. You also understand that the foregoing nondisparagement provision
does not apply on occasions when you provide truthful information in good faith to any federal, state, or local governmental body,
agency, or official investigating an alleged violation of any antidiscrimination or other employment-related law or otherwise gathering
information or evidence pursuant to any official investigation, hearing, trial, or proceeding. Nothing in this nondisparagement
provision is intended in any way to intimidate, coerce, deter, persuade, or compensate you with respect to providing, withholding,
or restricting any communication whatsoever to the extent prohibited under 18 U.S.C. §§ 201, 1503, or 1512 or under any
similar or related provision of state or federal law.

 

    	5

    	 

    

 

		11.	Expenses. You agree that you have been reimbursed by the Company for all reasonable and necessary out-of-pocket travel
and other business expenses incurred by you in accordance with the Company’s policies.

 

		12.	Consequences of Breach. You agree that you will indemnify and hold the Releasees harmless from
any loss, cost, damage, or expense (including attorneys’ fees) incurred by them arising out of your breach of any portion
of this Agreement. You also understand that your entitlement to and retention of the benefits we have agreed to provide you herein
are expressly conditioned upon your fulfillment of your promises herein, and you agree, to the extent permitted or required by
law, immediately to return or repay the amounts you have received from us pursuant to this Agreement in excess of $100.00 upon
your breach of any provision of this Agreement. For the purposes of this paragraph, a subsequent legal challenge to the validity
of your release of claims under the ADEA in this Agreement will not be considered a breach of this Agreement. However, the severance
benefits paid to you under this Agreement may serve as restitution, recoupment, and/or setoff in the event you prevail on the merits
of such claim.

 

		13.	Choice of Law and Entire Agreement. This Agreement shall be governed by the laws of the State of North Carolina, without
regard to conflict of laws principles. This Agreement represents the entire understanding between you and the Company and supersedes
any prior agreement or plan regarding its contents. Any alteration or modification of this Agreement shall not be valid unless
in writing and signed by all parties.

 

		14.	Arbitration. Any and all disputes relating to your employment with the Company, the termination
of that employment, and the parties’ compliance with or alleged breach of this Agreement are subject to arbitration by both
you and the Company in accordance with the arbitration provisions set forth in Paragraphs 12 and 17 of the Employment Agreement
between you and the Company entered into on January 1, 2013, which paragraphs are hereby incorporated by reference.

 

		15.	Severability. The provisions of this Agreement are severable, and if any term of this Agreement
is held to be illegal, invalid, or unenforceable by a court of competent jurisdiction, the remaining terms shall remain in full
force and effect.

 

		16.	Consideration Period. Because the arrangements discussed in this Agreement affect important rights and obligations,
we advise you to consult with an attorney before you agree to the terms set forth herein. You have twenty-one (21) days from the
date you receive this Agreement within which to consider it, and you may take as much of that time as you wish before signing.
If you decide to accept the benefits offered herein, you must sign this Agreement on or before the expiration of the twenty-one
(21)-day period and return it promptly to Brandon Parise at the Company at brandon.parise@campuscrest.com, whose address is Campus
Crest Real Estate Management, 2100 Rexford Road, #414, Charlotte, NC 28211. If you do not wish to accept the terms of this Agreement,
you do not have to do anything.

 

    	6

    	 

    

 

		17.	Revocation Rights. For a period of up to and including seven (7) days after the date you sign this Agreement, you may
revoke it entirely. No rights or obligations contained in this Agreement shall become enforceable before the end of the seven-day
revocation period. If you decide to revoke the Agreement, you must deliver to Mr. Parise at the contact address described in Paragraph
16 above a signed notice of revocation on or before the last day of this seven-day period. Upon delivery of a notice of revocation
to the Company, this Agreement shall be canceled and void, and neither you nor the Company shall have any rights or obligations
arising under it.

 

		18.	Effective Date. This Agreement shall become effective (the “Effective Date”) eight (8) days after the date
you execute it below and have returned all Company property in your possession, unless it is earlier revoked by you pursuant to
the provisions set forth in the “Revocation Rights” section of this Agreement.

 

		19.	Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Company and its respective
successors and assigns, and upon you and any of your heirs, personal representatives and assigns, except that my duties hereunder
may not be delegated.

 

		20.	Interpretation. The language used in this Amended Agreement shall not be construed in favor of or against either of
the Parties, but shall be construed as if both of the Parties prepared this Amended Agreement. The language used in this Amended
Agreement shall be deemed to be the language chosen by the Parties to express their mutual intent, and no rule of strict construction
shall be applied against any such Party.

 

		21.	Section 409A. This Agreement is intended comply with the requirements of Code Section 409A of the Internal Revenue Code
of 1986, as amended, and the Department of Treasury guidance thereunder (“Section 409A”). This Agreement shall be interpreted
and administered to maximize the exemptions from Section 409A for the compensation payable pursuant to this Agreement and, to the
extent the Agreement provides for compensation that is subject to Section 409A, to comply with Section 409A and to avoid the imposition
of tax, interest and/or penalties upon you under Section 409A. The Company does not, however, assume any economic burdens associated
with Section 409A. In particular, the Company will not be liable to you for any tax, interest, or penalties you may owe as a result
of this Agreement. Each of your rights to installment payments under the first and second bullets of Section 2 shall be treated
as a right to a series of separate payments for purposes of Section 409A. Each such payment that is made within 2-1⁄2 months
following the end of the year that contains the Effective Date is intended to be exempt from Section 409A as a short-term deferral
within the meaning of the final regulations under Section 409A. Each such payment that is made later than 2-1⁄2 months following
the end of the year that contains the Effective Date is intended to be exempt from Section 409A under the two-times exception of
Treasury Reg. § 1.409A-1(b)(9)(iii) (the “Two-Times Exception”), up to the limitation on the availability of the
Two-Times Exception specified in the regulation. Each payment that is made after the Two-Times Exception ceases to be available
shall be subject to the six-month delay, as necessary, as specified below. To the extent necessary to comply with Section 409A,
in no event shall you, directly or indirectly, designate the taxable year of any payment under this Agreement. In particular, with
respect to any payment that is conditioned upon your executing and not revoking the release of claims as specified herein, if the
designated payment period for such payment begins in one taxable year and ends in the next taxable year, the payment will be made
in the later taxable year. To the extent necessary to comply with Section 409A, references in this Agreement to “termination
of employment” or “terminates employment” (and similar references) shall have the same meaning as “separation
from service” within the meaning of Section 409A (a “Separation from Service”), and no payment subject to Section
409A that is payable upon a termination of employment shall be paid unless and until (and not later than applicable in compliance
with Section 409A) you incur a Separation from Service. In addition, if you are a “specified employee” within the meaning
of Section 409A(a)(2)(B)(i) at the time of your Separation from Service, any payment subject to Section 409A that would otherwise
have been payable on account of, and within the first six months following, your Separation from Service will become payable on
the first business day after six months following the Separation Date or, if earlier, the date of your death.

 

    	7

    	 

    

 

 

		22.	Acknowledgments. If the terms of this Agreement correctly set forth our agreement, please so indicate by signing in
the appropriate space below. Your signature will be an acknowledgment that no other promise or agreement of any kind has been made
to you by the Company to cause you to execute this Agreement, that you had twenty-one (21) days to review this Agreement and to
consult with an attorney or other person of your choosing about its terms before signing it, that the only consideration for your
signature is as indicated above, that you fully understand and accept this Agreement, that you are not coerced into signing it,
and that you signed it knowingly and voluntarily because it is satisfactory to you.

 

    	8

    	 

    

 

 

	CAMPUS CREST COMMUNITIES, INC.	 
	 	 	 
	 	 	 
	 	 	 
	By:	/s/ Richard Kahlbaugh	 
	 	Richard Kahlbaugh	 
	 	Interim Chief Executive Officer	 

  

 

I have carefully read the above Confidential Separation Agreement
and General Release, understand the meaning and intent thereof, and voluntarily agree to its terms this 13th day of November, 2014.

  

 

/s/ Donald L. Bobbitt, Jr.                    

Donald L. Bobbitt, Jr.

 

 

 

 

    	9

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