Document:

EX-10.16

 Exhibit 10.16 

 
 

 
 AERO CRS LTD (“AeroCRS”)—AeroCRS Services Agreement 

THIS AGREEMENT made as of the date: 22 December 2020 
  

					
	Between:	  		  	
	Company name:	  	Global Crossing Airlines, Inc    	  	
	Manager’s name:	  	Ryan Goepel	  	Ryan Goepel EVP and CFO
	Manager’s email:	  	Ryan.goepel@globalxair.com	  	
	Phone number:	  	+1.786.751.8503    	  	
	Company address:	  	4200 NW 36th Street, Building 5a, 4th Floor Miami, Fl 33166
		  		  	 (“Customer”)

			
	And:	  		  	
	Company name:	  	AERO CRS LTD (Reg. 513888974)	  	
	Manager’s name:	  	Meir Hadassi Turner	  	
	Manager’s email:	  	meir@aerocrs.com	  	
	Phone number:	  	+972-3-7219664	  	
	Company address:	  	144 Begin st. P.O.Box 25423 ZIP 61253, Tel Aviv-yafo, Israel
		  		  	 (“AeroCRS”)

			
	Definitions:	  		  	
	“Term of contract”	  	1 Year renewable	  	
	“Services”:	  	AeroCRS PSS Air - ultimate edition	  	
		  	AeroCRS Analytics (1 user)	  	
		  	-	  	
		  	-	  	
	“Training fees”:	  	$2,000 USD - 4-5 days of Online training	  	
	“Billing cycle”:	  	Quarterly	  	
	“Payment method”:	  	Bank transfer	  	

					
	“Charges”:	  	One time fees:	  	$1,500 USD - 1 PSP & 1 IBE integration
		  	Ongoing fees:	  	PSS - $24,000 Yearly up to 100K segments per year Analytics User - $1,500 per year
		  		  	Additional segments between 100K-200K - $0.24 per segment
		  		  	Additional segments between 200K-300K - $0.20 per segment
		  		  	Additional segments between 300K-500K - $0.15 per segment
		  		  	Additional segments above 500K - $0.07 per segment
		  		  	-
		  		  	-
		  		  	-

  

			
	AERO CRS LTD +972(3)7219664 www.aerocrs.com, 144 Begin St. P.O.Box Zip 25423, Tel Aviv-Yafo 6125302, Israel	  	1

 

 
  

 This agreement (“Agreement”) constitutes a binding agreement between the Customer and
AeroCRS with respect to the use of the Services provided by AeroCRS known also as AeroCRS—Cloud reservation systems. 
 All users of AeroCRS’s
services, and all customers upon signing up for said Services, agree to comply with the Agreement. The spirit of the Agreement is to ensure Customers are using AeroCRS’s Services with due regard to the rights of other Internet users and in
conformity with the requirements of AeroCRS’s network environment. In order to ensure the stability of AeroCRS’s system and the Services, and any other security needs, AeroCRS reserves the right to add or modify any feature of the
Services, without changing the scope of the Services purchased by the Customer. For the avoidance of doubt, such changes to the features of AeroCRS’s system do not include any changes to the commercial term (including pricing) under this
Agreement. It is agreed that AeroCRS shall not be responsible for any damages caused to any customer, due to instability of AeroCRS’s system, which was caused by other customers and/or third parties. 

Any complaints about a violation of the terms of the Services should be sent to abuse@aerocrs.com. Except when expressly agreed to the contrary in writing by
an authorized representative of AeroCRS, this Agreements supersedes any other agreement with AeroCRS, whether written, oral, by conduct, or otherwise. 
  

	 	1.	 Service 

  

	 	1.1.	 AeroCRS shall supply the Customer with support and maintenance Services for a period starting on the date of
order for a period according to the Term of contract. Such period will be renewed automatically for another consecutive period, unless any party will give prior notice of ninety (90) days before the end of the period. 

 

	 	1.2.	 The Customer will be provided with support and maintenance to the Services (as stated above) that was ordered
by the Customer and agreed by AeroCRS (the “System”). 

  

	 	2.	 Service Guidelines 

  

	 	2.1.	 AeroCRS shall maintain the System in conformance with the Technical Requirements Protocol (as defined in the
website of AeroCRS (at http://aerocrs.info/technicaldoc). In the event the Services provided by AeroCRS include providing a website to the Customer, the Customer acknowledges and confirms that such website does not comply with accessibility
AA standard, and the Customer is responsible to comply with the relevant accessibility standards of its website. All other Services under this Agreement shall include bug fixes, system errors, and take all appropriate measures to correct such errors
and provide corrections to the System in accordance with the following: 

  

	 	2.1.1.	 Class A Problems: In the case of significant errors or problems, such as total loss of functionality or
loss of saved data, AeroCRS will use its best efforts to provide the work around solution within eight (8) hours after becoming aware of such problems, and provide a permanent correction to the customer within two (2) business days
thereafter. 

  

			
	AERO CRS LTD +972(3)7219664 www.aerocrs.com, 144 Begin St. P.O.Box Zip 25423, Tel Aviv-Yafo 6125302, Israel	  	2

 

 
  

	 	2.1.2.	 Class B Problems: In the case of lesser errors or problems, such as a partial loss of functionality for
which there is a known work around or loss of saved data, AeroCRS shall use all reasonable efforts to provide the work around within two (2) business days after becoming aware of such problem and provide a permanent correction within thirty
(30) business days thereafter or at a later time as may be agreed to in writing by the customer. 

  

	 	2.1.3.	 Class C Problems: In the case of cosmetic problems, such as improper program action without loss of
functionality or data, AeroCRS shall verify and respond to such problems within fourteen (14) business days after becoming aware of such problem and a correction by AeroCRS shall be provided within thirty (30) business days thereafter.

  

	 	2.1.4.	 Class D Problems: Problems arising in the storage facilities. In such case AeroCRS shall use all
reasonable efforts to provide a solution subject to the storage facility abilities of correction. AeroCRS shall not be liable for any loss due to such Class D problems. 

 

	 	2.2.	 AeroCRS shall provide necessary guidance to assist the Customer to operate the System accordingly within the
training period, should additional training will be needed, charges will apply. 

  

	 	2.3.	 Support will be given in any of the channels: 

 

	 	2.3.1.	 24/7 Web support portal – http://support.aerocrs.com 

 

	 	2.3.2.	 Telephone (in working hours, Monday – Thursday, 8am-5pm GMT)
+972(3)7219664 

  

	 	2.3.3.	 24/7 E-mail – support@aerocrs.com 

 

	 	3.	 Warranties and Indemnification 

 

	 	3.1.	 AeroCRS represents and warrants that the System materially and substantially conforms to the description and
specifications set in the order form of the system. 

  

	 	3.2.	 Except as specifically provided otherwise in this Agreement, no other warranties of any kind apply to the
System, whether express or implied, and including, but not limited to, any implied warranties of merchant-ability and fitness for a particular purpose. 

  

	 	3.3.	 To the maximum extent permitted by applicable law, in no event, and under no theory of law or equity, will
AeroCRS (including, without limitation, AeroCRS’s executives, directors, officers, attorneys, managers, employees, consultants, contractors, agents, parent companies, subsidiaries, affiliates, third-party providers, merchants, licensors, or the
like) or anyone else involved in creating, producing, or distributing AeroCRS’s Services, be liable for the loss of a domain name, or any business or personal loss, revenues decrease, expenses increase, costs of substitute products and/or
AeroCRS services, or any other loss or damage whatsoever, or for any consequential, special, incidental, punitive or indirect damages of any kind arising out of any use of, or any inability to use, any AeroCRS services even if AeroCRS has been
advised of the possibility of such 

  

			
	AERO CRS LTD +972(3)7219664 www.aerocrs.com, 144 Begin St. P.O.Box Zip 25423, Tel Aviv-Yafo 6125302, Israel	  	3

 

 
  

	 	
damages. All claims and causes of actions arising in connection with AeroCRS or AeroCRS’s Services are permanently barred unless the claim or cause of action is commenced within 6 months
after the basis of the claim or the cause of action arose, regardless of any statutory limitation period allowing for a longer period. AeroCRS’s total cumulative liability, if any, to customer, or any third party, for any and all damages,
related to the Agreement or AeroCRS’s Services, including, without limitation, those from any negligence, any act or omission by AeroCRS or AeroCRS’s representatives, or under any other theory of law or equity, will be limited to, and will
not exceed, the actual dollar amount paid by the Customer for the Services which gave rise to such damages, losses and causes of actions during the 1-month period prior to the date the damage or loss occurred
or the cause of action arose. 

  

	 	3.4.	 The Customer warrants that the System will not be used in any unlawful manner or which constitutes illegal
activity and/or publish in the System unlawful texts and /or pictures or alike. 

  

	 	3.5.	 The Customer agrees to indemnify, hold harmless and defend AeroCRS from and against any and all actions,
claims, losses damages, liabilities, awards, costs and expenses (including reasonable legal fees) resulting from, arising out of or based on any claim, suit, demand or action that made against AeroCRS due to a breach of this Agreement by the
Customer or due to the Customer improper use of the system or due to negligence by the Customer or publishing by the Customer any unlawful material and /or which violates or infringes any copyright, trade secret, or trademark of third parties.

  

	 	3.6.	 Force Majeure 

  

	 	3.6.1.	 AeroCRS will not be liable for delays in its performance of the Agreement or AeroCRS Services caused by
circumstances beyond AeroCRS’s reasonable control, including acts of God, wars, insurrection, civil commotions, riots, national disasters, earthquakes, strikes, fires, floods, water damage, explosions, transportation problems, accidents,
embargoes, or governmental restrictions (collectively “Force Majeure”). AeroCRS will make reasonable efforts to reduce to a minimum and mitigate the effect of any Force Majeure. Notwithstanding anything contained elsewhere herein, lack of
finances will not be considered an event of Force Majeure nor will any event of Force Majeure suspend any obligation of customers for the payment of money due. Waiver and amendment any waiver, modification, or amendment of any provision of the TOU
or other agreement for AeroCRS services, initiated by a customer, will be effective only if accepted in writing and signed by an authorized representative of AeroCRS. 

 

	 	4.	 Intellectual property rights 

 

	 	4.1.	 AeroCRS shall retain all title, rights and interest in the Source Code and in the creation and building skills
and any intellectual property rights deriving from AeroCRS Online Booking systems and/or all changes (collectively: “Intellectual Property”). 

  

			
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	 	4.2.	 Customers will not, without AeroCRS’s express written consent, copy, reproduce, republish, or otherwise
use any material, in whole or in part, that is located on AeroCRS’s website, and customers will not use any of AeroCRS’s trademarks, service marks, copyrighted materials, or any other Intellectual Property without AeroCRS’s express
written consent. Customers will not, in any way, misrepresent their relationship with AeroCRS, attempt to pass themselves off as AeroCRS, or claim that customers are AeroCRS. 

 

	 	5.	 Modification 

  

	 	5.1.	 AeroCRS may discontinue, upgrade, replace, modify, or change in any way, without limitation, any software,
application, program, data, hardware, equipment, or portions or components thereof, used to provide customers with AeroCRS’s services. AeroCRS will notify the Customer regarding any future changes to AeroCRS’s services and it will do its
best efforts not to affect the operation of Customers’ personalized applications and content. 

  

	 	5.2.	 Modification changes for discontinuing a product or features will be notified in the company’s website
blog 90 days prior to the stop of the service. 

  

	 	5.3.	 Modification changes for other issues (upgrades, replaces, modifications) will be notified in the
company’s website blog after the change was made. 

  

	 	5.4.	 AeroCRS will do its best efforts to make sure that modifications shall not affect day to day operations of the
Customer. 

  

	 	6.	 Confidentiality 

  

	 	6.1.	 The parties undertake to keep all information disclosed by one party to the another party, un-disclosed to any third party, and to use all measures to keep such information confidential towards any other third party, except as required by any applicable law. 

 

	 	7.	 Customer Listing 

  

	 	7.1.	 The Customer will be listed in AeroCRS’s website including a logo. 

 

	 	7.2.	 AeroCRS is entitled to publicize the Customer is one of their listed customers in PR’s, newsletters or any
other publications. 

  

	 	8.	 Assignment 

  

	 	8.1.	 Customers may not assign or delegate their rights or obligations under the Agreement or other agreement for
AeroCRS’s Services, either in whole or in part, without the prior written consent of AeroCRS. 

  

	 	9.	 Training 

  

	 	9.1.	 AeroCRS training billing is according to the “training fees”. 

  

			
	AERO CRS LTD +972(3)7219664 www.aerocrs.com, 144 Begin St. P.O.Box Zip 25423, Tel Aviv-Yafo 6125302, Israel	  	5

 

 
  

  

	 	9.2.	 Should additional training costs will be endured from any special requirements, they will be charged
accordingly. 

  

	 	9.3.	 AeroCRS keeps its privilege to disagree to send the training staff to countries that do not have a VISA
arrangement with Israel and/or special cases regarding war zones etc. 

  

	 	9.4.	 The training period will be set according to the availability of AeroCRS trainer. 

 

	 	10.	 Service Restrictions 

 

	 	10.1.	 Server Resources—Any website / API connection / System user that uses a high amount of server resources
(such as, but not limited to, CPU time, memory usage, and network resources) will be given the option to either pay additional fees (which will depend on the resources required), reduce the resources used to an acceptable level. AeroCRS will be the
sole arbiter of what is considered to be a high server usage level. Customers deemed to be adversely affecting server performance or network integrity will be shut down without prior notice. 

 

	 	10.2.	 Spamming—Sending unsolicited bulk and/or commercial messages over the Internet (known as
“spamming”) is prohibited, regardless of whether or not it overloads a server or disrupts service to AeroCRS’s customers. The term “spamming” also includes, but is not limited to, maintaining an open SMTP policy, engaging in
spamming using the service of another ISP or IPP and referencing in the spam a website hosted on a AeroCRS’s server, and selling or distributing software (on a website residing on a AeroCRS’s server) that facilitates spamming. Violators
will be assessed a minimum fine of $200 and will face immediate suspension upon a notice of eight (8) hours. AeroCRS reserves the right to determine, in its sole and absolute discretion, what constitutes a violation of this provision.

  

	 	10.3.	 CGI Scripts—Any scripts that pose a potential security risk or are deemed to be adversely affecting server
performance or network integrity will be shut down or will be automatically removed without prior notice. AeroCRS does not permit CGI script sharing with domains not hosted by AeroCRS or any scripts that may be abused for UCE purposes.

  

	 	10.4.	 Chat Rooms—AeroCRS does not allow to install their own chat rooms. Chat rooms tend to require significant
system resources and therefore cannot be permitted as an account option. 

  

	 	10.5.	 Background Running Programs and Cron Jobs—AeroCRS does not allow programs to run in the background.

  

	 	10.6.	 Software Distribution—AeroCRS’s storage are not configured for the purposes of distributing software
and/or multimedia products. 

  

	 	10.7.	 Multimedia Files—Multimedia files are defined as any graphics, audio, and video files. AeroCRS storage
shall not to be used for the purposes of distributing and storing unusual amounts of multimedia files. Any website whose disk space usage for storing multimedia files exceeds 70% of its total usage, in terms of total size or number of files, will be
considered to be using an unusual amount of multimedia files 

  

			
	AERO CRS LTD +972(3)7219664 www.aerocrs.com, 144 Begin St. P.O.Box Zip 25423, Tel Aviv-Yafo 6125302, Israel	  	6

 

 
  

	 	10.8.	 Databases—AeroCRS will be responsible for the database held on her application. 

 

	 	10.9.	 Copyright Violations—a customer is not allowed to upload copyrighted material to AeroCRS’s server
unless with the consent and authorized approvals of copyrighted material from owner or concerned person. 

  

	 	11.	 Customer Billing Policy 

 

	 	11.1.	 All Charges are shown in US Dollars. Payments shall be made in US dollars. Charges for Services provided in
Israel to Israeli Customers shall include Value Added Tax (V.A.T), which shall be added to the basic Charges, under any applicable law. AeroCRS accepts the following types of payment: 

 

	 	11.1.1.	 Credit Card (VISA, MasterCard, American Express, Discover) – a surcharge of 5% 

 

	 	11.1.2.	 Bank Wire Transfer 

  

	 	11.1.3.	 PayPal 

  

	 	11.2.	 ALL PAYMENTS ARE DUE ON THE ACCOUNT SERVICE PERIOD START, AeroCRS will send an invoice for payment at least 14
days before service period. 

  

	 	11.3.	 Any fees for payments made via bank transfer should be taken on customer side in full. 

 

	 	11.4.	 The account service period start date is the date on which the service period will start (according to the
Customer’s order) 

  

	 	11.5.	 If the Customer provides AeroCRS with the credit card information, AeroCRS is authorized to automatically
charge the credit or debit card for Charges that apply to the account. Recurring Charges will be posted to the credit card until such time the account is terminated in accordance with AeroCRS’s Billing Policy in the Agreement. AeroCRS will then
automatically charge the credit card on the next Account Statement Date. The Customer is responsible for directly updating, or notifying AeroCRS, of any changes to the credit card (including, but not limited to card number, expiration date, billing
address, or card status). 

  

	 	11.6.	 Customers not paying by credit card agree to make payment of their balance due by the service period start
date. 

  

	 	11.7.	 Accounts that are past due for more than 12 days may be suspended at any time with or without notice. All past
due and unpaid balances are subject to collection. In the event of collection, you will be liable for costs of collection including attorney’s fees, court costs, and collection agency fees. 

 

	 	11.8.	 Billing Cycles: 

  

	 	11.8.1.	 AeroCRS offers Billing Cycles (terms) for service Charges: Monthly, Quarterly (3 months) (“Billing
Cycles”), Yearly (12 months) and ongoing (according to credit usage). The Billing Cycle begins at the start of the month following the training. Non-credit card payment methods are limited to Annual or
Quarterly Billing Cycles. 

  

			
	AERO CRS LTD +972(3)7219664 www.aerocrs.com, 144 Begin St. P.O.Box Zip 25423, Tel Aviv-Yafo 6125302, Israel	  	7

 

 
  

  

	 	11.8.2.	 The Customer may change the Billing Cycle at any time; however, the new Billing Cycle will only take effect at
the time of the next renewal. 

  

	 	11.8.3.	 All additional features added to an account, including any domains, are charged monthly, or otherwise according
to the schedule agreed to upon signing up for said features. Additional items are non-refundable. 

  

	 	11.9.	 Account Renewals 

  

	 	11.9.1.	 In order to insure that the Services remain uninterrupted, all Services, including without limitation, hosting,
domains, and any additional features, will automatically renew at the end of the relevant Billing Cycle or registration term. All renewal charges are based on the prevailing rate on the date of renewal according to the service selected. All Services
are renewed for the same Billing Cycle/term, with the exception of domain registrations, which are renewed for successive one-year terms. If you wish to cancel any of your services before the relevant
expiration/renewal date, please refer to the Cancellation section below. 

  

	 	11.9.2.	 Domain name registrations and Web hosting accounts are handled by separate entities. In the event the Customer
need to cancel, Customer must specify whether he would like to cancel the domain name only, the hosting plan only, or both the domain and hosting accounts. The cancellation or expiration of the domain name does not automatically terminate the
hosting account (or vice versa). If at any time the Customer elects to manually renew any of the Services (in whole or in part), Customer then becomes responsible for all future renewals of such services unless and until AeroCRS is notified
otherwise. 

  

	 	11.10.	 Statements 

  

	 	11.10.1.	 AeroCRS does not mail paper invoices or statements. Statements will be
e-mailed to the Customer. 

  

	 	11.11.	 Cancellations 

  

	 	11.11.1.	 Cancellation requests must be received by AeroCRS within no less than ninety (90) days prior to the end of
the Term of contract. Cancellations submitted later than this time may result in automatic renewal of the account for the next Term of contract. Cancellations become effective on the day processed by AeroCRS. AeroCRS is unable to cancel the account
effective for a future date. 

  

	 	11.11.2.	 AeroCRS does not monitor, and will not automatically cancel, plans for problems related to non-usage, ISP, or any other secondary issues not directly related to AeroCRS’s Services. Cancellation of Services does not relieve the Customer from paying any outstanding balance owed on the account. AeroCRS
reserves the right to cancel any account, at any time, in the event the Customer has breached the Agreement, or a violation which has caused the entire AeroCRS’s system to be unstable. In such cases, the Customer will receive a notice of
cancellation and will have seven (7) days to rectify it. For the avoidance of doubt, in the case of instability of its system, AeroCRS may suspend an account or features, which caused such instability, and which affect the entire or parts of
AeroCRS’s system without notice. 

  

			
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	 	11.11.3.	 Cancellation prior to the period set in “Term of contract” will endorse a payment of the discounted
service fee for the invoices with a discount stated in them. 

  

	 	11.12.	   Billing Disputes/Refund Policy 

 

	 	11.12.1.	 There are no refunds. 

 

	 	11.12.2.	 AeroCRS has a zero tolerance policy for chargebacks. Any Customer who disputes a credit card payment is subject
to a fine, suspension and account termination at AeroCRS’s discretion. A charge of $25.00 per chargeback will be assessed to all accounts that receive a chargeback. 

 

	 	11.12.3.	 AeroCRS’s policies and prices are subject to change with 90 days’ notice. Any price changes become
effective in the next Billing Cycle 

  

	 	12.	 AeroCRS Network 

  

	 	12.1.	 “AeroCRS Network” is a product which allows customers to book or be booked using the API / LDS
network. 

  

	 	12.2.	 AeroCRS will not endorse any responsibility for airline booking at no stage. 

 

	 	12.3.	 Under “AeroCRS Network” it is understood that AeroCRS responsibility in this case is only to advise
the airline of a booking from the inventory and the customer holds the responsibility for the booking, cancellations, modifications of their passengers. 

  

	 	12.4.	 The customers users and/or end-customers are the responsibility of the
customer. 

  

	 	13.	 Governing Law and Severability 

 

	 	13.1.	 This Agreement, and any other agreement for AeroCRS services, will be governed by and construed in accordance
with the laws of the State of Israel without reference to its conflicts of laws principles. Any litigation or arbitration between the Customer and AeroCRS will take place in Tel-Aviv, Israel, and the Customer
will consent to personal jurisdiction and venue in that jurisdiction. If any provision or portion of the Agreement or other AeroCRS agreement is found by a court of competent jurisdiction to be unenforceable for any reason, the remainder of the
Agreement will continue in full force and effect 

  

	 	14.	 Renegotiation 

  

	 	14.1.	 In the event any situations or conditions arises due to the circumstances not envisaged in the Agreement, the
parties shall negotiate and make the necessary amendments. 

  

			
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	 	15.	 Warranty and Representation 

 

	 	15.1.	 Each party represents and warrants to be other party that it is a legal person duly authorized under the
relevant laws and has the right, power, sound financial standing and authority to enter into this Agreement. 

  

	 	16.	 General Data Protection Regulation (“GDPR”) 

The Customer shall at all times remain the sole “Data Controller” (as defined under GDPR) of all personal data being processed on the
goods and/or services supplied by AeroCRS to the Customer. For the purposes of this Agreement and in terms of GDPR, in the event that, as a result of the provision of goods or services supplied to the Customer, AeroCRS would have to perform any
operation as a result of such personal data processed on behalf of the Customer, AeroCRS shall be considered as a “Data Processor” (as defined under GDPR) and AeroCRS shall perform the following operations: 

 

	 	16.1.	 process only personal data on behalf of the Customer upon the written instructions of the Customer to the
extent that, and for not longer than, is adequate, required and relevant to the provisions of the Agreement; 

  

	 	16.2.	 shall afford the personal data being processed the levels of protection as expected for the categories and
volumes of data being processed under the Agreement; 

  

	 	16.3.	 ensure that its personnel involved in the processing of personal data, as stipulated in this clause, have
committed themselves to confidentiality or are under an appropriate statutory obligation of confidentiality; 

  

	 	16.4.	 shall not engage a sub-processor without the prior written
authorization of the Customer, and in the event that a sub-processor is engaged by AeroCRS, the provisions of this clause shall be set out in a contract with such
sub-processor. AeroCRS shall remain fully liable to the Customer for the performance of the sub-processor’s obligations; 

 

	 	16.5.	 assist in the fulfilment of the Customer’s obligation to respond to requests for exercising the data
subject’s rights in terms of any applicable law; 

  

	 	16.6.	 at the choice of the Customer, delete or return all the personal data to the Customer after the end of
provision of goods or services subject of the Agreement relating to processing of personal data, and delete existing copies unless AeroCRS is required to retain storage of personal data in terms of any applicable law; 

 

	 	16.7.	 implement the appropriate technical and organizational measures required to protect the rights of the data
subjects and to ensure a level of security appropriate to the risk of processing personal data; 

  

	 	16.8.	 assist the Customer with implementing a level of security appropriate to the risk of processing personal data;

  

	 	16.9.	 assist the Customer with notifying the supervisory authority, without undue delay, in the event of a personal
data breach which may result in a risk to the rights and freedoms of natural persons; and in such case assist the Customer with informing the data subject of such breach without undue delay; 

  

			
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	 	16.10.	 assist the Customer in carrying out an assessment of the impact the use of any new technologies used for the
purpose of processing personal data may have on the protection of personal data, and where following such assessment it is deemed that the processing would result in a high risk in the absence of measure taken by the Customer to mitigate the risk
the Company shall assist the Customer with consulting with the supervisory authority; and 

  

	 	16.11.	 make available to the Customer all information necessary to demonstrate compliance with this clause, and shall
allow for and contribute to audits, including inspections, conducted by the Customer, at the Customer’s expense. 

 By accepting this
Agreement and using the System, Customer acknowledges that it has read, understood, and agreed to be bound by all terms of the Agreement. 
 Should the
payment method above is credit card, then Customer authorizes AeroCRS to charge the credit card for the Services at the amount and rate described above. For all recurring fees, Customer authorizes that the credit card will be charged at the end of
each Billing Cycle without notice. 
 IN WITNESS WHEREOF the parties have signed this Agreement as of the date first written above. 

 

									
	AeroCRS	 		 	Customer
					
	  
	 	/s/ Meir Hadassi Turner	 		 	  
	 	/s/ Ryan Goepel
	  
	 	Signature	 		 	  
	 	Signature
					
	Name:	 	Meir Hadassi Turner	 		 	Name:	 	Ryan Goepel
	Title:	 	CEO	 		 	Title:	 	Ryan Goepel EVP and CFO

  

			
	AERO CRS LTD +972(3)7219664 www.aerocrs.com, 144 Begin St. P.O.Box Zip 25423, Tel Aviv-Yafo 6125302, Israel	  	11EX-10.18

 Exhibit 10.18 

GLOBAL CROSSING AIRLINES GROUP INC. 

2020 INCENTIVE STOCK OPTION PLAN 

OCTOBER 15, 2020 
  

 

 TABLE OF CONTENTS 

 

					
	 ARTICLE 1 PURPOSE AND INTERPRETATION
	  	 	1	 
	 1.1         Purpose
	  	 	1	 
	 1.2         Definitions
	  	 	1	 
	 ARTICLE 2 SHARE OPTION PLAN    
	  	 	5	 
	 2.1         The Plan
	  	 	5	 
	 2.2         Participants
	  	 	5	 
	 2.3         Maximum Number of Voting Shares
	  	 	6	 
	 2.4         Limitations on Stock Option Grants
	  	 	6	 
	 2.5         Price
	  	 	6	 
	 2.6         Vesting
	  	 	6	 
	 2.7         Lapsed Options
	  	 	6	 
	 2.8         Consideration, Option Period and
Payment
	  	 	6	 
	 2.9         Termination of Employment and Cessation of
Investor Relations Activities
	  	 	8	 
	 2.10         Death of Participant
	  	 	9	 
	 2.11         Adjustment in Shares Subject to the Plan.
In the event that:
	  	 	9	 
	 2.12         Change in Control
	  	 	9	 
	 2.13         Interpretation
	  	 	10	 
	 2.14         Discretion to Accelerate Options
	  	 	10	 
	 2.15         Options Need Not be Treated
Identically
	  	 	11	 
	 2.16         Record Keeping
	  	 	11	 
	 2.17         Option Agreements
	  	 	11	 
	 2.18         Tax Withholding
	  	 	11	 
	 ARTICLE 3 GENERAL.    
	  	 	12	 
	 3.1         Assignability and Transferability
	  	 	12	 
	 3.2         Employment
	  	 	12	 
	 3.3         Delegation to Compensation
Committee
	  	 	12	 
	 3.4         Administration of the Plan
	  	 	12	 
	 3.5         Amendment, Modification or Termination of
the Plan
	  	 	13	 
	 3.6         No Representation or Warranty
	  	 	13	 
	 3.7         Governing Law
	  	 	13	 
	 3.8         Approval and Effective Date
	  	 	13	 
	 3.9         Compliance with Applicable Law
	  	 	13	 
	 3.10         Rights of Participant
	  	 	14	 

  
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

	

  
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	 3.11 Conflict
	  	 	14	 
	 3.12 Time of Essence
	  	 	14	 
	 3.13 Compliance with U.S. Laws
	  	 	14	 
	 3.14 Entire Agreement
	  	 	14	 
	 APPENDIX “A”
	  	 	A-1	 

	 	

  

  
 - ii - 

 ARTICLE 1 

PURPOSE AND INTERPRETATION 
  

	1.1	 Purpose. The purpose of the Plan is to advance the interests of the Corporation by encouraging equity
participation in the Corporation through the acquisition of Voting Shares of the Corporation by directors, officers, employees and Consultants of the Corporation. 

 

	1.2	 Definitions. In the Plan, the following capitalized words and terms shall have the following meanings:

  

	 	(a)	 “Act” means the Business Corporations Act (British Columbia) or its successor, as
amended from time to time. 

  

	 	(b)	 “Affiliate” shall have the meaning ascribed thereto in the Securities Act.

  

	 	(c)	 “Associate” shall have the meaning ascribed thereto in the Securities Act.

  

	 	(d)	 “Blackout Period” means a period, formally imposed by the Corporation pursuant to its internal
trading policies as a result of the bona fide existence of material undisclosed information, during which Participants are prohibited from exercising options. 

 

	 	(e)	 “Board of Directors” means the board of directors of the Corporation as constituted from time
to time and any committee of the board of directors. 

  

	 	(f)	 “Cause” has the meaning given to that term under the common law of the Province of British
Columbia. 

  

	 	(g)	 “CEO” means the Chief Executive Officer of the Corporation. 

 

	 	(h)	 “Change in Control” means the occurrence of any one or more of the following events:

  

	 	(i)	 a consolidation, merger, amalgamation, arrangement or other reorganization or acquisition involving the
Corporation or any of its subsidiaries and another corporation or other entity, as a result of which the holders of Voting Shares prior to the completion of the transaction hold less than 50% of the votes attached to all of the outstanding voting
securities of the successor corporation or entity after completion of the transaction; 

  

	 	(ii)	 a resolution is adopted to wind-up, dissolve or liquidate the
Corporation; 

  

	 	(iii)	 any person, entity or group of persons or entities acting jointly or in concert (the
“Acquiror”) acquires, or acquires control (including the power to vote or direct the voting) of, voting securities of the Corporation which, when added to the voting securities owned of record or beneficially by the Acquiror or
which the Acquiror has the right to vote or in respect of which 

	 	the Acquiror has the right to direct the voting, would entitle the Acquiror and/or associates and/or affiliates of the Acquiror to cast or direct the casting of 50% or more of the votes attached to all of the
Corporation’s outstanding voting securities which may be cast to elect directors of the Corporation or the successor corporation (regardless of whether a meeting has been called to elect directors); 

 

	 	(iv)	 the sale, transfer or other disposition of all or substantially all of the assets of the Corporation;

  

	 	(v)	 as a result of or in connection with: 

 

	 	(A)	 the contested election of directors; or 

 

	 	(B)	 a transaction referred to in paragraph (i) of this definition of “Change in Control”,

 the nominees named in the most recent management information circular of the Corporation for election to the board of
..directors of the Corporation shall not constitute a majority of the directors; 
  

	 	(vi)	 the Board adopts a resolution to the effect that a transaction or series of transactions involving the
Corporation or any of its affiliates that has occurred or is imminent is a Change in Control, 

 and for purposes of the
foregoing, “voting securities” means the Voting Shares and any other shares entitled to vote for the election of directors, and shall include any securities, whether or not issued by the Corporation, which are not shares entitled to vote
for the election of directors but which are convertible into or exchangeable for shares which are entitled to vote for the election of directors, including any options or rights to purchase such shares or securities. 

 

	 	(i)	 “Consultant” means, in relation to the Corporation, an individual or company, other than an
employee or a Director of the Corporation, that: 

  

	 	(i)	 is engaged to provide on a ongoing bona fide basis, consulting, technical, management or other services to the
Corporation or to a related entity of the Corporation, other than services provided in relation to a Distribution; 

  

	 	(ii)	 provides the services under a written contract between the Corporation or related entity and the individual or
the Consultant Company; 

  

	 	(iii)	 in the reasonable opinion of the Corporation, spends or will spend a significant amount of time and attention
on the affairs and business of the Corporation or related entity of the Corporation; and 

  

	 	(iv)	 has a relationship with the Corporation or a related entity of the Corporation that enables the individual to
be knowledgeable about the business and affairs of the Corporation. 

  
 - 2 - 

 For purposes of the above definition of “Consultant”, the term
“Director” means a director, senior officer or Management Company Employee of the Corporation, or a director, senior officer or Management Company Employee of the Corporation’s subsidiaries. 

 

	 	(j)	 “Consultant Company” means a Consultant that is a company. 

 

	 	(k)	 “Corporation” means Global Crossing Airlines Group Inc., a corporation incorporated under the
Act, and its successors from time to time. 

  

	 	(l)	 “Designated Affiliate” means the Affiliates of the Corporation designated by the Board of
Directors for purposes of the Plan from time to time. 

  

	 	(m)	 “Distribution” shall have the meaning ascribed thereto in the Securities Act.

  

	 	(n)	 “Exchange” means the TSX Venture Exchange or such other stock exchange or quotation system as
the Voting Shares may from time to time be listed or quoted for trading. 

  

	 	(o)	 “employee” means: 

 

	 	(i)	 an individual who is considered an employee of the Corporation or its related entity under the Income Tax
Act (Canada) (i.e. for whom income tax, employment insurance and CPP deductions must be made at source); 

  

	 	(ii)	 an individual who works full-time for the Corporation or its related entity providing services normally
provided by an employee and who is subject to the same control and direction by the Corporation over the details and methods of work as an employee of the Corporation, but for whom income tax deductions are not made at source; or

  

	 	(iii)	 an individual who works for the Corporation or its related entity on a continuing and regular basis for a
minimum amount of time per week (the number of hours should be disclosed in the submission) providing services normally provided by an employee and who is subject to the same control and direction by the Corporation over the details and methods of
work as an employee of the Corporation, but for whom income tax deductions are not made at source. 

  

	 	(p)	 “Expiry Date” shall have the meaning specified in Section 2.16(b) hereof.

  

	 	(q)	 “Holding Company” shall have the meaning specified in Section 2.2 hereof.

  

	 	(r)	 “Insider” shall have the meaning ascribed thereto in the Corporate Finance Manual of the
Exchange. 

  
 - 3 - 

	 	(s)	 “Investor Relations Activities” means any activities, by or on behalf of the Corporation or
shareholder of the Corporation, that promote or reasonably could be 

 expected to promote the purchase or
sale of securities of the Corporation, but does not include: 
  

	 	(i)	 the dissemination of information provided, or records prepared, in the ordinary course of business of the
Corporation 

  

	 	(A)	 to promote the sale of products or services of the Corporation, or 

 

	 	(B)	 to raise public awareness of the Corporation, that cannot reasonably be considered to promote the purchase or
sale of securities of the Corporation; 

  

	 	(ii)	 activities or communications necessary to comply with the requirements of 

 

	 	(A)	 applicable securities laws, 

 

	 	(B)	 Exchange requirements or the by-laws, rules or other regulatory
instruments of any other self regulatory body or exchange having jurisdiction over the Corporation; 

  

	 	(iii)	 communications by a publisher of, or writer for, a newspaper, magazine or business or financial publication,
that is of general and regular paid circulation, distributed only to subscribers to it for value or to purchasers of it, if 

  

	 	(A)	 the communication is only through the newspaper, magazine or publication, and 

 

	 	(B)	 the publisher or writer receives no commission or other consideration other than for acting in the capacity of
publisher or writer; or 

  

	 	(iv)	 activities or communications that may be otherwise specified by the Exchange. 

 

	 	(t)	 “Issuer Bid” shall have the meaning ascribed thereto in the Securities Act.

  

	 	(u)	 “Management Company Employee” means an individual employed by a person providing management
services to the Corporation, which are required for the ongoing successful operation of the business enterprise of the Corporation, but excluding a person engaged in Investor Relations Activities; 

 

	 	(v)	 “Option Agreements” shall have the meaning specified in Section 2.17 hereof.

  

	 	(w)	 “Option Period” means the period of time an option may be exercised as specified in Subsection
2.8(a) hereof. 

  

	 	(x)	 “Participant” means a participant under the Plan. 

  
 - 4 - 

	 	(y)	 “Plan” means the 2018 incentive stock option plan provided for herein. 

 

	 	(z)	 “RRSP” shall have the meaning specified in Section 2.2 hereof. 

 

	 	(aa)	 “Securities Act” means the Securities Act (British Columbia) or its successor, as
amended from time to time. 

  

	 	(bb)    	 “Security-Based Compensation Arrangement” includes: 

 

	 	(i)	 the Plan; 

  

	 	(ii)	 the Restricted Share Unit Plan of the Corporation; 

 

	 	(iii)	 the Performance Share Unit Plan of the Corporation; and 

 

	 	(iv)	 any employee stock purchase plan or any other compensation or incentive mechanism involving the issuance or
potential issuance of securities of the Corporation to one or more service providers, including a share purchase from treasury which is financially assisted by the Corporation by way of a loan, guarantee or otherwise. 

 

	 	(cc)	 “Take-Over Bid” shall have the meaning ascribed thereto in the Securities Act.

  

	 	(dd)	 “US Citizen” means a citizen of the United States of America. 

 

	 	(ee)	 “US Taxpayer” means a Participant liable to pay income taxes in the United States as a result
of the grant of an option or exercise thereof. 

  

	 	(ff)    	 “Voting Shares” means the common voting shares and the variable voting shares of the
Corporation as constituted on the date hereof. On the exercise of options granted under the Plan, holders who are U.S. Citizens will receive common voting shares of the Corporation and holders who are not U.S Citizens will receive variable voting
shares of the Corporation. 

 ARTICLE 2 

SHARE OPTION PLAN 
  

	2.1	 The Plan. The Plan is hereby established for certain directors, officers, employees and Consultants of
the Corporation and of Designated Affiliates. 

  

	2.2	 Participants. Participants in the Plan shall be bona fide directors, officers, employees and Consultants
of the Corporation or any of its Designated Affiliates (including officers thereof, whether or not directors) who, by the nature of their positions or jobs are, in the opinion of the Board of Directors, upon the recommendation of the CEO of the
Corporation, in a position to contribute to the success of the Corporation. At the request of any Participant, options granted to such Participant may be issued to and registered in the name of a personal holding company controlled by such
Participant the shares of which are held directly by the Participant (“Holding Company”) or to a registered retirement savings plan established for the sole benefit of such Participant (“RRSP”) and, in such event,
the provisions of this Plan shall apply to such options mutatis mutandis as though they were issued to and registered in the name of the Participant. 

  
 - 5 - 

	2.3	 Maximum Number of Voting Shares. The number of Voting Shares issuable pursuant to options to purchase
Voting Shares granted pursuant to the Plan, together with all other Security-Based Compensation Arrangements of the Corporation, shall not exceed 5,460,000 at the time of any stock option grant, subject to any adjustments made pursuant to section
2.11. 

  

	2.4	 Limitations on Stock Option Grants 

 

	 	(a)	 The aggregate number of Voting Shares issuable to any one Consultant shall not, within a one year period,
exceed 2% of the number of Voting Shares outstanding immediately prior to the grant of any such option. 

  

	 	(b)	 The aggregate number of Voting Shares issuable to all individuals and companies retained in Investor Relations
Activities shall not, within a one year period, exceed 2% of the number of Voting Shares outstanding immediately prior to the grant of any such option. 

  

	2.5	 Price. The exercise price per Voting Share shall be determined by the Board of Directors at the time the
option is granted, but such price shall not be less than the closing price of the Voting Shares on the Exchange on the last trading day preceding the date on which the grant of the option is approved by the Board of Directors. In the event that the
Voting Shares are not listed and posted for trading on any stock exchange or other quotation system, the exercise price shall be the fair market value of the Voting Shares as determined by the Board of Directors in its sole discretion.

  

	2.6	 Vesting. The issuance of options under the Plan will be subject to the vesting periods, if any, as
determined by the Board of Directors in its discretion; provided, however, that any options issued to Consultants performing Investor Relations Activities must vest in stages over a period of not less than 12 months with no more than 1/4 of the
options vesting in any three month period, or as otherwise required by the Exchange. No acceleration of vesting provisions will be permitted on any options issued to Consultants performing Investor Relations Activities without the prior approval of
the Exchange. 

  

	2.7	 Lapsed Options. In the event that options granted under the Plan terminate or expire without being
exercised in whole or in part in accordance with the terms of the Plan, the Voting Shares reserved for issuance but not purchased under such lapsed options shall be available for subsequent options to be granted under the Plan.

  

	2.8	 Consideration, Option Period and Payment. 

 

	 	(a)	 The period during which options may be exercised shall be determined by the Board of Directors, in its
discretion, to a maximum of ten years from the date the option is granted (the “Option Period”), except as the Option Period may be extended with respect to any option that expires within a Blackout Period and except as the Option
Period may be reduced with respect to any option as provided in Sections 2.9 and 2.10 hereof respecting termination of employment or death of the Participant or amended from time to time by the Board of Directors, in its discretion, subject to the
approval of any stock exchange or regulatory requirements. 

  
 - 6 - 

	 	(b)	 In the event that options granted under the Plan expire within a Blackout Period, the expiration date of the
Option Period relating to such options shall automatically be extended to such date that is ten (10) business days after the expiry of the applicable Blackout Period. Notwithstanding the foregoing, the automatic extension of any Option Period
shall not be permitted where the Participant or the Corporation is subject to a cease trade order (or similar order under securities laws) in respect of the Corporation’s securities. Furthermore, the automatic extension of any Option Period
shall not be permitted where Participants are subject to United States federal income taxation, and such extension would result in an impermissible extension of the Expiry Date under section 409A of the U.S. Internal Revenue Code.

  

	 	(c)	 Subject to any other provision of this Plan, and in particular the vesting provisions set forth in
Section 2.6 hereof, an option may be exercised from time to time during the Option Period, subject to vesting limitations by delivery to the Corporation at its registered office of a written notice of exercise addressed to the Secretary of the
Corporation specifying the number of Voting Shares with respect to which the option is being exercised and accompanied by payment in full of the exercise price therefor. Certificates for such Voting Shares shall be issued and delivered to the
Participant as soon as practicable following receipt of such notice and payment. 

  

	 	(d)	 Except as set forth in Sections 2.9 and 2.10 hereof, no option may be exercised unless the Participant is, at
the time of such exercise, a director, officer, employee or Consultant of the Corporation or any of its Designated Affiliates and shall have been continuously a director, officer, employee or Consultant since the grant of his or her option. Absence
on leave with the approval of the Corporation or a Designated Affiliate shall not be considered an interruption of employment for purposes of the Plan. 

  

	 	(e)	 The exercise of any option will be contingent upon receipt by the Corporation of cash payment of the full
exercise price of the Voting Shares, which are the subject of the exercised option. No Participant or his or her legal representatives, legatees or distributees will be, or will be deemed to be, a holder of any Voting Shares with respect to which he
or she was granted an option under the Plan, unless and until certificates for such Voting Shares are issued to him or her under the terms of the Plan. 

  

	 	(f)	 Notwithstanding any other provision of this Plan or in any option granted to a Participant, the Corporation
shall not be obligated to issue or deliver Voting Shares to a Participant upon the exercise of any option or take other actions under the Plan until the Corporation shall have determined that applicable federal and state laws, rules, and regulations
have been complied with and such approvals of any stock exchange, regulatory or governmental agency have been obtained and contractual 

  
 - 7 - 

 obligations to which the grant of the option exercisable for such Voting Shares may be
subject have been satisfied. In particular, the Corporation, in its discretion, may postpone the issuance or delivery of Voting Shares under any option until: 
  

	 	(i)	 completion of such stock exchange listing or registration or other qualification of such Voting Shares or
obtaining approval of such regulatory authorities as the Corporation shall determine to be necessary or advisable in connection with the authorization, issuance or sale thereof; and 

 

	 	(ii)	 the receipt from the Participant of such information, representations, warranties, agreements and undertakings,
including as to future dealings in such Voting Shares, as the Corporation or its counsel determines to be necessary or advisable in order to ensure compliance with all applicable securities laws. 

 

	 	(g)	 An option may be exercised at any time after the date the option has been granted, subject to any vesting
provisions attaching thereto, up to 5:00 p.m. (Vancouver time) on the last day of the Option Period and shall not be exercisable thereafter. 

  

	2.9	 Termination of Employment and Cessation of Investor Relations Activities. Subject to the next following
sentence, if a Participant shall cease to be: 

  

	 	(a)	 a director or Consultant of the Corporation or any of its Designated Affiliates (and is not or does not
continue to be an employee thereof for any reason other than death); or 

  

	 	(b)	 an officer or employee of the Corporation or any of its Designated Affiliates (and is not or does not continue
to be a director thereof) for any reason (other than death) or shall receive notice from the Corporation or any of its Designated Affiliates of the termination of his or her employment; 

(collectively, “Termination”) he or she or it may, but only within 90 days next succeeding such Termination, exercise his or her or its
options to the extent that he or she or it was entitled to exercise such options at the date of such Termination; provided that in no event shall such right extend beyond the Option Period. If a Participant is terminated for Cause, his or her
options shall expire immediately. This section is subject to any agreement with any Participant with respect to the rights of such Participant upon Termination or Change in Control of the Corporation. 

In the case of an employee or Consultant engaged in Investor Relations Activities, he or she or it may, but only within 30 days next succeeding such employee
or Consultant ceasing to be employed or engaged to provide Investor Relations Activities (a “Cessation”), exercise his or her or its options to the extent that he or she or it was entitled to exercise such options at the date of
such Cessation; provided that in no event shall such right extend beyond the Option Period. If a Participant is terminated for cause, his or her options shall expire immediately. This section is subject to any agreement with any Participant with
respect to the rights of such Participant upon Termination or Change in Control of the Corporation. 

  
 - 8 - 

	2.10	 Death of Participant. In the event of the death of a Participant who is a director or Consultant of the
Corporation or any of its Designated Affiliates or who is an officer or employee having been continuously in the employ of the Corporation or any of its Designated Affiliates, the options theretofore granted to him or her shall be exercisable within
the one year next succeeding such death and then only: 

  

	 	(a)	 by the person or persons to whom the Participant’s rights under the options shall pass by the
Participant’s will or the laws of descent and distribution; and 

  

	 	(b)	 to the extent that he or she was entitled to exercise the options at the date of his or her death, provided
that in no event shall such right extend beyond the Option Period. 

  

	2.11	 Adjustment in Shares Subject to the Plan. In the event that: 

 

	 	(a)	 there is any change in the Voting Shares of the Corporation through subdivisions or consolidations of the share
capital of the Corporation, or otherwise; 

  

	 	(b)	 the Corporation declares a dividend on Voting Shares payable in Voting Shares or securities convertible into or
exchangeable for Voting Shares; or 

  

	 	(c)	 the Corporation issues Voting Shares, or securities convertible into or exchangeable for Voting Shares, in
respect of, in lieu of, or in exchange for, existing Voting Shares, 

 the number of Voting Shares available for option, the Voting Shares
subject to any option, and the option price thereof, shall be adjusted appropriately by the Board of Directors in its sole discretion and such adjustment shall be effective and binding for all purposes of the Plan. 

 

	2.12	 Change in Control. Unless otherwise determined by the Board, or unless otherwise provided in the
Participant’s agreement with the Corporation or its related entity, or in the Option Agreement, if a Change in Control shall conclusively be deemed to have occurred and either one of the following occurs: 

 

	 	(a)	 upon a Change in Control the surviving corporation (or any related entity thereof) or the potential successor
(or any related entity thereto) fails to “continue or assume” the obligations with respect to each option or fails to provide for the “conversion or replacement” of each option with an equivalent option that
satisfies the criteria set forth in Section 2.13(a) or 2.13(b); or 

  

	 	(b)	 in the event that the options were “continued or assumed”, or “converted or
replaced” as contemplated in 2.13, during the two-year period following the effective date of a Change in Control, the Participant’s employment or engagement is terminated as contemplated in
Section 2.9 or 2.10. 

 then there shall be immediate full vesting and redemption of each outstanding option. 

  
 - 9 - 

	2.13	 Interpretation. For the purposes of interpretation of Section 2.12: 

 

	 	(a)	 the obligations with respect to each Participant shall be considered to have been “continued or
assumed” by the surviving corporation (or any related entity thereto) or the potential successor (or any related entity thereto), if each of the following conditions are met, which determination shall be made solely in the discretionary
judgment of the Board, which determination may be made in advance of the effective date of a particular Change in Control and shall be final and binding: 

  

	 	(i)	 the Voting Shares remain publicly held and widely traded on an established stock exchange; and

  

	 	(ii)	 the terms of the Plan and each option are not materially altered or impaired without the consent of the
Participant; and 

  

	 	(b)	 the obligations with respect to each option shall be considered to have been “converted or
replaced” with an equivalent option by the surviving corporation (or any related entity thereto) or the potential successor (or any related entity thereto), if each of the following conditions are met, which determination shall be made
solely in the discretionary judgment of the Board, which determination may be made in advance of the effective date of a particular Change in Control and shall be final and binding: 

 

	 	(i)	 each option is converted or replaced with a replacement option in a manner that qualifies under subsection
7(1.4) of the Income Tax Act (Canada) in the case of a Participant that is a Canadian Taxpayer (or that complies with Code Section 409A in the case of a Participant that is a US Taxpayer, to the extent applicable) on all or any portion
of the benefit arising in connection with the grant, exercise and/or other disposition of such option; 

  

	 	(ii)	 the converted or replaced option preserves the existing value of each underlying option being replaced,
contains provisions for scheduled vesting and treatment on termination of employment (including with respect to termination for Cause or constructive dismissal) that are no less favourable to the Designated Participant than the underlying option
being replaced, and all other terms of the converted option or replacement option (but other than the security and number of shares represented by the continued option or replacement option) are substantially similar to the underlying option being
converted or replaced; and 

  

	 	(iii)	 the security represented by the converted or replaced option is of a class that is publicly held and widely
traded on an established stock exchange. 

  

	2.14	 Discretion to Accelerate Options. Notwithstanding Section 2.12, in the event of a Change in
Control, the Board may accelerate the dates upon which any or all outstanding options shall vest and be exercised, without regard to whether such options have otherwise vested in accordance with their terms and such acceleration may or may not be
conditional upon completion of the Change in Control event. 

  
 - 10 - 

	2.15	 Options Need Not be Treated Identically. In taking any of the actions contemplated by this Plan, the
Board shall not be obligated to treat all options held by any Participant, or all options in general, identically. 

  

	2.16	 Record Keeping. The Corporation shall maintain a register in which shall be recorded:

  

	 	(a)	 the name and address of each Participant in the Plan; and 

 

	 	(b)	 the number of options granted to a Participant and the aggregate number of options outstanding, the exercise
price and the expiry date (the “Expiry Date”) thereof. 

  

	2.17	 Option Agreements. All options granted pursuant to the Plan shall be evidenced by written agreements
between the Corporation and each Participant to whom options are granted hereunder in the form attached hereto as Appendix “A” (“Option Agreements”) and containing such terms and conditions, not inconsistent with the
provisions of the Plan, as may be established by the Board of Directors, including the following: 

  

	 	(a)	 subject to and in accordance with the provisions of Section 2.4 hereof, the number of options covered by
any grant of options and the number of Voting Shares which such options shall entitle the Participant the right to purchase; 

  

	 	(b)	 subject to and in accordance with the provisions of Section 2.5, the price of the Voting Shares covered by
any option, stated and payable in Canadian dollars; and 

  

	 	(c)	 subject to and in accordance with the provisions of Section 2.8, the Option Period. 

 

	2.18	 Tax Withholding. The Corporation may withhold from any amount payable to a Participant, either under
this Plan or otherwise, such amount as may be necessary to enable the Corporation to comply with the applicable requirements of any federal, provincial, state or local law, or any administrative policy of any applicable tax authority, relating to
the withholding of tax or any other required deductions with respect to grants hereunder (“Withholding Obligations”). The Corporation shall also have the right in its discretion to satisfy any liability for any Withholding
Obligations by selling, or causing a broker to sell, on behalf of any Participant such number of Voting Shares issued to the Participant sufficient to fund the Withholding Obligations (after deducting commissions payable to the broker), or retaining
any amount payable which would otherwise be delivered, provided or paid to the Participant hereunder. The Corporation may require a Participant, as a condition to exercise of an Option, to make such arrangements as the Corporation may require so
that the Corporation can satisfy applicable Withholding Obligations, including, without limitation, requiring the Participant to (i) remit the amount of any such Withholding Obligations to the Corporation in advance; (ii) reimburse the
Corporation for any such Withholding Obligations; or (iii) cause a broker who sells Voting Shares acquired by the Participant under the Plan on behalf of the Participant to withhold from the proceeds realized from such sale the amount required
to satisfy any such Withholding Obligations and to remit such amount directly to the Corporation. 

  
 - 11 - 

 Any Voting Shares of a Participant that are sold by the Corporation, or by a broker engaged by the
Corporation (the “Broker”), to fund Withholding Obligations will be sold as soon as practicable in transactions effected on the Exchange. In effecting the sale of any such Voting Shares, the Corporation or the Broker will exercise
its sole judgement as to the timing and manner of sale and will not be obligated to seek or obtain a minimum price. Neither the Corporation nor the Broker will be liable for any loss arising out of any sale of such Voting Shares including any loss
relating to the manner or timing of such sales, the prices at which the Voting Shares are sold or otherwise. In addition, neither the Corporation nor the Broker will be liable for any loss arising from a delay in transferring any Voting Shares to a
Participant. The sale price of Voting Shares sold on behalf of Participants will fluctuate with the market price of the Corporation’s shares and no assurance can be given that any particular price will be received upon any such sale. 

ARTICLE 3 
 GENERAL

  

	3.1	 Assignability and Transferability. The benefits, rights and options accruing to any Participant in
accordance with the terms and conditions of the Plan shall not be assignable or transferable by the Participant except (i) from the Participant to his or her Holding Company or RRSP or from a Holding Company or RRSP to the Participant and, in
either such event, the provisions of this Plan shall apply mutatis mutandis as though they were originally issued to and registered in the name of the Participant, or (ii) as otherwise specifically provided herein. During the lifetime of a
Participant, all benefits, rights and options shall only be exercised by the Participant or by his or her guardian or legal representative. 

  

	3.2	 Employment. Nothing contained in the Plan shall confer upon any Participant any right with respect to
employment or continuance of employment with the Corporation or any Affiliate, or interfere in any way with the right of the Corporation or any Affiliate to terminate the Participant’s employment at any time. Participation in the Plan by a
Participant shall be voluntary. 

  

	3.3	 Delegation to Compensation Committee. All of the powers exercisable by the Board of Directors under the
Plan may, to the extent permitted by applicable law and authorized by resolution of the Board of Directors of the Corporation, be exercised by a Compensation Committee of not less than three (3) directors. The members of any such Compensation
Committee shall not be employees of the Corporation. 

  

	3.4	 Administration of the Plan. The Board of Directors of the Corporation shall administer the Plan. The
Board of Directors shall be authorized to interpret and construe the Plan and may, from time to time, establish, amend or rescind rules and regulations required for carrying out the purposes, provisions and administration of the Plan and determine
the Participants to be granted options, the number of Voting Shares covered thereby, the exercise price therefor and the time or times when they may be exercised. Any such interpretation or construction of the Plan shall be final and conclusive. The
Corporation shall pay all administrative costs of the Plan. The senior officers of the Corporation are hereby authorized and directed to do all things and execute and deliver all instruments, undertakings and applications and writings as they, in
their absolute discretion, consider necessary for the implementation of the Plan and of the rules and regulations established for administering the Plan. 

  
 - 12 - 

	3.5	 Amendment, Modification or Termination of the Plan. Subject to Section 3.3, the Board of Directors
reserves the right to amend, modify or terminate the Plan at any time if and when it is advisable in the absolute discretion of the Board of Directors. However, any amendment of the Plan which would materially: 

 

	 	(a)	 increase the benefits under the Plan; 

 

	 	(b)	 increase the number of Voting Shares which may be issued under the Plan; 

 

	 	(c)	 modify the requirements as to the eligibility for participation in the Plan; 

 

	 	(d)	 modify the limitations on the number of options that may be granted to any one person or category of persons
under the Plan; 

  

	 	(e)	 modify the method for determining the exercise price of options granted under the Plan; 

 

	 	(f)	 increase the maximum Option Period; or 

 

	 	(g)	 modify the expiry and termination provisions applicable to options granted under the Plan

 shall be effective only upon the approval of the shareholders of the Corporation. Any amendment to any provision of the Plan shall be
subject to any necessary approvals by the Exchange or other regulatory body having jurisdiction over the securities of the Corporation. 
 Disinterested
shareholder approval shall be obtained for any reduction in the exercise price per Voting Share if the Participant is an Insider of the Corporation at the time of the proposed amendment. 

 

	3.6	 No Representation or Warranty. The Corporation makes no representation or warranty as to the future
market value of any Voting Shares issued in accordance with the provisions of the Plan. 

  

	3.7	 Governing Law. This Plan shall be governed by and construed in accordance with the laws of the Province
of British Columbia. 

  

	3.8	 Approval and Effective Date. This Plan shall be effective as of the date it is approved by the Board of
Directors and any regulatory body having jurisdiction over the securities of the Corporation. 

  

	3.9	 Compliance with Applicable Law. If any provision of the Plan or any Option Agreement contravenes any law
or any order policy, by-law or regulation of any regulatory body or Exchange having authority over the Corporation or the Plan, then such provision shall be deemed to be amended to the extent required to bring
such provision into compliance therewith. 

  
 - 13 - 

	3.10	 Rights of Participant. A Participant shall have no rights whatsoever as a shareholder of the Corporation
in respect of any of the unexercised options (including, without limitation, voting gifts or any right to receive dividends, warrants or rights under any rights offering). 

 

	3.11	 Conflict. In the event of any conflict between the provisions of this Plan and an Option Agreement, the
provisions of this Plan shall govern. 

  

	3.12	 Time of Essence. Time is of the essence of this Plan and each Option Agreement. No extension of time
will be determined to be or to operate as a waiver thereof. 

  

	3.13	 Compliance with U.S. Laws. As a condition to the exercise of an option, the Corporation may require the
Participant to represent and warrant in writing at the time of such exercise that the Voting Shares are being purchased only for investment and without any then- present intention to sell or distribute such Voting Shares. At the option of the
Corporation, a stop-transfer order against such Voting Shares may be placed on the stock books and records of the Corporation, and a legend indicating that the stock may not be pledged, sold or otherwise transferred unless an opinion of counsel is
provided stating that such transfer is not in violation of any applicable law or regulation, may be stamped on the certificates representing such Voting Shares in order to assure an exemption from registration. The Corporation may require such other
documentation as may from time to time be necessary to comply with United States’ federal and state laws. The Corporation has no obligation to undertake registration of options or the Voting Shares issuable upon the exercise of the options. In
order to comply with all applicable federal or state income tax laws or regulations, the Corporation may take such action as it deems appropriate to ensure that all applicable U.S. federal or state payroll, withholding, income or other taxes that
are the sole and absolute responsibility of a U.S. Participant are withheld or collected from such U.S. Participant. 

  

	3.14	 Entire Agreement. This Plan and each Option Agreement set out the entire agreement between the
Corporation and the Participant to which any particular Option Agreement relates relative to the subject matter hereof and supercedes all prior agreements, undertakings and understandings, whether oral or written. 

  
 - 14 - 

 APPENDIX “A” 

INCENTIVE STOCK OPTION AGREEMENT 
 THIS
INCENTIVE STOCK OPTION AGREEMENT is made effective ◆. 
 BETWEEN: 
  

◆ 
 of◆ 

(hereafter referred to as the “Optionee”) 

AND: 
 GLOBAL CROSSING AIRLINES GROUP
INC., a company duly formed under the laws of Canada and having an office at Building 5A, 4200 NW 36th Street, MIA Int’l Airport, Miami, FL 33166 USA 

(hereafter referred to as the “Corporation”) 

WHEREAS: 
 A. The Corporation wishes to grant to the
Optionee an option to purchase Voting Shares in the capital of the Corporation; 
 B. The Optionee is eligible to receive an option by virtue of being, as
defined by the TSX Venture Exchange (the “Exchange”), one or more of (i) a Director (which includes a director, senior officer and “Management Company Employee”), (ii) an Employee, or (iii) a
Consultant (which includes a “Consultant Company”), of either the Corporation or a subsidiary thereof (any person so being eligible to receive an option being hereafter referred to as an “Eligible Person”); 

C. The Optionee acknowledges and agrees that the Option is an incentive mechanism and that the Optionee was not induced to participate in the grant and
receipt of the Option (as defined below) by expectation of appointment or continued appointment, employment or continued employment, or engagement or continued engagement to provide services, as the case may be, by the Corporation. 

NOW THEREFORE this Agreement witness that in consideration of $1.00 given by each party to the other and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
  

	1.	 Option Plan Governs. The Optionee acknowledges and agrees that Option (as hereafter defined) is
being granted pursuant to the terms of the Corporation’s Stock Option Plan in effect from time to time. In the event of an inconsistency between the terms hereof and the terms of the Corporation’s Stock Option Plan, the terms of the
Corporation’s Stock Option Plan shall govern. Capitalized terms used in this Agreement but not defined herein have the meaning given to such terms in the Corporation’s Stock Option Plan. 

	2.	 Option Terms. The Corporation hereby grants to the Optionee an option (the
“Option”) to purchase, from time to time, a total of ◆ common voting shares or variable voting shares (the “Voting Shares”) in the capital of the Corporation, as constituted on the date hereof, at an exercise
price of $◆ per Voting Share, until 5:00 p.m. Vancouver Time (the “Expiry Time”) on ◆ (the “Expiry Date”). Holders who are U.S. Citizens will receive common voting shares of the Corporation and
holders who are not U.S. Citizens will receive variable voting shares of the Corporation. 

  

	3.	 Vesting. The options shall vest and accordingly become exercisable by the Optionee every ◆
months, in 4 equal instalments, over a period of ◆ months, with one-fourth of the Option vesting on the day which is ◆ months after the effective date of this Option Agreement, and each additional one-fourth of the Option vesting every ◆ months thereafter. 

  

	4.	 Transferability; Hold Period. The Option is personal to the Optionee and may not be assigned or
otherwise transferred in whole or in part except as set out in the Stock Option Plan. The Optionee acknowledges and agrees that the Voting Shares may be subject to a hold period imposed under applicable securities laws or by the Exchange of four
months and a day from the effective date of the grant of the Option, and that certificates representing the Voting Shares will bear a legend to this effect if applicable. 

 

	5.	 Early Termination. The Option shall terminate in accordance with the terms of the Stock Option
Plan. 

  

	6.	 Exercise Procedure. To exercise the Option in whole or in part, the Optionee shall, prior to the
Expiry Time on the Expiry Date (and subject to section 5), give to the Corporation: 

  

	 	(a)	 a written notice of exercise addressed to the Corporate Secretary of the Corporation, in the form set out in
Schedule “A” hereto, specifying the number of Voting Shares with respect to which the Option is being exercised and making the election with respect to the Withholding Obligations; 

 

	 	(b)	 a certified cheque or bank draft made payable to the Corporation for the aggregate exercise price for the
number of Voting Shares with respect to which the Option is being exercised, and the Withholding Obligations (if applicable); 

  

	 	(c)	 documents containing such representations, warranties, agreements and undertakings, including such as to the
Optionee’s future dealings in the Voting Shares, as counsel to the Corporation reasonably determines to be necessary or advisable in order to comply with or safeguard against the violation of the laws of any jurisdiction. 

 

	7.	 Exchange Matters. The Optionee and the Corporation represent and warrant to each other that the
Optionee: 

  

	 	(a)	 is a director or senior officer of the Corporation; 

  
 A-2 

	 	(b)	 is a bona fide Management Company Employee of the Corporation, which is defined as being an individual
employed by a person providing management services to the Corporation which are required for the ongoing successful operation of the business enterprise of the Corporation, but excluding a person engaged in Investor Relations Activities; OR

  

	 	(c)	 is a bona fide Employee of the Corporation, which is defined as being: 

 

	 	(i)	 an individual who is considered an employee of the Corporation or its subsidiaries under the Income Tax Act
(Canada) (i.e. for whom income tax, employment insurance and CPP deductions must be made at source); or 

  

	 	(ii)	 an individual who works full-time for the Corporation or its subsidiaries providing services normally provided
by an employee and who is subject to the same control and direction by the Corporation over the details and methods of work as an employee of the Corporation, but for whom income tax deductions are not made at source; or 

 

	 	(iii)	 an individual who works for the Corporation or its subsidiaries on a continuing and regular basis for a minimum
of hours per week providing services normally provided by an employee and who is subject to the same control and direction by the Corporation over the details and methods of work as an employee of the Corporation, but for whom income tax deductions
are not made at source; OR 

  

	 	(d)	 is a bona fide Consultant of the Corporation, which is defined as being, in relation to the Corporation,
an individual or Consultant Company that: 

  

	 	(i)	 is engaged to provide on an ongoing bona fide basis, consulting, technical, management or other services to the
Corporation or an affiliate thereof, other than services provided in relation to a distribution of securities; 

  

	 	(ii)	 provides the services under a written contract between the Corporation or an affiliate thereof and the
individual Consultant or Consultant Company; 

  

	 	(iii)	 spends or will spend a significant amount of time and attention on the business and affairs of the Corporation
or an affiliate thereof; and 

  

	 	(iv)	 has a relationship with the Corporation or an affiliate thereof that enables the individual to be knowledgeable
about the business and affairs of the Corporation. 

  

	8.	 Securities Act Matters. The Optionee represents and warrants to the Corporation that the Optionee
[tick appropriate box]: 

  

	 	☐	 (a)         is a director of the Corporation or a related entity
thereof; 

  
 A-3 

					
	☐	  	(b)	  	is an executive officer of the Corporation or a related party thereof, which is defined as being, for the Corporation or a related entity thereof, an individual who:

	 	

  

	 	(i)	 is a chair, vice-chair or president; 

 

	 	(ii)	 is a vice-president in charge of a principal business unit, division or function including sales, finance or
production; 

  

	 	(iii)	 is an officer of the Corporation or any of its subsidiaries and who performs a policy-making function in
respect of the Corporation; or 

  

	 	(iv)	 is performing a policy making function in respect of the Corporation; OR 

 

					
	☐	  	(c)	  	 an employee of the Corporation or a related entity thereof; OR

  

					
	☐	  	(d)	  	 a consultant of the Corporation or a related party thereof, which is defined as being, for the Corporation or a related party thereof,
a person, other than a director, executive officer or employee of the Corporation or a related entity thereof, that: 

  

	 	(i)	 is engaged to provide services to the Corporation or a related entity thereof, other than services provided in
relation to a distribution of securities; 

  

	 	(ii)	 provides the services under a written contract with the Corporation or a related entity thereof; and

  

	 	(iii)	 spends or will spend a significant amount of time and attention on the business and affairs of the Corporation
or a related party thereof, 

 and includes, 
  

	 	(iv)	 for an individual consultant, a corporation of which the individual consultant is an employee or shareholder,
and a partnership of which the individual consultant is an employee or partner, and 

  

	 	(v)	 for a consultant that is not an individual, an employee, executive officer, or director of the consultant,
provided that the individual employee, executive officer, or director spends or will spend a significant amount of time and attention on the affairs and business of the issuer or a related entity of the Corporation; OR 

 

					
	☐	  	(e)	  	 the Optionee is otherwise qualified (other than pursuant to section 2.24 of NI45- 106) or the circumstances are such that the distribution of
the Option by the Corporation to the Optionee is exempt from the prospectus and registration requirements of applicable securities laws, and the Optionee further agrees to

  
 A-4 

	 	provide to the Corporation all such certificates, instruments and other documents to evidence such exemption as counsel to the Corporation reasonably determines to be necessary or advisable in order to ensure compliance
with or safeguard against the violation of the securities laws of any jurisdiction. 

  

	9.	 If not an Individual. If the Optionee is not an individual, it is either (i) a Consultant
Company or (ii) a company or other form of entity wholly owned by Eligible Persons; and the Optionee hereby agrees to complete and submit to the Corporation for filing with the Exchange a Form 4F: Certification and Undertaking Required from
a Company Granted an Incentive Stock Option, and further represents and warrants to the Corporation that the information and certifications in such Form 4F are complete and true and accurate in all respects, and further covenants to the
Corporation that it will comply with all covenants, conditions and undertakings is such Form 4F in all respects. 

  

	10.	 Exchange Approval. The grant of the Option and any amendment hereto shall be subject to the prior
approval of the Exchange, including any requirement for shareholder approval. The Optionee acknowledges and agrees that the Option shall not be exercisable, or exercisable on such amended terms, as the case may be, until such approval of the
Exchange and, if required, the Corporation’s shareholders, is obtained in accordance with the policies of the Exchange. If such approval of the Exchange and, if required, the Corporation’s shareholders, is not obtained, then the Option and
this Agreement, or the amendment hereof, as the case may be, shall be null and void and of no further force or effect as of the date hereof, or the date of amendment, as the case may be. 

 

	11.	 Capital Adjustments. In the event that there is any change in the Voting Shares of the
Corporation through the declaration of stock dividends, stock splits, consolidations, exchanges of shares, or otherwise, the number of Voting Shares subject to Option and the exercise price of the Option shall be adjusted in accordance with the
terms of the Stock Option Plan. 

  

	12.	 Collection and Use of Personal Information. The Optionee expressly acknowledges, consents and
agrees to the Corporation collecting, using and releasing personal information regarding the Optionee and this Agreement for the purpose of completing the transactions contemplated by this Agreement, including but not limited to the Optionee’s
name, address and principals, the number of options granted to the Optionee, the status of the Optionee as a Director, senior officer, Management Company Employee, Employee, Consultant, Investor Relations Provider or as otherwise represented herein,
and any and all other information necessary or incidental to the transactions contemplated herein, including but not limited to that provided in any Form 4F. The purpose of the collection, use and disclosure of the personal information is to ensure
that the Corporation and its advisors will be able to grant the Option to the Optionee in compliance with applicable corporate, securities and other laws, and to obtain the information required to be filed with the Exchange and other authorities
under applicable Exchange requirements, securities laws and other laws. In addition, the Optionee expressly acknowledges, consents and agrees to the collection, use and disclosure of all such personal information by the Exchange and other
authorities in accordance with their requirements, including the provision of all such personal information to their agents and third party service providers, from time to time. 

  
 A-5 

 The contact information for the officer of the Corporation who can answer questions about
this collection of information by the Corporation is as follows: 
 Ryan Goepel 

Chief Financial Officer of Global Crossing Airlines Group Inc. 

Building 5A • 4200 NW 36th Street • MIA Int’l Airport, Miami, FL 33166 USA 

Tel: 305-869-4780 

 

	13.	 General. 

  

	 	(a)	 The Optionee agrees to comply with the provisions of applicable Exchange requirements and securities laws in
connection with the exercise, holding and disposition of any Voting Shares or other property or securities acquired pursuant to the exercise of the Option. 

  

	 	(b)	 This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof. The
parties shall execute and deliver any and all such instruments and other documents and perform any and all such acts and other things as may be necessary or desirable to carry out the intent of this Agreement. 

 

	 	(c)	 No modification of this Agreement or waiver of any provision hereof shall be valid unless made in writing and
signed by the parties hereto. No waiver of any provision of this Agreement shall operate as a waiver of any other provision hereof or operate as a continuing waiver unless such is expressly provided for in writing. 

 

	 	(d)	 This Agreement shall enure to the benefit of and be binding upon the parties hereto and upon their successors
or assigns. 

  

	 	(e)	 This Agreement shall be construed in accordance with and governed by the laws of British Columbia and the laws
of Canada applicable therein, and for the purposes of all legal proceedings, the parties hereby irrevocably agree that the courts of British Columbia shall have exclusive jurisdiction. 

 

	 	(f)	 Words importing the singular number shall include the plural and vice versa. Words importing individuals shall
include corporations, partnerships, proprietorships, trusts and other forms of legal entities and vice versa. Words importing gender shall include the other gender; words importing gender shall include the neuter and vice versa. Words importing a
particular form of legal entity includes all other forms of legal entities interchangeably. 

  

	 	(g)	 This Agreement may be executed and delivered in two or more counterparts and by facsimile. Each such
counterpart and facsimile shall be deemed to form one and the same and an originally executed instrument, bearing the date set forth on the face page hereof notwithstanding the date of execution or delivery. 

IN WITNESS WHEREOF the parties hereto have executed this Agreement effective as of the date first above written. 

  
 A-6 

					
	GLOBAL CROSSING AIRLINES GROUP INC..	  	
			
	Per:        
                                         
                                         
          	 		  	
	     Authorized Signatory
	 		  	
			
	WITNESSED BY:	 	 )
	  	
		 	 )
	  	
	 	 	 )
	  	
	Name	 	 )
	  	
		 	 )
	  	
		 	 )
	  	 
	Address	 	 )
	  	◆
		 	 )
	  	
		 	 )
	  	
	Occupation	 	 )
	  	

  
 A-7 

 Schedule “A” 

NOTICE OF ELECTION TO EXERCISE OPTION 

Date:
                                        
                 
 Global Crossing Airlines Group Inc. 

Building 5A 
 4200 NW 36th Street 

MIA Int’l Airport 
 Miami, FL 33166 USA 

Attention: Chief Financial Officer 
 Dear Sirs: 

Pursuant to the provisions of the Option Agreement dated
                            , pursuant to which I was granted an option to purchase Voting Shares in
the capital of Global Crossing Airlines Group Inc. (the “Corporation”), I elect to exercise my option to purchase
                                         
                            of the
                                         
                                        Voting
Shares covered by such Notice at the Exercise Price specified therein. Attached is the full payment of such price in the amount of CAD
                                        
                 dollars. 
 (CAD $
                                         
       ). 
 Please register the shares as follows: 

Name in full and Address 
 I hereby: 

☐ (a) direct the Corporation on my behalf to sell all Voting Shares issued upon exercise of these options and to deduct from the net
proceeds therefrom the aggregate Exercise Price and the amount of the estimated Withholding Obligation (as defined in the Plan) and to remit the balance to me, all in accordance with Section 2.18 of the Plan; or 

☐ (b) direct the Corporation on my behalf to sell sufficient Voting Shares issued upon exercise of these options to satisfy the aggregate
Exercise Price and the amount of the estimated Withholding Obligation and to remit to me any net proceeds therefrom in excess of the aggregate Exercise Price and estimated Withholding Obligation together with the balance of the Voting Shares issued
upon exercise of these options; or 
 ☐ (c) enclose a certified cheque payable to Global Crossing Airlines Group Inc. for the aggregate
Exercise Price plus the amount of the estimated Withholding Obligation. 
 [Signature Page Follows] 

  
 A-8 

 
	
	Yours truly,
	
	 
	Signature
	
	 
	Name (please print)
	
	 
	Address
	
	Social Insurance No. (SIN):
                                    

  
 A-9

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