Document:

EX-10.9

 Exhibit 10.9 

AIRCRAFT SALE & PURCHASE AGREEMENT 

Dated 11 FEBRUARY 2018 

Celestial Aviation Trading 19 Limited 

as Seller 
 Contrail Aviation
Support, LLC 
 as Purchaser 
  

 
 relating to one B737-700 Aircraft 
 manufacturer’s serial number 32244 

 
  

  

 CONTENTS 
  

							
		
	Clause	  	 	Page	 
			
	1. 	  	Interpretation	  	 	1	 
			
	2.	  	Representations And Warranties	  	 	1	 
			
	3.	  	Agreement To Sell And Purchase	  	 	1	 
			
	4.	  	Conditions Precedent	  	 	2	 
			
	5.	  	Purchase Price	  	 	2	 
			
	6.	  	Inspection And Delivery	  	 	5	 
			
	7.	  	Aircraft Condition & Warranties	  	 	6	 
			
	8.	  	Registration Fees	  	 	7	 
			
	9.	  	Indemnities & Liability Insurance	  	 	7	 
			
	10.	  	Further Provisions	  	 	8	 
			
	11.	  	Law And Jurisdiction	  	 	9	 
			
	12.	  	Brokers And Other Third Parties	  	 	10	 
		
	 Schedule 1    12
	  			
	            Part A    	  	12	 
	            Part B    12	  	 	 
	            Delivery Condition Requirements	  	12	 
		
	 Schedule 2    13
	  			
		
	 Schedule 3    CONDITIONS
PRECEDENT
	  	 	16	 
	            Part A    Seller Conditions Precedent	  	16	 
	            Part B    Purchaser Conditions Precedent	  	16	 
		
	 Schedule 4    REPRESENTATIONS
AND WARRANTIES
	  	 	17	 
	            Part A    Seller’s Representations And Warranties	  	17	 
	            Part B    Purchaser’s Representations And Warranties	  	17	 
		
	 Schedule 5    BILL OF
SALE
	  	 	19	 
		
	
Schedule 6    TECHNICAL/ACCEPTANCE
CERTIFICATE
	  	 	20	 
		
	 Schedule 7    FINAL
ACCEPTANCE CERTIFICATE
	  	 	21	 

					
	7.	 	AIRCRAFT CONDITION & WARRANTIES	 	1
			
	8.	 	REGISTRATION FEES	 	1
			
	9.	 	INDEMNITIES & LIABILITY INSURANCE	 	1
			
	10.	 	FURTHER PROVISIONS	 	1
			
	11.	 	LAW AND JURISDICTION	 	1
			
	12	 	BROKERS AND OTHER THIRD PARTIES	 	1

					
			
	Schedule 1	 	DESCRIPTION OF AIRCRAFT & DELIVERY CONDITION-REQUIREMENTS	 	1
			
	Schedule 2	 	DEFINITIONS	 	1
			
	Schedule 3	 	CONDITIONS PRECEDENT	 	1
			
	Schedule 4	 	REPRESENTATIONS AND WARRANTIES	 	1
			
	Schedule 5	 	BILL OF SALE	 	1
			
	Schedule 6	 	FORM OF TECHNICAL/ACCEPTANCE CERTIFICATE	 	1

 THIS AGREEMENT is made on 11 February 2018 

BETWEEN: 
 Celestial Aviation Trading 19 Limited a company
incorporated in Ireland with its address at GE Capital Aviation Services Limited, Aviation House, Shannon, County Clare, Ireland (“Seller”); and 

Contrail Aviation Support, LLC, a company incorporated in State of North Carolina with its address at 435 Investment Court, Verona. Wisconsin 53593,
United States of America (“Purchaser”). 
 IT IS AGREED as follows. 

 

	I.	 INTERPRETATION 

 

	1.1	 Definitions: Capitalised words and expressions are defined in Schedule 2. 

 

	1.2	 Construction: Headings are to be ignored in construing this Agreement and unless the contrary intention
is stated, a reference to: 

  

	 	(a)	 each of “Seller”, “Purchaser” or any other Person includes any permitted successors and
assignees; 

  

	 	(b)	 words importing the plural shall include the singular and vice versa; 

 

	 	(c)	 any document shall include that document as amended, novated, assigned or supplemented; 

 

	 	(d)	 a Clause or a Schedule is to a clause of or a schedule to this Agreement; 

 

	 	(e)	 any Law, or to any specified provision of any Law, is a reference to such Law or provision as amended,
substituted or re-enacted. 

  

	2.	 REPRESENTATIONS AND WARRANTIES 

Seller represents and warrants to Purchaser in accordance with Part A of Schedule 4 and Purchaser represents and warrants to Seller in
accordance with Part B of Schedule 4. 
  

	3.	 AGREEMENT TO SELL AND PURCHASE 

 

	3.1	 On and subject to the terms of this Agreement: 

 

	 	(a)	 the Aircraft will be sold by the Seller and purchased by the Purchaser on the Delivery Date in an “as is,
where is” condition; and 

  

	 	(b)	 Seller shall pass to Purchaser upon Delivery good and marketable title to the Aircraft clear of all liens and
encumbrances other than any liens created by Purchaser which by their express terms become effective upon passage of title to Purchaser. 

3.2 Delivery Documents: Upon Delivery , Seller shall deliver to Purchaser the Bill of Sale duly executed by Seller 

3.3 Security Interests: The Aircraft shall upon Delivery be free and clear of any Security Interests other than Permitted Liens. 

3.4 Passage of Title & Risk: Title to the Aircraft shall pass to Purchaser when the Delivery Documents are delivered to Purchaser. Risk of loss,
destruction of, or damage to the Aircraft shall pass to Purchaser simultaneously with transfer of title 

  
 - 1 - 

	3.5	 Material Damage or Event of Loss before Delivery: 

If before Delivery any Event of Loss of the Aircraft, or Material Damage to the Aircraft for which the likely cost of repair would exceed
US$1,000,000 (One Million Dollars), Seller and Purchaser shall each have the right to terminate this agreement upon written notice to the other party. In event of such termination, the rights and obligations of the parties hereunder shall be
discharged so that neither party shall be liable to the other, save that Seller shall refund the Purchaser Deposit to Purchaser within five (5) Business Days of such termination. 

 

	4.	 CONDITIONS PRECEDENT 

 

	4.1	 Seller Conditions: 

Seller’s obligation to sell the Aircraft to Purchaser shall be subject to fulfilment of the Seller Conditions Precedent on or before the
Delivery Date (except to the extent that Seller agrees in writing in its absolute discretion to waive or defer any such condition). 
 The
Seller Conditions Precedent have been inserted for Seller’s benefit and may be waived in writing, in whole or in part and with or without conditions, by Seller without prejudicing its right to receive fulfilment of such conditions, in whole or
in part, at any later time. 
 If any of the Seller Conditions Precedent remain outstanding on the Final Delivery Date and are not waived or
deferred in writing by Seller, Seller may at any time after close of business in New York on the Final Delivery Date terminate its obligation to sell the Aircraft by notice to Purchaser. Whereupon the rights and obligations of the parties hereunder
shall cease and be discharged without further liability on the part of either Seller or Purchaser, save that where the failure to provide the Seller Conditions Precedent occurs through no fault of the Purchaser Seller shall refund the Purchaser
Deposit to Purchaser within five (5) Business Days of such notice. 
  

	4.2	 Purchaser Conditions: 

Purchaser’s obligation to purchase the Aircraft shall be subject to fulfilment of each of the Purchaser Conditions Precedent on or before
the Delivery Date (except to the extent that Purchaser agrees in writing in its absolute discretion to waive or defer any such condition). 

The Purchaser Conditions Precedent have been inserted for Purchaser’s benefit and may be waived in writing, in whole or in part and with
or without conditions, by Purchaser without prejudicing its right to receive fulfilment of such conditions, in whole or in part at any later time. 

If any of the Purchaser Conditions Precedent remain outstanding on the Final Delivery Date and are not waived or deferred in writing by
Purchaser, Purchaser may at any time after close of business in New York on the Final Delivery Date terminate its obligation to purchase the Aircraft by notice to Seller, whereupon the rights and obligations of the parties hereunder shall cease and
be discharged without further liability on the part of either Seller or Purchaser, save that Seller shall refund the Purchaser Deposit to Purchaser within five (5) Business Days of such notice. 

 

	5.	 PURCHASE PRICE 

5.1 Amount: The purchase price for the Aircraft shall be US$
*                    *         * 
             *        
*                *                  *               
*  the “Purchase Price”). 

5.2 Purchaser Deposit: Upon execution of this Agreement and receipt by Purchaser of an invoice from Seller, Purchaser shall pay to
Seller a deposit in the amount of US$ *                    (the “Purchaser Deposit”). 

  
 - 2 - 

 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 5.3 Refundability of Purchaser Deposit: The Purchaser Deposit shall be irrevocable
and non-refundable, except in the following circumstances: 
  

	 	•	 	 Seller’s material breach of the terms of this Agreement; or 

 

	 	•	 	 Lessee’s failure to perform its obligations under the Lease Termination Agreement or to meet the
requirements of Clause 5.4 below; or 

  

	 	•	 	 Lessee’s material breach or failure to fulfil a condition precedent (prior to the Ferry Flight) of the terms
of the Side Agreement; or 

  

	 	•	 	 Purchaser notifies Seller within eight (8) Business Days after completing the Inspection that it has
rejected the Aircraft due to the Aircraft’s failure to pass the inspection under the Side Agreement and wishes not to proceed with the sale contemplated herein; or 

 

	 	•	 	 An Event of Loss or Material Damage to the Aircraft prior to Delivery and Purchaser exercises its right to
terminate this Agreement pursuant to Clause 3.5; or 

  

	 	•	 	 Seller’s inability to satisfy a Purchaser Condition Precedent save where such failure is the result of
Purchaser’s breach of the terms of this Agreement; or 

  

	 	•	 	 Delivery fails to occur on or prior to the Final Delivery Date save where such failure is a result of
Purchaser’s breach of this Agreement or the Side Agreement. 

 Notwithstanding any other provision of this Agreement
or the Transaction Documents, Purchaser’s Deposit shall, unless otherwise agreed by Purchaser in writing, be refunded to Purchaser by Seller within five (5) Business Days following the occurrence of any of the events set forth above. 

5.4 Lessee Contribution to Aircraft Condition: Lessee shall pay to Seller the amount of US$ *                     (the
“Lessee Contribution to Aircraft Condition”) within three (3) Business Days after the Technical Acceptance Date (but in any case prior to commencement of the Ferry Flight) which amount shall, together with the balance to be
paid by the Purchaser, constitute a pro tanto portion of the Purchase Price. 
 5.5
Non-Refundability of Lessee Contribution to Aircraft Condition. The payments of the Lessee Contribution to Aircraft Condition pursuant to Clause 5.4 shall, except as set forth in Clause 2.4 of the Lease
Termination Agreement, be irrevocable and non-refundable. If for any reason the sale of the Aircraft does not occur on or before the Final Delivery Date, Seller shall retain such amounts and set them off
against any amounts payable by Lessee to Seller in its capacity as Lessor of the Aircraft under the Lease Agreement (as amended by the Aircraft Lease Termination Agreement). For the avoidance of doubt, Seller’s acceptance of the Lessee
Contribution to Aircraft Condition shall not constitute a waiver or diminution of any of Seller’s rights or Lessee’s obligations under the Lease Agreement as amended by the Aircraft Lease Termination Agreement until such time as the sale
has occurred hereunder and legal title to the Aircraft has been conveyed to Purchaser in accordance with the terms hereof. 
 5.6 Time for
Payment: Subject to the terms of this Agreement, promptly upon Purchaser’s receipt of email confirmation that Seller has received from Lessee the Lessee Contribution to Aircraft Condition and the Redelivery Maintenance Payment
Amounts, and on or prior to the commencement of the Ferry Flight (but in any event for value in New York City prior to commencement of the Ferry Flight), Purchaser shall pay to Seller an amount (the “Net Purchase Amount”)
equal to the Purchase Price less (i) the amount of the Purchaser Deposit paid pursuant to Clause 5.2, (ii) the amount of the Lessee Contribution to Aircraft Condition, and (iii) the amount of the Lessee Contribution to Aircraft Condition
Deposit (if any). For the avoidance of doubt, Seller shall not be obliged to convey legal title 

  
 - 3 - 

 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 
to the Aircraft to Purchaser until it shall have received the total Purchase Price and the other amounts expressly stated to be paid by Lessee under the Lease Termination Agreement. The breakdown
of amounts comprising the Purchase Price is set forth below: 
  

											
	 MSN
	  	 Purchase

Price
	  	 Purchaser to Pay
	  	 Lessee

Contribution
 to Aircraft

Condition
	  	 Purchaser

Deposit
	  	 Lessee

Contribution
 to Aircraft

Condition
 Deposit

	 32244
	  	*                        )	  	*                      )	  	*                      )	  	*   *                   
	  	*     

 After Seller has paid the Net Purchase Amount as aforesaid, if Seller for any reason fails to authorize the dating and release
of the Bill of Sale to the Purchaser or otherwise fails to consummate the sale of the Aircraft contemplated herein immediately upon the Aircraft reaching the Expected Delivery Location, the Seller shall within five (5) Business days refund to
Purchaser the Purchaser Deposit and the Net Purchase Amount in full. If within five (5) Business Days of Seller’s receipt of the Net Purchase Amount from Purchaser the sale of the Aircraft contemplated herein has not been consummated for
any reason other than a breach of this Agreement by Purchaser, the Seller will refund to Purchaser the Deposit and Net Purchase Amount within two (2) Business Days thereafter. 

5.7 Seller’s Account: The Net Purchase Amount shall be paid in Dollars to Seller’s account as set forth below: 

BNP Paribas, London 
 SWIFT:                          
 Bank Sort Code:
                         
 For Credit to: GE Capital Aviation Funding 

Account Number:
                         
 IBAN:
                         
 Reference: MSN 32244 

Corresponding Bank: BNP Paribas, New York 
 ABA No:                          
 SWIFT Code:
                         
 5.8 Payment of Taxes, Tax Indemnities: 

 

	(a)	 Purchaser will indemnify and hold Seller harmless from any and all Taxes and expenses assessed against Seller
or the Aircraft or any part thereof by any Government Entity resulting from or arising in connection with the sale of the Aircraft hereunder, and any Taxes and expenses assessed against Seller which are attributable to any payment made by Purchaser
under this Agreement, other than: 

  

	 	(i)	 any Taxes (including without limitation capital gains Taxes, minimum Taxes and doing business or franchise
Taxes) imposed on the overall income, profits or gains of Seller; 

  

	 	(ii)	 any Taxes imposed as a result of Seller’s failure to comply with this Agreement or non-performance in
relation to any applicable laws governing Seller’s obligations hereunder; and 

  
 - 4 - 

 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

	 	(iii)	 any Taxes arising as a result of the gross negligence or wilful misconduct of Seller. 

 

	(c)	 All payments to be made by Purchaser under this Agreement shall be made in full without set off or counterclaim
whatsoever and shall be made in full without any deduction or withholding whatsoever. If however a deduction or withholding for Taxes is required by law, Purchaser shall: 

 

	 	(i)	 ensure that the deduction or withholding does not exceed the minimum amount legally required;

  

	 	(ii)	 immediately pay to Seller such additional amount so that the net amount received by Seller will equal the full
amount which would have been received by it had no such deduction or withholding been made; 

  

	 	(iii)	 pay to the relevant taxation authority or other authorities within the time allowed by law the full amount of
the deduction or withholding (including, but without prejudice to the generality of the foregoing, the full amount of any deduction or withholding from any additional amount paid pursuant to this sub-clause);
and 

  

	 	(iv)	 provide Seller within the period for payment permitted by the relevant law with an official receipt of the
relevant taxation authorities for all amounts so deducted or withheld or if such receipts are not issued by the taxation authorities concerned, a certificate of deduction or equivalent evidence of the relevant deduction or withholding.

  

	6.	 INSPECTION AND DELIVERY 

 

	6.1	 Inspection: Seller grants permission to Purchaser to conduct the inspection of the Aircraft and the
inspection of all documents and records relating to the Aircraft that are the property of Seller and in the possession of Lessee, arranged between the Purchaser and the Lessee pursuant to the Side Agreement, and Seller shall not interfere or delay
such inspection in any manner. 

  

	6.2	 Delivery: Subject to satisfaction (or waiver or deferral with the agreement in writing of Seller) of the
Seller Conditions Precedent, Seller shall transfer title to the Aircraft and the Aircraft Documents to Purchaser on the Delivery Date and duly execute and deliver the Bill of Sale to Purchaser on the Delivery Date. 

 

	6.3	 Delivery Date: The parties currently anticipate that Delivery will take place on the Expected Delivery
Date and shall each use reasonable efforts so that Delivery does then take place but in any event Delivery shall occur no later than close of business in New York on the Final Delivery Date. 

 

	6.4	 Delivery Location: The Bill of Sale shall be delivered to Purchaser and the Acceptance Certificate shall
be delivered to Seller while the Aircraft is located in international airspace during the Ferry Flight (the “Delivery Location”). Such documents, together with the Certificate of Acceptance under and as defined in the Lease
Agreement, will be tabled (signed and undated) at the offices of legal counsel for the Seller in Oklahoma City so that after Purchaser has confirmed receipt of the full Purchase Price and immediately upon the Aircraft reaching the Expected Delivery
Location on the Ferry Flight such documents will be dated, released and exchanged. 

  

	6.5	 Flight Schedule: Seller and Purchaser shall confer regarding the intended flight schedule for the
Aircraft during the period prior to the Delivery Date and with respect to the Ferry Flight. 

  

	6.6	 Final Acceptance: Provided the Aircraft meets the Delivery Conditions Requirements, all of the Purchaser
Conditions Precedent have been satisfied, Seller has not breached this Agreement and the Purchaser has not otherwise terminated this Agreement in accordance with the terms hereof, Purchaser will accept the Aircraft by dating and delivering the
Acceptance Certificate to Seller. Any delivery conditions separately agreed by the Purchaser and Lessee in the Side Agreement shall 

  
 - 5 - 

	 	
be strictly between such parties and Seller shall not be liable for the performance or satisfaction of such conditions, provided that Seller hereby acknowledges Purchaser’s right to
terminate this Agreement and receive a return of the Purchaser Deposit in the circumstances described in clause 5.3. 

  

	7.	 AIRCRAFT CONDITION & WARRANTIES 

 

	7.1	 Acceptance Certificate: Delivery of the Technical Acceptance Certificate by Purchaser to Seller
following Purchaser’s inspection shall be conclusive proof that Purchaser has examined and investigated the Aircraft and that it is in every way satisfactory to Purchaser at such time. Delivery of the Acceptance Certificate by Purchaser to
Seller shall be conclusive proof that Purchase has made final acceptance of the Aircraft in connection with Delivery. 

  

	7.2	 Assignment of Warranties; Further Assurance: Seller hereby assigns to Purchaser, effective upon
Delivery, all Seller’s rights, title and interest (to the extent that any such warranties continue to exist) in all agreements with the Manufacturer relating to the Aircraft. Seller agrees on request by Purchaser to give notice of such
assignment to any relevant manufacturer and to use reasonable efforts to obtain their consent to such assignment and take such other action as Purchaser may reasonably request in that regard. 

 

	7.4	 Disclaimers: THE AIRCRAFT (AS DEFINED) IS BEING SOLD AND DELIVERED TO PURCHASER “AS IS” AND
“WHERE IS”, AND WITHOUT ANY REPRESENTATION, GUARANTEE OR WARRANTY OF SELLER EXPRESS OR IMPLIED, OF ANY KIND, ARISING BY LAW OR OTHERWISE. 

WITHOUT LIMITING THE GENERALITY OF THE ABOVE, PURCHASER UNCONDITIONALLY AGREES THAT THE AIRCRAFT (AS DEFINED) IS TO BE SOLD AND PURCHASED IN AN
AS IS WHERE IS CONDITION AS AT THE DELIVERY DATE, AND NO TERM, CONDITION, WARRANTY, REPRESENTATION OR COVENANT OF ANY KIND HAS BEEN ACCEPTED, MADE OR IS GIVEN OR SHALL BE DEEMED AS HAVING BEEN GIVEN BY SELLER OR ITS SERVANTS OR AGENTS IN
RESPECT OF THE AIRWORTHINESS, VALUE, QUALITY, DURABILITY, DATE PROCESSING, CONDITION, DESIGN, OPERATION, DESCRIPTION (EXCEPT AS TO SERIAL NUMBERS), MERCHANTABILITY OR FITNESS FOR USE OR PURPOSE OF THE AIRCRAFT OR ANY PART THEREOF, AS TO THE ABSENCE
OF LATENT, INHERENT OR OTHER DEFECTS (WHETHER OR NOT DISCOVERABLE), AS TO THE COMPLETENESS OR CONDITION OF THE AIRCRAFT DOCUMENTS, AND/OR AS TO THE ABSENCE OF ANY INFRINGEMENT OF ANY PATENT, COPYRIGHT, DESIGN, OR OTHER PROPRIETARY RIGHTS. ALL TERMS,
CONDITIONS, WARRANTIES AND REPRESENTATIONS (OR OBLIGATION OR LIABILITY, IN CONTRACT OR IN TORT) IN RELATION TO ANY ONE OR MORE OF THOSE MATTERS, EXPRESSED OR IMPLIED, STATUTORY OR OTHERWISE, ARE EXPRESSLY EXCLUDED. 

For the avoidance of doubt, Seller shall not be responsible for any losses suffered or incurred resulting from any delay or non-delivery of the Aircraft. Provided the Aircraft is duly tendered by Seller on or prior to the Final Delivery Date, Purchaser shall not be entitled to reject the Aircraft because of delay. 

The parties have considered and negotiated the terms of this Agreement and agreed the Purchase Price based on the responsibilities and
obligations of Seller expressly undertaken and those which are excluded or limited. Purchaser acknowledges that (a) Seller is not in the business of operating or maintaining aircraft and (b) if Seller were to be required to accept any
greater responsibility or obligation other than those expressly set out in this Agreement, Seller would either have declined to enter into this Agreement or would have charged a higher price. The parties consider the terms of this Agreement to be
fair and reasonable in all the circumstances. 

  
 - 6 - 

	8.	 REGISTRATION FEES 

Purchaser shall bear any duties or fees payable to the Air Authority in connection with the transfer of title to the Aircraft from Seller to
Purchaser. Seller confirms that the Purchaser shall not be responsible for any costs, duties or fees payable to the Air Authority or any other governmental authority in connection with termination of the Lease. 

 

	9.	 INDEMNITIES & LIABILITY INSURANCE 

 

	9.1	 Purchaser’s Indemnity: Purchaser shall indemnify Seller in full on demand in respect of all Losses
suffered or incurred by Seller or any of its officers, employees or agents (regardless of when the same are suffered or incurred) arising out of or connected in any way with: 

 

	 	(a)	 the purchase, manufacture, ownership, possession, registration, performance, transportation, management, sale,
control, inspection, use or operation, design, condition, testing, delivery, leasing, maintenance, repair, service, modification, overhaul, replacement, removal or redelivery of the Aircraft, or any loss of or damage to the Aircraft, or otherwise in
connection with the Aircraft or relating to loss or destruction of or damage to any property, or death or injury to any person caused by, relating to or arising from or out of (in each case whether directly or indirectly) any of the foregoing
matters and regardless of when the same arises or occurs, or whether it arises out of or is attributable to any act or omission, negligent or otherwise of Seller; or 

 

	 	(b)	 any design, article or material in the Aircraft or the operation or use thereof constituting an infringement of
patent, copyright, trademark, design or other proprietary right or a breach of any obligation of confidentiality owed to any person; 

Provided that the indemnities contained in this sub clause shall not extend to Losses: 

 

	 	(i)	 to the extent that such Losses arise out of any act, omission, event or circumstance occurring before Delivery;

  

	 	(ii)	 to the extent that such Losses are caused by the wilful misconduct or gross negligence of Seller or any of its
employees, servants or agents; 

  

	 	(iii)	 to the extent that such Losses are the result of failure by Seller to comply with any of its express
obligations under this Agreement (unless such failure is caused by failure by Purchaser to comply with any of its express obligations under this Agreement) or any representation or warranty given by Seller not being true and correct;

  

	 	(iv)	 to the extent that such Losses represent a Tax or loss of tax benefits; 

 

	 	(v)	 which are ordinary or usual operating or overhead expenses of Seller, except to the extent that the same arise
on the occurrence of any breach by Purchaser of its obligations under this Agreement; or 

  

	 	(vi)	 which are required to be borne by Seller in accordance with any other express provision contained in this
Agreement; or 

  

	 	(vii)	 to the extent that such Losses arise out of any act or omission of Seller as a manufacturer, repairer, or
technical servicer of aviation products. 

  
 - 7 - 

	9.2	 Liability Insurance: Purchaser shall maintain or procure that Aircraft Third Party, Property Damage,
Passenger, Baggage, Cargo and Mail and Airline General Third Party (including Products) Legal Liability for a combined single limit (bodily injury/property damage) of an amount not less than US$ 600,000,000.00 (Six Hundred Million Dollars) for any
one occurrence (but in respect of products and personal injury liability, this limit may be an aggregate limit for any and all losses occurring during the currency of the policy) is maintained in respect of the Aircraft with the Additional Insureds
each named as an additional insured for two years after the Delivery Date. On or before Delivery, and upon each renewal Purchaser shall deliver to Seller a certificate in a form reasonably acceptable to Seller issued by the insurance brokers to
Purchaser, in respect of this liability insurance over such two-year period, subject to the following provisions regarding replacement coverage. Should any airframe or engine be removed from service during the
two-year period referenced above, the Purchaser will cause to be maintained US$l0,000,000 in Aviation Products Liability coverage in place of the insurance requirements above. Such policies shall include a
waiver of subrogation clause, breach of warranty clause and severability of interest clause in favour of the Additional Insureds. 

  

	10.	 FURTHER PROVISIONS 

 

	10.1	 Side Agreement. Seller acknowledges that Purchaser and Lessee have entered into the Side Agreement. The
Purchaser acknowledges that Seller is not a party to the Side Agreement and, accordingly, has not reviewed the terms of such agreement, has no rights or obligations thereunder and is not bound by the terms thereof. Purchaser agrees that it shall
give Seller prompt notice of any breach or failure of Lessee to perform its obligations under the terms of the Side Agreement that may give rise to Purchaser’s right to terminate the sale hereunder and request a return of the Purchaser Deposits
pursuant to Clause 5.3. It is understood that the Side Agreement shall not impose upon the Lessee and/or the Aircraft any greater technical conditions than those reflected at the time of Purchaser’s execution of the Technical Acceptance
Certificate (subject, however, to Clause 3.5 above) and that Lessee’s principal responsibilities after the Technical Acceptance Date shall be executing the Ferry Flight and providing certain post-title-transfer paperwork after the Ferry
Flight is completed. Lessee’s failure to provide such documentation shall give rise to a cause of action by Purchaser against Lessee under the Side Agreement, but shall not give rise to a refund or return of the Deposits. The Lessee
Contribution to Aircraft Condition payments shall not, except to the extent otherwise agreed between Lessor and Lessee in writing, be refundable in any circumstances and shall, should the sale of the Aircraft contemplated herein not be consummated,
be applied to amounts owing by Lessee to Seller in connection with termination of the Lease as set forth in the Aircraft Lease Termination Agreement. 

  

	10.2	 Benefit of Agreement: Purchaser shall not assign or transfer all or any of its rights and/or obligations
under this Agreement without the prior written consent of Seller, except that Purchaser may assign its rights and obligations under this Agreement to its wholly-owned subsidiary, Contrail Aviation Leasing, LLC, provided that Purchaser and such
assignee shall be jointly and severally Iiable for Purchaser’s obligations hereunder the event of such assignment. 

  

	10.3	 Counterparts: This Agreement may be executed in any number of separate counterparts and each counterpart
shall when executed and delivered be an original document but all counterparts shall together constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by fax or email will be deemed as effective as delivery of an
originally executed version. Accordingly, a PDF copy and facsimile signatures shall be treated as original signatures for all purposes with respect to all Transaction Documents. Any party delivering an executed version of this Agreement by fax or
email shall, upon the request of the other party, also deliver an originally executed counterpart but the failure to do so will not affect the validity or effectiveness of this Agreement. 

  
 - 8 - 

	10.4	 Waivers and Variation: Rights of a party, arising under this Agreement or the general law, shall not be
waived or varied unless done so expressly in writing and only then in that specific case, on that specific occasion and on any terms specified. 

  

	10.5	 Notices: Any notice in connection with this Agreement shall be given in writing and may be conveyed by
digital means (fax/email). The address for notices of each party follows: 

 to Seller at: 

GE Capital Aviation Services Limited 

Aviation House 
 Shannon 

County Clare 
 Ireland 

Attention: Contracts Leader 

Email: asanotices@gecas.com 

to Purchaser at: 

Contrail Aviation Support LLC  

435 Investment Court 
 Verona,
Wisconsin 53593 
 United States of America 

Attention: Mr. Steve Williamson 

Fax/Email: steve@contraiI.com 
  

	10.6	 Invalidity of any Provision: If any part of this Agreement becomes invalid, illegal or unenforceable
under any applicable law, the validity, legality and enforceability of the remaining provisions shall not in any way be affected. 

  

	10.7	 Entire Agreement: This Agreement constitutes the entire agreement between the parties hereto in relation
to the sale and purchase of the Aircraft and supersedes all previous proposals, representations, agreements and other written and oral communications in relation thereto. 

 

	10.8	 Costs and Expenses: Except where this Agreement states differently, each party shall bear its own fees,
costs and expenses arising out of or connected with this Agreement. For the avoidance of doubt, Seller shall not be responsible for any broker’s fees, commissions or expenses relating to the sale of the Aircraft. 

 

	10.9	 Cape Town Convention: Once legal title to the Aircraft has duly passed to Purchaser pursuant to this
Agreement and the Bill of Sale, Seller will provide its consent to the registration of the Purchaser’s ownership at the international Registry. Until legal title to the Aircraft has so passed, Purchaser shall not seek, nor be entitled, to
register any interest in the Aircraft or this Agreement at the International Registry or elsewhere. 

  

	11.	 LAW AND JURISDICTION 

 

	11.1	 Governing Law: This Agreement in all respects and any
non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with, the laws of the State of New York. The U.N. Convention on Contracts for the
International Sales of Goods is not applicable to this Agreement. 

  

	11.2	 Dispute Resolution: The US Federal Circuit Court for the Southern District of New York, sitting in the
Borough of Manhattan, shall have jurisdiction to settle any disputes arising out of or relating 

  
 - 9 - 

	 	
to this Agreement and the parties submit themselves and their assets to the non-exclusive jurisdiction of that court in relation to such disputes. A
judgment or order of such court in connection with this Agreement is conclusive and binding and may be enforced in the courts of any other jurisdiction. Neither party will seek nor be entitled to, contest and/or delay and/or obstruct registration or
enforcement of such judgment and/or order. The parties agree that the prevailing party shall be entitled to an award of reasonable attorney fees in the event of any court action arising under or in connection with this Agreement. 

 

	11.3	 Process: Without prejudice to any other mode of service each party consents to the service of process
relating to any proceedings under Clause 11.2 at its address set forth in Clause 10.5 provided a copy of the process is also sent by email to such party. 

  

	11.4	 Waivers: Each party waives to the fullest extent permitted by law any objection which it may now or
hereafter have to (i) the courts referred to in Clause 11.2 on grounds of inconvenient forum or otherwise as regards proceedings in connection with this Agreement and/or (ii) the laying of venue of any suit, action or proceeding arising
out of or relating to this Agreement brought in those courts. 

  

	12.	 BROKERS AND OTHER THIRD PARTIES 

 

	12.1	 No Brokers: Each party represents and warrants to the other that it has not paid, agreed to pay or
caused to be paid directly or indirectly in any form, any commission, percentage, contingent fee, brokerage or other similar payments of any kind, in connection with the establishment or operation of this Agreement, to any Person (other than fees
payable by each party to its legal advisers and, as to Purchaser, fees payable to PGA Aviation LLC). 

  

	12.2	 Indemnity: Each party agrees to indemnify and hold the other harmless from and against any and all
claims, suits, damages, costs and expenses (including, but not limited to reasonable attorneys’ fees) asserted by any agent, broker or other third party for any commission or compensation of any nature whatsoever based upon this Agreement or
the Transaction Documents or the Aircraft, if such claim, suit, damage, cost or expense arises out of any breach by the indemnifying party, its employees or agents of Clause 12.1. 

IN WITNESS whereof this Agreement has been signed on the day and year first above written. 

  
 - 10 - 

 EXECUTION PAGE 

 

					
	Seller
		
		 	 Celestial Aviation Trading 19 Limited

			
		 	By:	 	 /s/ Dlarmuid Hyde

			
		 	Name:	 	Dlarmuid Hyde
			
		 	Title:	 	Director
			
		 	Signed in	 	Shannon, Ireland

 Purchaser 
  

Contrail Aviation Support, LLC 
  

			
		
	By:	 	 
		
	Title:	 	 

  
 - 11 - 

 EXECUTION PAGE 

Seller 
  

					
		 	 Celestial Aviation Trading 19 Limited

	 	 	 	 	 
			
		 	By:	 	                                
                        
		 	 Title:
	 	 
		 	 Signed in
	 	Shannon, Ireland

 Purchaser 
 Contrail
Aviation Support, LLC 
  

			
		
	By:	 	/s/ Joseph G. Kuhn
	  
  

Title:
	 	 Joseph G. Kuhn
  

CEO

  
 - 11 - 

 SCHEDULE 1 

Part A 
  

			
	 MSN
	  	 32244

		
	 Aircraft Type
	  	737-700
		
	 Engine Type
	  	CFM56-7B22
		
	 MTOW
	  	133,000 LBS
		
	 MLW
	  	 129,200 LBS

		
	 MZFW
	  	 120,500 LBS

		
	 Engine Serial Numbers
	  	888454 & 888455

 PART B 

Delivery Condition Requirements 

“As is, where is” 
 Any
conditions separately agreed by the Purchaser and Lessee in the Side Agreement shall be strictly between such parties and Seller shall not be liable for the performance or satisfaction of any such conditions, provided that Seller acknowledges
Purchaser’s right to terminate the transactions contemplated herein and receive the return of the Purchaser Deposit in the circumstances described in Clause 5.3. 

  
 - 12 - 

 SCHEDULE 2 

DEFINITIONS 
 “Acceptance
Certificate” means the certificate to be executed by the Purchaser acknowledging final acceptance of the Aircraft in substantially the form of Schedule 6 (including sub-clause (d)); 

”Additional Insureds” mean Seller, GECAS Technical Services Limited, GE Capital Aviation Funding, GE Capital Aviation Services Limited, GE
Capital Aviation Services LLC, General Electric Company, GE Capital Global Holdings LLC and GE Capital US Holdings Inc.; 
 “Air Authority”
means the civil aviation authority of the State of Registration; 
 “Aircraft” means the aircraft described in Schedule 1 (which term
includes, where the context admits, a separate reference to all Engines, Parts and Aircraft Documents); 
 “Aircraft Documents” means all
technical records and documents provided to Purchaser by Seller and/or Lessee within Lessee’s or Seller’s possession (at a minimum such records and documents as Purchaser has received for review) on or prior to the Technical Acceptance
Date and any and all additions, renewals and replacements made thereto prior to Delivery; 
 “Aircraft Lease Termination Agreement” means
the Aircraft Lease Termination Agreement dated on or about the date hereof between Seller and Lessee in respect of the Lease Agreement. 
 “Bill of
Sale” means a bill of sale executed by Seller in respect of the Aircraft substantially in the form of Schedule 5; 
 “Business
Day” means a day (other than a Saturday or Sunday) on which banks are open for business in New York and London; 
 “Cape Town
Convention” means the Convention on International Interests in Mobile Equipment and its Protocol on Matters Specific to Aircraft Equipment, concluded in Cape Town on 16 November 2001. 

“Delivery” means the transfer of title of the Aircraft by Seller to Purchaser hereunder as evidenced by the duly completed Bill of Sale which
has been delivered to Purchaser; 
 “Delivery Condition Requirements” means the requirements set out in Part B of Schedule 1; 

“Delivery Date” means the date on which Delivery occurs; 

“Delivery Documents” is defined in Clause 3.2; 

“Delivery Location” is defined in Clause 7.3(a); 

“Engines” means the engines specified in Schedule 1 together with all equipment and accessories belonging to, Installed in, or appurtenant
to, such engines; 
 “Event of Loss” means with respect to the Aircraft (including for the purposes of this definition the Airframe); 

 

	(a)	 the actual or constructive total loss of the Aircraft (including any damage to the Aircraft which results in an
insurance settlement on the basis of a total loss, for requisition for use or hire which results in an insurance settlement on the basis of a total loss); or 

  

	(b)	 the Aircraft being destroyed, damaged beyond economic repair or permanently rendered unfit for normal use for
any reason whatsoever; or 

  
 - 13 - 

	(c)	 the requisition of title or other compulsory acquisition of title for any reason of the Aircraft by the
government of the State of Registration or any other authority (whether de jure or dc facto); or 

  

	(d)	 the hijacking, theft, disappearance, condemnation, confiscation, seizure, grounding, restriction, detention or
requisition for use or hire of the Aircraft which deprives Seller or any Person permitted by Seller to have possession and/or use of the Aircraft of its possession and/or use (including for the Ferry Flight) for (i) more than 15 days (or 30
days, in the ease of detention, grounding or restriction or requisition for use or hire by any governmental entity) or (ii) if earlier, a period ending on or after the Final Delivery Date; 

“Expected Delivery Date” means 15 February 2018; 

“Expected Delivery Location” means a location in International Airspace through which the Aircraft will travel during the Ferry Flight; 

“Ferry Flight” means the ferry flight of the Aircraft to be undertaken by Kumming Airlines Company Limited from the Technical Acceptance
Location to Marana, Arizona, USA; 
 “Final Delivery Date” means 30 April 2018; 

“Government Entity” means: 
  

	(a)	 any national government, political subdivision thereof, or local jurisdiction therein; 

 

	(b)	 any instrumentality, board, commission, court, or agency of any of the above, however constituted; and

  

	(c)	 any association, organisation, or institution of which any of the above is a member or to whose jurisdiction
any thereof is subject or in whose activities any of the above is a participant; 

 “International Registry” means the
registry established pursuant to the Cape Town Convention. 
 “Law” includes (a) any statute, decree, constitution, regulation, order,
judgment of other directive of any Government Entity; (b) any treaty, pact, compact or other agreement to which any Government Entity is a signatory or party; (c) any judicial or administrative interpretation or application of any Law
described in (a) or (b) above; and (d) any amendment or revision of any Law described in (a), (b) or (c) above; 
 “Lease
Agreement” means that Aircraft Specific Lease Agreement in respect of the Aircraft dated 8 December 2001 between GECAS Technical Services Limited, as lessor, and Lessee, as amended, acceded to, novated and supplemented from time to
time. 
 “Lease Termination Agreement” means that Aircraft Lease Termination Agreement dated on or about the date hereof between GECAS
Technical Services Limited, as lessor, and Lessee in respect of the Aircraft. 
 “Lease” means Kumming Airlines Company Limited and
Shenzhen Airlines Company Limited, in their capacity as joint and several “Lessee” under the Lease Agreement. 
 “Lessee Contribution to
Aircraft Condition” is defined in Clause 5.4. 
 “Lessee Contribution to Aircraft Condition Deposit” is defined in Clause
5.5. 
 “Losses” means losses, liabilities, claims, proceedings, penalties, judgments, damages, costs and expenses; 

“Manufacturer” means Boeing; 

“Material Damage” means damage to the Aircraft for which the likely cost of repair would exceed US$1,000,000 (one Million United States
Dollars). 

  
 - 14 - 

 “Net Purchase Amount” is defined in Clause 5.4; 

“Part” means, whether or not installed on the Aircraft, any component, furnishing or equipment (other than a complete Engine) furnished with
the Aircraft on the Delivery Date; 
 “Permitted Liens” means any Security Interest created by or resulting from debts or liabilities or
actions of Purchaser; 
 “Person” means any individual person, corporation, partnership, firm, joint stock company, joint venture, trust,
estate, unincorporated organisation, association, Government Entity, or organisation or association of which any of the above is a member or a participant; 

“Purchase Price” is defined in Clause 5.1; 

“Purchaser Conditions Precedent” means the conditions set out in Part B of Schedule 3; 

“Purchaser Deposit” is defined in Clause 5.2; 

“Purchaser Inspection” or “Inspection” means the inspection of the Aircraft carried out by Purchaser pursuant to Clause 6.1;

 “Security Interest” means any mortgage, charge, pledge, lien, encumbrance, assignment, hypothecation, right of set-off or any other agreement or arrangement having the effect of conferring security; 
 “Seller Conditions
Precedent” means the conditions specified in Part A of Schedule 3; 
 “Side Agreement” means the separate agreement dated on or
about the date hereof between Purchase and Lessee relating to the Aircraft, the Ferry Flight and other matters. 
 “State of Registration”
means the People’s Republic of China; 
 “Taxes” means any and all present and future taxes, duties, withholdings, levies,
assessments, imposts, fees and other governmental charges of all kinds (including without limitation any value added or similar tax and any stamp, documentary, registration or similar tax), together with any penalties, fines, surcharges and interest
thereon and any additions thereto; 
 “Technical Acceptance Certificate” means the acceptance certificate executed by Purchaser in
substantially the form of Schedule 6. 
 “Technical Acceptance Dale” means the date reflected in the Technical Acceptance Certificate as
the date on which Purchaser made technical acceptance of the Aircraft; 
 “Technical Acceptance Location” means Kumming, People’s
Republic of China; 
 “Transaction Documents” means this Agreement, the Bill of Sale, the Technical Acceptance Certificate, the Acceptance
Certificate and any agreement amending or supplementing any of the foregoing documents; 
 “US$” and “Dollars” means the lawful
currency of the United States of America, and (in relation to all payments in dollars to be made under this Agreement) same day funds. 

  
 - 15 - 

 SCHEDULE 3 

CONDITIONS PRECEDENT 

Part A 
 Seller
Conditions Precedent 
  

	1.	 Seller shall have received each of the following: 

 

	 	•	 	 The Technical Acceptance Certificate duly executed by Purchaser; 

 

	 	•	 	 The Acceptance Certificate duly executed by Purchaser; 

 

	 	•	 	 The insurance certificate required under Clause 10.3 

 

	 	•	 	 The Net Purchase Amount 

 

	 	•	 	 The Redelivery Maintenance Payment Amount set forth in Schedule 2 of the Lease Termination Agreement.

  

	2.	 The Purchaser shall not. be in material default of its obligations under this Agreement. 

Part B 
 Purchaser
Conditions Precedent 
  

	1.	 Purchaser shall have received the Bill of Sale duly executed by Seller; 

 

	3.	 The Aircraft shall not have suffered an Event of Loss or Material Damage on or prior to the Delivery Date;

  

	4.	 The representations given by Seller in Part A of Schedule 4 being true and accurate on the Delivery Date;

  

	5.	 The Seller shall not be in in material default of its obligations under this Agreement. 

 

	6.	 The Purchaser shall have completed, or shall have waived its right in writing to conduct, a walk-around
inspection of the interior and exterior of the Aircraft within 48 hours prior to the departure of the Ferry Flight to confirm that the Aircraft shall not have suffered Material Damage or an Event of Loss since the time of Technical Acceptance and
shall confirmed the same in writing to Seller. 

  

	7.	 The Purchaser shall have received written confirmation from Seller that Seller has received the Lessee
Contribution to Purchase Price and the Redelivery Maintenance Payments required to be paid by Lessee under the Lease Termination Agreement and the Lease Agreement, respectively. 

 

	8.	 Purchaser shall have received evidence from searches undertaken by their PRC legal counsel, and based on
information available, as to the absence or liens or other encumbrances on the Aircraft. 

  

	9.	 Purchaser shall have received the executed agreement relating to the Ferry Flight between Purchaser and Lessee
in form and substance satisfactory to Purchaser. 

  
 - 16 - 

 SCHEDULE 4 

REPRESENTATIONS AND WARRANTIES 

Part A 
 Seller’s
Representations and Warranties 
  

	1.	 General Representations and Warranties: Seller represents and warrants to Purchaser as follows

  

	 	•	 	 Seller duly exists under the laws of Ireland and has the power to enter into and implement the transactions
contemplated by the Transaction Documents to which it is a party; 

  

	 	•	 	 the execution, delivery and performance of the Transaction Documents to which it is a party have been duly
authorised by all necessary corporate action on the part of Seller; 

  

	 	•	 	 the Transaction Documents to which it is a party constitute legal, valid and binding obligations of Seller;

  

	 	•	 	 each consent required by Seller to authorise, or required by it in connection with the execution, delivery,
performance, legality, validity or enforceability of the Transaction Documents to which it is a party has been obtained and is in full force and effect, and there is no default in the observance or performance of any of the conditions and
restrictions (if any) imposed on or in connection therewith; and 

  

	 	•	 	 the execution, delivery and performance by Seller of the Transaction Documents to which it is a party will not
(i) conflict with, or result in any material breach of, any of the terms of, or constitute a default under, any agreement or document to which it is a party or by which it or any of its property or assets may be bound or (ii) contravene or
conflict with the provisions of its constitutive documents. 

 Part B 

Purchaser’s Representations and Warranties 

Purchaser represents and warrants to Seller that the following statements are true and accurate: 

 

	 	•	 	 Purchaser duly exists under the laws of the State of Wisconsin, USA and has the power to enter into and implement
the transactions contemplated by the Transaction Documents to which it is a party; 

  

	 	•	 	 the execution, delivery and performance of the Transaction Documents to which it is a party have been duly
authorised by all necessary corporate action on the part of Purchaser: 

  

	 	•	 	 the Transaction Documents to which it is a party constitute legal, valid and binding obligations of Purchaser;

  

	 	•	 	 each consent required by Purchaser to authorise, or required by it in connection with the execution, delivery,
performance, legality, validity or enforceability of the Transaction Documents to which it is a party has been obtained and is in full force and effect (or will be obtained and in full force and effect prior to Delivery), and there is no default in
the observance or performance of any of the conditions and restrictions (if any) imposed on or in connection therewith; and 

  
 - 17 - 

	 	•	 	 the execution, delivery and performance by Purchaser of the Transaction Documents to which it is a party will not
(i) conflict with, or result in any material breach of, any of the terms of, or constitute a default under any agreement or document to which it is a party or by which it or any of its property or assets may be bound or (ii) contravene or
conflict with the provisions of its constitutive documents. 

  
 - 18 - 

 BILL OF SALE 

This Bill of Sale confirms that for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Contrail Aviation Support, LLC
(“Seller”), owner of the airframe and documents described below (hereinafter referred to as the (“Airframe”): 
  

	 	•	 	 B737-700 airframe bearing manufacturer’s serial number 32244 and

  

	 	•	 	 the Airframe Documents, 

does hereby, by way of delivery at 11:00 a.m p.m. sell, grant, transfer and deliver all its right, title and interest in and to the Airframe, subject to
Permitted Liens, to AirCo 1, LLC (“Purchaser”) under an Airframe Sale and Purchase Agreement dated February 20, 2018 between Seller and Purchaser (the “Agreement”), to have and to hold the Airframe forever.
Seller hereby warrants to Purchaser, and its successors and assigns, that there is hereby conveyed to Purchaser good and marketable title to the Airframe, free and clear of any Security Interests other than Permitted Liens. 

The terms “Security Interests”, “Permitted Liens” and “Airframe Documents” are defined in the Agreement. 

The Airframe is sold in AS IS and WHERE IS condition. 

This Bill of Sale is and all rights and obligations (contractual or otherwise) arising in connection with it, are in all respects governed by the laws of the
State of New York. Seller gives no warranty as to the effect or impact of any other law, including the lex situs at time of transfer. Any disputes arising out of or in connection with this Bill of Sale shall be resolved in accordance with the
dispute resolution provisions of the Agreement. 
 IN WITNESS whereof, Seller has caused this Bill of Sale to be duly executed as of this 22nd day of February, 2018. 
  

			
	CONTRAIL AVIATION SUPPORT, LLC
		
	By:	 	 /s/ Joseph G. Kuhn

	Its:	 	 CEO

  

 TECHNICAL ACCEPTANCE CERTIFICATE 

relating to that B737-700 Aircraft, 

manufacturer’s serial number 32244 (the “Aircraft”) 

Contrail Aviation Support, LLC (the “Purchaser”) hereby certifies that pursuant to, and subject to, the Aircraft Sale
and Purchase Agreement dated 9th February 2018 between Celestial Aviation Trading 19 Limited (the “Seller”) and Purchaser (the “Agreement”):

  

	(a)	 Purchaser has inspected the Aircraft, and the Aircraft conforms with the description and is in the condition
and equipped as required by the Purchase Agreement as of the date here, subject to Purchaser’s rights pursuant to Clause 3.5 of the Agreement; and, 

  

	(b)	 Purchaser has received and inspected all of the Aircraft Documents and found them to be complete and
satisfactory. 

 Date: 16th day of February, 2018 

Duly executed for the Purchaser by: 
  

			
	CONTRAIL AVIATION SUPPORT, LLC
		
	By:	 	 /s/ Joseph G. Kuhn

	Title:	 	 CEO

  

 FINAL ACCEPTANCE CERTIFICATE 

relating to that B737-700 Aircraft, 

manufacturer’s serial number 32244 (the “Aircraft”) 

Contrail Aviation Support, LLC (the “Purchaser”) hereby certifies that pursuant to, and subject to, the Aircraft Sale
and Purchase Agreement dated 9th February 2018 between Celestial Aviation Trading 19 Limited (the “Seller”) and Purchaser (the “Agreement”): 

 

	(a)	 Purchaser has inspected the Aircraft, and the Aircraft conforms with the description and is in the condition
and equipped as required by the Purchase Agreement as of the date here, subject to Purchaser’s rights pursuant to Clause 3.5 of the Agreement; 

  

	(b)	 Purchaser has received and inspected all of the Aircraft Documents and found them to be complete and
satisfactory; 

  

	(c)	 Purchaser acknowledges that it has no rights or claims whatsoever against Seller in respect of the condition of
the Aircraft or the Aircraft Documents or any of the other matters referred to in Clause 3.5 or Clause 7.4 of the Agreement; and, 

  

	(d)	 Purchaser has irrevocably accepted delivery of the Aircraft. 

Date: 18 day of February, 2018 
 Duly executed for the Purchaser
by: 
  

			
	CONTRAIL AVIATION SUPPORT, LLC
		
	By:	 	 /s/ Joseph G. Kuhn

	Title:	 	 CEOEX-10.10

 Exhibit 10.10 

Aircraft Sale Agreement 
 Two used A319-100 MSN 1758 and MSN 1790 
 Execution Version 

 
  

AIRCRAFT SALE AGREEMENT 
 Dated as
of August 3, 2018 
 BETWEEN 

CONTRAIL AVIATION SUPPORT, LLC 

as Buyer 
 and 

Wilmington Trust SP Services (Dublin) Ltd. (not in its individual capacity but solely) AS TRUSTEE FOR AIRCRAFT 32A-1758 

and 
 Wilmington Trust SP Services
(Dublin) Ltd. (not in its individual capacity but solely) AS TRUSTEE FOR AIRCRAFT 32A-1790 
 as
Sellers 
  
  

 

			
	Aircraft Make and Model:	  	Two used Airbus A319-100
		
	Aircraft Manufacturer’s Serial Number:	  	MSN 1758 and MSN 1790
		
	Make and Model of Engines:	  	IAE, V2524-A5
		
	Serial Numbers of Engines:	  	V11255, V11256, and V11286, V11287

  

 Aircraft Sale Agreement 

Two used A319-100 MSN 1758 and MSN 1790 

Execution Version 
 TABLE OF
CONTENTS 
  

					
	 ARTICLE 1: DEFINITIONS
	  	 	2	 
		
	 ARTICLE 2: AGREEMENT TO SELL AND TO PURCHASE
	  	 	7	 
		
	 ARTICLE 3: SALE PRICE, DEPOSIT AND OTHER PAYMENTS
	  	 	9	 
		
	 ARTICLE 4: DISCLAIMER
	  	 	11	 
		
	 ARTICLE 5: BILL OF SALE AND OTHER DOCUMENTARY REQUIREMENTS
	  	 	12	 
		
	 ARTICLE 6: SELLER ASSIGNMENT OF RIGHTS AND WARRANTIES
	  	 	14	 
		
	 ARTICLE 7: EXPENSES AND TAXES
	  	 	14	 
		
	 ARTICLE 8: INDEMNITIES
	  	 	16	 
		
	 ARTICLE 9: INSURANCE
	  	 	19	 
		
	 ARTICLE 10: REPRESENTATIONS AND WARRANTIES OF BUYER
	  	 	19	 
		
	 ARTICLE 11: REPRESENTATIONS AND WARRANTIES OF SELLER
	  	 	21	 
		
	 ARTICLE 12: NOTICES
	  	 	22	 
		
	 ARTICLE 13: GOVERNING LAW AND JURISDICTION
	  	 	23	 
		
	 ARTICLE 14: MISCELLANEOUS
	  	 	24	 

  

 AIRCRAFT SALE AGREEMENT 

THIS AIRCRAFT SALE AGREEMENT is made and entered into as of August 3, 2018 between: 

 

	(1)	 CONTRAIL AVIATION SUPPORT, LLC, whose address and principal place of business is at 435 Investment Court,
Verona, WI 53593, U.S.A. (“Buyer”); 

  

	(2)	 Wilmington Trust SP Services (Dublin) Ltd. (not in its individual capacity but solely AS TRUSTEE FOR AIRCRAFT
32A-1758 (Ireland) Trust) whose address and principal place of business is at 7 Exchange Plaza, IFSC, Dublin 1, Ireland (“Seller 1”); 

  

	(3)	 Wilmington Trust SP Services (Dublin) Ltd. (not in its individual capacity but solely AS TRUSTEE FOR AIRCRAFT 32A-1790 (Ireland) Trust) whose address and principal place of business is at 7 Exchange Plaza, IFSC, Dublin 1, Ireland (“Seller 2”); 

 

	  	 (together referred to as “Sellers”) 

The subject matter of this Agreement are two used aircraft and the engines attached thereto, as further described herein, which Sellers desire to sell to
Buyer or the relevant Buyer’s Nominee and Buyer is willing to purchase or cause the relevant Buyer’s Nominee to purchase each of the aircraft (as defined herein) from Sellers. 

In consideration of and subject to the mutual covenants, terms and conditions contained in this Agreement, Sellers hereby agrees to sell to Buyer or
Buyer’s Nominee and Buyer hereby agrees to purchase or cause the relevant Buyer’s Nominee to purchase each of the aircraft from Sellers the above-mentioned aircraft and Sellers and Buyer further agree as follows: 

ARTICLE 1: DEFINITIONS 
 Except where the
context otherwise requires, the following words have the following meanings for all purposes of this Agreement. The definitions are equally applicable to the singular and plural forms of the words. Any agreement defined below includes each
amendment, modification, supplement and waiver thereto in effect from time to time. 
  

	1.1	 General Definitions. 

“Acceptance Certificate” means the acceptance certificate in the form set forth in Exhibit E. 

“Aircraft” means each of, or as the context may require, any of Aircraft 1 or Aircraft 2. 

“Aircraft 1” means the Airframe and the Engines described in row number 1 in the table set forth in Exhibit A and the Parts and the
Aircraft Documentation relating thereto. 
 “Aircraft 2” means the Airframe and the Engines described in row number 2 in the table
set forth in Exhibit A and the Parts and the Aircraft Documentation relating thereto. 
 “Aircraft Activity” means the ownership,
possession, use, import, export, registration, re-registration, deregistration, non-registration, manufacture, performance, transportation, management, location,
movement, acquisition, disposal, transfer, exchange, control, design, condition, defect, testing, inspection, acceptance, delivery, redelivery, leasing, subleasing, wetleasing, pooling, interchange, maintenance, repair, loss, damage, emissions,
refurbishment, insurance, reinsurance, service, 

  
 2 

 
modification, overhaul, replacement, alteration, storage, removal or operation of the Aircraft, the Airframe, any Engine or any Part (whether in the air or on the ground or otherwise). 

“Aircraft Documentation” means all log books, Aircraft records, manuals and other documents provided by Seller at Sale, including but
not limited to historic bills of sale. 
 “Airframe” means each of the airframes described in Exhibit A together with all Parts
relating thereto (except Engines or engines). 
 “Aviation Authority” means in relation to an Aircraft, each aviation authority or
applicable Government Entity which under the Laws of the State of Registration from time to time has control over civil aviation and/or the registration, airworthiness or operation of aircraft. 

“Base Purchase Price” means: 
  

	 	(a)	 in respect of Aircraft 1, an amount of $ *
                ; 

  

	 	(b)	 in respect of Aircraft 2, an amount of $ *
                ). 

“Bill of Sale” means a bill of sale in form and substance as provided in Exhibit F. 

“Business Day” means a day, other than a Saturday or Sunday, on which the banks in New York, New York and Dublin, Ireland are open for
the transaction of business. 
 “Buyer Indemnitee” means Buyer and each Buyer Related Person and each of their respective officers,
directors, employees, agents, shareholders and members. 
 “Buyer’s Nominee” means in relation to an Aircraft, the Person,
which shall be a fully owned subsidiary of Buyer, identified as such for that Aircraft in the table set out in Exhibit C. 
 “Buyer Related
Person” means in relation to an Aircraft, each of, or as the context may require, any of Buyer, the relevant Buyer’s Nominee, the relevant New Lessor and each other Person (if any) listed as such for that Aircraft in the table set
forth in Exhibit C. 
 “Cape Town Convention” means the Cape Town Convention on International Interest in Mobile Equipment adopted
in Cape Town, South Africa on November 16, 2001 and the Protocol thereto on Matters Specific to Aircraft Equipment. 
 “Contractual Interest
Rate” means a fixed rate of *     % per annum, calculated based upon a 365 day year. 

“Default Interest Rate” means *
             *    *
                     *
         *
         *
             *                  *    *      *              *          

“Deposit” means: 
  

	 	•	 	 in respect of Aircraft 1, an amount of $ *
                ; and 

  

	 	•	 	 in respect of Aircraft 2, an amount of $ *
                     

“Deposit Return Event” means, in relation to an Aircraft, a termination of this Agreement in as far as it relates to that Aircraft
pursuant to Article 2.5, Article 2.6 or Article 2.7 (other than paragraphs (a) and (b) of Article 2.7.1) and any other circumstances in which sale and associated lease transfer does not complete for reasons not attributable to the Buyer’s
default under this Aircraft Sale Agreement or the relevant Lease Transfer Agreement on or before the Final Sale Date, provided, however, that the 

  
 3 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 
parties agree to discuss a good faith extension to the Final Sale Date as provided in Article 2.7.3 should the circumstances therein arise. 

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

“Engine” means in relation to an Aircraft, each of the engines identified for that Aircraft in the table set forth in Exhibit A or any
other engines which are substituted therefor in accordance with the terms of the Lease related to that Aircraft and title to which will, immediately prior to the Sale, be vested in the Seller, as shall be identified in the relevant Acceptance
Certificate and Bill of Sale together with Parts relating thereto. 
 “Economic Closing Date” means 15 July, 2018. 

“Existing Lessor” means, as provided in the table set forth in Exhibit B, in relation to Aircraft 1 and related Lease, Seller 1 and in
relation to Aircraft 2 and related Lease, Seller 2. 
 “Final Sale Date” means October 17, 2018 or such other date as the
parties may agree in writing. 
 “Force Majeure Event” means any (a) acts of God; (b) flood, fire, earthquake or
explosion; (c) war, invasion, hostilities (whether war is declared or not), terrorist threats or acts, riot or other civil unrest; (d) action, inaction or purported action of any Government Entity; (e) actions, embargoes or blockades
in effect on or after the date of this Agreement; (f) national or regional emergency; (g) strike, boycott, labour stoppage, slowdown, blockade or other industrial disturbance; or (h) other cause outside the reasonable control of the
parties to this Agreement. 
 “Government Entity” means any (a) national, state, provincial, municipal or local government,
(b) board, commission, authority, department, division, instrumentality, court, agency or political subdivision or official thereof or (c) association, organization or institution of which any of the entities listed in (a) or (b) is a
member or to whose jurisdiction any such entity is subject. 
 “Governing Jurisdiction” means the courts of the State of New York in
the County of New York or any Federal court of the United States of America sitting in such County. 
 “Governing Law” means the
laws of the State of New York, United States of America without regard conflict of law principles other than Section 5-1401 of the New York General Obligations Law. 

“International Registry” and “international interest” have meanings given to such expressions in The Cape Town
Convention. 
 “Law” means any (a) law, statute, decree, constitution, regulation, judgment, injunction, order or directive of
any Government Entity, (b) treaty, pact, compact or other agreement to which any Government Entity is a signatory or party, (c) judicial or administrative interpretation or application of any of the foregoing or (d) any binding
judicial precedent having the force of law. 
 “Lease” means, in relation to an Aircraft, the Lease for that Aircraft listed in the
table set forth in Exhibit D, together with the related Lease Documents. 
 “Lease Documents” means, in relation to an Aircraft, the
documents listed as such for that Aircraft in the table set out in Exhibit D. 
 “Lease Transfer Agreement” means a novation and
amendment or an assignment, assumption and amendment agreement between Buyer, the relevant Existing Lessor the relevant New Lessor and the Lessee party to such Lease which transfers to the relevant New Lessor that Existing Lessor’s rights,
title, interests and obligations under such Lease, in the form agreed by Seller and Buyer and the Lessee. 

  
 4 

 “Lessee” means Air Macau Company Limited. 

“Loss” means any and all liabilities, obligations, losses, damages, penalties, claims, actions, suits, costs, disbursements and
expenses (including legal fees, costs and related expenses) of every kind and nature. 
 “Manufacturer” means Airbus. 

“Material Damage” means, in relation to an Aircraft, damage to an Aircraft or the Engines costing more than US$1,000,000 to repair or
replace. 
 “Net Sale Price” means the Sale Price: 
  

	 	(i)	 less the sum of: 

 

	 	(ii)	 in respect of the second Aircraft to be sold only, the amount of the Total Deposit; 

 

	 	(iii)	 the amount of all Rent (as defined in the related Lease) due and received by the relevant Existing Lessor
pursuant to the related Lease to the extent attributable to the period commencing on the Economic Closing Date and continuing thereafter; and 

  

	 	(iv)	 the balance of any cash “Deposit” (as defined in the related Lease) held by the relevant Existing
Lessor pursuant to the Lease related to that Aircraft. 

  

	 	(v)	 the balance of any “Reserves” (as defined in the related Lease) held by the relevant Existing Lessor
pursuant to the Lease related to that Aircraft. 

 in the case of (ii) and (iii) and (iv) above as of the Sale
Date of such Aircraft; and 
  

	 	(vi)	 plus interest on the Base Purchase Price for that Aircraft for the period from (and including) the
Economic Closing Date to (but excluding) the Sale Date of such Aircraft which will accrue at the Contractual Interest Rate and be calculated on the actual number of days elapsed during such period and a 365 day year. 

“New Lessor” means, in relation to an Aircraft and a Lease, the Person identified as such for that Aircraft and the Lease related to
that Aircraft in the table set forth in Exhibit C. 
 “Owner Participant” means Artemis (Delos) Limited, an AerCap Group Company
as the exclusive holder of 100% of the beneficial interest in the trust estates of Seller 1 and Seller 2. 
 “Part” means any
part, component, appliance, system, accessory, instrument, communications equipment, furnishing, module, Seller furnished equipment or other item of equipment (other than complete Engines or engines) installed in or attached to the Airframe or any
Engine. 
 “Person” means any individual, firm, partnership, joint venture, trust, corporation, company, Government Entity,
committee, department, authority or any body or entity, incorporated or unincorporated, whether having distinct legal personality or not. 

“Sale” means, in relation to an Aircraft, the sale of that Aircraft by the Seller to Buyer or the relevant Buyer’s Nominee and
the purchase of that Aircraft by Buyer or the relevant Buyer’s Nominee’s from the Seller in accordance with Article 3.1 and the novation of the Lease, pursuant to the Lease Transfer Agreement. 

  
 5 

 “Sale Date” means, in relation to an Aircraft, the date on which the Sale takes
place. 
 “Sale Documents” means this Aircraft Sale Agreement, together with all Exhibits hereto, each Acceptance Certificate, each
Bill of Sale, the Seller Guarantee, each Lease Transfer Agreement and each effective time notice thereunder (howsoever described pursuant thereto), together with any other document agreed in writing by Seller and Buyer to constitute a Sale Document
for the purposes of this Agreement. 
 “Sale Location” means in relation to an Aircraft, international airspace, the Macau
International Airport: in the Macau Special Administration Region of the People’s Republic of China; or such other location as Sellers and Buyer may
mutually agree in writing. 
 “Scheduled Sale Date” means, in relation to an Aircraft, such date as Seller shall notify Buyer
in writing reasonably in advance, provided that the Sale Date for the Aircraft shall not take place prior to 20 August, 2018 (or earlier to the extent mutually agreed in writing by the parties hereto). 

“Seller Guarantee” means the guarantee in the form set out in Exhibit G between Seller Guarantor as guarantor and Buyer as
beneficiary, in relation to the obligations of Seller under the Sale Documents. 
 “Seller Guarantor” means AerCap Ireland Limited.

 “Security Interest” means any encumbrance or security interest, however and wherever created or arising including (without
prejudice to the generality of the foregoing) any right of ownership, security, mortgage, pledge, charge, encumbrance, lease, lien, international interest, statutory or other right in rem, hypothecation, title retention, attachment, levy, claim or
right of possession, seizure or detention. 
 “Seller’s Bank” means Seller’s bank account specified in Article 3.3 or such
other bank account as Seller may from time to time designate by written notice to Buyer. 
 “Seller Indemnitee” means Seller and
each Seller Related Person and each of their respective officers, directors, employees, agents, shareholders and members. 
 “Seller Related
Persons” means, in relation to an Aircraft, each of, or as the context may require, any of Seller, the relevant Existing Lessor, and each other Person (if any) listed as such for that Aircraft in the table set forth in Exhibit B. 

“State of Registration” means Macau Special Administration Region. 
 “Taxes” has the meaning given to such expression in Article 7.2. 

“Tax Indemnitee” means each Seller Related Person and each of their respective officers, directors, employees, agents and
shareholders. 
 “Total Deposit” means the aggregate of the Deposits for each Aircraft. 

“Total Loss” means the destruction, damage beyond repair, or permanent rendering unfit for normal use for any reason whatsoever of the
Aircraft, or the constructive total loss of the Aircraft. 
 “Warranted Security Interests” means, in relation to an Aircraft, at
the time of Sale of that Aircraft, any Security Interests in respect of that Aircraft (other than the related Lease, the related Lease Transfer Agreement, any Permitted Lien other than Lessor’s Liens as such terms are defined in the related
Lease and any international interest registered (i) in connection with the related sale 

  
 6 

 
transaction contemplated by this Agreement or (ii) on or prior to the time of Sale which are to be removed pursuant to Article 5.3.3). 

ARTICLE 2: AGREEMENT TO SELL AND TO PURCHASE 
  

	2.	 

  

	2.1	 Agreement to Sell and to Purchase. 

 

	    	 In consideration of and subject to the mutual covenants, terms and conditions contained in this Agreement, the
Sellers of each Aircraft agree to sell such Aircraft to Buyer or the relevant Buyer’s Nominee and Buyer hereby agrees to purchase or cause the relevant Buyer’s Nominee to purchase each of the Aircraft from the Sellers.

  

	2.2	 Location of Sale. 

 

	    	 Sellers will tender each Aircraft for sale to Buyer or the relevant Buyer’s Nominee at the Sale Location.
Sellers will not be required to physically tender or deliver an Aircraft to Buyer or the relevant Buyer’s Nominee, and Buyer or the relevant Buyer’s Nominee agree the Sale will not disturb Lessee’s quiet use, possession and enjoyment
of an Aircraft in accordance with the terms of the Lease related to that Aircraft. If necessary to accommodate flight schedules, the Sale of an Aircraft and its respective Engines may be effected in different Sale Locations agreed by relevant Seller
and Buyer (each acting reasonably). 

  

	2.3	 Scheduled Sale Date. 

 

	    	 The Sale of an Aircraft by the relevant Seller to Buyer or the relevant Buyer’s Nominee shall take place
on the Scheduled Sale Date for that Aircraft. If necessary to accommodate flight schedules, the Sale of an Aircraft and its respective Engines may be effected at different times or on different dates in a manner and on terms agreed by relevant
Seller and Buyer (each acting reasonably). 

  

	2.4	 Risk of Loss and obligations post-sale. 

 

	    	 On and from the Sale of an Aircraft, all risk of loss and damage to that Aircraft will pass from the relevant
Seller to Buyer or the relevant Buyer’s Nominee. If the Sale of an Aircraft and its respective Engines are to be effected at different times or on different dates, all risk of loss and damage to the relevant Airframe or, as the case may be, the
relevant Engine will pass from the relevant Seller to Buyer or the relevant Buyer’s Nominee at the time of Sale of that Airframe or, as the case may be, that Engine. 

 

	    	 With effect from the Sale of an Aircraft, the Buyer or the relevant Buyer Nominee or New Lessor shall be
obligated to pay the Lessee pursuant to the terms of the related Lease for any maintenance event, reimbursement or contribution claims (as defined in the related Lease) made by such Lessee, including without limitation and for the avoidance of
doubt, any claims made or arising by the Lessee prior to the Sale Date for such Aircraft which have not been paid out as of such Sale Date provided that the Seller shall have notified the Buyer in writing the details and amounts of all such
outstanding claims. 

  

	2.5	 Total Loss prior to Sale. 

 

	    	 If an Aircraft suffers a Total Loss prior to the Sale of that Aircraft, relevant Seller shall as soon as
reasonably practicable after having been notified by Lessee of the same notify Buyer in writing and this Agreement shall terminate in as far as it relates to that Aircraft and none of the parties will have any further obligation or liability to the
others in respect of that Aircraft 

  
 7 

 
except in respect of any breach of its obligations under any Sale Document prior to such termination, any obligations expressed to survive such termination and the obligation of Seller to make
any payment to the Buyer in accordance with Article 3.2 but this Agreement shall continue in full force and effect for the remaining Aircraft. 
  

	2.6	 Material Damage to Aircraft. 

If, after the date of this Agreement but prior to the Sale Date, an Aircraft suffers Material Damage that has not been repaired or otherwise
remedied to Buyer’s satisfaction (in its sole discretion), Seller and Buyer will discuss in good faith a revised Sale Price. If Seller and Buyer are unable to agree on a revised Sale Price in the course of such discussions, either Seller or
Buyer may elect by written notice to terminate this Agreement, in which case neither party will have any further liability to the other except that Seller will return to Buyer the Deposit for that Aircraft in accordance with Article 3.2. 

 

	2.7	 Cancellation for Delay. 

 

	 	2.7.1	 If the Sale of an Aircraft has not occurred by 5:00 p.m. New York time on the Final Sale Date as a result of:

  

	 	(a)	 the material breach by Buyer or any Buyer Related Person of its obligation(s) under any Sale Document except
where such breach is caused by an act or omission of relevant Seller or any Seller Related Person; or 

  

	 	(b)	 a failure by Buyer or any Buyer Related Person to provide any condition precedent which is within its
reasonable control to any other party under any Sale Document (and where such other party has not caused in whole or in part such failure) except where such condition precedent has been waived or deferred in writing by the relevant party entitled
thereto, 

 or for any reason whatsoever other than the circumstances described in Article 2.7.2 and Article 2.7.3 below,
then relevant Seller may at any time following such time, by service of written notice on Buyer, terminate this Agreement in as far as it relates to that Aircraft and any other Aircraft in respect of which the Sale has not already occurred. 

 

	 	2.7.2	 If the Sale of an Aircraft has not occurred by 5:00 p.m. New York time on the Final Sale Date as a result of:

  

	 	(a)	 the material breach by relevant Seller or any Seller Related Person of its obligations under any Sale Document
except where such breach is caused by an act or omission of Buyer or any Buyer Related Person; or 

  

	 	(b)	 a failure by relevant Seller or any Seller Related Person to provide any condition precedent which is within
its reasonable control to any other party under any Sale Document (and where such other party has not caused in whole or in part such failure) except where such condition precedent has been waived or deferred in writing by the relevant party
entitled thereto, 

 or for any other reason whatsoever other than the circumstances described in Article 2.7.1 above and
Article 2.7.3 below, then Buyer may at any time following such time, by service of written notice on relevant Seller, terminate this Agreement in as far as it relates to that Aircraft and any other Aircraft in respect of which the Sale has not
already occurred. 

  
 8 

 2.7.3 If the Sale of an Aircraft has not occurred by 5:00 p.m. New York time on the Final
Sale Date due to: 
  

	 	(a)	 the occurrence of a Force Majeure Event; 

 

	 	(b)	 the failure by the Lessee to enter into a Lease Transfer Agreement for the Lease related to that Aircraft or
any condition precedent to the effective time thereunder not having been met, in each case to the extent not attributable to a failure by relevant Seller or Buyer. 

Relevant Seller and Buyer shall discuss in good faith an extension to the Final Sale Date for that Aircraft. If Seller and Buyer cannot agree
on an extension to the Final Sale Date for that Aircraft or the Sale of that Aircraft has not occurred by 5:00 p.m. New York time on such extended Final Sale Date then this Agreement shall terminate in as far as it relates to that Aircraft, but this
Agreement shall continue in full force and effect for the remaining Aircraft. 
 2.7.4 In the case of a termination under this Article 2.7,
none of the parties will have any further obligation or liability to the others in respect of the relevant Aircraft except in respect of any breach of its obligations under any Sale Document prior to such termination, any obligations expressed to
survive such termination, and the obligation of Seller to make any payment to the Buyer in accordance with Article 3.2., but this Agreement shall continue in full force and effect for the remaining Aircraft (if any). 

ARTICLE 3: SALE PRICE, DEPOSIT AND OTHER PAYMENTS 
  

	3.	 

  

	3.1	 Sale Price. 

On the Scheduled Sale Date for an Aircraft, provided that Buyer’s conditions precedent in Article 5.1 relating to that Aircraft have been
satisfied (or waived by Buyer), Buyer will pay to relevant Seller the Net Sale Price for that Aircraft and, upon receipt thereof, provided that relevant Seller’s conditions precedent relating to that Aircraft have been satisfied (or waived by
Seller) that Seller will immediately execute and deliver an electronic copy of the Bill of Sale in respect of that Aircraft to Buyer or the relevant Buyer’s Nominee. 
  

	3.2	 Deposit. 

 

	3.2.1	 Buyer has paid the Total Deposit for the account of Owner Participant on behalf of the Sellers, which payment
is hereby acknowledged by each Seller. 

  

	3.2.2	 The Buyer hereby acknowledges that the Total Deposit is the sole unencumbered property of the respective
Sellers, is held by the Owner Participant, and is refundable only as provided in this Agreement. The Total Deposit may be commingled with the general funds of Sellers or any affiliate of Sellers and any interest earned on the Total Deposit will be
for each Seller’s account. The Total Deposit will serve as security for the performance by Buyer of its obligations under this Agreement and may be applied by Seller upon a breach by Buyer of its obligations under this Agreement.

  

	3.2.3	 If a Deposit Return Event occurs with respect to an Aircraft, relevant Seller shall within five
(5) Business Days after receipt of a written demand therefor from the Buyer, pay to Buyer an amount equal to the Deposit received by Sellers for that Aircraft. 

 

	3.2.4	 On Sale of the second Aircraft to be sold, the Total Deposit received by the Sellers shall be taken into
account in calculating the Net Sale Price for that Aircraft in accordance with this Agreement. 

  
 9 

	3.3	 Sellers’ Bank Account. 

All payments to be made under this Agreement will be paid by wire transfer of immediately available Dollar funds to each Seller’s bank
account at: 
  

					
	      	  	Account Name:	  	AerCap Global Aviation Trust Series 1
		  	Account Number:	  	*             
			
		  	Swift Code:	  	*             
			
		  	ABA/Fedwire:	  	*             
		  	Bank Name:	  	Citibank N.A.
		  	Bank Address:	  	111 Wall St., NY 10043, New York, U.S.A.
		  	Reference:	  	MSN [1759]/[1790]

 or such other bank account as a Seller may from time to time designate by written notice to Buyer. 

When it is stated in this Agreement that an instalment of the Total Deposit or any other payment is due or must be paid or made by Buyer by a
specific date, then such payment actually must be received by relevant Seller’s Bank on or before such specific date, even if, in order for such payment to be received by Seller’s Bank by such specific date, Buyer must initiate the wire
transfer prior to such specific date. 
  

	3.4	 Payments. 

All payments to be made by Buyer under this Agreement (1) will be made without set off or counterclaim whatsoever and (2) will be
made in full without any deduction or withholding in respect of Taxes, duties, withholdings, deductions or fees or otherwise unless the deduction is required by Law, in which event Buyer will: 

 

	 	(a)	 ensure that the deduction or withholding does not exceed the minimum amount legally required;

  

	 	(b)	 forthwith pay to Seller such additional amount so that the net amount received by Seller will equal the full
amount which would have been received by Seller had no such deduction or withholding been made; 

  

	 	(c)	 pay to the relevant taxation authority or other Government Entity within the period for payment permitted by
Law the full amount of the deduction or withholding (including, but without prejudice to the generality of the foregoing, the full amount of any deduction or withholding from any additional amount paid pursuant to this Article 3.4); and

  

	 	(d)	 furnish to Seller, within the period for payment permitted by the relevant Law, an official receipt of the
relevant taxation authority or other Government Entity in respect of all amounts so deducted or withheld or, if such receipts are not customarily issued by such authority or other Government Entity in respect of payment of amounts so deducted or
withheld, a certificate of deduction or equivalent evidence of the relevant deduction or withholding in form and substance satisfactory to Seller. 

  

	3.5	 Lease Payments. 

 

	3.5.1	 Buyer agrees for the benefit of each Seller Related Person that, to the extent it or any Buyer Party receives
any payment or benefit under the Lease to which any Seller Related Person is entitled in accordance with the terms of the Lease Transfer Agreement, it shall ensure that such 

  
 10 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

	 	
payment or benefit is held on trust for the relevant Seller Related Person and that such payment or benefit is promptly remitted to relevant Seller. 

 

	3.5.2	 Sellers agree for the benefit of the Buyer or relevant Buyer Nominee that, to the extent it or any Seller
Related Person receives any payment or benefit under the Lease to which Buyer or relevant Buyer Nominee is entitled in accordance with the terms of the Lease Transfer Agreement and which has not otherwise been accounted for pursuant to this
Agreement, it shall ensure that such payment or benefit is held on trust for the relevant Buyer and that such payment or benefit is promptly remitted to Buyer. 

 

	3.6	 Default Interest. 

Any amount due or payable by Buyer under this Agreement will, if not paid when due, bear interest at the Default Interest Rate from the date
such amount is due until the date of actual payment. Such interest will accrue on a day-to-day basis. All amounts of interest payable under this Article 3.6 will be
calculated on the basis of the actual number of days elapsed (from the applicable due date until and including the date of payment in full by Buyer) and a 365 day year. 

ARTICLE 4: DISCLAIMER 
  

	4.	 

	4.1	 Disclaimer. 

WITHOUT LIMITING SELLER’S WARRANTY SET FORTH IN ARTICLE 11.1.9, EACH AIRCRAFT AND EACH PART THEREOF IS SOLD IN “AS IS, WHERE IS”
CONDITION WITH ALL FAULTS, WITHOUT ANY REPRESENTATION, WARRANTY OR GUARANTEE OF ANY KIND BEING MADE OR GIVEN BY SELLER, ITS SERVANTS OR AGENTS, EXPRESS OR IMPLIED, ARISING BY LAW OR OTHERWISE. 

 

	4.1.1.	 WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, SELLER SPECIFICALLY DISCLAIMS, AND EXCLUDES HEREFROM
(a) ANY WARRANTY AS TO THE AIRWORTHINESS, VALUE, DESIGN, QUALITY, MANUFACTURE, OPERATION, OR CONDITION OF AN AIRCRAFT; (b) ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY OF MERCHANTABILITY OR FITNESS FOR USE OR FOR A PARTICULAR PURPOSE;
(c) ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY OF FREEDOM FROM ANY RIGHTFUL CLAIM BY WAY OF INFRINGEMENT OR THE LIKE; (d) ANY IMPLIED REPRESENTATION OR WARRANTY ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF
TRADE; (e) ANY EXPRESS OR IMPLIED WARRANTY REGARDING THE CONDITION OF AN AIRCRAFT; AND (f) ANY OBLIGATION OR LIABILITY OF SELLER ARISING IN CONTRACT OR IN TORT (INCLUDING STRICT LIABILITY OR SUCH AS MAY ARISE BY REASON OF SELLER’S
NEGLIGENCE) ACTUAL OR IMPUTED, OR IN STRICT LIABILITY, INCLUDING ANY OBLIGATION OR LIABILITY FOR LOSS OF USE, REVENUE OR PROFIT WITH RESPECT TO AN AIRCRAFT OR FOR ANY LIABILITY OF BUYER TO ANY THIRD PARTY OR ANY OTHER DIRECT, INCIDENTAL, SPECIAL OR
CONSEQUENTIAL DAMAGE WHATSOEVER. 

  

	4.1.2	 DELIVERY BY BUYER TO SELLER OF THE ACCEPTANCE CERTIFICATE WILL BE CONCLUSIVE PROOF AS BETWEEN SELLER AND BUYER
THAT BUYER’S TECHNICAL EXPERTS HAVE EXAMINED AND INVESTIGATED TO THEIR SATISFACTION AN AIRCRAFT AND EACH PART THEREOF AND THAT THEY ACCEPT SUCH AIRCRAFT AND EACH PART THEREOF AS AIRWORTHY AND IN GOOD WORKING ORDER AND REPAIR, WITHOUT DEFECT
(WHETHER OR NOT DISCOVERABLE ON THE SALE DATE) AND IN EVERY WAY SATISFACTORY TO BUYER. 

  
 11 

	4.1.3.	 BUYER HAS MADE ITS OWN INDEPENDENT INVESTIGATION OF LESSEE AND ITS OPERATIONS AND FINANCIAL CONDITION AND OF
THE PROVISIONS OF THE LEASES AND NO SELLER INDEMNITEE WILL HAVE ANY LIABILITY (IN CONTRACT, TORT OR OTHERWISE) WITH RESPECT TO SUCH MATTERS. 

  

	4.2	 Deficiencies. 

Buyer agrees that from and after the time of Sale of an Aircraft no Seller Related Person will be liable for any Loss caused directly or
indirectly by that Aircraft, by any inadequacy of that Aircraft for any purpose or any deficiency or defect therein, by the use or performance of that Aircraft, by any maintenance or repairs to that Aircraft (except as to a Seller Related
Person’s acts or omissions as a manufacturer or repairer of the Aircraft or Aircraft components, which acts or omissions occur following the Sale Date for such Aircraft, to the extent that such acts or omissions cause such Loss), by any
interruption or loss of service or use of that Aircraft or by any loss of business or other consequential damage or any other damage whatsoever caused directly or indirectly by that Aircraft. 

ARTICLE 5: BILL OF SALE AND OTHER DOCUMENTARY REQUIREMENTS 
  

	5.	 

	5.1	 Conditions to Buyer’s Obligations. 

The following are conditions precedent to Buyer’s obligation to purchase or cause the relevant Buyer’s Nominee to purchase the
Aircraft from Seller (which may be waived in writing in full or in part by Buyer at its sole discretion): 
  

	5.1.1	 The related Lease Transfer Agreement and the effective time notice thereunder (howsoever described pursuant
thereto) will have been executed and delivered by all parties thereto (other than the relevant Buyer Related Persons) and all of the conditions precedent set forth in Article 5.1 of the Lease Transfer Agreement will have been satisfied (or waived by
Buyer in its sole discretion); 

  

	5.1.2	 Seller will have delivered to Buyer evidence reasonably satisfactory to Buyer that each relevant Seller Related
Person has all necessary corporate or other authorization to enter into and perform its obligations under the Sale Documents; 

  

	5.1.3	 The relevant Aircraft is at the Sale Location; 

 

	5.1.4	 The relevant Aircraft has not suffered a Total Loss or Material Damage which has not otherwise been or will be
remedied in accordance with Article 2.6; 

  

	5.1.5	 The Seller Guarantee will have been duly signed and delivered to the Buyer; 

 

	5.1.6	 No relevant Seller Related Person is in material breach of any of its obligations under the Sale Documents at
such time; 

  

	5.1.7	 Each of the representations and warranties by each relevant Seller Related Person and the Lessee under the Sale
Documents that relate to the relevant Aircraft are true and correct in all material respects at such time; 

  

	5.1.8	 Buyer will have had sight of the signed but undated Bill of Sale and in respect of the relevant Aircraft, to be
dated and released by the Seller upon Sale in accordance with Article 3.1. 

  
 12 

 Relevant Seller shall use reasonable efforts to provide all conditions precedent under the Sale Documents
which are within its or any Seller Related Persons’ control as soon as practicable after the date hereof. 
  

	5.2	 Conditions to Seller’s Obligations. 

The following are conditions precedent to Seller’s obligation to sell the Aircraft to Buyer (which may be waived in writing in full or in
part by Seller at its sole discretion): 
  

	5.2.1	 The related Lease Transfer Agreement and the effective time notice thereunder (howsoever described pursuant
thereto) will have been executed and delivered by all parties thereto (other than the relevant Seller Related Persons) and all of the conditions precedent set forth in Article 5.3 of the Lease Transfer Agreement will have been satisfied (or waived
by Seller in its sole discretion); 

  

	5.2.2	 Buyer will have delivered to Seller evidence reasonably satisfactory to Seller that each relevant Buyer Related
Person has all necessary corporate or other authorization to enter into and perform its obligations under the Sale Documents; 

  

	5.2.3	 The relevant Aircraft is at the Sale Location; 

 

	5.2.4	 The relevant Aircraft has not suffered a Total Loss or Material Damage which has not otherwise been or will be
remedied in accordance with Article 2.6; 

  

	5.2.5	 No relevant Buyer Related Person is in material breach of any of its obligations under the Sale Documents at
such time; 

  

	5.2.6	 Each of the representations and warranties by each relevant Buyer Related Person and the Lessee under the Sale
Documents that relate to the relevant Aircraft are true and correct in all material respects at such time; 

  

	5.2.7	 Relevant Seller will have received a certificate of insurance and broker’s letter undertaking evidencing
compliance with Article 9; 

  

	5.2.8	 Relevant Seller will have had sight of the signed undated Acceptance Certificate in respect of the relevant
Aircraft, to be dated and released by Buyer and the relevant Buyer’s Nominee upon Sale in accordance with Article 3.1. 

  

	5.2.9	 Relevant Seller will have received from Buyer the Net Purchase Price for the relevant Aircraft in accordance
with Article 3.1. 

  

	5.3	 Post-Sale Actions. 

 

	5.3.1	 Within five (5) Business Days of the Sale of an Aircraft, Buyer shall have received the original Bill of
Sale for such Aircraft. 

  

	5.3.2	 Within ten (10) Business Days of the Sale of an Aircraft, Buyer shall have received complete, original
counterparts (or, in the event the relevant Seller, Existing Lessor, or its financiers are not in possession of such original counterparts, certified true and correct copies) of the executed Lease Documents for such Aircraft. 

 

	5.3.3	 Relevant Seller will within five (5) Business Days after the Sale of an Aircraft (i) remove or cause
the discharge of, any international interests recorded, as of the time of Sale (for avoidance of doubt excluding any historic contracts of sale), with the International Registry, 

  
 13 

	 	
except international interests constituting or arising as a result of this Agreement, the Lease or the Lease Transfer Agreement, (ii) consent to the interests constituted by the Bill of Sale
on the International Registry. 

  

	5.3.4	 Any Letters of Credit which shall have been received by the relevant Existing Lessor in accordance with the
terms of the lease in lieu of any cash security deposit and/or maintenance and any other supplemental rent (as defined in the related Lease) in accordance with the terms of the relevant lease shall be transferred to Buyer or the relevant Buyer
Nominee or New Lessor in connection with the Sale. 

 ARTICLE 6: SELLER ASSIGNMENT OF RIGHTS AND WARRANTIES 

 

	6.	 

	6.1	 Assignable Warranties. 

Effective on the Sale Date, any assignable warranties and indemnities given to relevant Seller by Manufacturer and the Engine manufacturer are
hereby assigned to Buyer. Effective on the Sale Date, all other assignable vendor warranties with respect to the Aircraft are hereby assigned by relevant Seller to Buyer. 
  

	6.2	 Non-Assignable Warranties. 

To the extent that any warranty or indemnity given to Seller by Manufacturer or any other Person with respect to the Aircraft cannot be
assigned, Buyer will be entitled to take such action to enforce such warranty or indemnity in the name of Seller against Manufacturer or such other Person as Buyer reasonably sees fit, but subject to Buyer’s first ensuring that Seller is
indemnified and secured to Seller’s satisfaction against all losses, damages, costs, expenses and liabilities thereby incurred or reasonably expected to be incurred. 

ARTICLE 7: EXPENSES AND TAXES 
  

	7.	 

	7.1	 Costs and Expenses of Sale. 

 

	 	7.1.1.	 Seller will be responsible for its own costs, fees and expenses and the costs, fees and expenses of each other
Seller Related Person and Buyer will be responsible for its own costs, fees and expenses and the costs, fees and expenses of each other Buyer Related Person relating, in each case, to the negotiation, documentation and closing of the Sale Documents
and the transactions contemplated by the Sale Documents, including their respective due diligence. 

  

	 	7.1.2	 Sellers will be responsible for all costs, fees and expenses associated with releasing and discharging any
Warranted Security Interests in accordance with Article 5.3.3 and Buyer will be responsible for all costs, fees and expenses associated with any new financing or Security Interests to be put in place by Buyer or any Buyer Related Person with respect
to an Aircraft. 

  

	 	7.1.3	 Buyer will be responsible for all de-registration, registration or
filing costs incurred by the Lessee and all costs incurred by the Lessee with respect to the Lease Transfer Agreement and shall communicate directly with Lessee regarding the payment of same. 

 

	 	7.1.4	 In case of a dispute arising under this Agreement, the prevailing party shall be entitled to reimbursement of
reasonable costs and attorney fees. 

  

	7.2.	 Taxes. 

  
 14 

 The Deposits, Base Purchase Price and Net Purchase Price are in each case stated exclusive
of all Taxes. Except as set forth in Article 7.3, Buyer agrees to pay promptly when due, and to indemnify and hold harmless each Tax Indemnitee on a full indemnity basis, on demand, from all license and registration fees and all taxes, fees, levies,
imposts, duties, charges, deductions or withholdings of any nature (including any value added, franchise, transfer, sales, gross receipts, income, use, business, excise, customs, turnover, personal property, stamp or other tax) together with any
assessments, penalties, fines, additions to tax or interest thereon, however or wherever imposed (and whether imposed upon Buyer, Buyer’s Nominee, any other Buyer Related Person or any Tax Indemnitee or in respect of all or part of an Aircraft,
the related Airframe, its Engines, any Part thereof or otherwise), by any Government Entity or taxing authority in connection with this Agreement, the other Sale Documents, the sale, purchase, export, import, disposition, delivery, transfer of title
and/or deregistration of the Aircraft in connection with or following its Sale or any of the other transactions contemplated by the Sale Documents (collectively, “Taxes”). 

 

	7.3.	 Exceptions to Tax Indemnity. 

The indemnity in Article 7.3 will not extend to Taxes to the extent such Taxes: 

 

	 	(a)	 are imposed on the overall net income or profits of a Tax Indemnitee in the jurisdiction of its organisation;
or 

  

	 	(b)	 are attributable to a Tax Indemnitee’s gross negligence or wilful misconduct. 

 

	7.4.	 After Tax Basis. 

The amount which Buyer is required to pay with respect to any Taxes indemnified against under Article 7.2 is an amount sufficient to restore
the applicable Tax Indemnitee on an after tax basis to the same position such Tax Indemnitee would have been in had such Taxes not been incurred. 
  

	7.5.	 Timing of Payment. 

Any amount payable to a Tax Indemnitee pursuant to this Article 7 will be paid within 10 days after receipt of a written demand therefor from
such Tax Indemnitee accompanied by a written statement describing in reasonable detail the basis for such indemnity and the computation of the amount so payable provided, however, that such amount need not be paid by Buyer prior to the earlier of
(a) the date any Tax is payable to the appropriate Government Entity or taxing authority or (b) in the case of amounts which are being contested by Buyer in good faith or by such Tax Indemnitee pursuant to Article 7.7, the date such
contest is finally resolved. 

  
 15 

	7.6.	 Contests. 

If a claim is made against a Tax Indemnitee for Taxes with respect to which Buyer is liable for a payment or indemnity under this Agreement,
such Tax Indemnitee will give Buyer notice in writing of such claim within 60 days; provided, however, that such Tax Indemnitee’s failure to give notice will not relieve Buyer of its obligations hereunder unless such failure materially impairs
or precludes Buyer’s ability to contest the claim. So long as (a) a contest of such Taxes does not involve any material risk of the sale, forfeiture or loss of the Aircraft or any interest therein, (b) if such Tax Indemnitee so
requests, Buyer has provided such Tax Indemnitee with an opinion of independent and reputable tax counsel that a reasonable basis exists for contesting such claim and (c) adequate reserves have been made for such Taxes or, if required, an
adequate bond has been posted, then such Tax Indemnitee at Buyer’s written request will in good faith, with due diligence and at Buyer’s expense, contest (or permit Buyer to contest in the name of Buyer or such Tax Indemnitee) the
validity, applicability or amount of such Taxes. 
  

	7.7.	 Refunds. 

Upon receipt by a Tax Indemnitee of a refund of all or any part of any Taxes which Buyer has paid, such Tax Indemnitee will pay to Buyer the
net amount of such Taxes refunded. 
  

	7.8.	 Cooperation in Filing Tax Returns. 

Buyer and each Tax Indemnitee will cooperate with one another in providing information which may be reasonably required to fulfil each
party’s tax filing requirements and any audit information request arising from such filing. 
  

	7.9.	 Tax Documents. 

If requested by a Tax Indemnitee, Buyer will provide to such Tax Indemnitee any documents that such Tax Indemnitee reasonably deems necessary
or desirable in connection with the tax treatment of this Agreement or the transaction contemplated herein (including any exemption or reduction of any Taxes arising a result of this Agreement or the transactions contemplated by this Agreement);
provided however, that Buyer will not be required to provide such Tax Indemnitee with a copy of Buyer’s income tax returns. 

ARTICLE 8: INDEMNITIES 
  

	8.	 

	8.1	 Sellers’ General Indemnity. 

Except as set forth in Article 8.3, relevant Seller agrees to indemnify and hold harmless each Buyer Indemnitee from any Loss imposed on,
incurred by or asserted against any Buyer Indemnitee with respect to: 
  

	 	(a)	 any Aircraft Activity prior to Sale, but only to the extent the claim relates to Aircraft Activity occurring
prior to Sale; 

  

	 	(c)	 any claim to the extent arising prior to Sale that any design, article or material in the Aircraft or that any
Aircraft Activity prior to Sale constitutes an infringement of a patent, trademark, copyright infringement, design or other proprietary right; or 

  
 16 

	 	(d)	 any non-compliance by Seller with any term of this Agreement or the
falsity or inaccuracy of any representation or warranty of Seller set forth herein. 

 The foregoing indemnity by Seller is
intended to include and cover any Loss to which a Buyer Indemnitee may be subject (in contract, tort, strict liability or under any other theory) regardless of the negligence, whether active or passive or of any other type, of such Buyer Indemnitee,
so long as such Loss does not fall within any of the exceptions listed in Article 8.3. 
  

	8.2	 Buyer’s General Indemnity. 

Except as set forth in Article 8.3, Buyer agrees to indemnify and hold harmless each Seller Indemnitee from any Loss imposed on, incurred by or
asserted against any Seller Indemnitee with respect to: 
  

	 	(a)	 any Aircraft Activity occurring after the Sale; 

 

	 	(b)	 any claim, whenever made or arising, that any design, article or material in an Aircraft that any design,
article or material in an Aircraft or any Aircraft Activity in respect of that Aircraft on or after the Sale of that Aircraft constitutes an infringement of a patent, trademark, copyright, design or other proprietary right. 

 

	 	(c)	 any non-compliance by Buyer with any term of this Agreement or the
falsity or inaccuracy of any representation or warranty of Buyer set forth herein; or 

  

	 	(d)	 any failure of payment by Buyer of any sum to be paid by Buyer when due under this Agreement.

 The foregoing indemnity by Buyer is intended to include and cover any Loss to which a Seller Indemnitee may be subject
(in contract, tort, strict liability or under any other theory) regardless of the negligence, whether active or passive or of any other type, of such Seller Indemnitee, so long as such Loss does not fall within any of the exceptions listed in
Article 8.3. 
  

	8.3	 Exceptions to General Indemnities. 

The indemnities in Articles 8.1 and 8.2: 
  

	 	(a)	 will not extend to a Loss which Buyer and Seller mutually agree in writing or, absent mutual agreement, are
judicially determined to have resulted from the wilful misconduct or gross negligence of the claimant; 

  

	 	(b)	 will not extend to a Loss which constitutes Taxes for which Buyer is liable under Article 7.2;

  

	 	(c)	 will not extend to a Loss which relates to (i) a Seller Related Person’s acts or omissions as a
manufacturer or repairer of the Aircraft or Aircraft components, which acts or omissions occur following the Sale Date for such Aircraft, to the extent that such acts or omissions cause such Loss or (ii) Security Interests (Seller’s
liability for which, to the extent thereof, is set forth in Article 11.1.4); and 

  

	 	(d)	 are given subject and without prejudice to the disclaimers, limitations and provisions of Article 4.

  
 17 

	8.4	 After Tax Basis. 

The amount which Buyer or relevant Seller, as applicable, in its capacity as an indemnitor under this Article 8 (in such capacity, each an
“Indemnitor”) will be required to pay with respect to any Loss indemnified against under Articles 8.1 or 8.2 will be an amount sufficient to restore the Seller Indemnitee or the Buyer Indemnitee, as the case may be, on an
after tax basis to the same position it would have been in had such Loss not been incurred. 
  

	8.5	 Timing of Payment. 

It is the intent of the parties that each Seller Indemnitee and Buyer Indemnitee will have the right to indemnification for Loss hereunder as
soon as a claim is made and as soon as any Loss is incurred, whether or not such claim is meritorious and whether or not liability is established (but subject to Article 8.9). Buyer or Seller, as the case may be, will pay the relevant Seller
Indemnitee or Buyer Indemnitee for Loss pursuant to this Article 8 within 30 days after receipt of a written demand therefor from such Seller Indemnitee or Buyer Indemnitee, as the case may be, accompanied by a written statement describing in
reasonable detail the basis for such indemnity. 
  

	8.6	 Subrogation. 

Upon the payment in full of any indemnity pursuant to this Article 8 by an Indemnitor, such Indemnitor will be subrogated to any right of the
relevant Seller Indemnitee or Buyer Indemnitee (as the case may be) in respect of the matter against which such indemnity has been made. 
  

	8.7	 Notice. 

Each Seller Indemnitee and each Buyer Indemnitee will give prompt written notice to the relevant Indemnitor of any liability of which such
party has knowledge for which an Indemnitor is, or may be, liable under this Article 8 provided, however, that failure to give such notice will not terminate or affect any of the rights of the Seller Indemnitee or the Buyer Indemnitee under this
Article 8 except to the extent the Indemnitor is materially prejudiced by the failure to provide such notice. 
  

	8.8	 Refunds. 

If any Seller Indemnitee or any Buyer Indemnitee obtains a recovery of all or any part of any amount which an Indemnitor has paid to it, the
relevant Seller Indemnitee or Buyer Indemnitee, as the case may be, will pay to such Indemnitor the net amount recovered by it. 
  

	8.9	 Defense of Claims. 

An Indemnitor and its insurers will have the right (in each such case at such Indemnitor’s sole expense) to investigate or, provided that
such Indemnitor or its insurers have not reserved the right to dispute liability with respect to any insurance policies pursuant to which coverage is sought, defend or compromise any claim covered by insurance for which indemnification is sought
pursuant to this Article 8 and each Seller Indemnitee and Buyer Indemnitee will reasonably cooperate with such Indemnitor or its insurers with respect thereto. If the Indemnitor or its insurers are retaining attorneys to handle such claim, such
counsel must be reasonably satisfactory to the applicable Seller Indemnitees or, as the case may be, the Buyer Indemnitees. If not, the Seller Indemnitees or the Buyer Indemnitees as the case may be will have the right to retain counsel of their
choice at the relevant Indemnitor’s expense. 

  
 18 

	8.10	 Other Indemnification. 

Each Indemnitor will be obligated to indemnify and hold harmless the relevant Seller Indemnitee or Buyer Indemnitee, as applicable, in
accordance with the terms of this Article 8 and any Seller Indemnitee or Buyer Indemnitee may invoke an Indemnitor’s obligations hereunder even if such Seller Indemnitee or Buyer Indemnitee, as the case may be, also has received an agreement to
indemnify and hold harmless with respect to the same matters by another Person. 
 ARTICLE 9: INSURANCE 

 

	9.	 

	9.1	 Liability Insurance. 

Buyer shall, or shall cause the Lessee or any subsequent owner, lessee or other operator of an Aircraft, to include each of the Seller
Indemnitees for that Aircraft (for their respective rights and interests) as additional insureds on all aviation and airline legal liability insurances (including products liability) in respect of that Aircraft for a period of two (2) years
from the Sale Date of that Aircraft or, if earlier, until the next major overhaul of that Aircraft. 
 ARTICLE 10: REPRESENTATIONS AND
WARRANTIES OF BUYER 
  

	10.	 

	10.1	 Representations and Warranties. 

Buyer represents and warrants the following to Seller as of the date hereof and as of the Sale Date: 

 

	 	10.1.1  	 Corporate Status. Buyer, each Buyer’s Nominee and each New Lessor is a corporation duly organized,
validly existing and in good standing under the Laws of its jurisdiction of incorporation and each has the power and authority to carry on its business as presently conducted and to perform its obligations under the Sale Documents to which it is a
party. 

  

	 	10.1.2  	 Governmental Approvals. No authorization, approval, consent, license or order of, or registration with,
or the giving of notice to the Aviation Authority or any other Government Entity is required for the valid authorization, execution, delivery and performance by Buyer, each Buyer’s Nominee and each New Lessor of the Sale Documents to which it
is a party, except as will have been duly effected as of the Sale Date. 

  

	 	10.1.3  	 Binding. Buyer, each Buyer’s Nominee and each New Lessor has been duly authorized to enter into the
Sale Documents to which it is a party and each Sale Document has been duly executed and delivered by each Buyer, each Buyer’s Nominee and each New Lessor, to the extent that such is a party thereto, and represents its valid, binding and
enforceable obligations except as enforceability may be limited by bankruptcy, insolvency, reorganisation or other Laws of general application affecting the enforcement of creditors’ rights. 

 

	 	10.1.4  	 Licenses. Buyer, each Buyer’s Nominee and each New Lessor holds all licenses, certificates and
permits from applicable Government Entities in its jurisdiction of organization for the performance of its obligations under the Sale Documents. 

  

	 	10.1.5  	 No Suits. There are no suits, arbitrations or other proceedings pending or threatened against Buyer, any
Buyer’s Nominee or any New Lessor before any court or administrative agency against or affecting Buyer which, if adversely determined, would have a material adverse effect on the business, assets or condition (financial or otherwise) of Buyer
or its ability to perform under the Sale Documents to which it is a party. 

  
 19 

	10.1.6	 No Withholding. Buyer, any Buyer’s Nominee or any New Lessor will not be required to deduct any
withholding or other Tax from any payment it may make under the Sale Documents to which it is a party. 

  

	10.1.7	 No Restrictions on Payments. Under the Laws of its jurisdiction of organization, there are no present
restrictions on Buyer, any Buyer’s Nominee or any New Lessor making the payments required by the Sale Documents to which it is a party. 

  

	10.1.8	 General Obligations. The obligations of Buyer, each Buyer’s Nominee and each New Lessor under the
Sale Documents to which it is a party are its direct, general and unconditional obligations and rank or will rank at least pari passu with all other present and future unsecured and unsubordinated obligations (including contingent
obligations) of Buyer, with the exception of such obligations as are mandatorily preferred by law and not by reason of any encumbrance. 

  

	10.1.9	 No Sovereign Immunity. Buyer, each Buyer’s Nominee and each New Lessor, under the Laws of its
jurisdiction of incorporation or of any other jurisdiction affecting it, is subject to private commercial law and suit. None of Buyer nor any Buyer’s Nominee nor any New Lessor nor its properties or assets is entitled to sovereign immunity
under any such Laws. Buyer’s, each Buyer’s Nominee’s and each New Lessor’s performance of its obligations hereunder constitute commercial acts done for commercial purposes. 

 

	10.1.10	 No Breach. The execution and delivery of the Sale Documents to which Buyer, any Buyer’s Nominee or
any New Lessor is a party, the consummation by it of the transactions contemplated herein and therein and compliance by it with the terms and provisions hereof and thereof do not and will not contravene any Law applicable to it, or result in any
breach by it of or constitute any default by it under any indenture, mortgage, chattel mortgage, deed of trust, conditional sales contract, bank loan or credit agreement, corporate charter, by law or other agreement or instrument to which it is a
party or by which its or its properties or assets may be bound or affected. 

  

	10.1.11	 Lease Transfer Conditions. Each New Lessor shall (i) comply in full with all lease transfer
requirements applicable to it under the relevant Lease, including any transferee net worth requirement unless waived by the Lessee in its sole discretion and (ii) Buyer and relevant Buyer Nominee acknowledge and agree that it shall not be a
condition precedent to the closing of the sale of an Aircraft under this Agreement or the Lease Transfer Agreement that Buyer or relevant Buyer Nominee agree on a return condition redelivery buyout in respect of an Aircraft, and that neither this
Agreement nor the Lease Transfer Agreement will contain any amendments to the relevant Lease in respect of the Aircraft return conditions. 

  

	10.1.12	 Compliance with Laws. No Buyer Indemnitee (i) is (nor is owned or controlled by) a listed person
under any United States, European Union or United Nations export control or economic sanction and (ii) will at any time use, operate, transfer, sell or otherwise make available the Aircraft in violation of any applicable United States, European
Union or United Nations export control or economic sanction. Buyer acknowledges that in respect of its purchase, use, exportation or transfer of the Aircraft, compliance with the applicable Laws of all applicable jurisdictions after the Sale Date is
the sole responsibility of Buyer. 

  
 20 

	10.1.13	 Due Diligence. Buyer has conducted its own due diligence with respect to both Aircraft, the Lessee and
the Lease Documents and the Lease Documents were found to be in every way acceptable to Buyer and the relevant Buyer’s Nominee. 

ARTICLE 11: REPRESENTATIONS AND WARRANTIES OF SELLER 
  

	11.	 

  

	11.1	 Representations and Warranties. 

 

	 	 	 Each Seller represents and warrants the following to Buyer as of the date hereof and as of the Sale Date (with
respect to the related Aircraft and related Lease only): 

  

	 	11.1.1	 Corporate Status. Each Seller and Existing Lessor is a company duly organized or incorporated (as
applicable), validly existing under the Laws of its jurisdiction of incorporation and each has the power and authority to carry on its business as presently conducted and to perform its obligations under the Sale Documents to which it is a party.

  

	 	11.1.2	 Governmental Approvals. No authorisation, approval, consent, license or order of, or registration with,
or the giving of notice to any Government Entity under the Laws of its jurisdiction of incorporation is required for the valid authorisation, execution, delivery and performance by Seller of the Sale Documents to which it is a party, except as will
have been duly effected as of the relevant Sale Date. 

  

	 	11.1.3	 Licenses. Each Seller and Existing Lessor holds all licenses, certificates and permits from applicable
Government Entities in its jurisdiction of organization for the performance of its obligations under the Sale Documents. 

  

	 	11.1.4	 No Suits. There are no suits, arbitrations or other proceedings pending or threatened against Each
Seller and Existing Lessor before any court or administrative agency against or affecting Seller which, if adversely determined, would have a material adverse effect on the business, assets or condition (financial or otherwise) of Seller or its
ability to perform under the Sale Documents to which it is a party. 

  

	 	11.1.5	 No Sovereign Immunity. Each Seller and Existing Lessor, under the Laws of its jurisdiction of
incorporation or of any other jurisdiction affecting it, is subject to private commercial law and suit. Neither any Seller nor Existing Lessor nor their respective properties or assets is entitled to sovereign immunity under any such Laws. Each
Seller and Existing Lessor’s performance of its obligations hereunder constitute commercial acts done for commercial purposes. 

  

	 	11.1.6	 Compliance with Laws. No Seller Indemnitee is a listed person under any United States, European Union or
United Nations export control or economic sanction. 

  

	 	11.1.7	 Binding. Each Seller and Existing Lessor has been duly authorised to enter into the Sale Documents to
which it is a party and each Sale Document has been duly executed and delivered by Seller, to the extent that it is a party thereto, and represents its valid, enforceable and binding obligations except as enforceability may be limited by bankruptcy,
insolvency, reorganisation or other Laws of general application affecting the enforcement of creditors’ rights. 

  

	 	11.1.8	 No Breach. The execution and delivery of the Sale Documents to which Seller or Existing Lessor is a
party, the consummation by Seller or Existing Lessor of the transactions contemplated herein and compliance by Seller or Existing Lessor with 

  
 21 

	 	
the terms and provisions hereof do not and will not contravene any Law applicable to Seller or Existing Lessor, or result in any breach of or constitute any default under or result in the
creation of any Security Interest upon any property of Seller pursuant to any indenture, mortgage, chattel mortgage, deed of trust, conditional sales contract, bank loan or credit agreement, corporate charter, by law or other agreement or instrument
to which Seller is a party or by which Seller or its properties or assets may be bound or affected. 

  

	 	11.1.9	 Title to Aircraft. As of the time of Sale of an Aircraft, Seller will have good and valid title to the
Aircraft to transfer to Buyer, free and clear of all Warranted Security Interests but subject to any other Security Interests. 

ARTICLE 12: NOTICES 
  

	12.	 

  

	12.1	 Manner of Sending Notices. 

 

	 	 	 Any notice, request or information required or permissible under this Agreement will be in writing and in
English. Notices will be delivered in person or sent by fax, e-mail or letter (mailed airmail, certified and return receipt requested) or by express courier addressed to the parties as set forth in Article
12.2. In the case of a fax, notice will be deemed received upon actual receipt (the date of actual receipt will be deemed to be the date set forth on the confirmation of receipt produced by the sender’s fax machine immediately after the fax is
sent). In the case of an e-mail, notice will be deemed received by the recipient at the time the sender sends such email, unless the sender receives an automated e-mail
error message. In the case of a mailed letter, notice will be deemed received on the 10th day after mailing. In the case of a notice sent by express courier, notice will be deemed received on the date of delivery set forth in the records of the
Person which accomplished the delivery. If any notice is sent by more than one of the above listed methods, notice will be deemed received on the earliest possible date in accordance with the above provisions. 

 

	12.2	 Notice Information. 

 

	 	 	 All notices connected with this Agreement will be sent: 

 

	 	 	 If to Seller 1: 

Wilmington Trust SP Services (Dublin) Limited 

Fourth Floor, 3 George’s Dock, IFSC, Dublin 1, Ireland 

Attention: The Directors 

Facsimile: +353 1 612 5550 

E-mail: DL-AerCap@WilmingtonTrust.com 
  

	 	 	 If to Seller 2: 

Wilmington Trust SP Services (Dublin) Limited 

Fourth Floor, 3 George’s Dock, IFSC, Dublin 1, Ireland 

Attention: The Directors 

Facsimile: +353 1 612 5550 

E-mail: DL-AerCap@WilmingtonTrust.com 

  
 22 

	 	 	 in each case with a copy to: 

 

	 	 	 AERCAP HOLDINGS N.V. 

	 	 	 AerCap House 

	 	 	 65 St. Stephen’s Green 

	 	 	 Dublin 2 

	 	 	 Ireland 

	 	 	 Attention:             Legal Department

	 	 	 Facsimile:            +353 1 475 1012

	 	 	
E-mail:                contractualnotices@aercap.com

  

	 	 	 If to Buyer:         CONTRAIL AVIATION SUPPORT, LLC

	 	 	         435 Investment Court 

	 	 	         Verona, Wisconsin 53593 

	 	 	         Attention:
            Joseph G. Kuhn 

	 	 	         Facsimile:
           (608) 848-8101 

	 	 	         E-mail:
                Joe@contrail.com 

  

	 	 	 or to such other places and numbers as either party directs in writing to the other party.

 ARTICLE 13: GOVERNING LAW AND JURISDICTION 

 

	13.	 

  

	13.1	 Governing Law and Jurisdiction. 

 

	 	 	 This Agreement (and any non-contractual obligations associated with it)
will be governed by, and construed in accordance with, the Governing Law. The Governing Jurisdiction will have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement. 

 

	13.2	 Service of Process. 

 

	 	 	 Without prejudice to any other mode of service: 

 

	 	13.2.1	 Buyer hereby consents to the service of process relating to any proceedings before the Governing Jurisdiction
in connection with this Agreement by prepaid mailing by certified or registered mail of a copy of the process to Buyer at the address set forth in Article 12 or by any other method of service allowed by applicable Law; 

 

	 	13.2.2	 Seller hereby consents to the service of process relating to any proceedings before the Governing Jurisdiction
in connection with this Agreement by prepaid mailing certified or registered mail of a copy of the process to Seller at the address set forth in Article 12 or by any other method of service allowed by applicable Law; 

 

	13.3	 Prevailing Party in Dispute. 

 

	 	 	 If any legal action or other proceeding is brought in connection with or arises out of any provisions in this
Agreement, the prevailing party will be entitled to recover reasonable attorneys’ fees and other costs incurred in such action or proceedings. The prevailing party will also, to the extent permissible by Law, be entitled to receive pre and post
judgment interest at the Default Interest Rate. 

  
 23 

	13.4	 Conflict of Laws. 

Any warranty, representation or other provision herein made by either party with respect to the Aircraft or title therein or Security Interests
with respect thereto is made pursuant to the Governing Law and is subject to any Law in or of the Sale Location. 
  

	13.5	 Waiver. 

Each party irrevocably and unconditionally waives any right it may have, in any forum, to jury trial in respect of any dispute or proceedings
in connection with this Agreement. The aforesaid may be filed as a written consent to trial by the court. 
 ARTICLE 14: MISCELLANEOUS

  

	14.	 

	14.1	 No Brokers. 

The Aircraft is being sold and purchased without a broker involved in the negotiations between Buyer and Seller. If any Person asserts any
claim against any Seller Related Person or Buyer Related Person for fees or commissions by reason of any alleged agreement to act as a broker for either Seller Related Person or Buyer Related Person in this transaction, the party for which said
person claims to have acted will on demand defend, indemnify and hold harmless the other party from and against all claims, demands, liabilities, damages, losses, judgments and expenses of every kind (including legal fees, costs and related
expenses) arising out of such claim. 
  

	14.2	 Confidentiality. 

This Agreement and all non-public information obtained by either party about the other are confidential
and are between Sellers and Buyer only and will not be disclosed by a party to third parties (other than to such party’s owners, lenders, auditors, legal or technical advisors (provided that such third parties are bound to the disclosing party
by either a duty of confidentiality or written confidentiality agreement) or as required by applicable Law) without the prior written consent of the other party. If disclosure is required as a result of applicable Law, Buyer and Sellers will
cooperate with one another to obtain confidential treatment as to the commercial terms and other material provisions of this Agreement. 
  

	14.3	 Rights of Parties. 

Subject and without prejudice to Article 4.3, (a) the rights of the parties hereunder are cumulative, not exclusive, may be exercised as often
as each party considers appropriate and are in addition to its rights under general Law, (b) the rights of one party against the other party are not capable of being waived or amended except by an express waiver or amendment in writing and
(c) any failure to exercise or any delay in exercising any of such rights will not operate as a waiver or amendment of that or any other such right, any defective or partial exercise of any such rights will not preclude any other or further
exercise of that or any other such right and no act or course of conduct or negotiation on a party’s part or on its behalf will in any way preclude such party from exercising any such right or constitute a suspension or any amendment of any
such right. 
  

	14.4	 Further Assurances. 

Each party agrees from time to time to do and perform such other and further acts and execute and deliver any and all such other instruments as
may be required by Law, reasonably requested by the auditors of the other party or requested by the other party to establish, 

  
 24 

 
maintain or protect the rights and remedies of the requesting party or to carry out and effect the intent and purpose of this Agreement. 

 

	14.5	 Use of Word “including”. 

The term “including” is used herein without limitation and by way of example only. 

 

	14.6	 Headings. 

All article and paragraph headings and captions are purely for convenience and will not affect the interpretation of this Agreement. Any
reference to a specific article, paragraph or section will be interpreted as a reference to such article, paragraph or section of this Agreement. 
  

	14.7	 Invalidity of any Provision. 

If any of the provisions of this Agreement become invalid, illegal or unenforceable in any respect under any Law, the validity, legality and
enforceability of the remaining provisions will not in any way be affected or impaired. 
  

	14.8	 Time is of the Essence. 

Time is of the essence in the performance of all obligations of the parties under this Agreement and, consequently, all time limitations set
forth in the provisions of this Agreement will be strictly observed. 
  

	14.9	 No Buyer Security Interest. 

Prior to Sale, Buyer will not create any Security Interest (including any international interest or any prospective international interest) in
or over any of the Aircraft. 
  

	14.10	 Amendments in Writing. 

The provisions of this Agreement may only be amended or modified by a writing executed by Sellers and Buyer. 

 

	14.11	 Counterparts; PDF Signatures. 

This Agreement may be executed in any number of identical counterparts, each of which will be deemed to be an original, and all of which
together will be deemed to be one and the same instrument when each party has signed and delivered one such counterpart to the other party. PDF copy signatures shall be treated as original signatures for all purposes. 

 

	14.12	 Assignment. 

Buyer and Sellers may not assign or transfer any of its/their rights, title, interests, obligations or duties pursuant to this Agreement except
with the prior written consent of the other party. 
  

	14.13	 Delivery of Documents by E-mail (PDF) or Fax.

 Delivery of an executed counterpart of this Agreement or any related documents by email attachment (PDF) or by fax will
be deemed as effective as delivery of an originally executed counterpart. Any party delivering an executed counterpart of this Agreement or any related documents by email attachment (PDF) or by fax will also deliver an originally executed
counterpart, but the failure of any party to deliver an originally executed counterpart of this 

  
 25 

 
Agreement or any related documents will not affect the validity or effectiveness of this Agreement or the related document(s). 

 

	14.14	 Third Parties. 

Any Buyer Indemnitee and/or any Seller Indemnitee may enforce the provisions of Article 8. Except as set forth in the foregoing sentence, no
term of this Agreement will be enforceable by any Person who is not a party to this Agreement. Notwithstanding any term of this Agreement, the consent of any Person who is not a party to this Agreement is not required in order to rescind or vary
this Agreement at any time. 
  

	14.15	 Entire Agreement. 

This Agreement constitutes the entire agreement between the parties in relation to the sale of the Aircraft by Sellers to Buyer and relevant
Buyer Nominee and the purchase of the Aircraft by Buyer and the relevant Buyer Nominee from Sellers and supersedes all previous proposals, agreements and other written and oral communications in relation hereto. The parties acknowledge that there
have been no representations, warranties, promises, guarantees or agreements, express or implied, except as set forth herein. 
 IN WITNESS WHEREOF,
Sellers and Buyer executed this Agreement as of the date shown at the beginning of this Agreement. 

  
 26 

 SIGNATURES 

Buyer: 
 CONTRAIL
AVIATION SUPPORT, LLC 
 /s/ Joseph G. Kuhn 

By: Joseph G. Kuhn 
 Its: CEO 

  
 35 

							
		 	Sellers:	  	
		 		  		  	
	   
	 		  	 Wilmington Trust SP Services (Dublin) Ireland, acting not in its individual capacity but solely as trustee for Aircraft 32A-1758 (Ireland)
Trust
	  	
		 		  	 	  	
		 		  	 	  	
		 		  	 	  	
		 	 By: 
	  	 /s/ Joanna Taylor	  	
		 		  	Joanna Taylor	  	
		 	 Its: 
	  	Director	  	
		 		  	 	  	
		 		  	 	  	
		 		  	 	  	
		 		  	 	  	
		 		  	 	  	
		 		  		  	
		 		  	 Wilmington Trust SP Services (Dublin) Ireland, acting not in its individual capacity but solely as trustee for Aircraft 32A-1790 (Ireland)
Trust
	  	
		 		  	 	  	
		 		  		  	
		 		  	 	  	
		 	 By: 
	  	 /s/ Joanna Taylor	  	
		 		  	Joanna Taylor	  	
		 	 Its: 
	  	Director	  	
		 		  	 	  	
		 		  	 	  	
		 		  	 	  	
		 		  	 	  	
		 		  	 	  	

  
 36 

 EXHIBIT A 

AIRCRAFT DESCRIPTION 
  

													
	 Aircraft
	  	 Airframe

Model
	  	 Manufacturer’s
Serial Number
	  	 Engine

Model
	  	 Engine Serial
Number
	  	 Lessee
	  	 State of
Registration

							
	 1
	  	 Airbus

A319-100
	  	 1758
	  	 IAE,

V2524-A5
	  	V11255 and V11256	  	 Air Macau Company Limited
	  	 Macau

							
	 2
	  	 Airbus

A3I9-IOO
	  	 1790
	  	 IAE,

V2524-A5
	  	V11286 and V11287	  	 Air Macau Company Limited 
	  	 Macau

  
 27 

 EXHIBIT B 

THE SELLERS, EXISTING LESSORS AND OTHER SELLER RELATED PERSONS 

 

							
	 Aircraft
	  	 Seller
	  	 Existing Lessor
	  	 Other Seller Related Persons

		  		  		  	
	 1
	  	  
 Wilmington Trust SP Services (Dublin) Limited, acting not in its
individual capacity but solely as trustee for Aircraft 32a-1758 (Ireland) Trust 
	  	  
 Wilmington Trust SP Services

(Dublin) Limited, acting not in its individual capacity but solely as trustee for Aircraft 32A-1758 (Ireland) Trust 
	  	  
 Wilmington Trust SP Services (Dublin) Limited, Delos Finance Sari,
Artemis (Delos) Limited, Deutsche Bank AG New York Branch, AerCap Global Aviation Trust, AerCap Ireland Capital Designated Activity Company, Hyperion Aircraft Financing Limited, Hyperion Aircraft Limited, Delos Aircraft Limited, Apollo Aircraft Inc,
ILFC Ireland Limited and their respective successors, permitted assigns, officers, directors, agents affiliates, employee and shareholders. 

				
	 2
	  	 Wilmington Trust SP Services (Dublin) Limited, acting not in its individual capacity but solely as trustee for Aircraft 32a-1790 (Ireland)
Trust
	  	 Wilmington Trust SP Services
 (Dublin) Limited,
acting not in its individual capacity but solely as trustee for Aircraft 32A-1790 (Ireland) Trust
	  	 Wilmington Trust SP Services (Dublin) Limited, International Lease Finance Corporation, Deutsche Bank AG New York Branch, Delos Finance Sari,
AerCap Global Aviation Trust, AerCap Ireland Capital Limited, Hyperion Aircraft Financing Limited, Hyperion Aircraft Limited, Delos Aircraft Limited, Apollo Aircraft Inc, Artemis (Delos) Limited, ILFC Ireland Limited and their respective successors,
permitted assigns, officers, directors, agents affiliates, employees and shareholders.

  
 28 

 EXHIBIT C 

THE BUYER’S NOMINEES, NEW LESSORS AND OTHER BUYER RELATED PERSONS 

 

							
	 Aircraft
	  	Buyer’s Nominee	  	New Lessor	  	Other Buyer Related Persons
	 1
	  	Contrail Aviation Leasing, LLC	  	Contrail Aviation Leasing, LLC	  	Contrail Aviation Leasing,
LLC; Old National Bank, NA
				
	 2
	  	Contrail Aviation Leasing, LLC	  	Contrail Aviation Leasing, LLC	  	Contrail Aviation Leasing,
 LLC; Old National Bank, NA

  
 29 

 EXHIBIT D 

LEASE DOCUMENTS 
 AIRCRAFT 1:

  

	1.	 Aircraft Lease Agreement dated as of 26 October 2001 by and between International Lease Finance Corporation and
Air Macau Company Limited. 

  

	2.	 Side Letter Number One to Aircraft Lease Agreement dated 26 October 2001 by and between International Lease
Finance Corporation and Air Macau Company Limited. 

  

	3.	 Estoppel and Acceptance Certificate dated 25 June 2002. 

 

	4.	 Amendment No.1 to Aircraft Lease Agreement dated 25 June 2002 by and between International Lease Finance
Corporation and Air Macau Company Limited. 

  

	5.	 Global Side Letter to Aircraft Lease Agreements dated 30 January 2004 (only in respect of Aircraft 1) by and
between International Lease Finance Corporation and Air Macau Company Limited. 

  

	6.	 Global Side Letter #2 to Aircraft Lease Agreements dated 4 November 2011 (only in respect of Aircraft 1) by and
between International Lease Finance Corporation and Air Macau Company Limited. 

  

	7.	 Assignment, Assumption and Amendment Agreement dated 4 November 2011 by and between International Lease Finance
Corporation, Wilmington Trust SP Services (Dublin) Limited, acting not in its individual capacity but solely as trustee for Aircraft 32A-1758 (Ireland) Trust and Air Macau Company Limited. 

 

	8.	 Confirmation of Effective Time dated 30 May 2012 to Air Macau Company Limited from International Lease Finance
Corporation and Wilmington Trust SP Services (Dublin) Limited, acting not in its individual capacity but solely as trustee for Aircraft 32A-1758 (Ireland) Trust. 

 

	9.	 Global Amendment #01 to Aircraft Lease Agreements dated 29 June 2016 (only in respect of Aircraft 1) by and
between Wilmington Trust SP Services (Dublin) Limited, acting not in its individual capacity but solely as trustee for Aircraft 32A-1758 (Ireland) Trust and Air Macau Company Limited. 

  
 30 

 AIRCRAFT 2: 
  

	1.	 Aircraft Lease Agreement dated as of 26 October 2001 by and between International Lease Finance Corporation and
Air Macau Company Limited. 

  

	2.	 Side Letter Number One to Aircraft Lease Agreement dated 26 October 2001 by and between International Lease
Finance Corporation and Air Macau Company Limited. 

  

	3.	 Estoppel and Acceptance Certificate dated 19 August 2002. 

 

	4.	 Amendment No.1 to Aircraft Lease Agreement dated 19 August 2002 by and between International Lease Finance
Corporation and Air Macau Company Limited. 

  

	5.	 Global Side Letter to Aircraft Lease Agreements dated 30 January 2004 (only in respect of Aircraft 2) by and
between International Lease Finance Corporation and Air Macau Company Limited. 

  

	6.	 Global Side Letter #2 to Aircraft Lease Agreements dated 4 November 2011 (only in respect of Aircraft 2) by and
between International Lease Finance Corporation and Air Macau Company Limited. 

  

	7.	 Assignment, Assumption and Amendment Agreement dated 4 November 2011 by and between International Lease Finance
Corporation, Wilmington Trust SP Services (Dublin) Limited, acting not in its individual capacity but solely as trustee for Aircraft 32A-1790 (Ireland) Trust and Air Macau Company Limited. 

 

	8.	 Confirmation of Effective Time dated 30 May 2012 to Air Macau Company Limited from International Lease Finance
Corporation and Wilmington Trust SP Services (Dublin) Limited, acting not in its individual capacity but solely as trustee for Aircraft 32A-1790 (Ireland) Trust. 

 

	9.	 Confirmation Letter dated 17 December 2015 from Wilmington Trust SP Services (Dublin) Limited, acting not in
its individual capacity but solely as trustee for Aircraft 32A-1790 (Ireland) Trust and Air Macau Company Limited. 

  

	10.	 Confirmation of Title dated 21 July 2016 from Air Macau Company Limited to Wilmington Trust SP Services
(Dublin) Limited, acting not in its individual capacity but solely as trustee for Aircraft 32A-1790 (Ireland) Trust. 

  

	11.	 Confirmation of Title dated 21 July 2016 from Wilmington Trust SP Services (Dublin) Limited, acting not in its
individual capacity but solely as trustee for Aircraft 32A-1790 (Ireland) Trust to Air Macau Company Limited. 

  

	12.	 Global Amendment #01 to Aircraft Lease Agreements dated 29 June 2016 (only in respect of Aircraft 2) by and
between Wilmington Trust SP Services (Dublin) Limited, acting not in its individual capacity but solely as trustee for Aircraft 32A-1790 (Ireland) Trust and Air Macau Company Limited. 

  
 31 

 EXHIBIT G 

FORM OF SELLER GUARANTEE 

  
 34 

 Execution Version 

GUARANTEE 
 GUARANTEE
(this “Guarantee”), dated as of August 3 2018, of AERCAP IRELAND LIMITED, a private company limited by shares incorporated in Ireland under registered number 51950 (“Guarantor”) in favor of CONTRAIL AVIATION
SUPPORT, LLC., a North Carolina limited liability company (“Buyer”). 
 WHEREAS, Buyer (as buyer), Wilmington
Trust SP Services (Dublin Ltd), not in its individual capacity but solely as trustee for Aircraft 32A-1758 (Ireland) Trust (“Seller 1”) and Aircraft 32A-1790 (Ireland) Trust (“Seller 2”), as sellers (collectively the
“Sellers”) have entered into an Aircraft Sale Agreement dated as of the date hereof (the “Sale Agreement”); 

WHEREAS, as a condition precedent to the Buyer’s obligations under the Sale Agreement, Guarantor has agreed to provide this
Guarantee. 
 NOW, THEREFORE, in consideration of the premises and other consideration, the receipt and sufficiency of which are
hereby acknowledged by the Guarantor, the Guarantor hereby agrees as follows: 
 1. Definitions. For purposes of this
Guarantee, unless otherwise defined herein or unless the context otherwise requires, all terms used herein which are defined in the Sale Agreement shall have the respective meanings given to them in the Sale Agreement. 

2. Guarantee. Guarantor hereby absolutely and unconditionally guarantees to Buyer the due and punctual payment and performance
by each Seller of all of such Seller’s obligations under the Sale Agreement (the “Guaranteed Obligations”); provided, however, that Guarantor shall not be liable to make any payment until three Business Days
following receipt by Guarantor of written notice from the Buyer that a payment of an amount is due under the Sale Agreement. Guarantor agrees that its obligations hereunder shall not be limited, altered, modified or impaired in any way, irrespective
of the validity, regularity or enforceability of the Sale Agreement, any change in or amendment thereto, the absence of any action to enforce the same, any waiver or consent by the Buyer with respect to any provision thereof, any other action,
omission or occurrence or circumstance whatsoever which may in any manner or to any extent vary the risk or effect discharge of Guarantor hereunder as a matter of law or otherwise or any other occurrence or circumstance whatsoever which might
otherwise constitute a legal or equitable discharge or defense of a surety or guarantor (other than the defense of payment or performance in full of such obligation or that such obligation is not due and owing in accordance with the express terms of
the Sale Agreement) and this Guarantee shall in no way be conditioned or contingent upon any obligation of Buyer to collect from or seek performance by any Seller; provided that (i) the foregoing shall not constitute, or be interpreted
as, a waiver by Guarantor of any defense with respect to the Guaranteed Obligations (other than a defense existing solely as a result of a Seller’s bankruptcy, insolvency or similar proceeding under applicable Law, an “Insolvency
Event”) that a Seller may have in respect of the Guaranteed Obligations and shall be limited to, and only have effect as, a waiver of suretyship defenses that Guarantor may have in respect of the Guaranteed Obligations, (ii) except to
the extent that a Guaranteed Obligation is stayed or reduced as a result of an Insolvency Event in respect of a Seller, Guarantor’s obligations in respect of and liability for the Guaranteed Obligations shall be no greater than the

  

 
obligations and liabilities of the relevant Seller in respect of such Guaranteed Obligations, (iii) nothing contained herein shall be deemed to constitute a waiver by Guarantor of
presentment or demand of payment or notice to Guarantor with respect to the Sale Agreement and the obligations evidenced thereby or hereby. Guarantor covenants that this Guarantee will not be discharged except by complete performance of the
obligations contained in the Sale Agreement, and in this Guarantee. 
 3. Guarantor shall be subrogated to all rights of the Buyer in
respect of any amounts paid by Guarantor pursuant to the provisions of this Guarantee; provided, however, that Guarantor shall be entitled to enforce, or to receive any payments arising out of or based upon, such right of subrogation only after the
amounts owed to the Buyer under the Sale Agreement or under this Guarantee have been paid in full. 
 4. Termination. This
Guarantee shall continue in full force and effect until, and shall terminate automatically, upon the date of irrevocable payment and performance in full of all the Guaranteed Obligations. 

5. Notices. All notices and other communications under, or in connection with, this Guarantee will, unless otherwise stated, be
given and will become effective in the same manner as provided in Article 12 of the Sale Agreement. 
 The notice details of Guarantor are
as follows: 
  

			
	 Address:
	  	 AerCap Ireland Limited
 4450 Atlantic Avenue

Westpark, Shannon, Co. Clare
 Ireland

	 Attention:
	  	Company Secretary

  
 6. Governing Law. THIS
GUARANTEE IS DELIVERED IN NEW YORK AND THIS GUARANTEE (AND ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS GUARANTEE OR THE RELATIONSHIP ESTABLISHED HEREUNDER) SHALL IN ALL
RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES (OTHER THAN THE PROVISIONS OF
SECTION 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, WHICH THE PARTIES AGREE SHALL APPLY TO THIS AGREEMENT). 

7. Consent to Jurisdiction. Each of Guarantor and Buyer hereby irrevocably consents that any legal action or proceeding against
such party or any of its assets with respect to this Guarantee may be brought in any jurisdiction where such party or any of its assets may be found, or in any court of the State of New York or any Federal court of the United States of America
located in the Borough of Manhattan, New York, New York, United States, as Buyer or Guarantor may elect, and by execution and delivery’ of this Agreement each of Buyer and 

  

 
Guarantor hereby irrevocably submits to and accepts with regard to any such action or proceeding, for itself and in respect of its assets, generally and unconditionally, the jurisdiction of the
aforesaid courts. 
 8. Jurisdiction and Forum. Each of Guarantor and Buyer agrees that final judgment against such party in
any action or proceeding in connection with this Guarantee shall be conclusive and may be enforced in any other jurisdiction within or outside the U.S. by suit on the judgment, a certified or exemplified copy of which shall be conclusive evidence of
the fact and the amount of such party’s indebtedness. Each of Guarantor and Buyer hereby irrevocably waives, to the fullest extent permitted by Law, any objection which it may now or hereafter have to the laying of venue of any suit, action or
proceeding arising out of or relating to this Guarantee brought in the courts in the State of New York described above, and hereby further irrevocably waives any claim that any such suit, action or proceeding brought in the courts in the State of
New York described above has been brought in an inconvenient forum. 
 9. Waiver of Jury Trial. EACH OF GUARANTOR AND BUYER
HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING TO WHICH IT IS A PARTY INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS GUARANTEE OR
THE RELATIONSHIP ESTABLISHED HEREUNDER. 
 10. Waiver of Immunity. Each of Guarantor and Buyer agrees that in any legal action
or proceedings against it or its assets in connection with this Guarantee no immunity from such legal action or proceedings (which shall include, without limitation, suit, attachment prior to judgment, other attachment, the obtaining of judgment,
execution or other enforcement) shall be claimed by or on behalf of it or with respect to its assets, irrevocably waives any such right of immunity which it or its assets now have or may hereafter acquire or which may be attributed to it or its
assets and consents generally in respect of any such legal action or proceedings to the giving of any relief or the issue of any process in connection with such action or proceedings including, without limitation, the making, enforcement or
execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such action or proceedings. 

11. Headings. All section and paragraph headings and captions are purely for convenience and will not affect the interpretation
of this Guarantee. Any reference to a specific section or paragraph will be interpreted as a reference to such section or paragraph of this Guarantee. 

12. No Set-off. By acceptance of this GuaranteeBuyer shall be deemed to have waived any
right to set-off, combine, consolidate, or otherwise appropriate and apply, any indebtedness at any time held or owing by the Buyer against, or on account of, any obligations or liabilities of Guarantor under
this Guarantee. 
 13. Invalidity of any Provision. If any of the provisions of this Guarantee become invalid, illegal or
unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired. 

  

 14. Currency of Payment. Any payment to be made by Guarantor shall be made in
the same currency as designated for payment in the Sale Agreement and such designation of the currency of payment is of the essence. 

15. Assignment. This Agreement will be binding upon and inure to the benefit of each party hereto and its respective successors
and assigns. 
 [Signature Page Follows] 

  

									
	AERCAP IRELAND LIMITED as
	    Guarantor	 		 	
		 		 	
		 		 	
	    By: 	 		 	/s/ Ken Faulkner
		 		 		 		 	
		 		 	Name:    	 		 	Ken Faulkner
		 		 	Title:	 		 	Attorney-in-Fact
	
	    Acknowledged and agreed:
	
	    CONTRAIL AVIATION SUPPORT, LLC,
	    as Buyer
			
	    By: 	 		 	  

		 		 	Name:	 		 	
		 		 	Title:	 		 	

  

			
	AERCAP IRELAND LIMITED, as Guarantor
		
	By:	 	 
		 	Name:
		 	Title:
	
	Acknowledged and agreed:
	
	CONTRAIL AVIATION SUPPORT, LLC,
as Buyer
		
	By:	 	/s/ Joseph G. Kuhn
		 	Name: Joseph G. Kuhn
		 	Title: CEO

  

 EFFECTIVE TIME SUPPLEMENT 

 

	 	(1)	 Air Macau Company Limited (“Lessee”) 

 

	 	(2)	 Wilmington Trust SP Services (Dublin) Limited, acting not in its individual capacity but solely as trustee
under the Trust Agreement (“Existing Lessor”) 

  

	 	(3)	 Contrail Aviation Leasing, LLC (“New Lessor”) 

Existing Lessor, New Lessor and Lessee hereby agree as follows: 
  

	1.	 This Effective Time Supplement (this “Supplement”) is entered into for purposes of the
Novation and Amendment Agreement dated September 4, 2018 between the parties to this Supplement (the “Agreement”) relating to the one Airbus A319-100 aircraft bearing manufacturer’s
serial number 1758 together with two (2) IAE V2524-A5 engines with manufacturer’s serial numbers V11255 and V11256 (the “Aircraft”). 

 

	2.	 Terms used in this Supplement shall have the meanings given to them in the Agreement and the Novated Lease.

  

	3.	 Lessee, Existing Lessor and New Lessor confirm that the conditions precedent for its benefit contained in the
Agreement have been satisfied, deferred or waived and that the novation and amendment contemplated in the Agreement has occurred and the Effective Time was 17:14 p.m. Dublin time on this 17th day
of September 2018 while the aircraft with manufacturer’s serial number 1758 was located at Macau. 

  

	4.	 Lessee, Existing Lessor and New Lessor confirm that the representations and warranties made by it in the
Agreement are true and correct at the Effective Time. 

  

	5.	 New Lessor and Existing Lessor hereby notify Lessee that at the Effective Time ownership in the Aircraft has
been transferred to New Lessor. 

  

	6.	 The amount of the Security Deposit held by Existing Lessor and transferred to New Lessor at the Effective Time
is $ *                      

 

	7.	 The balance of the Reserves held by Existing Lessor less any amounts reimbursed by Existing Lessor to Lessee
under the Lease or otherwise accounted for under the Lease are as at the date hereof as follows and such amounts have been transferred by Existing Lessor to New Lessor at the Effective Time: 

 

	 	(a)	 in respect of the Airframe 6Y Check Reserves: US$ *
                    ; 

 

	 	(b)	 in respect of the Airframe 12Y Check Reserves: US$ *
                ; 

  

	 	(c)	 in respect of the Engine LLP Reserves (ESN V11255): US$ *
                    ; 

 

	 	(d)	 in respect of the Engine LLP Reserves (ESN V11256: US$ *
                 0; 

  

	 	(e)	 in respect of Engine Performance Restoration Reserves (ESN V11255): US$ *
                    ; 

  
 1 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

	 	(f)	 in respect of Engine Performance Restoration Reserves (ESN V11256): US$ *
                    ; 

 

	 	(g)	 in respect of the Landing Gear Reserves: US$ *
                ; and 

  

	 	(h)	 in respect of the APU Reserves: US$ *
                . 

  

	8.	 This Effective Time Supplement and all non-contractual obligations
arising from or in connection with it are governed by and shall be construed in accordance with the Laws of New York. 

[Signature Page follows] 

  
 2 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 SIGNATURES 

Existing Lessor 
  

			
	 Wilmington Trust SP Services (Dublin) Limited

	acting not in its individual capacity but solely as trustee under the Trust Agreement

			
		
	By:	 	 /s/ Claire O’Donovan

	Name:	 	Claire O’Donovan
	Title:	 	Attorney

 New Lessor 
 Contrail
Aviation Leasing, LLC 
  

			
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	Lessee	 	

  

	
	Air Macau Company Limited
	

  

			
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  
 3 

 SIGNATURES 

Existing Lessor 
  

			
	Wilmington Trust SP Services (Dublin) Limited
	 acting not in its individual capacity but

solely as trustee under the Trust Agreement

		 	
		 	
		 	
		 	

  

					
		 	
By:                  
                                         
             

		 	
Name:                  
                                         
             

		 	
Title:                  
                                         
           

		 	New Lessor

  

					
		 	Contrail Aviation Leasing, LLC
		
		 	By: /s/ Joseph G. Kuhn                    
		 	Name:	 	Joseph G. Kuhn
		 	Title:	 	CEO
		 	Lessee	 	

  

	
	Air Macau Company Limited
	

  

			
		 	
	By:	 	 /s/ Chen Hong

	Name:	 	 Chen Hong

	Title:	 	 CEO

		 	                                      
              

  
 3 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 EFFECTIVE TIME SUPPLEMENT 

 

	 	(1)	 Air Macau Company Limited (“Lessee”) 

 

	 	(2)	 Wilmington Trust SP Services (Dublin) Limited, acting not in its individual capacity but solely as trustee
under the Trust Agreement (“Existing Lessor”) 

  

	 	(3)	 Contrail Aviation Leasing, LLC (“New Lessor”) 

Existing Lessor, New Lessor and Lessee hereby agree as follows: 
  

	1.	 This Effective Time Supplement (this “Supplement”) is entered into for purposes of the
Novation and Amendment Agreement dated September 4, 2018 between the parties to this Supplement (the “Agreement”) relating to the one Airbus A319-100 aircraft bearing
manufacturer’s serial number 1790 together with two (2) IAE V2524-A5 engines with manufacturer’s serial numbers V11286 and V11287 (the “Aircraft”). 

 

	2.	 Terms used in this Supplement shall have the meanings given to them in the Agreement and the Novated Lease.

  

	3.	 Lessee, Existing Lessor and New Lessor confirm that the conditions precedent for its benefit contained in the
Agreement have been satisfied, deferred or waived and that the novation and amendment contemplated in the Agreement has occurred and the Effective Time was 17:14 p.m. Dublin time on this 17th day
of September 2018 while the aircraft with manufacturer’s serial number 1790 was located at Macau. 

  

	4.	 Lessee, Existing Lessor and New Lessor confirm that the representations and warranties made by it in the
Agreement are true and correct at the Effective Time. 

  

	5.	 New Lessor and Existing Lessor hereby notify Lessee that at the Effective Time ownership in the Aircraft has
been transferred to New Lessor. 

  

	6.	 The amount of the Security Deposit held by Existing Lessor and transferred to New Lessor at the Effective Time
is $ *                     . 

 

	7.	 The balance of the Reserves held by Existing Lessor less any amounts reimbursed by Existing Lessor to Lessee
under the Lease or otherwise accounted for under the Lease are as at the date hereof as follows and such amounts have been transferred by Existing Lessor to New Lessor at the Effective Time: 

 

	 	(a)	 in respect of the Airframe 6Y Check Reserves: US$ *
                        ; 

 

	 	(b)	 in respect of the Airframe 12Y Check Reserves: US$ *
                    ; 

 

	 	(c)	 in respect of the Engine LLP Reserves (ESN V11286): US$ *
                    ; 

 

	 	(d)	 in respect of the Engine LLP Reserves (ESN V11287): US$ *
                    ; 

 

	 	(e)	 in respect of Engine Performance Restoration Reserves (ESN V11286): US$ *
                    ; 

  
 1 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

	 	(f)	 in respect of Engine Performance Restoration Reserves (ESN V11287): US$ *
                ; 

  

	 	(g)	 in respect of the Landing Gear Reserves: US$ *
                ; and 

  

	 	(h)	 in respect of the APU Reserves: US$ *
                ; 

  

	8.	 This Effective Time Supplement and all non-contractual obligations
arising from or in connection with it are governed by and shall be construed in accordance with the Laws of New York. 

[Signature Page follows] 

  
 2 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 SIGNATURES 

Existing Lessor 
  

			
	 Wilmington Trust SP Services (Dublin) Limited

	acting not in its individual capacity but solely as trustee under the Trust Agreement

  

			
		
	By:	 	/s/ Claire O’Donovan
	Name:	 	Claire O’Donovan
	Title:	 	Attorney

  

New Lessor 
 Contrail Aviation Leasing, LLC 

 

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 Lessee

  

					
			
	Air Macau Company Limited	  		 	

  

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 3 

 SIGNATURES 

Existing Lessor 
  

			
	Wilmington Trust SP Services (Dublin) Limited
	acting not in its individual capacity but solely as trustee under the Trust Agreement
		 	
	    	 	 

By:                    
                                         
            

Name:                   
                                         
             

Title:                   
                                         
           
 New Lessor 

 

			
	Contrail Aviation Leasing, LLC
	
	By: /s/ Joseph G. Kuhn                    
	Name:	 	Joseph G. Kuhn
	Title:	 	CEO

 Lessee 
  

			
	Air Macau Company Limited
		
	 By:
	 	/s/ Chen Hong
	Name:	 	Chen Hong
	 Title:
	 	CEO

  
 3 

 REPLACEMENT POWER OF ATTORNEY 

Air Macau Company Limited (“Air Macau”) hereby irrevocably appoints CONTRAIL AVIATION LEASING, LLC
(“CONTRAIL AVIATION LEASING, LLC”), organized and existing under the laws of the State of North Carolina, United States of America whose principal place of business office is at 435 Investment Court, Verona, Wisconsin 53593, United
States of America as Air Macau’s true and lawful attorney so that CONTRAIL AVIATION LEASING, LLC may take any of the following actions in the name of and for Air Macau’s with respect to the A319-100 aircraft bearing manufacturer’s serial number 1758 (the “Aircraft”) leased by CONTRAIL AVIATION LEASING, LLC to
Air Macau pursuant to an Aircraft Lease Agreement dated as of October 26, 2001, as assigned and amended from time to time and as novated and amended pursuant to the Novation and Amendment
Agreement dated as of     September 4, 2018             (the “Lease”): 

1. Pursuant to the Lease, Air Macau has procured and is maintaining insurances for the Aircraft. CONTRAIL AVIATION
LEASING, LLC has been named sole loss payee on the all risk hull and war risk insurances for the Aircraft. In the event of a total loss or constructive total loss of the Aircraft, CONTRAIL AVIATION LEASING, LLC is entitled to receive insurance
proceeds in an amount equal to the Agreed Value (as defined in the Lease). CONTRAIL AVIATION LEASING, LLC may take all action and sign all documents otherwise required to be performed by Air Macau
including execution on behalf of Air Macau of an appropriate form of discharge/release document, in order for CONTRAIL AVIATION LEASING, LLC to collect such insurance proceeds. 

2. In the exercise of the rights of CONTRAIL AVIATION LEASING, LLC under the Lease to recover the Aircraft from Air Macau and Macau after termination of the Lease due to an Event of Default (as defined in the Lease) under the Lease or for termination of the Lease due to any other
reason, CONTRAIL AVIATION LEASING, LLC may take all action otherwise required to be performed by Air Macau before the authorities and courts in Macau
in order to cause the Aircraft to be repossessed by CONTRAIL AVIATION LEASING, LLC, deregistered from the Macau Civil Aviation Authority and/or the
Macau Commercial and Moveable Assets Registry or any successor thereof, and any other person or Government Entity (as defined in the Lease) which from time to time has control over civil aviation or
the registration, airworthiness or operation of aircraft in Macau (the “Aeronautics Authorities”), operated and exported from Macau.

 3. In the exercise of the rights mentioned in paragraphs 1 to 2, CONTRAIL AVIATION LEASING, LLC may make any declarations or statements and sign
any public or private documents which may be considered necessary or appropriate. 
 4. CONTRAIL AVIATION LEASING, LLC may delegate the powers conferred
hereby, in whole or in part, to any individual(s), including but not limited to employees of CONTRAIL AVIATION LEASING, LLC or legal counsel in Macau. 

CONTRAIL AVIATION LEASING, LLC is empowered to determine in its sole discretion when to exercise the powers conferred upon CONTRAIL AVIATION LEASING, LLC
pursuant to this Power of Attorney. Any person, agency or company relying upon this Power of Attorney need not and will not make any determination or require any court judgment as to whether an Event of Default (as defined in the Lease) is
outstanding under the Lease or whether the Lease has been terminated. 
 Air Macau hereby waives any claims
against (a) any person acting on the instructions given by CONTRAIL AVIATION LEASING, LLC or its designee pursuant to this Power of Attorney and (b) any person designated by CONTRAIL AVIATION LEASING, LLC or an officer of CONTRAIL AVIATION
LEASING, LLC to give instructions pursuant to this Power of Attorney. Air Macau also agrees to indemnify and hold harmless any person, agency or company which may act in reliance upon this Power of
Attorney and pursuant to instructions given by CONTRAIL AVIATION LEASING, LLC or its designee. 

  
 1 

 Air Macau expressly declares that CONTRAIL AVIATION LEASING, LLC
may use this power of attorney to do business with “itself”. 
 This Power of Attorney is irrevocable as it is granted for the benefit of
CONTRAIL AVIATION LEASING, LLC in accordance with Articles 258.3 and 1101 of the Macau Civil Code, and may only be revoked with the approval of CONTRAIL AVIATION LEASING, LLC or when the Aircraft has been
returned to the possession of CONTRAIL AVIATION LEASING, LLC, deregistered and exported from Macau. 

Air Macau Company Limited has made and delivered this Power of Attorney on 17 Sep 2018 in Macau. 

 

			
	Air Macau Company Limited
		
	 By:
	 	/s/ Chen Hong
		
	 Title:
	 	CEO

  
 2 

 REPLACEMENT POWER OF ATTORNEY 

Air Macau Company Limited (“Air Macau”) hereby irrevocably appoints CONTRAIL AVIATION LEASING, LLC (“CONTRAIL AVIATION LEASING,
LLC”), organized and existing under the laws of the State of North Carolina, United States of America whose principal place of business office is at 435 Investment Court, Verona, Wisconsin 53593, United States of America as Air Macau’s
true and lawful attorney so that CONTRAIL AVIATION LEASING, LLC may take any of the following actions in the name of and for Air Macau with respect to the A319-100 aircraft bearing manufacturer’s serial
number 1790 (the “Aircraft”) leased by CONTRAIL AVIATION LEASING, LLC to Air Macau pursuant to an Aircraft Lease Agreement dated as of October 26, 2001, as assigned and amended from time to time and as novated and amended
pursuant to the Novation and Amendment Agreement dated as of    September 4, 2018             (the “Lease”): 

I. Pursuant to the Lease, Air Macau has procured and is maintaining insurances for the Aircraft. CONTRAIL AVIATION LEASING, LLC has been named sole loss payee
on the all risk hull and war risk insurances for the Aircraft. In the event of a total loss or constructive total loss of the Aircraft, CONTRAIL AVIATION LEASING, LLC is entitled to receive insurance proceeds in an amount equal to the Agreed Value
(as defined in the Lease). CONTRAIL AVIATION LEASING LLC may take all action and sign all documents otherwise required to be performed by Air Macau including execution on behalf of Macau of an appropriate form of discharge/release document, in order
for CONTRAIL AVIATION LEASING, LLC to collect such insurance proceeds. 
 2. In the exercise of the rights of CONTRAIL AVIATION LEASING, LLC under the Lease
to recover the Aircraft from Air Macau and Macau after termination of the Lease due to an Event of Default (as defined in the Lease) under the Lease or for termination of the Lease due to any other reason, CONTRAIL AVIATION LEASING, LLC may take all
action otherwise required to be performed by Air Macau before the authorities and courts in Macau in order to cause the Aircraft to be repossessed by CONTRAIL AVIATION LEASING, LLC, deregistered from the
Macau Civil Aviation Authority and/or the Macau Commercial and Moveable Assets Registry, or any successor thereof, and any other person or Government Entity
(as defined in the Lease) which from time to time has control over civil aviation or the registration, airworthiness or operation of aircraft in Macau (the “Aeronautics Authorities”), operated and exported from Macau. 

3. In the exercise of the rights mentioned in paragraphs 1 to 2, CONTRAIL AVIATION LEASING, LLC may make any declarations or statements and sign any public or
private documents which may be considered necessary or appropriate. 
 4. CONTRAIL AVIATION LEASING, LLC may delegate the powers conferred hereby, in whole
or in part, to any individual(s), including but not limited to employees of CONTRAIL AVIATION LEASING, LLC or legal counsel in Macau. 
 CONTRAIL AVIATION
LEASING, LLC is empowered to determine in its sole discretion when to exercise the powers conferred upon CONTRAIL AVIATION LEASING, LLC pursuant to this Power of Attorney. Any person, agency or company relying upon this Power of Attorney need not
and will not make any determination or require any court judgment as to whether an Event of Default (as defined in the Lease) is outstanding under the Lease or whether the Lease has been terminated. 

Air Macau hereby waives any claims against (a) any person acting on the instructions given by CONTRAIL AVIATION LEASING, LLC or its designee pursuant to
this Power of Attorney and (b) any person designated by CONTRAIL AVIATION LEASING, LLC or an officer of CONTRAIL AVIATION LEASING, LLC to give instructions pursuant to this Power of Attorney. Air Macau also agrees to indemnify and hold harmless
any person, agency or company which may act in reliance upon this Power of Attorney and pursuant to instructions given by CONTRAIL AVIATION LEASING, LLC or its designee. 

  
 1 

 Air Macau expressly declares that CONTRAIL AVIATION LEASING, LLC may use this power of attorney to do
business with “itself”. 
 This Power of Attorney is irrevocable as it is granted for the benefit CONTRAIL AVIATION LEASING, LLC in accordance
with Articles 258.3 and 1101 of the Civil Code, and may only be revoked with the approval of CONTRAIL AVIATION LEASING, LLC or when the Aircraft has been returned to the possession of CONTRAIL AVIATION LEASING, LLC, deregistered and exported from
Macau. 
 Air Macau Company Limited has made and delivered this Power of Attorney on 17 Sep 2018 in Macau. 

 

			
	Air Macau Company Limited
		
	 By:
	 	/s/ Chen Hong
		
	 Title:
	 	CEO

  
 2 

 ACCEPTANCE CERTIFICATE 

CONTRAIL AVIATION SUPPORT, LLC. (“Buyer”) and CONTRAIL AVIATION LEASING, LLC. (“Buyer’s Nominee”) do hereby represent,
acknowledge, warrant and agree in favour of Wilmington Trust SP Services (Dublin) Ltd. not in its individual capacity but solely AS TRUSTEE FOR AIRCRAFT 32A-1758 (Ireland) Trust (“Seller”) as follows: 

 

	1.	 Buyer’s Nominee has at 17:14 hours Dublin time) this 17th day of
    September         2018 accepted from Seller the following equipment, all as further described in the Aircraft Sale Agreement dated 3 August 2018 (“Sale
Agreement”) between, inter alios, Seller and Buyer (collectively the “Aircraft”): 

  

	 	(a)	 one (1) used Airbus A319-100 aircraft bearing manufacturer’s
serial number 1758 

  

	 	(b)	 two (2) used IAE V2524-A5 Engines bearing manufacturer’s serial
numbers V11255 and V11256 and 

  

	 	(c)	 and all Parts and Aircraft Documentation. 

 

	2.	 All of the foregoing equipment has been accepted on the date set forth above to Buyer’s and Buyer’s
Nominee’s full satisfaction pursuant to the terms and provisions of the Sale Agreement when the Aircraft was located at Macau. 

  

	3.	 The Aircraft, Engines, Parts and Aircraft Documentation have been fully examined by Buyer and Buyer’s
Nominee and have been received in a condition fully satisfactory to Buyer and Buyer’s Nominee and in full conformity with the Sale Agreement in every respect. 

 

	4.	 Buyer and Buyer’s Nominee agrees that it is purchasing the Aircraft “AS IS, WHERE IS AND WITH ALL
FAULTS” and subject to the terms and conditions of the Sale Agreement. 

 Unless otherwise defined herein, capitalised terms used
in this acceptance certificate have the same meaning as those used in the Sale Agreement. 
 IN WITNESS WHEREOF Buyer and Buyer’s Nominee have
executed this acceptance certificate on the date set forth above. 
  

			
	 CONTRAIL AVIATION SUPPORT, LLC

	
	 /s/ Joseph G. Kuhn

	 By: Joseph G. Kuhn

	 Its: CEO

  

			
	 CONTRAIL AVIATION LEASING, LLC

	
	 /s/ Joseph G. Kuhn

	 By: Joseph G. Kuhn

	 Its: CEO

  

 ACCEPTANCE CERTIFICATE 

CONTRAIL AVIATION SUPPORT, LLC. (“Buyer”) and CONTRAIL AVIATION LEASING, LLC. (“Buyer’s Nominee”) do hereby represent,
acknowledge, warrant and agree in favour of Wilmington Trust SP Services (Dublin) Ltd. not in its individual capacity but solely AS TRUSTEE FOR AIRCRAFT 32A-1790 (Ireland) Trust (“Seller”) as follows: 

 

	1.	 Buyer’s Nominee has at 17:14 hours Dublin time) this 17th day of
  September         2018 accepted from Seller the following equipment, all as further described in the Aircraft Sale Agreement dated 3 August 2018 (“Sale
Agreement”) between, inter alios, Seller and Buyer (collectively the “Aircraft”): 

  

	 	(a)	 one (1) used Airbus A319-100 aircraft bearing manufacturer’s
serial number 1790; 

  

	 	(b)	 two (2) used IAE V2524-A5 Engines bearing manufacturer’s serial
numbers V11286 and V11287; and 

  

	 	(c)	 and all Parts and Aircraft Documentation. 

 

	2.	 All of the foregoing equipment has been accepted on the date set forth above to Buyer’s and Buyer’s
Nominee’s full satisfaction pursuant to the terms and provisions of the Sale Agreement when the Aircraft was located at Macau. 

  

	3.	 The Aircraft, Engines, Parts and Aircraft Documentation have been fully examined by Buyer and Buyer’s
Nominee and have been received in a condition fully satisfactory to Buyer and Buyer’s Nominee and in full conformity with the Sale Agreement in every respect. 

 

	4.	 Buyer and Buyer’s Nominee agrees that it is purchasing the Aircraft “AS IS, WHERE IS AND WITH ALL
FAULTS” and subject to the terms and conditions of the Sale Agreement. 

 Unless otherwise defined herein, capitalised terms used
in this acceptance certificate have the same meaning as those used in the Sale Agreement. 
 IN WITNESS WHEREOF Buyer and Buyer’s Nominee have
executed this acceptance certificate on the date set forth above. 
  

			
	CONTRAIL AVIATION SUPPORT, LLC
	
	 /s/ Joseph G. Kuhn

	By:	 	Joseph G. Kuhn
	Its:	 	CEO

  

			
	CONTRAIL AVIATION LEASING, LLC
	
	 /s/ Joseph G. Kuhn

	By:	 	Joseph G. Kuhn
	Its:	 	CEO

  

 BILL OF SALE 

Wilmington Trust SP Services (Dublin) Ltd. not in its individual capacity but solely AS TRUSTEE FOR AIRCRAFT 32A-1758 (Ireland) Trust, a company incorporated
under the laws of Ireland (“Seller”), is the owner of the following equipment, all as further described in the Aircraft Sale Agreement dated 3 August, 2018 (“Sale Agreement”) between, inter alias, Seller
and Contrail Aviation Support, LLC (collectively the “Aircraft”): 
  

	 	1.	 one (1) used Airbus A319-100 aircraft bearing manufacturer’s
serial number 1758; 

  

	 	2.	 two (2) used IAE V2524-A5 Engines bearing manufacturer’s
serial numbers V11255 and V11256; and 

  

	 	3.	 and all Parts and Aircraft Documentation. 

For and in consideration of the sum of *
                              
                                  
 and other valuable consideration, receipt of which is hereby acknowledged, Seller does hereby sell, grant, transfer, deliver and set over to Contrail Aviation Leasing, LLC (“Buyer”)
and its successors and assignees forever all of Seller’s right, title and interest in and to the Aircraft, to have and to hold the Aircraft for its and their use forever. 

Seller hereby warrants to Buyer and its successors and assigns that there is hereby conveyed to Buyer full legal and beneficial good and marketable title to
the Aircraft save as to freedom from Security Interests in relation to which Seller warrants only that the Aircraft is free of Warranted Security Interests, and that Seller will warrant and defend such title forever against all claims and demands.

 Unless otherwise defined herein, capitalised terms used in this bill of sale have the same meaning as those used in the Sale Agreement. 

This bill of sale will be governed by, and construed in accordance with, the Governing Law. The Governing Jurisdiction will have exclusive jurisdiction to
settle any dispute arising out of or in connection with this bill of sale. 
 IN WITNESS WHEREOF Seller has executed this bill of sale as a deed at
17:14 hours Dublin time) this 17th day of September 2018. 
 Seller: Wilmington Trust SP Services (Dublin) Ltd. not in its
individual capacity but solely AS TRUSTEE FOR AIRCRAFT 32A-1758 (Ireland) Trust 
  

	
	SIGNED and DELIVERED as a DEED by
	
	/s/ Cliona O’Faolain
	Cliona O’Faolain

	
	as duly appointed attorney for and on behalf of Wilmington Trust SP Services (Dublin) Ltd. not in its individual capacity but solely AS TRUSTEE FOR AIRCRAFT 32A-1758 (Ireland) Trust

 In the presence of: 
  

			
	 /s/ R. Murphy
	  	
	Witness signature	  	
		  	
	Witness name: Rebecca Murphy	  	
	Witness address:	  	
	Witness occupation: Admin	  	 Fourth Floor
 8 George’s Dock

IFSC
 Dublin 1

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 BILL OF SALE 

Wilmington Trust SP Services (Dublin) Ltd. not in its individual capacity but solely AS TRUSTEE FOR AIRCRAFT 32A-1790 (Ireland) Trust, a company incorporated under the laws of Ireland (“Seller”), is the owner of the following equipment, all as further described in the Aircraft Sale Agreement dated 3 August, 2018
(“Sale Agreement”) between, inter alios, Seller and Contrail Aviation Support, LLC (collectively the “Aircraft”): 
  

	 	1.	 one (1) used Airbus A319-100 aircraft bearing manufacturer’s
serial number 1790; 

  

	 	2.	 two (2) used IAE V2524-A5 Engines bearing manufacturer’s
serial numbers V11286 and V11287; and 

  

	 	3.	 and all Parts and Aircraft Documentation. 

For and in consideration of the sum of *
                              
                           and other valuable consideration, receipt of
which is hereby acknowledged, Seller does hereby sell, grant, transfer, deliver and set over to Contrail Aviation Leasing, LLC (“Buyer”) and its successors and assignees forever all of Seller’s right, title and interest in and
to the Aircraft, to have and to hold the Aircraft for its and their use forever. 
 Seller hereby warrants to Buyer and its successors and assigns
that there is hereby conveyed to Buyer full legal and beneficial good and marketable title to the Aircraft save as to freedom from Security Interests in relation to which Seller warrants only that the Aircraft is free of Warranted Security
Interests, and that Seller will warrant and defend such title forever against all claims and demands. 
 Unless otherwise defined herein, capitalised terms
used in this bill of sale have the same meaning as those used in the Sale Agreement. 
 This bill of sale will be governed by, and construed in accordance
with, the Governing Law. The Governing Jurisdiction will have exclusive jurisdiction to settle any dispute arising out of or in connection with this bill of sale. 

IN WITNESS WHEREOF Seller has executed this bill of sale as a deed at
                 hours (          time) this 17th day of September 2018. 

Seller: Wilmington Trust SP Services (Dublin) Ltd. not in its individual capacity but solely AS TRUSTEE FOR AIRCRAFT 32A-1790 (Ireland) Trust 

 

			
	SIGNED and DELIVERED as a DEED by 
	        	 	/s/ Cliona O’Faolain
		 	 Cliona O’Faolain

		 	 Director

		 	as duly appointed attorney for and on behalf of Wilmington Trust SP Services (Dublin) Ltd. not in its individual capacity but solely AS TRUSTEE FOR AIRCRAFT 32A-1790 (Ireland)
Trust 

 In the presence of: 
  

			
	                                      
                 	  	
	 /s/ R. Murphy 
	  	
	Witness signature	  	
		  	
	Witness name: * 	  	Rebecca Murphy
	Witness address:	  	
	Witness occupation: *                    	  	       Fourth Floor

      3 George’s Dock

      IFSC

      Dublin 1

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission.

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