Document:

EX-4.1

 Exhibit 4.1 

DESCRIPTION OF CAPITAL STOCK OF HARBOR DIVERSIFIED INC. 

The following is a summary of characteristics of the capital stock of Harbor Diversified, Inc., as set forth in our amended
and restated certificate of incorporation, as amended, or our Charter, and our amended and restated bylaws, as amended, or our Bylaws. References to “we,” “us,” “our” or the “Company” refer to Harbor
Diversified, Inc. The summary does not purport to be complete and is subject to and qualified in its entirety by reference to our Charter and Bylaws, copies of which have been filed as exhibits to our Annual Report on Form 10-K of which this Exhibit is a part. We encourage you to read our Charter and Bylaws and the applicable provisions of the Delaware General Corporation Law, or the DGCL, for additional information. 

General 
 Our authorized
capital stock consists of 100,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of preferred stock, par value $0.01 per share, 2,000,000 of which have been designated Series A Preferred Stock, 300,000 of which have
been designated Series B Junior Participating Preferred Stock, or, together with the Series A Preferred Stock, the Junior Stock, and 4,000,000 of which have been designated Series C Convertible Redeemable Preferred Stock. Consistent with the terms
of our Charter, all of the shares of the Series A Preferred Stock have been converted to shares of our common stock and may not be reissued as authorized shares of preferred stock, and all of the shares of Series B Junior Participating Preferred
Stock shares remain authorized as none have been issued. 
 Common Stock 

Our Charter authorizes the issuance of up to 100,000,000 shares of common stock. All outstanding shares of our common stock are
validly issued, fully paid and nonassessable. The holders of our common stock are entitled to one vote per share on all matters submitted to a vote of stockholders and our Charter does not provide for cumulative voting in the election of directors.
Subject to preferences that may be applicable to any outstanding series of preferred stock, the holders of our common stock will receive ratably any dividends declared by our board of directors out of funds legally available for the payment of
dividends. In the event of our liquidation, dissolution or winding-up, the holders of our common stock are entitled to share ratably in all assets remaining after payment of or provision for any liabilities,
subject to prior distribution rights of preferred stock, if any, then outstanding. 
 Our common stock is not entitled to
preemptive rights, and is not subject to redemption. There are no sinking fund provisions applicable to our common stock. Our common stock is not convertible into any other shares of our capital stock. 

Series C Convertible Redeemable Preferred Stock 

Pursuant to the terms of our Charter, our board of directors is authorized, subject to limitations prescribed by the DGCL, to
issue up to 10,000,000 shares of preferred stock, par value $0.01 per share, in one or more series, to establish from time to time the number of shares to be included in each series, and to fix the designation, powers, preferences and rights of the
shares of each series and any of its qualifications, limitations or restrictions, in each case without further action by our stockholders. On January 17, 2020, we filed a Certificate of Designations, Preferences, and Rights of Series C
Convertible Redeemable Preferred Stock with the Secretary of State of the State of Delaware, or the Certificate of Designations, establishing the rights, preferences, privileges, qualifications, restrictions and limitations relating to 4,000,000
shares of our Series C Convertible Redeemable Preferred Stock, par value $0.01 per share. Our Series C Convertible Redeemable Preferred Stock ranks senior to our common stock and any other class or series of capital stock, with respect to rights to
dividends, distributions, redemptions and payments upon the liquidation, dissolution and winding up of the Company. Holders of our Series C Convertible Redeemable Preferred Stock have the right to vote with holders of our common stock on an as-converted basis on all matters, subject to such limitations as set forth in the Certificate of Designations. Each share of our Series C Convertible Redeemable Preferred Stock is convertible at the option of its
holder into shares of our common stock. The amount of shares of our common stock that our Series C Convertible Redeemable Preferred Stock is convertible into is determined by dividing the then-applicable Series C Liquidation Amount on the date of
conversion by the Conversion Price of the Series C Convertible Redeemable Preferred Stock, which is $0.80, as adjusted. The Series C Liquidation Amount is equal to $3.30, as adjusted, plus all accrued but unpaid preferential dividends, conversion
cap excess dividends, and any other accrued but unpaid dividends on such share of Series C Convertible Redeemable Preferred Stock. Our Series C Convertible Redeemable Preferred Stock is convertible into a maximum of 16,500,000 shares of our common
stock, as adjusted. 

 Limitations on Directors’ and Officers’ Liability 

The DGCL authorizes corporations to limit or eliminate the personal liability of officers and directors to corporations and
their stockholders for monetary damages for breaches of directors’ fiduciary duties. Our Charter and Bylaws include provisions that eliminate, to the extent allowable under the DGCL, the personal liability of officers and directors for monetary
damages for actions taken as a director or officer, as the case may be. Our Charter and Bylaws also provide that we must indemnify and advance reasonable expenses to our directors and officers to the fullest extent authorized by the DGCL. 

The DGCL’s limitation on the elimination of director liability is generally unavailable for acts or omissions by a
director which (i) were not in good faith, (ii) were the result of intentional misconduct or a knowing violation of law, (iii) result in a director deriving an improper personal benefit (such as a financial profit or other advantage
to which the director was not legally entitled) or (iv) breached the director’s duty of loyalty. The DGCL also prohibits limitations on director liability under Section 174 of the DGCL, which relates to certain unlawful dividend
declarations and stock repurchases. 
 We maintain insurance that insures our directors and officers against certain losses
and which insures us against our obligations to indemnify the directors and officers. We have also entered into indemnification agreements with our directors and executive officer, the form of which has been filed as an exhibit to our Annual Report
on Form 10-K of which this Exhibit is a part. 
 The limitation of liability and
indemnification provisions in our Charter and Bylaws may discourage stockholders from bringing a lawsuit against officers and directors for breach of their fiduciary duty. These provisions may also have the effect of reducing the likelihood of
derivative litigation against officers and directors, even though such an action, if successful, might otherwise benefit our Company and our stockholders. In addition, investment in our common stock may be adversely affected to the extent that, in a
class action or direct suit, we pay the costs of settlement and damage awards against officers and directors pursuant to these indemnification provisions. 

Provisions of Our Charter and Bylaws and Delaware Law That May Have an Anti-Takeover Effect 

Provisions of the DGCL and our Charter and Bylaws could make it more difficult to acquire our Company by means of a tender
offer, a proxy contest or otherwise, or to remove incumbent officers and directors. These provisions, summarized below, are intended to discourage coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire
control of us to first negotiate with our board of directors. We believe that the benefits of these provisions outweigh the disadvantages of discouraging certain takeover or acquisition proposals because, among other things, negotiation of these
proposals could result in an improvement of their terms and enhance the ability of our board of directors to maximize stockholder value. However, these provisions may delay, deter or prevent a merger or acquisition of us that a stockholder might
consider is in its best interest, including those attempts that might result in a premium over the prevailing market price of our common stock. 

Requirements for Advance Notification of Stockholder Meetings, Nominations and Proposals 

Our Bylaws provide that special meetings of the stockholders may be called only by the chairman of our board, the chief
executive officer, a majority of our board or the written request of holders of at least 25% of the voting power of the then-outstanding shares of voting stock of the Company, entitled to vote at an election of directors. Our Bylaws prohibit the
conduct of any business at a special meeting other than as specified in the notice for such meeting. These provisions may have the effect of deferring, delaying or discouraging hostile takeovers, or changes in control or management of our company.

 Our Bylaws establish advance notice procedures with respect to stockholder
proposals and the nomination of candidates for election as directors. In order for any matter to be “properly brought” before a meeting, a stockholder must comply with advance notice procedures and provide us with certain information. Our
Bylaws allow our board to adopt rules and regulations for the conduct of stockholder meetings which may have the effect of precluding the conduct of certain business at a meeting if such rules and regulations are not followed. These provisions may
also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to influence or obtain control of our Company. 

No Cumulative Voting 

The DGCL provides that a stockholder’s right to vote cumulatively in the election of directors does not exist unless the
certificate of incorporation specifically provides otherwise. Our Charter does not provide for cumulative voting. 

Size of Board and Vacancies 

Our Charter and Bylaws provide that the exact number of directors on our board of directors is fixed exclusively by our board
of directors. Newly created directorships resulting from any increase in our authorized number of directors, and any vacancies resulting from death, resignation, retirement, disqualification, removal from office or other cause, will generally be
filled by a majority of our board of directors then in office, although such vacancies may also be filled by the affirmative vote of the holders of a majority of the voting power of the then-outstanding shares of voting stock of the Company,
entitled to vote at an election of directors. 
 Authorized but Unissued Shares 

Our authorized but unissued shares of common stock and preferred stock are available for future issuance without stockholder
approval. The DGCL does not require stockholder approval for any issuance of authorized shares. We may use additional shares for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions
and employee benefit plans. As discussed above, our board of directors has the ability to issue preferred stock with voting rights or other preferences, without stockholder approval. The existence of authorized but unissued shares of common stock
and preferred stock could render more difficult or discourage an attempt to obtain control of our Company by means of a proxy contest, tender offer, merger or otherwise. 

Five-Percent Stockholder Transfer Restrictions 

Our Charter generally restricts any direct or indirect transfers of our common stock if the effect would be to
(i) increase the direct or indirect ownership of our common stock by any person or group from less than 5.0% to 5.0% or more of our common stock; or (ii) increase the percentage of our common stock owned directly or indirectly by a person
or group owning or deemed to own 5.0% or more of our common stock. 
 Exclusive Forum Clause 

Our Bylaws provide that, unless we consent in writing to the selection of an alternative forum, to the fullest extent permitted
by law, the sole and exclusive forum for any stockholder (including any beneficial owner) to bring (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any
of our directors, officers, or employees to us or to our stockholders, (iii) any action asserting a claim arising pursuant to any provision of the DGCL or our Charter or Bylaws, or (iv) any action asserting a claim governed by the internal
affairs doctrine, will, to the fullest extent permitted by law, be the Court of Chancery of the State of Delaware.EX-10.1

 Exhibit 10.1 

Schedule of Omitted Documents 

Exhibit 10.1 to Annual Report on Form 10-K 

Harbor Diversified, Inc. 

LIST OF INDEMNITEES 

Each of the individuals identified below is a party to an indemnification agreement with Harbor Diversified, Inc. in the form attached
herewith as Exhibit 10.1 to Harbor Diversified, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019: 

 

			
	Name	  	Date Signed
	Nolan Bederman	  	June 30, 2020
	Richard A. Bartlett	  	June 30, 2020
	Kevin Degen	  	June 30, 2020
	Christine R. Deister	  	June 30, 2020

  
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 INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (this “Agreement”), dated
                    , 20        , is by and between Harbor Diversified, Inc., a Delaware corporation (the
“Company”), and                      (“Indemnitee”). 

RECITALS 

A.        Indemnitee is a director or an officer of the Company. 

B.        The board of directors of the Company (the “Board”) has
determined that enhancing the ability of the Company to attract and retain as directors and officers the most capable persons is in the best interests of the Company and that the Company therefore should seek to assure such persons that
indemnification is available. 
 C.        In recognition of the need to provide
Indemnitee with substantial protection against personal liability, in order to procure Indemnitee’s continued service as a director or officer of the Company and enhance Indemnitee’s ability to serve the Company in an effective manner, and
in order to provide such protection pursuant to express contract rights, the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses to, Indemnitee as set forth in this Agreement. 

D.        The rights provided to Indemnitee pursuant to this Agreement are intended
to be enforceable irrespective of, among other things, any amendment to the Company’s Amended and Restated Certificate of Incorporation or Amended and Restated Bylaws (as amended, and in effect from time to time, the “Constituent
Documents”), any change in the composition of the Board, and any change in control or business combination transaction relating to or involving the Company. 

NOW, THEREFORE, in consideration of the foregoing and Indemnitee’s agreement to continue to provide services to the
Company, the parties hereby agree as follows: 
 1. Services to the Company. Indemnitee agrees to continue to serve
as a director or officer of the Company for so long as Indemnitee is duly elected or appointed, until Indemnitee tenders Indemnitee’s resignation or until Indemnitee is terminated by the Company, as applicable. This Agreement shall not be
deemed an employment agreement between Indemnitee and the Company. Indemnitee specifically acknowledges that Indemnitee’s service to the Company is at will, and Indemnitee may be discharged at any time for any reason, with or without cause,
except as may be otherwise provided in any written employment agreement (or similar agreement) between Indemnitee and the Company, other applicable severance or change of control agreements duly adopted by the Board or, with respect to service as a
director or officer of the Company, by the Constituent Documents or Delaware law. This Agreement shall continue in force after Indemnitee has ceased to serve as a director or officer of the Company. 

2. Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 

(a) “Agreement” shall have the meaning ascribed to it in the preamble above. 

  
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 (b) “Beneficial Owner” has the meaning given to such
term in Rule 13d-3 under the Exchange Act. 
 (c) “Board” shall
have the meaning ascribed to it in the recitals above. 
 (d) “Business Combination” means a
reorganization, merger, consolidation or similar transaction relating to or involving the Company. 
 (e) “Change
in Control” means the occurrence after the date of this Agreement of any of the following events: 
 (i)
Acquisition of Stock by Third Party. Any Person who is not a stockholder of the Company as of the effective date of this Agreement becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing thirty percent
(30%) or more of the Voting Securities, unless the change in the relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding Voting Securities; 

(ii) Corporate Transactions. The consummation of a Business Combination, unless immediately following such Business
Combination, (1) the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the outstanding Voting
Securities of the entity resulting from such transaction, (2) no Person (excluding any Person resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of twenty percent (20%) or more of the combined voting
power of the then outstanding securities entitled to vote generally in the election of directors of such Person except to the extent that such ownership existed prior to the Business Combination and (3) at least a majority of the Board of
Directors of the Person resulting from such Business Combination were Continuing Directors, at the time of the execution of the initial agreement or of the action of the Board, providing for such Business Combination; 

(iii) Change in Board of Directors. The Continuing Directors cease for any reason to constitute at least a majority
of the members of the Board; or 
 (iv) Liquidation. The stockholders of the Company approve a plan of
complete liquidation or dissolution of the Company, or an agreement or series of agreements for the sale or disposition by the Company of all or substantially all of the Company’s assets (or, if such approval is not required, the decision by
the Board to proceed with such a liquidation, sale, or disposition in one transaction or a series of related transactions). 

(f) “Claim” means: 

(i) any threatened, pending or completed action, suit, demand, proceeding or alternative dispute resolution mechanism,
whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or 

(ii) any inquiry, hearing or investigation that Indemnitee determines might lead to the institution of any such action,
suit, demand, proceeding or alternative dispute resolution mechanism. 

  
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 (g) “Company” shall have the meaning ascribed to it in
the preamble above. 
 (h) “Constituent Documents” shall have the meaning ascribed to it in the recitals
above. 
 (i) “Continuing Directors” means, during a period of two consecutive years, not including any
period prior to the execution of this Agreement, the individuals collectively who, at the beginning of such period, constituted the Board (including for this purpose any new directors whose election by the Board or nomination for election by the
Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination
for election was previously so approved). 
 (j) “Delaware Court” means the Court of Chancery of the
State of Delaware. 
 (k) “Disinterested Director” means a director of the Company who is not and was
not a party to the Claim in respect of which indemnification is sought by Indemnitee. 
 (l) “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 
 (m) “Expense Advance” means any
payment of Expenses advanced to Indemnitee by the Company pursuant to Section 4 or Section 5 hereof. 
 (n)
“Expenses” means any and all expenses (including reasonable attorneys’ and experts’ fees), court costs, transcript costs, travel expenses, duplicating costs, and all other costs and expenses incurred in connection with
investigating, defending, being a witness in or participating in, or preparing to defend, be a witness in or participate in, any Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim,
including, without limitation, the premium, security for, and other costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 5 only, Expenses incurred by Indemnitee in
connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise. Expenses shall not include amounts paid in settlement by Indemnitee or the amount of any judgments or fines
against Indemnitee. 
 (o) “Indemnifiable Event” means any event or occurrence, whether occurring
before, on or after the date of this Agreement, related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in
such capacity at the time any Loss is incurred for which indemnification can be provided under this Agreement). 
 (p)
“Indemnitee” shall have the meaning ascribed to it in the preamble above. 
 (q) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporate law and neither presently performs, nor in the past five (5) years has performed, services for either: (i) the Company or Indemnitee
(other than in connection with matters concerning other indemnitees under similar agreements) or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
rights under this Agreement. 

  
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 (r) “Losses” means any and all Expenses, damages,
losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the
actual or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in, or preparing to defend, be a witness in or participate in, any
Claim. 
 (s) “Notification Date” shall have the meaning ascribed to it in Section 10(c) below.

 (t) “Other Indemnity Provisions” shall have the meaning ascribed to it in Section 14 below. 

(u) “Person” means any individual, corporation, firm, partnership, joint venture, limited liability
company, estate, trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act. 

(v) “Standard of Conduct Determination” shall have the meaning ascribed to it in Section 10(b) below.

 (w) “Voting Securities” means any securities of the Company that vote generally in the election of
directors. 
 3. Indemnification and Exculpation. Subject to the terms of this Agreement, the Company shall
indemnify and hold Indemnitee harmless, to the fullest extent permitted by the laws of the State of Delaware in effect on the date hereof, or as such laws may from time to time hereafter be amended to increase (but not to decrease) the scope of such
permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in whole or in part out of an
Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims in which Indemnitee is solely a witness. Without limiting the generality of the foregoing, Indemnitee
shall not be liable to the Company for, and the Company hereby releases Indemnitee from, any Claim brought by or in the name of the Company for which (and to the extent) Indemnitee would otherwise be entitled to indemnification from the Company
pursuant to this Agreement. 
 4. Advancement of Expenses. Indemnitee shall have the right to advancement by
the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim by reason of
or arising in whole or in part out of an Indemnifiable Event. Indemnitee’s right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within thirty
(30) calendar days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or
(c) reimburse Indemnitee for such Expenses, as determined in the Company’s discretion. Execution and delivery to the Company of this Agreement by Indemnitee constitutes an undertaking by Indemnitee, and Indemnitee hereby agrees, to repay
any amounts paid, advanced or reimbursed by the Company pursuant to this Section 4 in respect of Expenses relating to, arising out of or resulting from any Claim in respect of which it shall be determined, pursuant to Section 10, following
the final disposition of such Claim, that Indemnitee is not entitled to 

  
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indemnification hereunder. No other form of undertaking shall be required other than the execution of this Agreement. Indemnitee’s obligation to reimburse the Company for Expense Advances
shall be unsecured and no interest shall be charged thereon. 
 5. Indemnification for Expenses in Enforcing
Rights. To the fullest extent allowable under applicable law, the Company shall also indemnify and hold Indemnitee harmless against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with
Section 4, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any
provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or (b) recovery under any directors’ and officers’
liability insurance policies maintained by the Company. However, in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this
Section 5 shall be repaid. Indemnitee shall be required to reimburse the Company in the event that a final judicial determination is made that such action brought by Indemnitee was frivolous or not made in good faith. 

6. Partial Indemnity. If Indemnitee is entitled under any provision of this Agreement to indemnification by the
Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event, but not for the total amount thereof, the Company shall nevertheless indemnify and hold Indemnitee harmless for the portion thereof to which Indemnitee is
entitled. 
 7. Contribution in the Event of Joint Liability. To the fullest extent permissible under applicable
law, if the indemnification and hold harmless rights provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying and holding harmless Indemnitee, shall pay, in the
first instance, the entire amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Indemnifiable Event, in such proportion as is deemed
fair and reasonable in light of all of the circumstances of such Indemnifiable Event in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such
proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees, trustees, fiduciaries and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 

8. Notification and Defense of Claims. 

(a) Notification of Claims. Indemnitee shall notify the Company in writing as soon as practicable of any Claim of
which Indemnitee becomes aware which could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature and amount of, and the
facts underlying, such Claim and the anticipated cost of defending such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder other than to the extent the Company’s
ability to participate in the defense of such claim was materially and adversely prejudiced by such failure. 
 (b)
Defense of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the
defense thereof with counsel 

  
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reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under
this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee’s defense of such Claim other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have
the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee’s own expense; provided, however, that if
(i) Indemnitee’s employment of its own legal counsel has been authorized by the Company, (ii) Indemnitee’s counsel has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the
defense of such Claim, (iii) after a Change in Control, Indemnitee’s employment of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not in fact have employed counsel to assume the defense of such
Claim, then Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any such Claim) and all Expenses related to such separate counsel shall be borne by the
Company. 
 (c) Access to Information. In the event of a Claim, upon request by Indemnitee, the Company shall
cooperate in providing to Indemnitee’s legal counsel, access to all Company documents and information reasonably necessary to Indemnitee’s defense of such Claim. 

9. Procedure Upon Application for Indemnification. In order to obtain indemnification pursuant to this Agreement,
Indemnitee shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee
is entitled to indemnification within thirty (30) days following the final disposition of the Claim. Indemnification shall be made insofar as Indemnitee is entitled to indemnification in accordance with Section 10 below. 

10. Determination of Right to Indemnification. 

(a) Mandatory Indemnification; Indemnification as a Witness. 

(i) Mandatory Indemnification. To the extent that Indemnitee shall have been successful on the merits or otherwise
in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including, without limitation, dismissal without prejudice or settlement of the Claim (subject to the terms of
Section 12 below), Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest extent allowable by law. 

(ii) Indemnification as a Witness. To the extent that Indemnitee’s involvement in a Claim relating to an
Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law. 

(b) Standard of Conduct. To the extent that the provisions of Section 10(a) are inapplicable to a Claim related
to an Indemnifiable Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied the applicable standard of conduct under Delaware corporate law that is the minimum required condition to Indemnitee’s
entitlement to indemnity as provided in Section 3 against Losses relating to such Claim and any determination that 

  
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Expense Advances must be repaid to the Company (a “Standard of Conduct Determination”) shall be made as follows: 

(i) if no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a
quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in
a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; and 
 (ii) if a Change in
Control shall have occurred, (A) if Indemnitee so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to
the Board, a copy of which shall be delivered to Indemnitee. 
 The Company shall indemnify and hold harmless Indemnitee
against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within thirty (30) calendar days of such request, any and all Expenses incurred by Indemnitee in cooperating with the Person or Persons making
such Standard of Conduct Determination. 
 (c) Making the Standard of Conduct Determination. The Company shall use
its reasonable best efforts to cause any Standard of Conduct Determination required under Section 10(b) to be made as promptly as practicable. If the Person or Persons designated to make the Standard of Conduct Determination under
Section 10(b) shall not have made a determination within thirty (30) calendar days after the later of (i) receipt by the Company of a written request from Indemnitee for indemnification pursuant to Section 9 (the date of such
receipt being the “Notification Date”) and (ii) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of
conduct, absent (A) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (B) a
final judicial determination that any or all such indemnification is expressly prohibited under applicable law; provided, however, that such thirty (30) calendar day period may be extended for a reasonable time, not to exceed an additional
fifteen (15) calendar days, if the Person or Persons making such determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no
determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim. 

(d) Payment of Indemnification. The Company shall pay to Indemnitee, within thirty (30) calendar days after the
later of (A) the Notification Date, or (B) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) below is satisfied, an amount equal to such Losses, if, in regard to any Losses: 

(i) Indemnitee shall be entitled to indemnification pursuant to Section 10(a); 

(ii) no Standard of Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

 (iii) Indemnitee has been determined or deemed pursuant to Section 10(b) or Section 10(c) to have satisfied
the Standard of Conduct Determination. 

  
 -8- 

 (e) Selection of Independent Counsel for Standard of Conduct
Determination. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to Section 10(b)(i), the Independent Counsel shall be selected by the Board of Directors, and the Company shall give written notice to
Indemnitee advising Indemnitee of the identity of the Independent Counsel so selected. If a Standard of Conduct Determination is to be made by the Independent Counsel pursuant to Section 10(b)(ii), the Independent Counsel shall be selected by
Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within ten (10) calendar days after receiving
written notice of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria
set forth in the definition of “Independent Counsel” in Section 2, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the individual or firm so selected
shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has
determined that such objection is without merit; and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such
other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences shall apply to such subsequent selection and notice. If applicable, the provisions of clause
(ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this Section 10(e) to make the Standard of Conduct Determination
shall have been selected within thirty (30) calendar days after the Company gives its initial notice pursuant to the first sentence of this Section 10(e) or Indemnitee gives its initial notice pursuant to the second sentence of this
Section 10(e), as the case may be, either the Company or Indemnitee may petition the Delaware Court to resolve any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or to
appoint as Independent Counsel an individual or firm to be selected by the Court or such other person as the Court shall designate, and the individual or firm with respect to whom all objections are so resolved or the individual or firm so appointed
will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel’s determination pursuant to Section 10(b). 

(f) Presumptions and Defenses. 

(i) Indemnitee’s Entitlement to Indemnification. In making any Standard of Conduct Determination, the Person or
Persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that presumption and establish that
Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by Indemnitee in the Delaware Court. No determination by the Company (including by its directors or any Independent Counsel) that
Indemnitee has not satisfied any applicable standard of conduct or failure by the Company to reach such a determination may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance
payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct. 

(ii) Reliance as a Safe Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of
good faith if the following circumstances do not exist, 

  
 -9- 

 
Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee’s actions or
omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any of
its subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other Person’s
professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be
imputed to Indemnitee for purposes of determining the right to indemnity hereunder. 
 (iii) No Other
Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption
that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted. 

(iv) Defense to Indemnification and Burden of Proof. It shall be a defense to any action brought by Indemnitee
against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under
applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that Indemnitee did not satisfy the
applicable standard of conduct shall be on the Company. 
 (v) Resolution of Claims. The Company acknowledges that
a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of Section 10(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that
any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with our without
payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise for purposes of Section 10(a)(i). The Company shall have the burden of proof to overcome this presumption. 

11. Exclusions from Indemnification. Notwithstanding anything in this Agreement to the contrary, the Company shall
not be obligated to: 
 (a) indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings
initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except: 

(i) proceedings referenced in Section 5 above (unless a court of competent jurisdiction determines that each of the
material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous); or 
 (ii) where
the Company has joined in or the Board has consented to the initiation of such proceedings. 

  
 -10- 

 (b) indemnify Indemnitee if a final decision by a court of competent
jurisdiction determines that such indemnification is prohibited by applicable law. 
 (c) indemnify Indemnitee for the
disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute, state law or other law, in each case to the extent
applicable. 
 (d) indemnify or advance funds to Indemnitee for Indemnitee’s reimbursement to the Company of any
bonus or other incentive-based or equity-based compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any
such reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the purchase or sale by Indemnitee of securities in
violation of Section 306 of the Sarbanes-Oxley Act). 
 12. Settlement of Claims. The Company shall not be
liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company’s prior written consent, which shall not be unreasonably withheld.
The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on Indemnitee without Indemnitee’s prior written consent. The Company shall not, without the prior written consent of
Indemnitee, effect any settlement of any Claim relating to an Indemnifiable Event which Indemnitee is or could have been a party unless such settlement solely involves the payment of money and includes a complete and unconditional release of
Indemnitee from all liability on all claims that are the subject matter of such Claim. 
 13. Duration. All
agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director, officer, employee or agent of the Company and shall continue thereafter (i) so long as Indemnitee may be subject to any
possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her
rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding. 

14. Non-Exclusivity. The rights of Indemnitee hereunder will be in addition
to any other rights Indemnitee may have under the Constituent Documents, the law of the State of Delaware, any other contract or otherwise (collectively, “Other Indemnity Provisions”); provided, however, that (a) to the extent
that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity
Provision which permits any greater right to indemnification than that provided under this Agreement as of the date hereof, Indemnitee will be deemed to have such greater right hereunder. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 
 15. Liability
Insurance. For the duration of Indemnitee’s service as a director or officer of the Company, and thereafter for so long as Indemnitee shall be subject to any pending Claim relating to an Indemnifiable Event, the Company shall use
commercially reasonable efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to obtain and maintain in effect policies of directors’ and officers’ liability insurance providing coverage that
is 

  
 -11- 

 
substantially comparable in scope and amount to that provided by the Company’s current policies. The insurance provided pursuant to this Section 15 shall be primary insurance to
Indemnitee for any Indemnifiable Event and/or Expense to which such insurance applies. In all policies of directors’ and officers’ liability insurance maintained by the Company, Indemnitee shall be named as an insured in such a manner as
to provide Indemnitee the same rights and benefits as are provided to the most favorably insured of the Company’s directors, if Indemnitee is a director, or of the Company’s officers, if Indemnitee is an officer (and not a director) by
such policy. Upon request, the Company will provide to Indemnitee copies of all directors’ and officers’ liability insurance applications, binders, policies, declarations, endorsements and other related materials. 

16. No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment to
Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company
hereunder. 
 17. Subrogation. In the event of payment to Indemnitee under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute all papers required and shall do everything that may be necessary, in each case as may be reasonably requested by the Company, to
secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. 

18. Amendments; Waivers. No supplement, modification or amendment of this Agreement shall be binding unless executed
in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as
a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or delay in exercising any right or remedy hereunder shall
constitute a waiver thereof. 
 19. Enforcement and Binding Effect. 

(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed
on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director or officer of the Company. 

(b) Without limiting any of the rights of Indemnitee under any Other Indemnity Provisions as they may be amended from time
to time, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect
to the subject matter hereof. 
 (c) This Agreement shall be binding upon and inure to the benefit of and be enforceable
by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and
personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part of the business and/or assets of the
Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to 

  
 -12- 

 
assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

20. Severability. The provisions of this Agreement shall be severable in the event that any of the provisions hereof
(including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Upon such
determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually
acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible. 

21. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be
deemed to have been duly given if delivered by hand, against receipt, or mailed, by postage prepaid, certified or registered mail: 

(a) if to Indemnitee, to the address set forth on the signature page hereto. 

(b) if to the Company, to: 

Harbor Diversified, Inc. 

Attn: Chief Executive Officer 

W6390 Challenger Drive, Suite 203 

Appleton, WI 54914-9120 

Notice of change of address shall be effective only when given in accordance with this Section. All notices complying with
this Section shall be deemed to be effective upon receipt. 
 22. Governing Law and Forum. This Agreement shall be
governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws. The Company and Indemnitee
hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court and not in any other state or federal court in the United States or
any other country, (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement and (c) waive, and agree not to plead or make, any
claim that the Delaware Court lacks venue or that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum. 

23. Headings. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and
shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof. 
 24.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but all of which together shall constitute one and the same Agreement. 

[Remainder of Page Intentionally Left Blank; Signature Page Follows] 

  
 -13- 

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

			
		 	 COMPANY:

		
		 	 HARBOR DIVERSIFIED, INC.

		
		 	
By:                      
                                         
                                         
                

		
		 	
Name:                      
                                         
                                         
          

		
		 	
Its:                      
                                         
                                         
                 

		
		 	 INDEMNITEE:

		
		 	  

		
		 	  

		 	(Print Name)
		
		 	
Address:

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