Document:

EX-10.7

 EXHIBIT 10.7 

PAYROLL SUPPORT PROGRAM AGREEMENT 
  

							
	 	 	 	 
	Recipient: AIR WISCONSIN AIRLINES LLC	 		 	PSP Participant Number: PSA-2004031284	 	 
	 		 	 
	W6390 CHALLENGER DRIVE, SUITE 203	 		 	Employer Identification Number:	 	 
	 		 	 
	 APPLETON, WI 54914

 
	 	 	 	 DUNS Number:
                                        

  
	 	 
	 	 
	 Amount of Initial Payroll Support
Payment: $13,666,004.35
  
	 	 
	 	 
	 The Department of
the Treasury (Treasury) hereby provides Payroll Support (as defined herein) under Division A, Title IV, Subtitle B of the Coronavirus Aid, Relief, and Economic Security Act. The Signatory Entity named above, on behalf of itself and its Affiliates
(as defined herein), agrees to comply with this Agreement and applicable Federal law as a condition of receiving Payroll Support. The Signatory Entity and its undersigned authorized representatives acknowledge that a materially false, fictitious, or
fraudulent statement (or concealment or omission of a material fact) in connection with this Agreement may result in administrative remedies as well as civil and/or criminal penalties.

 
	 	 
	 	 
	 The undersigned hereby agree to the attached Payroll Support
Program Agreement.
  
	 	 
	 /s/ Brent McIntosh
	 		 	 /s/ Robert Binns
	 	 
	 			 
	Department of the Treasury	 		 	AIR WISCONSIN AIRLINES LLC	 	 
	 			 
	Authorized Representative: Brent McIntosh	 		 	First Authorized Representative:	 	 
	 			 
	Title: Under Secretary for International Affairs	 		 	Title: President & CEO	 	 
	 			 
	Date: 04/20/2020	 		 	 Date: 4/17/2020
  
	 	 
	 	 		 	 /s/ Gregg Garvey
	 	 
	 			 
	 	 		 	AIR WISCONSIN AIRLINES LLC	 	 
	 			 
	 	 		 	Second Authorized Representative:	 	 
	 			 
	 	 		 	Title: SVP, CAO & Treasurer	 	 
	 			 
	 	 	 	 	 Date: 4/17/2020

 
	 	   

 

 OMB Approved No. 1505-0263 

Expiration Date: 09/30/2020 

  
 1 

 PAYROLL SUPPORT PROGRAM AGREEMENT 

INTRODUCTION 
 The Coronavirus Aid,
Relief, and Economic Security Act (CARES Act or Act) directs the Department of the Treasury (Treasury) to provide Payroll Support (as defined herein) to passenger air carriers, cargo air carriers, and certain contractors that must be exclusively
used for the continuation of payment of Employee Salaries, Wages, and Benefits (as defined herein). The Act permits Treasury to provide Payroll Support in such form, and on such terms and conditions, as the Secretary of the Treasury determines
appropriate, and requires certain assurances from the Recipient (as defined herein). 
 This Payroll Support Program Agreement, including the application
and all supporting documents submitted by the Recipient and the Payroll Support Certification attached hereto (collectively, Agreement), memorializes the binding terms and conditions applicable to the Recipient. 

DEFINITIONS 
 As used in this Agreement,
the following terms shall have the following respective meanings, unless the context clearly requires otherwise. In addition, this Agreement shall be construed in a manner consistent with any public guidance Treasury may from time to time issue
regarding the implementation of Division A, Title IV, Subtitle B of the CARES Act. 
 Act or CARES Act means the Coronavirus Aid, Relief, and
Economic Security Act (Pub. L. No. 116-136). 
 Additional Payroll Support Payment means any
disbursement of Payroll Support occurring after the first disbursement of Payroll Support under this Agreement. 
 Affiliate means any Person that
directly or indirectly controls, is controlled by, or is under common control with, the Recipient. For purposes of this definition, “control” of a Person shall mean having the power, directly or indirectly, to direct or cause the direction
of the management and policies of such Person, whether by ownership of voting equity, by contract, or otherwise. 
 Benefits means, without
duplication of any amounts counted as Salary or Wages, pension expenses in respect of Employees, all expenses for accident, sickness, hospital, and death benefits to Employees, and the cost of insurance to provide such benefits; any Severance Pay or
Other Benefits payable to Employees pursuant to a bona fide voluntary early retirement program or voluntary furlough; and any other similar expenses paid by the Recipient for the benefit of Employees, including any other fringe benefit expense
described in lines 10 and 11 of Financial Reporting Schedule P-6, Form 41, as published by the Department of Transportation, but excluding any Federal, state, or local payroll taxes paid by the Recipient. 

  
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 Corporate Officer means, with respect to the Recipient, its president; any vice president in charge
of a principal business unit, division, or function (such as sales, administration or finance); any other officer who performs a policy-making function; or any other person who performs similar policy making functions for the Recipient. Executive
officers of subsidiaries or parents of the Recipient may be deemed Corporate Officers of the Recipient if they perform such policy-making functions for the Recipient. 

Employee means an individual who is employed by the Recipient and whose principal place of employment is in the United States (including its
territories and possessions), including salaried, hourly, full-time, part-time, temporary, and leased employees, but excluding any individual who is a Corporate Officer or independent contractor. 

Involuntary Termination or Furlough means the Recipient terminating the employment of one or more Employees or requiring one or more Employees to take
a temporary suspension or unpaid leave for any reason, including a shut-down or slow-down of business; provided, however, that an Involuntary Termination or Furlough does not include a Permitted Termination or Furlough. 

Maximum Awardable Amount means the amount determined by the Secretary with respect to the Recipient pursuant to section 4113(a)(l), (2), or (3) (as
applicable) of the CARES Act. 
 Payroll Support means funds disbursed by the Secretary to the Recipient under this Agreement, including the first
disbursement of Payroll Support and any Additional Payroll Support Payment. 
 Permitted Termination or Furlough means, with respect to an Employee,
(I) a voluntary furlough, voluntary leave of absence, voluntary resignation, or voluntary retirement, (2) termination of employment resulting from such Employee’s death or disability, or (3) the Recipient terminating the
employment of such Employee for cause or placing such Employee on a temporary suspension or unpaid leave of absence for disciplinary reasons, in either case, as reasonably determined by the Recipient acting in good faith. 

Person means any natural person, corporation, limited liability company, partnership, joint venture, trust, business association, governmental entity,
or other entity. 
 Recipient means, collectively, the Signatory Entity; its Affiliates that are air carriers as defined in 49 U.S.C. § 40102;
and their respective heirs, executors, administrators, successors, and assigns. 

  
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 Salary means, without duplication of any amounts counted as Benefits, a predetermined regular
payment, typically paid on a weekly or less frequent basis but which may be expressed as an hourly, weekly, annual or other rate, as well as cost-of-living
differentials, vacation time, paid time off, sick leave, and overtime pay, paid by the Recipient to its Employees, but excluding any Federal, state, or local payroll taxes paid by the Recipient. 

Secretary means the Secretary of the Treasury. 

Severance Pay or Other Benefits means any severance payment or other similar benefits, including cash payments, health care benefits, perquisites, the
enhancement or acceleration of the payment or vesting of any payment or benefit or any other in-kind benefit payable (whether in lump sum or over time, including after March 24, 2022) by the Recipient to
a Corporate Officer or Employee in connection with any termination of such Corporate Officer’s or Employee’s employment (including, without limitation, resignation, severance, retirement, or constructive termination), which shall be
determined and calculated in respect of any Employee or Corporate Officer of the Recipient in the manner prescribed in 17 CFR 229.402(j) (without regard to its limitation to the five most highly compensated executives and using the actual date of
termination of employment rather than the last business day of the Recipient’s last completed fiscal year as the trigger event). 
 Signatory Entity
means the passenger air carrier, cargo air carrier, or contractor that has entered into this Agreement. 
 Taxpayer Protection Instruments means
warrants, options, preferred stock, debt securities, notes, or other financial instruments issued by the Recipient to Treasury as compensation for the Payroll Support under this Agreement, if applicable. 

Total Compensation means compensation including salary, wages, bonuses, awards of stock, and any other financial benefits provided by the Recipient or
an Affiliate, as applicable, which shall be determined and calculated for the 2019 calendar year or any applicable 12-month period in respect of any Employee or Corporate Officer of the Recipient in the manner
prescribed under paragraph e.5 of the award term in 2 CFR part 170, App. A, but excluding any Severance Pay or Other Benefits in connection with a termination of employment. 

Wage means, without duplication of any amounts counted as Benefits, a payment, typically paid on an hourly, daily, or piecework basis, including cost-of-living differentials, vacation, paid time off, sick leave, and overtime pay, paid by the Recipient to its Employees, but excluding any Federal, state, or local payroll
taxes paid by the Recipient. 

  
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 PAYROLL SUPPORT PAYMENTS 

 

	 	1.	 Upon the execution of this Agreement by Treasury and the Recipient, the Secretary shall approve the
Recipient’s application for Payroll Support. 

  

	 	2.	 The Recipient may receive Payroll Support in multiple payments up to the Maximum Awardable Amount, and the
amounts (individually and in the aggregate) and timing of such payments will be determined by the Secretary in his sole discretion. The Secretary may, in his sole discretion, increase or reduce the Maximum Awardable Amount (a) consistent with
section 4113(a) of the CARES Act and (b) on a pro rata basis in order to address any shortfall in available funds, pursuant to section 4113(c) of the CARES Act. 

 

	 	3.	 The Secretary may determine in his sole discretion that any Payroll Support shall be conditioned on, and
subject to, such additional terms and conditions (including the receipt of, and any terms regarding, Taxpayer Protection Instruments) to which the parties may agree in writing. 

TERMS AND CONDITIONS 
 Retaining and
Paying Employees 
  

	 	4.	 The Recipient shall use the Payroll Support exclusively for the continuation of payment of Wages, Salaries, and
Benefits to the Employees of the Recipient. 

  

	 	a.	 Furloughs and Layoffs. The Recipient shall not conduct an Involuntary Termination or Furlough of any Employee
between the date of this Agreement and September 30, 2020. 

  

	 	b.	 Employee Salary, Wages, and Benefits 

 

	 	i.	 Salary and Wages. Except in the case of a Permitted Termination or Furlough, the Recipient shall not, between
the date of this Agreement and September 30, 2020, reduce, without the Employee’s consent, (A) the pay rate of any Employee earning a Salary, or (B) the pay rate of any Employee earning Wages. 

 

	 	ii.	 Benefits. Except in the case of a Permitted Termination or Furlough, the Recipient shall not, between the date
of this Agreement and September 30, 2020, reduce, without the Employee’s consent, the Benefits of any Employee; provided, however, that for purposes of this paragraph, personnel expenses associated with the performance of work duties,
including those described in line 10 of Financial Reporting Schedule P-6, Form 41, as published by the Department of Transportation, may be reduced to the extent the associated work duties are not performed.

  
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 Dividends and Buybacks 
  

	 	5.	 Through September 30, 2021, neither the Recipient nor any Affiliate shall, in any transaction, purchase an
equity security of the Recipient or of any direct or indirect parent company of the Recipient that, in either case, is listed on a national securities exchange. 

 

	 	6.	 Through September 30, 2021, the Recipient shall not pay dividends, or make any other capital
distributions, with respect to the common stock (or equivalent equity interest) of the Recipient. 

 Limitations on Certain
Compensation 
  

	 	7.	 Beginning March 24, 2020, and ending March 24, 2022, the Recipient and its Affiliates shall not pay
any of the Recipient’s Corporate Officers or Employees whose Total Compensation exceeded $425,000 in calendar year 2019 (other than an Employee whose compensation is determined through an existing collective bargaining agreement entered into
before March 27, 2020): 

  

	 	a.	 Total Compensation which exceeds, during any 12 consecutive months of such twoyear period, the Total
Compensation the Corporate Officer or Employee received in calendar year 2019; or 

  

	 	b.	 Severance Pay or Other Benefits in connection with a termination of employment with the Recipient which exceed
twice the maximum Total Compensation received by such Corporate Officer or Employee in calendar year 2019. 

  

	 	8.	 Beginning March 24, 2020, and ending March 24, 2022, the Recipient and its Affiliates shall not pay
any of the Recipient’s Corporate Officers or Employees whose Total Compensation exceeded $3,000,000 in calendar year 2019 Total Compensation in excess of the sum of: 

 

	 	a.	 $3,000,000; and 

  

	 	b.	 50 percent of the excess over $3,000,000 of the Total Compensation received by such Corporate Officer or
Employee in calendar year 2019. 

  

	 	9.	 For purposes of determining applicable amounts under paragraphs 7 and 8 with respect to any Corporate Officer
or Employee who was employed by the Recipient or an Affiliate for less than all of calendar year 2019, the amount of Total Compensation in calendar year 2019 shall mean such Corporate Officer’s or Employee’s Total Compensation on an
annualized basis. 

 Continuation of Service 
  

	 	10.	 If the Recipient is an air carrier, until March 1, 2022, the Recipient shall comply with any applicable
requirement issued by the Secretary of Transportation under section 4114(b) of the CARES Act to maintain scheduled air transportation service to any point served by the Recipient before March 1, 2020. 

  
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 Effective Date 
  

	 	11.	 This Agreement shall be effective as of the date of its execution by both parties. 

Reporting and Auditing 
  

	 	12.	 Until the calendar quarter that begins after the later of March 24, 2022, and the date on which no
Taxpayer Protection Interest is outstanding, not later than 45 days after the end of each of the first three calendar quarters of each calendar year and 90 days after the end of each calendar year, the Signatory Entity, on behalf of itself and each
other Recipient, shall certify to Treasury that it is in compliance with the terms and conditions of this Agreement and provide a report containing the following: 

 

	 	a.	 the amount of Payroll Support funds expended during such quarter; 

 

	 	b.	 the Recipient’s financial statements (audited by an independent certified public accountant, in the case
of annual financial statements); and 

  

	 	c.	 a copy of the Recipient’s IRS Form 941 filed with respect to such quarter; and 

 

	 	d.	 a detailed summary describing, with respect to the Recipient, (a) any changes in Employee headcount during
such quarter and the reasons therefor, including any Involuntary Termination or Furlough, (b) any changes in the amounts spent by the Recipient on Employee Wages, Salary, and Benefits during such quarter, and (c) any changes in Total
Compensation for, and any Severance Pay or Other Benefits in connection with the termination of, Corporate Officers and Employees subject to limitation under this Agreement during such quarter; and the reasons for any such changes.

  

	 	13.	 If the Recipient or any Affiliate, or any Corporate Officer of the Recipient or any Affiliate, becomes aware of
facts, events, or circumstances that may materially affect the Recipient’s compliance with the terms and conditions of this Agreement, the Recipient or Affiliate shall promptly provide Treasury with a written description of the events or
circumstances and any action taken, or contemplated, to address the issue. 

  

	 	14.	 In the event the Recipient contemplates any action to commence a bankruptcy or insolvency proceeding in any
jurisdiction, the Recipient shall promptly notify Treasury. 

  

	 	15.	 The Recipient shall: 

 

	 	a.	 Promptly provide to Treasury and the Treasury Inspector General a copy of any Department of Transportation
Inspector General report, audit report, or report of any other oversight body, that is received by the Recipient relating to this Agreement. 

  

	 	b.	 Immediately notify Treasury and the Treasury Inspector General of any indication of fraud, waste, abuse, or
potentially criminal activity pertaining to the Payroll Support. 

  
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	 	c.	 Promptly provide Treasury with any information Treasury may request relating to compliance by the Recipient and
its Affiliates with this Agreement. 

  

	 	16.	 The Recipient and Affiliates will provide Treasury, the Treasury Inspector General, and such other entities as
authorized by Treasury timely and unrestricted access to all documents, papers, or other records, including electronic records, of the Recipient related to the Payroll Support, to enable Treasury and the Treasury Inspector General to make audits,
examinations, and otherwise evaluate the Recipient’s compliance with the terms of this Agreement. This right also includes timely and reasonable access to the Recipient’s and its Affiliates’ personnel for the purpose of interview and
discussion related to such documents. This right of access shall continue as long as records are required to be retained. 

Recordkeeping and Internal Controls 
  

	 	17.	 If Treasury notifies the Recipient that the first disbursement of Payroll Support to the Recipient under this
Agreement is the Maximum Awardable Amount (subject to any pro rata reductions and as determined by the Secretary as of the date of such disbursement), the Recipient shall maintain the Payroll Support funds in a separate account over which Treasury
shall have a perfected security interest to continue the payment of Wages, Salary, and Benefits to the Employees. For the avoidance of doubt, regardless whether the first disbursement of Payroll Support to the Recipient under this Agreement is the
Maximum Awardable Amount, if the Recipient is a debtor as defined under 11 U.S.C. § 101(13), the Payroll Support funds, any claim or account receivable arising under this Agreement, and any segregated account holding funds received under this
Agreement shall not constitute or become property of the estate under 11 U.S.C. § 541. 

  

	 	18.	 The Recipient shall expend and account for Payroll Support funds in a manner sufficient to:

  

	 	a.	 Permit the preparation of accurate, current, and complete quarterly reports as required under this Agreement.

  

	 	b.	 Permit the tracing of funds to a level of expenditures adequate to establish that such funds have been used as
required under this Agreement. 

  

	 	19.	 The Recipient shall establish and maintain effective internal controls over the Payroll Support; comply with
all requirements related to the Payroll Support established under applicable Federal statutes and regulations; monitor compliance with Federal statutes, regulations, and the terms and conditions of this Agreement; and take prompt corrective actions
in accordance with audit recommendations. The Recipient shall promptly remedy any identified instances of noncompliance with this Agreement. 

  
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	 	20.	 The Recipient and Affiliates shall retain all records pertinent to the receipt of Payroll Support and
compliance with the terms and conditions of this Agreement (including by suspending any automatic deletion functions for electronic records, including e-mails) for a period of three years following the period
of performance. Such records shall include all information necessary to substantiate factual representations made in the Recipient’s application for Payroll Support, including ledgers and sub-ledgers, and
the Recipient’s and Affiliates’ compliance with this Agreement. While electronic storage of records (backed up as appropriate) is preferable, the Recipient and Affiliates may store records in hardcopy (paper) format. The term
“records” includes all relevant financial and accounting records and all supporting documentation for the information reported on the Recipient’s quarterly reports. 

 

	 	21.	 If any litigation, claim, investigation, or audit relating to the Payroll Support is started before the
expiration of the three-year period, the Recipient and Affiliates shall retain all records described in paragraph 20 until all such litigation, claims, investigations, or audit findings have been completely resolved and final judgment entered or
final action taken. 

 Remedies 
  

	 	22.	 If Treasury believes that an instance of noncompliance by the Recipient or an Affiliate with (a) this
Agreement, (b) sections 4114 or 4116 of the CARES Act, or (c) the Internal Revenue Code of 1986 as it applies to the receipt of Payroll Support has occurred, Treasury may notify the Recipient in writing of its proposed determination of
noncompliance, provide an explanation of the nature of the noncompliance, and specify a proposed remedy. Upon receipt of such notice, the Recipient shall, within seven days, accept Treasury’s proposed remedy, propose an alternative remedy, or
provide information and documentation contesting Treasury’s proposed determination. Treasury shall consider any such submission by the Recipient and make a final written determination, which will state Treasury’s findings regarding
noncompliance and the remedy to be imposed. 

  

	 	23.	 If Treasury makes a final determination under paragraph 22 that an instance of noncompliance has occurred,
Treasury may, in its sole discretion, withhold any Additional Payroll Support Payments; require the repayment of the amount of any previously disbursed Payroll Support, with appropriate interest; require additional reporting or monitoring; initiate
suspension or debarment proceedings as authorized under 2 CFR Part 180; terminate this Agreement; or take any such other action as Treasury, in its sole discretion, deems appropriate. 

 

	 	24.	 Treasury may make a final determination regarding noncompliance without regard to paragraph 22 if Treasury
determines, in its sole discretion, that such determination is necessary to protect a material interest of the Federal Government. In such event, Treasury shall notify the Recipient of the remedy that Treasury, in its sole discretion, shall impose,
after which the Recipient may contest Treasury’s final determination or propose an alternative remedy in writing to Treasury. Following the receipt of such a submission by the Recipient, Treasury may, in its sole discretion, maintain or alter
its final determination. 

  
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	 	25.	 Any final determination of noncompliance and any final determination to take any remedial action described
herein shall not be subject to further review. To the extent permitted by law, the Recipient waives any right to judicial review of any such determinations and further agrees not to assert in any court any claim arising from or relating to any such
determination or remedial action. 

  

	 	26.	 Instead of, or in addition to, the remedies listed above, Treasury may refer any noncompliance or any
allegations of fraud, waste, or abuse to the Treasury Inspector General. 

  

	 	27.	 Treasury, in its sole discretion, may grant any request by the Recipient for termination of this Agreement,
which such request shall be in writing and shall include the reasons for such termination, the proposed effective date of the termination, and the amount of any unused Payroll Support funds the Recipient requests to return to Treasury. Treasury may,
in its sole discretion, determine the extent to which the requirements under this Agreement may cease to apply following any such termination. 

  

	 	28.	 If Treasury determines that any remaining portion of the Payroll Support will not accomplish the purpose of
this Agreement, Treasury may terminate this Agreement in its entirety to the extent permitted by law. 

 Debts 

 

	 	29.	 Any Payroll Support in excess of the amount which Treasury determines, at any time, the Recipient is authorized
to receive or retain under the terms of this Agreement constitutes a debt to the Federal Government. 

  

	 	30.	 Any debts determined to be owed by the Recipient to the Federal Government shall be paid promptly by the
Recipient. A debt is delinquent if it has not been paid by the date specified in Treasury’s initial written demand for payment, unless other satisfactory arrangements have been made. Interest, penalties, and administrative charges shall be
charged on delinquent debts in accordance with 31 U.S.C. § 3717, 31 CFR 901.9, and paragraphs 31 and 32. Treasury will refer any debt that is more than 180 days delinquent to Treasury’s Bureau of the Fiscal Service for debt collection
services. 

  

	 	31.	 Penalties on any debts shall accrue at a rate of not more than 6 percent per year or such other higher
rate as authorized by law. 

  

	 	32.	 Administrative charges relating to the costs of processing and handling a delinquent debt shall be determined
by Treasury. 

  

	 	33.	 The Recipient shall not use funds from other federally sponsored programs to pay a debt to the government
arising under this Agreement. 

  
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 Protections for Whistleblowers 

 

	 	34.	 In addition to other applicable whistleblower protections, in accordance with 41 U.S.C. § 4712, the
Recipient shall not discharge, demote, or otherwise discriminate against an Employee as a reprisal for disclosing information to a Person listed below that the Employee reasonably believes is evidence of gross mismanagement of a Federal contract or
grant, a gross waste of federal funds, an abuse of authority relating to a Federal contract or grant, a substantial and specific danger to public health or safety, or a violation of law, rule, or regulation related to a Federal contract (including
the competition for or negotiation of a contract) or grant: 

  

	 	a.	 A Member of Congress or a representative of a committee of Congress; 

 

	 	b.	 An Inspector General; 

 

	 	c.	 The Government Accountability Office; 

 

	 	d.	 A Treasury employee responsible for contract or grant oversight or management; 

 

	 	e.	 An authorized official of the Department of Justice or other law enforcement agency; 

 

	 	f.	 A court or grand jury; or 

 

	 	g.	 A management official or other Employee of the Recipient who has the responsibility to investigate, discover,
or address misconduct. 

 Lobbying 
  

	 	35.	 The Recipient shall comply with the provisions of 31 U.S.C. § 1352, as amended, and with the regulations
at 31 CFR Part 21. 

 Non-Discrimination 

 

	 	36.	 The Recipient shall comply with, and hereby assures that it will comply with, all applicable Federal statutes
and regulations relating to nondiscrimination including: 

  

	 	a.	 Title VI of the Civil Rights Act of 1964 (42 U.S.C. § 2000d et seq.), including Treasury’s
implementing regulations at 31 CFR Part 22; 

  

	 	b.	 Section 504 of the Rehabilitation Act of 1973, as amended (29 U.S.C. § 794); 

 

	 	c.	 The Age Discrimination Act of 1975, as amended (42 U.S.C. §§ 6101–6107), including
Treasury’s implementing regulations at 31 CFR Part 23 and the general age discrimination regulations at 45 CFR Part 90; and 

  

	 	d.	 The Air Carrier Access Act of 1986 (49 U .S.C. § 41705). 

  
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 Additional Reporting 
  

	 	37.	 Within seven days after the date of this Agreement, the Recipient shall register in SAM.gov, and thereafter
maintain the currency of the information in SAM.gov until at least March 24, 2022. The Recipient shall review and update such information at least annually after the initial registration, and more frequently if required by changes in the
Recipient’s information. The Recipient agrees that this Agreement and information related thereto, including the Maximum Awardable Amount and any executive total compensation reported pursuant to paragraph 38, may be made available to the
public through a U.S. Government website, including SAM.gov. 

  

	 	38.	 For purposes of paragraph 37, the Recipient shall report total compensation as defined in paragraph e.5 of the
award term in 2 CFR part 170, App. A for each of the Recipient’s five most highly compensated executives for the preceding completed fiscal year, if: 

  

	 	a.	 the total Payroll Support is $25,000 or more; 

 

	 	b.	 in the preceding fiscal year, the Recipient received: 

 

	 	i.	 80 percent or more of its annual gross revenues from Federal procurement contracts (and subcontracts) and
Federal financial assistance, as defined at 2 CFR 170.320 (and subawards); and 

  

	 	ii.	 $25,000,000 or more in annual gross revenues from Federal procurement contracts (and subcontracts) and Federal
financial assistance, as defined at 2 CFR 170.320 (and subawards); and 

  

	 	c.	 the public does not have access to information about the compensation of the executives through periodic
reports filed under section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a), 78o(d)) or section 6104 of the Internal Revenue Code of 1986. To determine if the public has access to the compensation information, the Recipient
shall refer to U.S. Securities and Exchange Commission total compensation filings at http://www.sec.gov/answers/execomp.htm. 

  

	 	39.	 The Recipient shall report executive total compensation described in paragraph 38: 

 

	 	a.	 as part of its registration profile at https://www.sam.gov; and 

 

	 	b.	 within five business days after the end of each month following the month in which this Agreement becomes
effective, and annually thereafter. 

  
 12 

	 	40.	 The Recipient agrees that, from time to time, it will, at its own expense, promptly upon reasonable request by
Treasury, execute and deliver, or cause to be executed and delivered, or use its commercially reasonable efforts to procure, all instruments, documents and information, all in form and substance reasonably satisfactory to Treasury, to enable
Treasury to ensure compliance with, or effect the purposes of, this Agreement, which may include, among other documents or information, (a) certain audited financial statements of the Recipient, (b) documentation regarding the
Recipient’s revenues derived from its business as a passenger or cargo air carrier or regarding the passenger air carriers for which the Recipient provides services as a contractor (as the case may be), and (c) the Recipient’s most
recent quarterly Federal tax returns. The Recipient agrees to provide Treasury with such documents or information promptly. 

  

	 	41.	 If the total value of the Recipient’s currently active grants, cooperative agreements, and procurement
contracts from all Federal awarding agencies exceeds $10,000,000 for any period before termination of this Agreement, then the Recipient shall make such reports as required by 2 CFR part 200, Appendix XII. 

Other 
  

	 	42.	 The Recipient acknowledges that neither Treasury, nor any other actor, department, or agency of the Federal
Government, shall condition the provision of Payroll Support on the Recipient’s implementation of measures to enter into negotiations with the certified bargaining representative of a craft or class of employees of the Recipient under the
Railway Labor Act (45 U.S.C. 151 et seq.) or the National Labor Relations Act (29 U.S.C. 151 et seq.), regarding pay or other terms and conditions of employment. 

 

	 	43.	 Notwithstanding any other provision of this Agreement, the Recipient has no right to, and shall not, transfer,
pledge, mortgage, encumber, or otherwise assign this Agreement or any Payroll Support provided under this Agreement, or any interest therein, or any claim, account receivable, or funds arising thereunder or accounts holding Payroll Support, to any
party, bank, trust company, or other Person without the express written approval of Treasury. 

  

	 	44.	 The Signatory Entity will cause its Affiliates to comply with all of their obligations under or relating to
this Agreement. 

  

	 	45.	 Unless otherwise provided in guidance issued by Treasury or the Internal Revenue Service, the form of any
Taxpayer Protection Instrument held by Treasury and any subsequent holder will be treated as such form for purposes of the Internal Revenue Code of 1986 (for example, a Taxpayer Protection Instrument in the form of a note will be treated as
indebtedness for purposes of the Internal Revenue Code of 1986). 

  

	 	46.	 This Agreement may not be amended or modified except pursuant to an agreement in writing entered into by the
Recipient and Treasury, except that Treasury may unilaterally amend this Agreement if required in order to comply with applicable Federal law or regulation. 

  
 13 

	 	47.	 Subject to applicable law, Treasury may, in its sole discretion, waive any term or condition under this
Agreement imposing a requirement on the Recipient or any Affiliate. 

  

	 	48.	 This Agreement shall bind and inure to the benefit of the parties and their respective heirs, executors,
administrators, successors, and assigns. 

  

	 	49.	 The Recipient represents and warrants to Treasury that this Agreement, and the issuance and delivery to
Treasury of the Taxpayer Protection Instruments, if applicable, have been duly authorized by all requisite corporate and, if required, stockholder action, and will not result in the violation by the Recipient of any provision of law, statute, or
regulation, or of the articles of incorporation or other constitutive documents or bylaws of the Recipient, or breach or constitute an event of default under any material contract to which the Recipient is a party. 

 

	 	50.	 The Recipient represents and warrants to Treasury that this Agreement has been duly executed and delivered by
the Recipient and constitutes a legal, valid, and binding obligation of the Recipient enforceable against the Recipient in accordance with its terms. 

  

	 	51.	 This Agreement may be executed in counterparts, each of which shall constitute an original, but all of which
together shall constitute a single contract. 

  

	 	52.	 The words “execution,” “signed,” “signature,” and words of like import in any
assignment shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any
other similar state laws based on the Uniform Electronic Transactions Act. Notwithstanding anything herein to the contrary, delivery of an executed counterpart of a signature page of this Agreement by electronic means, or confirmation of the
execution of this Agreement on behalf of a party by an email from an authorized signatory of such party, shall be effective as delivery of a manually executed counterpart of this Agreement. 

 

	 	53.	 The captions and paragraph headings appearing herein are included solely for convenience of reference and are
not intended to affect the interpretation of any provision of this Agreement. 

  

	 	54.	 This Agreement is governed by and shall be construed in accordance with Federal law. Insofar as there may be no
applicable Federal law, this Agreement shall be construed in accordance with the laws of the State of New York, without regard to any rule of conflicts of law (other than section 5-1401 of the New York General
Obligations Law) that would result in the application of the substantive law of any jurisdiction other than the State of New York. 

  

	 	55.	 Nothing in this Agreement shall require any unlawful action or inaction by either party. 

 

	 	56.	 The requirement pertaining to trafficking in persons at 2 CFR 175.15(b) is incorporated herein and made
applicable to the Recipient. 

  
 14 

	 	57.	 This Agreement, together with the attachments hereto, including the Payroll Support Certification and any
attached terms regarding Taxpayer Protection Instruments, constitute the entire agreement of the parties relating to the subject matter hereof and supersede any previous agreements and understandings, oral or written, relating to the subject matter
hereof. There may exist other agreements between the parties as to other matters, which are not affected by this Agreement and are not included within this integration clause. 

 

	 	58.	 No failure by either party to insist upon the strict performance of any provision of this Agreement or to
exercise any right or remedy hereunder, and no acceptance of full or partial Payroll Support (if applicable) or other performance by either party during the continuance of any such breach, shall constitute a waiver of any such breach of such
provision. 

 ATTACHMENT 

Payroll Support Program Certification of Corporate Officer of Recipient 

  
 15 

 PAYROLL SUPPORT PROGRAM 

CERTIFICATION OF CORPORATE OFFICER OF RECIPIENT 

In connection with the Payroll Support Program Agreement (Agreement) between AIR WISCONSIN AIRLINES LLC and the Department of the Treasury (Treasury) relating
to Payroll Support being provided by Treasury to the Recipient under Division A, Title IV, Subtitle B of the Coronavirus Aid, Relief and Economic Security Act, I hereby certify under penalty of perjury to the Treasury that all of the following are
true and correct. Capitalized terms used but not defined herein have the meanings set forth in the Agreement. 
 (1) I have
the authority to make the following representations on behalf of myself and the Recipient. I understand that these representations will be relied upon as material in the decision by Treasury to provide Payroll Support to the Recipient. 

(2) The information and certifications provided by the Recipient in an application for Payroll Support, and in any attachments
or other information provided by the Recipient to Treasury related to the application, are true and correct and do not contain any materially false, fictitious, or fraudulent statement, nor any concealment or omission of any material fact. 

(3) The Recipient has the legal authority to apply for the Payroll Support, and it has the institutional, managerial, and
financial capability to comply with all obligations, terms, and conditions set forth in the Agreement and any attachment thereto. 

(4) The Recipient and any Affiliate will give Treasury, Treasury’s designee or the Treasury Office of Inspector General
(as applicable) access to, and opportunity to examine, all documents, papers, or other records of the Recipient or Affiliate pertinent to the provision of Payroll Support made by Treasury based on the application, in order to make audits,
examinations, excerpts, and transcripts. 
 (5) No Federal appropriated funds, including Payroll Support, have been paid or
will be paid, by or on behalf of the Recipient, to any person for influencing or attempting to influence an officer or employee of an agency, a Member of Congress, an officer or employee of Congress, or an employee of a Member of Congress in
connection with the awarding of any Federal contract, the making of any Federal grant, the making of any Federal loan, the entering into of any cooperative agreement, and the extension, continuation, renewal, amendment, or modification of any
Federal contract, grant, loan, or cooperative agreement. 

  
 16 

 (6) If the Payroll Support exceeds $100,000, the Recipient shall comply with
the disclosure requirements in 31 CFR Part 21 regarding any amounts paid for influencing or attempting to influence an officer or employee of any agency, a Member of Congress, an officer or employee of Congress, or an employee of a Member of
Congress in connection with the Payroll Support. 
 I acknowledge that a materially false, fictitious, or fraudulent statement (or concealment or
omission of a material fact) in this certification, or in the application that it supports, may be the subject of criminal prosecution and also may subject me and the Recipient to civil penalties and/or administrative remedies for false claims or
otherwise. 
  

					
	 /s/ Robert Binns
	 		 	 /s/ Gregg Garvey

			
	Corporate Officer of Signatory Entity	 		 	Second Authorized Representative
			
	Name: Robert Binns	 		 	Name: Gregg Garvey
			
	Title: President & CEO	 		 	Title: SVP, CAO & Treasurer
			
	Date: 4/17/2020	 		 	Date: 4/17/2020

  
 17EX-10.8.1

 Exhibit 10.8.1 

 
  

 
 RESTRUCTURING AGREEMENT 

dated as of January 25, 2018 

among 
 AIR
WISCONSIN AIRLINES LLC 
 HER MAJESTY IN RIGHT
OF CANADA 
 BOMBARDIER INC. 

U.S. BANK NATIONAL ASSOCIATION 

and 

INVESTISSEMENT QUÉBEC 
  

 
  

 Table of Contents 

 

					
	 1.
	 	 Definitions: Usage
	  	 1

	 2.
	 	 Lease Rental Payments
	  	 1

	 3.
	 	 Bombardier’s Additional Payment
	  	 2

	 4.
	 	 Termination of RVGs for Debt Aircraft
	  	 2

	 5.
	 	 Termination of Other AWA-Bombardier Agreements
	  	 3

	 6.
	 	 Assignment of Bombardier’s Loans
	  	 3

	 7.
	 	 EDC Loans
	  	 3

	 8.
	 	 IQ Fee Payments
	  	 3

	 9.
	 	 Representations
	  	 3

	 10.
	 	 Closing; Conditions Precedent
	  	 5

	 11.
	 	 Transaction Expenses
	  	 5

	 12.
	 	 Instructions to Loan Trustee
	  	 5

	 13.
	 	 Consent
	  	 6

	 14.
	 	 Further Assurances
	  	 6

	 15.
	 	 Miscellaneous
	  	 6

 Exhibits 

			
	 A
	  	 Definitions; Usage

	 B
	  	 Description of Credit Agreements and Debt Aircraft

	 C
	  	 Form of RVG Termination Agreement

	 D
	  	 Form of LMA Termination Agreement

	 E
	  	 Form of Offset Termination Agreement

	 F
	  	 Form of EDC Deferral Amendment

	 G
	  	 Form of IQ Deferral Agreement

	 H
	  	 Equity Portion of Basic Rent for Verizon USLL Aircraft

 RESTRUCTURING AGREEMENT 

This Restructuring Agreement (this “Agreement”) is entered into as of January 25, 2018, by (1) Air
Wisconsin Airlines LLC (“AWA”), a Delaware limited liability company and successor to Air Wisconsin Airlines Corporation, (2) Her Majesty in Right of Canada (“EDC”), (3) Bombardier Inc.
(“Bombardier”), (4) U.S. Bank National Association (as successor to Wachovia Bank, National Association) as trustee under each of the Credit Agreements (“Loan Trustee”), and (5) Investissement
Québec (“IQ”), as agent of the government of the province of Québec. 
 EDC, Bombardier, and
IQ have provided financial support for AWA’s lease financing of 24 Bombardier CRJ-200 aircraft currently in AWA’s fleet and for AWA’s loan financing of 35 Bombardier CRJ-200 aircraft currently in AWA’s fleet. At the effective time of this Agreement, the parties are taking actions and making agreements that change existing financial arrangements and commit to new ones, all
as described in this Agreement. 
 The parties to this Agreement agree as follows: 

1.      Definitions: Usage. Exhibit A has usage rules and definitions that apply to this
Agreement. 
 2.      Lease Rental Payments. Bombardier shall pay to AWA the following
amounts, in the case of § 2.1, on the Closing Date, and in the case of § 2.2, within five Business Days after receiving a copy of the wire transfer record (including the federal reference number) or other confirmation that AWA
has made the payment(s) of “Basic Rent” (as defined in the Lease for the pertinent Verizon USLL Aircraft): 
  

	 	2.1.	 a single payment of $1,968,527, payable on the Closing Date, representing payments made by AWA in October,
November, and December 2017 in respect of the equity portion of such Basic Rent; and 

  

	 	2.2.	 a series of payments, each representing the equity portion of an installment of such Basic Rent owed in 2018
and 2019 (the scheduled payment date and equity portion amount for each such payment, and the number for the relevant Verizon USLL Aircraft, are shown on Exhibit H). 

Bombardier shall pay such amounts to AWA by wire transfer to the following account: JP Morgan Chase Bank, 111 E. Wisconsin Ave., Milwaukee, WI
53202, Swift Code CHASUS33, ABA no. 021000021 (Wire) 075000019 (ACH), Ref. Verizon Leases, Account Name: Air Wisconsin Airlines, Account No. 510114518, 

  
 1 

 
Attention: Joanne Grishaber, 920-749-4103,
treasury@airwis.com, unless AWA otherwise instructs Bombardier in writing. 

Any amount not paid when due under this § 2 or §3 shall bear interest from the due date until the date on which such amount is
paid at the rate of 10% per annum. 
 3.      Bombardier’s Additional Payment.
Bombardier shall pay $7,000,000 (the “Additional Payment”) to AWA, by wire transfer to AWA’s account described in § 2 of this Agreement, no later than July 1, 2019. The Additional Payment: 

 

	 	3.1	 shall be subject to AWA’s delivery to Bombardier of a certificate, signed by EDC and AWA in connection
with a restructuring of AWA’s scheduled payments on its obligations to EDC, that such obligations have been restructured in a manner that, in the opinion of EDC and AWA, provides AWA with sufficient liquidity based upon projections provided to
EDC by AWA (which projections EDC may share with Bombardier) to allow AWA to meet its Lease obligations through June 2021; 

  

	 	3.2	 may be satisfied by Bombardier’s causing the transfer to AWA, no later than July 1, 2019, by
documentation reasonably satisfactory to AWA, of unencumbered title to all the Owner Participant interests in all the Verizon USLL Aircraft; and, upon completion of such transfer, Bombardier shall be excused from any further obligation under §
2 of this Agreement to make any future payments to AWA for the equity portion of Basic Rent payments that become due by AWA after the transfer date; and 

  

	 	3.3	 shall be subject to AWA’s delivery to Bombardier of a certificate to the effect that no “Event of
Default” (as defined in any Lease) exists; provided, that if such an Event of Default exists on the proposed payment date for the Additional Payment but all such Events of Default are thereafter cured (whether before or after
July 1, 2019) then (subject to § 3.1 and § 3.2 above) Bombardier shall pay the Additional Payment to AWA promptly upon delivery by AWA of a certificate to the effect that no Event of Default is continuing. 

4.      Termination of RVGs for Debt Aircraft. At the Closing, Bombardier and AWA shall
execute and deliver the RVG Termination Agreement. 

  
 2 

 5.      Termination of Other AWA-Bombardier Agreements. At the Closing, Bombardier and AWA shall execute and deliver the LMA Termination Agreement and the Offset Termination Agreement. In addition, at the Closing, all of Bombardier’s
rights under the Existing Deferral Agreements shall automatically terminate without any further action by the parties. 

6.      Assignment of Bombardier’s Loans. At the Closing, by means of
a Loan Purchase Agreement, Bombardier shall transfer or cause to be transferred to EDC all right, title, and interest in the loans that Bombardier or its Affiliates made directly or indirectly to AWA in connection with Bombardier CRJ-200 aircraft (including indirect loans made through a trustee), including accrued interest on the date of transfer. This includes loans in respect of the Debt Aircraft. It also includes the Bridging Loans. If
either Bombardier or any of its Affiliates has any legal or beneficial interest in any loan (funded or otherwise) to AWA, or in any other claim of indebtedness, either directly, or indirectly through a trustee, in connection with any loan or lease
financing for CRJ-200 aircraft operated by AWA, then all right, title, and interest thereto shall be deemed to be assigned to EDC at Closing (and Bombardier shall ensure that such assignment occurs). 

7.      EDC Loans. At the Closing, EDC and AWA shall execute and deliver the EDC Deferral
Amendment and the EDC USLL Loan Documents. 
 8.      IQ Fee Payments. At the Closing,
IQ and AWA shall execute and deliver the IQ Deferral Agreement. 

9.      Representations. 

9.1    EDC represents that: 
  

	 	9.1.1	 it is the sole legal and beneficial owner of the Senior Certificates issued to it in respect of the Debt
Aircraft under the Credit Agreements; and 

  

	 	9.1.2	 this Agreement and each other Transaction Document to which it is a party have been duly authorized,
executed, and delivered by it, and constitute its legal, valid, and binding obligations, enforceable against it in accordance with their terms, except as such terms may be limited by bankruptcy, insolvency, reorganization, moratorium, or other
similar laws affecting the rights of creditors generally and by general principles of equity. 

9.2    Bombardier represents that: 

  
 3 

	 	9.2.1	 (a) it is the sole legal and beneficial owner of the Subordinated Certificates issued to it in respect of
the Aircraft under each of the Credit Agreements and the sole legal and beneficial owner of the Senior Certificates issued to it under the Credit Agreement dated April 30, 2004, (b) Bombardier Services Corporation is the sole legal and
beneficial owner of the Bridging Loans, and (c) neither Bombardier nor any of its Affiliates is the legal or beneficial owner of any other loans (funded or otherwise) to AWA, or of any other claim of indebtedness, either directly, or indirectly
through a trustee, in connection with any loan or lease financing for CRJ-200 aircraft operated by AWA; and 

  

	 	9.2.2	 this Agreement and each other Transaction Document to which it is a party have been duly authorized,
executed, and delivered by it, and constitute its legal, valid, and binding obligations, enforceable against it in accordance with their terms, except as such terms may be limited by bankruptcy, insolvency, reorganization, moratorium, or other
similar laws affecting the rights of creditors generally and by general principles of equity. 

  

	 	9.3	 IQ represents that (a) it is the sole legal and beneficial owner of the fees payable under the IQ
Agreements (as defined in the IQ Deferral Agreement), and (b) this Agreement and each other Transaction Document to which it is a party have been duly authorized, executed, and delivered by it, and constitute its legal, valid, and binding
obligation, enforceable against it in accordance with their terms, except as such terms may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting the rights of creditors generally and by general principles
of equity. 

  

	 	9.4	 AWA represents that: 

 

	 	9.4.1	 it is a limited liability company duly organized and existing in good standing under the laws of Delaware,
has the company power and legal authority to own or lease property and to carry on business as a United States air carrier, and is duly qualified to do business in all jurisdictions wherein such qualification is necessary (except in any
jurisdictions in which the failure to qualify would have no materially adverse effect on AWA’s ability to perform its obligations under the Transaction Documents); 

  
 4 

	 	9.4.2	 its execution, delivery, and performance of each Transaction Document are within AWA’s company powers;
and the Transaction Documents have been duly authorized by all necessary company action on AWA’s part, and do not contravene, result in a breach of, or require any consent under any law, judgment, decree, order, or contractual restriction
binding on AWA or any agreement or instrument to which AWA is a party or to which it or any of its property is subject; 

  

	 	9.4.3	 the Transaction Documents are legal, valid, and binding obligations of AWA enforceable against AWA in
accordance with their terms, except as may be limited by bankruptcy, insolvency, or other similar laws affecting enforcement of creditors’ rights generally and by general principles of equity; and 

 

	 	9.4.4	 it is a United States air carrier who is a citizen of the United States holding an air carrier operating
certificate issued by the Secretary of Transportation pursuant to chapter 447 of the Transportation Code (49 U.S. Code subtitle VII). 

10.    Closing; Conditions Precedent. All aspects of the Closing are intended to become effective simultaneously,
at the time that Bombardier makes the payment described in § 2.1. Each party’s willingness to execute and deliver this Agreement was subject to the satisfaction or waiver of the following conditions precedent: 

 

	 	10.1	 the following documents have been executed and delivered: the RVG Termination Agreement, the LMA Termination
Agreement, the Offset Termination Agreement, the EDC Deferral Amendment, the EDC USLL Loan Documents, and the IQ Deferral Agreement; 

  

	 	10.2	 no Event of Default under AWA’s lease and loan agreements for the USLL Aircraft or the Debt Aircraft
exists on the Closing Date; and 

  

	 	10.3	 AWA has submitted updated 5 years of cash projections to Bombardier and EDC. 

11.    Transaction Expenses. Each party will pay its own expenses in connection with the
negotiation and documentation of this Agreement, except that AWA shall pay for such expenses of Loan Trustee and for the fees and expenses of Crowe & Dunlevy as FAA/IR counsel. 

12.    Instructions to Loan Trustee. EDC and Bombardier hereby 

  
 5 

 
authorize and direct Loan Trustee to execute, deliver, and perform its obligations under this Agreement, the EDC Deferral Amendment, and the EDC USLL Loan Documents. 

13.    Consent. By its execution hereof, Bombardier hereby acknowledges and consents to the terms
and conditions hereof for all purposes of the Bombardier Guarantee referred to in each of the Credit Agreements. 

14.    Further Assurances. Each party shall execute such documents and take such actions at its own
expense as any other party may reasonably request to effectuate the transactions contemplated by this Agreement. 

15.    Miscellaneous. The following provisions of the Credit Agreements are hereby incorporated
into this Agreement by this reference, mutatis mutandis, with respect to all parties: § 13.01 [No Waivers; Cumulative Remedies], § 13.02 [Notices], § 13.04 [Amendments], § 13.05(a) [Binding Effect;
Consent to Assignment], § 13.07 [Governing Law; Jurisdiction; Waiver of Jury Trial], § 13.08 [Headings], § 13.09 [Execution in Counterparts], and § 13.12 [Confidentiality]. In addition to the terms of such
§ 13.12, AWA agree that EDC may disclose AWA’s quarterly and annual financial statements to Bombardier. Further, IQ’s current address for notices purposes is as follows: 

Investissement Québec 

600, de la Gauchetière Ouest, bureau 1500 

Montréal, Québec H3B 4L8 

Canada 

Attention: Secrétaire 

In addition, each party to this Agreement represents and warrants that it is subject to civil and commercial law with respect to its
obligations under the Transaction Documents, that its making and performance of the Transaction Documents to which it is a party constitute private and commercial acts rather than governmental or public acts, and that neither it nor any of its
properties or revenues has any right of immunity from suit, court jurisdiction, attachment prior to judgment, attachment in aid of execution of a judgment, set-off, execution of a judgment, or from any other
legal process with respect to its obligations under the Transaction Documents. To the extent that any party hereto may hereafter be entitled, in any jurisdiction in which judicial or arbitral proceedings may at any time be commenced with respect to
any Transaction Document, to claim for itself or its revenues or assets any such immunity, and to the extent that in any such jurisdiction there may be attributed to such party such an immunity (whether or not claimed), such party hereby irrevocably
agrees not to claim and hereby irrevocably waives such immunity. The foregoing waiver of immunity shall have effect under all United States and Canadian sovereign immunity laws. 

  
 6 

 IN WITNESS WHEREOF, AWA, EDC,
Bombardier, Loan Trustee, and IQ have executed this Restructuring Agreement. 
  

					
	AIR WISCONSIN AIRLINES LLC
		
	By:	 	/s/ C. R. Deister
			
		 	Title:	 	President & CEO
	
	HER MAJESTY IN RIGHT OF CANADA
		
	By:	 	/s/ Geoff Bleich
			
		 	Title:	 	Geoff Bleich, Special Risks Manager
	By:	 	/s/ Brian Craig
			
		 	Title:	 	Sr. Special Risks Manager
	
	BOMBARDIER INC.
		
	By:	 	/s/ Martin Herman
			
		 	Title:	 	Martin Herman, Director
	By:	 	/s/ Alison Payne
			
		 	Title:	 	Alison Payne, Legal Counsel
	
	U.S. BANK NATIONAL ASSOCIATION
	 as trustee

		
	By:	 	/s/ Charles Gallagher
			
		 	Title:	 	Charles Gallagher, Asst. Vice President
	
	INVESTISSEMENT QUÉBEC
		
	By:	 	/s/ Marie-Josée Giroux
			
		 	Title:	 	Director, Specialized Financing

  
 7 

 Exhibit A 

Definitions; Usage 

Any agreement, instrument, or statute referred to in this Exhibit means such agreement, instrument, or statute as from time to
time supplemented and amended. Unless the context otherwise requires, any provision of any law includes any such provision as amended, modified, supplemented, substituted, reissued, or reenacted before the date of this Agreement, and thereafter from
time to time. A definition in singular form applies to the plural form of the term, and vice versa. “Including” means “including but not limited to”. “Or” is copulative and not disjunctive. “Herein”,
“hereof”, “hereunder”, etc. mean in, of, under, etc. this Agreement (and not merely in, of, under, etc. the section or provision where the reference appears). References in this Agreement to sections, paragraphs, clauses,
appendices, schedules, and exhibits are to sections, paragraphs, clauses, appendices, schedules and exhibits in and to this Agreement unless otherwise specified. 

The following terms, when capitalized as below, shall have the following meanings for all purposes of this Agreement: 

Affiliate of any Person: any other Person directly or indirectly controlling, controlled by, or under common control with such Person.
For purposes of this definition, “control” means the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract, or
otherwise, and “controlling”, “controlled by”, and “under common control with” have correlative meanings. 

Bridging Loans: a total of $3.3 million original principal amount of maintenance bridging loans, made by Bombardier Services
Corporation to AWA for the four Verizon-DVB USLL Aircraft, pursuant to four $825,000 Promissory Notes dated November 7, 2002, November 8, 2002, November 27, 2002, and December 13, 2002.

 Closing: the consummation of the transactions described in §§ 2.1, 4, 5, 6, 7, and 8 of this Agreement. 

Closing Date: the date of this Agreement. 

Credit Agreements: the Credit Agreements among AWA, EDC, Bombardier, and Loan Trustee described in Exhibit B. 

Debt Aircraft: the 35 Bombardier CRJ-200 aircraft identified in Exhibit B. 

 EDC Deferral Amendment: Amendment No. 4 to Deferral Agreement, in the form of
Exhibit F. 
 EDC USLL Loan Documents: the Credit Agreement between AWA as borrower and EDC as lender, and the Security Agreement and
Subordination Acknowledgment between AWA as borrower and Loan Trustee as mortgagee, each dated on or about the date of this Agreement. 

Existing Deferral Agreements: the September 30, 2015, January 25, 2016, February 25, 2016, and April 7, 2016
Deferral Agreements entered into by AWA and some or all of EDC, Bombardier, and Loan Trustee. 
 FLDG: (1) a Loan Deficiency
Agreement entered into with respect to a USLL Aircraft by IQ and the Loan Trustee for that USLL Aircraft, or (2) an Equity Deficiency Agreement entered into with respect to a USLL Aircraft by IQ, the Owner Participant for that USLL Aircraft,
and the related Owner Trustee. 
 IQ Deferral Agreement: Deferral Agreement No. 7, in the form of Exhibit G. 

Lease: a Lease Agreement between an owner trustee as “Lessor” and AWA as “Lessee”, covering a USLL Aircraft. 

LMA Termination Agreement: an agreement in the form of Exhibit D. 

Offset Termination Agreement: an agreement in the form of Exhibit E. 

Other EDC USLL Aircraft: the ten Bombardier CRJ-200 aircraft having the following FAA
registration numbers / manufacturer’s serial numbers: N408AW/7568,       N411ZW/7569,       N412AW/7582,
      N413AW/7585,       N414ZW/7586,       N415AW/7593,       N416AW/7603,      
N417AW/7610,       N418AW/7618, and N419AW/7633. 
 Owner Participant: the entity defined as the
“Owner Participant” in a Lease. 
 Person or person: an individual, firm, business, partnership, joint venture,
trust, trustee, government entity, organization, association, corporation, limited liability company, government agency, governmental committee, governmental department, governmental authority, and other body or organization, corporate or
incorporate, whether having distinct legal status or not, or any member of any of them. 
 RVG Termination Agreement: an agreement in
the form of Exhibit C. 
 Transaction Documents: this Agreement, the RVG Termination Agreement, the LMA Termination Agreement, the
Offset Termination Agreement, the EDC 

 
Deferral Amendment, the EDC USLL Loan Documents, and the IQ Deferral Agreement. 

USLL Aircraft: the Other EDC USLL Aircraft and the Verizon USLL Aircraft. 

Verizon USLL Aircraft: the Verizon-DVB USLL Aircraft and the
Verizon-EDC USLL Aircraft. 
 Verizon-DVB USLL
Aircraft: the four Bombardier CRJ-200 aircraft having the following FAA registration numbers / manufacturer’s serial numbers: N431AW/7256, N432AW/7257, N433AW/7289, andN434AW/7322. 

Verizon-EDC USLL Aircraft: the ten Bombardier
CRJ-200 aircraft having the following FAA registration numbers / manufacturer’s serial numbers: N420AW/7640,       N423AW/7636,      
N424AW/7656,       N425AW/7663,       N426AW/7669,       N427ZW/7685,       N428AW/7695,      
N429AW/7711,       N430AW/7719, and N435AW/7724. 

 Exhibit B 

Description of Credit Agreements and Debt Aircraft 

1. Credit Agreement dated as of April 15, 2003, among AWA, EDC, Bombardier and Loan Trustee, relating to Bombardier aircraft model CL-600-2B19 bearing the following FAA registration numbers (and manufacturer’s serial numbers): N436AW (7734), N437AW (7744), N438AW (7748), N439AW (7753), N440AW (7766),
N441ZW (7777), N442AW (7778), N443AW (7781), and N444ZW (7788). 
 2. Credit Agreement dated as of July 25, 2003, among AWA, EDC,
Bombardier and Loan Trustee, relating to Bombardier aircraft model CL-600-2B19 bearing the following FAA registration numbers (and manufacturer’s serial numbers):
N445AW (7804), N446AW (7806), N447AW (7812), N448AW (7814), N449AW (7818), and N450AW (7823). 
 3. Credit Agreement dated as of
September 11, 2003, among AWA, EDC, Bombardier and Loan Trustee, relating to Bombardier aircraft model CL-600-2B19 bearing the following FAA registration numbers
(and manufacturer’s serial numbers): N451AW (7832), N452AW (7835), and N453AW (7838). 
 4. Credit Agreement dated as of
October 24, 2003, among AWA, EDC, Bombardier and Loan Trustee, relating to Bombardier aircraft model CL-600-2B19 bearing the following FAA registration numbers (and
manufacturer’s serial numbers): N454AW (7842), N455AW (7848), N456ZW (7849), N457AW (7854), and N458AW (7861). 
 5. Credit Agreement
dated as of November 21, 2003, among AWA, EDC, Bombardier and Loan Trustee, relating to Bombardier aircraft model CL-600-2B19 bearing the following FAA registration
numbers (and manufacturer’s serial numbers): N459AW (7863), N460AW (7867), and N461AW (7870). 
 6. Credit Agreement dated as of
December 5, 2003, among AWA, EDC, Bombardier and Loan Trustee, relating to Bombardier aircraft model CL-600-2B19 bearing the following FAA registration numbers (and
manufacturer’s serial numbers): N462AW (7875) and N463AW (7878). 
 7. Credit Agreement dated as of April 30, 2004, among
AWA, EDC, Bombardier and Loan Trustee, relating to Bombardier aircraft model CL-600-2B19 bearing the following FAA registration numbers (and manufacturer’s serial
numbers): N464AW (7890), N465AW (7893), N466AW (7899), N467AW (7900), N468AW (7916), N469AW (7917), and N470ZW (7927).

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}]]