Document:

<PAGE>

                                                                     EXHIBIT 4.1

NUMBER                  INCORPORATED UNDER THE LAWS OF                   SHARES
  0
                                  THE STATE OF
                                    DELAWARE

                                     [LOGO]

                          U.S. HELICOPTER CORPORATION
                95,000,000 SHARES COMMON STOCK, PAR VALUE $0.001

                    See Restrictive Legends on Reverse Side

                                    SPECIMEN

THIS CERTIFIES THAT_____________________________________________is the owner of
________________________________________________________ fully paid and
non-assessable Shares of the Capital Stock of the above named Corporation
transferable only on the books of the Corporation by the holder hereof in person
or by duly authorized Attorney upon surrender of this Certificate properly
endorsed. IN WITNESS WHEREOF, the said Corporation has caused this Certificate
to be signed by its duly authorized officers and its Corporate Seal to be
hereunto affixed this ______________ day of _________________20_______

______________________________   __________________   _________________________
Thomas P. Gallagher, SECRETARY                        John G. Murphy, PRESIDENT

<PAGE>

                          EXPLANATION OF ABBREVIATIONS

      The following abbreviations, when used in the inscription of ownership on
the face of this certificate, shall be construed as if they were written out in
full according to applicable laws or regulations. Abbreviations, in addition to
those appearing below, may be used.

<TABLE>
<S>      <C>                                               <C>                 <C>
JT TEN   As joint tenants with right of survivorship and   TEN ENT             As tenants by the entireties
         not as tenants in common                          UNIF GIFT MIN ACT   Uniform Gifts to Minors Act
TEN COM  As tenants in common                              CUST                Custodian for
                                                           UNIF TRANS MIN ACT  Uniform Transfers to Minors Act
</TABLE>

For Value Received, __________ hereby sell, assign and transfer unto
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
______________________________
______________________________________________________________________
__________________________________ shares represented by the within Certificate,
and do hereby irrevocably constitute and appoint _______________________________
Attorney to transfer the said Shares on the books of the within named
Corporation with full power of substitution in the premises.
Dated _________________ 20___
                  In presence of
______________________________                    ______________________________

NOTICE THE SIGNATURE OF THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS
[ILLEGIBLE] THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR [ILLEGIBLE]

                                  CERTIFICATE

                                      FOR

                                     SHARES

                                       OF

                                   ISSUED TO

                                     DATED

      THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE
SECURITIES LAWS, AND SUCH SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE
DISPOSED OF UNLESS (A) THE SAME ARE REGISTERED AND QUALIFIED IN ACCORDANCE WITH
THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (B) IN THE OPINION OF
COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, SUCH REGISTRATION AND
QUALIFICATION ARE NOT REQUIRED.

      THE SHARES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
PROVISIONS OF A STOCKHOLDERS AGREEMENT (AS SUCH AGREEMENT MAY BE SUPPLEMENTED,
MODIFIED, AMENDED OR RESTATED FROM TIME TO TIME) A COPY OF WHICH IS ON FILE AT
THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED TO THE STOCKHOLDER ON
REQUEST TO THE SECRETARY OF THE COMPANY. SUCH STOCKHOLDERS AGREEMENT, PROVIDES,
AMONG OTHER THINGS, FOR CERTAIN RESTRICTIONS ON SALE, TRANSFER, PLEDGE,
HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES EVIDENCED BY THIS
CERTIFICATE AND THAT SUCH SHARES MAY BE SUBJECT TO PURCHASE BY THE COMPANY OR
CERTAIN OF ITS STOCKHOLDERS UPON THE OCCURRENCE OF CERTAIN EVENTS. ANY ISSUANCE,
SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION OF THE SHARES EVIDENCED BY THIS
CERTIFICATE TO PERSONS WHO ARE NOT A PARTY TO SUCH STOCKHOLDERS AGREEMENT SHALL
BE NULL AND VOID.

      THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS
AND PROVISIONS OF A LOCK-UP AGREEMENT DATED JULY _______, 2004.<PAGE>

                                                                     EXHIBIT 4.2

NUMBER                    INCORPORATED UNDER THE LAWS OF                  SHARES

                                     [LOGO]

                          U.S. HELICOPTER CORPORATION
            1,500,000 SHARES SERIES A PREFERRED STOCK, PAR VALUE $0.001
                     SEE RESTRICTIVE LEGENDS ON REVERSE SIDE

                                    SPECIMEN

THIS CERTIFIES THAT_______________________________________________________ is
the owner of ____________________________________________________fully paid and
non-assessable Shares of the Capital Stock of the above named Corporation
transferable only on the books of the Corporation by the holder hereof in person
or by duly authorized Attorney upon surrender of this Certificate properly
endorsed.

IN WITNESS WHEREOF, the said Corporation has caused this Certificate to be
signed by its duly authorized officers and its Corporate Seal to be hereunto
affixed this ___________ day of ______________ 20__

__________________       _____________________         _________________________
Thomas P. Gallagher, SECRETARY                         John G. Murphy, PRESIDENT

<PAGE>

                          EXPLANATION OF ABBREVIATIONS

      The following abbreviations, when used in the inscription of ownership on
the face of this certificate, shall be construed as if they were written out in
full according to applicable laws or regulations. Abbreviations, in addition to
those appearing below, may be used.

JT TEN   As joint tenants with right   TEN ENT             As tenants by the
         of survivorship and not as    UNIF GIFT MIN ACT   entireties
         tenants in common             CUST                Uniform Gifts to
TEN COM  As tenants in common          UNIF TRANS MIN ACT  Minors Act
                                                           Custodian for
                                                           Uniform Transfers to
                                                           Minors Act

For Value Received, _________________ hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER OF ASSIGNEE
           [           ]                                           [ILLEGIBLE]

________________________________________________________________________________
__________________________________________________________ Shares represented by
the within Certificate, and do hereby irrevocably constitute and appoint
___________________________________________________________________ Attorney to
transfer the said Shares on the books of the within named Corporation with full
power of substitution in the premises.

Dated _____________________________ 20 ___________
            In presence of

____________________________________         ___________________________________

                                   CERTIFICATE

                                       FOR

                                     SHARES

                                       OF

                                    ISSUED TO

                                      DATED

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED, ASSIGNED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION
FROM REGISTRATION AND OTHERWISE IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT
BETWEEN THE ISSUER AND THE ORIGINAL OWNER OF THE SECURITIES, A COPY OF WHICH IS
ON FILE AT THE PRINCIPAL EXECUTIVE OFFICE OF THE ISSUER.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP
AGREEMENT PURSUANT TO THE TERMS AND CONDITIONS OF THE SUBSCRIPTION AGREEMENT
UNDERLYING THE PURCHASE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE.<PAGE>

                                                                     Exhibit 4.3

      THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED, ASSIGNED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION
FROM REGISTRATION AND OTHERWISE IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT
BETWEEN THE ISSUER AND THE ORIGINAL OWNER OF THE SECURITIES, A COPY OF WHICH IS
ON FILE AT THE PRINCIPAL EXECUTIVE OFFICE OF THE ISSUER.

                           U.S. HELICOPTER CORPORATION

                                     WARRANT

      This Warrant is issued in connection with that certain Subscription
Agreement (the "Subscription Agreement") by and among U.S. HELICOPTER
CORPORATION, a Delaware corporation (the "Company"), and _____________ (the
"Holder"). Capitalized terms used herein, but not otherwise defined, shall have
the meaning given to them in the Subscription Agreement.

      THIS CERTIFIES THAT, for value received, the Holder or its registered
assigns is entitled to purchase from the Company at any time or from time to
time during the period specified in Paragraph 2 hereof _______ (__) fully paid
and nonassessable shares of the Company's Common Stock, $.001 par value per
share (the "Common Stock"), at an exercise price per share equal to 125% (one
hundred twenty five percent) of the Conversion Price (defined below) of the
Preferred Shares (defined below) (the "Exercise Price"). For purposes of this
Warrant, the "Conversion Price" means the price per share at which the Holder
converts the Preferred Shares pursuant to the terms and conditions of a
Confidential Offering Memorandum dated October 1, 2004, the subscription
agreement in connection therewith and that certain Certificate of Designation
describing the terms of the Preferred Shares as filed with the Secretary of
State of Delaware.

      The term "Warrant Shares," as used herein, refers to the shares of Common
Stock purchasable hereunder. The Warrant Shares and the Exercise Price are
subject to adjustment as provided in Paragraph 4 hereof. This Warrant is subject
to the following terms, provisions, and conditions:

      I. MANNER OF EXERCISE; ISSUANCE OF CERTIFICATES; PAYMENT FOR SHARES.
Subject to the provisions hereof, this Warrant may be exercised by the holder
hereof, in whole or in part, by the surrender of this Warrant, together with a
completed exercise agreement in the form attached hereto (the "Exercise
Agreement"), to the Company during normal business hours on any business day at
the Company's principal executive offices (or such other office or agency of the
Company as it may designate by notice to the holder hereof), and upon (i)
payment to the Company in cash, by certified or official bank check or by wire
transfer for the account of the

<PAGE>

Company of the Exercise Price for the Warrant Shares specified in the Exercise
Agreement or (ii) if the resale of the Warrant Shares by the holder is not then
registered pursuant to an effective registration statement under the Securities
Act of 1933, as amended (the "Securities Act"), delivery to the Company of a
written notice of an election to effect a "Cashless Exercise" (as defined in
Section 11(c) below) for the Warrant Shares specified in the Exercise Agreement.
The Warrant Shares so purchased shall be deemed to be issued to the holder
hereof or such holder's designee, as the record owner of such shares, as of the
close of business on the date on which this Warrant shall have been surrendered,
the completed Exercise Agreement shall have been delivered, and payment shall
have been made for such shares as set forth above. Certificates for the Warrant
Shares so purchased, representing the aggregate number of shares specified in
the Exercise Agreement, shall be delivered to the holder hereof within a
reasonable time after this Warrant shall have been so exercised. The
certificates so delivered shall be in such denominations as may be requested by
the holder hereof and shall be registered in the name of such holder or such
other name as shall be designated by such holder. If this Warrant shall have
been exercised only in part, then, unless this Warrant has expired, the Company
shall, at its expense, at the time of delivery of such certificates, deliver to
the holder a new Warrant representing the number of shares with respect to which
this Warrant shall not then have been exercised.

      2. PERIOD OF EXERCISE. This Warrant is issued to Holder concurrently with
________ shares of the Company's Series A Preferred Stock (the "Preferred
Shares") pursuant to an offering of the Company's Units. This Warrant is
exercisable at any time or from time to time on or after the date on which
Holder converts all of the Preferred Shares into shares of Common Stock pursuant
to the terms of the Subscription Agreement and the Company's Certificate of
Incorporation, as amended, and before 5:00 p.m., New York, New York time on the
fifth anniversary of such date (the "Exercise Period"), which date may not be
later than November 30, 2011 (the "Warrant Expiration Date").

      3. CERTAIN AGREEMENTS OF THE COMPANY. The Company hereby covenants and
agrees as follows:

            (a) SHARES TO BE FULLY PAID. All Warrant Shares will, upon issuance
      in accordance with the terms of this Warrant, be validly issued, fully
      paid, and nonassessable and free from all taxes, liens, and charges with
      respect to the issue thereof.

            (b) RESERVATION OF SHARES. During the Exercise Period, the Company
      shall at all times have authorized, and reserved for the purpose of
      issuance upon exercise of this Warrant, a sufficient number of shares of
      Common Stock to provide for the exercise of this Warrant.

            (c) LISTING. The Company shall promptly secure the listing of the
      shares of Common Stock issuable upon exercise of the Warrant upon each
      national securities exchange or automated quotation system, if any, upon
      which shares of Common Stock are then listed (subject to official notice
      of issuance upon exercise of this Warrant) and shall maintain, so long as
      any other shares of Common Stock shall be so listed, such listing of all
      shares of Common Stock from time to time issuable upon the exercise of
      this Warrant.

                                       2
<PAGE>

            (d) SUCCESSORS AND ASSIGNS. This Warrant will be binding upon any
      entity succeeding to the Company by merger, consolidation, or acquisition
      of all or substantially all the Company's assets.

      4. ADJUSTMENT AND ANTIDILUTION PROVISIONS. On or after the date of
issuance of this Warrant, the Warrant Exercise Price and number of shares
issuable pursuant to this Warrant shall be subject to adjustment as follows:

            (a) In case the Company shall (i) declare a dividend or make a
      distribution on its outstanding shares of Common Stock in shares of Common
      Stock, (ii) subdivide or reclassify its outstanding shares of Common Stock
      into a greater number of shares, or (iii) combine or reclassify its
      outstanding shares of Common Stock into a smaller number of shares, the
      Exercise Price in effect at the time of the record date for such dividend
      or distribution or of the effective date of such subdivision, combination
      or reclassification shall be adjusted so that it shall equal the price
      determined by multiplying the Exercise Price by a fraction, the
      denominator of which shall be the number of shares of Common Stock
      outstanding after giving effect to such action, and the numerator of which
      shall be the number of shares of Common Stock immediately prior to such
      action. Such adjustment shall be made each time any event listed above
      shall occur.

            (b) Whenever the Exercise Price payable upon exercise of each
      Warrant is adjusted pursuant to Subsection (a) above, the number of shares
      purchasable upon exercise of this Warrant shall simultaneously be adjusted
      by multiplying the number of shares initially issuable upon exercise of
      this Warrant by the Exercise Price in effect on the date hereof and
      dividing the product so obtained by the Exercise Price, as adjusted.

            (c) All calculations under this Section 4 shall be made to the
      nearest cent or to the nearest one-hundredth of a share, as the case may
      be. Anything in this Section 4 to the contrary notwithstanding, the
      Company shall be entitled, but shall not be required, to make such changes
      in the Exercise Price in addition to those required by this Section 4, as
      it shall determine, in its sole discretion, to be advisable in order that
      any dividend or distribution in shares of Common Stock, or any
      subdivision, reclassification or combination of Common Stock, hereafter
      made by the Corporation shall not result in any Federal Income tax
      liability to the holders of the Common Stock or securities convertible
      into Common Stock (including warrants).

            (d) Whenever the Exercise Price is adjusted, as herein provided, the
      Corporation shall promptly cause a notice setting forth the adjusted
      Exercise Price and adjusted number of shares issuable upon exercise of
      each Warrant to be mailed to the Holder, at its last address appearing in
      the Company's Warrant Register. The Company may retain a firm of
      independent certified public accountants selected by the Board of
      Directors (who may be the regular accountants employed by the Company) to
      make any computation required by this Section 4, and a certificate signed
      by such firm shall be conclusive evidence of the correctness of such
      adjustment.

      5. ISSUE TAX. The issuance of certificates for Warrant Shares upon the
exercise of this Warrant shall be made without charge to the holder of this
Warrant or such shares for any issuance tax or other costs in respect thereof,
provided that the Company shall not be required to

                                       3
<PAGE>

pay any tax which may be payable in respect of any transfer involved in the
issuance and delivery of any certificate in a name other than the holder of this
Warrant.

      6. NO RIGHTS OR LIABILITIES AS A SHAREHOLDER. This Warrant shall not
entitle the holder hereof to any voting rights or other rights as a shareholder
of the Company. No provision of this Warrant, in the absence of affirmative
action by the holder hereof to purchase Warrant Shares, and no mere enumeration
herein of the rights or privileges of the holder hereof, shall give rise to any
liability of such holder for the Exercise Price or as a shareholder of the
Company, whether such liability is asserted by the Company or by creditors of
the Company.

      7. TRANSFER, EXCHANGE, AND REPLACEMENT OF WARRANT.

            (a) RESTRICTION ON TRANSFER. This Warrant and the rights granted to
      the holder hereof are transferable, in whole or in part, upon surrender of
      this Warrant, together with a properly executed assignment in the form
      attached hereto, at the office or agency of the Company referred to in
      Paragraph 7(e) below, provided, however, that any transfer or assignment
      shall be subject to the conditions set forth in Paragraph 7(f) hereof.
      Until due presentment for registration of transfer on the books of the
      Company, the Company may treat the registered holder hereof as the owner
      and holder hereof for all purposes, and the Company shall not be affected
      by any notice to the contrary.

            (b) WARRANT EXCHANGEABLE FOR DIFFERENT DENOMINATIONS. This Warrant
      is exchangeable, upon the surrender hereof by the holder hereof at the
      office or agency of the Company referred to in Paragraph 7(e) below, for
      new Warrants of like tenor representing in the aggregate the right to
      purchase the number of shares of Common Stock which may be purchased
      hereunder, each of such new Warrants to represent the right to purchase
      such number of shares as shall be designated by the holder hereof at the
      time of such surrender.

            (c) REPLACEMENT OF WARRANT. Upon receipt of evidence reasonably
      satisfactory to the Company of the loss, theft, destruction, or mutilation
      of this Warrant and, in the case of any such loss, theft, or destruction,
      upon delivery of an indemnity agreement reasonably satisfactory in form
      and amount to the Company, or, in the case of any such mutilation, upon
      surrender and cancellation of this Warrant, the Company, at its expense,
      will execute and deliver, in lieu thereof, a new Warrant of like tenor.

            (d) CANCELLATION; PAYMENT OF EXPENSES. Upon the surrender of this
      Warrant in connection with any transfer, exchange, or replacement as
      provided in this Paragraph 7, this Warrant shall be promptly canceled by
      the Company. The Company shall pay all taxes (other than securities
      transfer taxes) and all other expenses (other than legal expenses, if any,
      incurred by the holder or transferees) and charges payable in connection
      with the preparation, execution, and delivery of Warrants pursuant to this
      Paragraph 7.

            (e) REGISTER. The Company shall maintain, at its principal executive
      offices (or such other office or agency of the Company as it may designate
      by notice to the holder hereof), a register for this Warrant, in which the
      Company shall record the name and address of the person in whose name this
      Warrant has been issued, as well as the name and address of each
      transferee and each prior owner of this Warrant.

                                       4
<PAGE>

            (f) EXERCISE OR TRANSFER WITHOUT REGISTRATION. If, at the time of
      the surrender of this Warrant in connection with any exercise, transfer,
      or exchange of this Warrant, this Warrant (or, in the case of any
      exercise, the Warrant Shares issuable hereunder), shall not be registered
      under the Securities Act of 1933, as amended (the "Securities Act") and
      under applicable state securities or blue sky laws, the Company may
      require, as a condition of allowing such exercise, transfer, or exchange,
      (i) that the holder or transferee of this Warrant, as the case may be,
      furnish to the Company a written opinion of counsel, which opinion and
      counsel are acceptable to the Company, to the effect that such exercise,
      transfer, or exchange may be made without registration under said Act and
      under applicable state securities or blue sky laws, (ii) that the holder
      or transferee execute and deliver to the Company an investment letter in
      form and substance acceptable to the Company and (iii) that the transferee
      be an "accredited investor" as defined in Rule 501(a) promulgated under
      the Securities Act; provided that no such opinion, letter or status as an
      "accredited investor" shall be required in connection with a transfer
      pursuant to Rule 144 under the Securities Act. The first holder of this
      Warrant, by taking and holding the same, represents to the Company that
      such holder is acquiring this Warrant for investment and not with a view
      to the distribution thereof.

      8. REGISTRATION RIGHTS. The initial holder of this Warrant (and certain
assignees thereof) shall have registration rights as set forth in Section 5 of
the Subscription Agreement.

      9. NOTICES. All notices, requests, and other communications required or
permitted to be given or delivered hereunder to the holder of this Warrant shall
be in writing, and shall be personally delivered, or shall be sent by certified
or registered mail or by recognized overnight mail courier, postage prepaid and
addressed, to such holder at the address shown for such holder on the books of
the Company, or at such other address as shall have been furnished to the
Company by notice from such holder. All notices, requests, and other
communications required or permitted to be given or delivered hereunder to the
Company shall be in writing, and shall be personally delivered, or shall be sent
by certified or registered mail or by recognized overnight mail courier, postage
prepaid and addressed, to the office of the Company at Downtown Manhattan
Heliport, Pier 6 East River, New York, New York 10004, Attention: Chief
Executive Officer, or at such other address as shall have been furnished to the
holder of this Warrant by notice from the Company. Any such notice, request, or
other communication may be sent by facsimile, but shall in such case be
subsequently confirmed by a writing personally delivered or sent by certified or
registered mail or by recognized overnight mail courier as provided above. All
notices, requests, and other communications shall be deemed to have been given
either at the time of the receipt thereof by the person entitled to receive such
notice at the address of such person for purposes of this Paragraph 9, or, if
mailed by registered or certified mail or with a recognized overnight mail
courier upon deposit with the United States Post Office or such overnight mail
courier, if postage is prepaid and the mailing is properly addressed, as the
case may be.

      10. GOVERNING LAW. THIS WARRANT SHALL BE ENFORCED, GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICT OF LAWS. THE PARTIES HERETO HEREBY SUBMIT TO THE
EXCLUSIVE JURISDICTION

                                       5
<PAGE>

OF THE UNITED STATES FEDERAL COURTS LOCATED IN NEW YORK, NEW YORK WITH RESPECT
TO ANY DISPUTE ARISING UNDER THIS WARRANT, THE AGREEMENTS ENTERED INTO IN
CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. BOTH
PARTIES IRREVOCABLY WAIVE THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH SUIT OR PROCEEDING. BOTH PARTIES FURTHER AGREE THAT SERVICE
OF PROCESS UPON A PARTY MAILED BY FIRST CLASS MAIL SHALL BE DEEMED IN EVERY
RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE PARTY IN ANY SUCH SUIT OR
PROCEEDING. NOTHING HEREIN SHALL AFFECT EITHER PARTY'S RIGHT TO SERVE PROCESS IN
ANY OTHER MANNER PERMITTED BY LAW. BOTH PARTIES AGREE THAT A FINAL
NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND
MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON SUCH JUDGMENT OR IN ANY OTHER
LAWFUL MANNER. THE PARTY WHICH DOES NOT PREVAIL IN ANY DISPUTE ARISING UNDER
THIS WARRANT SHALL BE RESPONSIBLE FOR ALL FEES AND EXPENSES, INCLUDING
ATTORNEYS' FEES, INCURRED BY THE PREVAILING PARTY IN CONNECTION WITH SUCH
DISPUTE.

      11. MISCELLANEOUS.

            (a) AMENDMENTS. This Warrant and any provision hereof may only be
      amended by an instrument in writing signed by the Company and the holder
      hereof.

            (b) DESCRIPTIVE HEADINGS. The descriptive headings of the several
      paragraphs of this Warrant are inserted for purposes of reference only,
      and shall not affect the meaning or construction of any of the provisions
      hereof.

            (c) CASHLESS EXERCISE. Notwithstanding anything to the contrary
      contained in this Warrant, if the resale of the Warrant Shares by the
      holder is not then registered pursuant to an effective registration
      statement under the Securities Act, this Warrant may be exercised by
      presentation and surrender of this Warrant to the Company at its principal
      executive offices with a written notice of the holder's intention to
      effect a cashless exercise, including a calculation of the number of
      shares of Common Stock to be issued upon such exercise in accordance with
      the terms hereof (a "Cashless Exercise"). In the event of a Cashless
      Exercise, in lieu of paying the Exercise Price in cash, the holder shall
      surrender this Warrant for that number of shares of Common Stock
      determined by multiplying the number of Warrant Shares to which it would
      otherwise be entitled by a fraction, the numerator of which shall be the
      difference between the then current Market Price per share of the Common
      Stock and the Exercise Price, and the denominator of which shall be the
      then current Market Price per share of Common Stock. For example, if the
      holder is exercising 100,000 warrants with a per warrant exercise price of
      $0.75 per share through a cashless exercise when the Common Stock's
      current Market Price per share is $2.00 per share, then upon such Cashless
      Exercise the holder will receive 62,500 shares of Common Stock.

            (d) REMEDIES. The Company acknowledges that a breach by it of its
      obligations hereunder will cause irreparable harm to the holder, by
      vitiating the intent and purpose of the transaction contemplated hereby.
      Accordingly, the Company

                                       6
<PAGE>

      acknowledges that the remedy at law for a breach of its obligations under
      this Warrant will be inadequate and agrees, in the event of a breach or
      threatened breach by the Company of the provisions of this Warrant, that
      the holder shall be entitled, in addition to all other available remedies
      at law or in equity, and in addition to the penalties assessable herein,
      to an injunction or injunctions restraining, preventing or curing any
      breach of this Warrant and to enforce specifically the terms and
      provisions thereof, without the necessity of showing economic loss and
      without any bond or other security being required.

            [The remainder of this page is intentionally left blank.]

                                       7
<PAGE>

      IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officer.

                                       U.S. HELICOPTER CORPORATION

                                       By: _____________________________________
                                           John G. Murphy
                                           President and Chief Executive Officer

Dated as of _________, 2004

                                       8
<PAGE>

                           FORM OF EXERCISE AGREEMENT

                                                        Dated: ________ __, 200_

To: ______________________

The undersigned, pursuant to the provisions set forth in the within Warrant,
hereby agrees to purchase ________ shares of Common Stock covered by such
Warrant, and makes payment herewith in full therefor at the price per share
provided by such Warrant in cash or by certified or official bank check in the
amount of $________, or, if the resale of such Common Stock by the undersigned
is not currently registered pursuant to an effective registration statement
under the Securities Act of 1933, as amended, by surrender of securities issued
by the Company (including a portion of the Warrant) having a market value (in
the case of a portion of this Warrant, determined in accordance with Section
11(c) of the Warrant) equal to $_________. Please issue a certificate or
certificates for such shares of Common Stock in the name of and pay any cash for
any fractional share to:

                                       Name:      ______________________________

                                       Signature: ______________________________
                                       Address:   ______________________________
                                                  ______________________________

                                       Note: The above signature should
                                       correspond exactly with the name on the
                                       face of the within Warrant, if
                                       applicable.

and, if said number of shares of Common Stock shall not be all the shares
purchasable under the within Warrant, a new Warrant is to be issued in the name
of said undersigned covering the balance of the shares purchasable thereunder
less any fraction of a share paid in cash.

                                       9
<PAGE>

                               FORM OF ASSIGNMENT

      FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers
all the rights of the undersigned under the within Warrant, with respect to the
number of shares of Common Stock covered thereby set forth hereinbelow, to:

Name of Assignee                   Address                         No. of Shares

, and hereby irrevocably constitutes and appoints______________________________
as agent and attorney-in-fact to transfer said Warrant on the books of the
within-named corporation, with full power of substitution in the premises.

Dated:   ________ __, 200_

In the presence of:                               _________________________

                                       Name:      _________________________

                                       Signature: _________________________
      Title of Signing Officer or Agent (if any): _________________________

                                       Address:   _________________________
                                                  _________________________

                                       Note: The above signature should
                                       correspond exactly with the name on the
                                       face of the within Warrant, if
                                       applicable.

                                       10

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