<SUBMISSION>
<ACCESSION-NUMBER>0001193125-19-238530
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>10
<PERIOD>20190904
<ITEMS>1.02
<ITEMS>2.03
<ITEMS>2.06
<ITEMS>3.02
<ITEMS>3.03
<ITEMS>5.01
<ITEMS>5.02
<ITEMS>5.03
<ITEMS>9.01
<FILING-DATE>20190905
<DATE-OF-FILING-DATE-CHANGE>20190905
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>PHI Group, Inc./DE
<CIK>0000350403
<ASSIGNED-SIC>4522
<IRS-NUMBER>842513763
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-09827
<FILM-NUMBER>191076520
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2001 SE EVANGELINE THRUWAY
<STREET2>-
<CITY>LAFAYETTE
<STATE>LA
<ZIP>70508
<PHONE>(337) 235-2452
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>PO BOX 90808
<CITY>LAFAYETTE
<STATE>LA
<ZIP>70509
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PHI INC
<DATE-CHANGED>20060103
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PETROLEUM HELICOPTERS INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d770370d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities and Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported): September&nbsp;4, 2019 </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>PHI Group, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact
Name of Registrant as Specified in its Charter) </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">0-9827</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">84-2513763</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Commission File Number)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer Identification</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number)</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>2001 SE Evangeline Thruway, Lafayette, Louisiana</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>70508</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Registrants&#146; telephone number, including area code:<B>
(337)</B><B></B><B><FONT STYLE="white-space:nowrap">&nbsp;235-2452</FONT></B> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;14a-12</FONT> under the Exchange Act
(17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to <FONT
STYLE="white-space:nowrap">Rule&nbsp;14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to <FONT
STYLE="white-space:nowrap">Rule&nbsp;13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Securities registered pursuant to Section&nbsp;12(b) of the Act: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of Each Class</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trading Symbol(s)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Name of Each Exchange on Which Registered</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">None</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 (&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Explanatory Note </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously disclosed, on March&nbsp;14, 2019, PHI, Inc. (&#147;Old PHI&#148;) and its principal U.S. subsidiaries (together with Old PHI, the
&#147;Debtors&#148;) filed voluntary petitions (the &#147;Chapter 11 Cases&#148;) in the United States Bankruptcy Court for the Northern District of Texas (the &#147;Bankruptcy Court&#148;) seeking relief under Chapter 11 of Title 11 of the United
States Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On August&nbsp;2, 2019, the Bankruptcy Court issued a written order (the &#147;Confirmation Order&#148;) confirming the Debtors&#146; Third
Amended Joint Plan of Reorganization, as previously supplemented and as modified by the Confirmation Order (the &#147;Confirmed Plan&#148;). On August&nbsp;29, 2019, the Bankruptcy Court issued a written order (the &#147;Modification Order&#148;)
approving the Debtors&#146; motion to modify the Confirmed Plan (as so modified, the &#147;Plan&#148;) to authorize the payment of cash to holders of less than 250 shares of Old PHI common stock. On September&nbsp;4, 2019 (the &#147;Effective
Date&#148;), the Plan became effective in accordance with its terms, and the Debtors emerged from bankruptcy under the Chapter 11 Cases. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of the
Effective Date, all of Old PHI&#146;s previously outstanding equity interests, including shares of its voting and <FONT STYLE="white-space:nowrap">non-voting</FONT> common stock (the &#147;Old Common Stock&#148;), and its unsecured 5.25% Senior
Notes due 2019 (the &#147;Old Notes&#148;) were cancelled and extinguished. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Plan, the Debtors effectuated certain restructuring
transactions (the &#147;Restructuring&#148;). In connection with the Restructuring, (i)&nbsp;Old PHI formed PHI Group, Inc., a Delaware corporation, initially as its wholly owned subsidiary (&#147;PHI Group&#148;), (ii) PHI Group formed PHI
Corporate, LLC, a Delaware limited liability company, as its wholly owned subsidiary (&#147;PHI Corporate&#148;), and (iii)&nbsp;PHI Corporate formed PHI Merger Sub, Inc., a Louisiana corporation, as its wholly owned subsidiary (&#147;PHI Merger
Sub&#148;). On the Effective Date, PHI Merger Sub merged into Old PHI, which resulted in, among other things, PHI Group becoming the ultimate corporate parent of the Debtors and their affiliates. Consequently, PHI Group became the successor issuer
to Old PHI pursuant to Rule <FONT STYLE="white-space:nowrap">15d-5</FONT> of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). Item 8.01 hereof includes further information about the Restructuring. As used herein, the
&#147;Company&#148; or &#147;we&#148; refers to either Old PHI or PHI Group, as the successor issuer, as the context requires. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to certain
exceptions relating to the payment of cash to settle certain claims for $25,000 or less (&#147;Convenience Claims&#148;), the holders of Allowed General Unsecured Claims (including the Old Notes) and Aircraft Lessor Claims (each as defined in the
Plan) received under the Plan their pro rata share of newly-issued common stock of PHI Group (the &#147;New Common Stock&#148;) or a combination of New Common Stock and warrants to acquire such stock (the &#147;Creditor Warrants&#148;) to the extent
such New Common Stock could not be issued to a holder because such holder was not deemed to be a U.S. Citizen (as defined in the Plan) and the number of such shares of New Common Stock that otherwise would be issuable to persons who are not U.S.
Citizens would exceed the applicable Federal Aviation Administration restrictions on foreign ownership. Under the Plan, holders of less than 250 shares of Old Common Stock will receive $0.50 per share in cash and, subject to certain exceptions
(discussed below), the remaining holders of Old Common Stock received warrants (the &#147;Equity Warrants&#148;) issued by PHI Group exercisable for shares of New Common Stock, in each case in exchange for the cancellation of the Old Common Stock.
The Equity Warrants, the Creditor Warrants and the above-described foreign ownership limits are each discussed further under Item 1.01 hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant
to the Plan, the following principal recapitalization transactions occurred on the Effective Date: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the issuance of shares of New Common Stock and Creditor Warrants to certain of the Company&#146;s former
unsecured creditors in exchange for approximately $53.7&nbsp;million of new equity capital and in payment of certain commitment fees, in each case pursuant to that certain equity commitment agreement dated July&nbsp;11, 2019 and discussed further in
Item 8.01 hereof (the &#147;Equity Commitment Agreement&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the issuance of shares of New Common Stock and Creditor Warrants to fully equitize the holders of Allowed General
Unsecured Claims (excluding those receiving cash) and Aircraft Lessor Claims in exchange for their claims; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the borrowing of $225&nbsp;million principal amount of new term loan indebtedness, the proceeds of which were
deployed principally to refinance Old PHI&#146;s former secured debt; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the issuance of Equity Warrants to holders of Old Common Stock (other than those receiving cash and the
Company&#146;s former controlling shareholder) in exchange for the cancellation of their shares; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">cash payments estimated to be approximately $4.4&nbsp;million (i)&nbsp;to settle Convenience Claims (or claims
that holders opted to treat as Convenience Claims) and (ii)&nbsp;to holders of less than 250 shares of Old Common Stock. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition,
an additional amount of shares equal to 10% of the New Common Stock (inclusive of shares of New Common Stock issuable upon exercise of the Creditor Warrants) has been reserved for issuance under the Management Incentive Plan (the &#147;MIP&#148;)
approved under the Plan. The initial percentage of MIP equity allocable to Plan participants will be 50% of the pool of MIP shares, or 5% of the New Common Stock (inclusive of shares of New Common Stock issuable upon exercise of the Creditor
Warrants). The Company&#146;s newly-installed Board of Directors (discussed further under Item 5.02 hereof) plans to allocate this 50% portion within 60 days after the Effective Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a result of these transactions, the Company&#146;s former unsecured creditors (including certain lessors)
now own all of the Company&#146;s equity, subject to dilution in connection with future stock issuances, including issuances of incentive equity grants under the MIP and potential issuances of stock to holders of the Equity Warrants, as described in
further detail below. Item 3.02 hereof includes additional information about the Company&#146;s new capitalization. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Form <FONT
STYLE="white-space:nowrap">8-K</FONT> is being filed by PHI Group as the initial report of PHI Group to the SEC and as notice that PHI Group is the successor issuer to Old PHI under Rule <FONT STYLE="white-space:nowrap">15d-5</FONT> of the Exchange
Act. The Company intends, pursuant to Rules <FONT STYLE="white-space:nowrap">12g-4(a)(1)</FONT> and <FONT STYLE="white-space:nowrap">12h-3</FONT> under the Exchange Act, to file certifications on Form 15 to terminate its reporting obligations under
Section&nbsp;13(a) of the Exchange Act and its registration under Section&nbsp;12(g) of the Exchange Act, and to suspend its remaining reporting obligations under the Exchange Act, including its reporting obligations under Section&nbsp;15(d) of the
Exchange Act. Upon the filing of the Form 15, PHI Group&#146;s obligation to file periodic reports, such as Annual Reports on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT>
and Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> will be suspended immediately. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All capitalized terms used herein but not
otherwise defined in this Form <FONT STYLE="white-space:nowrap">8-K</FONT> have the meanings set forth in the Plan. Allowed General Unsecured Claims and Aircraft Lessor Claims that were exchanged for New Common Stock or Creditor Warrants under the
Plan are referred to below as &#147;Equitized Claims&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The summary descriptions of the Plan and the Confirmation Order in this Form <FONT
STYLE="white-space:nowrap">8-K</FONT> (this &#147;Form <FONT STYLE="white-space:nowrap">8-K&#148;)</FONT> do not purport to be complete and are qualified in their entirety by reference to the full text of the Confirmed Plan and the Confirmation
Order, which were previously filed as exhibits to the Company&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the Securities and Exchange Commission (the &#147;SEC&#148;) on August&nbsp;6, 2019, and are
incorporated herein by reference as Exhibit 2.1 and Exhibit 99.1 into this Form <FONT STYLE="white-space:nowrap">8-K,</FONT> together with the Modification Order filed as Exhibit 99.2 hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additional information about the Chapter 11 Cases can be found at: <U>https://cases.primeclerk.com/PHI</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To effectuate the reorganization of the Debtors under the Plan, PHI Group entered into several agreements on the Effective Date, including those described
below. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Term Loan Facility </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the Effective
Date, pursuant to the terms of the Plan, PHI Group entered an agreement providing for a five-year $225&nbsp;million first lien senior secured term loan facility (the &#147;Term Loan Facility&#148;), on the terms and conditions summarized in the
Company&#146;s Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on July&nbsp;24, 2019, which is incorporated herein by reference. PHI Group&#146;s obligations under the Term Loan Facility are guaranteed by its principal domestic subsidiaries.
The obligations of PHI Group and each of the guarantors are secured by a first-priority security interest in substantially all of their respective assets, excluding certain assets reserved to potentially collateralize a future asset-backed revolving
credit facility. This summary (and the prior summary incorporated herein) are qualified in their entirety by reference to the full text of the Term Loan Facility, which is filed as Exhibit 10.1 to, and is incorporated by reference into, this Form <FONT
STYLE="white-space:nowrap">8-K.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Registration Rights Agreement </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the Effective Date, PHI Group entered into a Registration Rights Agreement (the &#147;Registration Rights Agreement&#148;) with the Company&#146;s former
principal unsecured creditors and certain of their affiliates (the &#147;Holders&#148;). The Registration Rights Agreement grants rights with respect to the Registrable Securities (as defined in such agreement) held by the Holders. Following an
initial public offering of the Company, the Registration Rights Agreement grants certain demand registration rights to any Holder or group of Holders holding, together with their affiliates, at least 15% of the Company&#146;s Registrable Shares,
provided that such demand rights are limited to one in any <FONT STYLE="white-space:nowrap">six-month</FONT> period for all Holders and 12 total demand rights for all Holders for the term of the Registration Rights Agreement. The Registration Rights
Agreement also contains customary &#147;piggyback&#148; registration rights if PHI Group proposes to file a registration statement with respect to an offering of its shares. The Registration Rights Agreement will lapse on its tenth anniversary or,
in certain instances, sooner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Registration Rights Agreement contains customary conditions, restrictions, suspension periods, blackout periods and
ancillary requirements, and customary indemnification and contribution provisions. The Company will generally pay all registration expenses other than underwriting discounts and commissions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This summary is qualified in its entirety by reference to the full text of the Registration Rights
Agreement, which is filed as Exhibit 10.2 to, and is incorporated by reference into, this Form <FONT STYLE="white-space:nowrap">8-K.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Creditor Warrant Agreement </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with the
Plan, on the Effective Date PHI Group entered into a creditor warrant agreement (the &#147;Creditor Warrant Agreement&#148;) with American Stock Transfer&nbsp;&amp; Trust Company, LLC (the &#147;Warrant Agent&#148;), pursuant to which the Company
issued, or caused to be reserved for issuance, the Creditor Warrants (which we previously referred to in the Plan and our prior disclosures as the &#147;New Warrants&#148;) to <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens who were
holders of Equitized Claims. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A total of approximately 6.18&nbsp;million Creditor Warrants were issued on the Effective Date to certain holders of
Equitized Claims who are <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens in lieu of an equal number of shares of New Common Stock, in order to ensure that, as required by the Plan, the aggregate percentage of the outstanding shares of New
Common Stock owned by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens on or after the Effective Date did not exceed 24.9% of the Company&#146;s outstanding New Common Stock (the &#147;Foreign Ownership Limitation&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company owns aircraft registered with the Federal Aviation Administration (&#147;FAA&#148;) in the United States and holds operating certificates issued
by FAA pursuant to regulations promulgated under the Federal Aviation Act of 1958. The Company&#146;s ability to own and operate such aircraft and hold such operating certificates is conditioned on, among other things, 75% or more of its voting
stock being owned or controlled by U.S. Citizens. To assure compliance with this standard, the Company has maintained, and plans to continue to maintain after the Effective Date, restrictions embodied in procedural measures designed to ensure that
the voting power held by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens does not exceed the Foreign Ownership Limitation. These ownership restrictions are currently contained in the Certificate of Incorporation of PHI Group, which is
described under Item 5.03 of this Form <FONT STYLE="white-space:nowrap">8-K.</FONT> As discussed in our prior filings, the Plan contains additional restrictions on the total number of equity securities that can be held by <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens and the total voting power that can be held by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens who are citizens of a country not a party to an &#147;open skies&#148; agreement (listed on
the U.S. Department of Transportation&#146;s website). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Creditor Warrants are immediately exercisable and have a
<FONT STYLE="white-space:nowrap">25-year</FONT> term. During the term of the Warrants, each Warrant is exercisable for one share of New Common Stock upon payment to the Company of an exercise price of $0.001 per share (subject to adjustment under
the circumstances described below), subject to restrictions contained in the Creditor Warrant Agreement and the Certificate of Incorporation limiting ownership by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens to the Foreign Ownership
Limitation. The Company will establish, as permitted under its Certificate of Incorporation and through the Warrant Agent and the Depositary Trust Company, appropriate measures to ensure compliance with these ownership limitations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Creditor Warrants do not grant to their holders any voting or control rights or dividend rights, or contain any negative covenants restricting the
operation of the Company&#146;s business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Termination</I>. All unexercised Creditor Warrants will expire, and the rights of the holders thereof to
purchase shares of New Common Stock will terminate, on the first to occur of (i)&nbsp;the close of business on September&nbsp;4, 2044 (the &#147;Expiration Date&#148;) or (ii)&nbsp;that date that all Creditor Warrants have been validly exercised,
converted or cancelled, provided that certain responsibilities of the Warrant Agent will survive. On the Expiration Date, each Creditor Warrant shall be deemed to be exercised in full by the holder to the extent that the share of New Common Stock
deliverable upon and at the time of such exercise will not exceed the Foreign Ownership Limitation; provided, however, that if such exercise would otherwise cause the Company to exceed the Foreign Ownership Limitation, then in lieu of issuing shares
of New Common Stock in excess thereof, the Company will pay to the holder the consideration that would be payable pursuant to the Certificate of Incorporation if such excess shares of New Common Stock were issued to the holder, and then immediately
redeemed, on the Expiration Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Adjustments</I>. The number of shares of New Common Stock for which a Creditor Warrant is exercisable, and the
exercise price per share of such Creditor Warrant, are subject to adjustment from time to time upon the occurrence of certain events, including, among other things (i)&nbsp;the issuance of shares of New Common Stock as a dividend or distribution to
all holders of shares of New Common Stock, or a subdivision, combination, or other reclassification of the outstanding shares of New Common Stock into a greater or smaller number of shares of New Common Stock and (ii)&nbsp;the issuance as a dividend
or distribution to all holders of shares of New Common Stock of evidences of indebtedness, securities or other assets (excluding certain cash distributions). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Third-Party Mergers or Consolidations</I>. In the event of a merger or consolidation where (i)&nbsp;the acquirer is not an affiliate of the Company and
(ii)&nbsp;all of the equity held by equity holders of the Company outstanding immediately prior thereto is extinguished or replaced by equity in a different entity, holders of Creditor Warrants will be solely entitled to receive the consideration
per Creditor Warrant that is payable per share of New Common Stock pursuant to such transaction, less the applicable exercise price of the Creditor Warrant, which consideration shall be paid in the same form and in the same proportion as is payable
to holders of New Common Stock. However, if the consideration is payable solely in cash, the Creditor Warrants will be extinguished and the holders thereof will be entitled to receive a cash payment for each Creditor Warrant held equal to the
difference between the <FONT STYLE="white-space:nowrap">per-share</FONT> cash consideration and the nominal exercise price per share, subject to certain exceptions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Cashless Exercise</I>. The Creditor Warrants will permit their holders to elect to exercise the Creditor
Warrant such that no payment of cash will be required in connection with such exercise. If cashless exercise is elected, the Company shall withhold from issuance, in lieu of any cash payment for exercise, a number of shares of New Common Stock equal
to the value (as of the exercise date for such Creditor Warrant) of the aggregate exercise price which would otherwise be payable in cash for all of the shares of New Common Stock for which such Creditor Warrants are being exercised, divided by the
market price of a share of New Common Stock determined as of the business day immediately preceding the day the warrant exercise notice is delivered to the Warrant Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This summary is qualified in its entirety by reference to the full text of the Creditor Warrant Agreement, which is filed as Exhibit 10.3 to, and is
incorporated by reference into, this Form <FONT STYLE="white-space:nowrap">8-K.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Equity Holder Warrant Agreement </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the Effective Date, by operation of the Plan and the Confirmation Order, PHI Group entered into an equity holder warrant agreement (the &#147;Equity Holder
Warrant Agreement&#148;) with the Warrant Agent, pursuant to which the Company issued the Equity Warrants (which we previously referred to in the Plan and our prior disclosures as the &#147;Old Equity Settlement Warrants&#148;), on a pro rata basis
to certain of the <FONT STYLE="white-space:nowrap">pre-emergence</FONT> holders of the Old Common Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Equity Warrant represents the right to
purchase over a three-year term one share of New Common Stock at an exercise price of $24.98 per share, subject to adjustment as provided in the Equity Holder Warrant Agreement. On the Effective Date, the Company issued Equity Warrants to purchase
an aggregate of approximately 1.69&nbsp;million shares of New Common Stock, which constituted as of the Effective Date 5% of the total equity of PHI Group (calculated in the manner specified under the Plan and subject to dilution on account of
future issuances of equity under the MIP or otherwise). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Similar to the Creditor Warrants, the Equity Warrants do not grant their holders any voting or
control rights or dividend rights, or contain any negative covenants restricting the operation of the Company&#146;s business. In addition, exercise of the Equity Warrants will be subject to the restrictions in PHI Group&#146;s Certificate of
Incorporation, which limit the exercise of such warrants where such exercise would cause the total number of shares held by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens to exceed the Foreign Ownership Limitation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Termination</I>. All unexercised Equity Warrants will expire, and the rights of the holders thereof to purchase shares of New Common Stock will terminate,
on September&nbsp;4, 2022 (the &#147;Expiration Date&#148;), subject to extension in certain limited circumstances. Notwithstanding, the Equity Holder Warrant Agreement will terminate on any earlier date when all Equity Warrants have been exercised,
redeemed or cancelled, provided that certain responsibilities of the Warrant Agent will survive. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Adjustments</I>. The number of shares of New Common
Stock for which an Equity Warrant is exercisable, and the exercise price per share of such Equity Warrant are subject to adjustment from time to time upon the occurrence of certain events, including, among other things (i)&nbsp;the issuance of
shares of New Common Stock as a dividend or distribution to all holders of shares of New Common Stock, or a subdivision, combination, or other reclassification of the outstanding shares of New Common Stock into a greater or smaller number of shares
of New Common Stock; and (ii)&nbsp;the issuance, on or prior to the second anniversary of the Effective Date, as a dividend or distribution to all holders of shares of New Common Stock of cash or other assets (excluding certain cash distributions).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Third-Party Mergers or Consolidations</I>. In the event of a merger or consolidation of the Company prior to the Expiration Date that results in a
change of control, the Company will make appropriate provisions to ensure that holders of Equity Warrants have the right to receive, 30 business days prior to consummation of such merger or consolidation, notice and the option to exercise their
Equity Warrants. In the event of a merger or consolidation not resulting in a change of control, lawful provision will be made to entitle holders of Equity Warrants to receive from the successor entity warrants of equivalent value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Cashless Exercise</I>. The Equity Warrants will permit a holder thereof to elect to exercise the Equity Warrant such that no payment of cash will be
required in connection with such exercise. If a cashless exercise is elected, the Company will withhold from issuance, in lieu of any cash payment for exercise, a number of shares of New Common Stock equal to the value (as of the exercise date for
such Equity Warrant) of the aggregate exercise price which would otherwise be payable in cash for all of the shares of New Common Stock for which such Equity Warrants are being exercised, divided by the market price of a share of New Common Stock
determined as of the business day immediately preceding the day the warrant exercise notice is delivered to the Warrant Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This summary is qualified
in its entirety by reference to the full text of the Equity Holder Warrant Agreement, which is filed as Exhibit 10.4 to, and is incorporated by reference into, this Form <FONT STYLE="white-space:nowrap">8-K.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1.02 Termination of a Material Definitive Agreement. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the Effective Date, by operation of the Plan: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all agreements, instruments, and other documents evidencing, relating to or connected with any equity interests
of Old PHI, including outstanding shares of Old Common Stock, and any rights of any holder in respect thereof, were deemed cancelled; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all outstanding obligations under the Old Notes and the indenture governing such notes were cancelled.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the Effective Date, the borrowings under the Term Loan Facility were used principally to pay in full and discharge all of the
Company&#146;s indebtedness under its secured debt agreements with Thirty Two, L.L.C. and Blue Torch Finance L.L.C., each of which are described in the Company&#146;s prior reports filed with the SEC. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;2.03 Creation of a Direct Financial Obligation or an Obligation under an <FONT STYLE="white-space:nowrap">Off-Balance</FONT> Sheet Arrangement of
a Registrant. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information regarding the Term Loan Facility set forth in Item 1.01 of this Form <FONT STYLE="white-space:nowrap">8-K</FONT> is
incorporated by reference into this Item 2.03. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;2.06 Material Impairments. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">See Item 8.01 hereof. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;3.02 Unregistered Sales of
Equity Securities. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the Effective Date, pursuant to the terms of the Plan, PHI Group issued an aggregate of approximately 25.88&nbsp;million shares
of New Common Stock, Creditor Warrants to purchase up to approximately 6.18&nbsp;million shares of New Common Stock and Equity Warrants to purchase up to approximately 1.69&nbsp;million shares of New Common Stock, subject to adjustment as set forth
in the Creditor Warrant Agreement and Equity Warrant Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Plan and Confirmation Order exempted the offer and sale on the Effective Date of New
Common Stock and Creditor Warrants to former holders of Equitized Claims and the offer and sale on such date of the Equity Warrants from the registration requirements of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;),
pursuant to Section&nbsp;1145(a)(1) of the Bankruptcy Code. In addition, the Plan and Confirmation Order exempted the offer and sale on the Effective Date of New Common Stock and Creditor Warrants to the commitment parties under the Equity
Commitment Agreement from the registration requirements of the Securities Act pursuant to Section&nbsp;1145(a)(1) of the Bankruptcy Code and Section&nbsp;4(a)(2) of the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information regarding the terms governing the Creditor Warrants and Equity Warrants set forth in Item 1.01 of this Form
<FONT STYLE="white-space:nowrap">8-K</FONT> is incorporated by reference into this Item 3.02. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;3.03 Material Modification to Rights of
Security Holders. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As provided in the Plan, all notes, stock, agreements, instruments, certificates, and other documents evidencing any claim against
or interest in the Debtors were cancelled on the Effective Date and the obligations of the Debtors thereunder or in any way related thereto were fully released. The securities to be cancelled on the Effective Date include all of the Old Common Stock
and Old Notes. For further information, see Items 1.01, 1.02, 3.02, 5.01 and 5.03 of this Form <FONT STYLE="white-space:nowrap">8-K,</FONT> as well as the Explanatory Note at the beginning of the this Form
<FONT STYLE="white-space:nowrap">8-K,</FONT> all of which are incorporated by reference into this Item 3.03. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5.01 Changes in Control of
Registrant. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Prior to the Effective Date, Al A. Gonsoulin was the largest holder of the Old Common Stock. At August&nbsp;30, 2019, Mr.&nbsp;Gonsoulin
controlled approximately 70.9% of the Company&#146;s voting common stock. As previously disclosed, under the Plan Mr.&nbsp;Gonsoulin will not receive any shares of New Common Stock, Creditor Warrants or Equity Warrants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As disclosed above, on the Effective Date, all previously issued and outstanding shares of the Old Common Stock were cancelled, and the Company issued shares
of New Common Stock (or, with respect to <FONT STYLE="white-space:nowrap">non-U.S.</FONT> Citizens, a combination of New Common Stock and Creditor Warrants) to certain of its former unsecured creditors or aircraft lessors pursuant to the Plan. These
issuances resulted in a change in control of the Company. For further information relating to such issuances, see Items 1.01, 1.02, 3.02, 3.03 and 5.03 of this Form <FONT STYLE="white-space:nowrap">8-K,</FONT> all of which are incorporated by
reference into this Item 5.01. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Departure of Directors </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Plan, as of the Effective Date, the following directors resigned from the board of directors of Old PHI: Al A. Gonsoulin, Alan W. Brass, C.
Russell Luigs, Richard H. Matzke and Thomas H. Murphy. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Retirement of Al A. Gonsoulin as Chief Executive Officer and Chairman of the Board
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the Effective Date, in accordance with the Plan, Al A. Gonsoulin retired from his positions as Chief Executive Officer and Chairman of the
Board of Old PHI. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Appointment of Directors </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Plan, the following persons were appointed to the board of directors of PHI Group as of the Effective Date: Gene Davis, Allen Li, Scott McCarty
and Robert P. Tamburrino, with Lance F. Bospflug, the Company&#146;s new Chief Executive Officer, continuing to serve as a director (collectively, the &#147;Initial Directors&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As provided in the Plan, two additional directors are expected to be appointed to the new board of directors (the &#147;New Board&#148;) but neither has been
selected as of the Effective Date. The Initial Directors currently plan to appoint such additional directors as soon as possible in accordance with the provisions of the Plan. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Appointment of Lance F. Bospflug as Chief Executive Officer </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the Effective Date, in accordance with the Plan, Lance F. Bospflug, age 64, was appointed as the Chief Executive Officer of the Company. Mr.&nbsp;Bospflug
previously served as the President, Chief Operating Officer and a director of the Company. Mr.&nbsp;Bospflug will continue in the position of President and will perform his prior functions of Chief Operating Officer of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Bospflug first joined the Company in October 2000 as President and was appointed Chief Executive Officer and director in August 2001. In 2004,
Mr.&nbsp;Bospflug resigned as President and Chief Executive Officer of the Company, although he continued to serve as a director. Following his 2004 resignation, he was self-employed until 2008, when the Company hired him to work on certain special
projects, reporting directly to Mr.&nbsp;Gonsoulin. In 2009, Mr.&nbsp;Bospflug rejoined the Company&#146;s executive team as its Chief Operating Officer, and was appointed President in 2010. Before joining the Company, he served as Chief Financial
Officer, and from 1999 to 2000 as Chief Executive Officer, of T.L. James&nbsp;&amp; Company, Inc. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With Mr.&nbsp;Gonsoulin&#146;s retirement under the
Plan, three of the four named executive officers of Old PHI will continue to be employed by the Company following the Effective Date&#151;Mr.&nbsp;Bospflug, Trudy P. McConnaughhay, and James Hinch (the &#147;Continuing NEOs&#148;).&nbsp;As of the
Effective Date, each of the Continuing NEOs will continue to receive the same compensation as in effective prior to the Effective Date, as the New Board has not yet had an opportunity to review those arrangements.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">However, the Plan provides that, within 60 days after the Effective Date, the New Board will negotiate an employment agreement with each individual who
participates in the Company&#146;s key employee incentive plan (the &#147;KEIP&#148; and each such individual, a &#147;KEIP Participant&#148;), which includes each of the Continuing NEOs.&nbsp;If, at the end of the
<FONT STYLE="white-space:nowrap">60-day</FONT> period, the New Board and a KEIP Participant have not mutually agreed upon the terms of his or her employment agreement, either the KEIP Participant or the New Board may terminate the KEIP
Participant&#146;s employment and the KEIP Participant will be entitled to receive severance equal to 100% of his or her annual base salary (the &#147;Severance Payment&#148;). In addition, a KEIP Participant would also be entitled to the Severance
Payment if the New Board terminates him or her without cause during the <FONT STYLE="white-space:nowrap">60-day</FONT> period or before reaching agreement on an employment agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the Effective Date, pursuant to the terms of the Plan, PHI Group filed the First Amended and Restated Certificate of Incorporation (the &#147;Certificate of
Incorporation&#148;) with the Secretary of State of Delaware. Also on the Effective Date, and pursuant to the terms of the Plan, PHI Group adopted the <FONT STYLE="white-space:nowrap">By-laws</FONT> (the
<FONT STYLE="white-space:nowrap">&#147;By-laws&#148;).</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following descriptions of the Certificate of Incorporation and the <FONT
STYLE="white-space:nowrap">By-laws</FONT> do not purport to be complete and are subject to and qualified by the full texts of the Certificate of Incorporation and the <FONT STYLE="white-space:nowrap">By-laws,</FONT> copies of which are attached as
Exhibit 3.1 and Exhibit 3.2, respectively, to, and are incorporated by reference into, this Form <FONT STYLE="white-space:nowrap">8-K.</FONT> Additionally, the General Corporation Law of the State of Delaware (the &#147;DGCL&#148;) may contain
provisions that affect the rights of the holders of the capital stock of the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Capital Stock</I>. The Company&#146;s authorized capital stock consists of 101,000,000 shares, consisting
of 100,000,000 shares of New Common Stock, par value $0.001 per share, and 1,000,000 shares of preferred stock, par value $0.001 per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Dividends</I>. The holders of shares of New Common Stock and preferred stock will be entitled to dividends, if any, in the amounts and at the times
declared by the Company&#146;s Board in its discretion out of any assets or funds of the Company legally available for the payment of dividends. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Voting</I>. Each holder of shares of the New Common Stock is entitled to one vote for each share of the New Common Stock on all matters presented to the
stockholders of the Company, including the election of directors. Each director will be elected by a plurality vote. All other matters at a meeting of stockholder where a quorum exists will be approved if the votes cast in favor exceed the votes
cast opposing the matter. Stockholder may act by written consent signed by holders having not less than the minimum number of votes that would be necessary to authorize such action at a meeting at which all shares entitled to vote were present and
voted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Amendment of the <FONT STYLE="white-space:nowrap">By-laws</FONT></I>. Under Delaware law, the power to adopt, amend or repeal <FONT
STYLE="white-space:nowrap">by-laws</FONT> is conferred upon the stockholders. As permitted under the DGCL, the Certificate of Incorporation also confers upon the board of directors the power to adopt, amend or repeal the <FONT
STYLE="white-space:nowrap">By-laws.</FONT> The <FONT STYLE="white-space:nowrap">By-laws</FONT> grant the Board or the stockholders the power to adopt, amend and repeal the <FONT STYLE="white-space:nowrap">By-laws</FONT> on the affirmative vote of a
majority of the directors then in office or the shareholders owning a majority of the total voting power entitled to vote on in an election of directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Special Meetings of Stockholders</I>. The <FONT STYLE="white-space:nowrap">By-laws</FONT> permit the stockholders to call special meetings of stockholders
only if called by the holders of at least 20% of the total voting power of all the shares of the Company entitled to vote generally in the election of directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Other Limitations on Stockholder Actions</I>. Advance notice is required for stockholders to nominate directors or to submit proposals for consideration at
meetings of stockholders. In the case of an annual meeting, such notice is required no sooner than 120 days and no later than 90 days before the first anniversary of the immediately preceding annual meeting, and, in the case of a special meeting,
such notice is required no later than 60 days before the meeting. The <FONT STYLE="white-space:nowrap">By-laws</FONT> provide detailed procedures for the notice of business and nomination of directors and the conduct of meetings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Record Date</I>. The record date to determine who is entitled to notice of and to participate in a meeting will be no more than 60 and no less than 10 days
before a meeting of stockholders. The <FONT STYLE="white-space:nowrap">By-laws</FONT> provide for a dual record date, in which the Board may establish a separate voting record date to determine the shareholders actually entitled to vote. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Board of Directors</I>. The Board of Directors will consist of such number determined from time to time by resolution of the Board; provided that there
will be no more than 15 directors. On the Effective Date, the Board consisted of five members, but, as noted under Item 5.02 hereof, is expected to be increased to seven. At all times the Chief Executive Officer shall be a member of the Board and at
least <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the Board shall be U.S. Citizens. The terms of the directors will run until a successor is duly elected and qualified or earlier death, resignation, removal or incapacity of the director.
At each annual meeting of stockholders, all director seats are up for election. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">By-laws</FONT> provide that any
action required or permitted to be taken by the Board at a duly called meeting may be taken by the unanimous written consent of the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Limitation
of Liability and Indemnification of Officers and Directors</I>. The Certificate of Incorporation provides that no director shall be personally liable to the Company or the stockholders for monetary damages for breach of fiduciary duty as a director
to the fullest extent permitted by the DGCL. The Certificate of Incorporation provides for mandatory indemnification of the Company&#146;s directors and requires the mandatory advancement of expenses and coverage of amounts paid in settlement
without the approval of the Company. The directors have the right to sue if the Company does not pay upon a written demand within 30 days (or 20 days in the case of a claim for advancement of expenses). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Business Combination Under Delaware Law</I>. The Company has expressly elected not to be governed by Section&nbsp;203 of the DGCL in the Certificate of
Incorporation, which governs business combinations with interested stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Exclusive Forum</I>. The Certificate of Incorporation provides that,
unless the Company consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery shall not have jurisdiction, another state or federal court located within the state of
Delaware) will be, to the fullest extent permitted by law, the exclusive forum for (i)&nbsp;any derivative action or proceeding brought on the Company&#146;s behalf, (ii)&nbsp;any action asserting a breach of fiduciary duty, (iii)&nbsp;any action
asserting a claim arising pursuant to the DGCL, the Certificate of Incorporation or the <FONT STYLE="white-space:nowrap">By-laws,</FONT> or (iv)&nbsp;any action asserting a claim against the Company or any director or officer or other employee of
the Company that is governed by the internal affairs doctrine. Any person or entity purchasing or otherwise holding any interest in shares of capital stock of the Company will be deemed to have notice of and consented to the foregoing forum
selection provisions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Limitations on Ownership by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens</I>. To ensure the
continuing ability of the Company to comply with the requirements of the Federal Aviation Laws, the Company&#146;s Certificate of Incorporation includes provisions restricting ownership by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens of
the Company&#146;s capital stock. As noted above, Federal Aviation Laws prohibit persons who are <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens, either individually or in the aggregate, from owning or controlling 25% or more of the
Company&#146;s voting stock. The Company&#146;s Certificate of Incorporation contains restrictions and protections designed to ensure the Company is a United States Citizen under the Federal Aviation Act. These restrictions and protections prohibit
the acquisition of shares or the exercise of warrants where such acquisition or exercise would cause the aggregate voting power held by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens to exceed 24.9%. These restrictions and protections
further provide the Board authority to redeem any share of common stock that is owned by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens that would result in ownership of voting shares by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT>
Citizens exceeding in the aggregate the permitted percentage. For additional information about these restrictions, see Item 1.01 hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Corporate
Opportunity.</I> If a director of the Company who is also a partner, employee, or other affiliate of an entity that is a holder of the Company&#146;s equity securities and that is in the business of investing in other entities (a &#147;Fund&#148;)
acquires knowledge of a potential transaction that may be a corporate opportunity for both the Company and such Fund, the Company&#146;s Certificate of Incorporation provides that such opportunity shall belong to the Fund (unless such opportunity
was expressly offered to such person solely in his or her capacity as a director of the Company), and such director shall be deemed under the Certificate of Incorporation to have satisfied his or her fiduciary duty to the Company and its
stockholders if such director acts in good faith in accordance with the policy expressed in this provision of the Certificate of Incorporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Preemptive Rights. </I>Under the Company&#146;s Certificate of Incorporation, each stockholder that, collectively with its affiliates, beneficially owns
more than 5% of the New Common Stock will have a preemptive right to purchase its pro rata portion of any new equity securities (as defined in such certificate) that the Company or its subsidiaries propose to sell or issue prior to the earlier of
the date the Company elects to list its common stock on a national securities exchange or completes an initial public offering of its common stock. These rights are subject to various terms, conditions, restrictions and exceptions, each of which are
set forth in the Company&#146;s Certificate of Incorporation. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;8.01 Other Events. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the Effective Date, the Company consummated the transactions contemplated under the Equity Commitment Agreement, including the share issuances referenced in
the Explanatory Note to this Form <FONT STYLE="white-space:nowrap">8-K.</FONT> For additional information on these transactions, see the Equity Commitment Agreement, which is incorporated by reference into this Form
<FONT STYLE="white-space:nowrap">8-K</FONT> as Exhibit 10.5, and the Company&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed July&nbsp;17, 2019 with the SEC, which is also incorporated herein by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On September&nbsp;4, 2019, the Company issued a press release announcing its emergence from the Chapter 11 Cases. A copy of the press release is filed as
Exhibit 99.3 to, and incorporated by reference into, this Form <FONT STYLE="white-space:nowrap">8-K.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Total Enterprise Value of the Reorganized
Debtors (as defined, disclosed and determined in accordance with the Plan) is $487.5&nbsp;million, which is substantially less than the value of the consolidated assets of the Company as reflected in its most recently-prepared balance sheet. As
such, the Company currently expects that it will write-down the value of certain of its assets during the balance of the year, although the timing and magnitude of any such write-downs are currently unknown. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As noted in the Explanatory Note above, PHI Group intends to take steps to deregister its securities and suspend its duty to file reports under
Section&nbsp;13(a) or 15(d) of the Exchange Act. The decision of the Company&#146;s Board of Directors to take these actions was based on the consideration of numerous factors, including among others (i)&nbsp;the direct and indirect costs incurred
by the Company each year in connection with preparing and filing periodic reports with the SEC, including the expenses of professionals and (ii)&nbsp;the benefits of permitting senior management of the Company to spend less time on report
preparation, which will allow them to devote full time and attention to the Company&#146;s strategy and operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Restructuring,
(i)&nbsp;Old PHI converted into a Louisiana limited liability company and changed its name to PHI Aviation, LLC, (ii)&nbsp;PHI Air Medical, L.L.C., a Louisiana limited liability company, changed its name to PHI Health, LLC and (iii)&nbsp;various
other steps were taken to better align the Company&#146;s various operating subsidiaries with its three operating segments. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cautionary
Statements </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Caution Concerning Forward-Looking Statements</U>. This Form <FONT STYLE="white-space:nowrap">8-K</FONT> contains &#147;forward-looking
statements&#148; within the meaning of the Private Securities Litigation Reform Act of 1995. All such statements other than statements of historical fact are &#147;forward-looking&#148; statements, as defined by (and subject to the &#147;safe
harbor&#148; protections under) the federal securities laws. When used herein, the words </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
&#147;anticipates,&#148; &#147;expects,&#148; &#147;believes,&#148; &#147;seeks,&#148; &#147;hopes,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;projects,&#148; &#147;will&#148; and
similar words and expressions are intended to identify forward-looking statements. Forward-looking statements are based on a number of judgments and assumptions as of the date such statements are made about future events, many of which are beyond
the Company&#146;s control. These forward-looking statements, and the assumptions on which they are based, (i)&nbsp;are not guarantees of future events, (ii)&nbsp;are inherently speculative and (iii)&nbsp;are subject to significant risks and
uncertainties. Actual events and results may differ materially from those anticipated, estimated, projected or implied by the Company in those statements if one or more of these risks or uncertainties materialize, or if the Company&#146;s underlying
assumptions prove incorrect. All of the Company&#146;s forward-looking statements are qualified in their entirety by reference to the Company&#146;s discussion of certain important factors that could cause the Company&#146;s actual results to differ
materially from those anticipated, estimated, projected or implied in those forward-looking statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Factors that could cause the Company&#146;s
results to differ materially from the expectations expressed in such forward-looking statements include, but are not limited to, the Company&#146;s ability to achieve its stated goals, including those specified in the Plan, the Company&#146;s
ability to implement operational improvement efficiencies, uncertainty regarding the Company&#146;s ability to obtain additional capital in the future, uncertainty regarding the Company&#146;s ability to attract and retain key personnel, uncertainty
regarding the Company&#146;s ability to retain its customer and vendor relationships, illiquidity in the trading of the Company&#146;s newly-issued New Common Stock, as well as other risks referenced in the Company&#146;s prior filings with the SEC.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additional factors or risks that the Company currently deems immaterial, that are not presently known to the Company, that arise in the future or that
are not specific to the Company could also cause the Company&#146;s actual results to differ materially from its expected results. Given these uncertainties, investors are cautioned not to unduly rely upon the Company&#146;s forward-looking
statements, which speak only as of the date made. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or developments, changed circumstances, or otherwise.
Further, the Company may make changes to its intentions or plans at any time, without notice and for any reason. For these reasons, the Company can provide no assurances as to the ultimate return on investment on any of the newly-issued securities
of PHI Group referenced in this Form <FONT STYLE="white-space:nowrap">8-K.</FONT> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The filing of this Form <FONT
STYLE="white-space:nowrap">8-K</FONT> (including the exhibits hereto) shall not be deemed an admission as to the materiality of any information included or incorporated herein. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01 Financial Statements and Exhibits. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(d)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Exhibits.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>2.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/350403/000119312519213536/d783595dex21.htm">Debtors&#146; Third Amended Joint Plan of Reorganization, dated June&nbsp;
18, 2019 (incorporated by reference to Exhibit 2.1 of the Company&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on August&nbsp;6, 2019), as modified by the Modification Order filed as Exhibit 99.2 to this Form <FONT
STYLE="white-space:nowrap">8-K.</FONT> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d770370dex31.htm">First Amended and Restated Certificate of Incorporation of PHI Group, Inc. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d770370dex32.htm"><FONT STYLE="white-space:nowrap">By-laws</FONT> of PHI Group, Inc. </A></TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d770370dex101.htm">Term Loan Credit Agreement, dated September&nbsp;
4, 2019, by and among the Company, the guarantor parties thereto, the lender parties thereto and Credit Suisse AG, as administrative agent and collateral agent. </A></TD></TR>
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<TD VALIGN="top" NOWRAP>10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d770370dex102.htm">Registration Rights Agreement, dated as of September&nbsp;4, 2019, by and among the Company and the Holders who are party thereto.</A></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>10.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d770370dex103.htm">Creditor Warrant Agreement, dated as of September&nbsp;4, 2019, between the Company and American Stock Transfer&nbsp;&amp; Trust Company, LLC, as warrant agent.</A></TD></TR>
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<TD VALIGN="top" NOWRAP>10.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d770370dex104.htm">Equity Holder Warrant Agreement, dated as of September&nbsp;4, 2019, between the Company and American Stock Transfer&nbsp;&amp; Trust Company, LLC, as warrant agent. </A></TD></TR>
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<TD VALIGN="top" NOWRAP>10.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/350403/000119312519195726/d770228dex101.htm">Equity Commitment Agreement, dated as of July&nbsp;
11, 2019, among the Debtors and the Commitment Parties thereto (incorporated by reference to Exhibit 10.1 of the Company&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on July&nbsp;17, 2019). </A></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/350403/000119312519213536/d783595dex992.htm">Order Approving Debtors&#146; Disclosure Statement and Confirming the Debtors&#146; Third Amended Joint Plan of Reorganization, as entered by
 the Bankruptcy Court on August&nbsp;2, 2019 (incorporated by reference to Exhibit 99.2 of the Company&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on August&nbsp;6, 2019).</A></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d770370dex992.htm">Modification Order, as entered by the Bankruptcy Court on August&nbsp;29, 2019. </A></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>99.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d770370dex993.htm">Press release issued by the Company, dated as of September&nbsp;4, 2019.</A></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, PHI Group, Inc. and PHI, Inc. have duly caused this Form <FONT
STYLE="white-space:nowrap">8-K</FONT> to be signed on their behalf by the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>PHI Group, Inc.</B></TD></TR>
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<TD VALIGN="top">Date: September&nbsp;5, 2019</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Trudy P. McConnaughhay</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top">Trudy P. McConnaughhay</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer and Secretary</TD></TR>
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<TYPE>EX-3.1
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<DESCRIPTION>EX-3.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 3.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FIRST AMENDED AND RESTATED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATE OF INCORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>of </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PHI GROUP, INC.
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(reflecting all amendments through September&nbsp;4, 2019) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware (as the same exists or may hereafter be
amended from time to time, the &#147;<U>DGCL</U>&#148;) does hereby certify: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1. The name of the corporation is PHI Group, Inc. (the
&#147;<U>Corporation</U>&#148;). The original Certificate of Incorporation of the Corporation was filed with the Secretary of State of the State of Delaware on July&nbsp;12, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2. This First Amended and Restated Certificate of Incorporation was duly adopted by the Board of Directors and stockholders in accordance with
Sections 242 and 245 of the DGCL. The Board of Directors of the Corporation (the &#147;<U>Board</U>&#148;) duly adopted resolutions proposing to amend and restate the Certificate of Incorporation of the Corporation (the &#147;<U>First Amended and
Restated Certificate of Incorporation</U>&#148;), declaring such amendment and restatement to be advisable and in the best interest of the Corporation and its stockholders, and authorizing the appropriate officers of the Corporation to solicit the
consent of the stockholders therefor, which resolution setting forth the proposed amendment and restatement is as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>RESOLVED</B>, that the text of the Certificate of Incorporation of the Corporation be hereby restated and amended in its entirety as
follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FIRST</B>: The name of the corporation is PHI Group, Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECOND</B>: The address of the Corporation&#146;s registered office in the State of Delaware is 251 Little Falls Drive, City of Wilmington, County of New
Castle, State of Delaware 19808. Corporation Service Company is the Corporation&#146;s registered agent at that address. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THIRD</B>: The purpose of the
Corporation is to engage in any lawful act or activity for which a corporation may be organized under the DGCL. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FOURTH</B>: The Corporation is
authorized to issue 100,000,000 shares of voting common stock, par value $0.001 per share (the &#147;<U>Common Stock</U>&#148;) and 1,000,000 shares of initially undesignated preferred stock, par value $0.001 per share (the &#147;<U>Preferred
Stock</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following is a statement of the designations, the powers, rights and privileges, and the qualifications, limitations or
restrictions thereof in respect of each class of capital stock of the Corporation. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>A. Common Stock </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Voting Rights</B>. Unless otherwise provided (including in Section&nbsp;4.4), each share of Common Stock
shall be entitled to one (1)&nbsp;vote for each share of Common Stock standing in the name of such holder on the books and records of the Corporation for each matter properly submitted to the Corporation&#146;s stockholders for their vote, consent,
waiver, release or other action. The holders of record of Common Stock shall vote together as a single class on all matters on which holders of the Common Stock are entitled to vote except as otherwise required by applicable law. Subject to the
terms of any class or series of issued and outstanding Preferred Stock, the number of authorized shares of Common Stock and/or Preferred Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the
affirmative vote or written consent of the holders of Common Stock representing a majority in voting power of the stock of the Corporation entitled to vote thereon irrespective of the provisions of Section&nbsp;242(b)(2) of the DGCL, unless the vote
of the holders of any of the Common Stock or the Preferred Stock voting separately as a class shall be required therefor pursuant to this First Amended and Restated Certificate of Incorporation (including any Preferred Stock Designation (as defined
below)). </P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Dividends and Distributions</B>. The holders of shares of Common Stock and/or Preferred Stock shall be
entitled to receive such dividends, if any, as may be declared by the Board of Directors from time to time. Holders of shares of Common Stock shall be entitled to receive equally, on a per share basis, such dividends or distributions as are lawfully
declared on the Common Stock and, upon liquidation, dissolution or winding up of the affairs of the Corporation, to share equally, on a per share basis, in the assets thereof that may be available for distribution after satisfaction of creditors and
of the preferences of shares of Preferred Stock. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>No Preemptive Rights</B>. Other than as set forth in Section&nbsp;5 below, neither the holders of the Common
Stock nor the Preferred Stock shall, solely by reason of holding such shares, be entitled to any preemptive or other preferential rights to purchase or subscribe to any shares of any class of the Corporation&#146;s capital stock or other securities
now or hereafter issued. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Ownership</B>. For purposes of this Article FOURTH, the following terms shall have the meanings specified
below: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Beneficial Ownership</U>&#148; refers to beneficial ownership (i)&nbsp;as defined in Rule <FONT
STYLE="white-space:nowrap">13d-3</FONT> (without regard to the <FONT STYLE="white-space:nowrap">60-day</FONT> provision in paragraph (d)(1)(i) thereof) promulgated by the Securities and Exchange Commission as such rule may be amended from time to
time, or (ii)<U></U>&nbsp;as otherwise determined under Federal Aviation Laws. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excess Shares</U>&#148; shall have the meaning
ascribed to such term in Section<U></U>&nbsp;4.4(a) of this Article FOURTH. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Federal Aviation Laws</U>&#148; means the Federal
Aviation Act of 1958, as amended, codified in Title 49 of the United State Code, and the regulations promulgated thereunder, each as amended from time to time, or any successor statute or regulations, as interpreted by the United States Department
of Transportation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Foreign Stock Record</U>&#148; shall have the meaning ascribed to such term in Section<U></U>&nbsp;4.2 of this
Article FOURTH. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-Citizen</FONT></U>&#148; means any Person who is not a United States
Citizen. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-Citizen</FONT> Owned Securities</U>&#148; means any issued and outstanding
Securities in the Corporation that are Owned or Controlled by a <FONT STYLE="white-space:nowrap">Non-Citizen.</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Own or
Control</U>&#148; or &#147;<U>Owned or Controlled</U>&#148; means, when used in reference to Securities, (i)<U></U> ownership of record, (ii)<U></U>&nbsp;Beneficial Ownership, or (iii)<U></U>&nbsp;the power to direct, by agreement, agency, or in any
other manner, the voting of Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Percentage</U>&#148; means one-tenth of one percent less than the percentage of
the Voting Securities in the Corporation that may be Owned or Controlled by <FONT STYLE="white-space:nowrap">Non-Citizens</FONT> without loss of the United States Citizen status of the Corporation or any Subsidiary (as defined in Article TWELFTH).
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person(s)</U>&#148; means any individual, corporation, partnership, trust or other entity of any nature whatsoever. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Redemption Notes</U>&#148; shall mean interest-bearing promissory notes of the Corporation with a maturity of not more than 10 years
from the date of issue and bearing interest at a fixed rate equal to the yield on the U.S. Treasury Note having a maturity comparable to the term of such Redemption Notes as published in The Wall Street Journal or comparable publication at the time
of the issuance of the Redemption Notes. Such notes shall be governed by the terms of an indenture to be entered into by and between the Corporation and a trustee, as such indenture may be amended from time to time. Redemption Notes shall be
redeemable at par plus accrued but unpaid interest. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securities</U>&#148; means all capital stock of, or other equity interests in, the
Corporation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>United States Citizens</U>&#148; means any Person who is a &#147;citizen of the United States&#148; as defined in
Section<U></U> 40102(a)(15) of the Federal Aviation Laws. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Voting Securities</U>&#148; means the Securities granted voting rights
by the Corporation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Warrants</U>&#148; means the right to purchase share(s) of any specified class or series of capital stock of
the Corporation at an exercise price of $0.001 per share governed by the terms of a warrant agreement to be on terms and conditions substantially in the form of the Creditor Warrant Agreement, dated as of the date hereof, between the Corporation and
American Stock Transfer Company, as Warrant Agent, and to be entered into by and between the Corporation and a warrant agent, as such warrant agreement may be amended from time to time. A Warrant holder who cannot establish to the satisfaction of
the Board of Directors that it is a United States Citizen shall not be permitted to exercise its Warrants to the extent the receipt of the shares upon exercise would cause the percentage of Voting Securities Owned or Controlled by <FONT
STYLE="white-space:nowrap">Non-Citizens</FONT> to exceed on a percentage basis the Permitted Percentage. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Restriction on Ownership by <FONT
STYLE="white-space:nowrap">Non-Citizens</FONT></U>: Consistent with the requirements of the Federal Aviation Laws, Persons who are <FONT STYLE="white-space:nowrap">Non-Citizens</FONT> shall not be entitled, individually or in the aggregate, to Own
or Control more than the Permitted Percentage of Securities, and to enable the Corporation to comply with any requirement under the Federal Aviation Laws that the Corporation be, and submit any proof that the Corporation is, a United States Citizen,
the Corporation shall have the power to take the actions prescribed in this Article FOURTH, to establish such other procedures to monitor the citizenship of any Persons who Own or Control Securities, and to take any actions deemed necessary or
desirable to ensure that the total number of Securities that may be Owned or Controlled by <FONT STYLE="white-space:nowrap">Non-Citizens</FONT> does not exceed, on a percentage basis, the Permitted Percentage. The Board of Directors of the
Corporation (or any duly authorized committee thereof) is specifically authorized to make all determinations as to whether any Securities are Owned or Controlled by <FONT STYLE="white-space:nowrap">Non-Citizens,</FONT> and any such determinations by
the Board of Directors of the Corporation (or any duly authorized committee thereof) shall be conclusive and binding as between the Corporation and any stockholder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.1&nbsp;&nbsp;&nbsp;&nbsp; <U>Stock Certificates</U>. Each certificate, notice, or other representative document for Securities (including
each such certificate, notice or representative document for Securities issued upon any permitted transfer of Securities) shall contain a legend in substantially the following form: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;The [type of Securities] represented by this [certificate/notice/representative document] are subject to voting restrictions with respect
to [shares] held by persons or entities that fail to qualify as &#147;citizens of the United States&#148; as the term is defined in Section<U></U> 40102(a)(15) of Title 49 of the United States Code. Such voting restrictions are contained in the
First Amended and Restated Certificate of Incorporation of the Corporation, as the same may be amended or restated from time to time. A complete and correct copy of the First Amended and Restated Certificate of Incorporation shall be furnished free
of charge to the holder of such shares of [type of Securities] upon written request to the Secretary of the Corporation.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.2&nbsp;&nbsp;&nbsp;&nbsp; <U>Foreign Stock Record</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation or any transfer agent designated by it shall maintain a separate stock record for
purposes of registering Securities Owned or Controlled by Non-Citizens (the &#147;<U>Foreign Stock Record</U>&#148;). The Foreign Stock Record shall include (i)<U></U> the name and nationality of each such
<FONT STYLE="white-space:nowrap">Non-Citizen,</FONT> (ii)<U></U> the number of shares of Securities Owned or Controlled by such Non-Citizen, and (iii)<U></U> the date of registration of such securities in the Foreign Stock Record. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall register in the Foreign Stock Record shares of Securities that the Corporation
determines are Owned or Controlled by one or more Non-Citizens. Such securities shall be registered in the Foreign Stock Record in chronological order based upon the date and time of such determination by the Corporation. The Corporation may rely on
certifications or other evidence that, in the Corporation&#146;s sole discretion, it deems appropriate in determining the citizenship status of any Person. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.3&nbsp;&nbsp;&nbsp;&nbsp; <U>Confirmation of Citizenship</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation may from time to time require the holder of record of any Securities, any Person who
the Corporation has reasonable belief Owns or Controls such Securities, or any transferee of any Securities, to certify in such manner as the Corporation shall deem appropriate that: (i)<U></U>&nbsp;all Securities Owned or Controlled by such Person
are Owned and Controlled only by United States Citizens; or (ii)<U></U>&nbsp;the number and class or series of Non-Citizen Owned Securities Owned or Controlled by such Person are as set forth in such certificate. The Corporation may require any
Person certifying as to the ownership or control of Securities in response to this Section<U></U>&nbsp;4.3(a) to provide such further information and evidence that the Corporation, in its sole discretion, determines is reasonably necessary for the
purpose of confirming the citizenship of such Person. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) &nbsp;&nbsp;&nbsp;&nbsp;If any Person fails to provide such
certificate or other information within the time required by the Corporation, the Corporation may determine that all such Securities are Non-Citizen Owned Securities and shall be entitled, but not obligated, to register those Securities in the
Foreign Stock Record. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;In determining the citizenship of any Person who Owns or Controls
Securities, the Corporation may rely on the Corporation&#146;s stock transfer records and the certification and other information provided by any Person shown as the record owner or any Person who the Corporation has reasonable belief Owns or
Control such Securities and any information otherwise available to the Corporation. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.4&nbsp;&nbsp;&nbsp;&nbsp; <U>Suspension of Voting
Rights</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;If, at any time, the shares of <FONT STYLE="white-space:nowrap">Non-Citizen</FONT>
Owned Securities exceed the Permitted Percentage, the voting rights of shares of <FONT STYLE="white-space:nowrap">Non-Citizen</FONT> Owned Securities shall be immediately automatically suspended, in the reverse chronological order of the dates and
times of transfer of such shares until the voting rights of the number of shares of <FONT STYLE="white-space:nowrap">Non-Citizen</FONT> Owned Securities that continues to have voting rights is less than or equal to the Permitted Percentage. In no
event shall the total number of votes cast by holders of <FONT STYLE="white-space:nowrap">Non-Citizen</FONT> Owned Securities exceed, on a percentage basis, the Permitted Percentage. The particular shares of Securities that shall have their voting
rights suspended pursuant to this Section<U></U> 4.4 are referred to as the &#147;<U>Excess Shares</U>&#148;. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;If, while the voting rights of any Excess Shares are suspended, the Corporation determines that the
number of shares of <FONT STYLE="white-space:nowrap">Non-Citizen</FONT> Owned Securities is less than the Permitted Percentage, full voting rights shall automatically be reinstated for Excess Shares, in the reverse order in which the voting rights
thereof were suspended under Section 4.4(a), until the maximum number of shares of Non-Citizen Owned Securities is less than or equal to the Permitted Percentage. Voting rights for any Excess Shares also shall automatically be reinstated if such
shares are transferred to a Person that is a United States Citizen prior to such shares being redeemed by the Corporation pursuant to Section<U></U> 4.5. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.5&nbsp;&nbsp;&nbsp;&nbsp; <U>Redemption of Excess Shares</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation, by action of the Board of Directors, shall have the power to redeem the Excess
Shares. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The terms and conditions of redemptions by the Corporation of Excess Shares shall be as
follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;the per share redemption price (the &#147;<U>Redemption Price</U>&#148;) for each
Excess Share shall be paid by the issuance of one Warrant for each Excess Share; <U>provided</U>, <U>however</U>, that if the Corporation determines that a Warrant would be treated as a voting interest under the Federal Aviation
</P>
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Laws, then the Redemption Price shall be paid, as determined by the Board of Directors (or any duly authorized committee thereof) in its sole discretion, (A)&nbsp;in cash (by wire transfer or
bank or cashier&#146;s check), (B) by issuance of Redemption Notes, or (C)<U></U> by any combination of cash and Redemption Notes; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;with respect to the portion of the Redemption Price being paid in whole or in part by cash and/or
by the issuance of Redemption Notes, such portion of the Redemption Price shall be the sum of (A) the fair market value of such Excess Shares as of the date of redemption of such Excess Shares plus (B) an amount equal to the amount of any dividend
or any other distribution (upon liquidation or otherwise) declared but not paid in respect of such Excess Shares prior to the date on which such Excess Shares are called for redemption; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;written notice of the date on which the Excess Shares shall be redeemed (the &#147;<U>Redemption
Date</U>&#148;), together with a letter of transmittal to accompany certificates representing the Excess Shares that are surrendered for redemption, shall be given either by hand delivery, by overnight courier service, or by first-class mail,
postage prepaid, to each holder of record of the Excess Shares to be redeemed, at such holder&#146;s last known address as the same appears on the stock register of the Corporation (the &#147;<U>Redemption Notice</U>&#148;), unless such notice is
waived in writing by any such holders; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Redemption Date (for purposes of determining right,
title, and interest in and to the Excess Shares to be redeemed) shall be the later of (A)&nbsp;the date specified in the Redemption Notice sent to the record holder of the Excess Shares (which shall not be earlier than the date of such notice), and
(B)<U></U>&nbsp;in the case of payment of the Redemption Price by Warrants or Redemption Notes, the date on which the Corporation shall have issued the Warrants or the Redemption Notes for the benefit of such record holder, or, in the case of
payment of the Redemption Price by cash only, the date on which the Corporation shall have irrevocably deposited in trust or set aside for the benefit of such record holder a sum sufficient to pay the Redemption Price, or, in the case of payment of
the Redemption Price by a combination of cash and Redemption Notes, the date on which the Corporation shall have issued the Redemption Notes for the benefit of such record holder and irrevocably deposited in trust or set aside for the benefit of
such record holder a sum sufficient to pay the cash portion of the Redemption Price; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;each
Redemption Notice to each holder of record of the Excess Shares to be redeemed shall specify (A)&nbsp;the Redemption Date, (B)<U></U>&nbsp;the number and the class or series of shares of capital stock to be redeemed from such holder as Excess Shares
and the certificate number(s) representing such Excess Shares, (C)<U></U>&nbsp;the Redemption Price and the manner of payment thereof, (D)<U></U>&nbsp;the place where certificates for such Excess Shares are to be surrendered for cancellation against
the simultaneous payment of the Redemption Price, (E)<U></U>&nbsp;any instructions as to the endorsement or assignment for transfer of such certificates and the completion of the accompanying letter of transmittal, and (F)<U></U>&nbsp;the fact that
all right, title, and interest in respect of the Excess Shares to be redeemed (including, without limitation, voting, dividend, and distribution rights) shall cease and terminate on the Redemption Date, except for the right to receive the Redemption
Price, without interest; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp;in the case of the Redemption Price paid in whole by cash, if a
Redemption Notice has been duly sent to the record holders of the Excess Shares to be redeemed and the Corporation has irrevocably deposited or set aside cash consideration sufficient to pay the Redemption Price to such record holders of such Excess
Shares, then dividends shall cease to accrue on all such Excess Shares to be redeemed, all such Excess Shares shall no longer be deemed outstanding and all right, title, and interest in respect of such Excess Shares shall forthwith cease and
terminate, except only the right of the record holders to receive the Redemption Price, without interest; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vii)&nbsp;&nbsp;&nbsp;&nbsp;without limiting Section<U></U> 4.5(b)(vi) above, on and after the Redemption Date, all right,
title, and interest in respect of the Excess Shares to be redeemed by the Corporation (including, without limitation, voting and dividend and distribution rights) shall forthwith cease and terminate, such Excess Shares shall no longer be deemed to
be outstanding shares for the purpose of voting or determining the total number of shares entitled to vote on any matter properly brought before the stockholders for a vote thereon (and may be either retired or held by the Corporation as treasury
stock), and the holders of record of such Excess Shares shall thereafter be entitled only to receive the Redemption Price, without interest; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(viii)&nbsp;&nbsp;&nbsp;&nbsp;upon surrender of certificates for any Excess
Shares so redeemed in accordance with the requirements of the Redemption Notice and the accompanying letter of transmittal (and otherwise in proper form for transfer as specified in the Redemption Notice), the holder of record of such Excess Shares
shall be entitled to payment of the Redemption Price. In case fewer than all the shares represented by any such certificate are redeemed, a new certificate (or certificates) shall be issued representing the shares not redeemed, without cost to the
holder of record. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Section&nbsp;4.5 shall prevent the recipient of a Redemption Notice from
transferring its shares before the Redemption Date if such transfer is otherwise permitted herein and the recipient provides notice of such proposed transfer to the Board of Directors along with documentation and information required under
Section&nbsp;4.3(a) establishing that such proposed transferee is a United States Citizen to the satisfaction of the Board of Directors in its sole discretion before the Redemption Date. If such conditions are met, the Board of Directors shall
withdraw the Redemption Notice related to such shares, but otherwise the redemption thereof shall proceed on the Redemption Date in accordance with this Section&nbsp;4.5 and the Redemption Notice. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <B>&nbsp;&nbsp;&nbsp;&nbsp;Preemptive Rights</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.1&nbsp;&nbsp;&nbsp;&nbsp; The Corporation grants to each stockholder that, collectively with its Affiliates (as defined in Article TWELFTH),
beneficially owns more than 5% of the outstanding shares of Common Stock as of the close of business on the date determined by the Board, which date shall not be more than ten (10)&nbsp;Business Days prior to the date the Issuance Notice (as defined
below) is delivered (the &#147;<U>Record Date</U>&#148; and each such stockholder, a &#147;<U>Preemptive Rightsholder</U>&#148;), the right to purchase its pro rata portion (based upon the number of shares of Common Stock held by such stockholder as
of the close of business on the Record Date as a percentage of the total number of shares of Common Stock outstanding as of the close of business on the Record Date) of all or any part of New Equity Securities (as defined below) that the Corporation
or any of its subsidiaries proposes to sell or issue as set forth in the applicable Issuance Notice from time to time after the date hereof until the earlier of (i)&nbsp;the date the Common Stock is listed on a national securities exchange in the
United States (a &#147;<U>Listing</U>&#148;) or (ii)&nbsp;the consummation of the first public offering and sale of Common Stock (other than on Forms <FONT STYLE="white-space:nowrap">S-4</FONT> or <FONT STYLE="white-space:nowrap">S-8</FONT> or their
equivalent), pursuant to an effective registration statement under the Securities Act of 1933, as amended from time to time (an &#147;<U>IPO</U>&#148;). The number or amount of New Equity Securities that the Preemptive Rightsholders may purchase
pursuant to this Section&nbsp;5.1 shall be referred to as the &#147;<U>Equity Purchase Securities</U>&#148;. The equity purchase right provided in this Section&nbsp;5.1 shall apply at the time of issuance of any right, warrant, or option or
convertible or exchangeable security and not to the conversion, exchange or exercise thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.2&nbsp;&nbsp;&nbsp;&nbsp; The Corporation
shall give written notice of a proposed issuance or sale described in Section&nbsp;5.1 (the &#147;<U>Issuance Notice</U>&#148;) to the Preemptive Rightsholders at least ten (10)&nbsp;Business Days prior to the proposed issuance or sale. The Issuance
Notice shall set forth the material terms and conditions of such proposed transaction, including the proposed manner of sale, the number or amount and description of the New Equity Securities proposed to be issued, the proposed issuance date, the
proposed purchase price per share, including a reasonable description of any <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration, and, if known, the name and address of the person to whom the New Equity Securities are proposed to be
issued. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.3&nbsp;&nbsp;&nbsp;&nbsp; At any time during the ten (10)&nbsp;Business Days following the receipt of an Issuance Notice, each
Preemptive Rightsholder shall have the right to elect irrevocably (except as provided in the proviso to this sentence) to purchase its pro rata portion of the number of Equity Purchase Securities, at the purchase price set forth in the Issuance
Notice and upon the other terms and conditions specified in the Issuance Notice, by delivering a written notice to the Corporation (except that, if <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration is to be delivered, a Preemptive
Rightsholder shall pay the cash equivalent thereof (as reasonably determined by the Board)); <U>provided</U>, that no Preemptive Rightsholder shall be obligated (or permitted without the Corporation&#146;s consent) to acquire any Equity Purchase
Securities unless the required regulatory approvals with respect to such acquisition have been obtained. Except as </P>
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provided in the following sentence, such purchase shall be consummated concurrently with the consummation of the issuance or sale described in the Issuance Notice. The closing of any purchase by
any Preemptive Rightsholder may be extended beyond the closing of the transaction described in the Issuance Notice to the extent necessary to (i)&nbsp;obtain required approvals of governmental authorities and other required approvals which such
Preemptive Rightsholder shall be diligently pursuing in good faith (and the Corporation shall use its commercially reasonable efforts to obtain any approvals required to be obtained by it) and (ii)&nbsp;permit the Preemptive Rightsholder to complete
its internal capital call process following receipt of the Issuance Notice; <U>provided</U> that such extension shall not exceed beyond the date that is thirty (30)&nbsp;days after the date the related Issuance Notice was given unless otherwise
extended by the Board. Notwithstanding anything to the contrary contained herein, in the event that the closing of any purchase by any Preemptive Rightsholder is extended pursuant to this Section&nbsp;5.3, such extension shall not preclude the
consummation of the issuance or sale described in the Issuance Notice from occurring prior to the closing of such purchase by such Preemptive Rightsholder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.4&nbsp;&nbsp;&nbsp;&nbsp; To the extent that any Preemptive Rightsholder fails to exercise fully its right to purchase its pro rata portion
of all or any part of New Equity Securities within the periods described above, the Corporation (or its applicable subsidiary) shall be free to complete the proposed issuance or sale of the New Equity Securities described in the Issuance Notice
(including by selling such New Equity Securities to Preemptive Rightsholders that exercised their preemptive rights hereunder pursuant to the terms provided herein) with respect to which Preemptive Rightsholders failed to exercise the right set
forth in this Section&nbsp;5 on terms no less favorable to the Corporation than those set forth in the Issuance Notice (except that the number of securities to be issued or sold may be reduced); <U>provided</U> that (i)&nbsp;such issuance or sale is
closed within ninety (90)&nbsp;days after the date the related Issuance Notice was given, and (ii)&nbsp;the price at which the New Equity Securities are transferred must be equal to or higher than the purchase price described in the Issuance Notice.
In the event that the Corporation (or its applicable subsidiary) has not sold such New Equity Securities within such <FONT STYLE="white-space:nowrap">90-day</FONT> period, the Corporation (or its applicable subsidiary) shall not thereafter issue or
sell any New Equity Securities without first again offering such securities to the Stockholders entitled to preemptive rights in the manner provided in this Section&nbsp;5. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.5&nbsp;&nbsp;&nbsp;&nbsp; The rights and obligations set forth in this Section&nbsp;5 shall automatically terminate upon, and shall cease to
have any force or effect following, the earlier of a Listing and an IPO. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.6&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything to the
contrary contained herein, the Corporation and its subsidiaries may issue or sell to any purchaser (the &#147;<U>Accelerated Buyer</U>&#148;) New Equity Securities without first complying with the provisions of this Section&nbsp;5 if the Board in
good faith determines that it is in the best interests of the Corporation or its subsidiaries (as applicable) to issue or sell New Equity Securities without having first complied with such provisions; <U>provided</U>, that (i)&nbsp;in connection
with such issuance or sale, the Corporation gives reasonably prompt notice to the Preemptive Rightsholders of such issuance or sale (after such issuance or sale has occurred), which notice shall describe in reasonable detail (A)&nbsp;the material
terms and conditions of the issuance or sale of the New Equity Securities to the Accelerated Buyer, including the number or amount and description of the New Equity Securities issued, the issuance date, and the purchase price per share, and
(B)&nbsp;the Preemptive Rightsholders&#146; rights pursuant to clause (ii)&nbsp;below, and (ii)&nbsp;during the ten (10)&nbsp;Business Days following the receipt of such notice, the Preemptive Rightsholders shall have the right to elect to exercise
their respective rights under this Section&nbsp;5 with respect to the purchase of their pro rata portion of the New Equity Securities issued to the Accelerated Buyer in accordance with the following sentence. If any Preemptive Rightsholder elects to
exercise fully its right to purchase its pro rata portion of all or any part of New Equity Securities under this Section&nbsp;5.6, it shall deliver notice to the Corporation of such election, whereupon the Corporation shall give effect to such
exercise either by requiring the Accelerated Buyer to sell down a portion of its investment, by issuing additional New Equity Securities or a combination of the foregoing so long as such action effectively provides such Preemptive Rightsholder with
the same opportunity to maintain its ownership percentage of the total number of shares of Common Stock outstanding following the issuance or sale to such Preemptive Rightsholder it would have received had this Section&nbsp;5.6 not been utilized.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.7&nbsp;&nbsp;&nbsp;&nbsp; For purposes of this Section&nbsp;5: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>beneficially own</U>&#148; has the meaning ascribed to such term in Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> under the
Securities Exchange Act of 1934, as amended from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; means any day other than a Saturday, Sunday
or day on which commercial banks in the State of Delaware are authorized or required by law to close for business. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>New Equity
Securities</U>&#148; means any and all (a)&nbsp;shares of Common Stock, (b)&nbsp;equity securities of any subsidiary of the Corporation, (c)&nbsp;securities exchangeable into, or convertible or exercisable for, shares of securities of the type
specified in clause (a)&nbsp;and (b) and (d)&nbsp;options, warrants or other rights to acquire shares of securities of the type specified in clause (a)&nbsp;and (b), in each case other than as issued (i)&nbsp;to employees, officers, directors or
consultants pursuant to any equity-based compensation or incentive plans approved by the Board, and securities issued upon exercise or conversion of such options, warrants, convertible securities or other rights, (ii)&nbsp;in connection with a stock
split, payment of dividends or any similar recapitalization, reclassification, distribution, exchange or readjustment of shares approved by the Board pursuant to which all holders of each class of Securities (as defined in Article FOURTH) are
treated equivalently, (iii)&nbsp;in connection with any business combination, consolidation, merger or acquisition transaction or joint venture involving the Corporation or any of its subsidiaries, in each case approved by the Board, (iv)&nbsp;as a
bona fide equity kicker to one or more persons to whom the Corporation or any of its subsidiaries is becoming indebted in connection with the incurrence of such indebtedness approved by the Board so long as none of such persons are Affiliated with
the Corporation and such indebtedness is on arms&#146; length terms (including with respect to market pricing), (v) to the Corporation or a direct or indirect wholly-owned subsidiary of the Corporation, and (vi)&nbsp;in connection with the closing
of an IPO. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>B. Preferred Stock </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Preferred Stock may be issued from time to time and in one or more series. The Board of Directors of the Corporation is authorized to determine or alter the powers, preferences and rights, and the qualifications, limitations and restrictions granted
to or imposed upon any wholly unissued series of Preferred Stock, and within the limitations or restrictions stated in any resolution or resolutions of the Board of Directors originally fixing the number of shares constituting any series of
Preferred Stock, to increase or decrease (but not below the number of shares of any such series of Preferred Stock then outstanding) the number of shares of any such series of Preferred Stock, and to fix the number of shares of any series of
Preferred Stock (any certificate of designation adopted by the Board of Directors designating the designations, powers, preferences and rights, and qualifications, limitations, or restrictions, of shares of Preferred Stock and filed pursuant to the
applicable law of the State of Delaware, a &#147;<U>Preferred Stock Designation</U>&#148;). In the event that the number of shares of any series of Preferred Stock shall be so decreased, the shares constituting such decrease shall resume the status
which such shares had prior to the adoption of the resolution originally fixing the number of shares of such series of Preferred Stock subject to the requirements of applicable law. Except as otherwise required by law, holders of a series of
Preferred Stock, as such, shall be entitled only to such voting rights, if any, as shall be expressly granted thereto by this First Amended and Restated Certificate of Incorporation (including any Preferred Stock Designation). Except as may be
provided in this First Amended and Restated Certificate of Incorporation or in any Preferred Stock Designation, holders of Preferred Stock shall not be entitled to receive notice of any meeting of stockholders at which they are not entitled to vote.
The terms, including voting rights, of any issuance of shares of Preferred Stock pursuant hereto shall appropriately take into account the limitations on ownership of capital stock by <FONT STYLE="white-space:nowrap">non-U.S.</FONT> citizens such
that, following such issuance, the Company continues to be a citizen within the meaning of the Federal Aviation Laws. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>C.
Section&nbsp;1123 </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the extent prohibited by Section&nbsp;1123 of Title 11 of the United States Bankruptcy Code (as amended, the &#147;<U>Bankruptcy
Code</U>&#148;), the Corporation shall not issue any class or series of nonvoting equity securities as in effect on the date of filing of this First Amended and Restated Certificate of Incorporation with the Secretary of State of the state of
Delaware; provided, however, that the foregoing (a)&nbsp;will have such force and effect only for so long as Section&nbsp;1123 of the Bankruptcy Code is in effect and applicable to the Corporation; (b)&nbsp;will have no further force
</P>
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and effect beyond that required under Section&nbsp;1123 of the Bankruptcy Code; and (c)&nbsp;may be amended or eliminated in accordance with applicable law as from time to time in effect. For the
purposes of this section, any class or series of equity securities that has only such voting rights as are mandated by the DGCL shall be deemed to be nonvoting for purposes of the restrictions of this section. For avoidance of doubt, any warrants to
acquire equity issued by the Company shall not be considered to be nonvoting equity securities within the meaning of the Bankruptcy Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FIFTH</B>:
The Board shall consist of such number of persons as shall be designated in the Corporation&#146;s <FONT STYLE="white-space:nowrap">by-laws.</FONT> No decrease in the number of directors shall shorten the term of any incumbent director. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SIXTH</B>: Meetings of stockholders may be held within or without the State of Delaware, as the <FONT STYLE="white-space:nowrap">by-laws</FONT> of the
Corporation may provide. The books of the Corporation may be kept (subject to any provisions contained in applicable statutes) outside the State of Delaware at such place or places as may be designated from time to time by the Board of Directors or
in the <FONT STYLE="white-space:nowrap">by-laws</FONT> of the Corporation. Election of directors need not be by written ballot unless the <FONT STYLE="white-space:nowrap">by-laws</FONT> of the Corporation so provide. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SEVENTH</B>: Except as otherwise provided in this First Amended and Restated Certificate of Incorporation, in furtherance and not in limitation of the
powers conferred by the laws of the State of Delaware, the Board of Directors is expressly authorized to make, alter and repeal the <FONT STYLE="white-space:nowrap">by-laws</FONT> of the Corporation, subject to the power of the stockholders of the
Corporation to alter or repeal any <FONT STYLE="white-space:nowrap">by-law</FONT> whether adopted by them or otherwise. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EIGHTH: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.1&nbsp;&nbsp;&nbsp;&nbsp; <U>Right to Indemnity</U>. Except as otherwise provided in the Third Amended Joint Plan of Reorganization (the
&#147;<U>Plan</U>&#148;) filed by PHI, Inc. and certain of its subsidiaries under chapter 11 of the United States Bankruptcy Court for the Northern District of Texas (the &#147;<U>Bankruptcy Court</U>&#148;), which Plan was approved by the
Bankruptcy Court on August<U></U> 2, 2019, each person who was or is made a party or is threatened to be made a party to or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative,
investigative or otherwise (hereinafter, a &#147;<U>proceeding</U>&#148;), by reason of the fact that such person, or a person of whom such person is the legal representative, is or was the sole incorporator of the Corporation, is or was or has
agreed to become a director or officer of the Corporation, or while a director or officer of the Corporation is or was serving or has agreed to serve at the request of the Corporation in any capacity, including as a director, officer, employee,
fiduciary or agent, of another corporation or of a partnership, joint venture, trust or other enterprise, including, without limitation, service with respect to employee benefit plans maintained or sponsored by the Corporation or any of its
subsidiaries (an &#147;<U>Indemnitee</U>&#148;), whether the basis of such proceeding is alleged action in an official capacity as a director, officer, employee, fiduciary or agent or in any other capacity while serving as a director, officer,
employee, fiduciary or agent, shall be indemnified and held harmless by the Corporation to the fullest extent which it is empowered to do so by the DGCL, as the same exists or may hereafter be amended (but, in the case of any such amendment, to the
fullest extent permitted by law, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than permitted under such law prior to such amendment) against all cost, expense, liability and loss
(including, without limitation, attorneys&#146; fees, judgments, fines, ERISA excise taxes or penalties and amounts paid or to be paid in settlement) actually and reasonably incurred by such Indemnitee in connection with a proceeding if such person
acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe that such person&#146;s
conduct was unlawful. The termination of any claim, action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that such person did not act
in good faith and in a manner which such person reasonably believed to be in or not opposed to the best interests of the Corporation, and with respect to any criminal action or proceeding, had reasonable cause to believe that such person&#146;s
conduct was unlawful. Such indemnification shall continue as to a person who has ceased to serve in the capacity which initially entitled such person to indemnity hereunder, and such indemnification shall inure to the benefit of such person&#146;s
heirs, executors and administrators. Notwithstanding the foregoing, except as provided in Section<U></U> 8.3 with respect to proceedings to enforce rights to indemnification, the Corporation shall indemnify any Indemnitee seeking indemnification in
connection with a proceeding initiated by such person only if such proceeding (or part thereof) was authorized by the Board. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.2 &nbsp;&nbsp;&nbsp;&nbsp; <U>Advancement of Expenses</U>. To the fullest extent to which
it is permitted to do so by the DGCL or other applicable law, the Corporation shall, in advance of the final disposition of the matter, pay the expenses and costs (including attorneys&#146; fees) actually and reasonably incurred by any Indemnitee in
defending or otherwise participating in any proceeding and any appeal therefrom for which such person may be entitled to such indemnification under this Article EIGHTH or otherwise; provided, however, if required by the DGCL, such payment of
expenses and costs in advance of the final disposition of the proceeding shall be made only upon receipt by the Corporation of a written undertaking by or on behalf of such Indemnitee to repay all amounts advanced if it should be ultimately
determined by final judicial decision from which there is no further right to appeal that such Indemnitee is not entitled to be indemnified for such expenses under this Article EIGHTH or otherwise. Expenses incurred by other employees, fiduciaries
and agents who are considered Indemnitees hereunder may be so paid upon such terms and conditions, if any, as the Board deems appropriate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.3&nbsp;&nbsp;&nbsp;&nbsp; <U>Procedures for Indemnification of Directors and Officers</U>. Any indemnification or advancement of expenses
under this Article EIGHTH shall be made promptly, and in any event within thirty (30)<U></U>&nbsp;days, upon the written request of the Indemnitee, except in the case of a claim for an advancement of expenses, in which case the applicable period
shall be twenty (20)<U></U>&nbsp;days. If a determination by the Corporation that the Indemnitee is entitled to indemnification pursuant to this Article EIGHTH is required, and the Corporation fails to respond within sixty (60)<U></U>&nbsp;days to a
written request for indemnity, the Corporation shall be deemed to have approved the request. If the Corporation denies a written request for indemnification or advancement of expenses, in whole or in part, or if payment in full pursuant to such
request is not made within thirty (30)<U></U>&nbsp;days (or twenty (20)<U></U>&nbsp;days in the case of a claim for advancement of expenses), the right to indemnification or advancement of expenses as granted by this Article EIGHTH shall be
enforceable by the Indemnitee in any court of competent jurisdiction. Such Indemnitee&#146;s costs and expenses incurred in connection with successfully establishing the right to indemnification, in whole or in part, in any such action or in a suit
brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, shall also be indemnified by the Corporation. It shall be a defense to any such action (other than an action brought to enforce a claim for
expenses incurred in defending any proceeding in advance of its final disposition where the required undertaking, if any, has been tendered to the Corporation) that the Indemnitee has not met the standards of conduct which make it permissible under
the DGCL for the Corporation to indemnify the Indemnitee for the amount claimed, but the burden of such defense shall be on the Corporation. Neither the failure of the Corporation (including its Board of Directors, independent legal counsel, or its
stockholders) to have made a determination prior to the commencement of such action that indemnification of the Indemnitee is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the DGCL nor an
actual determination by the Corporation (including its Board, independent legal counsel, or its stockholders) that the Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the
claimant has not met the applicable standard of conduct. In any suit brought by the Indemnitee to enforce a right to indemnification or to an advancement of expenses hereunder, or brought by the Corporation to recover an advancement of expenses
pursuant to the terms of an undertaking, the burden of proving that the Indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Article EIGHTH or otherwise, shall be on the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.4&nbsp;&nbsp;&nbsp;&nbsp; <U>Requested Services</U>. Without limiting the meaning of the phrase &#147;serving at the request of the
Corporation&#148; as used herein, any person serving as a director, officer or equivalent executive of (a)<U></U>&nbsp;another corporation of which a majority of the shares entitled to vote in the election of its directors is owned, directly or
indirectly, by the Corporation, or (b)<U></U>&nbsp;any employee benefit plan maintained or sponsored by the Corporation or any corporation referred to in clause (a), shall be deemed to be doing so at the request of the Corporation for purposes of
Section<U></U>&nbsp;8.1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.5&nbsp;&nbsp;&nbsp;&nbsp; <U>Contract Rights</U>. The provisions of this Article EIGHTH shall be deemed to be
a contract right between the Corporation and each Indemnitee and such rights shall continue as to an Indemnitee who has ceased to be a director, officer, employee, fiduciary or agent, or if the relevant provisions of the DGCL or other applicable law
cease to be in effect. Such contract right shall vest for each Indemnitee who is a director, officer, employee, fiduciary or agent at the time such person is elected or appointed to such position, and no repeal or modification of this Article EIGHTH
or any such law shall affect any such vested rights or obligations then existing with respect to any state of facts or proceeding arising after such election or appointment and prior to such repeal or modification. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.6&nbsp;&nbsp;&nbsp;&nbsp; <U>Insurance</U>. The Corporation may purchase and maintain
insurance on its own behalf and on behalf of any person who is or was a director, officer, employee, fiduciary or agent of the Corporation or was serving at the request of the Corporation as a director, officer, employee, fiduciary or agent of
another corporation, limited liability company, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person&#146;s status as
such, whether or not the Corporation would have the power to indemnify such person against such liability under the DGCL or this Article EIGHTH. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.7&nbsp;&nbsp;&nbsp;&nbsp; <U>Employees and Agents</U>. Except as otherwise provided in the Plan, Persons (as defined in Article TWELFTH) who
are not covered by the foregoing provisions of this Article EIGHTH and who are or were employees, fiduciaries or agents of the Corporation, or who are or were serving at the request of the Corporation as employees, fiduciaries or agents of another
corporation, partnership, joint venture, trust or other enterprise, may be indemnified to the extent authorized at any time or from time to time by the Board to the fullest extent of this Article EIGHTH. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.8&nbsp;&nbsp;&nbsp;&nbsp; <U>Merger or Consolidation</U>. For purposes of this Article EIGHTH, references to &#147;the Corporation&#148;
shall include, in addition to the resulting corporation, any constituent corporation (including, without limitation, any constituent of a constituent) absorbed in a consolidation or merged in a merger which, if its separate existence had continued,
would have had power and authority to indemnify its directors, officers, and employees or agents, so that any person who is or was a director or officer of such constituent corporation, or is or was serving at the request of such constituent
corporation as a director, officer, employee, fiduciary or agent of another corporation or of a partnership, joint venture, trust or other enterprise, shall stand in the same position under this Article EIGHTH with respect to the resulting or
surviving corporation as he or she would have with respect to such constituent corporation if its separate existence had continued. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.9&nbsp;&nbsp;&nbsp;&nbsp; <U>Non-Exclusivity of Rights</U>. The rights to indemnification and the advancement of expenses and costs
conferred under this Article EIGHTH shall not be exclusive of any other rights to which those seeking indemnification or advancement of expenses and costs may be entitled under any applicable law, provision of this First Amended and Restated
Certificate of Incorporation, bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person&#146;s official capacity and as to action in another capacity while holding such office. The Corporation
is specifically authorized to enter into individual contracts with any or all of its directors or officers respecting indemnification and advances, to the fullest extent not prohibited by the DGCL or by any other applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.10&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U>. No amendment, repeal or modification of, and no adoption of any provision inconsistent with,
any provision of this Article EIGHTH shall adversely affect any right or protection of a director or officer of the Corporation existing by virtue of this Article EIGHTH at the time of such amendment, repeal, modification or adoption, and any such
amendment, repeal, modification or adoption that adversely affects any right or protection of a director or officer of the Corporation existing by virtue of this Article EIGHTH shall be void ab initio. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.11&nbsp;&nbsp;&nbsp;&nbsp;<U>Jointly Indemnifiable Claims</U>. Given that certain jointly indemnifiable claims (as defined below) may arise
due to the service of the Indemnitee as a director and/or officer of the Corporation at the request of the indemnitee-related entities (as defined below), the Corporation shall be fully and primarily responsible for the payment to the Indemnitee in
respect of indemnification or advancement of expenses in connection with any such jointly indemnifiable claims, pursuant to and in accordance with the terms of this Article EIGHTH, irrespective of any right of recovery the Indemnitee may have from
the indemnitee-related entities. Under no circumstance shall the Corporation be entitled to any right of subrogation against or contribution by the indemnitee-related entities and no right of advancement, indemnification or recovery the Indemnitee
may have from the indemnitee-related entities shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Corporation under this Article EIGHTH. In the event that any of the indemnitee-related entities shall make any
payment to the Indemnitee in </P>
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respect of indemnification or advancement of expenses with respect to any jointly indemnifiable claim, the indemnitee-related entity making such payment shall be subrogated to the extent of such
payment to all of the rights of recovery of the Indemnitee against the Corporation, and the Indemnitee shall execute all documents and instruments reasonably required and shall do all things that may be reasonably necessary to secure such rights,
including the execution of such documents and instruments as may be necessary to enable the indemnitee-related entities effectively to bring suit to enforce such rights. Each of the indemnitee-related entities shall be third-party beneficiaries with
respect to this Section<U></U> 8.11 and entitled to enforce this Section<U></U>&nbsp;8.11. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The term &#147;<U>indemnitee-related
entities</U>&#148; means any corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (other than the Corporation or any other corporation, limited liability company, partnership, joint
venture, trust, employee benefit plan or other enterprise for which the Indemnitee has agreed, on behalf of the Corporation or at the Corporation&#146;s request, to serve as a director, officer, employee or agent and which service is covered by the
indemnity described herein) from whom an Indemnitee may be entitled to indemnification or advancement of expenses with respect to which, in whole or in part, the Corporation may also have an indemnification or advancement obligation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The term &#147;<U>jointly indemnifiable claims</U>&#148; shall be broadly construed and shall include, without limitation, any action, suit or
proceeding for which the Indemnitee shall be entitled to indemnification or advancement of expenses from both the indemnitee-related entities and the Corporation pursuant to applicable law, any agreement, certificate of incorporation, bylaws,
partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or comparable organizational documents of the Corporation or the indemnitee-related entities, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.12&nbsp;&nbsp;&nbsp;&nbsp;<U>Limited Liability of Directors</U>. To the fullest extent permitted by the DGCL, a director of the Corporation
shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director. If in the future the DGCL is amended or modified (including with respect to Section<U></U> 102(b)(7)) to permit it
the further limitation or elimination of the personal liability of a director of the Corporation to a greater extent than contemplated above, then the provisions of this Article EIGHTH shall be deemed to provide for the elimination of the personal
liability of the directors of the Corporation to such greater extent). This Article EIGHTH shall not eliminate or limit the liability of a director for any act or omission occurring prior to the date when this Article EIGHTH becomes effective. Any
repeal or amendment or modification of this Article EIGHTH, or the adoption of any provision of this First Amended and Restated Certificate of Incorporation inconsistent with this Article EIGHTH, will, to the extent permitted by applicable law, be
prospective only (except to the extent such amendment or change in applicable law permits the Corporation to provide a broader limitation on a retroactive basis than permitted prior thereto), and will not adversely affect any limitation on the
personal liability of any director of the Corporation at the time of such repeal or amendment or modification or adoption of such inconsistent provision. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NINTH: </B>The Corporation and its subsidiaries hold or may hold one or more contracts awarded to it by U.S. governmental entities and subject to certain
U.S. laws and regulations promulgated for the purpose of preserving and ensuring the national security or interests of the U.S. government, and the Board and stockholders deem the retention of these contracts and business opportunities to be of
material importance to the Corporation. As long as the Corporation and/or its subsidiaries hold, or the Board deems it desirable for the Corporation or its subsidiaries to pursue and hold, such business opportunities and contracts, it shall be the
Corporation&#146;s policy that its Board, stockholders, and officers shall fully comply with and take all actions necessary to ensure compliance with all such applicable laws and regulations, including all requirements regarding ensuring directors,
officers, and key management personnel are resident U.S. citizens and hold or are eligible to hold security clearances if necessary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TENTH</B>: The
Corporation reserves the right at any time from time to time to amend, alter, change or repeal any provision contained in this First Amended and Restated Certificate of Incorporation, and any other provisions authorized by the laws of the State of
Delaware at the time in force may be added or inserted, in the manner now or hereafter prescribed herein or by applicable law. All rights, preferences and privileges of whatsoever nature conferred upon stockholders by and pursuant to this First
Amended and Restated Certificate of Incorporation in its present form or as hereafter amended are granted subject to the right reserved in this Article TENTH. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding any other provision of this First Amended and Restated Certificate of Incorporation or any
provision of law which might otherwise permit a lesser vote, but in addition to any vote required by law and any affirmative vote of the holders of any series of Preferred Stock required by law, by this First Amended and Restated Certificate of
Incorporation or by any Preferred Stock Designation providing for any such Preferred Stock, the affirmative vote of the holders of at least <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the total voting power of all the shares of the
Corporation entitled to vote generally in the election of directors, voting together as a single class, shall be required to amend, alter, change or repeal, or adopt any provision inconsistent with Article SEVENTH or this Article TENTH. Except as
otherwise required by law, holders of Common Stock shall not be entitled to vote on any amendment to this First Amended and Restated Certificate of Incorporation (including any Preferred Stock Designation) that relates solely to the terms of one or
more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to this First Amended and Restated Certificate
of Incorporation (including any Preferred Stock Designation (as defined below)) or pursuant to the DGCL, provided that such amendment does not alter or change the designations, powers, preferences or rights of the shares of Common Stock so as to
affect them adversely. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ELEVENTH</B>: This First Amended and Restated Certificate of Incorporation was duly adopted by the Board of Directors and
stockholders in accordance with Sections 242 and 245 of the DGCL. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TWELFTH: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>. For purposes of this Article TWELFTH, the following terms shall have the meanings specified
below: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; when used with reference to another Person means any Person, directly or indirectly, through one or
more intermediaries, controlling, controlled by, or under common control with, such other Person. In addition, Affiliates of a stockholder shall include all its partners, officers, employees and former partners in their capacities as such. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Competitor</U>&#148; means any Person directly engaged in the business of the Corporation (it being understood that any Person that is
an equity owner or other investor in such a Person shall not be considered a Competitor for purposes herein solely because of such equity interest or investment). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchange Act</U>&#148; means the Securities Exchange Act of 1934, as amended and any successor statute and the rules and regulations
of the SEC thereunder, in each case as in effect from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person(s)</U>&#148; means any individual, corporation,
partnership, trust or other entity of any nature whatsoever. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SEC</U>&#148; means the Securities and Exchange Commission. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiary</U>&#148; means, with respect to any Person, any corporation, limited liability company, partnership, association or
business entity of which (a)<U></U>&nbsp;if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is
at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (b)<U></U>&nbsp;if a limited liability company, partnership, association or other business
entity (other than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof.
For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if such Person or Persons shall be allocated
a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control any managing member, general partner or analogous controlling Person of such limited liability company, partnership,
association or other business entity. For purposes hereof, references to a &#147;Subsidiary&#148; of any Person shall be given effect only at such times that such Person has one or more Subsidiaries and, unless otherwise indicated, the term
&#147;Subsidiary&#148; refers to a Subsidiary of the Corporation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Information Rights</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;At any time when the Corporation is not obligated to file reports under Section<U></U>&nbsp;13 or
15(d) of the Exchange Act and does not file reports required by Section<U></U>&nbsp;13 or 15(d) of the Exchange Act as a voluntary filer, each holder of (x)<U></U>&nbsp;Securities (as defined in Article FOURTH) or (y)<U></U>&nbsp;warrants issued
pursuant to that certain Creditor Warrant Agreement, dated as of September<U></U>&nbsp;4, 2019, by and between the Corporation and American Stock Transfer<U></U>&nbsp;&amp; Trust Company, LLC (the &#147;<U>Warrants</U>&#148;), in each case other
than any such holder that is a Competitor, shall have the right to receive the following information, and each such holder may share and discuss such information with its Affiliates, directors, officers, partners, managers, stockholders, employees,
investors and advisors as well as any bona fide prospective purchaser of Securities or Warrants that (x)&nbsp;is not a Competitor and (y)<U></U>&nbsp;has entered into, and delivered to the Corporation, a confidentiality agreement regarding the
treatment of such information reasonably acceptable to the Corporation: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;as soon as available
and, in any event within (i) one-hundred and fifty (150) days of the end of each fiscal year or (ii)&nbsp;such period as required under the Corporation&#146;s then existing financing agreements, audited annual financial statements of the Corporation
(including the consolidated balance sheets of the Corporation and its subsidiaries as at the end of such fiscal year and the related consolidated statements of income, stockholders&#146; equity and cash flows of the Corporation and its subsidiaries
for such fiscal year) together with a copy of management&#146;s discussion and analysis with respect to such financial statement and a signed audit letter from the Corporation&#146;s auditor; <U>provided</U>, <U>however</U>, that a copy of
management&#146;s discussion and analysis with respect to such financial statement shall only be required to be furnished to the extent it is required under the Corporation&#146;s then existing financing agreements; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;as soon as available and, in any event within sixty (60) days after the end of each of the first
three quarters of each such fiscal year, quarterly financial statements of the Corporation (including the consolidated balance sheets of the Corporation and its subsidiaries as at the end of such quarter and the related consolidated statements of
income, stockholders&#146; equity and cash flows of the Corporation and its subsidiaries for such quarter) together with a copy of management&#146;s discussion and analysis with respect to such financial statement; <U>provided</U>, <U>however</U>,
that (i) a copy of management&#146;s discussion and analysis with respect to such financial statement shall only be required to be furnished to the extent it is required under the Corporation&#146;s then existing financing agreements and
(ii)&nbsp;for the first two (2)<U></U>&nbsp;quarterly periods after the date hereof, the time periods set forth in this <U>Section&nbsp;12.2(a)</U> for delivery of any financial statements may be reasonably extended by the Board in its discretion
for a period of up to thirty (30)<U></U>&nbsp;days. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;In addition to the foregoing, the
Corporation shall, upon written request, provide to holders of Securities and Warrants all information required in order to sell Securities or Warrants in accordance with Rule 144A under the Securities Act of 1933, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THIRTEENTH</B>: Unless the Common Stock is listed on a national securities exchange in the United States, whether in connection with an initial public
offering of the Common Stock or otherwise (&#147;<U>Publicly Listed</U>&#148;) any action required or permitted to be taken at any annual or special meeting of stockholders of the Corporation may be taken without a meeting, without prior notice and
without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock of the Corporation having not less than the minimum number of votes that would be necessary to authorize or
take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the Corporation by delivery to its registered office in the State of Delaware, its principal place of business, or to an
officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. At any time when the Common Stock is Publicly Listed, any action required or permitted to be taken at any annual or special
meeting of stockholders of the Corporation may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by all the holders of outstanding stock of
the Corporation entitled to vote thereon. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FOURTEENTH</B>: The Corporation expressly elects not to be governed by Section&nbsp;203 of the DGCL. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FIFTEENTH</B>: Unless the Corporation consents in writing to the selection of an alternative forum, to the fullest extent permitted by law, the sole and
exclusive forum for (a)&nbsp;any derivative action or proceeding brought on behalf of the Corporation, (b)&nbsp;any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Corporation to the
Corporation or Corporation&#146;s stockholders, (c)&nbsp;any action asserting a claim against the Corporation, its directors or employees arising pursuant to any provision of the DGCL or this First Amended and Restated Certificate of Incorporation
or the <FONT STYLE="white-space:nowrap">by-Laws</FONT> of the Corporation, or (d)&nbsp;any action asserting a claim against the Corporation, its directors or employees governed by the internal affairs doctrine shall be the Court of Chancery of the
State of Delaware, (or, if the Court of Chancery lacks subject matter jurisdiction, another state or federal court located within the state of Delaware). Any person or entity purchasing or otherwise acquiring or holding any interest in shares of
capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Article FIFTEENTH. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SIXTEENTH: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Corporate Opportunity</U>. In the event that a director of the Corporation who is also a partner or employee (or other
affiliate) of an entity that is a holder of equity securities of the Corporation and that is in the business of investing and reinvesting in other entities (each, a &#147;<U>Fund</U>&#148;), acquires knowledge of a potential transaction, matter or
opportunity that may be a corporate opportunity for both the Corporation and such Fund, such director shall to the fullest extent permitted by law have fully satisfied and fulfilled such director&#146;s fiduciary duty to the Corporation and its
stockholders with respect to such corporate opportunity, and the Corporation to the fullest extent permitted by law waives any claim that such business opportunity constituted a corporate opportunity that should have been presented to the
Corporation or any of its affiliates, if such director acts in good faith in a manner consistent with the following policy: a corporate opportunity offered to any person who is a director of the Corporation, and who is also a partner or employee (or
other affiliate) of a Fund shall belong to such Fund, unless such opportunity was expressly offered to such person solely in his or her capacity as a director of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Consent to Corporate Opportunity Policy</U>. Any person or entity purchasing or otherwise acquiring or obtaining any interest
in any capital stock of the Corporation shall be deemed to have notice and to have consented to the provisions of this Article SIXTEENTH. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16.3&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect of Alterations</U>. Neither the alteration, amendment, termination, expiration or repeal of this Article SIXTEENTH nor
the adoption of any provision inconsistent with this Article SIXTEENTH shall eliminate or reduce the effect of this Article SIXTEENTH in respect of any matter occurring, or any cause of action that, but for this Article SIXTEENTH, would accrue or
arise, prior to such alteration, amendment, termination, expiration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SEVENTEENTH: </B>If any provision or provisions of this First Amended and
Restated Certificate of Incorporation shall be held to be invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever, then, to the fullest extent permitted by applicable law, the validity, legality and enforceability
of such provisions in any other circumstance and of the remaining provisions of this First Amended and Restated Certificate of Incorporation (including, without limitation, each portion of any paragraph of this First Amended and Restated Certificate
of Incorporation containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 3.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">BY-LAWS</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>of </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PHI GROUP, INC.
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 1. OFFICES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.1.
Principal Office</B>. The principal office of the Corporation shall be located at 2001 S.E. Evangeline Thruway, Lafayette, Louisiana 70508 or in such place within or without the State of Delaware as the Board of Directors may determine from time to
time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.2. Additional Offices</B>. The Corporation may have such offices at such other places as the Corporation&#146;s Board of Directors (the
&#147;Board&#148; or &#147;Board of Directors&#148;) may from time to time determine or the business of the Corporation may require. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 2. STOCKHOLDERS MEETINGS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.1.
Place of Meetings</B>. Unless otherwise required by law or these <FONT STYLE="white-space:nowrap">By-laws,</FONT> all meetings of the stockholders shall be held at the principal office of the Corporation or at such other place, within or without the
State of Delaware, as may be designated by the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.2. Annual Meetings</B>. An annual meeting of the stockholders shall be held at such date at
such time as may be specified by the Board in the call of the meeting, for the purpose of electing directors and for the transaction of such other business as may be properly brought before the meeting. If no annual stockholders&#146; meeting is
held for a period of thirteen months, and directors are not elected by written consent in lieu of an annual meeting during that period, any stockholder may demand that the Secretary of the Corporation call such a meeting to be held in the manner
specified under the General Corporation Law of the State of Delaware (as the same exists or may hereafter be amended from time to time, the &#147;<U>DGCL</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.3. Special Meetings</B>. Special meetings of the stockholders, for any purpose or purposes, may be called by (i)&nbsp;the Chairman of the Board,
(ii)&nbsp;the Board or (iii)&nbsp;the holders of at least 20% of the total voting power of all the shares of the Corporation entitled to vote generally in the election of directors. The Board or the Chairman of the Board shall determine the date,
time and place, if any, and/or means of remote communication, of any special meeting, which shall be stated in a notice of meeting delivered by the Board. Except as otherwise required by law or provided in the instrument of designation of any series
of preferred stock of the Corporation, special meetings of the stockholders of the Corporation may not be called by any person, group or entity other than those specifically enumerated in this Section&nbsp;2.3. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.4. Notice of Meetings. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) Except as otherwise
provided by law, the authorized person or persons calling a stockholders&#146; meeting shall cause written notice of (i)&nbsp;the time and place of the meeting, (ii)&nbsp;the means of remote communication (if any) by which stockholders and proxy
holders may be deemed to be present in person and vote at such meeting, and (iii)&nbsp;the record date for determining the stockholders entitled to vote at the meeting (if such date is different from the record date for stockholders entitled to
notice of the meeting), in each case to be given to all stockholders entitled to vote at such meeting, at least ten days and not more than sixty days prior to the day fixed for the meeting. Notice of the annual meeting need not state the purpose or
purposes thereof, unless action is to be taken at the meeting as to which notice is required by law, the Certificate of Incorporation, or these <FONT STYLE="white-space:nowrap">By-laws.</FONT> Notice of a special meeting shall state the purpose or
purposes thereof, and the business conducted at any special meeting shall be limited to the purpose or purposes stated in the notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) Whenever notice
is required to be given under any provisions of the DGCL, the Certificate of Incorporation or these <FONT STYLE="white-space:nowrap">By-Laws,</FONT> a written waiver thereof, signed by the stockholder entitled to notice, or a written waiver by
electronic transmission by the person or entity entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a stockholder of the Corporation at a meeting of such stockholders shall
constitute a waiver of notice of such meeting, except when the stockholder attends for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) Whenever notice is required to be given under the DGCL, the Certificate of Incorporation or these <FONT STYLE="white-space:nowrap">By-Laws</FONT> to any
stockholder with whom communication is unlawful, the giving of such notice to such stockholder shall not be required, and there shall be no duty to apply to any governmental authority or agency for a license or permit to give such notice to such
stockholder. Any action or meeting which shall be taken or held without notice to any such stockholder with whom </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">communication is unlawful shall have the same force and effect as if such notice had been duly given.
Notwithstanding the other provisions of this Section&nbsp;2.4, no notice of a meeting of the stockholders of the Corporation need be given to any stockholder if (i)&nbsp;(A) an annual report and proxy statement for two consecutive annual meetings of
stockholders or (B)&nbsp;all, and at least two, checks and payment of dividends or interest on securities during a twelve-month period, in either case, have been sent by first-class, United States mail, addressed to the stockholder at his or her
address as it appears on the share transfer books of the Corporation, and returned undeliverable and (ii)&nbsp;the Corporation does not have either a current facsimile number or, if such stockholder has consented to electronic delivery pursuant to
Section&nbsp;7.2 of these <FONT STYLE="white-space:nowrap">By-Laws,</FONT> means of electronic transmission for such stockholder. In that event, the obligation of the Corporation to give notice of a stockholders meeting to any such stockholder shall
be reinstated once the Corporation has received a new address, facsimile number or means of electronic transmission for such stockholder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.5. List of
Stockholders</B>. In connection with every meeting of stockholders, a list of stockholders entitled to vote, arranged alphabetically showing the number and class of shares held by each such stockholder on the record date for the meeting, shall be
produced for inspection on the request of any stockholder and provided under the DGCL. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.6. Quorum</B>. Except as otherwise provided by law, at all
meetings of stockholders the presence, in person or by proxy, of the holders of a majority of the total voting power shall constitute a quorum to duly organize the meeting. With respect to each matter to be acted upon at any duly organized meeting
of stockholders, the presence, in person or by proxy, of the holders of a majority of the total votes entitled to be cast on the matter shall constitute a quorum for action on that matter; <I>provided</I> that this Section&nbsp;2.6 shall not have
the effect of reducing the vote required to approve or affirm any matter that may be established by law, the Certificate of Incorporation or these <FONT STYLE="white-space:nowrap">By-laws.</FONT> Once a share is represented for any purpose at a
meeting of stockholders, it is deemed present for quorum purposes for the remainder of the meeting and for any adjournment of that meeting unless a new record date is or must be set for that adjourned meeting. If a meeting cannot be organized
because a quorum has not attended, those present may adjourn the meeting to such time and place as they may determine. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.7. Voting</B>. Subject to the
Certificate of Incorporation, these <FONT STYLE="white-space:nowrap">By-Laws,</FONT> the DGCL and the rights, if any, of those directors who may be elected by the holders of any class or series of preferred stock of the Corporation as set forth in
the instrument of designation of such preferred stock, if a quorum exists, action on a matter, other than the election of directors, by the stockholders will be approved if the votes cast favoring the action exceed the votes cast opposing the
action, unless the matter is one upon which, by express provision of law or the Certificate of Incorporation, a different vote is required, in which case such express provision shall govern and control the decision of such question. Except as
otherwise provided by applicable law, each stockholder of the Corporation shall be entitled to that number of votes for each share of capital stock of the Corporation held by such stockholder as set forth in the Certificate of Incorporation or, in
the case of preferred stock of the Corporation, in the instrument of designation thereof. Where a separate vote by class or series is required or provided for, when a quorum is present, the affirmative vote of a majority in voting power of the
shares of capital stock of the Corporation of such class or series present in person or represented by proxy at the meeting and entitled to vote on the subject matter shall be the act of such class or series of stockholders, unless the question is
one upon which, by express provisions of applicable law, the Certificate of Incorporation, these <FONT STYLE="white-space:nowrap">By-Laws,</FONT> the rules or regulations of any stock exchange applicable to the Corporation, or pursuant to any
regulation applicable to the Corporation or its securities, or the designation of any series of preferred stock of the Corporation, a different vote is required or provided for, in which case such express provision shall govern and control the
decision of such question. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.8. Voting by Proxy</B>. At any meeting of the stockholders, every stockholder having the right to vote shall be entitled
to vote in person or by proxy appointed by an instrument in writing executed by such stockholder and bearing a date not more than eleven months prior to the meeting, unless the instrument provides for a longer period. The person appointed as proxy
need not be a stockholder of the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.9. Execution of Proxies</B>. Any proxy must be executed by a stockholder or the stockholder&#146;s
authorized officer, director, manager, employee, agent or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact.</FONT></FONT> Any signature on a proxy may be affixed by any reasonable means, including but not limited to
facsimile signature. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.10. Electronically Transmitted Proxies</B>. A stockholder may authorize another person or persons to act for him as proxy by
delivering or authorizing the delivery of any form of electronic transmission to the person who will be the holder of the proxy or to a proxy solicitation firm, proxy support service organization or similar agent duly authorized by the person who
will be the holder of the proxy to receive such transmission; <I>provided</I>, <I>however</I>, that any such electronic transmission shall be submitted with information from which the Corporation may determine that the electronic transmission was
authorized by the stockholder. If it is determined that such electronic transmissions are valid, the inspectors or other persons making that determination shall specify the information upon which they relied. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.11. Validity of Copies and other Reproductions of Proxies</B>. Any copy, facsimile, telecommunication
or other reliable reproduction of the writing or transmission created pursuant hereto may be substituted or used in lieu of the original writing or transmission for all purposes for which the original writing or transmission could be used;
<I>provided</I>, <I>however</I>, that such copy, facsimile, telecommunication or other reliable reproduction shall be a complete reproduction of the entire original writing or transmission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.12. Voting Power Present or Represented</B>. For purposes of determining the amount of voting power present or represented or the amount of voting power
cast at any annual or special meeting of stockholders with respect to voting on a particular proposal, shares as to which the holders have abstained from voting or the proxy holders have been instructed to abstain from voting on the proposal, and
shares that have been precluded from voting (whether by law, by regulations of the Securities and Exchange Commission, by rules, <FONT STYLE="white-space:nowrap">by-laws</FONT> or listing standards of any self-regulatory organization, the
Certificate of Incorporation or otherwise), will not be treated as present, represented or cast, but such shares will be counted as present and represented for purposes of determining the existence of a quorum to organize a meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.13. Postponements, Adjournments, and Cancellations of Meetings</B>. In accordance with the provisions of applicable law, the Board, acting by resolution,
may postpone and reschedule any previously scheduled meeting of stockholders, whether annual or special. In addition, any meeting of stockholders, whether annual or special, may be adjourned from time to time either by the chairman of the meeting or
by the vote of the holders of a majority of the total voting power present in person or by proxy at the meeting. When a meeting is adjourned to another time or place, if any, notice need not be given of the adjourned meeting if the time and place,
if any, thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days
or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. Unless provided otherwise by law or the Certificate of
Incorporation, any special meeting of the stockholders may be canceled, by resolution of the Board upon public notice given prior to the date previously scheduled for such special meeting or as otherwise permitted by the DGCL. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.14. Conduct of Meetings. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) At every meeting of the
stockholders, the presiding chairman shall be the Chairman of the Board of Directors or, in the event of his or her absence or disability, such person as the Chairman of the Board of Directors shall appoint or, in the event of his or her absence or
disability, a chairman chosen by resolution of the Board of Directors. The Secretary or, in the event of his or her absence or disability, any Assistant Secretary or, in the absence of both, an appointee of the presiding chairman, shall act as
secretary of the meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) The Board of Directors may make such rules or regulations for the conduct of meetings of stockholders as it shall deem
necessary, appropriate or convenient. Subject to any such rules and regulations, the chairman presiding at any meeting shall have the right and authority to prescribe rules, regulations and procedures for such meeting and to take all such actions as
in the judgment of the chairman are appropriate for the proper conduct of such meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the chairman of the meeting, may include, without limitation,
the following: (i)&nbsp;the establishment of an agenda or order of business for the meeting, either of which may be changed at any meeting at which a quorum is present by the vote of a majority of the total voting power of those present thereat in
person or by proxy; (ii)&nbsp;rules and procedures for maintaining order at the meeting and the safety of those present; (iii)&nbsp;rules and procedures relating to the casting of ballots or the tabulation of voting at the meeting;
(iv)&nbsp;limitations on attendance at or participation in the meeting to stockholders of record of the Company, their duly authorized and constituted proxies or such other persons as the chairman of the meeting or his or her designee may determine;
(v)&nbsp;restrictions on entry to the meeting after the commencement thereof; (vi)&nbsp;limitations on the time allotted to questions or comments of any particular participant or by all participants as a group; and (vii)&nbsp;other similar rules,
procedures, limitations or restrictions designed to enhance the efficiency, productivity or civility of the meeting. The presiding chairman may interpret and apply any such rules, regulations, procedures, limitations or restrictions as he or she
sees fit under the circumstances, in addition to changing the order of business at the meeting or making any other determinations that he or she deems appropriate for the proper conduct of the meeting. Unless and to the extent determined by the
Board of Directors or the presiding chairman, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.15. Inspectors of Election</B>. In connection with each meeting of stockholders, either the Board or the Chairman may appoint one or more inspectors, who
need not be stockholders and who may be employees of the Corporation, to act at the meeting or any adjournment thereof and make a written report thereof. Each inspector, before entering upon the discharge of his or her duties, shall take and sign an
oath faithfully to execute the duties of inspector at such meeting with strict impartiality and </P>
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according to the best of his or her ability. The inspectors shall ascertain the number of shares outstanding and the voting power of each, determine the shares represented at the meeting and the
validity of proxies and ballots, count all votes, determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspectors, and certify to the Secretary their determination of the number
of shares represented at the meeting, and their count of all votes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.16. Definitions of Stockholder, Voting Power and Voting Power Present</B>. As
used in these <FONT STYLE="white-space:nowrap">By-laws,</FONT> and unless the context otherwise requires, (a)&nbsp;the term &#147;stockholder&#148; shall mean a person who is the record holder of shares of the Corporation&#146;s voting stock,
(b)&nbsp;the term &#147;voting power&#148; shall mean the right vested by law, these <FONT STYLE="white-space:nowrap">By-laws</FONT> or the Certificate of Incorporation in the stockholders to vote in the determination of a particular question or
matter, and (c)&nbsp;the terms &#147;total votes&#148; and &#147;total voting power&#148; shall mean the total number of votes that the stockholders are entitled under applicable law to cast in the determination of a particular question or matter
(or, if applicable law does not specify which stockholders are entitled to vote with respect to any particular question or matter, such terms shall mean the total number of votes that the stockholders are generally entitled to cast in connection
with the election of directors). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.17. Notice of Stockholder Business.</B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) <U>Advance Notice of Stockholder Business</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1) Only
such business shall be conducted before a meeting of the stockholders of the Corporation as shall have been properly brought before such meeting. To be properly brought before an annual or special meeting of the stockholders of the Corporation,
business must be: (i)&nbsp;with respect to any annual meeting, (A)&nbsp;specified in the notice of meeting (or any supplement or amendment thereto) given by or at the direction of the Board or a duly authorized committee of the Board;
(B)&nbsp;otherwise properly brought before the meeting by or at the direction of the Board or a duly authorized committee of the Board; or (C)&nbsp;otherwise properly brought before the meeting by any stockholder (1)&nbsp;who is a stockholder of
record on the date of the giving of the notice provided for in this Section&nbsp;2.17(a) and at the time of the meeting and is entitled to vote at such meeting and (2)&nbsp;who complies with the notice procedures set forth in this
Section&nbsp;2.17(a); and (ii)&nbsp;with respect to any special meeting, specified in the notice of meeting (or any supplement or amendment thereto) given to the stockholders of the Corporation by the Board pursuant to and in accordance with
Section&nbsp;2.3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2) For such business to be considered properly brought before the meeting by a stockholder of the Corporation, such stockholder must,
in addition to any other applicable requirements, have given timely notice thereof in proper written form to the Secretary. To be timely with respect to any annual meeting, a stockholder&#146;s notice to the Secretary must be delivered to or mailed
and received by the Secretary at the principal executive office of the Corporation no fewer than ninety (90)&nbsp;and no more than one hundred twenty (120)&nbsp;days prior to the first (1st) anniversary of the immediately preceding annual meeting of
the stockholders of the Corporation; <I>provided</I>, <I>however</I>, that in the event that no annual meeting was held in the previous year or the annual meeting is called for a date that is not within thirty (30)&nbsp;days before or after such
anniversary date, notice by the stockholder to be timely must be so received not later than the close of business on the tenth (10th) day following the day on which notice of the date of the annual meeting was mailed or public announcement of the
date of the annual meeting was made, whichever occurs first. To be timely with respect to any special meeting, a stockholder&#146;s notice to the Secretary must be delivered or mailed and received by the Secretary at the principal executive office
of the Corporation not less than sixty (60)&nbsp;days prior to the date of such meeting; <I>provided</I>, <I>however</I>, that in the event that less than seventy (70)&nbsp;days&#146; notice of the date of the meeting is given or made to
stockholders, to be timely a stockholder&#146;s notice must be delivered or mailed and received by the Secretary at the principal executive office of the Corporation not later than the close of business on the tenth (10th) day following the earlier
of the day on which such notice or public announcement of the date of such special meeting is mailed or made (as applicable) by the Corporation. In no event shall the public announcement of an adjournment or postponement of an announced meeting
commence a new time period (or extend any time period) for the giving of a stockholders notice as provided in this Section&nbsp;2.17(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(3) To be in
proper written form, a stockholder&#146;s notice to the Secretary must set forth as to each matter such stockholder proposes to bring before the annual meeting or special meeting: (i)&nbsp;a description with reasonable detail of the business desired
to be brought before such meeting and the reasons for conducting such business at such meeting; (ii)&nbsp;as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the proposal is made (A)&nbsp;the name and address of
such stockholder, as they appear on the Corporation&#146;s books, and of such beneficial owner, (B)&nbsp;the class or series and number of shares of capital stock of the Corporation which are directly or indirectly (including through any derivative
arrangement) owned (1)&nbsp;beneficially and (2)&nbsp;of record by such stockholder and by such beneficial owner, (C)&nbsp;a description of all arrangements or understandings between such stockholder or such beneficial owner and any other person or
entity (including, without limitation, their names) in connection with the ownership of the capital stock of the Corporation and the proposal of such business by such stockholder and such beneficial owner, and any material interest (financial or
otherwise) of such </P>
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stockholder or such beneficial owner in such business, (D)&nbsp;whether either such stockholder or beneficial owner intends to deliver a form of proxy to holders of at least the percentage of the
Corporation&#146;s voting shares required under applicable law to approve the proposal and (E)&nbsp;if the Corporation is then subject to Section&nbsp;14(a) of the Exchange Act, any other information relating to such stockholder and beneficial
owner, if any, required to be disclosed in a proxy statement or other filing required to be made in connection with a solicitation of proxies for the proposal pursuant to and in accordance with Section&nbsp;14(a) of the Exchange Act and the rules
and regulations promulgated thereunder; and (iii)&nbsp;a representation that such stockholder is a holder of record of stock of the Corporation entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to introduce
the business specified in the notice. As use herein, shares &#147;beneficially owned&#148; by a person (and phrases of similar import) shall mean all shares which such person is deemed to beneficially own pursuant to Rules <FONT
STYLE="white-space:nowrap">13d-3</FONT> and <FONT STYLE="white-space:nowrap">13d-5</FONT> under the Exchange Act, including, without limitation, shares which are beneficially owned, directly or indirectly, by any other person with which such person
has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting or disposing of any shares of the capital stock of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(4) The chairman of a meeting of the stockholders of the Corporation shall determine and declare at such meeting whether the stockholder proposal was made in
accordance with the terms of this Section&nbsp;2.17(a). If the chairman of the meeting determines that such proposal was not properly brought before the meeting in accordance with the foregoing procedures, the chairman of the meeting shall declare
to the meeting that the proposal was not properly brought before the meeting and the business of such proposal shall not be transacted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(5) This
provision shall not prevent the consideration and approval or disapproval at any annual or special meeting of reports of officers, directors and committees of the Board, but in connection with such reports, no new business shall be acted upon at
such meeting unless stated, filed and received as herein provided. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(6) In addition, notwithstanding anything in this Section&nbsp;2.17(a) to the
contrary, a stockholder of the Corporation intending to nominate one or more persons for election as a director at an annual or special meeting of stockholders must comply with Section&nbsp;2.17(b) of these
<FONT STYLE="white-space:nowrap">By-Laws</FONT> for such nomination to be properly brought before such meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(7) For purposes of this
Section&nbsp;2.17(a), any adjournment(s) or postponement(s) of the original meeting whereby the meeting will reconvene within ninety (90)&nbsp;days from the original date shall be deemed for purposes of notice to be a continuation of the original
meeting and no business may be brought before any such reconvened meeting unless pursuant to a notice of such business which was timely for the meeting and properly presented as determined as of the date originally scheduled. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) <U>Advance Notice of Director Nominations</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1) Unless
otherwise required by applicable law or the Certificate of Incorporation, only persons who are nominated in accordance with the following procedures shall be eligible for election as directors of the Corporation, except as may be otherwise provided
in the instrument of designation of any series of preferred stock of the Corporation with respect to the right of holders of preferred stock of the Corporation to nominate and elect a specified number of directors of the Corporation, who shall be
nominated as provided therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2) Nominations of persons for election to the Board shall be made only at an annual or special meeting of stockholders of
the Corporation called for the purpose of electing directors and must be (i)&nbsp;specified in the notice of meeting (or any supplement or amendment thereto) and (ii)&nbsp;made by (A)&nbsp;the Board or a duly authorized committee of the Board (or at
the direction thereof) or (B)&nbsp;made by any stockholder of the Corporation (1)&nbsp;who is a stockholder of record on the date of the giving of the notice provided for in this Section&nbsp;2.17(b) and at the time of the meeting and is entitled to
vote at such meeting and (2)&nbsp;who complies with the notice procedures set forth in this Section&nbsp;2.17(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(3) In addition to any other applicable
requirements, for a nomination to be made by a stockholder of the Corporation, such stockholder must have given timely notice thereof in proper written form to the Secretary. To be timely, a stockholder&#146;s notice to the Secretary must be
delivered to or mailed and received by the Secretary at the principal executive office of the Corporation: (i)&nbsp;in the case of an annual meeting of the stockholders of the Corporation, no fewer than ninety (90)&nbsp;nor more than one hundred
twenty (120)&nbsp;days prior to the first (1st) anniversary of the immediately preceding annual meeting; <I>provided</I>, <I>however</I>, that in the event that no annual meeting was held in the previous year or the annual meeting is called for a
date that is not within thirty (30)&nbsp;days before or after such anniversary date, notice by the stockholder to be timely must be so received not later than the close of business on the tenth (10th) day following the day on which notice of the
date of the annual meeting was mailed or public announcement of the date of the annual meeting was made, whichever occurs first, and (ii)&nbsp;in the case of a special meeting of stockholders of the Corporation called for the purpose of electing
directors, not less than sixty (60)&nbsp;days prior to the meeting; <I>provided</I>, <I>however</I>, that in the event that less than seventy (70)&nbsp;days&#146; notice of the date of the meeting is given or
</P>
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made to stockholders, notice by the stockholder to be timely must be so received not later than the close of business on the tenth (10th) day following the earlier of the day on which such notice
or public announcement of the date of the meeting was mailed or made (as applicable). Notwithstanding anything to the contrary in the immediately preceding sentence, in the event that the number of directors to be elected to the Board of Directors
is increased, a stockholder&#146;s notice required by this Section&nbsp;2.17(b) shall also be considered timely, but only with respect to nominees for any new positions created by such increase and only if otherwise timely notice of nomination for
all other directorships was delivered by such stockholder in accordance with the requirements of the immediately preceding sentence, if it shall be delivered to the Secretary at the principal executive office of the Corporation not later than the
close of business on the tenth (10th) day following the day on which notice to the stockholders of the Corporation was given or public announcement was made by the Corporation naming all of the nominees for director or specifying the size of the
increase in the number of directors to serve on the Board, even if such tenth (10th) day shall be later than the date for which a nomination would otherwise have been required to be delivered to be timely. In no event shall the public announcement
of an adjournment or postponement of an announced meeting commence a new time period (or extend any time period) for the giving of a stockholders notice as provided in this Section&nbsp;2.17(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(4) To be in proper written form, a stockholder&#146;s notice to the Secretary pursuant to this Section&nbsp;2.17(b) must set forth (i)&nbsp;as to each person
whom the stockholder of the Corporation proposes to nominate for election as a director, (A)&nbsp;the name, age, business address, and residence address of such person, (B)&nbsp;the principal occupation or employment of the person, (C)&nbsp;the
class or series and number of shares of capital stock of the Corporation which are directly or indirectly (including through any derivative arrangement) owned beneficially or of record by the person, and (D)&nbsp;any other information relating to
the person that would be required to be disclosed in a proxy statement or other filing required to be made in connection with a solicitation of proxies for an election of directors pursuant to the Exchange Act and the rules and regulations
promulgated thereunder if the Corporation were a reporting company under the Exchange Act, and (ii)&nbsp;as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the director nomination is made (A)&nbsp;the name and
address of such stockholder, as they appear on the Corporation&#146;s books, and of such beneficial owner; (B)&nbsp;the class or series and number of shares of capital stock of the Corporation which are owned (1)&nbsp;beneficially and (2)&nbsp;of
record by such stockholder and by such beneficial owner, (C)&nbsp;a description of all arrangements or understandings between such stockholder or such beneficial owner and any other person or entity (including, without limitation, their names) in
connection with the ownership of the capital stock of the Corporation and the nomination of such nominee(s), and any material interest of such stockholder or such beneficial owner in such nomination(s), (D) whether either such stockholder or
beneficial owner intends to deliver a form of proxy to holders of the Corporation&#146;s voting shares to elect such nominee or nominees, (E)&nbsp;a representation that the stockholder giving the notice is a holder of record of stock of the
Corporation entitled to vote at such meeting and that such stockholder intends to appear in person or by proxy at the meeting to nominate the persons named in its notice and (F)&nbsp;if the Corporation is then subject to Section&nbsp;14(a) of the
Exchange Act, any other information relating to such stockholder and beneficial owner, if any, required to be disclosed in a proxy statement or other filing required to be made in connection with a solicitation of proxies for an election of
directors pursuant to the Exchange Act and the rules and regulations promulgated thereunder. Such notice must be accompanied by a written consent of each proposed nominee to be named as a nominee and to serve as a director if elected. The
Corporation may require any nominee to furnish such other information (which may include meeting to discuss the information) as may reasonably be required by the Corporation to determine the eligibility of such nominee to serve as a director of the
Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(5) If the chairman of a meeting of the stockholders of the Corporation determines that a nomination was not made in accordance with the
foregoing procedures, the chairman of the meeting shall declare to the meeting that the nomination was defective and such defective nomination shall be disregarded. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(6) Nothing in this Section&nbsp;2.17(b) shall be deemed to affect any rights of the holders of any series of preferred stock of the Corporation to elect
directors pursuant to any applicable provisions of the Certificate of Incorporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.18. Transfer Restrictions</B>. The Corporation shall have the
authority to enter into and perform any agreement with any number of stockholders of any one or more classes or series of capital stock of the Corporation to restrict the transfer of shares of capital stock of the Corporation of any one or more
classes or series owned by such stockholders in any manner permitted by the DGCL. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.19</B> <B>Stockholder Compliance. </B>Notwithstanding the
foregoing provisions of this <FONT STYLE="white-space:nowrap">By-law</FONT> to the extent applicable, a stockholder shall also comply with all applicable requirements of the Securities Exchange Act of 1934 and the rules and regulations promulgated
thereunder, and with all requirements arising from United States laws and regulations applicable to the Corporation pursuant to national and homeland security requirements including but not limited to the National Industrial Security Program
Operating Manual (NISPOM) and the FAR/DFARs (including any that may be directed by the U.S. Government pursuant to such laws and regulations subsequent to adoption of these <FONT STYLE="white-space:nowrap">By-laws),</FONT> with respect to the
matters set </P>
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forth in these <FONT STYLE="white-space:nowrap">By-laws.</FONT> Nothing in this <FONT STYLE="white-space:nowrap">By-law</FONT> shall be deemed to affect any rights (i)&nbsp;of stockholders to
request inclusion of proposals in the Corporation&#146;s proxy statement pursuant to Rule <FONT STYLE="white-space:nowrap">l4a-8</FONT> promulgated under the Exchange Act or (ii)&nbsp;of the holders of any series of Preferred Stock to elect
directors under specified circumstances. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 3. DIRECTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.1. Powers; Number</B>. Except as otherwise provided by law or the Certificate of Incorporation, all of the corporate powers shall be vested in, and the
business and affairs of the Corporation shall be managed by or under the direction of, and subject to the oversight of, the Board, which shall consist of such number of natural persons as shall be fixed from time to time by resolution of the Board;
<I>provided</I>, <I>however</I>, that in no event shall the number of directors so authorized, nominated and elected be less than the number required by law or more than fifteen. At all times, one member shall be the Chief Executive Officer
Initially, the Board of Directors shall be comprised of five directors. At all times, at least <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the Board shall be Citizens of the United States as defined in Section&nbsp;40102(a)(15) of the
Federal Aviation Laws (as hereinafter defined) (&#147;<U>Citizens of the United States</U>&#148;). The Corporation&#146;s Board and Committee composition and Directors appointed thereto shall meet any specific additional requirements not addressed
in these <FONT STYLE="white-space:nowrap">By-laws</FONT> to which the Corporation is expressly subject to pursuant to any US laws or regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.2.
Powers</B>. The Board may exercise all such powers of the Corporation and do all such lawful acts and things that are not by law, the Certificate of Incorporation or these <FONT STYLE="white-space:nowrap">By-laws</FONT> directed or required to be
done by the stockholders or a duly authorized committee of independent directors. The Board shall not knowingly do, or cause to be done, any act in contravention of the Federal Aviation Act of 1958, as amended, codified in Title 49 of the United
State Code, and the regulations promulgated thereunder, each as amended from time to time, or any successor statute or regulations, as interpreted by the United States Department of Transportation (the &#147;<U>Federal Aviation Laws</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.3. Election and Term</B>. Directors shall be elected by plurality vote. Each director shall hold office until the next annual meeting of stockholders and
until his or her successor is elected and qualified or until his or her earlier death, resignation, removal or incapacity. At each annual meeting of stockholders, directors shall be elected. Such newly-elected directors shall serve until the next
succeeding annual meeting of stockholders after their election and until their successors are elected and qualified. A director elected to fill a vacancy shall hold office for a term expiring at the next annual meeting and until his successor is
elected and qualified. No decrease in the number of directors constituting the Board shall shorten the term of any incumbent director. Except as otherwise set forth in the instrument of designation of any class or series of preferred stock of the
Corporation, no stockholder of the Corporation shall be entitled to cumulate votes on behalf of any candidate at any election of directors of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.4. Vacancies</B>. Except as otherwise provided in the Certificate of Incorporation or these <FONT STYLE="white-space:nowrap">By-laws</FONT> (a)&nbsp;the
office of a director shall become vacant if he dies, resigns or is duly removed from office and (b)&nbsp;the Board may declare vacant the office of a director if he (i)&nbsp;is interdicted or adjudicated an incompetent, (ii)&nbsp;in the sole opinion
of the Board becomes incapacitated by illness or other infirmity so that he is unable to perform his duties for a period of six months or longer, or (iii)&nbsp;ceases at any time to have the qualifications required by law, the Certificate of
Incorporation or these <FONT STYLE="white-space:nowrap">By-laws.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.5. Filling Vacancies</B>. Except as may be set forth in the Certificate of
Incorporation, and subject to the rights, if any, of the holders of shares of any class or series of preferred stock of the Corporation then outstanding to designate a director to fill a vacancy as set forth in the instrument of designation of such
preferred stock applicable thereto, in the event of a vacancy (including any vacancy resulting from an increase in the authorized number of directors, or from failure of the stockholders to elect the full number of authorized directors), the
remaining directors, even though not constituting a quorum, may fill any vacancy on the Board for the unexpired term by a majority vote of the directors remaining in office, <I>provided</I> that the stockholders, with an affirmative vote of the
holders of a majority of the total voting power of all the shares of the Corporation entitled to vote generally in the election of directors, voting together as a single class, shall have the right, at any special meeting called for the purpose
prior to such action, to fill the vacancy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.6. Compensation of Directors</B>. Directors, acting in their capacities as such, shall receive such
compensation for their services as may be fixed by resolution of the Board or one of its duly-authorized committees and shall receive their actual expenses of attendance, if any, for each regular or special meeting of the Board; <I>provided</I> that
nothing herein contained shall be construed to preclude any director from serving the Corporation in any other capacity and receiving compensation therefor. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 4. MEETINGS OF THE BOARD </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.1. Place of Meetings</B>. The meetings of the Board may be held at such place within or without the State of Delaware as a majority of the directors may
from time to time appoint. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.2. Initial Meetings</B>. The first meeting of each newly elected Board shall be held immediately following the
stockholders&#146; meeting at which the Board is elected and no notice of such first meeting shall be necessary for the newly elected directors in order legally to constitute the meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.3. Regular Meetings; Notice</B>. Regular meetings of the Board may be held at such times as the Board may from time to time determine. No notice of
regular meetings of the Board shall be required, <I>provided</I> that the date, time and place of regular meetings are fixed in advance by the Board or the Chairman. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.4. Special Meetings; Notice</B>. Special meetings of the Board may be called by the Chairman of the Board of Directors, the Chief Executive Officer or
President of the Corporation, or two or more members of the Board of Directors and shall be called by the President or the Secretary if directed by the Chairman of the Board of Directors, the Chief Executive Officer or President of the Corporation
or two or more members of the Board of Directors. Special meetings of the Board of Directors shall be preceded by at least twenty-four (24)&nbsp;hours&#146; notice of the date, time and place (if any) and/or means of remote communication (if any).
The notice of a special meeting of directors need not state its purpose or purposes, but if the notice states a purpose or purposes and does not state a further purpose to consider such other business as may properly come before the meeting, the
business to be conducted at the special meeting shall be limited to the purposes stated in the notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.5. Waiver of Notice</B>. Except as otherwise
provided in Section&nbsp;7.3 of these <FONT STYLE="white-space:nowrap">By-laws,</FONT> directors present at any regular or special meeting shall be deemed to have received, or to have waived, due notice thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.6. Quorum and Voting</B>. A majority of the Board shall be necessary to constitute a quorum for the transaction of business, and, except as otherwise
provided by law, the Certificate of Incorporation, these <FONT STYLE="white-space:nowrap">By-laws</FONT> and the rights, if any, of those directors who may be elected by the holders of any class or series of preferred stock of the Corporation as set
forth in the instrument of designation of such preferred stock, actions affirmatively approved by a majority of the Board at a meeting at which a quorum is present shall be the acts of the Board. If a quorum is not present at any meeting of the
Board, the directors present may adjourn the meeting from time to time without notice other than announcement at the meeting, until a quorum is present. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.7. Withdrawal</B>. Subject to the terms and conditions of the DGCL, if a quorum is present when the meeting convened, the directors present may continue
to do business until adjournment, notwithstanding the withdrawal of enough directors to leave less than a quorum as fixed in Section&nbsp;4.6 or the refusal of any director present to vote. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.8. Action by Consent</B>. Any action that may be taken at a meeting of the Board or any committee thereof, may be taken by a consent in writing signed by
all of the directors or by all members of the committee, as the case may be, and filed with the records of proceedings of the Board or such committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.9. Meetings by Telephone or Similar Communication</B>. Members of the Board may participate at and be present at any meeting of the Board or any
committee thereof by means of conference telephone or similar communications equipment if all persons participating in such meeting can hear and communicate with each other. Participation in a meeting pursuant to this Section&nbsp;4.9 shall
constitute presence in person at such meeting, except where a person participates in the meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 5. COMMITTEES OF THE BOARD </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.1. General</B>. The Board may designate one or more committees, each committee to consist of two or more of the directors (and one or more directors may
be named as alternate members to replace any absent or disqualified regular members). To the extent provided in the <FONT STYLE="white-space:nowrap">By-laws</FONT> or by resolutions or a committee charter adopted by the Board, each such committee
shall have and may exercise the powers of the Board in the management of the business and affairs of the Corporation, except to the extent otherwise provided by the DGCL. Such committee or committees shall have such name or names as may be stated in
the <FONT STYLE="white-space:nowrap">By-laws,</FONT> or as may be determined, from time to time, by the Board. Any vacancy occurring in any such committee shall be filled by the Board, but the Chairman of the Board may designate another director to
serve on the committee pending action by the Board. Each such member of a committee shall hold office during the term of the Board constituting it, unless otherwise ordered by the Board. At all times, at least
<FONT STYLE="white-space:nowrap">two-thirds</FONT> of any committee of the Board shall be comprised of Citizens of the United States. The formation, function or delegation of authority to any committee of the Board shall be in compliance with the
Federal Aviation Laws. Notwithstanding the foregoing provisions of this <FONT STYLE="white-space:nowrap">By-law,</FONT> if the Corporation is required by U.S. laws </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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and regulations to establish a special committee to oversee governmental contracts or business involving classified and/or controlled but unclassified information, then the composition of such
committee and any directors, officers, or appropriately authorized delegates serving on such committee shall be required to meet all requirements or take such action as directed by such laws and regulations, and shall otherwise have all of the
rights, powers, and responsibilities conferred or imposed upon Board members by applicable statutes and regulations and by the Corporation&#146;s charter and <FONT STYLE="white-space:nowrap">By-laws.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.2. Compensation Committee</B>. The Board shall maintain a Compensation Committee of two or more directors (the exact number of which shall be set from
time to time by the Board), who shall have such qualifications, powers and responsibilities as specified in any charter that may from time to time be adopted by the Compensation Committee and approved by the Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.3. Audit Committee</B>. The Board shall maintain an Audit Committee of two or more directors (the exact number of which shall be set from time to time by
the Board), who shall have such qualifications, powers and responsibilities as specified in any charter that may from time to time be adopted by the Audit Committee and approved by the Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.4. Procedures for Committees</B>. Each committee shall keep written minutes of its meetings. All actions taken by a committee shall be reported to the
Board at its next meeting, unless all directors attended the committee meeting at which such action was taken. Failure to keep written minutes or to make such reports shall not affect the validity of action taken by a committee. Each committee shall
adopt such rules (not inconsistent with the Certificate of Incorporation, these <FONT STYLE="white-space:nowrap">By-laws,</FONT> applicable law, or any regulations specified for such committee by the Board) as it shall deem necessary or as required
for the proper conduct of its functions and the performance of its responsibilities. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 6. REMOVAL OF BOARD MEMBER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except as may be provided in the Certificate of Incorporation or as a matter of law, and subject to the rights, if any, of the holders of shares of any class
or series of preferred stock of the Corporation then outstanding to remove directors as set forth in the instrument of designation of such preferred stock applicable thereto, any director or the entire Board may be removed with or without cause at
any time by the stockholders at a meeting of stockholders duly called for that purpose if the number of votes cast in favor of removal constitutes a majority of the number of votes entitled to be cast in an election of directors, voting together as
a single class. The stockholders at such meeting may proceed to elect a successor or successors for the unexpired term of the director or directors removed. Except as provided in this Section&nbsp;6 or as may be provided in the Certificate of
Incorporation, directors shall not be subject to removal. Any director or member of a committee may resign at any time. Such resignation shall be made in writing, and shall take effect at the time specified therein, and if no time be specified, then
at the time of its receipt by the Secretary. The acceptance of a resignation shall not be necessary to make it effective. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 7.
NOTICES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7.1. Form of Delivery</B>. Whenever under the provisions of law the Certificate of Incorporation or these
<FONT STYLE="white-space:nowrap">By-laws</FONT> notice is required to be given to any stockholder or director, it shall not be construed to mean personal notice unless otherwise specifically provided in the Certificate of Incorporation or these <FONT
STYLE="white-space:nowrap">By-laws,</FONT> but such notice may be given by United States mail or through a recognized commercial overnight courier service, addressed to such stockholder or director at his address as it appears on the records of the
Corporation, with postage or delivery fees thereon prepaid. Such notices shall be deemed to have been given at the time they are deposited in the United States mail or with such courier service. Notice to a director pursuant to Section&nbsp;4.4 of
these <FONT STYLE="white-space:nowrap">By-laws</FONT> may be given personally or by telephone, <FONT STYLE="white-space:nowrap">e-mail</FONT> or telegram sent to his or her address as it appears on the Corporation&#146;s records. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7.2. Notice by Electronic Delivery</B>. Without limiting the manner by which notice otherwise may be given effectively to stockholders of the Corporation
pursuant to the DGCL, the Certificate of Incorporation or these <FONT STYLE="white-space:nowrap">By-Laws,</FONT> any notice to stockholders of the Corporation given by the Corporation under any provision of the DGCL, the Certificate of Incorporation
or these <FONT STYLE="white-space:nowrap">By-Laws</FONT> shall be effective if given by a form of electronic transmission consented to by the stockholder of the Corporation to whom the notice is given. Any such consent shall be revocable by the
stockholder by written notice to the Secretary. Any such consent shall be deemed revoked if: (i)&nbsp;the Corporation is unable to deliver by electronic transmission two (2)&nbsp;consecutive notices of meetings or of other business given by the
Corporation in accordance with such consent; and (ii)&nbsp;such inability becomes known to the Secretary or an Assistant Secretary or to the transfer agent or other person responsible for the giving of notice. However, the inadvertent failure to
treat such inability as a revocation shall not invalidate any meeting or other action. For purposes of these <FONT STYLE="white-space:nowrap">By-Laws,</FONT> except as otherwise limited by applicable law, the term &#147;electronic transmission&#148;
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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means any form of communication not directly involving the physical transmission of paper that creates a record that may be retained, retrieved, and reviewed by a recipient thereof, and that may
be directly reproduced in paper form by such a recipient through an automated process. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7.3. Waiver</B>. Whenever any notice is required to be given by
law, the Certificate of Incorporation or these <FONT STYLE="white-space:nowrap">By-laws,</FONT> a waiver thereof in writing signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed
equivalent thereto. In addition, notice shall be deemed to have been given to, or waived by, any stockholder or director who attends a meeting of stockholders or directors in person, or is represented at such meeting by proxy, unless such
stockholder or director timely objects to the transaction of any business at the meeting in the manner required by the DGCL. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 8.
OFFICERS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.1. Designations</B>. The Corporation&#146;s officers shall be a Chairman, a Chief Executive Officer, a President, a Chief Financial
Officer, a Controller, a Treasurer, and a Secretary. The Corporation may also have one or more Assistant Secretaries and Assistant Treasurers and other officers designated from time to time by the Board or Chief Executive Officer. Any two offices
may be held by one person, <I>provided</I> that no person holding more than one office may sign, in more than one capacity, any certificate or other instrument required by law to be signed by two officers. The President, and each of the officers
comprising at least <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the officers of the Company, must be a Citizen of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.2.
Appointment of Certain Officers</B>. At the first meeting of each newly elected Board, or at such other time when there shall be a vacancy, the Board shall elect the Corporation&#146;s officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.3. Appointment of Other Officers</B>. The Board may appoint, or empower the Chief Executive Officer and/or one or more Presidents of the Corporation to
appoint, such other officers and agents as the business of the Corporation may require. Each of such officers and agents shall hold office for such period, have such authority, and perform such duties as are provided in these <FONT
STYLE="white-space:nowrap">By-Laws</FONT> or as the Board may from time to time determine. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.4. Removal</B>. Notwithstanding the provisions of any
employment agreement, any officer of the Corporation may be removed at any time (i)&nbsp;by the Board of Directors, with or without cause, and (ii)&nbsp;by any other officer of the Corporation upon whom the Board of Directors has expressly conferred
the authority to remove another officer, in such case on the terms and subject to the conditions upon which such authority was conferred upon such officer. Any such removal shall be without prejudice to the contractual rights of such officers, if
any, with the Corporation, but the election of an officer shall not in and of itself create contractual rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.5. The Chairman of the Board</B>.
The Chairman of the Board shall have general oversight of the business and affairs of the Corporation, shall preside at all meetings of the directors and stockholders, and shall exercise such additional powers and perform such additional duties as
may be specified from time to time by the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.6. The Chief Executive Officer</B>. The Chief Executive Officer shall be responsible for
implementing all orders and resolutions of the Board, shall supervise the daily operations of the Corporation&#146;s business and shall, in the absence of the Chairman, preside at meetings of the Board and of the stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.7. The President</B>. The President shall report to the Chief Executive Officer (or may be the Chief Executive Officer) and the Board and shall perform
such duties as may be requested from time to time by the Board, the Chief Executive Officer or the <FONT STYLE="white-space:nowrap">By-laws.</FONT> In the absence or disability of the Chief Executive Officer, the President shall perform the duties
and exercise the powers of the Chief Executive Officer, and shall perform such other duties as the Board shall prescribe. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.8. The Chief Financial
Officer</B>. The Chief Financial Officer shall be the Corporation&#146;s principal financial officer and shall manage the Corporation&#146;s financial affairs and direct the activities of the Treasurer and other officers responsible for the
Corporation&#146;s financial affairs. The Chief Financial Officer may sign, execute and deliver in the name of the Corporation contracts, bonds and other obligations, shall be responsible for all of the Corporation&#146;s internal and external
financial reporting and shall perform such other duties as may be prescribed from time to time by the Board, the Chief Executive Officer or the <FONT STYLE="white-space:nowrap">By-laws.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.9. The Treasurer</B>. As directed by the Chief Financial Officer, the Treasurer shall have general custody of all funds and securities of the
Corporation. The Treasurer may sign, with the Chief Executive Officer, the President, the Chief Financial Officer or such other person or persons as may be designated for the purpose by the Board, all bills of exchange or promissory notes of the
Corporation. The Treasurer shall perform such other duties as may be prescribed from time to time by the Chief Financial Officer or the <FONT STYLE="white-space:nowrap">By-laws.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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<B>8.10. The Controller</B>. The Controller shall assist the Chief Financial Officer as directed in accounting, financial reporting, bookkeeping and accounting procedures and perform such other
duties as may be prescribed from time to time by the Chief Financial Officer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.11. The Secretary</B>. The Secretary shall attend all meetings of the
Board and all meetings of the stockholders, record all votes and the minutes of all proceedings in books or records to be kept for that purpose, give, or cause to be given, notice of all meetings of the stockholders and special meetings of the
Board, and perform such other duties as may be prescribed by the Board or Chief Executive Officer. The Secretary shall also keep in safe custody the Corporation&#146;s seal, if any, and affix the seal to any instrument requiring it. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.12. Execution of Contracts and Other Instruments</B>. The Board, except as otherwise required by law, may authorize from time to time any officer or
agent of the Corporation to enter into any contract or to execute and deliver any other instrument in the name of and on behalf of the Corporation. Such authority may be general or confined to specific instances. Unless otherwise specifically
determined by the Board or otherwise required by law, formal contracts, promissory notes and other evidences of indebtedness, deeds of trust, mortgages and corporate instruments or documents requiring the corporate seal, and certificates for shares
of stock owned by the Corporation shall be executed, signed or endorsed by the Chief Executive Officer or any President (or any Vice President) and by the Secretary (or any Assistant Secretary ) or the Treasurer (or any Assistant Treasurer). The
Board of Directors may, however, authorize any one of these officers to sign any of such instruments, for and on behalf of the Corporation, without necessity of countersignature; may designate officers or employees of the Corporation, other than
those named above, who may, in the name of the Corporation, sign such instruments; and may authorize the use of facsimile for any of such persons. No officer, agent or employee shall have any power or authority to bind the Corporation by any
contract or engagement or to pledge its credit or to render it liable for damages, whether monetary or otherwise, for any purpose or for any amount except as specifically authorized in these <FONT STYLE="white-space:nowrap">By-Laws</FONT> or by the
Board or an officer or committee with the power to grant such authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.13. Voting Securities Owned by the Corporation</B>. Powers of attorney,
proxies, waivers of notice of meeting, consents, and other instruments relating to securities owned by the Corporation may be executed in the name of and on behalf of the Corporation by the Chief Executive Officer, the President, Treasurer or
Secretary, any Vice President, Assistant Treasurer or Assistant Secretary, or any other officer of the Corporation authorized to do so by the Board. Any such officer may, in the name of and on behalf of the Corporation, take all such action as any
such officer may deem advisable to vote in person or by proxy at any meeting of security holders of any corporation or other entity in which the Corporation may own securities, and at any such meeting shall possess and may exercise any and all
rights and power incident to the ownership of such securities and which, as the owner thereof, the Corporation might have possessed and exercised if present. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 9. STOCK </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.1.
Certificates</B>. The shares of the Corporation may be (i)&nbsp;uncertificated, provided the Corporation is a participant in the Direct Registration System, or its successor, of the Depository Trust&nbsp;&amp; Clearing Corporation or some similar
system or (ii)&nbsp;represented by certificates signed by the Chairman of the Board, Chief Executive Officer or President, on the one hand, and the Secretary or an Assistant Secretary, on the other hand, evidencing the number and class (and series,
if any) of shares owned by the stockholder and containing such information as required by law. If any stock certificate is manually signed by a transfer agent or registrar other than the Corporation itself or an employee of the Corporation, the
signature of any such officer may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be an officer, transfer agent or registrar of the
Corporation before such certificate is issued, it may be issued by the Corporation with the same effect as if such person or entity were an officer, transfer agent or registrar of the Corporation on the date of issue. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.2. Missing Certificates</B>. The Chairman of the Board, Chief Executive Officer, President or his or her designee may direct a new certificate or
certificates to be issued in place of any certificate or certificates theretofore issued by the Corporation alleged to have been lost, stolen or destroyed, upon the Corporation&#146;s receipt of an affidavit of that fact from the person claiming the
certificate of stock to be lost, stolen or destroyed. As a condition precedent to the issuance of a new certificate or certificates, the officers of the Corporation shall, unless dispensed with by the Chairman of the Board, Chief Executive Officer
or President, require the owner of such lost, stolen or destroyed certificate or certificates, or his legal representative, to (i)&nbsp;advertise or give the Corporation a bond or (ii)&nbsp;enter into a written indemnity agreement, in each case in
an amount appropriate to indemnify the Corporation against any claim that may be made against the Corporation with respect to the certificate alleged to have been lost, stolen or destroyed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 10. DETERMINATION OF STOCKHOLDERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.1. Record Date</B>. For the purpose of determining stockholders entitled to notice of and to vote at a meeting, or to receive a dividend, or to receive
or exercise subscription or other rights, or to participate in a reclassification of stock, or in order to make a determination of stockholders for any other proper purpose, the Board may fix in advance a record date for determination of
stockholders for such purpose, such date to be not more than seventy days prior to the meeting or the date on which the action requiring the determination of stockholder is to be taken. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.2. Registered Stockholders</B>. Except as otherwise provided by law, the Corporation, and its directors, officers, employees and agents may recognize
and treat a person registered on the Corporation&#146;s records as the owner of shares, as the owner in fact thereof for all purposes, and as the person exclusively entitled to have and to exercise all rights and privileges incident to the ownership
of such shares, and rights under this Section&nbsp;10.2 shall not be affected by any actual constructive notice that the Corporation, or any of its directors, officers or agents, may have to the contrary. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 11. MISCELLANEOUS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11.1.
Dividends</B>. Except as otherwise provided by law or the Certificate of Incorporation, dividends upon the stock of the Corporation may be declared by the Board at any regular or special meeting. Dividends may be paid in cash, property, or in shares
of stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11.2. Checks</B>. All checks or demands for money and notes of the Corporation shall be signed by such officer or officers or such other
person or persons as the Chief Executive Officer or the Board may from time to time designate. Signatures of the authorized signatories may be by facsimile. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11.3. Fiscal Year</B>. The Board may adopt for and on behalf of the Corporation a fiscal or a calendar year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11.4. Seal</B>. The Board may adopt a corporate seal, which seal shall have inscribed thereon the name of the Corporation. The seal may be used by causing
it or a facsimile thereof to be impressed or affixed or reproduced or otherwise. Failure to affix the seal shall not, however, affect the validity of any instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11.5. Definitions; Usage</B>. All references herein to the Certificate of Incorporation shall mean, as of any particular date, the Corporation&#146;s
Certificate of Incorporation, as amended or restated through such date. All references herein to the DGCL shall mean, as of any particular date, the DGCL, as amended or restated through such date, or any successor statute. All pronouns and
variations thereof used in these <FONT STYLE="white-space:nowrap">By-laws</FONT> shall be deemed to refer to the masculine, feminine or neuter gender, singular or plural, as the identity of the person, persons, entity or entities referred to
require. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11.6. Inconsistent Provisions</B>. In the event that any provision of these <FONT STYLE="white-space:nowrap">By-Laws</FONT> is or becomes
inconsistent with any provision of the Certificate of Incorporation, the DGCL or any other applicable law, the provision of these <FONT STYLE="white-space:nowrap">By-Laws</FONT> shall not be given any effect to the extent of such inconsistency but
shall otherwise be given full force and effect. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 12. INDEMNIFICATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Corporation shall indemnify any Indemnitee (as defined in the Certificate of Incorporation) as set forth in the Certificate of Incorporation. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 13. AMENDMENTS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In furtherance
and not in limitation of the powers conferred by law, the Board is expressly authorized and empowered to amend and repeal these <FONT STYLE="white-space:nowrap">By-Laws</FONT> and adopt new <FONT STYLE="white-space:nowrap">By-Laws,</FONT> subject to
the power of the stockholders of the Corporation to adopt, amend </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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or repeal any of these <FONT STYLE="white-space:nowrap">By-Laws.</FONT> Notwithstanding any other provision of these <FONT STYLE="white-space:nowrap">By-Laws</FONT> or any provision of law which
might otherwise permit a lesser vote or no vote, but in addition to any affirmative vote of the holders of any series of preferred stock of the Corporation required by law, by the Certificate of Incorporation or by any instrument designating any
class or series of preferred stock of the Corporation, the affirmative vote of the holders of a majority of the total voting power of the shares of the Corporation entitled to vote generally in the election of directors, voting together as a single
class, shall be required for the stockholders of the Corporation to alter, amend or repeal, or adopt any provision inconsistent with, the provisions of these <FONT STYLE="white-space:nowrap">By-Laws.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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<DESCRIPTION>EX-10.1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Execution Version </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TERM LOAN CREDIT AGREEMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">dated
as of September&nbsp;4, 2019, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">among </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PHI Group, Inc., </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Borrower </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The GUARANTORS Party Hereto </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The
LENDERS Party Hereto </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Credit Suisse AG, Cayman Islands Branch, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Administrative Agent and Collateral Agent </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Credit Suisse
Loan Funding LLC, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Lead Arranger and Bookrunner </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B></B>Page<B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE I DEFINITIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Defined Terms</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Classification of Loans and Borrowings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Terms Generally</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Accounting Terms; GAAP</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.05</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Effectuation of Transactions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.06</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Status of Obligations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.07</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Timing of Payment or Performance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE II THE CREDITS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Commitments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Loans and Borrowings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Requests for Borrowings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Incremental Loans</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.05</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Funding of Borrowings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.06</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Interest Elections</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.07</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Termination of Commitments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.08</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Repayment of Loans; Evidence of Debt</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.09</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Amortization of Loans</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Prepayments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Fees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Interest</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Alternate Rate of Interest</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Increased Costs</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Break Funding Payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Taxes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Payments Generally; Pro Rata Treatment; Sharing of Setoffs</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.18</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Mitigation Obligations; Replacement of Lenders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.19</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Refinancing Facilities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.20</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Extension of Maturity Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.21</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Defaulting Lenders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE III REPRESENTATIONS AND WARRANTIES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Organization; Powers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authorization; Enforceability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Governmental Approvals; Absence of Conflicts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Financial Condition; No Material Adverse Change</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.05</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Properties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.06</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Litigation and Environmental Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.07</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Compliance with Laws and Agreements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.08</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Government Regulation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

</DIV></Center>


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.09</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Taxes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">ERISA; Labor Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Subsidiaries and Joint Ventures; Ownership by Permitted Holder; Disqualified Equity Interests</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Insurance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Solvency</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Disclosure</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Collateral Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Federal Reserve Regulations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">No Defaults</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.18</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Use of Proceeds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.19</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Information with Respect to Certain Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.20</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Disclosed Subleases</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE IV CONDITIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Closing Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Incremental Loan Commitment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE V AFFIRMATIVE COVENANTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Financial Statements and Other Information</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Notices of Material Events</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Borrower Information</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Information Regarding Collateral</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.05</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Existence; Conduct of Business</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.06</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Payment of Taxes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.07</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Maintenance of Properties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.08</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Insurance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.09</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Books and Records; Inspection and Audit Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Compliance with Laws</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Use of Proceeds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Employee Benefits</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Additional Guarantors</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">After-Acquired</FONT> Property</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Aircraft Collateral Leases</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Certain <FONT STYLE="white-space:nowrap">Post-Closing</FONT> Collateral Obligations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Further Assurances</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.18</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Designation of Unrestricted Subsidiaries</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.19</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Pledged Equity Interests</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VI NEGATIVE COVENANTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Indebtedness</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Restricted Payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Limitations on Investments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Limitations on Dividends and Other Restrictions Affecting Restricted Subsidiaries</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.05</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Liens</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.06</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Transactions with Affiliates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.07</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Asset Sales</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.08</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Layering Indebtedness</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.09</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Issuance or Sale of Equity Interests of Restricted Subsidiaries</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Business of Borrower</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Locations of Aircraft Collateral</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Amendments to Other Agreements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Mergers, Consolidation, Etc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Hedge Contracts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Minimum Liquidity</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VII EVENTS OF DEFAULT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Events of Default</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Application of Payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VIII THE AGENTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Appointment of Agents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Rights and Powers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Duties and Obligations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Liability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.05</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Sub-Agents</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.06</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Resignation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.07</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Non-Reliance</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.08</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Approval and Execution</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.09</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Collateral</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Lead Arranger</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Certain ERISA Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE IX GUARANTEE OF THE OBLIGATIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Guarantee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">[Reserved]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Limitation of Guarantee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Release of Guarantor</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.05</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Waiver of Subrogation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE X MISCELLANEOUS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Waivers; Amendments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Expenses; Indemnity; Damage Waiver</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Successors and Assigns</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.05</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Survival</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.06</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Counterparts; Integration; Effectiveness</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.07</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Severability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.08</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Right of Setoff</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.09</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Governing Law; Jurisdiction; Consent to Service of Process</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">WAIVER OF JURY TRIAL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Headings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Confidentiality</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Interest Rate Limitation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Release of Liens and Guarantees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">USA PATRIOT Act Notice</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">No Fiduciary Relationship</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Independent Decision</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.18</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Non-Public</FONT> Information</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.19</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Electronic Execution of Assignments and Certain Other Documents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.20</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Acknowledgement and Consent to <FONT STYLE="white-space:nowrap">Bail-In</FONT> of EEA Financial Institutions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.21</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Acknowledgement Regarding Any Supported QFCs</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">117</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%"></TD>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="83%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SCHEDULES:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule&nbsp;1.01(a)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Immaterial Domestic Subsidiaries</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 2.01</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Commitments</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 3.11</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Subsidiaries and Joint Ventures</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 3.12</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Insurance</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 3.15</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">UCC Filing Jurisdictions</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 3.20</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Disclosed Subleases</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 5.16</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Post-Closing</FONT> Obligations</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 6.01</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Closing Date Indebtedness</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 6.03</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Closing Date Investments</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 6.04</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Closing Date Restrictive Agreements</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 6.05</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Closing Date Liens</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBITS:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Assignment and Assumption</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Borrowing Request</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Joinder Agreement</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Interest Election Request</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit E</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Mortgage</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit F</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Security Agreement</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit <FONT STYLE="white-space:nowrap">G-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of U.S. Tax Certificate for <FONT STYLE="white-space:nowrap">Non-U.S.&nbsp;Lenders</FONT> that are not Partnerships for U.S.&nbsp;Federal Income Tax Purposes</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit <FONT STYLE="white-space:nowrap">G-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of U.S. Tax Certificate for <FONT STYLE="white-space:nowrap">Non-U.S.&nbsp;Lenders</FONT> that are Partnerships for U.S.&nbsp;Federal Income Tax Purposes</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit <FONT STYLE="white-space:nowrap">G-3</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of U.S. Tax Certificate for <FONT STYLE="white-space:nowrap">Non-U.S.&nbsp;Participants</FONT> that are not Partnerships for U.S.&nbsp;Federal Income Tax Purposes</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit <FONT STYLE="white-space:nowrap">G-4</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of U.S. Tax Certificate for <FONT STYLE="white-space:nowrap">Non-U.S.&nbsp;Participants</FONT> that are Partnerships for U.S.&nbsp;Federal Income Tax Purposes</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit H</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Compliance Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit I</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Aircraft Collateral Certificate</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">TERM LOAN CREDIT AGREEMENT (this &#147;<U>Agreement</U>&#148;) dated as of September&nbsp;4,
2019, among PHI GROUP, INC., a Delaware corporation (the &#147;<U>Borrower</U>&#148;), the Guarantors party hereto, the Lenders party hereto, and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent and Collateral Agent. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>R E C I T A L S</U>: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Borrower has requested that Lenders provide a term loan credit facility to Borrower to finance its business enterprise. Lenders are willing to provide the term loan credit facility on the terms and conditions set forth in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, for valuable consideration hereby acknowledged, the parties agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE I </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.01 <U>Defined Terms</U>. As used in this Agreement, the following terms have the meanings specified below: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ABL Collateral</U>&#148; means all of the accounts receivable of the Loan Parties, deposit accounts and securities accounts of the
Loan Parties (other than any Net Proceeds Account), related general intangibles and identifiable proceeds of the foregoing of the Loan Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ABL Facility</U>&#148; means an <FONT STYLE="white-space:nowrap">asset-based</FONT> revolving credit facility (including
refinancings, replacements, modifications and extensions thereof (in whole or in part)&nbsp;(a) in a maximum aggregate principal amount not to exceed $50,000,000, (b) secured solely by a Lien on the ABL Collateral, and (c)&nbsp;governed by the ABL
Facility Documentation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ABL Facility Documentation</U>&#148; means the definitive documentation for the ABL Facility, at all
times in form and substance reasonably acceptable to the Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ABR</U>,&#148; when used in reference to any Loan
or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, shall bear interest at a rate determined by reference to the Alternate Base Rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Acquired Indebtedness</U>&#148; means (1)&nbsp;with respect to any Person that becomes a Restricted Subsidiary after the Closing
Date, Indebtedness of such Person and its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary that was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary and (2)&nbsp;with
respect to the Borrower or any Restricted Subsidiary, any Indebtedness of a Person (other than the Borrower or a Restricted Subsidiary) existing at the time such Person is merged with or into the Borrower or a Restricted Subsidiary, or Indebtedness
expressly assumed by the Borrower or any Restricted Subsidiary in connection with the acquisition of an asset or assets from another Person, which Indebtedness was not, in any case, incurred by such other Person in connection with, or in
contemplation of, such merger or acquisition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Adjusted LIBO Rate</U>&#148; means, with respect to any Eurocurrency Borrowing for
any Interest Period, an interest rate per annum equal to (a)&nbsp;the LIBO Rate for such Interest Period multiplied by (b)&nbsp;the Statutory Reserve Rate; <U>provided</U> that, notwithstanding the foregoing, the Adjusted LIBO Rate shall at no time
be less than 1.00% per annum. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Administrative Agent</U>&#148; means Credit Suisse AG, Cayman Islands Branch, in
its capacity as administrative agent hereunder and under the other Loan Documents, and its successors in such capacity as provided in <U>Article</U><U></U><U>&nbsp;VIII</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Administrative Questionnaire</U>&#148; means an administrative questionnaire in a form supplied by the Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; of any Person means any other Person which directly or indirectly controls or is controlled by, or is under
direct or indirect common control with, the referent Person. For purposes of <U>Section</U><U></U><U>&nbsp;6.06</U> of this Agreement, Affiliates shall be deemed to include, with respect to any Person, any other Person (1)&nbsp;which beneficially
owns or holds, directly or indirectly, 10% or more of any class of the Voting Stock of the referent Person, (2)&nbsp;of which 10% or more of the Voting Stock is beneficially owned or held, directly or indirectly, by the referent Person or
(3)&nbsp;with respect to an individual, any immediate family member of such Person. For purposes of this definition, &#147;<U>control</U>&#148; of a Person shall mean the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate Transaction</U>&#148; has
the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;6.06(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliated Lender</U>&#148; means, at any time,
subject to compliance with the requirements of <U>Section</U><U></U><U>&nbsp;10.04(e)</U>, any Lender that is, at such time, (a)&nbsp;a Permitted Holder, and (b)&nbsp;any Affiliate of a Permitted Holder (other than the Borrower and its Subsidiaries
and other than any Debt Fund Affiliate); <U>provided</U> that, if any Permitted Holder no longer owns, directly or indirectly or through any Person related to such Permitted Holder of any type described in clauses (e)&nbsp;through (g) of the
definition of Permitted Holder, beneficially or of record, Equity Interests in the Borrower, such Permitted Holder shall no longer be a Permitted Holder for purposes of this definition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agents</U>&#148; means the Administrative Agent and the Collateral Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Air Medical Segment</U>&#148; means the Borrower&#146;s air medical reporting segment consisting of the assets of any Affiliate of
the Borrower that is engaged or is to be engaged in the air ambulance business or the ownership of an air ambulance business, including, for the avoidance of doubt, as of the Closing Date, PHI Air Medical, L.L.C. and AM Equity Holdings, LLC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Air Medical Segment Sale</U>&#148; means any sale, issuance, conveyance, transfer, lease, assignment or other disposition by the
Borrower or any Restricted Subsidiary to any Person other than the Borrower or any Restricted Subsidiary, in one transaction or a series of related transactions, of (a)&nbsp;all or substantially all of assets of the Air Medical Segment or
(b)&nbsp;all or substantially all of the Equity Interests held by the Borrower or its subsidiaries in entities that compose solely the Air Medical Segment, in either case so long as the Borrower complies with
<U>Section</U><U></U><U>&nbsp;2.10(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aircraft</U>&#148; means rotorcraft (helicopters) and fixed-wing aircraft, including,
in each case, all engines, rotor blades, rotor blade components, auxiliary power units and other equipment, avionics, appurtenances and accessions attached to or installed on such aircraft and helicopters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aircraft Collateral</U>&#148; means all Aircraft now or hereafter owned by the Borrower or any Guarantor registered in the United
States, Canada, Australia, New Zealand, Israel and Trinidad and Tobago (collectively, the &#147;<U>Aircraft Collateral Covered Jurisdictions</U>&#148;) including any leases and <FONT STYLE="white-space:nowrap">sub-leases</FONT> pursuant to which any
such Aircraft are operated (collectively, the &#147;<U>Aircraft Leases</U>&#148;), subject to the limitations set forth in <U>Sections</U><U></U><U>&nbsp;5.07</U>, <U>5.14</U>, <U>5.15</U>, and <U>6.1</U><U>1</U>; <U>provided</U>, <U>however</U>,
that Aircraft Collateral shall not include (i)&nbsp;any Aircraft not required to be pledged under the terms of this Agreement (including all engines, rotor </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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blades, rotor blade components, auxiliary power units and other equipment, avionics, appurtenances and accessions attached to or installed on such excluded Aircraft), including all Aircraft not
registered in an Aircraft Collateral Covered Jurisdiction, (ii)&nbsp;all engines, rotor blades, rotor blade components, auxiliary power units and other equipment, avionics, appurtenances and accessions attached to or installed on such owned
Aircraft, if and to the extent such items are not owned by the Borrower or any Guarantor, (iii)&nbsp;for the avoidance of doubt, any Aircraft subject to a lease agreement between a third-party lessor, as lessor, and the Borrower or any Guarantor, as
lessee and (iv)&nbsp;any Aircraft or Aircraft Lease to the extent, and for so long as, in the reasonable judgment of the Collateral Agent, the cost or other consequences of providing a security interest therein would be excessive in relation to the
benefits to be obtained by the Secured Parties therefrom. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aircraft Collateral Covered Jurisdictions</U>&#148; has the meaning
assigned to such term in the definition of &#147;Aircraft Collateral.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aircraft Collateral Certificate</U>&#148; means a
certificate in the form of <U>Exhibit I</U> or any other form approved by the Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aircraft Leases</U>&#148;
has the meaning assigned to such term in the definition of &#147;Aircraft Collateral.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aircraft Lessor</U>&#148; means an
owner of Aircraft leased by the Borrower or any Guarantor pursuant to any Sale and Leaseback Transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aircraft
Mortgages</U>&#148; means the Aircraft (including aircraft and helicopter) mortgages entered into by the Borrower in favor of the Collateral Agent evidencing the Loan Liens on such Aircraft that will secure the Obligations, in each case as amended,
modified, restated, supplemented or replaced from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aircraft Protocol</U>&#148; means the official English language
text of the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment, adopted on 16&nbsp;November 2001 at a diplomatic conference held in Cape Town, South Africa as the same may be amended
or modified from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Airframe</U>&#148; means each Aircraft (excluding the APUs, Engines or any other engines from
time to time installed thereon) and all Parts installed therein or thereon and all substituted, renewed and replacement Parts, at any particular time installed in or on the Airframe in accordance with the terms of this Agreement, including Parts
which having been removed from the Airframe which remain the property of the Owner. For clarity, an auxiliary power unit, if applicable, shall be considered to be part of the Airframe for purpose of this definition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Alternate Base Rate</U>&#148; means, for any day, a rate per annum equal to the greatest of (a)&nbsp;the Prime Rate in effect on such
day, (b)&nbsp;the Federal Funds Effective Rate in effect on such day <U>plus</U> 1/2 of 1%, and (c)&nbsp;the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business
Day) <U>plus</U> 1.00%; <U>provided</U> that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the rate per annum appearing on the applicable Bloomberg screen displaying ICE Benchmark Administration Interest
Settlement Rates (or on any successor or substitute screen provided by Bloomberg, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such screen, as determined by the
Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, on such day for deposits in dollars with a maturity
of one month. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective on the effective date of such change in the Prime Rate or the Federal Funds
Effective Rate or the Adjusted LIBO Rate, as the case may be; <U>provided</U> that, notwithstanding the foregoing, the Alternate Base Rate shall at no time be less than 0.00% per annum. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Anti</U><U><FONT STYLE="white-space:nowrap">-Corruption</FONT> Laws</U>&#148;<B>
</B>means Laws relating to <FONT STYLE="white-space:nowrap">anti-bribery</FONT> or <FONT STYLE="white-space:nowrap">anti-corruption</FONT> (governmental or commercial) which apply to the Loan Parties or their respective Subsidiaries, including Laws
that prohibit the corrupt payment, offer, promise, or authorization of the payment or transfer of anything of value (including gifts or entertainment), directly or indirectly, to any foreign government official, foreign government employee or
commercial entity to obtain a business advantage, including the FCPA, the U.K. Bribery Act of 2010, and all national and international Laws enacted to implement the OECD Convention on Combating Bribery of Foreign Officials in International Business
Transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Anti</U><U><FONT STYLE="white-space:nowrap">-Terrorism</FONT> Laws</U>&#148; means Laws relating to terrorism or
money laundering, including Executive Order No.&nbsp;13224, the USA PATRIOT Act, the Laws comprising or implementing the Bank Secrecy Act, and the Laws administered by OFAC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Margin</U>&#148; means, with respect to the Loans, a percentage per annum equal to (a)&nbsp;for Eurocurrency Loans, 7.00%
and (b)&nbsp;for ABR Loans, 6.00%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Premium</U>&#148; has the meaning assigned to such term in
<U>Section</U><U></U><U>&nbsp;2.10(h)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Approved Fund</U>&#148; means any Person (other than a natural person) that is
engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a)&nbsp;a Lender, (b)&nbsp;an Affiliate of a Lender or (c)&nbsp;an
entity or an Affiliate of an entity that administers or manages a Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>APU</U>&#148; means (i)&nbsp;each APU installed on the
Airframe as described in the most recent Aircraft Collateral Certificate, whether or not installed on an Airframe or other airframe from time to time, (ii)&nbsp;any Permitted Substitute, as defined in the applicable Aircraft Mortgage, which becomes
subject to the terms of such Aircraft Mortgage pursuant to the terms thereof, and (iii)&nbsp;any and all related Parts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Asset
Acquisition</U>&#148; means: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) an Investment by the Borrower or any Restricted Subsidiary of the Borrower in any other Person if, as a
result of such Investment, such Person shall become a Restricted Subsidiary of the Borrower, or shall be merged or consolidated with or into the Borrower or any Restricted Subsidiary of the Borrower, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the acquisition by the Borrower or any Restricted Subsidiary of the Borrower of all or substantially all of the assets of any other Person
or any division or line of business of any other Person, or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the acquisition by the Borrower or any Restricted Subsidiary of an asset.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Asset Sale</U>&#148; means any sale, issuance, conveyance, transfer, lease, assignment or other disposition by the Borrower or
any Restricted Subsidiary to any Person other than the Borrower or any Restricted Subsidiary (including by means of a Sale and Leaseback Transaction or by casualty event, condemnation event or seizure) (collectively, for purposes of this definition,
a &#147;<U>transfer</U>&#148;), in one transaction or a series of related transactions, of any assets of the Borrower or any of its Restricted Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Assignment and Assumption</U>&#148; means an assignment and assumption entered into by a Lender and an Eligible Assignee, with the
consent of any Person whose consent is required by <U>Section</U><U></U><U>&nbsp;10.04</U>, and accepted by the Administrative Agent, in the form of <U>Exhibit</U><U></U><U>&nbsp;A</U> or any other form reasonably approved by the Administrative
Agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Attributable Indebtedness</U>,&#148; when used with respect to any Sale and
Leaseback Transaction, means, as at the time of determination, the present value of the total obligations of the lessee for rental payments during the remaining term of the lease included in any such Sale and Leaseback Transaction. Such present
value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction determined in accordance with GAAP; <U>provided</U>, <U>however</U>, that if such Sale and Leaseback Transaction results in a Capitalized
Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of &#147;Capitalized Lease Obligation.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Available Amount</U>&#148; means, as of any date, (a)&nbsp;the sum, without duplication, of (i)&nbsp;the aggregate cumulative amount
of any Retained Excess Cash Flow, beginning with the fiscal year ending December&nbsp;31, 2020, (ii) the net cash proceeds received after the Closing Date and on or prior to such date of any sale of Equity Interests by, or capital contribution to,
the Borrower (which, in the case of any such sale of Equity Interests, are not Disqualified Equity Interests), (iii) the aggregate amount of remaining Declined Proceeds during the period from the Business Day immediately following the Closing Date,
(iv)&nbsp;the cash proceeds of any Indebtedness of the Borrower and any of its Subsidiaries issued after the Closing Date (other than Disqualified Equity Interests or Indebtedness issued to the Borrower or any of its Subsidiaries) which has been
converted into or exchanged for Equity Interests of the Borrower or any Subsidiary that does not constitute Disqualified Equity Interests during the period from and including the Business Day immediately following the Closing Date, (v)&nbsp;the Net
Proceeds received by the Borrower or any Subsidiary from any Investments permitted under <U>Section</U><U></U><U>&nbsp;6.03(a)</U> plus returns, profits, distributions and similar amounts received in cash or Cash Equivalents by the Borrower and its
Subsidiaries from Investments permitted under <U>Section</U><U></U><U>&nbsp;6.03(a)</U>, in each case, not to exceed the original amount of such Investment and (vi)&nbsp;the amount of any Investments permitted under
<U>Section</U><U></U><U>&nbsp;6.03(a) </U>by the Borrower or any Restricted Subsidiary in any Unrestricted Subsidiary that has been Redesignated as a Restricted Subsidiary or has been merged, consolidated or amalgamated with or into, or is
liquidated, wound up or dissolved into, the Borrower or any Restricted Subsidiary in an amount not to exceed the lesser of (A)&nbsp;the fair market value (as reasonably determined by the Borrower in good faith) of the original amount of such
Investment and (B)&nbsp;the fair market value (as reasonably determined by the Borrower in good faith) of such Investment at the time of such Redesignation, merger, consolidation, amalgamation, liquidation,
<FONT STYLE="white-space:nowrap">wind-up</FONT> or dissolution, in each case, from and including the Business Day immediately following the Closing Date, less (b)&nbsp;the sum of any Available Amount used to make Restricted Payments pursuant to
Section&nbsp;6.02(a) and Investments pursuant to Section&nbsp;6.03(a) (provided that, for purposes of determining the Available Amount that is available for a contemplated transaction, this clause (b)&nbsp;shall be determined prior to giving effect
to any intended usage of the Available Amount for such transaction). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aviation Authority</U>&#148; means, in respect of an
Aircraft, the aviation authority of the Country of Registration of that Aircraft and any successors thereto or other Governmental Authority which shall have control or supervision of civil aviation in the Country of Registration or have jurisdiction
over the registration, airworthiness or operation of, or other matters relating to, that Aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bail</U><U><FONT
STYLE="white-space:nowrap">-In</FONT> Action</U>&#148; means the exercise of any <FONT STYLE="white-space:nowrap">Write-Down</FONT> and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial
Institution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bail</U><U><FONT STYLE="white-space:nowrap">-In</FONT> Legislation</U>&#148; means, with respect to any EEA Member
Country implementing Article&nbsp;55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU <FONT
STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bankruptcy Code</U>&#148; means Title&nbsp;11 of the United
States Code entitled &#147;Bankruptcy,&#148; as now and hereafter in effect, or any successor statute. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bankruptcy Court</U>&#148; has the meaning assigned to such term in
<U>Section</U><U></U><U>&nbsp;4.01(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bankruptcy Law</U>&#148; means the Bankruptcy Code or any similar federal, state or
foreign law for the relief of debtors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Beneficial Ownership Certification</U>&#148; means a certification regarding beneficial
ownership as required by the Beneficial Ownership Regulation which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018,
by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Beneficial Ownership
Regulation</U>&#148; means 31 C.F.R. &#167; 1010.230. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Benefit Plan</U>&#148; means any of (a)&nbsp;an &#147;employee benefit
plan&#148; (as defined in ERISA) that is subject to Title I of ERISA, (b)&nbsp;a &#147;plan&#148; as defined in Section&nbsp;4975 of the Code or (c)&nbsp;any Person whose assets include (for purposes of ERISA Section&nbsp;3(42) or otherwise for
purposes of Title I of ERISA or Section&nbsp;4975 of the Code) the assets of any such &#147;employee benefit plan&#148; or &#147;plan&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Board of Directors</U>&#148; means, with respect to any Person, the board of directors or comparable governing body of such Person.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Board of Governors</U>&#148; means the Board of Governors of the Federal Reserve System of the United States of America. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrower</U>&#148; has the meaning assigned to such term in the recitals hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing</U>&#148; means Loans of the same Type made, converted or continued on the same date and, in the case of Eurocurrency
Loans, as to which a single Interest Period is in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Request</U>&#148; means a written request by the Borrower
for a Borrowing in accordance with <U>Section</U><U></U><U>&nbsp;2.03</U> which shall be in the form of <U>Exhibit</U><U></U><U>&nbsp;B</U> or any other form approved by the Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed; <U>provided</U> that when used in connection with a Eurocurrency Loan, the term &#147;<U>Business Day</U>&#148; shall also exclude any day on which banks are not open for dealings in dollar deposits in
the London interbank market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cape Town Convention</U>&#148; means, collectively, the Aircraft Protocol, the Convention, the
International Registry Procedures and the International Registry Regulations, and all other rules, amendments, supplements, modifications, and revisions thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capitalized Lease</U>&#148; means a lease required to be capitalized for financial reporting purposes in accordance with GAAP as in
effect on the date hereof; <U>provided</U> that any lease for use of aircraft, engines or related equipment entered into by the Borrower or any of its Subsidiaries as lessee which, but for the amendments to GAAP resulting from the adoption of
Financial Accounting Standards Board Accounting Standards Update <FONT STYLE="white-space:nowrap">No.&nbsp;2016-02,</FONT> Leases (Topic 842) on February&nbsp;25, 2016 would not be required to be capitalized under GAAP, shall not constitute a
&#147;Capitalized Lease&#148; for purposes hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capitalized Lease</U><U> Obligations</U>&#148; of any Person means the obligations
of such Person to pay rent or other amounts under a Capitalized Lease, and the amount of such obligation shall be the capitalized amount thereof determined in accordance with GAAP, and the maturity thereof shall be the date of the last payment of
rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cash Equivalents</U>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) marketable obligations with a maturity of not more than one year from the date of acquisition and directly and fully guaranteed or insured
by the United States of America or any agency or instrumentality thereof (<U>provided</U> that the full faith and credit of the United States of America is pledged in support thereof); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) demand and time deposits and certificates of deposit or acceptances with a maturity of 365 days or less of any financial institution that
is a member of the Federal Reserve System having combined capital and surplus and undivided profits of not less than $500,000,000 and is rated at least Baa3 by Moody&#146;s or an equivalent rating by any other nationally recognized statistical
rating agency or agencies; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) commercial paper maturing no more than 270 days from the date of creation thereof issued by a Person that
is not the Borrower or an Affiliate of the Borrower and is organized under the laws of any State of the United States of America or the District of Columbia and rated at least <FONT STYLE="white-space:nowrap">A-1</FONT> by S&amp;P or at least <FONT
STYLE="white-space:nowrap">P-1</FONT> by Moody&#146;s; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) repurchase obligations with a term of not more than ten days for underlying
securities of the types described in <U>clause</U><U></U><U>&nbsp;(1)</U>&nbsp;above entered into with any commercial bank meeting the specifications of <U>clause</U><U></U><U>&nbsp;(2)</U>&nbsp;above; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) investments in money market or other mutual funds substantially all of whose assets comprise securities of the types described in
<U>clauses (1)</U>&nbsp;through <U>(4)</U>&nbsp;above; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) overnight bank deposits and bankers&#146; acceptances at any commercial bank
meeting the qualifications specified in <U>clause</U><U></U><U>&nbsp;(2)</U>&nbsp;above; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) deposits available for withdrawal on
demand with any commercial bank not meeting the qualifications specified in <U>clause</U><U></U><U>&nbsp;(2)</U>&nbsp;above but which is organized under the laws of (a)&nbsp;any country that is a member of the Organization for Economic Cooperation
and Development (&#147;<U>OECD</U>&#148;) and has total assets in excess of $500,000,000 or (b)&nbsp;any other country in which the Borrower or any Restricted Subsidiary maintains an office or is engaged in a Permitted Business, <U>provided</U>
that, in either case, (A)&nbsp;all such deposits are required to be made in such accounts in the ordinary course of business, (B)&nbsp;such deposits do not at any one time exceed $10,000,000 in the aggregate and (C)&nbsp;no funds so deposited remain
on deposit in such bank for more than 30 days. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cash Management Bank</U>&#148; means any Person that was an Agent, a Lender or an
Affiliate of any Agent or a Lender at the time it entered into a Treasury Services Agreement in its capacity as a party thereto and (other than a Person already party hereto as a Lender) that delivers to the Administrative Agent and the Collateral
Agent a letter agreement reasonably satisfactory to the Administrative Agent and the Collateral Agent (a)&nbsp;appointing the Collateral Agent as its agent under the applicable Loan Documents and (b)&nbsp;agreeing to be bound by Article VIII,
Section&nbsp;10.03, Section&nbsp;10.09 and Section&nbsp;10.10 as if it were a Lender </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cash Management Obligations</U>&#148; means
the obligations owed by the Borrower or any Restricted Subsidiary to any Cash Management Bank under any Treasury Services Agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>CFC</U>&#148; means any Subsidiary described in Section&nbsp;957(a) of the Code. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>CFIUS</U>&#148; means the Committee on Foreign Investment in the United States,
including any member agency acting in its capacity thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>CFIUS Clearance</U>&#148; as applicable and/or required, shall have
been satisfied if: (i)&nbsp;the Collateral Agent, the Borrower, and the Guarantors (collectively, the &#147;CFIUS Parties&#148;) have received written confirmation that any Enforcement Action Transaction is not a &#147;covered transaction&#148; or
&#147;pilot program covered transaction&#148; as those terms are defined by 31 C.F.R. Parts 800 and 801, and therefore is not subject to review by CFIUS; (ii)&nbsp;as a result of a joint voluntary notice or critical technology pilot program
declaration submitted to CFIUS, the CFIUS Parties receive written notice confirming that either (a)&nbsp;the review of the Enforcement Action Transaction under the DPA has concluded and that CFIUS has determined that there are no unresolved national
security concerns with respect to the Enforcement Action Transaction, (b)&nbsp;CFIUS has concluded all action under Section&nbsp;721 of the DPA with respect to the Enforcement Action Transaction, or (c)&nbsp;CFIUS shall have sent a report to the
President of the United States (the &#147;President&#148;) requesting the President&#146;s decision or determination with regard to the Enforcement Action Transaction and either (A)&nbsp;the period under the DPA during which the President may
announce his decision to take action to suspend, prohibit, or place any limitations on the Enforcement Action Transaction shall have expired without any such action being announced or taken or (B)&nbsp;the President shall have announced a decision
not to take any action to suspend or prohibit the Enforcement Action Transaction; or (iii)&nbsp;the CFIUS Parties receive written confirmation that CFIUS is not able to complete action under Section&nbsp;721 of the DPA with respect to the
Enforcement Action Transaction on the basis of a CFIUS declaration, CFIUS has not requested that the CFIUS Parties submit a CFIUS notice, and CFIUS has not initiated a unilateral CFIUS review of the Enforcement Action Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>CFIUS Parties</U>&#148; has the meaning assigned to such term in the definition of &#147;CFIUS Clearance&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Change of Control</U>&#148; means the occurrence of any of the following events: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) any &#147;person&#148; or &#147;group&#148; (as such terms are used in Sections&nbsp;13(d)&nbsp;and 14(d)&nbsp;of the Exchange Act), other
than one or more Permitted Holders, is or becomes the beneficial owner (as defined in Rules <FONT STYLE="white-space:nowrap">13d-3</FONT> and <FONT STYLE="white-space:nowrap">13d-5</FONT> under the Exchange Act), directly or indirectly, of Voting
Stock representing more than 50% of the voting power of the total outstanding Voting Stock of the Borrower; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) subject to the last
sentence of this definition, any sale, lease, transfer, conveyance or other disposition (in one transaction or a series of related transactions) of all or substantially all of the properties or assets of the Borrower and its Restricted Subsidiaries,
taken as a whole, to any Person or group of related Persons for purposes of Section&nbsp;13(d) of the Exchange Act, together with any Affiliates thereof (whether or not otherwise in compliance with the provisions of this Agreement), unless
immediately following such sale, lease transfer, conveyance or other disposition in compliance with this Agreement such properties or assets are owned, directly or indirectly, by the Borrower or a Restricted Subsidiary of the Borrower; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) a &#147;change of control&#148; or similar event shall have occurred under the ABL Facility or under any Material Indebtedness. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary herein, an Air Medical Segment Sale shall not constitute a Change of Control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Change in Law</U>&#148; means the occurrence, after the date of this Agreement (or with respect to any Lender or Participant, if
later, the date on which such Lender becomes a Lender or acquires a participation hereunder, as applicable), of any of the following: (a)&nbsp;the adoption of any rule, regulation, treaty or other law, (b)&nbsp;any change in any rule, regulation,
treaty or other law or in the administration, interpretation or application thereof by any Governmental Authority or (c)&nbsp;the making or issuance of any request, guideline </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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or directive (whether or not having the force of law) of any Governmental Authority; <U>provided</U> that, notwithstanding anything herein to the contrary, (i)&nbsp;the <FONT
STYLE="white-space:nowrap">Dodd-Frank</FONT> Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii)&nbsp;all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel&nbsp;III, shall in each case be
deemed to be a &#147;Change in Law,&#148; regardless of the date enacted, adopted, promulgated or issued. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Chapter 11
Cases</U>&#148; means the voluntary cases commenced under chapter 11 of the Bankruptcy Code by PHI, Inc. and certain of its Subsidiaries in the Bankruptcy Court jointly administered under Case No.
<FONT STYLE="white-space:nowrap">19-30923-hdh11.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Charges</U>&#148; has the meaning assigned to such term in
<U>Section</U><U></U><U>&nbsp;10.13</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Closing Date</U>&#148; means the date on which the conditions specified in
<U>Section</U><U></U><U>&nbsp;4.01</U> are satisfied (or waived in accordance with <U>Section</U><U></U><U>&nbsp;10.02</U>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Closing Date Reorganization</U>&#148; means each transaction undertaken on the Closing Date to effect the changes in the corporate
structure of the Borrower and Subsidiaries described in <U>Schedule 3.11</U>; provided that, after giving effect to such transaction, the security interests of the Secured Parties in the Collateral and the Guarantees of the Obligations, taken as a
whole, would not be materially impaired as a result thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Code</U>&#148; means the Internal Revenue Code of 1986. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateral</U>&#148; means any and all assets, whether real or personal, tangible or intangible, on which Liens are purported to be
granted pursuant to the Security Documents as security for the Obligations. For the avoidance of doubt, &#147;Collateral&#148; includes Aircraft Collateral but excludes (i)&nbsp;ABL Collateral and (ii)&nbsp;any assets owned by a Subsidiary that is a
CFC or a FSHCO. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateral Agent</U>&#148; means Credit Suisse AG, Cayman Islands Branch, in its capacity as collateral agent
under the applicable Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commitment</U>&#148; means, with respect to each Lender, the aggregate commitment of such
Lender to make Loans on the Closing Date and any Incremental Loan Commitment of such Lender, expressed as an amount representing the maximum principal amount of Loans to be made by such Lender. The amount of each Lender&#146;s Commitment is set
forth on <U>Schedule</U><U></U><U>&nbsp;2.01</U>. The aggregate amount of the Lenders&#146; Commitments as of the Closing Date is $225,000,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commodity Exchange Act</U>&#148; means the Commodity Exchange Act (7 U.S.C. &#167; 1 et seq.), as amended from time to time, and any
successor statute. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commodity Hedge Agreement</U>&#148; means any agreement (including each confirmation entered into pursuant to
any Master Agreement) providing for any swap, cap, collar, put, call, floor, future, option, spot, forward, power purchase and sale agreement (including option and heat rate options), tolling agreement, fuel purchase and sale agreement, emissions
credit purchase or sale agreement, power transmission agreement, fuel transportation agreement, fuel storage agreement, capacity purchase agreement, fuel supply agreement, energy management agreement, reliability must run agreement, netting
agreement or similar agreement entered into in respect of any commodity, whether physical or financial, and any agreement (including any Guarantee, credit sleeve or similar arrangement) providing for credit support for the foregoing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Compliance Certificate</U>&#148; means a Compliance Certificate in the form of
<U>Exhibit H</U> or any other form approved by the Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Confirmation Order</U>&#148; has the meaning assigned
to such term in <U>Section</U><U></U><U>&nbsp;4.01(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Connection Income Taxes</U>&#148; means Other Connection Taxes that
are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated
Amortization Expense</U>&#148; for any period means the amortization expense of the Borrower and the Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated Cash Flow</U>&#148; for any period means, without duplication, an amount equal to (i)&nbsp;Consolidated Net Income for
such period, <U>plus</U> to the extent (and in the same proportion) deducted in determining Consolidated Net Income, (a)&nbsp;Consolidated Income Tax Expense, (b)&nbsp;Consolidated Amortization Expense (but only to the extent not included in
Consolidated Interest Expense), (c) Consolidated Depreciation Expense, (d)&nbsp;Consolidated Interest Expense, (e)&nbsp;the amount of extraordinary, nonrecurring or unusual losses, (f)&nbsp;the amount of any restructuring charges, accruals or
reserves; <U>provided</U> that the amounts added-back pursuant to this clause (f), when combined with adjustments pursuant to clause (g)(ii), shall not exceed (x) 25.0% of Consolidated Cash Flow (calculated prior to giving effect to such <FONT
STYLE="white-space:nowrap">add-back)</FONT> for any period ending on or prior to December&nbsp;31, 2020 and (y) 10.0% of Consolidated Cash Flow (calculated prior to giving effect to such <FONT STYLE="white-space:nowrap">add-back)</FONT> for any
period ending after December&nbsp;31, 2020, (g) pro forma adjustments, including pro forma &#147;run rate&#148; cost savings, operating expense reductions and other synergies (in each case, net of amounts actually realized) related to acquisitions
or dispositions, or related to restructuring initiatives, cost savings initiatives and other initiatives that (i)&nbsp;arise from leases assumed, rejected or replaced in connection with the Chapter 11 Cases or (ii)&nbsp;otherwise are reasonably
identifiable and projected by the Borrower in good faith to result from actions that have either been taken, with respect to which substantial steps have been taken or are that are expected to be taken within six fiscal quarters after the date of
consummation of such acquisition, disposition or the initiation of such restructuring initiative, cost savings initiative or other initiatives (it is understood and agreed that <FONT STYLE="white-space:nowrap">&#147;run-rate&#148;</FONT> means the
full recurring benefit for a period that is associated with any action taken, committed to be taken or with respect to which substantial steps have been taken or are expected to be taken); <U>provided</U> that amounts added-back pursuant to this
clause (g)(ii), when combined with adjustments pursuant to clause (f), shall not exceed (x) 25.0% of Consolidated Cash Flow (calculated prior to giving effect to such <FONT STYLE="white-space:nowrap">add-back)</FONT> for any period ending on or
prior to December&nbsp;31, 2020 and (y) 10.0% of Consolidated Cash Flow (calculated prior to giving effect to such <FONT STYLE="white-space:nowrap">add-back)</FONT> for any period ending after December&nbsp;31, 2020; <U>provided</U>, <U>further</U>,
that such cap shall not apply to adjustments made in accordance with Regulation <FONT STYLE="white-space:nowrap">S-X;</FONT> <U>provided</U>, <U>further</U>, in the case of the foregoing clauses (f)&nbsp;and (g)(ii), such adjustments shall be
permitted only to the extent they are supported by a certificate executed by a Financial Officer of the Borrower and delivered to the Administrative Agent, (h)&nbsp;reasonable
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees and expenses paid in connection with (1)&nbsp;Investments and other <FONT STYLE="white-space:nowrap">non-ordinary</FONT> course transactions that have
been consummated and (2)&nbsp;failed acquisitions, other Investments, and other <FONT STYLE="white-space:nowrap">non-ordinary</FONT> course transactions that have not been (and will not be) consummated, in an aggregate amount, solely with respect to
this clause (2), not to exceed $1,000,000 in the aggregate during any trailing <FONT STYLE="white-space:nowrap">12-month</FONT> period, <FONT STYLE="white-space:nowrap">(i)&nbsp;non-recurring</FONT> expenses and fees in connection with the Chapter
11 Cases, including, but not limited to, professional fees, severance payments and retention bonus payments, (j)&nbsp;fees paid to the Administrative Agent and the Lenders to the extent not included above, (k)&nbsp;realized foreign exchange losses
resulting from the impact of foreign currency changes on the valuation of assets or liabilities on the balance sheet of such Person and its Restricted Subsidiaries and (l)&nbsp;all other <FONT STYLE="white-space:nowrap">non-cash</FONT> items
reducing Consolidated Net Income (excluding any <FONT STYLE="white-space:nowrap">non-cash</FONT> charge that results in an accrual of a reserve for cash charges in any future period) for such period, in each case determined on a consolidated basis
in accordance with GAAP, <U>minus</U> (ii)&nbsp;the aggregate amount of all <FONT STYLE="white-space:nowrap">non-cash</FONT> items, determined on a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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consolidated basis, to the extent such items increased Consolidated Net Income for such period; <U>provided</U> that there shall be excluded from Consolidated Cash Flow (to the extent otherwise
included therein) any positive Consolidated Cash Flow derived from any Restricted Subsidiary during such period to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of that Consolidated
Cash Flow is not permitted directly or indirectly by any means, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Subsidiary during such
period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated Depreciation Expense</U>&#148; for any period means the depreciation expense of the Borrower and the
Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated Income Tax
Expense</U>&#148; for any period means the provision for income taxes of the Borrower and the Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated Interest Expense</U>&#148; for any period means the sum, without duplication, of the total interest expense of the
Borrower and the Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP and including without duplication, (a)&nbsp;interest components of all payments associated with Capitalized Lease Obligations and
imputed interest with respect to Attributable Indebtedness, (b)&nbsp;commissions, discounts and other fees and charges owed with respect to letters of credit securing financial obligations, bankers&#146; acceptance financing and receivables
financings, (c)&nbsp;the net payments associated with Interest Rate Hedge Agreements, (d)&nbsp;amortization of debt issuance costs, debt discount or premium and other financing fees and expenses, (e)&nbsp;the interest component of any deferred
payment obligations, (f)&nbsp;all other <FONT STYLE="white-space:nowrap">non-cash</FONT> interest expense, (g)&nbsp;capitalized interest, (h)&nbsp;the product of (x)&nbsp;all dividend payments on any series of Disqualified Equity Interests of the
Borrower or any Preferred Stock of any Restricted Subsidiary (other than any such Disqualified Equity Interests or any Preferred Stock held by the Borrower or a <FONT STYLE="white-space:nowrap">Wholly-Owned</FONT> Restricted Subsidiary),
<U>multiplied</U> by (y)&nbsp;a fraction, the numerator of which is one and the denominator of which is one <U>minus</U> the then current combined federal, state and local statutory tax rate of the Borrower and the Restricted Subsidiaries, expressed
as a decimal, (i)&nbsp;all interest payable with respect to discontinued operations, and (j)&nbsp;all interest on any Indebtedness of any other Person guaranteed by the Borrower or any Restricted Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated Net Income</U>&#148; for any period means the net income (or loss) of the Borrower and the Restricted Subsidiaries for
such period determined on a consolidated basis in accordance with GAAP; <U>provided</U> that there shall be excluded from such net income (to the extent otherwise included therein), without duplication: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the net income (or loss) of any Person (other than a Restricted Subsidiary) in which any Person other than the Borrower and the Restricted
Subsidiaries has an ownership interest (which interest does not cause the net income of such other Person to be consolidated with the net income of the Borrower and the Restricted Subsidiaries in accordance with GAAP), except to the extent that cash
in an amount equal to any such income has actually been received by the Borrower or any of its Restricted Subsidiaries during such period; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) except to the extent includible in the consolidated net income of the Borrower pursuant to the foregoing
<U>clause</U><U></U><U>&nbsp;(1)</U>, the net income (or loss) of any Person that accrued prior to the date that (a)&nbsp;such Person becomes a Restricted Subsidiary or is merged into or consolidated with the Borrower or any Restricted Subsidiary or
(b)&nbsp;the assets of such Person are acquired by the Borrower or any Restricted Subsidiary; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the net income of any Restricted Subsidiary during such period to the extent that the
declaration or payment of dividends or similar distributions by such Restricted Subsidiary of that income is not permitted, directly or indirectly by any means, by operation of the terms of its charter or any agreement, instrument, judgment, decree,
order, statute, rule or governmental regulation applicable to that Restricted Subsidiary during such period, except that the Borrower&#146;s equity in a net loss of any such Restricted Subsidiary for such period shall be included in determining
Consolidated Net Income; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the aggregate amount of <FONT STYLE="white-space:nowrap">non-cash</FONT> losses on the disposition of
property by the Borrower and its Restricted Subsidiaries during such fiscal year (other than sales of inventory in the ordinary course of business), to the extent deducted in arriving at such Consolidated Net Income; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) in the case of a successor to the Borrower by consolidation, merger or transfer of its assets, any income (or loss) of the successor prior
to such merger, consolidation or transfer of assets; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) any gain (or loss), together with any related provisions for taxes on any such
gain (or the tax effect of any such loss), realized during such period by the Borrower or any Restricted Subsidiary upon (a)&nbsp;the acquisition of any securities, or the extinguishment of any Indebtedness, of the Borrower or any Restricted
Subsidiary or (b)&nbsp;any Asset Sale by the Borrower or any Restricted Subsidiary; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) any extraordinary gain (or extraordinary
loss), together with any related provision for taxes on any such extraordinary gain (or the tax effect of any such extraordinary loss), realized by the Borrower or any Restricted Subsidiary during such period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated Net Total Leverage Ratio</U>&#148; means, as of any date of determination (the &#147;<U>Transaction Date</U>&#148;), the
ratio of (a)&nbsp;Total Net Debt as of the last day of the Four-Quarter Period most recently ended as of such date to (b)&nbsp;the aggregate amount of Consolidated Cash Flow for the <FONT STYLE="white-space:nowrap">Four-Quarter</FONT> Period most
recently ended as of such date, all determined on a consolidated basis in accordance with GAAP. For purposes of this definition, Consolidated Cash Flow shall be calculated after giving effect on a pro forma basis for the period of such calculation
to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the incurrence of any Indebtedness or the issuance of any Disqualified Equity Interests of the Borrower or any Preferred Stock of
any Restricted Subsidiary (and the application of the proceeds therefrom) and any repayment of other Indebtedness or redemption of other Preferred Stock (and the application of the proceeds therefrom) (other than the incurrence or repayment of
Indebtedness in the ordinary course of business for working capital purposes pursuant to any revolving credit arrangement) occurring during the <FONT STYLE="white-space:nowrap">Four-Quarter</FONT> Period or at any time subsequent to the last day of
the <FONT STYLE="white-space:nowrap">Four-Quarter</FONT> Period and on or prior to the Transaction Date, as if such incurrence, repayment, issuance or redemption, as the case may be, (and the application of the proceeds thereof) occurred on the
first day of the <FONT STYLE="white-space:nowrap">Four-Quarter</FONT> Period; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) any Asset Sale or other disposition or Asset
Acquisition (including, without limitation, any Asset Acquisition giving rise to the need to make such calculation as a result of the Borrower or any Restricted Subsidiary (including any Person who becomes a Restricted Subsidiary as a result of such
Asset Acquisition) incurring Acquired Indebtedness and also including any Consolidated Cash Flow (including any pro forma expense and cost reductions calculated on a basis consistent with any such Asset Acquisition as determined in good faith by the
Chief Financial Officer of the Borrower in accordance with Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> other than Regulation <FONT STYLE="white-space:nowrap">S-X&#146;s</FONT> requirements for direct attribution)) occurring during the <FONT
STYLE="white-space:nowrap">Four-Quarter</FONT> Period or at any time subsequent to the last day of the <FONT STYLE="white-space:nowrap">Four-Quarter</FONT> Period and on or prior to the Transaction Date, as if such Asset Sale or Asset Acquisition or
other disposition (including the incurrence of, or assumption of liability for, any such Indebtedness or Acquired Indebtedness) occurred on the first day of the <FONT STYLE="white-space:nowrap">Four-Quarter</FONT> Period. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Borrower or any Restricted Subsidiary directly or indirectly Guarantees Indebtedness
of a third Person, the preceding sentence shall give effect to the incurrence of such Guaranteed Indebtedness as if the Borrower or such Restricted Subsidiary had directly incurred or otherwise assumed such Guaranteed Indebtedness. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contractual Obligation</U>&#148; means, as applied to any Person, any provision of any Equity Interest issued by that Person or of
any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Convention</U>&#148; means the Convention on International Interests in Mobile Equipment, signed contemporaneously with the Protocol
to the Convention on International Interests in Mobile equipment on Matters Specific to Aircraft Equipment in Cape Town, South Africa on November&nbsp;16, 2001, as may be amended and supplemented from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Country of Registration</U>&#148; means in respect of an Aircraft, the jurisdiction shown in the most recent Aircraft Collateral
Certificate in respect of that Aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Credit Agreement Refinancing Indebtedness</U>&#148; means (a)&nbsp;Permitted Pari Passu
Refinancing Debt, (b)&nbsp;Permitted Junior Refinancing Debt, or (c)&nbsp;Permitted Unsecured Refinancing Debt obtained pursuant to a Refinancing Amendment, in each case, issued, incurred or otherwise obtained (including by means of the extension or
renewal of existing Indebtedness) in exchange for, or to extend, renew, replace or refinance, in whole or part, existing Loans, Incremental Loans or Refinancing Loans hereunder (including any successive Credit Agreement Refinancing Indebtedness)
(&#147;<U>Refinanced Credit Agreement Debt</U>&#148;); <U>provided</U> that (i)&nbsp;such extending, renewing or refinancing Indebtedness is in an original aggregate principal amount not greater than (A)&nbsp;the aggregate principal amount of the
Refinanced Credit Agreement Debt, <U>plus</U> (B)&nbsp;accrued and unpaid interest thereon, any fees, premiums, accrued interest associated therewith, or other reasonable amount paid, and fees, costs and expenses, commissions or underwriting
discounts incurred in connection therewith, (ii)&nbsp;such Indebtedness (x)&nbsp;does not have a maturity date or have any mandatory prepayment or redemption features (other than customary asset sale events, insurance and condemnation proceeds
events, change of control offers or events of default, AHYDO <FONT STYLE="white-space:nowrap">catch-up</FONT> payments and excess cash flow and indebtedness sweeps), in each case prior to the date that is
<FONT STYLE="white-space:nowrap">ninety-one</FONT> (91)&nbsp;days after the Maturity Date at the time such Indebtedness is incurred and (y)&nbsp;does not have a shorter weighted average life to maturity than the Loans, (iii)&nbsp;such Indebtedness
is not guaranteed by any Affiliates of the Borrower that are not Guarantors, (iv)&nbsp;if such Indebtedness is secured by the Collateral, a representative acting on behalf of the holders of such Indebtedness has become party to an intercreditor
agreement on terms that are reasonably satisfactory to the Administrative Agent and the Collateral Agent, if such Indebtedness is secured on a <I>pari passu </I>or junior basis with the Obligations, (v)&nbsp;to the extent secured, any such
Indebtedness is not secured by assets not constituting Collateral, (vi)&nbsp;any such Indebtedness that is payment subordinated shall be subject to a subordination agreement on terms that are reasonably acceptable to the Administrative Agent, the
Required Lenders and the Borrower, (vii)&nbsp;the terms and conditions of such Indebtedness (excluding pricing, interest rate margins, rate floors, discounts, premiums, fees, and prepayment or redemption terms and provisions which shall be
determined by the Borrower) are not materially more restrictive to the Borrower and its Subsidiaries (when taken as a whole) than the terms and conditions of this Agreement (when taken as a whole) (except for covenants or other provisions applicable
only to periods after the applicable Maturity Date) (it being understood that to the extent that any financial maintenance covenant is added for the benefit of any such Indebtedness or a materially more restrictive term is provided for the benefit
of such Indebtedness, no consent shall be required from the Administrative Agent if such financial covenant or other terms are added to this Agreement), and (viii)&nbsp;such Refinanced Credit Agreement Debt (other than unasserted contingent
indemnification or reimbursement obligations and letters of credit that have been cash collateralized, rolled into another credit facility or backstopped in accordance </P>
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with the terms thereof) shall be repaid, defeased or satisfied and discharged, and (unless otherwise agreed by all Lenders holding such Refinanced Credit Agreement Debt) all accrued interest,
fees and premiums (if any) in connection therewith shall be paid, on the date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained; <U>provided</U>, further, that a certificate delivered to the Administrative Agent at least
five Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that the Borrower has
determined in good faith that such terms and conditions satisfy the requirements of this definition, shall be conclusive evidence that such terms and conditions satisfy the requirements of this definition unless the Administrative Agent notifies the
Borrower within such five (5)&nbsp;Business Day period that it disagrees with such determination (including a reasonable description of the basis upon which it disagrees). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Credit Facilities</U>&#148; means one or more debt facilities, loan agreements, indentures, notes, letter of credit facilities or
other agreements or instruments (which may be outstanding at the same time and including, without limitation, the ABL Facility and the letter of credit facilities) providing for revolving credit loans, term loans, letters of credit or debt
securities and, in each case, as such agreements or instruments may be amended, amended and restated, supplemented, modified, refinanced, replaced or otherwise restructured, in whole or in part from time to time (including increasing the amount of
available borrowings thereunder or adding Subsidiaries of the Borrower as additional borrowers or guarantors thereunder) with respect to all or any portion of the Indebtedness under such agreement or instruments or any successor or replacement
agreement or instruments and whether by the same or any other agent, lender, group of lenders or investors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Custodian</U>&#148;
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Debt Fund Affiliate</U>&#148;
means (a)&nbsp;any fund managed by, or under common management with any Permitted Holder, (b)&nbsp;any other Affiliate of a Permitted Holder (other than Borrower or a Subsidiary of Borrower) that is a bona fide debt fund or an investment vehicle
that is engaged in the making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course, is not organized for the purpose of making equity investments, and with respect to which
(i)&nbsp;any such Debt Fund Affiliate has in place customary information barriers between it and the Permitted Holder and any affiliate of the Permitted Holder that is not primarily engaged in the investing activities described above, (ii)&nbsp;its
managers have fiduciary duties to the investors thereof independent of and in addition to their duties to the Investor and any affiliate of the Permitted Holder, and (iii)&nbsp;the Permitted Holder and investment vehicles managed or advised by the
Permitted Holder that are not engaged primarily in making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course do not, either directly or indirectly, make investment decisions
for such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Declined Proceeds</U>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;2.10(i)</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Default</U>&#148; means any Event of Default or any event, act or condition that, after notice or the passage of time or both,
would be an Event of Default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Defaulting Lender</U>&#148; means any Lender that has (a)&nbsp;failed to fund any portion of its
Loans within one Business Day of the date on which such funding is required hereunder, (b)&nbsp;notified the Borrower, the Administrative Agent or any Lender in writing that it does not intend to comply with any of its funding obligations under this
Agreement or has made a public statement or provided any written notification to any Person to the effect that it does not intend to comply with its funding obligations under this Agreement or under other agreements in which it commits to extend
credit, (c)&nbsp;failed, within three Business Days after request by the Administrative Agent (whether acting on its own behalf or at the reasonable request of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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Borrower (it being understood that the Administrative Agent shall comply with any such reasonable request)), to confirm that it will comply with the terms of this Agreement relating to its
obligations to fund prospective Loans, (d)&nbsp;otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a
good faith dispute or subsequently cured, or (e)(i) become or is insolvent or has a parent company that has become or is insolvent or (ii)&nbsp;become the subject of a bankruptcy, insolvency or similar proceeding or (i)&nbsp;had a receiver,
conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian, appointed for it, or has taken any action in furtherance of, or indicating its
consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the
benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such
proceeding or appointment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Designation</U>&#148; has the meaning assigned to such term in
<U>Section</U><U></U><U>&nbsp;5.18</U>. &#147;<U>Designated</U>&#148; has the meaning corollary thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Designation
Amount</U>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;5.18</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Disclosed Existing
Sublease</U>&#148; means each Disclosed Sublease set forth in <U>Schedule 3.20</U> on the Closing Date in respect of which the Disclosed Sublessee is not an Affiliate of the Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Disclosed Sublease</U>&#148; means, in respect of an Aircraft included as Aircraft Collateral, any lease and/or sublease of that
Aircraft as shown in <U>Schedule 3.20</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Disclosed Sublessee</U>&#148; means, in respect of a Disclosed Sublease and an
Aircraft included as Aircraft Collateral, the Person so shown in <U>Schedule 3.20</U> in respect of that Disclosed Sublease and Aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Disqualified Equity Interests</U>&#148; of any Person means any Equity Interests of such Person that, by their terms, or by the terms
of any related agreement or of any security into which they are convertible, puttable or exchangeable, are, or upon the happening of any event or the passage of time would be, required to be redeemed by such Person, whether or not at the option of
the holder thereof, or mature or are mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, in whole or in part, on or prior to the date which is 91 days after the final maturity date of the Loans; <U>provided</U>,
<U>however</U>, that any class of Equity Interests of such Person that, by its terms, authorizes such Person to satisfy in full its obligations upon maturity or redemption (pursuant to a sinking fund or otherwise) thereof or otherwise by the
delivery of Equity Interests that are not Disqualified Equity Interests, and that are not convertible, puttable or exchangeable for Disqualified Equity Interests or Indebtedness, will not be deemed to be Disqualified Equity Interests so long as such
Person satisfies its obligations with respect thereto solely by the delivery of Equity Interests that are not Disqualified Equity Interests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Subsidiary</U>&#148; means any Subsidiary other than a Foreign Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>DPA</U>&#148; means Section&nbsp;721 of the Defense Production Act of 1950, as amended (50 U.S.C. &#167; 4565), and all rules and
regulations thereunder, including as codified at 31 C.F.R. Part 800 and Part 801. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>EEA Financial Institution</U>&#148; means
(a)&nbsp;any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b)&nbsp;any entity established in an EEA Member Country which is a parent of an institution
described in <U>clause</U><U></U><U>&nbsp;(a)</U>&nbsp;of this definition, or (c)&nbsp;any financial institution established in an EEA Member Country which is a subsidiary of an institution described in <U>clause</U><U></U><U>&nbsp;(a)</U>&nbsp;or
<U>(b)</U>&nbsp;of this definition and is subject to consolidated supervision with its parent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>EEA Member Country</U>&#148; means any member state of the European Union, Iceland,
Liechtenstein and Norway. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>EEA Resolution Authority</U>&#148; means any public administrative authority or any person entrusted
with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Assignee</U>&#148; means (a)&nbsp;a Lender, (b)&nbsp;an Affiliate of a Lender, (c)&nbsp;an Approved Fund, (d)&nbsp;any
Person that upon satisfaction of the requirements of <U>Section</U><U></U><U>&nbsp;10.04(e)</U> would constitute an Affiliated Lender, and (e)&nbsp;any other Person approved by the Administrative Agent, other than, in each case, (i)&nbsp;a natural
person, (ii)&nbsp;a Defaulting Lender, or (iii)&nbsp;the Borrower or any of its Affiliates (except to the extent permitted pursuant to the foregoing <U>clause (d)</U>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Enforcement Action Transaction</U>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;5.17(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Engine</U>&#148; means (i)&nbsp;each of the engines described in the most recent Aircraft Collateral Certificate (and all accessories
considered as part of the engine higher assembly), whether or not installed on an Airframe or other airframe from time to time, (ii)&nbsp;any Permitted Substitute, as defined in the applicable Aircraft Mortgage (and all accessories considered as
part of the engine higher assembly), which becomes subject to the terms of such Aircraft Mortgage pursuant to the terms thereof, (iii)&nbsp;a Spare Engine to the extent it is, at any time, part of the Collateral and (iv)&nbsp;any and all related
Parts and, in each case, shall exclude (a)&nbsp;any Engine subject to an Asset Sale permitted under <U>Section</U><U></U><U>&nbsp;6.07</U> and (b)&nbsp;any Engine replaced by a Permitted Substitute in accordance with clause (ii)&nbsp;above and the
Aircraft Mortgage. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environment</U>&#148; means ambient air, indoor air, surface water, groundwater, drinking water, land
surface, sediments, and subsurface strata&nbsp;&amp; natural resources such as wetlands, flora and fauna. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environmental
Claim</U>&#148; means any investigation, written notice, notice of violation, claim, action, suit, proceeding, demand, abatement order or other legally binding order or directive (conditional or otherwise), by any Governmental Authority or any other
Person, arising (i)&nbsp;pursuant to or in connection with any actual or alleged violation of any Environmental Law; (ii)&nbsp;in connection with any Hazardous Materials or any actual or alleged Hazardous Materials Activity; or (iii)&nbsp;in
connection with any actual or alleged damage, injury, threat or harm to natural resources, the Environment or human health or safety as it relates to exposure to Hazardous Materials. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environmental Laws</U>&#148; means any and all applicable current or future foreign or domestic, federal or state (or any subdivision
of either of them), statutes, ordinances, orders, rules, regulations, judgments, Governmental Approvals, or any other legally binding requirements of Governmental Authorities relating to (i)&nbsp;protection of the Environment; (ii)&nbsp;any
Hazardous Materials Activity, including&nbsp;the Release, generation, use, handling, storage, transportation or treatment of Hazardous Materials; or (iii)&nbsp;human health or safety as it relates to exposure to Hazardous Materials in any manner
applicable to the Borrower or any of its Subsidiaries or any Facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environmental Liability</U>&#148; means any liability,
obligation, loss, claim, action, order or cost, contingent or otherwise (including any liability for damages, costs of environmental investigation, monitoring or remediation, fines, penalties and indemnities), directly or indirectly resulting from
or based upon (a)&nbsp;a violation of any Environmental Laws, (b)&nbsp;the generation, use, handling, transportation, storage or treatment of any Hazardous Materials, (c)&nbsp;exposure to any Hazardous Materials, (d)&nbsp;the Release or threatened
Release of any Hazardous Materials or (e)&nbsp;any written contractual agreement, or consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Equity Interests</U>&#148; of any Person means (1)&nbsp;any and all shares or other
equity interests (including common stock, Preferred Stock, limited liability company interests and partnership interests) in such Person and (2)&nbsp;all rights to purchase, warrants or options (whether or not currently exercisable), participations
or other equivalents of or interests in (however designated) such shares or other interests in such Person, other than debt securities convertible into capital stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA</U>&#148; means the Employee Retirement Income Security Act of 1974. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA</U><U> Affiliate</U>&#148; means any trade or business (whether or not incorporated) that, together with the Borrower, is
treated as a single employer under Section&nbsp;414(b)&nbsp;or 414(c)&nbsp;of the Code or, solely for purposes of Section&nbsp;302 of ERISA and Section&nbsp;412 of the Code, is treated as a single employer under Section&nbsp;414(m) or 414(o) of the
Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA</U><U> Event</U>&#148; means (a)&nbsp;any &#147;reportable event,&#148; as defined in Section&nbsp;4043 of ERISA or
the regulations issued thereunder with respect to a Plan (other than an event for which the <FONT STYLE="white-space:nowrap">30-day</FONT> notice period is waived), (b)&nbsp;any failure by any Plan to satisfy the minimum funding standard (within the
meaning of Section&nbsp;412 or 430 of the Code or Section&nbsp;302 or 303 of ERISA) applicable to such Plan, in each case whether or not waived, (c)&nbsp;the filing pursuant to Section&nbsp;412(c)&nbsp;of the Code or Section&nbsp;302(c)&nbsp;of
ERISA, of an application for a waiver of the minimum funding standard with respect to any Plan, (d)&nbsp;a determination that any Plan is, or is expected to be, in <FONT STYLE="white-space:nowrap">&#147;at-risk&#148;</FONT> status (as defined in
Section&nbsp;303(i)(4)&nbsp;of ERISA or Section&nbsp;430(i)(4)&nbsp;of the Code), (e)&nbsp;the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title&nbsp;IV of ERISA with respect to the termination of any Plan,
(f)&nbsp;the receipt by the Borrower or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan, (g)&nbsp;the incurrence
by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan, (h)&nbsp;the receipt by the Borrower or any of its ERISA Affiliates of
any notice, or the receipt by any Multiemployer Plan from the Borrower or any of its ERISA Affiliates of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent,
within the meaning of Title&nbsp;IV of ERISA or in endangered or critical status (within the meaning of Section&nbsp;305 of ERISA), (i)&nbsp;the occurrence of a &#147;prohibited transaction&#148; with respect to which the Borrower or any ERISA
Affiliate is a &#147;disqualified person&#148; (within the meaning of Section&nbsp;4975 of the Code) or with respect to which the Borrower or any such ERISA Affiliate could otherwise be liable or (j)&nbsp;any other event or condition with respect to
a Plan or Multiemployer Plan that could reasonably be expected to result in liability of the Borrower or any ERISA Affiliate under Title&nbsp;IV of ERISA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>EU Bail</U><U><FONT STYLE="white-space:nowrap">-In</FONT> Legislation Schedule</U>&#148; means the EU
<FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eurocurrency</U>,&#148; when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, shall bear interest at a rate determined by reference to the Adjusted LIBO Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Event of Default</U>&#148; has the
meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;7.01</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excess Cash Flow</U>&#148; means, for any fiscal year, the excess, if any, of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) the sum (without duplication) of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Consolidated Net Income for such fiscal year; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) depreciation, amortization and other <FONT STYLE="white-space:nowrap">non-cash</FONT> charges or losses deducted in
determining Consolidated Net Income for such fiscal year (but excluding any such <FONT STYLE="white-space:nowrap">non-cash</FONT> charges representing an accrual or reserve for potential cash items in any future period and excluding amortization of
a prepaid cash item that was paid in a prior period); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the amount, if any, by which Net Working Capital decreased
during such fiscal year (except as a result of the reclassification of items from <FONT STYLE="white-space:nowrap">short-term</FONT> to <FONT STYLE="white-space:nowrap">long-term</FONT> or vice versa); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) the aggregate amount of <FONT STYLE="white-space:nowrap">non-cash</FONT> losses on the disposition of property by the
Borrower and its Restricted Subsidiaries during such fiscal year (other than sales of inventory in the ordinary course of business), to the extent deducted in arriving at such Consolidated Net Income; <U>minus</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) the sum, without duplication, of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the amount of all <FONT STYLE="white-space:nowrap">non-cash</FONT> credits included in arriving at such Consolidated Net
Income; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the aggregate amount of capital expenditures by the Borrower and its Restricted Subsidiaries made in cash
during such fiscal year except to the extent funded by the incurrence of long term Indebtedness or from equity contributions made to, or the proceeds of Equity Interest issued by, the Borrower; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the aggregate principal amount of <FONT STYLE="white-space:nowrap">long-term</FONT> Indebtedness or Capitalized Lease
Obligations repurchased, repaid or prepaid (including mandatorily) by the Borrower and its Restricted Subsidiaries during such fiscal year to the extent permitted under this Agreement, including any mandatory prepayment of the Loans from Asset
Sales, but excluding (x)&nbsp;repayments of revolving Indebtedness, (y)&nbsp;voluntary prepayments of the Loans and (z)&nbsp;repurchases, repayments or prepayments of Incremental Equivalent Debt; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) the amount of proceeds from any business interruption insurance or similar insurance proceeds received by the Borrower or
any Restricted Subsidiary in such period to the extent payable as the result of a loss (net of any costs associated with such business interruption unless such costs were included in the determination of Consolidated Net Income in a prior period);
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) the amount of Restricted Payments paid in cash during such period pursuant to
<U>Section</U><U></U><U>&nbsp;6.02(f)</U> (but only to the extent not otherwise deducted in calculating Consolidated Net Income); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) the amount of cash taxes paid in such period (and tax reserves set aside or payable within 12 months of such period) to
the extent they exceed the amount of tax expenses deducted in determining Consolidated Net Income for such period; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii)
the aggregate amount of <FONT STYLE="white-space:nowrap">non-cash</FONT> gains on the disposition of property by the Borrower and its Restricted Subsidiaries during such fiscal year (other than sales of inventory in the ordinary course of business),
to the extent included in arriving at such Consolidated Net Income; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) expenses deducted from Consolidated Net Income during such period to
the extent a deduction was made from Consolidated Net Income in a prior period with respect to such expense as a <FONT STYLE="white-space:nowrap">non-cash</FONT> charge representing an accrual or reserve with respect to such expenses and such <FONT
STYLE="white-space:nowrap">non-cash</FONT> charge was not included in Excess Cash Flow for such prior period by operation of the parenthetical in <U>clause</U><U></U><U>&nbsp;(a)(ii)</U>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) the amount of cash interest expense paid in such period to the extent exceeding the amount of cash interest expense
deducted in determining Consolidated Net Income for such period; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) the amount of cash interest expense deducted from
Consolidated Net Income during such period to the extent a deduction was made to Excess Cash Flow pursuant to <U>clause</U><U></U><U>&nbsp;(ix)</U> in a prior period with respect to such cash interest expense. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excess Cash Flow Payment Date</U>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;2.10(e)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excess Cash Flow Period</U>&#148; means each fiscal year of the Borrower, commencing with the fiscal year of the Borrower ending on
December&nbsp;31, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchange Act</U>&#148; means the United States Securities Exchange Act of 1934. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchange Currency</U>&#148; has the meaning assigned to such term in the definition of &#147;Exchange Rate&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchange Rate</U>&#148; means, on any day, with respect to any currency (the &#147;<U>Initial Currency</U>&#148;), the rate at which
such currency may be exchanged into another currency (the &#147;<U>Exchange Currency</U>&#148;), as set forth at approximately 11:00 a.m. (London time) on such day on the Reuters World Currency Page for the Initial Currency; in the event that such
rate does not appear on any Reuters World Currency Page, the Exchange Rate shall be determined by reference to such other publicly available service for displaying exchange rates as may be reasonably selected by the Administrative Agent (in
consultation with the Borrower), or, in the absence of such available service, such Exchange Rate shall instead be the arithmetic average of the exchange rates of the Administrative Agent in the market where its foreign currency exchange operations
in respect of the Initial Currency are then being conducted, at or about 10:00 a.m. (New York City time) on such date for the purchase of the Exchange Currency for delivery two (2)&nbsp;Business Days later; <U>provided</U>, that if at the time of
any such determination, no such exchange rate can reasonably be quoted, the Administrative Agent may use any reasonable method as it deems applicable to determine such rate, and such determination shall be conclusive absent manifest error. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Equity Interests</U>&#148; means, with respect to (a)&nbsp;(i) any CFC, (ii)&nbsp;any direct or indirect Subsidiary of the
Borrower that owns no material assets (directly or through Subsidiaries) other than Equity Interests of one or more CFCs (a &#147;<U>FSHCO</U>&#148;), or (iii)&nbsp;any direct or indirect Subsidiary of a Foreign Subsidiary of the Borrower that is a
CFC or any direct or indirect Subsidiary of a Subsidiary of the Borrower that is a FSHCO, any Equity Interests of such Subsidiary other than with respect to (i)&nbsp;or (ii) (A) 65% of the Voting Stock and (B) 100% of the <FONT
STYLE="white-space:nowrap">non-voting</FONT> Equity Interests, (b)&nbsp;any <FONT STYLE="white-space:nowrap">non-wholly</FONT> owned Subsidiary of the Borrower, any Equity Interests of such Subsidiary, (c)&nbsp;any Subsidiary of the Borrower, any
Equity Interests which constitute margin stock (within the meaning of Regulation U issued by the Board of Governors), (d) any Unrestricted Subsidiary, any Equity Interests of such Unrestricted Subsidiary, and (e)&nbsp;any Immaterial Domestic
Subsidiary, any Equity Interests of such Immaterial Domestic Subsidiary which are certificated. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Hedge Obligation</U>&#148; means, with respect to any Guarantor,
(a)&nbsp;any Hedge Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Hedge Obligation (or any Guarantee thereof) is or becomes illegal
under the Commodity Exchange Act or any rule, regulation, or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof)&nbsp;(i) by virtue of such Guarantor&#146;s failure to constitute an
&#147;eligible contract participant,&#148; as defined in the Commodity Exchange Act and the regulations thereunder (determined after giving effect to any applicable keepwell, support, or other agreement for the benefit of such Guarantor and any and
all applicable Guarantees of such Guarantor&#146;s Hedge Obligations by other Loan Parties), at the time the Guarantee of (or grant of such security interest by, as applicable) such Guarantor becomes or would become effective with respect to such
Hedge Obligation or (ii)&nbsp;in the case of a Hedge Obligation that is subject to a clearing requirement pursuant to Section&nbsp;2(h) of the Commodity Exchange Act, because such Guarantor is a &#147;financial entity,&#148; as defined in
Section&nbsp;2(h)(7)(C) of the Commodity Exchange Act, at the time the Guarantee of (or grant of such security interest by, as applicable) such Guarantor becomes or would become effective with respect to such Hedge Obligation or (b)&nbsp;any other
Hedge Obligation designated as an &#147;<U>Excluded Hedge Obligation</U>&#148; of such Guarantor as specified in any agreement between the relevant Loan Parties and Hedge Bank applicable to such Hedge Obligations. If a Hedge Obligation arises under
a Master Agreement governing more than one Hedge Contract, such exclusion shall apply only to the portion of such Hedge Obligation that is attributable to the Hedge Contract for which such Guarantee or security interest is or becomes excluded in
accordance with the first sentence of this definition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Information</U>&#148; means any
<FONT STYLE="white-space:nowrap">non-public</FONT> information with respect to the Borrower or any of its Subsidiaries to the extent such information could have a material effect upon, or otherwise be material to, an assigning Lender&#146;s decision
to assign Loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Subsidiary</U>&#148; means any Subsidiary of the Borrower (a)&nbsp;that is a FSHCO, (b)&nbsp;that is a
CFC, (c)&nbsp;that is a direct or indirect Subsidiary of a CFC or FSHCO, (d)&nbsp;that is or has been Designated as an Unrestricted Subsidiary, (e)&nbsp;that is not permitted by law or regulation to provide a Guarantee of the Obligations or would
require governmental or regulatory consent, approval, license or authorization to provide such Guarantee (unless such consent, approval, license or authorization has been received), (f) an Immaterial Domestic Subsidiary, (g)&nbsp;any Restricted
Subsidiary acquired after the Closing Date which is prohibited by Contractual Obligation (including the terms of any Acquired Indebtedness) on the date such Subsidiary is acquired (so long as such Subsidiary does not become subject to such
prohibition in contemplation of such acquisition) to the extent, and for so long as, such contractual provision or Acquired Indebtedness prohibits such Subsidiary from becoming a Guarantor, or (h)&nbsp;with respect to which, in the reasonable
judgment of the Administrative Agent, the cost or other consequences of providing a Guarantee of the Obligations and security for the Obligations would be excessive in relation to the benefits to be obtained by the Secured Parties therefrom. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Taxes</U>&#148; means, with respect to any payment made by any Loan Party under this Agreement or any other Loan Document,
any of the following Taxes imposed on or with respect to a Recipient: (a)&nbsp;income, franchise or similar Taxes imposed on (or measured by) its net income by the jurisdiction under the laws of which it is organized or in which its principal office
is located, or in which it is doing business, or, in the case of any Lender, in which its applicable lending office is located, or that are Other Connection Taxes, (b)&nbsp;any branch profits Taxes imposed by a jurisdiction in
<U>clause</U><U></U><U>&nbsp;(a)</U>, (c)&nbsp;in the case of a Lender (other than an assignee pursuant to a request by the Borrower under <U>Section</U><U></U><U>&nbsp;2.18(b)</U>), any U.S. federal withholding Taxes imposed under any Law in effect
on the date such Lender becomes a party to this Agreement (or designates a new lending office), except to the extent that such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to
receive additional amounts from any Loan Party with respect to such withholding Taxes pursuant to <U>Section</U><U></U><U>&nbsp;2.16</U>, (d)&nbsp;Taxes attributable to such Lender&#146;s failure to comply with
<U>Section</U><U></U><U>&nbsp;2.16(e)</U>, and (e)&nbsp;any Taxes imposed under FATCA. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Executive Officer</U>&#148; means, as to any Person, any individual holding the
position of chairman of the Board of Directors, president, chief executive officer, chief financial officer, chief operating officer, chief compliance officer, executive vice president &#150; finance, chief legal officer of such Person or any other
executive officer of such Person having substantially the same authority and responsibility as any of the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Existing
Debt Refinancing</U>&#148; means the payment in full, and satisfaction and discharge of, all Indebtedness under (a)&nbsp;that certain Loan Agreement, dated September&nbsp;28, 2018 (as amended, restated, supplemented or otherwise modified from time
to time), by and among PHI, Inc., as borrower, certain subsidiaries of PHI, Inc. as guarantors party thereto, and Thirty Two, L.L.C., as lender and (b)&nbsp;that certain financing agreement, dated March&nbsp;13, 2019 (as amended, restated,
supplemented or otherwise modified from time to time), by and among PHI, Inc., as borrower, certain subsidiaries of PHI, Inc. as guarantors party thereto, the lenders from time to time party thereto, and Blue Torch Finance L.L.C., as administrative
agent and collateral agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exposure</U>&#148; means, with respect to any Lender, as of any date of determination, the
outstanding principal amount of the Loans of such Lender; <U>provided</U> that, at any time prior to the making of the Loans, the Exposure of any Lender shall be equal to such Lender&#146;s Commitment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Extended Loans</U>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;2.20(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Extended Maturity Date</U>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;2.20(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Extending Lenders</U>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;2.20(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Extension Effective Date</U>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;2.20(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Extension Request</U>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;2.20(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Facility</U>&#148; means any real property (including all buildings, fixtures or other improvements located thereon) now, hereafter
or heretofore owned, leased, operated or used by the Borrower or any of its Subsidiaries or any of their respective predecessors or Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fair Market Value</U>&#148; means, with respect to any asset or Investment, the price (after taking into account any liabilities
relating to such asset or Investment) that would be negotiated in an <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> transaction for cash between a willing seller and a willing and able buyer, neither of which is under any compulsion to
complete the transaction, as such price is determined in good faith by (a)&nbsp;if such price is less than $5,000,000, any Responsible Officer of the Borrower, (b)&nbsp;if such price is $5,000,000 or more, the Board of Directors of the Borrower or a
duly authorized committee thereof as evidenced by a resolution of such Board of Directors or committee and (c)&nbsp;if such price is $20,000,000 or more, an opinion or appraisal issued by an independent accounting, appraisal or investment banking
firm of national standing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>FATCA</U>&#148; means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or
any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section&nbsp;1471(b)(1)
of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreements, treaty or convention among Governmental Authorities and implementing such Sections of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>FCPA</U>&#148; means the U.S. Foreign Corrupt Practices Act (15 U.S.C.
<FONT STYLE="white-space:nowrap">&#167;&#167;&nbsp;78dd-1</FONT> et seq.). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Federal Funds Effective Rate</U>&#148; means, for any day, the rate per annum equal
to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided, that the Federal
Funds Effective Rate, if negative, shall be deemed to be 0.00%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Financial Officer</U>&#148; means, with respect to any Person,
the chief financial officer, principal accounting officer, treasurer or controller of such Person (or any other officer acting in substantially the same capacity as the foregoing). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Flood Insurance Laws</U>&#148; means, collectively, (i)&nbsp;the National Flood Insurance Act of 1968 as now or hereafter in effect
or any successor statute thereto, (ii)&nbsp;the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (iii)&nbsp;the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any
successor statute thereto, (iv)&nbsp;the Flood Insurance Reform Act of 2004 as now or hereafter in effect of any successor statute thereto, in each case, together with all statutory and regulatory provisions consolidating, amending, replacing,
supplementing, implementing or interpreting any of the foregoing, as amended or modified from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Foreign
Currency</U>&#148; means an official national currency (including the Euro) of any nation other than the United States and which constitutes freely transferable and lawful money under the laws of the country or countries of issuance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Foreign Lender</U>&#148; means any Lender (or, if Lender is classified as &#147;disregarded as an entity separate from its
owner&#148; within the meaning of <FONT STYLE="white-space:nowrap">Section&nbsp;301.7701-3(a)</FONT> of the U.S. Treasury Regulations, the tax owner of any Lender) that is not a U.S. Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Foreign Subsidiary</U>&#148; means any Subsidiary of the Borrower which is not organized under the laws of (x)&nbsp;the United States
or any state thereof or (y)&nbsp;the District of Columbia. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Four</U><U><FONT STYLE="white-space:nowrap">-Quarter</FONT>
Period</U>&#148; means the most recent period of four consecutive fiscal quarters of the Borrower for which financial statements are required to be delivered pursuant to <U>Section</U><U></U><U>&nbsp;5.01(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>FSHCO</U>&#148; has the meaning assigned to such term in the definition of &#147;Excluded Equity Interests&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>GAAP</U>&#148; means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of
the accounting profession of the United States, as in effect on the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governmental Approvals</U>&#148; means all
authorizations, consents, approvals, permits, licenses and exemptions of, registrations and filings with, and reports to, Governmental Authorities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governmental Authority</U>&#148; means the government of the United States of America, any other nation or any political subdivision
thereof, whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government (including any <FONT STYLE="white-space:nowrap">supra-national</FONT> body exercising such powers or functions, such as the European Union or the European Central Bank). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Guarantee</U>&#148; of or by any Person (the &#147;<U>guarantor</U>&#148;) means
any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the &#147;<U>primary obligor</U>&#148;) in any manner, whether directly or
indirectly, and including any obligation of the guarantor, direct or indirect, (a)&nbsp;to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply
funds for the purchase of) any security for the payment thereof, (b)&nbsp;to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c)&nbsp;to
maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d)&nbsp;as an account party in respect of
any letter of credit or letter of guaranty issued to support such Indebtedness or other obligation; <U>provided</U> that the term &#147;<U>Guarantee</U>&#148; shall not include endorsements for collection or deposit in the ordinary course of
business. The amount, as of any date of determination, of any Guarantee shall be the principal amount outstanding on such date of Indebtedness or other obligation guaranteed thereby (or, in the case of (i)&nbsp;any Guarantee the terms of which limit
the monetary exposure of the guarantor or (ii)&nbsp;any Guarantee of an obligation that does not have a principal amount, the maximum monetary exposure as of such date of the guarantor under such Guarantee (as determined, in the case of
<U>clause</U><U></U><U>&nbsp;(i)</U>, pursuant to such terms or, in the case of <U>clause</U><U></U><U>&nbsp;(ii)</U>, reasonably and in good faith by the chief financial officer of the Borrower)). &#147;<U>Guaranteed</U>&#148; and
&#147;<U>Guarantees</U>&#148; have the meanings corollary thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Guarantors</U>&#148; means, collectively, (a)&nbsp;each
Restricted Subsidiary of the Borrower on the Closing Date (other than Excluded Subsidiaries), (b) each other Person that is required to become a Guarantor by the terms of this Agreement after the Closing Date, and (c)&nbsp;solely in respect of any
Secured Commodity Hedge Agreement, Secured Loan Document Hedge Agreement or Treasury Services Agreement to which the Borrower is not a party, the Borrower, in each case, until such Person is released from its Loan Guarantee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hazardous Materials</U>&#148; means any chemical, waste, material or substance, which is classified, characterized or regulated by
any Governmental Authority or under Environmental Laws, including but not limited to petroleum, petroleum hydrocarbons or petroleum products, petroleum <FONT STYLE="white-space:nowrap">by-products,</FONT> asbestos, asbestos containing materials,
polychlorinated biphenyls, chlorofluorocarbons, radon gas or toxic mold. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hazardous Materials Activity</U>&#148; means any past,
current, proposed or threatened activity, event or occurrence involving any Hazardous Materials, including the use, possession, storage, holding, presence, existence, location, Release, threatened Release, discharge, placement, generation,
transportation, processing, construction, treatment, abatement, removal, remediation, disposal, disposition or handling of any Hazardous Materials, and any corrective action or response action with respect to any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedge Bank</U>&#148; means any Person that was (a)&nbsp;an Agent, (b)&nbsp;a Lead Arranger, (c)&nbsp;a Lender, or (d)&nbsp;an
Affiliate of any Agent or a Lender, in each case, at the time it entered into a Secured Loan Document Hedge Agreement in its capacity as a party thereto and, in each case, (other than a Person already party hereto as a Lender) that delivers to the
Administrative Agent and the Collateral Agent a letter agreement reasonably satisfactory to the Administrative Agent and the Collateral Agent (x)&nbsp;appointing the Collateral Agent as its agent under the applicable Loan Documents and
(y)&nbsp;agreeing to be bound by Article VIII, Section&nbsp;10.03, Section&nbsp;10.09 and Section&nbsp;10.10 as if it were a Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedge Contract</U>&#148; means (a)&nbsp;any and all rate swap transactions, Interest Rate Hedge Agreements, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or
forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot
contracts, Commodity Hedge Agreements, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is
</P>
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governed by or subject to any Master Agreement, and (b)&nbsp;any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by,
any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other similar master agreement (any such master agreement, together with any related
schedules, a &#147;<U>Master Agreement</U>&#148;), including any such obligations or liabilities under any Master Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedge Obligations</U>&#148; means, with respect to any Person, any obligation of such Person to pay or perform under any Hedge
Contract. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedge Termination Value</U>&#148; means, in respect of any one or more Hedge Contracts, after taking into account the
effect of any legally enforceable netting agreement relating to such Hedge Contracts, (a)&nbsp;for any date on or after the date such Hedge Contracts have been closed out and termination value(s) determined in accordance therewith, such termination
value(s), and (b)&nbsp;for any date prior to the date referenced in clause (a), the amount(s) determined as the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> value(s) for such Hedge Contracts, as
determined based upon one or more <FONT STYLE="white-space:nowrap">mid-market</FONT> or other readily available quotations provided by any recognized dealer in such Hedge Contracts (which may include a Lender or any Affiliate of a Lender). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>HNZ Group</U>&#148; means each entity or entities created or acquired to undertake the offshore businesses acquired from HNZ Group,
Inc. and each subsidiary of each of the foregoing. As of the Closing Date, the HNZ Group consists of HNZ Australia Holdings Pty Limited, HNZ Australia Pty Limited, <FONT STYLE="white-space:nowrap">PHI-HNZ</FONT> Australia Pty Limited, Petroleum
Helicopters Australia Pty Limited, PHI New Zealand HoldCo Limited, HNZ New Zealand Limited, PHI International HoldCo Private Limited, and HNZ Singapore Private Limited. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Immaterial Domestic Subsidiary</U>&#148; means any Domestic Subsidiary of the Borrower (other than a Subsidiary that is the Borrower
or a Subsidiary that is a Guarantor on the Closing Date) designated by the Borrower in writing as an Immaterial Domestic Subsidiary which has assets with a net book value of $3,000,000 or less and annual revenues of $3,000,000 or less; provided that
all Domestic Subsidiaries so designated as Immaterial Domestic Subsidiary may not have at any time, in the aggregate, assets with a net book value exceeding $10,000,000 or annual revenues exceeding $10,000,000; and in the event such thresholds are
exceeded at any time, and the Borrower does not promptly deliver to Administrative Agent a written notice asserting that such Domestic Subsidiary shall no longer be deemed an Immaterial Domestic Subsidiary, then the most recently designated
Immaterial Domestic Subsidiary shall no longer be deemed an Immaterial Domestic Subsidiary. All of the Immaterial Domestic Subsidiaries as of the Closing Date are listed on Schedule 1.01(a) and designated thereon as Immaterial Domestic Subsidiaries.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Incremental Amount</U>&#148; means, at any time, the sum of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) $10,000,000; <U>plus</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the aggregate of the principal amount of any voluntary prepayments of, and debt buybacks (limited to the amount of cash
paid) with respect to, the Loans or any Incremental Loans except to the extent funded with proceeds of Credit Agreement Refinancing Indebtedness, Incremental Equivalent Debt or other long-term Indebtedness; <U>less</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the sum of (x)&nbsp;the aggregate amount of all Incremental Loan Commitments or other Indebtedness established prior to
such time pursuant to <U>Section</U><U></U><U>&nbsp;2.04</U> <U>plus</U> (y)&nbsp;the aggregate amount of Indebtedness issued in reliance on <U>Section</U><U></U><U>&nbsp;6.01(o)(i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Incremental Equivalent Debt</U>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;6.01(o)(i)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Incremental Term Borrowing</U><I>&#148;</I><B> </B>means a Borrowing comprised of
Incremental Loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Incremental Term Lender</U>&#148; means a Lender with an Incremental Loan Commitment or an outstanding
Incremental Loan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Incremental Loan Assumption Agreement</U>&#148; means an Incremental Loan Assumption Agreement among, and in
form and substance reasonably satisfactory to, the Borrower, the Administrative Agent and one or more Incremental Term Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Incremental Loan Commitment</U>&#148; means the commitment of any Lender, established pursuant to Section&nbsp;2.04, to make
Incremental Loans to the Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Incremental Loan Maturity Date</U>&#148; means the final maturity date of any Incremental
Loan, as set forth in the applicable Incremental Loan Assumption Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>&#147;</I></B><U>Incremental Loan Repayment
Dates</U>&#148; means the dates scheduled for the repayment of principal of any Incremental Loan, as set forth in the applicable Incremental Loan Assumption Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Incremental Loans</U>&#148; means Loans made by one or more Lenders to the Borrower pursuant to Section&nbsp;2.01(b). Incremental
Loans may be made in the form of additional Loans or, to the extent permitted by Section&nbsp;2.04 and provided for in the relevant Incremental Loan Assumption Agreement, Other Loans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indebtedness</U>&#148; of any Person at any date means, without duplication: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) all liabilities, contingent or otherwise, of such Person for borrowed money (whether or not the recourse of the lender is to the whole of
the assets of such Person or only to a portion thereof); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) all obligations of such Person evidenced by bonds, debentures, notes or other
similar instruments excluding trade payables and accrued expenses incurred by such Person in the ordinary course of business that are not past due more than 90 days after the date on which such accounts payable, accrued expenses, liabilities or
other obligations were created or incurred unless being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) all obligations of such Person in respect of the face amount of letters of credit or other similar instruments (or reimbursement
obligations with respect thereto); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) all obligations of such Person to pay the deferred and unpaid purchase price of property or
services, except trade payables and accrued expenses incurred by such Person in the ordinary course of business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) the maximum fixed
redemption price of all Disqualified Equity Interests of such Person; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) all Capitalized Lease Obligations of such Person; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) all Indebtedness of others secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person,
<U>provided</U> that Indebtedness of the Borrower or its Subsidiaries that is secured by a Lien shall only be counted once in the calculation of the amount of Indebtedness of the Borrower and its Subsidiaries on a consolidated basis; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) all Indebtedness of others guaranteed by such Person to the extent of such Guarantee; <U>provided</U> that Indebtedness of the Borrower or
its Subsidiaries that is guaranteed by the Borrower or the Borrower&#146;s Subsidiaries shall only be counted once in the calculation of the amount of Indebtedness of the Borrower and its Subsidiaries on a consolidated basis; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) all Attributable Indebtedness; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) to the extent not otherwise included in this definition, the net Hedge Obligations of such Person; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) all obligations of such Person under conditional sale or other title retention agreements relating to assets purchased by such Person.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of calculating the amount of any <FONT STYLE="white-space:nowrap">non-interest</FONT> bearing or other discount security,
such Indebtedness shall be deemed to be the principal amount thereof that would be shown on the balance sheet of the issuer thereof dated such date prepared in accordance with GAAP, but such security shall be deemed to have been incurred only on the
date of the original issuance thereof. The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described above, the maximum liability of such Person for any such
contingent obligations at such date and, in the case of <U>clause</U><U></U><U>&nbsp;(7)</U>, the lesser of (a)&nbsp;the Fair Market Value of any asset subject to a Lien securing the Indebtedness of others and (b)&nbsp;the amount of the Indebtedness
secured. For purposes of <U>clause</U><U></U><U>&nbsp;(5)</U>, the &#147;<U>maximum fixed redemption or repurchase price</U>&#148; of any Disqualified Equity Interests that do not have a fixed redemption price shall be calculated in accordance with
the terms of such Disqualified Equity Interests as if such Disqualified Equity Interests were redeemed on any date on which an amount of Indebtedness outstanding shall be required to be determined pursuant to this Agreement. The amount of any net
obligation under any Hedge Contract on any date shall be deemed to be the Hedge Termination Value thereof as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition,
&#147;Indebtedness&#148; of any Person shall include Indebtedness described in the preceding paragraph that would not appear as a liability on the balance sheet of such Person if there is recourse, by contract or operation of law, with respect to
the payment of such Indebtedness to property or assets of such Person or a Restricted Subsidiary of such Person; and then such Indebtedness shall be included in an amount not to exceed: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) the amount of such Indebtedness to the extent that there is recourse, by contract or operation of law, to the property or assets of such
Person or a Restricted Subsidiary of such Person; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) if less than the amount determined pursuant to
<U>clause</U><U></U><U>&nbsp;(a)</U>&nbsp;immediately above, the actual amount of such Indebtedness that is recourse to such Person or a Restricted Subsidiary of such Person, if the Indebtedness is evidenced by a writing and is for a determinable
amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnified Taxes</U>&#148; means (a)&nbsp;Taxes, other than Excluded Taxes, imposed on or with respect to any payment
made by any Loan Party under this Agreement or any other Loan Document and (b)&nbsp;to the extent not otherwise described in (a), Other Taxes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnitee</U>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;10.03(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Independent Director</U>&#148; means a director of the Borrower who: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) is independent with respect to the transaction at issue; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) does not have any material financial interest in the Borrower or any of its Affiliates (other than as a result of holding securities of the
Borrower); and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) has not and whose Affiliates or affiliated firm has not, at any time during the twelve
months prior to the taking of any action hereunder, directly or indirectly, received, or entered into any understanding or agreement to receive, any compensation, payment or other benefit, of any type or form, from the Borrower or any of its
Affiliates, other than customary directors&#146; fees for serving on the Board of Directors of the Borrower or any Affiliate and reimbursement of <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses
for attendance at the Borrower&#146;s or Affiliate&#146;s board and board committee meetings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Independent Financial
Advisor</U>&#148; means an accounting, appraisal or investment banking firm of nationally recognized standing that is, in the reasonable judgment of the Borrower&#146;s Board of Directors, qualified to perform the task for which it has been engaged
and disinterested and independent with respect to the Borrower and its Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Initial Currency</U>&#148; has the meaning
assigned to such term in the definition of &#147;Exchange Rate&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>International Interest</U>&#148; means an
&#147;international interest&#148; as defined in the Cape Town Convention. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interest Election Request</U>&#148; means a request
by the Borrower to convert or continue a Borrowing in accordance with <U>Section</U><U></U><U>&nbsp;2.06</U>, which shall be, in the case of any such written request, in the form of <U>Exhibit</U><U></U><U>&nbsp;D</U> or any other form approved by
the Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interest Payment Date</U>&#148; means (a)&nbsp;with respect to any ABR Loan, the last Business Day of
each March, June, September and December, and (b)&nbsp;with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest
Period of more than three months&#146; duration, such day or days prior to the last day of such Interest Period as shall occur at intervals of three months&#146; duration after the first day of such Interest Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interest Period</U>&#148; means,&nbsp;with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing
and ending on the numerically corresponding day in the calendar month that is one, three or six&nbsp;months thereafter (or, if agreed to by each Lender participating therein, twelve months thereafter), as the Borrower may elect; <U>provided</U> that
(a)&nbsp;if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case
such Interest Period shall end on the next preceding Business Day, and (b)&nbsp;any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar
month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period, and (c)&nbsp;no Interest Period shall extend beyond the Maturity Date. For purposes hereof, the date of a Borrowing initially shall
be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interest Rate Hedge Agreements</U>&#148; means any interest rate swap agreement, interest rate cap agreement, interest rate collar
agreement, interest rate hedging agreement or other similar agreement or arrangement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>International Registry</U>&#148; means the
International Registry of Mobile Assets located in Dublin, Ireland and established pursuant to the Cape Town Convention, along with any successor registry thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>International Registry Procedures</U>&#148; means the official English language text of the procedures for the International Registry
issued by the supervisory authority thereof pursuant to the Convention and the Aircraft Protocol, as the same may be amended or modified from time to time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>International Registry Regulations</U>&#148; means the official English language
text of the regulations for the International Registry issued by the supervisory authority thereof pursuant to the Convention and the Aircraft Protocol, as the same may be amended or modified from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Investment</U>&#148; of any Person means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) all direct or indirect investments by such Person in any other Person in the form of loans, advances or capital contributions or other
credit extensions constituting Indebtedness of such other Person, and any Guarantee of Indebtedness of any other Person; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) all purchases
(or other acquisitions for consideration) by such Person of Indebtedness, Equity Interests or other securities of any other Person; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)
all other items that would be classified as investments on a balance sheet of such Person prepared in accordance with GAAP; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the
Designation of any Subsidiary acquired, formed or otherwise created after the Closing Date as an Unrestricted Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as
otherwise expressly specified in this definition, the amount of any Investment (other than an Investment made in cash) shall be the Fair Market Value thereof on the date such Investment is made. The amount of Investment pursuant to
<U>clause</U><U></U><U>&nbsp;(4)</U>&nbsp;shall be the Designation Amount determined in accordance with <U>Section</U><U></U><U>&nbsp;5.18</U> of this Agreement. If the Borrower or any Subsidiary sells or otherwise disposes of any Equity Interests
of any direct or indirect Subsidiary such that, after giving effect to any such sale or disposition, such Person is no longer a Subsidiary, the Borrower shall be deemed to have made an Investment on the date of any such sale or other disposition
equal to the Fair Market Value of the Equity Interests of and all other Investments in such Subsidiary not sold or disposed of. The acquisition by the Borrower or any Restricted Subsidiary of a Person that becomes a Restricted Subsidiary and that
holds an Investment in a third Person shall be deemed to be an Investment by the Borrower or such Restricted Subsidiary in the third Person in an amount equal to the Fair Market Value of the Investment held by the acquired Person in the third
Person. Notwithstanding the foregoing, purchases or other redemptions of Equity Interests of the Borrower shall be deemed not to be Investments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>IRS</U>&#148; means the United States Internal Revenue Service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Junior Indebtedness</U>&#148; means, collectively, any Indebtedness of the Borrower or any Restricted Subsidiary (other than the HNZ
Group) that is (x)&nbsp;secured by a Lien that is junior in priority to the Lien securing the Obligations, (y)&nbsp;by its terms subordinated in right of payment to all or any portion of the Obligations or (z)&nbsp;unsecured. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Knowledge</U>&#148; of any Person in respect of any item means that such Person has actual knowledge of such item or, based upon such
Person&#146;s position, that such Person should reasonably have known of such item. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Latest Maturity Date</U>&#148; means, as of
any date of determination, the latest Maturity Date applicable to any Lender hereunder as of such date of determination, as extended in accordance with this Agreement from time to time. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Laws</U>&#148; means, with respect to any Person, (i)&nbsp;the common law and any
federal, state, provincial, territorial, local, foreign, multinational or international statutes, laws, treaties, judicial decisions, standards, rules and regulations, guidances, guidelines, ordinances, rules, judgments, writs, orders, decrees,
codes, plans, injunctions, permits, concessions, grants, franchises, governmental agreements and governmental restrictions (including administrative or judicial precedents or authorities), in each case whether now or hereafter in effect, and
(ii)&nbsp;the interpretation or administration thereof by, and other determinations, directives, requirements or requests of, any Governmental Authority, in each case whether or not having the force of law and that are applicable to or binding upon
such Person or any of its property or to which such Person or any of its property is subject. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lead Arranger</U>&#148; means
Credit Suisse Loan Funding LLC, in its capacity as sole lead arranger and bookrunner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lenders</U>&#148; means the Persons listed
on <U>Schedule</U><U></U><U>&nbsp;2.01</U> and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption other than any such Person that shall have ceased to be a party hereto pursuant to an Assignment and
Assumption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>LIBO Rate</U>&#148; means, with respect to any Eurocurrency Borrowing for any Interest Period, the London interbank
offered rate as administered by ICE Benchmark Administration (or any other Person which takes over the administration of such rate) for deposits of dollars for such Interest Period that appears on the applicable Bloomberg screen (or, to the extent
such page ceases to be available, on any successor or substitute page of such service or any successor to such page as determined by Administrative Agent) at approximately 11:00&nbsp;a.m., London time, two (2)&nbsp;Business Days prior to the
commencement of such Interest Period (the &#147;<U>LIBO Screen Rate</U>&#148;). In the event that such LIBO Screen Rate is not available at such time for any reason, then the &#147;<U>LIBO Rate</U>&#148; with respect to such Eurocurrency Borrowing
for such Interest Period shall be the rate per annum quoted to the Administrative Agent to be the average at which dollar deposits for a maturity comparable to such Interest Period are offered to major banks in the London interbank market at
approximately 11:00&nbsp;a.m., London time, two (2)&nbsp;Business Days prior to the commencement of such Interest Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>LIBO
Screen Rate</U>&#148; has the meaning assigned to such term in the definition of &#147;LIBO Rate.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lien</U>&#148; means,
with respect to any asset, any mortgage, deed of trust, lien (statutory or other), pledge, lease, easement, restriction, covenant, charge, security interest or other encumbrance of any kind or nature in respect of such asset, whether or not filed,
recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, and any lease in the nature thereof, any option or other agreement to sell granted as credit support for any Indebtedness and
any filing of any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction (other than cautionary filings in respect of operating leases). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Liquidity</U>&#148; means, as of any date of determination, the sum of (i)&nbsp;the aggregate amount of unrestricted cash and Cash
Equivalents of Borrower and its Restricted Subsidiaries and (ii)&nbsp;the maximum aggregate principal amount of loans that could be borrowed by the Borrower on such date under the ABL Facility (taking into account the Borrower&#146;s ability to
satisfy any conditions to borrowing applicable thereto). For purposes of determining Liquidity for any purpose hereunder, any unrestricted cash and Cash Equivalents of Borrower and its Restricted Subsidiaries denominated in a Foreign Currency shall
be included in the calculation of Liquidity in the amount of their U.S.&nbsp;Dollar Equivalents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loan</U>&#148; means a loan
made by a Lender to the Borrower pursuant to <U>Section</U><U></U><U>&nbsp;2.01(a)</U>. Unless the context shall otherwise require, the term &#147;Loans&#148; shall include any Incremental Loans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loan Documents</U>&#148; means this Agreement, the Security Documents and, except for purposes of
<U>Section</U><U></U><U>&nbsp;10.02</U>, any promissory notes delivered pursuant to <U>Section</U><U></U><U>&nbsp;2.08(c)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loan Guarantees</U>&#148; means the Guarantee of the Obligations by the Guarantors,
pursuant to <U>Article</U><U></U><U>&nbsp;IX</U> of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loan Liens</U>&#148; means all Liens, granted in favor of
the Collateral Agent for its benefit and for the benefit of the Secured Parties, on Collateral securing the Obligations and any Permitted Pari Lien Debt. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loan Parties</U>&#148; means, collectively, the Borrower and the Guarantors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Local Time</U>&#148; means New York City time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Make-Whole Amount</U>&#148; means the greater of: (a) 1.0% of the principal amount of the Loans repaid, prepaid, accelerated or
assigned and (b)&nbsp;the excess of: (i)&nbsp;the present value at such date of repayment, prepayment or assignment of (A) 2.0% of the principal amount of the Loans repaid, prepaid, accelerated or assigned on or before the first anniversary of the
Closing Date plus (B)&nbsp;the aggregate interest that would have accrued on such Loans from the date of such repayment, prepayment or assignment (assuming that the rate for Eurocurrency Loans prevailing at the time of the notice of repayment,
prepayment or assignment applies throughout such period) through the first anniversary of the Closing Date (excluding accrued but unpaid interest to the date of such repayment, prepayment or assignment), computed using a discount rate equal to the
Treasury Rate plus 50 basis points discounted to the repayment, prepayment or assignment date on a semi-annual basis (assuming a 360 day year consisting of twelve 30 day months), over (ii)&nbsp;the principal amount of such Loans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Master Agreement</U>&#148; has the meaning assigned to such term in the definition of &#147;Hedge Contract&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Material Adverse Effect</U>&#148; means an event or condition (other than (i)&nbsp;any event, effect or consequence arising out of or
related to the filing of the Chapter 11 Cases, (ii)&nbsp;the assumption, rejection or replacement of contracts pursuant to the Chapter 11 Cases, and (iii)&nbsp;the transactions occurring pursuant to the Plan of Reorganization) that has resulted, or
could reasonably be expected to result, in a material adverse effect on (a)&nbsp;the business, assets, liabilities, operations or financial condition of the Borrower and the other Subsidiaries, taken as a whole, (b)&nbsp;the ability of any Loan
Party to perform any of its payment obligations under any Loan Document or (c)&nbsp;the rights of or benefits available to the Lenders under any Loan Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Material Agreement</U>&#148; means any agreement, contract or instrument to which any Loan Party is a party or by which any Loan
Party or any of its properties is bound (i)&nbsp;pursuant to which any Loan Party is required to make payments or other consideration, or will receive payments or other consideration, in excess of $25,000,000 in any
<FONT STYLE="white-space:nowrap">12-month</FONT> period, (ii)&nbsp;governing, creating, evidencing or relating to Material Indebtedness of any Loan Party or (iii)&nbsp;the termination or suspension of which, or the failure of any party thereto to
perform its obligations thereunder, could reasonably be expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Material
Indebtedness</U>&#148; means Indebtedness (other than Loans), or obligations in respect of one or more Hedge Obligations, of any one or more of the Borrower or any Restricted Subsidiary in an aggregate principal amount exceeding $20,000,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Material Real Property</U>&#148; means any real property interests held by any Loan Party which has a fair market value in excess of
$2,500,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Maturity Date</U>&#148; means September&nbsp;4, 2024, subject to extension (in the case of each Lender consenting
thereto) as provided in <U>Section</U><U></U><U>&nbsp;2.20</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Maximum Rate</U>&#148; has the meaning assigned to such term in
<U>Section</U><U></U><U>&nbsp;10.13</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>MNPI</U>&#148; means material information concerning the Borrower and the other
Subsidiaries and their securities that has not been disseminated in a manner making it available to investors generally, within the meaning of Regulation FD under the Securities Act and the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Moody</U><U>&#146;</U><U>s</U>&#148; means Moody&#146;s Investors Service, Inc., and any successor to its rating agency business.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Mortgaged Properties</U>&#148; means the owned real properties and each other parcel of real property and improvements thereto
of each Loan Party with respect to which a Mortgage is granted.<SUP STYLE="font-size:85%; vertical-align:top"> </SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Mortgages</U>&#148; means the mortgages, deeds of trust, leasehold mortgages, assignments of leases and rents, modifications and
other security documents delivered pursuant to <U>Section</U><U></U><U>&nbsp;4.01(j)</U> or <U>Section</U><U></U><U>&nbsp;5.17</U>, substantially in the form of <U>Exhibit</U><U> E</U> (with such changes thereto as shall be advisable under the Laws
of the jurisdiction in which such mortgage or deed of trust is to be recorded), as the same may be amended, supplemented, replaced or otherwise modified from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Multiemployer Plan</U>&#148; means a multiemployer plan as defined in Section&nbsp;4001(a)(3)&nbsp;of ERISA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Net Proceeds</U>&#148; means, (a)&nbsp;in the case of any incurrence of Indebtedness, (i)&nbsp;the cash proceeds received in respect
of such Indebtedness, but only as and when received, net of (ii)&nbsp;the sum, without duplication, of all reasonable fees and out of pocket expenses (including, reasonable attorney&#146;s fees, investment banking fees, survey costs, title insurance
premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses and brokerage, consultant, and other customary fees) paid in connection with such event by the Borrower and the Restricted
Subsidiaries to a third party and (b)&nbsp;in the case of any Asset Sale, the proceeds thereof in the form of cash or Cash Equivalents, net of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) brokerage commissions and other fees and expenses (including fees and expenses of legal counsel, accountants and investment banks) of such
Asset Sale; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) provisions for taxes payable as a result of such Asset Sale (after taking into account any available tax credits or
deductions and any tax sharing arrangements); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) amounts required to be paid to any Person (other than the Borrower or any Restricted
Subsidiary) owning a beneficial interest in the assets subject to the Asset Sale or having a Lien thereon or in order to obtain a necessary consent to such Asset Sale or release of such Lien; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) payments of unassumed liabilities (including Indebtedness) relating to the assets sold at the time of, or within 30 days after the date of,
such Asset Sale; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) appropriate amounts to be provided by the Borrower or any Restricted Subsidiary, as the case may be, as a reserve
required in accordance with GAAP against any liabilities associated with such Asset Sale and retained by the Borrower or any Restricted Subsidiary, as the case may be, after such Asset Sale, including pensions and other postemployment benefit
liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale, all as reflected in an Officer&#146;s Certificate delivered to the Administrative Agent;
<U>provided</U>, <U>however</U>, that any amounts remaining after adjustments, revaluations or liquidations of such reserves shall constitute Net Proceeds; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) amounts required to be held in escrow to secure payment of indemnity or other obligations, until such amounts are released. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Net Proceeds Account</U>&#148; means a deposit or securities account established to
hold Net Proceeds from any Asset Sale (including the Air Medical Segment Sale) pending reinvestment pursuant to <U>Section</U><U></U><U>&nbsp;2.10(c)</U> or <U>2.10(d)</U>, as applicable, with respect to which the Borrower has entered into a
customary account control agreement, in favor of the Collateral Agent and in form and substance reasonably satisfactory to it, providing for &#147;control&#148; (as defined in Sections <FONT STYLE="white-space:nowrap">9-104</FONT> or <FONT
STYLE="white-space:nowrap">8-106</FONT> of the UCC, as applicable). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Net Working Capital</U>&#148; means, at any date,
(a)&nbsp;the consolidated current assets of the Borrower and its Restricted Subsidiaries as of such date (excluding (i)&nbsp;cash and Investments permitted under <U>Section</U><U></U><U>&nbsp;6.03</U>, (ii)&nbsp;loans to third parties permitted
hereunder, (iii)&nbsp;deferred bank fees and derivative financial instruments related to Indebtedness and (iv)&nbsp;deferred income taxes) <U>minus</U> (b)&nbsp;the consolidated current liabilities of the Borrower and its Restricted Subsidiaries as
of such date (excluding (i)&nbsp;current liabilities in respect of Indebtedness, (ii)&nbsp;outstanding loans and letter of credit obligations under any Credit Facility permitted under <U>Section</U><U></U><U>&nbsp;6.01(a)</U>, (iii)&nbsp;accruals of
Consolidated Interest Expense (excluding Consolidated Interest Expense that is due and unpaid), (iv)&nbsp;obligations in respect of derivative financial instruments related to Indebtedness, (v)&nbsp;the current portion of current and deferred income
taxes, (vi)&nbsp;the current portion of any other <FONT STYLE="white-space:nowrap">long-term</FONT> liabilities and (vii)&nbsp;liabilities associated with customer prepayments and deposits). Net Working Capital at any date may be a positive or
negative number. Net Working Capital increases when it becomes more positive or less negative and decreases when it becomes less positive or more negative. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-Consenting</FONT> Lenders</U>&#148; has the meaning assigned to such term in
<U>Section</U><U></U><U>&nbsp;10.02(g)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-Extending</FONT> Lenders</U>&#148; has the
meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;2.20(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Non</U><U><FONT STYLE="white-space:nowrap">-Recourse</FONT> Debt</U>&#148; means Indebtedness of an Unrestricted Subsidiary: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) as to which neither the Borrower nor any Restricted Subsidiary (a)&nbsp;provides credit support of any kind (including any undertaking,
agreement or instrument that would constitute Indebtedness), (b)&nbsp;is directly or indirectly liable as a guarantor or otherwise, or (c)&nbsp;constitutes the lender, except in any case to the extent it would be permitted to make an Investment in
such Unrestricted Subsidiary pursuant to <U>Section</U><U></U><U>&nbsp;6.03</U>&nbsp;hereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) no default with respect to which
(including any rights that the holders thereof may have to take enforcement action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness (other than the Loans) of the Borrower or any
Restricted Subsidiary to declare a default on the other Indebtedness or cause the payment thereof to be accelerated or payable prior to its stated maturity; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) as to which the lenders have been notified in writing that they will not have any recourse to the Equity Interests or other assets of the
Borrower or any Restricted Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Obligations</U>&#148; means (x)&nbsp;all obligations of every nature of each Loan Party
under any Loan Document, including all unpaid principal of and accrued and unpaid interest (including interest, fees and other amounts which, but for the filing of a petition in bankruptcy with respect to the Borrower or any Guarantor would have
accrued on any Obligation, whether or not a claim is allowed against the Borrower or any Guarantor for such interest fees and other amounts in the related bankruptcy proceeding) on the Loans made to the Borrower, all accrued and unpaid fees, premium
(including the Applicable Premium) and all expenses, reimbursements, indemnities and other obligations and liabilities of the Borrower and the Guarantors owed to the Lenders or to any Lender, any Agent or any indemnified party arising under any Loan
Document, (y)&nbsp;all Secured Loan Document Hedge Obligations of each Loan Party and (z)&nbsp;all Cash Management Obligations of each Loan Party. Notwithstanding the foregoing, any Secured Loan Document Hedge Obligations or Cash Management
Obligations shall be secured and guaranteed pursuant to the Collateral Documents and the Guarantee of the Guarantors only to the extent that, and for so long as, the other Obligations are so secured and guaranteed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>OECD</U>&#148; has the meaning assigned to such term in the definition of
&#147;Cash Equivalents.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>OFAC</U>&#148; means the U.S. Department of the Treasury&#146;s Office of Foreign Assets Control.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Officer</U>&#148; means any of the following of the Borrower: any Executive Officer, any Financial Officer, any vice president
or the secretary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Officer&#146;s Certificate</U>&#148; means a certificate signed by one Officer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>OID</U>&#148; shall have the meaning assigned to such term in Section&nbsp;2.04(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Opinion of Counsel</U>&#148; means a written opinion from legal counsel of the Borrower who may be an employee of or counsel for the
Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Connection Taxes</U>&#148; means, with respect to any Recipient, Taxes imposed as a result of a present or
former connection between such Recipient and the jurisdiction imposing such Taxes (other than a connection arising from such Recipient having executed, delivered, enforced, become a party to, performed its obligations under, received payments under,
received or perfected a security interest under, or engaged in any other transaction pursuant to, or enforced by, any Loan Document, or sold or assigned an interest in any Loan Document). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Taxes</U>&#148; means any present or future stamp, court, documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, or from the registration, receipt or perfection of a security interest under, or otherwise with respect to, this Agreement or any other
Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment under <U>Section</U><U></U><U>&nbsp;2.18(b)</U>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Loans</U>&#148; shall have the meaning assigned to such term in Section&nbsp;2.04(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Owner</U>&#148; means, in respect of an Aircraft, Airframe, Engine or Spare Parts as applicable, included as Aircraft Collateral the
Owner of such Aircraft, Airframe or Engine as shown in the most recent Aircraft Collateral Certificate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Part</U>&#148; means
each part, component, line replacement unit, appliance, accessory, instrument or other item of equipment (other than complete Engines or other engines) for the time being installed or incorporated in or attached to the Airframe or an Engine or
which, having been removed therefrom, remains the property of Owner. Not in limitation of the foregoing, &#147;Part&#148; shall include all main and tail rotor blades and all main and tail rotor blade dynamic components associated therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Participant Register</U>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;10.04(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Participants</U>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;10.04(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>PBGC</U>&#148; means the Pension Benefit Guaranty Corporation referred to and defined in ERISA. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Aircraft Liens</U>&#148; means (a)&nbsp;any Permitted Lien, (b)&nbsp;any
Lien of an airport hangarkeeper, mechanic, materialman, carrier, employee or other similar Lien arising in the ordinary course of business by statute or by operation of Law, in respect of obligations that are not overdue or that are being contested
in good faith by appropriate proceedings and in the case of such proceedings so long as adequate cash reserves are maintained in respect of such amounts in accordance with relevant generally accepted accounting principles, (c)&nbsp;any Lien arising
under, or permitted by, a Disclosed Sublease <U>provided</U>, however, that, except with respect to any Disclosed Existing Sublease, any proceedings in respect of any such Lien, or the continued existence of such Lien, do not involve any material
likelihood of the sale, forfeiture or loss of an Aircraft, Airframe, or any Engine or Part, in each case included as Aircraft Collateral, or any interest therein and (d)&nbsp;any &#147;Permitted Lien&#148; as defined in any Aircraft Mortgage. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Business</U>&#148; means (i)&nbsp;commercial helicopter services of all types worldwide, including, without limitation,
helicopter transportation services to the oil and gas, health care and search and rescue industries and helicopter maintenance and repair services, providing air medical transportation for hospitals and for emergency service agencies and including
related <FONT STYLE="white-space:nowrap">fixed-wing</FONT> aircraft and charter services and (ii)&nbsp;businesses that are reasonably related thereto or reasonable extensions thereof, including without limitation all businesses described in the
Borrower&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Collateral Lien</U>&#148; means &#147;Permitted Liens&#148; other than Liens described under <U>clauses</U><U>
</U><U>(15)</U>, <U>(16)</U>, <U>(17)</U>, <U>(18)</U>, <U>(19)</U>, <U>(20)</U>, <U>(21)</U>, <U>(22)</U>, <U>(23)</U>, <U>(26)</U>, and <U>(27)</U>&nbsp;of the definition thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Commodity Hedge Agreement</U>&#148; means any Commodity Hedge Agreement entered into from time to time by any of the
Borrower or any of its Restricted Subsidiaries for <FONT STYLE="white-space:nowrap">non-speculative</FONT> purposes, in each case, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Holder</U>&#148; means any of the following: <FONT STYLE="white-space:nowrap">(a)&nbsp;Q5-R5</FONT> Trading, Ltd., (b)
Oaktree Capital Management, L.P., (c) First Pacific Advisors, LP, (d), Goldman Sachs&nbsp;&amp; Co. LLC, (e)&nbsp;any fund, account or investment vehicle controlled or managed by a Person specified in clauses (a), (b), (c) and (d)&nbsp;of this
definition (a &#147;<U>Primary Permitted Holder</U>&#148;), (f) a controlled Affiliate of a Primary Permitted Holder or the same investment manager or advisor of a Primary Permitted Holder or an Affiliate of such investment manager or advisor, and
(g)&nbsp;any Affiliate of a Primary Permitted Holder, a majority of whose outstanding Voting Stock is, directly or indirectly, held by such Primary Permitted Holder, or any individuals that are Affiliates of a Primary Permitted Holder;
<U>provided</U>, that, notwithstanding the foregoing, &#147;Permitted Holder&#148; shall not include any operating portfolio companies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Indebtedness</U>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;6.01</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Interest Rate Hedge Agreements</U>&#148; means Interest Rate Hedge Agreements which are for the purpose of hedging the
interest rate exposure associated with the Borrower&#146;s and its Subsidiaries&#146; Indebtedness and operations and not for speculative purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Junior Refinancing Debt</U>&#148; means secured Indebtedness incurred by the Borrower or any other Loan Party and
Guarantees with respect thereto by any Loan Party; <U>provided </U>that (i)&nbsp;such Indebtedness is secured by the Collateral on a junior basis to the Obligations and the obligations in respect of any Permitted Pari Passu Refinancing Debt and is
not secured by any property or assets of the Borrower and its Restricted Subsidiaries other than the Collateral, (ii)&nbsp;such Indebtedness constitutes Credit Agreement Refinancing Indebtedness in respect of Loans, Incremental Loans, or Refinancing
Loans and (iii)&nbsp;a representative validly acting on behalf of the holders of such Indebtedness shall have become party to an intercreditor agreement on terms that are reasonably satisfactory to the Administrative Agent and the Collateral Agent.
Permitted Junior Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Liens</U>&#148; means the following types of Liens: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) Liens for taxes, assessments or governmental charges or claims either (a)&nbsp;not delinquent or (b)&nbsp;being contested in good faith by
appropriate proceedings and as to which the Borrower or the Restricted Subsidiaries shall have set aside on their books such reserves as may be required pursuant to GAAP; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) statutory or contractual Liens of landlords, carriers, warehousemen, mechanics, suppliers, materialmen, repairmen and other Liens incurred
in the ordinary course of business for sums not yet delinquent or being contested in good faith, if such reserve or other appropriate provision, if any, as shall be required by GAAP shall have been made in respect thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) Liens incurred or deposits made in the ordinary course of business in connection with workers&#146; compensation, unemployment insurance
and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">return-of-money</FONT></FONT> bonds and other similar obligations (exclusive of obligations for the payment of borrowed money); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person&#146;s obligations in respect of
bankers&#146; acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) judgment Liens not giving rise to a Default or Event of Default so long as such Liens are adequately bonded and any appropriate legal
proceedings which may have been duly initiated for the review of such judgment have not been finally terminated or the period within which the proceedings may be initiated has not expired; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) easements, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">rights-of-way,</FONT></FONT> zoning restrictions and other
similar charges, restrictions or encumbrances in respect of real property or immaterial imperfections of title which do not, in the aggregate, impair in any material respect the ordinary conduct of the business of the Borrower and the Restricted
Subsidiaries taken as a whole; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) Liens securing reimbursement obligations with respect to commercial letters of credit which encumber
documents and other assets relating to such letters of credit and products and proceeds thereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) Liens encumbering deposits made to
secure obligations arising from statutory, regulatory, contractual or warranty requirements of the Borrower or any Restricted Subsidiary, including rights of offset and setoff; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) bankers&#146; Liens, rights of setoff and other similar Liens existing solely with respect to cash and Cash Equivalents on deposit in one
or more of accounts maintained by the Borrower or any Restricted Subsidiary, in each case granted in the ordinary course of business in favor of the bank or banks with which such accounts are maintained, securing amounts owing to such bank or banks
with respect to cash management and operating account arrangements, including those involving pooled accounts, netting arrangements and in connection with Permitted Commodity Hedge Agreements (incurred in the ordinary course of business and not for
speculative purposes); <U>provided</U> that in no case shall any such Liens secure (either directly or indirectly) the repayment of any Indebtedness; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) leases or subleases granted to others that do not materially interfere with the ordinary course of business of the Borrower or any
Restricted Subsidiary; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) precautionary Liens arising from filing Uniform Commercial Code financing statements
regarding true leases; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) (a) Liens securing all Loans outstanding on the Closing Date and all Obligations related thereto and
(b)&nbsp;Liens securing all Incremental Loans and all Obligations related thereto; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13) Subject to
<U>Section</U><U></U><U>&nbsp;5.17(c)</U>, the encumbrances listed on <U>Schedule 6.05</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14) Liens in favor of the Borrower or a
Guarantor; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15) Liens solely on ABL Collateral securing Indebtedness incurred under an ABL Facility permitted under
<U>Section</U><U></U><U>&nbsp;6.01(a)</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16) Liens on assets financed with Purchase Money Indebtedness securing Indebtedness permitted
under <U>Section</U><U></U><U>&nbsp;6.01(g)</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(17) Liens securing Acquired Indebtedness permitted to be incurred under this Agreement;
<U>provided</U> that the Liens do not extend to assets not subject to such Lien at the time of acquisition (other than improvements and accessions thereto and replacements or proceeds thereof); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(18) Liens on assets of a Person existing at the time such Person is acquired or merged with or into or consolidated with the Borrower or any
such Restricted Subsidiary (and not created in anticipation or contemplation thereof); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(19) Liens to secure Refinancing Indebtedness of
Indebtedness secured by Liens referred to in the foregoing <U>clauses</U><U></U><U>&nbsp;(13)</U>, <U>(16)</U>, <U>(17)</U>, and <U>(18)</U>; <U>provided</U> that in each case such Liens do not extend to any additional assets (other than
improvements or accessions thereto and replacements or proceeds thereof); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(20) Liens to secure Attributable Indebtedness; <U>provided</U>
that any such Lien shall not extend to or cover any assets of the Borrower or any Restricted Subsidiary other than the assets which are the subject of the Sale and Leaseback Transaction in which the Attributable Indebtedness is incurred; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(21) Liens in favor of Aircraft Lessors in connection with Sale and Leaseback Transactions and Liens in favor of any third-party operator or
manager as contemplated by such Sale and Leaseback Transactions; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(22) Liens on assets of an Excluded Subsidiary securing Indebtedness
permitted under <U>Section</U><U></U><U>&nbsp;6.01(k)</U> in aggregate amount at any time outstanding not to exceed $25,000,000; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(23)
Liens on Equity Interests owned by the Borrower or any Restricted Subsidiary in an Unrestricted Subsidiary or a Person that is not a Subsidiary to secure Indebtedness or other obligations of the Unrestricted Subsidiary or Person that issued the
Equity Interests; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(24) Liens securing Junior Indebtedness incurred under <U>Section</U><U></U><U>&nbsp;6.01(m)</U>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(25) Liens securing Permitted Pari Passu Refinancing Debt; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(26) Liens incurred after the Closing Date by the Borrower or any Guarantors with respect to Indebtedness that does not in aggregate principal
amount outstanding at any time exceed $5,000,000 determined as of the date of the incurrence after giving pro forma effect to such incurrence and the application of proceeds therefrom; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(27) Liens on cash to secure letters of credit under any ABL Facility permitted under
<U>Section</U><U></U><U>&nbsp;6.01(a)</U> or otherwise permitted under <U>Section</U><U></U><U>&nbsp;6.01(f)</U> in an aggregate amount for all such Liens at any time outstanding not to exceed $30,000,000; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(28) Liens to secure Indebtedness permitted under <U>Section</U><U></U><U>&nbsp;6.01(o)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Pari Lien Debt</U>&#148; means obligations under any Indebtedness secured by the Loan Liens and permitted to be incurred
under this Agreement; <U>provided</U> that (a)&nbsp;the lender, trustee or agent under such Permitted Pari Lien Debt executes a joinder agreement to the Security Documents, in the form attached thereto, agreeing to be bound thereby and (b)&nbsp;the
Borrower has designated such Indebtedness as &#147;Permitted Pari Lien Debt&#148; under the Security Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Pari
Passu Refinancing Debt</U>&#148; means any secured Indebtedness incurred by the Borrower or any other Loan Party and Guarantees with respect thereto by any Loan Party; <U>provided</U> that (i)&nbsp;such Indebtedness is secured by the Collateral on a
pari passu basis (but without regard to the control of remedies) with the Obligations and is not secured by any property or assets of the Borrower or its Restricted Subsidiaries other than the Collateral, (ii)&nbsp;such Indebtedness constitutes
Credit Agreement Refinancing Indebtedness in respect of Loans, Incremental Loans or Refinancing Loans, and (iii)&nbsp;a representative validly acting on behalf of the holders of such Indebtedness shall have become party to an intercreditor agreement
on terms that are reasonably satisfactory to the Administrative Agent and the Collateral Agent. Permitted Pari Passu Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Unsecured Refinancing Debt</U>&#148; means unsecured Indebtedness incurred by the Borrower or any other Loan Party and
Guarantees with respect thereto by any Loan Party; <U>provided</U> that such Indebtedness constitutes Credit Agreement Refinancing Indebtedness in respect of Loans, Incremental Loans or Refinancing Loans. Permitted Unsecured Refinancing Debt will
include any Registered Equivalent Notes issued in exchange therefor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148; means any individual, corporation,
partnership, limited liability company, joint venture, incorporated or unincorporated association, <FONT STYLE="white-space:nowrap">joint-stock</FONT> company, trust, unincorporated organization or government or other agency or political subdivision
thereof or other entity of any kind. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Plan</U>&#148; means any &#147;employee pension benefit plan,&#148; as defined in
Section&nbsp;3(2)&nbsp;of ERISA (other than a Multiemployer Plan), that is subject to the provisions of Title&nbsp;IV of ERISA or subject to the minimum funding standards under Section&nbsp;412 or 430 of the Code or Section&nbsp;302 or 303 of ERISA
as to which the Borrower or any ERISA Affiliate may have any liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Plan of Liquidation</U>&#148; with respect to any
Person, means a plan that provides for, contemplates or the effectuation of which is preceded or accompanied by (whether or not substantially contemporaneously, in phases or otherwise): (1)&nbsp;the sale, lease, conveyance or other disposition of
all or substantially all of the assets of such Person otherwise than as an entirety or substantially as an entirety; and (2)&nbsp;the distribution of all or substantially all of the proceeds of such sale, lease, conveyance or other disposition and
all or substantially all of the remaining assets of such Person to holders of Equity Interests of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Plan of
Reorganization</U>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;4.01(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Preferred
Stock</U>&#148; means, with respect to any Person, any and all preferred or preference stock or other Equity Interests (however designated) of such Person whether now outstanding or issued after the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>President</U>&#148; has the meaning assigned to such term in the definition of &#147;CFIUS Clearance&#148;. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Prime Rate</U>&#148; means the rate of interest per annum determined from time to
time by Credit Suisse AG as its prime rate in effect at its principal office in New York City and notified to the Borrower. The prime rate is a rate set by Credit Suisse AG based upon various factors including Credit Suisse AG&#146;s costs and
desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Proposed Change</U>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;10.02(g)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Prospective International Interest</U>&#148; means a &#147;prospective international interest&#148; as defined in the Cape Town
Convention. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>PTE</U>&#148; means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such
exemption may be amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Purchase Money Indebtedness</U>&#148; means Indebtedness, including Capitalized
Lease Obligations, of the Borrower or any Restricted Subsidiary incurred for the purpose of financing all or any part of the purchase price of property, plant or equipment used in the business of the Borrower or any Restricted Subsidiary or the cost
of installation, construction or improvement thereof; <U>provided</U>, that (1)&nbsp;the amount of such Indebtedness shall not exceed such purchase price or cost, (2)&nbsp;such Indebtedness shall not be secured by any asset other than the specified
asset being financed or other assets securing Purchase Money Indebtedness of the same lender, or in the case of real property, fixtures or helicopters, additions and improvements thereto, the real property to which such asset is attached and the
proceeds thereof and (3)&nbsp;such Indebtedness shall be incurred within 180 days after such acquisition of such asset by the Borrower or such Restricted Subsidiary or such installation, construction or improvement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Qualified Equity Interests</U>&#148; means Equity Interests of the Borrower other than Disqualified Equity Interests; <U>provided</U>
that such Equity Interests shall not be deemed Qualified Equity Interests to the extent sold or owed to a Subsidiary of the Borrower or financed, directly or indirectly, using funds (1)&nbsp;borrowed from the Borrower or any Subsidiary of the
Borrower until and to the extent such borrowing is repaid or (2)&nbsp;contributed, extended, guaranteed or advanced by the Borrower or any Subsidiary of the Borrower (including, without limitation, in respect of any employee stock ownership or
benefit plan). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Recipient</U>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;2.16(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Redesignation</U>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;5.18</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinanced Credit Agreement Debt</U>&#148; shall have the meaning assigned to such term in the definition of &#147;Credit Agreement
Refinancing Indebtedness.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinanced Indebtedness</U>&#148; has the meaning assigned to such term in the definition of
&#147;Refinancing Indebtedness.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinancing Amendment</U>&#148; means an amendment to this Agreement in form and substance
reasonably satisfactory to the Administrative Agent and the Borrower executed by each of (a)&nbsp;the Borrower, (b)&nbsp;the Administrative Agent and (c)&nbsp;each Refinancing Lender that agrees to provide any portion of the Credit Agreement
Refinancing Indebtedness being incurred pursuant thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinancing Commitments</U>&#148; means one or more tranches of
Commitments hereunder that result from a Refinancing Amendment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinancing Indebtedness</U>&#148; means Indebtedness of the Borrower or a
Restricted Subsidiary issued in exchange for, or the proceeds from the issuance and sale or disbursement of which are used substantially concurrently to redeem or refinance in whole or in part, any Indebtedness of the Borrower or any Restricted
Subsidiary (the &#147;<U>Refinanced Indebtedness</U>&#148;) in a principal amount not in excess of the principal amount (or accreted value, if applicable) of the Refinanced Indebtedness so redeemed or refinanced and accrued interest thereon (or, if
such Refinancing Indebtedness refinances Indebtedness under a revolving credit facility or other agreement providing a commitment for subsequent borrowings, with a maximum commitment not to exceed the maximum commitment under such revolving credit
facility or other agreement) (plus the amount of necessary fees and expenses incurred in connection therewith and any premiums paid on the Indebtedness so refinanced or refunded); <U>provided</U> that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the Refinancing Indebtedness is the obligation of the Borrower or same Restricted Subsidiary as that of the Refinanced Indebtedness; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) if the Refinanced Indebtedness was subordinated to or <I>pari passu</I> with the Loans, then such Refinancing Indebtedness, by its terms,
is expressly <I>pari passu</I> with (in the case of Refinanced Indebtedness that was <I>pari passu</I> with) or subordinate in right of payment to (in the case of Refinanced Indebtedness that was subordinated to) the Loans, at least to the same
extent as the Refinanced Indebtedness; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the Refinancing Indebtedness is scheduled to mature either (a)&nbsp;no earlier than the
Refinanced Indebtedness being redeemed or refinanced or (b)&nbsp;after the final maturity date of the Loans; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the portion, if any, of
the Refinancing Indebtedness that is scheduled to mature on or prior to the final maturity date of the Loans has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred that is equal to or greater than the Weighted
Average Life to Maturity of the portion of the Refinanced Indebtedness being repaid that is scheduled to mature on or prior to the final maturity date of the Loans; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) to the extent such Refinancing Indebtedness is secured, the Liens securing such Refinancing Indebtedness relate to the same collateral or a
portion thereof and have a Lien priority equal to or junior to the Liens securing the Refinanced Indebtedness. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinancing
Lender</U>&#148; means a Lender with a Refinancing Commitment or an outstanding Refinancing Loan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinancing Loans</U>&#148;
means one or more tranches of Loans that result from a Refinancing Amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Register</U>&#148; has the meaning assigned to
such term in <U>Section</U><U></U><U>&nbsp;10.04(b)(iv)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Registered Equivalent Notes</U>&#148; means, with respect to any
notes originally issued in a Rule 144A or other private placement transaction under the Securities Act of 1933, substantially identical notes (having the same Guarantee obligations) issued in a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">dollar-for-dollar</FONT></FONT> exchange therefor pursuant to an exchange offer registered with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Related Parties</U>&#148; means, with respect to any specified Person, such Person&#146;s Affiliates and the respective partners,
directors, officers, employees, agents and advisors of such Person and of such Person&#146;s Affiliates. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Release</U>&#148; means any release, spill, emission, leaking, pumping, pouring,
injection, escaping, deposit, disposal, discharge, dispersal, dumping, leaching or migration of any Hazardous Material into the indoor or outdoor Environment (including the abandonment or disposal of any barrels, containers or other closed
receptacles containing any Hazardous Material), including the movement of any Hazardous Material through the air, soil, surface water or groundwater. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required Lenders</U>&#148; means, at any time, one or more Lenders having or holding Exposure and representing more than 50% of the
aggregate Exposure of all Lenders at such time; <U>provided</U> that whenever there are one or more Defaulting Lenders, the total outstanding Loans of each Defaulting Lender shall be excluded for purposes of making a determination of Required
Lenders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Responsible Officer</U>&#148; of any Person means any Executive Officer or Financial Officer of such Person and any
other officer or similar official thereof responsible for the administration of the obligations of such Person in respect of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Restricted Payment</U>&#148; means any of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the declaration or payment of any dividend or any other distribution on Equity Interests of the Borrower or any Restricted Subsidiary or
any payment made to the direct or indirect holders (in their capacities as such) of Equity Interests of the Borrower or any Restricted Subsidiary, including, without limitation, any payment in connection with any merger or consolidation involving
the Borrower but excluding (a)&nbsp;dividends or distributions payable solely in Qualified Equity Interests and (b)&nbsp;in the case of Restricted Subsidiaries, dividends or distributions payable to the Borrower or to a Restricted Subsidiary and pro
rata dividends or distributions payable to minority holders of Equity Interests of any Restricted Subsidiary; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the redemption of any
Equity Interests of the Borrower or any Restricted Subsidiary or any direct or indirect parent of the Borrower, including, without limitation, any payment in connection with any merger or consolidation involving the Borrower but excluding any such
Equity Interests held by the Borrower or any Restricted Subsidiary; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) any principal payment on, or redemption, or voluntary, optional
defeasement, or other acquisition for value, prior to any scheduled principal payment, sinking fund payment or maturity, as the case may, in respect of Subordinated Indebtedness, except a purchase, repurchase, redemption, defeasance or retirement
within 90 days prior to the final maturity thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Restricted Subsidiary</U>&#148; means any Subsidiary of the Borrower other
than an Unrestricted Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required Excess Cash Flow Percentage</U>&#148; means, as of any date of determination,
(a)&nbsp;if the Consolidated Net Total Leverage Ratio is greater than or equal to 3.00:1.00, 100.0%, (b) if the Consolidated Net Total Leverage Ratio is less than 3.00:1.00 and greater than or equal to 2.00:1.00, 75.0% and (c)&nbsp;if the
Consolidated Net Total Leverage Ratio is less than 2.00:1.00, 50.0%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Retained Excess Cash Flow</U>&#148; means, at any date of
determination, an amount, not less than zero and determined on a cumulative basis, that is equal to the aggregate cumulative sum of the Excess Cash Flow that is not required to be applied as a mandatory prepayment under Section&nbsp;2.10(e) for all
Excess Cash Flow Periods ending after the Closing Date and prior to such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>S&amp;P</U>&#148; means Standard&nbsp;&amp;
Poor&#146;s Ratings Group, and its successors. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sale and Leaseback Transaction</U>&#148; means with respect to any Person an
arrangement with any bank, insurance company or other lender or investor or to which such lender or investor is a party, (i)&nbsp;providing for the leasing by such Person of any asset of such Person which has been or is being sold or transferred by
such Person to such lender or investor or to any Person to whom funds have been or are to be advanced by such lender or investor on the security of such asset (whether such arrangement is characterized as (A)&nbsp;a &#147;true lease&#148;,
&#147;operating lease&#148; or &#147;Finance Lease&#148; under Article <FONT STYLE="white-space:nowrap">2-A</FONT> of the Uniform Commercial Code or (B)&nbsp;a &#147;capital lease&#148;, or (C)&nbsp;other lease or financing transaction) or
(ii)&nbsp;any amendment, amendment and restatement or extension of any of the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sanctioned Person</U>&#148; has the
meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;3.07(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sanctions</U>&#148; has the meaning assigned to such
term in <U>Section</U><U></U><U>&nbsp;3.07(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SEC</U>&#148; means the United States Securities and Exchange Commission.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secretary&#146;s Certificate</U>&#148; means a certificate signed by the Secretary or an Assistant Secretary of the Borrower.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secured Commodity Hedge Agreement</U>&#148; means any Permitted Commodity Hedge Agreement that, in each case, the Borrower shall
elect to be secured by a security interest in the Collateral ranking pari passu with the Liens securing the Obligations that is entered into by and between the Borrower or any Restricted Subsidiary and any Hedge Bank. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secured Hedge Agreement</U>&#148; means any (a)&nbsp;Secured Commodity Hedge Agreement and (b)&nbsp;Secured Loan Document Hedge
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secured </U><U>Loan Document</U><U> Hedge Agreement</U>&#148; means any Hedge Contract that is entered into by and
between the Borrower or any Restricted Subsidiary and any Hedge Bank. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secured </U><U>Loan Document</U><U> Hedge
Obligations</U>&#148; means the obligations owed by the Borrower or any Restricted Subsidiary to any Hedge Bank under any Secured Loan Document Hedge Agreement (excluding, with respect to any Loan Party, Excluded Hedge Obligations of such Loan
Party). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secured Parties</U>&#148; means, collectively, the Administrative Agent, the Collateral Agent, the Lenders, the Hedge
Banks, Cash Management Banks, each counterparty to a Secured Commodity Hedge Agreement (other than the Borrower or any of its Subsidiaries), and each <FONT STYLE="white-space:nowrap">sub-agent</FONT> appointed by the Administrative Agent or
Collateral Agent from time to time pursuant to <U>Section</U><U></U><U>&nbsp;8.05</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securities Act</U>&#148; means the United
States Securities Act of 1933. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Security Agreement</U>&#148; means that certain Security Agreement, dated as of the Closing Date,
by and among the Borrower, each Guarantor that owns Collateral and the Collateral Agent, substantially in the form attached as <U>Exhibit </U><U>F</U>, as amended, modified, restated, supplemented or replaced from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Security Documents</U>&#148; means the Security Agreement, the Mortgages, the Aircraft Mortgages, each Subordination Acknowledgement
and all of the other security agreements, pledges, collateral assignments, mortgages, deeds of trust, trust deeds or other instruments evidencing or creating or purporting to create any security interests in favor of the Collateral Agent for its
benefit and for the benefit of the Secured Parties, in all or any portion of the Collateral, as amended, modified, restated, supplemented or replaced from time to time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Significant Subsidiary</U>&#148; means (1)&nbsp;any Restricted Subsidiary that
would be a &#147;significant subsidiary&#148; as defined in Article&nbsp;1, Rule 102 of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> promulgated pursuant to the Securities Act as such Regulation is in effect on the Closing Date and
(2)&nbsp;any Restricted Subsidiary that, when aggregated with all other Restricted Subsidiaries that are not otherwise Significant Subsidiaries and as to which any event described in <U>Section</U><U></U><U>&nbsp;7.01(g)</U> or <U>(h)</U>&nbsp;of
this Agreement has occurred and is continuing, would constitute a Significant Subsidiary under <U>clause</U><U></U><U>&nbsp;(1)</U>&nbsp;of this definition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Spare Engine</U>&#148; means a spare engine owned by Borrower for an Aircraft. For the avoidance of doubt, an auxiliary power unit
shall not be considered a spare engine for the purposes of this definition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Spare Parts</U>&#148; means any and all appliances,
engines, propellers, rotors, parts, instruments, appurtenances, accessories, rotables, furnishings, avionics, seats and other equipment of whatever nature (other than complete Airframes, airframes, Engines or engines, unless being surveyed)
designated generally by type (including but not limited to any &#147;appliances&#148; and &#147;spare parts&#148; as defined in &#167;40102(a) of the Act) which are now or hereafter maintained as spare parts or appliances by or on behalf of the
Borrower at the Spare Parts Locations in connection with any Airframe or Engine. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Spare Parts Locations</U>&#148; means any of
the locations at which Spare Parts are held by or on behalf of the Borrower and which are designated in accordance with relevant Aviation Authority requirements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Statutory Reserve Rate</U>&#148; means a fraction (expressed as a decimal), the numerator of which is the number one and the
denominator of which is the number one <U>minus</U> the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves), expressed as a decimal, established by the Board of Governors to which the
Administrative Agent is subject for eurocurrency funding (currently referred to as &#147;Eurocurrency Liabilities&#148; in Regulation&nbsp;D of the Board of Governors). Such reserve percentages shall include those imposed pursuant to such
Regulation&nbsp;D. Eurocurrency Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any
Lender under such Regulation&nbsp;D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subordinated Indebtedness</U>&#148; means Indebtedness of the Borrower or any Guarantor that is subordinated in, or otherwise junior
to, right of payment to the Loans and the Guarantees in respect thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subordination Acknowledgement</U>&#148; means in
respect of each Disclosed Sublease, a document in form and substance reasonably acceptable to the Collateral Agent under which, amongst other matters, each relevant Disclosed Sublessee acknowledges the interest of the Collateral Agent in the
Aircraft included as Aircraft Collateral and agrees that its Disclosed Sublease is subject and subordinate to the Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiary</U>&#148; means, with respect to any Person: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) any corporation, limited liability company, association or other business entity of which more than 50% of the total voting power of the
Voting Stock is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) any partnership (a)&nbsp;the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or
(b)&nbsp;the only general partners of which are such Person or of one or more Subsidiaries of such Person (or any combination thereof). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise specified, &#147;Subsidiary&#148; refers to a Subsidiary of the Borrower. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Taxes</U>&#148; means any present or future taxes, levies, imposts, duties,
deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Termination Date</U>&#148; means the date upon which the Loans (including Incremental Loans but excluding Other Loans), together with
all interest, fees and other Obligations (other than contingent indemnification obligations for which no demand shall have been made), have been paid in full in cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Total Net Debt</U>&#148; at any date means (i)&nbsp;the aggregate principal amount of consolidated total Indebtedness of the Borrower
and its Restricted Subsidiaries outstanding at such date in respect of third party Indebtedness for borrowed money (including Purchase Money Indebtedness), unreimbursed drawings under letters of credit, drawn and unreimbursed surety bonds, the
amount of mandatory redeemable preferred stock of the Borrower and its Restricted Subsidiaries with respect to which all redemption conditions have been satisfied and is immediately redeemable and Capital Lease Obligations and, without duplication,
Guarantees in respect of the foregoing, <U>less</U> (ii)&nbsp;without duplication, the aggregate amount of Unrestricted Cash of the Borrower and its Restricted Subsidiaries on such date not in excess of $75,000,000. &#147;<U>Transaction
Date</U>&#148; has the meaning assigned to such term in the definition of &#147;Consolidated Net Total Leverage Ratio.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transaction Expenses</U>&#148; means any fees or expenses incurred or paid by the Borrower or any its Subsidiaries in connection with
the Transactions and the transactions contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transactions</U>&#148; means, collectively, (a)&nbsp;the execution,
delivery and performance by each Loan Party of the Loan Documents to which it is to be a party, the borrowing of Loans and the use of the proceeds thereof, (b)&nbsp;the consummation of the Existing Debt Refinancing and (c)&nbsp;the payment of the
Transaction Expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Treasury Rate</U>&#148; means, as of any redemption date, the yield to maturity as of the time of
computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the
redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) equal to the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of
one year will be used. The Borrower will (1)&nbsp;calculate the Treasury Rate on the second Business Day preceding the applicable redemption date and (2)&nbsp;prior to such redemption date file with the Administrative Agent an Officer&#146;s
Certificate setting forth the Applicable Premium and the Treasury Rate and showing the calculation of each in reasonable detail. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Treasury Services Agreement</U>&#148; means any agreement between the Borrower or any Restricted Subsidiary and any Cash Management
Bank relating to treasury, depository, credit card, debit card, stored value cards, purchasing or procurement cards and cash management services or automated clearinghouse transfer of funds or any similar services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Type</U>,&#148; when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans
comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Uniform Commercial
Code</U>&#148; or &#147;UCC&#148; means the Uniform Commercial Code as the same may from time to time be in effect in the State of New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be
required to apply to any item or items of Collateral. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unrestricted Cash</U>&#148; means cash or Cash Equivalents of the Borrower or its
Restricted Subsidiaries that would not appear as &#147;restricted&#148; on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unrestricted Subsidiary</U>&#148; means (1)&nbsp;any Subsidiary acquired, formed or otherwise created after the Closing Date that at
the time of determination shall be Designated an Unrestricted Subsidiary by the Board of Directors of the Borrower in accordance with <U>Section</U><U></U><U>&nbsp;5.18</U> of this Agreement and (2)&nbsp;any Subsidiary of an Unrestricted Subsidiary;
<I>provided</I>, that, for the avoidance of doubt, (y)&nbsp;no entity acquired, formed or otherwise created on or prior to the Closing Date (including, but not limited to, PHI Corporate, LLC) may be an Unrestricted Subsidiary and (z)&nbsp;no member
of the HNZ Group may be an Unrestricted Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S.</U><U></U><U>&nbsp;Dollar Equivalent</U>&#148; means, on any date of
determination, with respect to any amount in a Foreign Currency, the equivalent in U.S. Dollars of such amount, determined by the Administrative Agent using the Exchange Rate with respect such Foreign Currency at the time in effect for such amount.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Dollars</U>&#148;, &#147;<U>dollars</U>&#148; or &#147;<U>$</U>&#148; refers to lawful currency of the United States of
America. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Person</U>&#148; means a &#147;United States person&#148; within the meaning of Section&nbsp;7701(a)(30) of the
Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Tax Certificate</U>&#148; has the meaning assigned to such term in
<U>Section</U><U></U><U>&nbsp;2.16(f)(ii)(D)(2)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>USA </U><U>PATRIOT</U><U> Act</U>&#148; means the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Value</U>&#148; means the
latest appraised Flight Ascend Consultancy asset values of the Aircraft included as Aircraft Collateral which shall be based on Flight Ascend Consultancy&#146;s latest appraisal and which appraisal shall never be more than one year old. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Voting Stock</U>&#148; with respect to any Person, means securities of any class of Equity Interests of such Person entitling the
holders thereof (whether at all times or only so long as no senior class of stock or other relevant Equity Interest has voting power by reason of any contingency) to vote in the election of members of the Board of Directors of such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Weighted Average Life to Maturity</U>&#148; when applied to any Indebtedness at any date, means the number of years obtained by
dividing (1)&nbsp;the sum of the products obtained by multiplying (a)&nbsp;the amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal, including payment at final maturity, in respect thereof
by (b)&nbsp;the number of years (calculated to the nearest <FONT STYLE="white-space:nowrap">one-twelfth)</FONT> that will elapse between such date and the making of such payment by (2)&nbsp;the then outstanding principal amount of such Indebtedness.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Wholly</U><U><FONT STYLE="white-space:nowrap">-Owned</FONT> Restricted Subsidiary</U>&#148; means a Restricted Subsidiary of
which 100% of the Equity Interests (except for directors&#146; qualifying shares or certain minority interests owned by other Persons solely due to local law requirements that there be more than one stockholder, but which interest is not in excess
of what is required for such purpose) are owned directly by the Borrower or through one or more <FONT STYLE="white-space:nowrap">Wholly-Owned</FONT> Restricted Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Withdrawal Liability</U>&#148; means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part&nbsp;I of Subtitle&nbsp;E of Title&nbsp;IV of ERISA. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Write</U><U><FONT STYLE="white-space:nowrap">-Down</FONT> and Conversion
Powers</U>&#148; means, with respect to any EEA Resolution Authority, the <FONT STYLE="white-space:nowrap">write-down</FONT> and conversion powers of such EEA Resolution Authority from time to time under the
<FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation for the applicable EEA Member Country, which <FONT STYLE="white-space:nowrap">write-down</FONT> and conversion powers are described in the EU <FONT STYLE="white-space:nowrap">Bail-In</FONT>
Legislation Schedule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Yield Differential</U>&#148; shall have the meaning assigned to such term in Section&nbsp;2.04(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.02 <U>Classification of Loans and Borrowings</U>. For purposes of this Agreement, Loans and Borrowings may be classified and
referred to by Type (<U>e.g.</U>, a &#147;<U>Eurocurrency Loan</U>&#148; or &#147;<U>Eurocurrency Borrowing</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.03
<U>Terms Generally</U>. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.
The words &#147;<U>include</U>,&#148; &#147;<U>includes</U>&#148; and &#147;<U>including</U>&#148; shall be deemed to be followed by the phrase &#147;<U>without limitation</U>.&#148; The word &#147;<U>will</U>&#148; shall be construed to have the
same meaning and effect as the word &#147;<U>shall</U>.&#148; The words &#147;<U>asset</U>&#148; and &#147;<U>property</U>&#148; shall be construed to have the same meaning and effect and to refer to any and all real and personal, tangible and
intangible assets and properties, including cash, securities, accounts and contract rights. The word &#147;<U>law</U>&#148; shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and
interpretations thereunder having the force of law or with which affected Persons customarily comply), and all binding judgments, orders, writs and decrees, of all Governmental Authorities. Unless the context requires otherwise, (a)&nbsp;any
definition of or reference to any agreement, instrument or other document (including this Agreement and the other Loan Documents) shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated,
amended and restated, supplemented, extended, amended and extended, renewed or otherwise modified (subject to any restrictions on such amendments, supplements, restatements, amendments and restatements, extensions, renewals or modifications set
forth herein), (b)&nbsp;any definition of or reference to any statute, rule or regulation shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor
laws), (c)&nbsp;any reference herein to any Person shall be construed to include such Person&#146;s successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other
Governmental Authority that shall have succeeded to any or all functions thereof, (d)&nbsp;the words &#147;<U>herein</U>,&#148; &#147;<U>hereof</U>&#148; and &#147;<U>hereunder</U>,&#148; and words of similar import, shall be construed to refer to
this Agreement in its entirety and not to any particular provision hereof and (e)&nbsp;all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections&nbsp;of, and Exhibits and Schedules to,
this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.04 <U>Accounting Terms; GAAP</U>. Except as otherwise expressly provided herein, all terms of an
accounting or financial nature used herein, and the Consolidated Net Total Leverage Ratio (and the financial definitions used therein) shall be construed in accordance with GAAP as in effect on the Closing Date; <U>provided</U> that, notwithstanding
any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Statement
of Financial Accounting Standards 159, The Fair Value Option for Financial Assets and Financial Liabilities, or any successor thereto (including pursuant to the Accounting Standards Codification), to value any Indebtedness of the Borrower or any
Subsidiary at &#147;fair value,&#148; as defined therein. Unless the context requires otherwise, any references in the Loan Documents to &#147;fiscal year&#148; or &#147;fiscal quarter&#148; shall mean the fiscal year or fiscal quarter, as
applicable, of the Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.05 <U>Effectuation of Transactions</U>. All references herein to the Borrower and the
Subsidiaries shall be deemed to be references to such Persons, and all the representations and warranties of the Borrower and the other Loan Parties contained in this Agreement and the other Loan Documents shall be deemed made, in each case, after
giving effect to the Transactions to occur on the Closing Date, unless the context otherwise requires. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.06 <U>Status of Obligations</U>. In the event that the Borrower or any other
Loan Party shall at any time issue or have outstanding any Subordinated Indebtedness, the Borrower shall take or cause such other Loan Party to take all such actions as shall be necessary to cause the Obligations to constitute senior Indebtedness
(however denominated) in respect of such Subordinated Indebtedness and to enable the Lenders to have and exercise any payment blockage or other remedies available or potentially available to holders of senior Indebtedness under the terms of such
Subordinated Indebtedness. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.07 <U>Timing of Payment or Performance</U>. Except to the extent expressly provided otherwise
in this Agreement, when the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the
definition of Interest Period) or performance shall extend to the immediately succeeding Business Day. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE CREDITS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.01 <U>Commitments</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Subject to the terms and conditions set forth herein and relying upon the representations and warranties set forth herein, each Lender
agrees to make Loans to the Borrower in a single Borrowing on the Closing Date in a principal amount not exceeding its Commitment. Amounts repaid or prepaid in respect of Loans may not be reborrowed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Subject to the terms and conditions set forth herein and relying upon the representations and warranties set forth herein and in the
applicable Incremental Loan Assumption Agreement, each Incremental Term Lender having an Incremental Loan Commitment, agrees to make Incremental Loans to the Borrower in a single Borrowing on the date specified in the applicable Incremental Loan
Assumption Agreement in a principal amount not exceeding its Incremental Loan Commitment. Amounts repaid or prepaid in respect of Incremental Loans may not be reborrowed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.02 <U>Loans and Borrowings</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Each Loan shall be made as part of a Borrowing consisting of Loans of the same Type in U.S. dollars made by the Lenders ratably in
accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; <U>provided</U> that the Commitments of the Lenders are several and
no Lender shall be responsible for any other Lender&#146;s failure to make Loans as required. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Subject to
<U>Section</U><U></U><U>&nbsp;2.13</U>, each Borrowing shall be comprised entirely of ABR Loans or Eurocurrency Loans as the Borrower may request in accordance herewith. Each Lender at its option may make any Loan by causing any domestic or foreign
branch or Affiliate of such Lender to make such Loan; <U>provided</U> that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">46 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) At the commencement of each Interest Period for any Eurocurrency Borrowing, such
Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $1,000,000 (except, with respect to any Incremental Term Borrowing, to the extent otherwise provided in the related Incremental Loan Assumption
Agreement); <U>provided</U> that a Eurocurrency Borrowing that results from a continuation of an outstanding Eurocurrency Borrowing may be in an aggregate amount that is equal to such outstanding Borrowing. At the time that each ABR Borrowing is
made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $1,000,000. Borrowings of more than one Type may be outstanding at the same time; <U>provided</U> that there shall not at any time be
more than a total of five (or such greater number as may be agreed to by the Administrative Agent) Eurocurrency Borrowings outstanding. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert to or
continue, any Eurocurrency Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date applicable thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.03 <U>Requests for Borrowings</U>. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request
in writing (a)&nbsp;in the case of a Eurocurrency Borrowing, not later than 12:00&nbsp;p.m., New&nbsp;York City time, three Business Days before the date of the proposed Borrowing (or, in the case of any Eurocurrency Borrowing to be made on the
Closing Date, such shorter period of time as may be agreed to by the Administrative Agent) or (b)&nbsp;in the case of an ABR Borrowing, not later than 12:00&nbsp;p.m., Local Time, one Business Day before the date of the proposed Borrowing. Each such
written Borrowing Request shall be irrevocable and specify the following information in compliance with <U>Section</U><U></U><U>&nbsp;2.02</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) the aggregate amount of such Borrowing; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) the date of such Borrowing, which shall be the Closing Date or, in the case of an Incremental Term Borrowing, such other
Business Day set forth in the applicable Incremental Loan Assumption Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) whether such Borrowing is to be an
ABR Borrowing or a Eurocurrency Borrowing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) in the case of a Eurocurrency Borrowing, the initial Interest Period to be
applicable thereto, which shall be a period contemplated by the definition of the term &#147;Interest Period&#148;; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) the location and number of the account to which funds are to be disbursed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.04 <U>Incremental Loans</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Borrower may, by written notice to the Administrative Agent from time to time, request Incremental Loan Commitments, in an amount not
to exceed the Incremental Amount at the time such Incremental Loan Commitments are established, from one or more Incremental Term Lenders (which may include any existing Lender and which must be Eligible Assignees) willing to provide such
Incremental Loan Commitments in their own discretion. Such notice shall set forth (i)&nbsp;the amount of the Incremental Loan Commitments being requested (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or equal
to the remaining Incremental Amount or in each case such lesser amount approved by the Administrative Agent), (ii)&nbsp;the date on which such Incremental Loan Commitments are requested to become effective (which shall not be less than
10&nbsp;Business Days nor more than 60&nbsp;days after the date of such notice), and (iii)&nbsp;whether such Incremental Loan Commitments are commitments to make additional Loans or commitments to make term loans with terms different from the Loans
(&#147;<U>Other Loans</U>&#148;). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Borrower may seek Incremental Loan Commitments from existing Lenders (each of which
shall be entitled to agree or decline to participate in its sole discretion) and additional banks, financial institutions and other institutional lenders who will become Incremental Term Lenders in connection therewith. The Borrower and each
Incremental Term Lender shall execute and deliver to the Administrative Agent an Incremental Loan Assumption Agreement and such other documentation as the Administrative Agent shall reasonably specify to evidence the Incremental Loan Commitment of
each Incremental Term Lender. The terms and provisions of the Incremental Loans (excluding amortization, maturity, pricing, fees and rate floors) shall be identical to those of the Loans except as otherwise set forth herein. Without the prior
written consent of the Required Lenders, (i)&nbsp;the final maturity date of any Other Loans shall be no earlier than the Maturity Date, and (ii)&nbsp;the average life to maturity of the Other Loans shall be no shorter than the average life to
maturity of the Loans. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) if the initial yield on such Other Loans (as determined by the Administrative Agent to be equal to the sum of
(x)&nbsp;the margin above the Adjusted LIBO Rate on such Other Loans and (y)&nbsp;if such Other Loans are initially made at a discount or the Lenders making the same receive a fee directly or indirectly from the Borrower or any Subsidiary for doing
so (the amount of such discount or fee, expressed as a percentage of the Other Loans, being referred to herein as &#147;<U>OID</U>&#148;), the amount of such OID divided by the lesser of (1)&nbsp;the average life to maturity of such Other Loans and
(2)&nbsp;four) exceeds the applicable margin then in effect for Eurocurrency Loans by more than 50 basis points (the amount of such excess above 50 basis points being referred to herein as the &#147;<U>Yield Differential</U>&#148;), then the
applicable margin then in effect for Loans shall automatically be increased by the Yield Differential, effective upon the making of the Other Loans; <U>provided</U> that, to the extent any portion of the Yield Differential is attributable to a
higher &#147;LIBOR floor&#148; being applicable to such Other Loans, such floor shall only be included in the calculation of the Yield Differential to the extent such floor is greater than the higher of the Adjusted LIBO Rate in effect for an
Interest Period of three months&#146; duration at such time and the &#147;LIBOR floor&#148; applicable to the initial Loans, and, with respect to such excess, the &#147;LIBOR floor&#148; applicable to the outstanding Loans shall be increased to an
amount not to exceed the &#147;LIBOR floor&#148; applicable to such Other Loans prior to any increase in the applicable margin applicable to such Loans then outstanding. The Administrative Agent shall promptly notify each Lender as to the
effectiveness of each Incremental Loan Assumption Agreement. Each of the parties hereto hereby agrees that, upon the effectiveness of any Incremental Loan Assumption Agreement, this Agreement shall be deemed amended to the extent (but only to the
extent) necessary to reflect the existence and terms of the Incremental Loan Commitment and the Incremental Loans evidenced thereby, and the Administrative Agent and the Borrower may revise this Agreement to evidence such amendments. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding the foregoing, no Incremental Loan Commitment shall become effective under this <U>Section</U><U></U><U>&nbsp;2.04</U>
unless on the date of such effectiveness, the conditions set forth in <U>Section</U><U></U><U>&nbsp;4.02</U> shall be satisfied. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Each
of the parties hereto hereby agrees that the Administrative Agent may, in consultation with the Borrower, take any and all action as may be reasonably necessary to ensure that all Incremental Loans (other than Other Loans), when originally made, are
included in each Borrowing of outstanding Loans on a pro rata basis. This may be accomplished by requiring each outstanding Eurocurrency Borrowing to be converted into an ABR Borrowing on the date of each Incremental Loan, or by allocating a portion
of each Incremental Loan to each outstanding Eurocurrency Borrowing on a pro rata basis. Any conversion of Eurocurrency Loans to ABR Loans required by the preceding sentence shall be subject to <U>Section</U><U></U><U>&nbsp;2.15</U>. If any
Incremental Loan is to be allocated to an existing Interest Period for a Eurocurrency Borrowing, then the interest rate thereon for such Interest Period and the other economic consequences thereof shall be as set forth in the applicable Incremental
Loan Assumption Agreement. In addition, to the extent any Incremental Loans are not Other Loans, the scheduled amortization payments under <U>Section</U><U></U><U>&nbsp;2.09</U> required to be made after the making of such Incremental Loans shall be
ratably increased by the aggregate principal amount of such Incremental Loans and shall be further increased for all Lenders on a pro rata basis to the extent necessary to avoid any reduction in the amortization payments to which the Lenders were
entitled before such recalculation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.05 <U>Funding of Borrowings</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by
12:00 noon, Local Time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. Upon receipt of all requested funds, the Administrative Agent will make such Loans available to the Borrower
by promptly remitting the amounts so received, in like funds, to an account of the Borrower specified by the Borrower in the applicable Borrowing Request. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Unless the Administrative Agent shall have received written notice from a Lender prior to the proposed date of the Borrowing that such
Lender will not make available to the Administrative Agent such Lender&#146;s share of such Borrowing (net of applicable fees), the Administrative Agent may assume that such Lender has made such share available on such date in accordance with
<U>clause</U><U></U><U>&nbsp;(a)</U>&nbsp;of this Section&nbsp;and may, in reliance on such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing
available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such
amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at,&nbsp;in the case of a payment to be made by such Lender, the rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation (or, in the case of an amount relating to a Borrowing by the Borrower, the Federal Funds Effective Rate, if greater). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.06 <U>Interest Elections</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Each Borrowing initially shall be of the Type and, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period as
specified in the applicable Borrowing Request or as otherwise provided in <U>Section</U><U></U><U>&nbsp;2.03</U>. Thereafter, the Borrower may elect to convert such Borrowing to a Borrowing of a different Type, to continue such Borrowing and, in the
case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be
allocated ratably among the Lenders holding the Loans comprising such Borrowing and the Loans comprising each such portion shall be considered a separate Borrowing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election in writing by (a)&nbsp;in
the case of a conversion or continuation of a Eurocurrency Borrowing, not later than 12:00&nbsp;p.m., New York City time, three (3)&nbsp;Business Days before the date of the proposed Interest Period of (b)&nbsp;in the case of a conversion to an ABR
Borrowing, not later than 12:00&nbsp;p.m., Local Time, one (1)&nbsp;Business Day before the date of the proposed ABR Borrowing. Each such Interest Election Request shall be in writing and irrevocable. Notwithstanding any other provision of this
Section, the Borrower shall not be permitted to elect an Interest Period for Eurocurrency Loans that does not comply with <U>Section</U><U></U><U>&nbsp;2.02(d)</U>. Each written Interest Election Request shall specify the following information in
compliance with <U>Section</U><U></U><U>&nbsp;2.02</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) the Borrowing to which such Interest Election Request applies
and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) the effective date of the election made pursuant to such Interest
Election Request, which shall be a Business Day; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) whether the resulting Borrowing is to be an ABR Borrowing or a
Eurocurrency Borrowing; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) if the resulting Borrowing is to be a Eurocurrency Borrowing, the Interest Period to be
applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term &#147;Interest Period.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Borrower shall be
deemed to have selected an Interest Period of one month&#146;s duration. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Promptly following receipt of an Interest Election Request in
accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of such Lender&#146;s portion of each resulting Borrowing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing prior to the end of the
Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period applicable thereto, such Borrowing shall be continued as a Eurocurrency Borrowing for an additional Interest Period of
one month. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing with respect to the Borrower, or if any other Event of Default has occurred and is continuing and the Administrative Agent, at the
request of the Required Lenders, has notified the Borrower of the election to give effect to this sentence on account of such other Event of Default, then, in each such case, so long as such Event of Default is continuing, (i)&nbsp;no outstanding
Borrowing may be converted to or continued as a Eurocurrency Borrowing and (ii)&nbsp;unless repaid, each Eurocurrency Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.07 <U>Termination of Commitments</U>. Each Lender&#146;s Commitment (other than any Incremental Loan Commitments, which shall
terminate as provided in the related Incremental Loan Assumption Agreement) shall terminate immediately and without further action on the Closing Date after giving effect to the funding of such Lender&#146;s Commitment on such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.08 <U>Repayment of Loans; Evidence of Debt</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal
amount of each Loan of such Lender as provided in <U>Section</U><U></U><U>&nbsp;2.09</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The records maintained by the Administrative
Agent and the Lenders shall be <U>prima</U> <U>facie</U> evidence of the existence and amounts of the obligations of the Borrower in respect of the Loans; <U>provided</U> that the failure of the Administrative Agent or any Lender to maintain such
records or any error therein shall not in any manner affect the obligation of the Borrower to pay any amounts due hereunder in accordance with the terms of this Agreement. In the event of any conflict between the accounts and records maintained by
any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Any Lender may request that Loans made by it be evidenced by a promissory note. In such
event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent, which
issuance the Administrative Agent shall record in the Register. Thereafter, to the extent reflected in the Register, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to
<U>Section</U><U></U><U>&nbsp;10.04</U>) be represented by one or more promissory notes in such form payable to the Lender or to the Lender and its registered assigns). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.09 <U>Amortization of Loans</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Borrower shall repay Loans on the last Business Day of each December, March, June and September, (i)&nbsp;occurring after the Closing
Date (beginning with December&nbsp;31, 2019) and on or before the second anniversary of the Closing Date, in an aggregate principal amount for each such date equal to 0.625% of the aggregate principal amount of the Loans outstanding on the Closing
Date, (ii)&nbsp;occurring after the second anniversary of the Closing Date and on or before the third anniversary of the Closing Date, in an aggregate principal amount for each such date equal to 1.25% of the aggregate principal amount of the Loans
outstanding on the Closing Date, and (iii)&nbsp;occurring after the third anniversary of the Closing Date, in an aggregate principal amount for each such date equal to 1.875% of the aggregate principal amount of the Loans outstanding on the Closing
Date. The Borrower shall repay Other Loans on each Incremental Loan Repayment Date in an aggregate principal amount set forth for such date in the applicable Incremental Loan Assumption Agreement (as such amount may be adjusted pursuant to
<U>Section</U><U></U><U>&nbsp;2.09(c)</U><U>)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) To the extent not previously paid, all Loans and Other Loans shall be due and
payable on the Maturity Date and the Incremental Loan Maturity Date, respectively, together with accrued and unpaid interest on the principal amount to be paid to but excluding the date of payment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Any prepayment of a Borrowing shall be applied (i)&nbsp;to reduce the subsequent scheduled repayments of such Borrowing to be made pursuant
to this <U>Section</U><U></U><U>&nbsp;2.09</U>&nbsp;as directed by the Borrower and (ii)&nbsp;if the Borrower fails to direct the application of payments, in direct order of maturity to the scheduled repayments of such Borrowing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Prior to any repayment of any Borrowings under this Section, the Borrower shall select the Borrowing or Borrowings to be repaid and shall
notify the Administrative Agent in writing of such selection not later than 11:00&nbsp;a.m., New York City time, three (3)&nbsp;Business Days before the scheduled date of such repayment. Each repayment of a Borrowing shall be applied ratably to the
Loans included in the repaid Borrowing. Repayments of Borrowings shall be accompanied by accrued interest on the amounts repaid. If any repayment of the Loans is scheduled to occur on a day that is not a Business Day, such repayment shall be made on
the immediately preceding Business Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.10 <U>Prepayments</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to the
requirements of this <U>Section</U><U></U><U>&nbsp;2.10</U> and <U>Sections 2.1</U><U>5</U> and <U>2.18</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Upon the incurrence or
issuance by the Borrower or any of its Restricted Subsidiaries of any Indebtedness (other than Permitted Indebtedness other than Credit Agreement Refinancing Indebtedness), the Borrower shall prepay an aggregate principal amount of Loans equal to
100% of all Net Proceeds received from such incurrence of Indebtedness immediately upon receipt thereof by the Borrower or such Restricted Subsidiary. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">51 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) In the event and on each occasion that (i)&nbsp;any Net Proceeds are received by or on
behalf of the Borrower or any Restricted Subsidiary in respect of any Asset Sales permitted pursuant to <U>Section</U><U></U><U>&nbsp;6.07(a)</U> (other than an Air Medical Segment Sale), and (ii)&nbsp;unless a Default or an Event of Default has
occurred and is continuing, such Net Proceeds, in the aggregate for all such Asset Sales, are in excess of $5,000,000, the Borrower shall, within five Business Days after receipt of such Net Proceeds, prepay the Loans in an amount equal to such Net
Proceeds; <U>provided</U> (i)&nbsp;if the Borrower shall, prior to the date of the required prepayment, deliver to the Administrative Agent a certificate of a Financial Officer of the Borrower to the effect that the Borrower intends to cause the Net
Proceeds from such event (or a portion thereof specified in such certificate) to be reinvested within 180 days after receipt of such Net Proceeds to invest all or any part of such Net Proceeds in the purchase of (x)&nbsp;assets (other than
securities) to be used by the Borrower or any Restricted Subsidiary in a Permitted Business, (y)&nbsp;Equity Interests of a Person that upon such purchase will become a Restricted Subsidiary that directly or indirectly, through one or more
Subsidiaries that are, or will become, Restricted Subsidiaries, owns assets to be used in a Permitted Business or (z)&nbsp;make a capital expenditure in respect of the Borrower&#146;s or any of its Restricted Subsidiaries&#146; Permitted Business,
and (ii)&nbsp;no Default or Event of Default shall have occurred and be continuing, then no prepayment shall be required pursuant to this paragraph in respect of the Net Proceeds from such event (or the portion of such Net Proceeds specified in such
certificate, if applicable) except to the extent of any such Net Proceeds that have not been so applied by the end of such <FONT STYLE="white-space:nowrap">180-day</FONT> period (or within a period of 180 days thereafter if by the end of such
initial <FONT STYLE="white-space:nowrap">180-day</FONT> period the Borrower or one or more other Restricted Subsidiaries shall have entered into a definitive agreement for the application of such Net Proceeds), at which time a prepayment shall be
required in an amount equal to the Net Proceeds that have not been so applied; <U>provided</U> <U>further</U>, that the Borrower shall not be permitted to reinvest more than $50,000,000 in any fiscal year pursuant to the foregoing proviso. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) In the event and on each occasion that any Net Proceeds are received by or on behalf of the Borrower or any Restricted Subsidiary in
respect of an Air Medical Segment Sale, the Borrower shall, within five Business Days after receipt of such Net Proceeds, prepay the Loans in an amount equal to such Net Proceeds. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Following the end of each fiscal year of the Borrower, commencing with the fiscal year ending on or about December&nbsp;31, 2020, the
Borrower shall prepay the Loans in an aggregate amount equal to the Required Excess Cash Flow Percentage of Excess Cash Flow of the Borrower and its Restricted Subsidiaries for the Excess Cash Flow Period then ended. Each prepayment pursuant to this
paragraph shall be made (such date, the &#147;<U>Excess Cash Flow Payment Date</U>&#148;) on or before the fifth Business Day following the date on which financial statements are delivered pursuant to
<U>Section</U><U></U><U>&nbsp;5.01(a)</U>&nbsp;with respect to the fiscal year for which Excess Cash Flow is being calculated (and in any event no later than the fifth Business Day following the last day on which such financial statements may be
delivered in compliance with such Section). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Notwithstanding the foregoing, mandatory prepayments made pursuant to
<U>Section</U><U></U><U>&nbsp;2.10</U><U> </U><U>(c)</U> and <U>(d)</U>&nbsp;may be applied on a pro rata basis to the Loans and any Permitted Pari Lien Debt of the Borrower or any Guarantor the provisions of which require the Borrower or such
Guarantor to redeem such Indebtedness with the proceeds from any such Asset Sale (or offer to do so). Prior to any optional or mandatory prepayment of Borrowings under this Section, the Borrower shall specify the Borrowing or Borrowings to be
prepaid in the notice of such prepayment delivered pursuant to this <U>Section</U><U></U><U>&nbsp;2.10(f)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) The Borrower shall
notify the Administrative Agent in writing of any optional prepayment and any mandatory prepayment hereunder not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment. Each such notice shall be irrevocable and
shall specify the prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment; <U>provided</U>
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">52 </P>

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that a notice of prepayment of the Loans pursuant to <U>clause</U><U></U><U>&nbsp;(a)</U>&nbsp;of this Section&nbsp;may state that such notice is conditioned upon the consummation of an
acquisition or sale transaction or upon the effectiveness of other credit facilities or the receipt of proceeds from the issuance of other Indebtedness of one or more events specified therein, in which case such notice may be revoked by the Borrower
(by notice to the Administrative Agent on or prior to the specified date of prepayment) if such condition is not satisfied. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof.
Each partial prepayment of any Borrowing shall be in a minimum amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in <U>Section</U><U></U><U>&nbsp;2.02</U>, except as necessary to apply fully the
required amount of a mandatory prepayment. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing and to reduce the subsequent scheduled repayments of such Borrowing&nbsp;(i)&nbsp;as directed by the
Borrower and (ii)&nbsp;if the Borrower fails to direct the application of payments, in direct order of maturity to the scheduled repayments of such Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by
<U>Section</U><U></U><U>&nbsp;2.12</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) Each repayment or prepayment of the Loans, other than amortization pursuant to
<U>Section</U><U></U><U>&nbsp;2.09</U> and mandatory prepayments pursuant <U>Section</U><U></U><U>&nbsp;2.10(c)</U><U>,</U> <U>(d)</U> and <U>(e)</U>&nbsp;but including as a result of voluntary prepayments, payments made following acceleration of
the Loans (other than as a result of an occurrence of an Event of Default under Section&nbsp;7.01(m)) or after an Event of Default (other than an Event of Default occurring under Section&nbsp;7.01(m)), and each assignment pursuant to
<U>Section</U><U></U><U>&nbsp;2.18</U>, shall be accompanied by the Applicable Premium with respect to the principal amount of the Loans being prepaid. For purposes hereof, the &#147;<U>Applicable Premium</U>&#148; shall be a cash amount equal to
(i)&nbsp;the percentages of principal amount of the Loans being prepaid set forth below or (ii)&nbsp;the Make-Whole Amount, as applicable: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="70%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">On or before the first anniversary of the Closing Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">the&nbsp;Make-Whole&nbsp;Amount</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">After the first anniversary but on or before the second anniversary of the Closing Date.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2.0%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">After the second anniversary but one or before the third anniversary of the Closing Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1.0%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">After the third anniversary of the Closing Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Without limiting the generality of the foregoing, it is understood and agreed that if the Loans are
accelerated or otherwise become due prior to their maturity date, in each case, in respect of any Event of Default (including upon the occurrence of a bankruptcy or insolvency event (including the acceleration of claims by operation of law)), the
Applicable Premium applicable with respect to a voluntary prepayment of the Loans will also be due and payable as though the Loans were voluntarily prepaid and shall constitute part of the Obligations, in view of the impracticability and extreme
difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of each Lender&#146;s lost profits as a result thereof. Any premium payable above shall be presumed to be the liquidated damages
sustained by each Lender as the result of the early prepayment and the Borrower agrees that it is reasonable under the circumstances currently existing. THE BORROWER EXPRESSLY WAIVES (TO THE FULLEST EXTENT IT MAY LAWFULLY DO SO) THE PROVISIONS OF
ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE APPLICABLE PREPAYMENT PREMIUM IN CONNECTION WITH ANY SUCH ACCELERATION. The Borrower expressly agrees (to the fullest extent it may lawfully do so) that:
(a)&nbsp;the Applicable Premium is reasonable and is the product of an arm&#146;s length transaction between sophisticated business people, ably represented by counsel; (b)&nbsp;the Applicable Premium shall be payable notwithstanding the then
prevailing </P>
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market rates at the time payment is made; (c)&nbsp;there has been a course of conduct between the Lenders and the Borrower giving specific consideration in this transaction for such agreement to
pay the Applicable Premium; and (d)&nbsp;the Borrower shall be estopped hereafter from claiming differently than as agreed to in this paragraph. The Borrower expressly acknowledges that its agreement to pay the premium to the Lenders as herein
described is a material inducement to Lenders to make the Loans. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) Each Lender may elect, by notice to the Administrative Agent prior to
12:00 pm on the Business Day prior to the date of any prepayment of Loans required to be made by the Borrower pursuant to <U>Section</U><U></U><U>&nbsp;2.10(c)</U>&nbsp;or <U>Section</U><U></U><U>&nbsp;2.10(e)</U>, to decline all, but not less than
all, of its ratable portion of such prepayment (such declined amounts, the &#147;<U>Declined Proceeds</U>&#148;), in which case such Declined Proceeds may be retained by the Borrower. If a Lender fails to deliver a notice of election declining
receipt of its portion of such mandatory prepayment to the Administrative Agent within the time frame specified above, any such failure will be deemed to constitute an acceptance of such Lender&#146;s amount of such mandatory prepayment of Loans.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.11 <U>Fees</U>. The Borrower agrees to pay to each of the Administrative Agent and the Lead Arranger, for its own account,
fees payable in the amounts and at the times separately agreed in writing upon between the Borrower and the Administrative Agent or the Lead Arranger, as applicable. All such fees shall be paid on the dates due, in immediately available funds, to
the Administrative Agent or the Lead Arranger, as applicable, and shall not be refundable under any circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.12
<U>Interest</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate <U>plus</U> the Applicable
Margin. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in
effect for such Borrowing <U>plus</U> the Applicable Margin. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding the foregoing, at the election of the Administrative
Agent or the Required Lenders, if any principal of or interest on any Loan or any fees or other amount payable by the Loan Parties hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall
bear interest, after as well as before judgment, at a rate per annum equal to (i)&nbsp;in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or
(ii)&nbsp;in the case of any other overdue amount, 2.00% plus the rate applicable to ABR Borrowings as provided in paragraph (a)&nbsp;of this Section; <U>provided</U>, that this paragraph (c)&nbsp;shall not apply to any Event of Default that has
been waived by the Lenders pursuant to <U>Section</U><U></U><U>&nbsp;10.02</U>; <U>provided</U> <U>further</U> that no amount shall be payable pursuant to this <U>Section</U><U></U><U>&nbsp;2.12(c)</U> to a Defaulting Lender so long as such Lender
shall be a Defaulting Lender; <U>provided</U> <U>further</U> that no amounts shall accrue pursuant to this <U>Section</U><U></U><U>&nbsp;2.12(c)</U> on any overdue amount or other amount payable to a Defaulting Lender so long as such Lender shall be
a Defaulting Lender. Payment or acceptance of the increased rates of interest provided for in this <U>Section</U><U></U><U>&nbsp;2.12(c)</U>&nbsp;is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of
Default or otherwise prejudice or limit any rights or remedies of the Administrative Agent or any Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Accrued interest on each
Loan shall be due and payable in arrears on each Interest Payment Date for such Loan; <U>provided</U> that (i)&nbsp;in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable
on the date of such repayment or prepayment, (ii)&nbsp;in the event of any conversion of a Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such
conversion and (iii)&nbsp;accrued interest on such Loan shall be payable on the Maturity Date of such Loan. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that
interest computed by reference to the Alternate Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but
excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.13 <U>Alternate Rate of Interest</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) If prior to the commencement of any Interest Period for a Eurocurrency Borrowing: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and
reasonable means do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) the Administrative
Agent is advised by the Required Lenders that the Adjusted LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Eurocurrency Borrowing for such
Interest Period, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">then the Administrative Agent shall give notice (which may be telephonic) thereof to the Borrower and the Lenders as promptly as
practicable and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i)&nbsp;any Interest Election Request that requests the conversion of any Borrowing to, or
continuation of any Borrowing as, a Eurocurrency Borrowing shall be ineffective, and such Borrowing shall be continued as an ABR Borrowing, and (ii)&nbsp;any Borrowing Request for a Eurocurrency Borrowing shall be treated as a request for an ABR
Borrowing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that
(i)&nbsp;the circumstances set forth in <U>clause</U><U></U><U>&nbsp;(a)(i)</U>&nbsp;have arisen and such circumstances are unlikely to be temporary or (ii)&nbsp;the circumstances set forth in <U>clause</U><U></U><U>&nbsp;(a)(i)</U>&nbsp;have not
arisen but either (w)&nbsp;the supervisor for the administrator of the LIBO Screen Rate has made a public statement that the administrator of the LIBO Screen Rate is insolvent (and there is no successor administrator that will continue publication
of the LIBO Screen Rate), (x) the administrator of the LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate will
permanently or indefinitely cease to be published by it (and there is no successor administrator that will continue publication of the LIBO Screen Rate), (y) the supervisor for the administrator of the LIBO Screen Rate or a Governmental Authority
having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published or (z)&nbsp;the supervisor for the administrator of the
LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate may no longer be used for determining interest rates for loans,
then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans
in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such related
changes shall not include a reduction of the interest rate margin); <U>provided</U> that, if such alternate rate of interest as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.
Notwithstanding anything to the contrary in <U>Section</U><U></U><U>&nbsp;10.02</U>, such amendment shall become effective without any further action or consent of any other party to this </P>
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Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice
from the Required Lenders stating that such Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this paragraph (but, in the case of the circumstances described in subclause
(ii)&nbsp;of the first sentence of this paragraph, only to the extent the LIBO Screen Rate for such Interest Period is not available or published at such time on a current basis), (x) any conversion or continuation of the Loans shall be ineffective
and (y)&nbsp;any Eurocurrency Loan shall be made as an ABR Loan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.14 <U>Increased Costs</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) If any Change in Law shall: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) impose on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this
Agreement or Eurocurrency Loans made by such Lender; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) subject any Recipient to any Taxes (other than Indemnified
Taxes, Excluded Taxes or Connection Income Taxes) on its loans, letters of credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and the result of any of the foregoing shall be to increase the cost to such Lender or other Recipient of making or maintaining any Eurocurrency Loan, to
increase the cost to such Lender or to reduce the amount of any sum received or receivable by such Lender or other Recipient hereunder (whether of principal, interest or otherwise), then, from time to time upon request of such Lender or other
Recipient, the Borrower will pay to such Lender or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender or other Recipient, as the case may be, for such additional costs or expenses incurred or
reduction suffered. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) If any Lender determines that any Change in Law regarding capital requirements has had or would have the effect of
reducing the rate of return on such Lender&#146;s capital or on the capital of such Lender&#146;s holding company, if any, as a consequence of this Agreement, the Commitments of or the Loans made by such Lender to a level below that which such
Lender or such Lender&#146;s holding company could have achieved but for such Change in Law (taking into consideration such Lender&#146;s policies and the policies of such Lender&#146;s holding company with respect to capital adequacy), then, from
time to time upon request of such Lender, the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender&#146;s holding company for any such reduction suffered. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) A certificate of a Lender setting forth in reasonable detail the amount or amounts necessary to compensate such Lender or its holding
company, as the case may be, as specified in <U>clause</U><U></U><U>&nbsp;(a)</U>&nbsp;or <U>(b)</U>&nbsp;of this Section&nbsp;delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender, as the case may
be, the amount shown as due on any such certificate within 10&nbsp;days after receipt thereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Failure or delay on the part of any Lender to demand compensation pursuant to this
Section&nbsp;shall not constitute a waiver of such Lender&#146;s right to demand such compensation; <U>provided</U> that the Borrower shall not be required to compensate a Lender pursuant to this Section&nbsp;for any increased costs or expenses
incurred or reductions suffered more than 90&nbsp;days prior to the date that such Lender, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or expenses or reductions and of such Lender&#146;s
intention to claim compensation therefor; <U>provided</U> <U>further</U> that, if the Change in Law giving rise to such increased costs or expenses or reductions is retroactive, then the <FONT STYLE="white-space:nowrap">90-day</FONT> period referred
to above shall be extended to include the period of retroactive effect thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.15 <U>Break Funding Payments</U>. In the
event of (a)&nbsp;the payment of any principal of any Eurocurrency Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b)&nbsp;the conversion of any Eurocurrency Loan other than
on the last day of the Interest Period applicable thereto, (c)&nbsp;the failure to borrow, convert or continue any Eurocurrency Loan on the date specified in any notice delivered pursuant hereto or (d)&nbsp;the assignment of any Eurocurrency Loan
for acceptance and purchase other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to <U>Section</U><U></U><U>&nbsp;2.18</U>, then, in any such event, the Borrower shall compensate each
Lender for the loss, cost and expense attributable to such event. Such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i)&nbsp;the amount of interest that would have
accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan (exclusive of any applicable margin), for the period from the date of such event to the last day of the
then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii)&nbsp;the amount of interest that would accrue on such principal
amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the London interbank market (exclusive of any
applicable margin). A certificate of any Lender delivered to the Borrower and setting forth in reasonable detail any amount or amounts that such Lender is entitled to receive pursuant to this Section&nbsp;shall be conclusive absent manifest error.
The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.16 <U>Taxes</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Withholding of Taxes; Gross</U><U><FONT STYLE="white-space:nowrap">-Up</FONT></U>. Each payment by or on account of any obligation of
any Loan Party under this Agreement or any other Loan Document, whether to the Administrative Agent, any Lender or any other Person to which any such payment is owed (each of the foregoing being referred to as a &#147;<U>Recipient</U>&#148;), shall
be made without withholding for any Taxes, unless such withholding is required by applicable law as determined by the Loan Parties or the Administrative Agent (as applicable). If any applicable withholding agent is required by applicable law to
withhold Taxes from any such payment, then such withholding agent shall so withhold and shall timely pay the full amount of withheld Taxes to the relevant Governmental Authority in accordance with applicable law. If such Taxes are Indemnified Taxes,
then the amount payable by such Loan Party shall be increased as necessary so that net of such withholding (including such withholding applicable to additional amounts payable under this <U>Section</U><U></U><U>&nbsp;2.16</U>), the applicable Lender
(or, in the case of any amount received by the Administrative Agent for its own account, the Administrative Agent) receives the amount it would have received had no such withholding been made. For purposes of this
<U>Section</U><U></U><U>&nbsp;2.16</U>, the term &#147;applicable law&#148; includes FATCA. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Payment of Other Taxes by the
Borrower</U>. The Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law or at the option of the Administrative Agent or any Lender, as applicable, timely reimburse the Administrative Agent
or such Lender for the payment of any Other Taxes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Evidence of Payment</U>. As soon as practicable after any payment of Indemnified
Taxes by a Loan Party to a Governmental Authority, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting
such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Indemnification by the Loan Parties</U>. The Loan Parties shall jointly and severally
indemnify (without duplication of amounts paid pursuant to <U>Section</U><U></U><U>&nbsp;2.16(a)</U>) each Recipient for any Indemnified Taxes that are paid or payable by such Recipient or required to be withheld or deducted from a payment to such
Recipient (including Indemnified Taxes imposed or asserted on or attributable to amounts paid or payable under <U>Section</U><U></U><U>&nbsp;2.16</U>) and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. The indemnity under this paragraph shall be paid within 10 days after delivery by the Lender (with a copy to the Administrative Agent) or the
Administrative Agent (on its own behalf or on behalf of a Lender) to any Loan Party of a certificate stating the amount of any Indemnified Taxes so paid or payable by such Lender or Administrative Agent and describing the basis for the
indemnification claim. Such certificate shall be conclusive of the amount so paid or payable absent manifest error. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>Indemnification
by the Lenders</U>. Each Lender shall severally indemnify the Administrative Agent, within ten (10)&nbsp;days after demand therefor, for (i)&nbsp;any Indemnified Taxes attributable to such Lender (but only to the extent that a Loan Party has not
already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender&#146;s failure to comply with the provisions of Section&nbsp;10.04(c)
relating to the maintenance of a Participant Register and (iii)&nbsp;any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses
arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the
Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the
Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f)
<U>Status of Lenders</U>.<I> </I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) Any Lender that is entitled to an exemption from, or reduction of, any applicable
withholding Tax with respect to any payments under this Agreement shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed
documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without, or at a reduced rate of, withholding. In addition, any Lender, if requested by the Borrower or the Administrative Agent,
shall deliver such other documentation prescribed by law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to any
withholding (including backup withholding) or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation
set forth in <U>clauses</U><U></U><U>&nbsp;(</U><U>A</U><U>)</U>&nbsp;through <U>(</U><U>E</U><U>)</U>&nbsp;of <U>clause</U><U></U><U>&nbsp;(f)(ii)</U>&nbsp;and <U>(iii)</U>&nbsp;below) shall not be required if in the Lender&#146;s judgment such
completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. Upon the reasonable request of the Borrower or the
Administrative Agent, any Lender shall update any form or certification previously delivered pursuant to this <U>Section</U><U></U><U>&nbsp;2.16(f)</U>. If any form or certification previously delivered pursuant to this
<U>Section</U><U></U><U>&nbsp;2.16(f)</U> expires or becomes obsolete or inaccurate in any respect with respect to a Lender, such Lender shall promptly (and in any event within 10 days after such expiration, obsolescence or inaccuracy) notify the
Borrower and the Administrative Agent in writing of such expiration, obsolescence or inaccuracy and update the form or certification if it is legally eligible to do so. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) Without limiting the generality of the foregoing, each Lender shall, if
it is legally eligible to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as is reasonably requested by the Borrower and the Administrative Agent) on or prior to the date on which such Lender becomes a party
hereto, duly completed and executed copies of whichever of the following is applicable: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(A) in the case of a Lender that
is a U.S. Person, IRS <FONT STYLE="white-space:nowrap">Form&nbsp;W-9</FONT> certifying that such Lender is exempt from U.S. federal backup withholding tax; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(B) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States of America is a
party, IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to such
tax treaty; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(C) in the case of a Foreign Lender for whom payments under this Agreement constitute income that is
effectively connected with such Lender&#146;s conduct of a trade or business in the United States of America, IRS Form <FONT STYLE="white-space:nowrap">W-8ECI;</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(D) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section&nbsp;881(c)&nbsp;of the Code, both (1)&nbsp;IRS <FONT STYLE="white-space:nowrap">Form&nbsp;W-8BEN</FONT> or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E,</FONT></FONT> as applicable, and (2)&nbsp;a certificate
substantially in the form of Exhibit <FONT STYLE="white-space:nowrap">G-1,</FONT> Exhibit <FONT STYLE="white-space:nowrap">G-2,</FONT> Exhibit <FONT STYLE="white-space:nowrap">G-3</FONT> or Exhibit <FONT STYLE="white-space:nowrap">G-4</FONT> (each,
a &#147;<U>U.S. Tax Certificate</U>&#148;), as applicable, to the effect that (i)&nbsp;such Lender is not (x)&nbsp;a &#147;bank&#148; within the meaning of Section&nbsp;881(c)(3)(A)&nbsp;of the Code, (y)&nbsp;a &#147;10&nbsp;percent
shareholder&#148; of the Borrower within the meaning of Section&nbsp;871(h)(3)(B)&nbsp;of the Code, or (z)&nbsp;a &#147;controlled foreign corporation&#148; described in Section&nbsp;881(c)(3)(C)&nbsp;of the Code, and (ii)&nbsp;interest payments
under the Loans are not effectively connected with the Foreign Lender&#146;s conduct of a trade or business in the United States of America; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(E) in the case of a Foreign Lender that is not the beneficial owner of payments made under this Agreement, (1)&nbsp;an IRS
Form <FONT STYLE="white-space:nowrap">W-8IMY</FONT> on behalf of itself and (2)&nbsp;the relevant forms prescribed in <U>clauses (A)</U>, <U>(B)</U>, <U>(C)</U>, <U>(</U><U>D</U><U>)</U> and <U>(F)</U>&nbsp;of this
<U>clause</U><U></U><U>&nbsp;(f)(ii)</U>&nbsp;that would be required of each such beneficial owner; <U>provided</U> that if such Lender is a partnership and one or more of its partners are claiming the exemption for portfolio interest under
Section&nbsp;881(c)&nbsp;of the Code, such Lender may provide a U.S. Tax Certificate on behalf of such partners; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(F)
any other form prescribed by law as a basis for claiming exemption from, or a reduction of, U.S. federal withholding Tax, together with such supplementary documentation as shall be necessary to enable the Borrower or the Administrative Agent to
determine the amount of Tax (if any) required by law to be withheld. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) If a payment made to a Lender under this Agreement would be subject to
U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section&nbsp;1471(b)&nbsp;or 1472(b)&nbsp;of the Code, as applicable), such Lender
shall deliver to the Borrower and the Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent, such documentation prescribed by applicable law (including
as prescribed by Section&nbsp;1471(b)(3)(C)(i)&nbsp;of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with
their respective obligations under FATCA, to determine whether such Lender has or has not complied with such Lender&#146;s obligations under FATCA and, as necessary, to determine the amount, if any, to deduct and withhold from such payment. Solely
for purposes of this <U>Section</U><U></U><U>&nbsp;2.16(f)(iii)</U>, the term &#147;<U>FATCA</U>&#148; shall include any amendments made to FATCA after the date of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) <U>Treatment of Certain Refunds.</U> If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Taxes as to which it has been indemnified pursuant to this <U>Section</U><U></U><U>&nbsp;2.16</U> (including by the payment of additional amounts pursuant to this <U>Section</U><U></U><U>&nbsp;2.16</U>), it shall pay to the indemnifying party
an amount equal to such refund (but only to the extent of indemnity payments made under this <U>Section</U><U></U><U>&nbsp;2.16</U> with respect to the Taxes giving rise to such refund), net of all <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses (including any Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying
party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over by such indemnified party pursuant to the prior sentence (<U>plus</U> any interest or other charges imposed by the relevant Governmental
Authority) in the event such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will any indemnified party be required to pay any amount to
any indemnifying party pursuant to this paragraph (g)&nbsp;if such payment would place such indemnified party in a less favorable position (on a net <FONT STYLE="white-space:nowrap">after-Tax</FONT> basis) than such indemnified party would have been
in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph
(g)&nbsp;shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) <U>Survival</U>. Each party&#146;s obligations under this <U>Section</U><U></U><U>&nbsp;2.16</U> shall survive the resignation or
replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.17 <U>Payments Generally; Pro Rata Treatment; Sharing of Setoffs</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Borrower shall make each payment required to be made by it hereunder or under any other Loan Document prior to the time expressly
required hereunder or under such other Loan Document for such payment (or, if no such time is expressly required, prior to 12:00 noon, New York City time), on the date when due, in immediately available funds, without any defense, setoff, recoupment
or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments
shall be made to such account as may be specified by the Administrative Agent, except that payments pursuant to <U>Sections</U><U></U><U>&nbsp;2.1</U><U>4</U>, <U>2.1</U><U>5</U>, <U>2.1</U><U>6</U> and <U>10.03</U> shall be made directly to the
Persons entitled thereto and payments pursuant to other Loan Documents shall be made to the Persons specified therein. The Administrative Agent shall distribute any such payment received by it for the account of any other Person to the appropriate
recipient promptly following receipt thereof. All payments under each Loan Document of principal or interest in respect of any Loan (or of any breakage indemnity in respect of any Loan) shall be made in the currency of such Loan; all other payments
under each Loan Document shall be made in U.S. Dollars, except as otherwise expressly provided herein. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) If at any time insufficient funds are received by and available to the Administrative
Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i)&nbsp;first, towards payment of the amounts then due hereunder ratably among the parties entitled thereto, in accordance with the
amounts then due to such parties and (ii)&nbsp;second, towards the payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or
interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such
greater proportion shall purchase (for cash at face value) participations in the Loans of other Lenders to the extent necessary so that the amount of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amounts
of principal of and accrued interest on their Loans; <U>provided</U> that (i)&nbsp;if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the
purchase price restored to the extent of such recovery, without interest, and (ii)&nbsp;the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this
Agreement (for the avoidance of doubt, as in effect from time to time and including the application of funds arising from the existence of a Defaulting Lender) or any payment obtained by a Lender as consideration for the assignment of or sale of a
participation in any of its Loans to any Person that is an Eligible Assignee or as otherwise permitted <U>Section</U><U></U><U>&nbsp;10.04</U>. The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under
applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor
of the Borrower in the amount of such participation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Unless the Administrative Agent shall have received written notice from the
Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on
such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders, as the case may
be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of
payment to the Administrative Agent, at the Federal Funds Effective Rate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) If any Lender shall fail to make any payment required to be
made by it hereunder to or for the account of the Administrative Agent, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i)&nbsp;apply any amounts thereafter received by the Administrative Agent
for the account of such Lender to satisfy such Lender&#146;s obligations in respect of such payment until all such unsatisfied obligations have been discharged or (ii)&nbsp;hold any such amounts in a segregated account as cash collateral for, and
application to, any future funding obligations of such Lender pursuant to <U>Sections 2.05(b)</U>, <U>2.17(d)</U>&nbsp;and <U>10.03(c)</U>, in each case in such order as shall be determined by the Administrative Agent in its discretion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.18 <U>Mitigation Obligations; Replacement of Lenders</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) If (i)&nbsp;any Lender requests compensation under <U>Section</U><U></U><U>&nbsp;2.14</U>, (ii) any Loan Party is required to pay any
additional amount to any Lender or to any Governmental Authority for the account of any Lender pursuant to <U>Section</U><U></U><U>&nbsp;2.16</U> or (iii)&nbsp;any Lender becomes a Defaulting Lender, then such Lender shall use commercially
reasonable efforts to designate a different lending office for funding or booking its </P>
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Loans hereunder or to assign and delegate its rights and obligations hereunder to another of its offices, branches or Affiliates if, in the judgment of such Lender, such designation or assignment
and delegation (i)&nbsp;would eliminate or reduce amounts payable pursuant to <U>Section</U><U></U><U>&nbsp;2.14</U> or <U>2.1</U><U>6</U>, as the case may be, in the future and (ii)&nbsp;would not subject such Lender to any unreimbursed cost or
expense and would not otherwise be disadvantageous to such Lender. The&nbsp;Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment and delegation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) If (i)&nbsp;any Lender requests compensation under <U>Section</U><U></U><U>&nbsp;2.14</U>, or (ii)&nbsp;any Loan Party is required to pay
any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to <U>Section</U><U></U><U>&nbsp;2.16</U>, then (except with respect to any Lender that is the Administrative Agent or an affiliate thereof) the
Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in
<U>Section</U><U></U><U>&nbsp;10.04</U>), all its interests, rights and obligations under this Agreement and the other Loan Documents to an Eligible Assignee that shall assume such obligations (which may be another Lender, if a Lender accepts such
assignment and delegation); <U>provided</U> that (A)&nbsp;the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld, (B)&nbsp;such Lender shall have received payment of
an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder (if applicable, in each case only to the extent such amounts relate to its interest as a Lender) from the
assignee or the Borrower (in the case of all other amounts) and (C)&nbsp;in the case of any such assignment and delegation resulting from a claim for compensation under <U>Section</U><U></U><U>&nbsp;2.14</U> or payments required to be made pursuant
to <U>Section</U><U></U><U>&nbsp;2.1</U><U>6</U>, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver or
consent by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation have ceased to apply. Each party hereto agrees that an assignment and delegation required pursuant to this paragraph may be
effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee and that the Lender required to make such assignment and delegation need not be a party thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.19 <U>Refinancing Facilities</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) At any time after the Closing Date, the Borrower may obtain, from any Refinancing Lender (which may include any existing Lender and which
must be Eligible Assignees) Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Loans then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Loans under any Incremental
Loan Commitments then outstanding under this Agreement) or any then outstanding Refinancing Loans in the form of Refinancing Loans or Refinancing Commitments, in each case, pursuant to a Refinancing Amendment, together with any applicable
Intercreditor Agreement or other customary subordination agreement; <U>provided</U> that such Credit Agreement Refinancing Indebtedness (i)&nbsp;will, to the extent secured, rank <I>pari passu</I> or junior in right of payment and of security with
the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), and (ii)&nbsp;will, to the extent permitted by the definition of &#147;Credit Agreement Refinancing
Indebtedness,&#148; have such pricing, interest rate margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Refinancing Lenders with respect thereto. The
effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent and the Collateral Agent, receipt by the Administrative Agent of board resolutions, officer&#146;s certificates and/or
reaffirmation agreements consistent with those delivered on the Closing Date. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the
effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing
</P>
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Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Loans or Refinancing Commitments, as applicable) and
any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenders, effect such
amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Collateral Agent, to effect the provisions of this Section. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) This <U>Section</U><U></U><U>&nbsp;2.19</U> shall supersede any provisions in <U>Section</U><U></U><U>&nbsp;10.02</U> to the contrary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.20 <U>Extension of Maturity Date</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Borrower may, upon written notice to the Administrative Agent (an &#147;<U>Extension Request</U>&#148;), which shall promptly notify
the applicable Lenders, request extensions of the Maturity Date applicable to the Commitments (the &#147;<U>Extended Loans</U>&#148;) to a date specified in such Extension Request. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Extension Request shall specify the date on which the Borrower proposes that the extension shall be effective, which shall be a date
reasonably satisfactory to the Administrative Agent. Within the time period specified in such Extension Request, each applicable Lender shall notify the Administrative Agent whether it consents to such extension (which consent may be given or
withheld in such Lender&#146;s sole and absolute discretion). Any Lender not responding within the above time period shall be deemed not to have consented to such extension. The Administrative Agent shall promptly notify the Borrower and the
applicable Lenders of such Lenders&#146; responses. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The maturity date applicable to any Commitments shall be extended only with
respect to such Extended Loans held by such Lenders that have consented thereto (the Lenders that so consent being the &#147;<U>Extending Lenders</U>&#148; and the Lenders that declined being the
&#147;<U><FONT STYLE="white-space:nowrap">Non-Extending</FONT> Lenders</U>&#148;) (it being understood and agreed that, except for the consents of Extending Lenders no other consents shall be required hereunder for such extensions). If so extended,
the scheduled maturity date with respect to the Commitments held by the Extending Lenders shall be extended to the date specified in the Extension Request, which shall become the maturity date of the applicable Commitments (such date, the
&#147;<U>Extended Maturity Date</U>&#148;). The Administrative Agent shall promptly confirm to the applicable Extending Lenders and <FONT STYLE="white-space:nowrap">Non-Extending</FONT> Lenders such extension, specifying the effective date of such
extension (the &#147;<U>Extension Effective Date</U>&#148;) and the Extended Maturity Date (after giving effect to such extension) applicable to the Extending Lenders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The proposed terms of the Extended Loans to be established shall (i)&nbsp;be identical as offered to each Lender and (ii)&nbsp;be identical
to the existing Commitments from which such Extended Loans are to be amended, except that: (A)&nbsp;the maturity date of the Extended Loans shall be later than the maturity date of the existing Commitments and (B)&nbsp;the Administrative Agent and
the Extending Lenders may receive customary fees in consideration for the extension of the Extended Loans. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) As a condition precedent to
such extension, the Borrower shall deliver or cause to be delivered any customary legal opinions, certificates or other documents (including, without limitation, a resolution duly adopted by the board of directors (or equivalent governing body) of
each Loan Party authorizing such extension) reasonably requested by Administrative Agent and the Extending Lenders and a certificate stating that before and after giving effect to such extension, (i)&nbsp;the representations and warranties made by
any Loan Party in this Agreement and the other Loan Documents are true and correct (x)&nbsp;in the case of the representations and warranties qualified as to materiality, in all respects and (y)&nbsp;otherwise, in all material respects, in each case
on and as of the Extension Effective Date, except in the case of any such representation and warranty that expressly relates to a prior date, in which case such representation and warranty shall be so true and correct on and as of such prior date
and (ii)&nbsp;that no Default or Event of Default exists and is continuing as of the Extension Effective Date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Notwithstanding the terms of <U>Section</U><U></U><U>&nbsp;10.02</U>, the Borrower and
the Administrative Agent shall be entitled (without the consent of any other Lenders except to the extent required under subsection (b)&nbsp;above) to enter into any amendments to this Agreement, in form and substance satisfactory to the
Administrative Agent, that the Administrative Agent believes are necessary to appropriately reflect, or provide for the integration of, any extension of the maturity date and other amendments applicable to any Extended Loans pursuant to this
<U>Section</U><U></U><U>&nbsp;2.20</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.21 <U>Defaulting Lenders</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as
that Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) Such Defaulting Lender&#146;s
right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in <U>Section</U><U></U><U>&nbsp;10.02</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of that
Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <U>Article VII </U>or otherwise, and including any amounts made available to the Administrative Agent by that Defaulting Lender pursuant to
<U>Section</U><U></U><U>&nbsp;10.08</U>), shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder;
second, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the
Administrative Agent; third, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against that Defaulting Lender as a result of that Defaulting Lender&#146;s
breach of its obligations under this Agreement; fourth, so long as no Default or Event of Default exists, to the payment of any amounts owing to any Loan Party as a result of any judgment of a court of competent jurisdiction obtained by any Loan
Party against that Defaulting Lender as a result of that Defaulting Lender&#146;s breach of its obligations under this Agreement; and fifth, subject to the last sentence of <U>Section</U><U></U><U>&nbsp;2.10(g)</U>, to that Defaulting Lender or as
otherwise directed by a court of competent jurisdiction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) If the Borrower and the Administrative Agent agree in writing in their sole
discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth
therein, that Lender will cease to be a Defaulting Lender; <U>provided</U> that no adjustments will be made retroactively with respect to fees accrued while that Lender was a Defaulting Lender; and <U>provided</U> <U>further</U>, that except to the
extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender&#146;s having been a Defaulting Lender.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Loan Party represents and warrants to the Administrative Agent and the Lenders that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.01 <U>Organization; Powers</U>. The Borrower and each Restricted Subsidiary (a)&nbsp;is duly organized, validly existing and (to
the extent the concept is applicable in such jurisdiction) in good standing under the laws of the jurisdiction of its organization or formation, except, in the case of good standing of a Restricted Subsidiary, where the failure to be so could not
reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect, and (b)&nbsp;has all requisite power and authority and all material Governmental Approvals required for the ownership and operation of its properties
and the conduct of its business as now conducted and as proposed to be conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do
business, and (to the extent the concept is applicable in such jurisdiction) is in good standing, in every jurisdiction where such qualification is required. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.02 <U>Authorization; Enforceability</U>. The Transactions to be entered into by each Loan Party are within such Loan
Party&#146;s corporate or other organizational powers and have been duly authorized by all necessary corporate or other organizational action of each Loan Party. This Agreement has been duly executed and delivered by each Loan Party and constitutes,
and each other Loan Document to which any Loan Party is to be a party, when executed and delivered by such Loan Party, will constitute, a legal, valid and binding obligation of such Loan Party enforceable against it in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors&#146; rights generally and to general principles of equity, regardless of whether considered in a proceeding in equity or at law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.03 <U>Governmental Approvals; Absence of Conflicts</U>. The Transactions (a)&nbsp;do not require any consent or approval of,
registration or filing with or any other action by any Governmental Authority, except (i)&nbsp;such as have been or substantially contemporaneously with the initial funding of Loans on the Closing Date will be obtained or made and are (or will so
be) in full force and effect, (ii)&nbsp;filings necessary to perfect Liens created under the Loan Documents and (iii)&nbsp;for immaterial consents, approvals, registrations, filings or other actions, (b)&nbsp;will not violate any applicable law,
including any order of any Governmental Authority, (c)&nbsp;will not violate the charter, <FONT STYLE="white-space:nowrap">by-laws</FONT> or other organizational documents of the Borrower or any other Restricted Subsidiary, (d)&nbsp;will not violate
or result (alone or with notice or lapse of time, or both) in a default under any material indenture or other agreement or instrument binding upon the Borrower or any Restricted Subsidiary or any of their assets, or give rise to a right thereunder
to require any payment, repurchase or redemption to be made by the Borrower or any Restricted Subsidiary, or give rise to a right of, or result in, any termination, cancellation, acceleration or right of renegotiation of any obligation thereunder
(except, in the case of agreements that do not relate to Indebtedness, for any violation or default that is immaterial), and (e)&nbsp;except for Liens created under the Loan Documents and the ABL Facility (to the extent in effect on the Closing
Date), will not result in the creation or imposition of any Lien on any asset of the Borrower or any Restricted Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.04 <U>Financial Condition; No Material Adverse Change</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The (i)&nbsp;consolidated balance sheet and statements of income, comprehensive income, stockholders&#146; equity and cash flows of the
Borrower as of and for the fiscal year ended December&nbsp;31, 2018 and (ii)&nbsp;consolidated balance sheet and statements of income, comprehensive income, stockholders&#146; equity and cash flows of the Borrower as of and for the three
(3)&nbsp;months ended March&nbsp;31, 2019 fairly present, in all material respects, the financial position, results of operations and cash flows of the Borrower and its consolidated subsidiaries as of such dates and for such periods in accordance
with GAAP, subject to normal <FONT STYLE="white-space:nowrap">year-end</FONT> audit adjustments and the absence of certain footnotes in the case of the statements for the three (3)&nbsp;month period ended March&nbsp;31, 2019 referred to in
<U>clause</U><U></U><U>&nbsp;(ii)</U>&nbsp;above. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Since December&nbsp;31, 2018, there has been no event or condition that has had, or
could reasonably be expected to have, a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.05 <U>Properties</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Each Loan Party has good title to, or valid leasehold interests in, all its property material to its business, except for Liens permitted
hereunder and minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Each Loan Party owns, or is licensed to use, all patents, trademarks, copyrights, licenses, technology, software, domain names and other
intellectual property that is material to its business and the use thereof by the Borrower or any Subsidiary does not infringe on the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.06 <U>Litigation and Environmental Matters</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) There are no claims, actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the
Knowledge of the Borrower or any other Restricted Subsidiary, threatened in writing against or affecting the Borrower or any Restricted Subsidiary that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse
Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Except with respect to any matters that, individually or in the aggregate, could not reasonably be expected to result in a
Material Adverse Effect, none of the Borrower or any Restricted Subsidiary (i)&nbsp;has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law,
(ii)&nbsp;has become subject to any Environmental Liability, (iii)&nbsp;has received notice of any, or is subject to any pending or, to the Knowledge of the Borrower, threatened Environmental Claim, (iv)&nbsp;has Knowledge of any actual or alleged
presence or Release of Hazardous Materials on or from any property currently or formerly owned or operated by the Borrower or any Restricted Subsidiary or (v)&nbsp;has Knowledge of any basis for any Environmental Liability related in any way to the
Borrower or any Restricted Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.07 <U>Compliance with Laws and Agreements</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Borrower and each Restricted Subsidiary is in compliance with all applicable statutes, regulations and orders of, and all applicable
restrictions imposed by, all Governmental Authorities, in respect of the conduct of its business and the ownership of its property (including compliance with all applicable Environmental Laws governing its business and the requirements of any
permits issued under such Environmental Laws with respect to the operations of the Borrower or any of its Subsidiaries), except such <FONT STYLE="white-space:nowrap">non-compliance</FONT> that, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Without limiting the foregoing, none of the Borrower or any of its Subsidiaries is
(i)&nbsp;in material violation of any <FONT STYLE="white-space:nowrap">Anti-Terrorism</FONT> Law or (ii)&nbsp;engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to
violate, any of the prohibitions set forth in any <FONT STYLE="white-space:nowrap">Anti-Terrorism</FONT> Law. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) None of the Borrower or any of its Subsidiaries nor, to the Knowledge of the Borrower,
any director, officer, agent, employee or other person acting on behalf of the Borrower or any of its Subsidiaries has taken any action, directly or indirectly, that would result in a violation by such Persons of any applicable <FONT
STYLE="white-space:nowrap">Anti-Corruption</FONT> Law; and the Borrower and its Subsidiaries have instituted and maintain policies and procedures reasonably designed to promote continued compliance therewith. Since three years prior to the Closing
Date, there has been no action taken by the Borrower or any of its Subsidiaries or, to the Knowledge of the Borrower, any officer, director, or employee, or any agent or representative, of the Borrower or any of its Subsidiaries, in each case,
acting on behalf of the Borrower or any of its Subsidiaries, in violation of any applicable <FONT STYLE="white-space:nowrap">Anti-Corruption</FONT> Law. None of the Borrower or any of its Subsidiaries has been convicted of violating any <FONT
STYLE="white-space:nowrap">Anti-Corruption</FONT> Laws or subjected to any investigation by a Governmental Authority for violation of any applicable <FONT STYLE="white-space:nowrap">Anti-Corruption</FONT> Laws or received any written notice, request
or citation for any actual or potential noncompliance with any of the foregoing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) None of the Borrower or any of its Subsidiaries or
any director, officer, employee, agent, or affiliate of the Borrower or any of its Subsidiaries is an individual or entity (a &#147;<U>Sanctioned Person</U>&#148;) that is, or is owned or controlled by Persons that are: (i)&nbsp;the subject of any
sanctions administered or enforced by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union or Her Majesty&#146;s Treasury or the Government of Canada (collectively, &#147;<U>Sanctions</U>&#148;), or
(ii)&nbsp;located, organized or resident in a country or territory that is, or whose government is, the subject of comprehensive Sanctions (currently the Crimean region of Ukraine, Cuba, Iran, North Korea, Sudan and Syria). Since three
(3)&nbsp;years prior to the Closing Date, none of the Borrower or any of its Subsidiaries has knowingly engaged in, or is now knowingly engaged in, or will engage in, any dealings or transactions with any Person, or in any country or territory, that
at the time of the dealing or transaction is or was, or whose government is or was, the subject of comprehensive Sanctions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) The
Borrower and each Restricted Subsidiary is in compliance with all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.08 <U>Government Regulation</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Neither the Borrower nor any of its Subsidiaries is subject to regulation under the Investment Company Act of 1940 or under any other
federal or state statute or regulation which may limit its ability to incur Indebtedness or which may otherwise render all or any portion of the Obligations unenforceable. Neither the Borrower nor any of its Subsidiaries is a &#147;registered
investment company&#148; or a company &#147;controlled&#148; by a &#147;registered investment company&#148; or a &#147;principal underwriter&#148; of a &#147;registered investment company&#148; as such terms are defined in the Investment Company Act
of 1940. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Neither the Borrower nor any of its Subsidiaries produces, designs, tests, manufactures, fabricates or develops
&#147;critical technologies&#148; as defined pursuant to 31 C.F.R. &#167;&nbsp;801.204 and in turn is not a &#147;pilot program U.S. business&#148; within the meaning of 31 C.F.R. &#167;&nbsp;801.213. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.09 <U>Taxes</U>. Each Loan Party has timely filed or caused to be filed all Tax returns and reports required to have been filed
and has paid or caused to be paid all Taxes required to have been paid by it (including in the capacity of withholding agent), except (a)&nbsp;Taxes not overdue by more than 30&nbsp;days or if more than 30&nbsp;days overdue, where (i)&nbsp;the
validity or amount thereof is being contested in good faith by appropriate proceedings, (ii)&nbsp;the Borrower or such Restricted Subsidiary, as applicable, has set aside on its books reserves with respect thereto to the extent required by GAAP and
(iii)&nbsp;such contest effectively suspends collection of the contested obligation and the enforcement of any Lien securing such obligation or (b)&nbsp;the failure to do so could not, individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.10 <U>ERISA</U><U>; Labor Matters</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) No ERISA Events have occurred or are reasonably expected to occur that could, in the aggregate, reasonably be expected to result in a
Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Accounting Standards Codification Topic&nbsp;715) did not, as of the date of the most recent financial
statements reflecting such amounts, exceed the fair value of the assets of such Plan by an amount that could reasonably be expected to result in a Material Adverse Effect, and the present value of all accumulated benefit obligations of all
underfunded Plans (based on the assumptions used for purposes of Accounting Standards Codification Topic&nbsp;715) did not, as of the date or dates of the most recent financial statements reflecting such amounts, exceed the fair value of the assets
of all such underfunded Plans by an amount that could reasonably be expected to result in a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) As of the Closing
Date, there are no strikes, lockouts or slowdowns against the Borrower or any Restricted Subsidiary pending or, to their Knowledge, threatened. The hours worked by and payments made to employees of the Borrower and the Subsidiaries have not been in
violation of the Fair Labor Standards Act or any other applicable federal, state, local or foreign Laws relating to such matters, except for <FONT STYLE="white-space:nowrap">non-compliance</FONT> which could not, in the aggregate, reasonably be
expected to result in a Material Adverse Effect. All material payments due from the Borrower or any Restricted Subsidiary, or for which any claim may be made against the Borrower or any Restricted Subsidiary, on account of wages and employee health
and welfare insurance and other benefits, have been timely paid or accrued as liabilities (to the extent required in accordance with GAAP) on the books of the Borrower or such Restricted Subsidiary. The consummation of the Transactions will not give
rise to any right of termination or right of renegotiation on the part of any union under any collective bargaining agreement under which the Borrower or any Restricted Subsidiary is bound. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.11 <U>Subsidiaries and Joint Ventures; Ownership by Permitted Holder; Disqualified Equity Interests</U>. After giving effect to
the Closing Date Reorganization, all Equity Interests of PHI Corporate, LLC are owned by the Borrower and the Borrower has no Subsidiaries other than PHI Corporate, LLC and its Subsidiaries. <U>Schedule</U><U></U><U>&nbsp;3.11</U> sets forth, as of
the Closing Date (a)&nbsp;prior to giving effect to the Closing Date Reorganization, the name and jurisdiction of organization of, and the percentage of each class of Equity Interests owned by PHI, Inc. or any of its subsidiaries in, (i)&nbsp;each
of its subsidiaries and (ii)&nbsp;each joint venture in which PHI, Inc. or any of its subsidiaries owns any Equity Interests and (b)&nbsp;after giving effect to the Closing Date Reorganization, the name and jurisdiction of organization of, and the
percentage of each class of Equity Interests owned by the Borrower or any Subsidiary in, (i)&nbsp;each Subsidiary and (ii)&nbsp;each joint venture in which the Borrower or any Subsidiary owns any Equity Interests. After giving effect to the Closing
Date Reorganization, the Equity Interests in each Subsidiary have been duly authorized and validly issued and are fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> Except as set forth on <U>Schedule</U><U></U><U>&nbsp;3.11</U>,
as of the Closing Date after giving effect to the Closing Date Reorganization, there is no existing option, warrant, call, right, commitment or other agreement to which the Borrower or any Subsidiary is a party requiring, and there are no Equity
Interests in any Subsidiary outstanding that upon exercise, conversion or exchange would require, the issuance by any Subsidiary of any additional Equity Interests or other securities exercisable for, convertible into, exchangeable for or evidencing
the right to subscribe for or purchase any Equity Interests in any Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.12 <U>Insurance</U>.
<U>Schedule</U><U></U><U>&nbsp;3.12</U> sets forth a description of all insurance maintained by or on behalf of the Borrower and the Subsidiaries as of the Closing Date. The Borrower and each Subsidiary is insured by insurers of recognized financial
responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which it is engaged. As of the Closing Date, such insurance is in full force and effect and the Borrower has no reason to believe that
it or any of its Subsidiaries will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.13 <U>Solvency</U>. Immediately after the making of the Loans on the Closing
Date, the application of the proceeds thereof and the consummation of the Transactions, (a)&nbsp;the fair value of the assets of each Loan Party will exceed its debts and liabilities, subordinated, contingent or otherwise, (b)&nbsp;the present fair
saleable value of the assets of each Loan Party will be greater than the amount that will be required to pay the probable liability on its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become
absolute and matured, (c)&nbsp;each Loan Party will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured and (d)&nbsp;each Loan Party will not have unreasonably
small capital with which to conduct the business in which it is engaged, as such business is conducted at the time of and is proposed to be conducted following the making of such Loan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.14 <U>Disclosure</U>. No written reports, financial statements, certificates or other information furnished by or on behalf of
the Borrower or any Restricted Subsidiary to the Administrative Agent or any Lender (other than information of a general economic or industry specific nature, projected financial information or other forward looking information) in connection with
the negotiation of this Agreement or any other Loan Document, included herein or therein or furnished hereunder or thereunder (as modified or supplemented by other information so furnished prior to the date on which this representation is made or
deemed made), when taken as a whole, contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading;
<U>provided</U> that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed by them to be reasonable at the time made and at the time so
furnished and, if furnished prior to the Closing Date, as of the Closing Date (it being understood that such forecasts and projections may vary from the actual results and that such variances may be material). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.15 <U>Collateral Matters</U>. The Security Documents are, or will be once duly executed, as applicable, effective to create in
favor of the Collateral Agent (for the benefit of the Secured Parties) a legal, valid and enforceable security interest subject to applicable bankruptcy, insolvency, reorganization or other laws affecting creditors&#146; rights and to general
principles of equity, regardless of whether considered in a proceeding in equity or at law security interest in the collateral described therein. The security interest created under the Security Documents will constitute a first priority perfected
security interest in all right, title and interest of the Loan Parties in the collateral described therein, prior and superior to the rights of any other Person, except Liens permitted under <U>Section</U><U></U><U>&nbsp;6.05</U>. The appropriate
office for the filing of financing statements for each of the Borrower and each Guarantor as of the Closing Date, after giving effect to the Closing Date Reorganization, is specified on <U>Schedule 3.15</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.16 <U>Federal Reserve Regulations</U>. None of the Borrower or any Restricted Subsidiary is engaged, principally or as one of
its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation&nbsp;U of the Board of Governors), or extending credit for the purpose of purchasing or carrying margin stock. No part of the proceeds
of the Loans will be used, directly or indirectly, for any purpose that entails a violation (including on the part of any Lender) of any of the regulations of the Board of Governors, including Regulations&nbsp;U and X. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.17 <U>No Defaults</U>. Neither the Borrower nor any of its Subsidiaries is in default in the performance, observance or
fulfillment of any of the obligations, covenants or conditions contained in any of its Contractual Obligations, and no condition exists which, with the giving of notice or the lapse of time or both, could constitute such a default, except where the
consequences, direct or indirect, of such default or defaults, if any, could not reasonably be expected to have a Material Adverse Effect. As of the Closing Date, no Default or Event of Default (or similar term, however defined) has occurred and is
continuing hereunder or under (and as defined in) any Material Indebtedness. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.18 <U>Use of Proceeds</U>. The proceeds of the Loans shall be used for the
purposes set forth in <U>Section</U><U></U><U>&nbsp;5.11</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.19 <U>Information with Respect to Certain Aircraft</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) For each Aircraft included as Aircraft Collateral in respect of which a certificate of airworthiness is not delivered to the Administrative
Agent on the Closing Date, such Aircraft possesses all required equipment and would be capable of receiving a certificate of airworthiness on such date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Each Owner listed in the most recent Aircraft Collateral Certificate has full title of each Airframe, Engine and Spare Engine as described
therein. Neither any Owner nor any Disclosed Sublessee has granted to any person other than the Collateral Agent an International Interest, national interest, Prospective International Interest, Lien,
<FONT STYLE="white-space:nowrap">de-registration</FONT> power of attorney or a <FONT STYLE="white-space:nowrap">de-registration</FONT> and export request authorization with respect to any Aircraft, Airframe, Engine or Spare Engine included as
Aircraft Collateral other than any Permitted Aircraft Liens. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Each Aircraft included as Aircraft Collateral is operated by a duly
authorized and certificated air carrier in good standing under applicable law, who has complied with and satisfied all of the requirements of and is in good standing with the applicable Aviation Authority, so as to enable compliance with this Loan
Agreement, and to otherwise lawfully operate, possess, use and maintain the applicable Aircraft in accordance with the Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.20 <U>Disclosed Subleases</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Schedule 3.20</U> sets forth, as of the Closing Date, all Disclosed Subleases. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) As of the Closing Date, to the Knowledge (in management&#146;s reasonable judgment after due inquiry) of the Loan Parties, there is no
pending or threatened termination of any Disclosed Sublease or adverse amendment or modification to (i)&nbsp;any Disclosed Sublease or (ii)&nbsp;the nature or economics of the commercial relationship between the Borrower and any counterparty to a
Disclosed Sublease. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Each Disclosed Sublessee is in possession and control of the Aircraft which it has leased pursuant to the relevant
Disclosed Sublease. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONDITIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.01 <U>Closing Date</U>. The obligations of the Lenders to make Loans hereunder shall not become effective until the date on
which each of the following conditions shall be satisfied (or waived in accordance with <U>Section</U><U></U><U>&nbsp;10.02</U>): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The
United States Bankruptcy Court for the Northern District of Texas (the &#147;<U>Bankruptcy Court</U>&#148;) shall have entered a final and <FONT STYLE="white-space:nowrap">non-appealable</FONT> order (the &#147;<U>Confirmation Order</U>&#148;)
confirming a plan under Chapter 11 of the Bankruptcy Code (the &#147;<U>Plan of Reorganization</U>&#148;). The Confirmation Order shall be in form and substance reasonably satisfactory to the Administrative Agent and the Collateral Agent and shall
be final and in full force and effect. The Plan of Reorganization shall be </P>
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consistent with the Third Amended Joint Plan of Reorganization dated as of June&nbsp;18, 2019 and that certain Settlement Plan Term Sheet filed with the Bankruptcy Court on June&nbsp;6, 2019
under Docket No.&nbsp;624 without giving effect to any waiver, amendment, supplement or other modification in respect thereof that is materially adverse to the rights and interests of any or all of the Lead Arranger, the Administrative Agent, the
Collateral Agent, the Lenders (taken as a whole) and their respective Affiliates (as determined in good faith by the Lead Arranger) and all conditions precedent to the effectiveness of the Plan of Reorganization, other than the funding of the Loans
under this Agreement and the application of the proceeds therefrom, shall have been or concurrently will be satisfied, and the effective date of the Plan of Reorganization shall have occurred. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) That certain Settlement Plan Term Sheet filed with the Bankruptcy Court on June&nbsp;6, 2019 under Docket No.&nbsp;624 shall not have been
amended, supplemented or otherwise modified in any respects materially adverse to the Lead Arranger, the Administrative Agent, the Collateral Agent, the Lenders (taken as a whole) and their respective Affiliates (as determined in good faith by the
Lead Arranger). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Administrative Agent and the Lead Arranger shall have received from each party hereto an executed counterpart of
this Agreement signed on behalf of such party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The Administrative Agent shall have received (i)&nbsp;original promissory notes in the
number requested pursuant to <U>Section</U><U></U><U>&nbsp;2.08(c)</U> and (ii)&nbsp;a duly executed and completed Aircraft Collateral Certificate, in substance reasonably satisfactory to the Administrative Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) The Administrative Agent and the Lead Arranger shall have received favorable written opinions (addressed to the Administrative Agent and
the Lenders and dated the Closing Date) of (i)&nbsp;DLA Piper LLP, counsel for the Borrower and the Guarantors, (ii)&nbsp;Jones Walker LLP, local Louisiana counsel to the Borrower and the Guarantors, and (iii)&nbsp;local counsel to the Borrower and
the Guarantors in each other jurisdiction reasonably requested by the Administrative Agent with respect to the Loan Parties, in each case in form and substance satisfactory to the Administrative Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) The Administrative Agent and the Lead Arranger shall have received such corporate records, documents and certificates as the Administrative
Agent may reasonably request (including a recent lien, tax lien, judgment and litigation search in each relevant jurisdiction with respect to the Loan Parties, which search shall have revealed no Liens on the assets of such entity except for Liens
permitted by the Loan Documents or Liens to be discharged on or prior to the Closing Date), relating to the organization, existence and good standing of each Loan Party, the authorization of the Transactions and any other legal matters relating to
the Loan Parties, the Loan Documents or the Transactions, as are customary for financings of this type. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) The Administrative Agent shall
have received a Borrowing Request in accordance with <U>Section</U><U></U><U>&nbsp;2.03</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) (i)&nbsp;The Administrative Agent and the
Lead Arranger shall have received all closing payments, fees and other amounts due and payable on or prior to the Closing Date, including, to the extent invoiced, payment or reimbursement of all fees and expenses (including fees, charges and
disbursements of counsel) required to be paid or reimbursed by any Loan Party under any Loan Document and for which invoices have been delivered to the Borrower prior to the Closing Date and (ii)&nbsp;each Lender shall have received the fees
(including any upfront fees and ticking fees) payable to such Lender under <U>Section</U><U></U><U>&nbsp;2.11</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">71 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) Except as set forth in <U>Section</U><U></U><U>&nbsp;5.16</U>, the Administrative Agent
and the Lead Arranger shall have received (i)&nbsp;from each applicable Loan Party, an executed counterpart of each Security Document and (ii)&nbsp;satisfactory evidence that the Collateral Agent, on behalf of the Secured Parties, has a valid and
perfected first priority Lien and security interest in the Collateral. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) If applicable, the Borrower shall be in compliance with all
requirements to file reports under the Exchange Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) Prior to or substantially contemporaneously with the initial funding of Loans on
the Closing Date, the Existing Debt Refinancing shall have occurred. The Borrower and its Restricted Subsidiaries shall have no Indebtedness other than (a)&nbsp;the Obligations; (b)&nbsp;to the extent undrawn and in effect on the Closing Date, the
ABL Facility; and (c)&nbsp;other Indebtedness permitted pursuant to <U>Section</U><U></U><U>&nbsp;6.01</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) The Administrative Agent
shall have received a certificate, dated the Closing Date and signed by the chief financial officer of the Borrower certifying (i)&nbsp;as to the matters set forth in <U>Section</U><U></U><U>&nbsp;3.13</U>, <U>Section</U><U></U><U>&nbsp;4.01(n)</U>,
<U>Section</U><U></U><U>&nbsp;4.01(o)</U> and <U>Section</U><U></U><U>&nbsp;4.01(p)</U> and (ii)&nbsp;that after the making of the Loans on the Closing Date, the application of the proceeds thereof and the consummation of the Transactions, the
aggregate amount of Unrestricted Cash of the Borrower and its Restricted Subsidiaries on such date exceeds $75,000,000. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) (i)&nbsp;The
Administrative Agent and the Lead Arranger shall have received all documentation at least five (5)&nbsp;Business Days prior to the Closing Date and other information about the Borrower and the Guarantors that shall have been reasonably requested by
the Administrative Agent or the Lead Arranger in writing at least five (5)&nbsp;Business Days prior to the Closing Date and that the Administrative Agent and the Lead Arranger reasonably determine is required by United States regulatory authorities
under applicable &#147;know your customer&#148; and <FONT STYLE="white-space:nowrap">anti-money</FONT> laundering rules and regulations, including without limitation the PATRIOT Act and (ii)&nbsp;if the Borrower qualifies as a &#147;legal
entity&#148; customer under 31 C.F.R. &#167;&nbsp;1010.230 and the Administrative Agent has so requested at least five (5)&nbsp;Business Days prior to the Closing Date, the Administrative Agent and each such Lender requesting a Beneficial Ownership
Certification (which request is made through the Administrative Agent) will have received, at least five (5)&nbsp;Business Days prior to the Closing Date, the Beneficial Ownership Certification in relation to the Borrower. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) The representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct (i)&nbsp;in the case of the
representations and warranties qualified as to materiality, in all respects and (ii)&nbsp;otherwise, in all material respects, in each case on and as of the date of such Borrowing, except in the case of any such representation and warranty that
expressly relates to a prior date, in which case such representation and warranty shall be so true and correct on and as of such prior date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) At the time of and immediately after giving effect to such Borrowing, no Default or Event of Default shall have occurred and be continuing.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) Since December&nbsp;31, 2018, there has been no change that, individually or in the aggregate, has resulted in, or materially
increased the likelihood of, a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.02 <U>Incremental Loan Commitment</U>. The obligations of any
Incremental Term Lenders to make Incremental Loans pursuant to <U>Section</U><U></U><U>&nbsp;2.04</U> shall not become effective until the date on which each of the following conditions shall be satisfied (or waived in accordance with
<U>Section</U><U></U><U>&nbsp;10.02</U>): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Administrative Agent shall have received a Borrowing Request in accordance with
<U>Section</U><U></U><U>&nbsp;2.03</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The representations and warranties of each Loan Party set forth in the Loan Documents
shall be true and correct (i)&nbsp;in the case of the representations and warranties qualified as to materiality, in all respects and (ii)&nbsp;otherwise, in all material respects, in each case on and as of the date of such Borrowing, except in the
case of any such representation and warranty that expressly relates to a prior date, in which case such representation and warranty shall be so true and correct on and as of such prior date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) At the time of and immediately after giving effect to such Borrowing, no Default or Event of Default shall have occurred and be continuing.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The Administrative Agent shall have received (with sufficient copies for each of the Incremental Term Lenders) customary legal
opinions, board resolutions and other closing certificates reasonably requested by the Administrative Agent and consistent with those delivered on the Closing Date under Section&nbsp;4.01. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AFFIRMATIVE
COVENANTS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Until the occurrence of the Termination Date, each Loan Party covenants and agrees with the Lenders that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.01 <U>Financial Statements and Other Information</U>. The Borrower will furnish to the Administrative Agent, on behalf of each
Lender: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) (i) Within 60 days after the end thereof, the consolidated balance sheets of the Borrower and its Restricted Subsidiaries as
at the end of such fiscal quarter and the related consolidated statements of income, stockholders&#146; equity and cash flows of the Borrower and its Restricted Subsidiaries for such fiscal quarter and for the period from the beginning of the
current fiscal year to the end of such fiscal quarter together with a copy of management&#146;s discussion and analysis with respect to such financial statements and (ii)&nbsp;within 120 days after the end of each fiscal year ending after the
Closing Date (A)&nbsp;the consolidated balance sheets of the Borrower and its Restricted Subsidiaries as at the end of such fiscal year and the related consolidated statements of income, stockholders&#146; equity and cash flows of the Borrower and
its Restricted Subsidiaries for such fiscal year together with a copy of management&#146;s discussion and analysis with respect to such financial statements and (B)&nbsp;a report on the annual financial statements by the Borrower&#146;s certified
independent accountants (which report shall be unqualified as to &#147;going concern&#148; and scope of audit (except for any &#147;going concern&#148; qualification, exception or explanatory paragraph pertaining to impending maturities of any
Indebtedness occurring prior to the expiry of the first full four fiscal quarter period following such audit)); <U>provided</U>, <U>however</U>, that the Borrower will not be required to furnish such information to the Administrative Agent or the
Lenders if such information is electronically filed with the SEC and is electronically available to the public. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) concurrently with each
delivery of financial statements under <U>clause</U><U></U><U>&nbsp;(a)</U>&nbsp;above, (x)&nbsp;a completed Compliance Certificate signed by a Financial Officer of the Borrower, certifying (i)&nbsp;as to whether a Default has occurred and, if a
Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii)&nbsp;as to whether any material change in GAAP or in the application thereof has occurred since the date of the consolidated
balance sheet of the Borrower most recently theretofore delivered under <U>clause</U><U></U><U>&nbsp;(a)</U>&nbsp;above (or, prior to the first such delivery, referred to in <U>Section</U><U></U><U>&nbsp;3.04</U>) and, if any such change has
occurred, specifying (if known and quantifiable) the effect of such change on the financial statements (including those for the prior periods) accompanying such certificate, and (iii)&nbsp;that the Borrower is in compliance with
<U>Section</U><U></U><U>&nbsp;6.15</U>, and (y)&nbsp;a report with the Value of the Aircraft Collateral; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) concurrently with each delivery of annual financial statements under
<U>clause</U><U></U><U>&nbsp;(a)</U>&nbsp;above, a completed updated Aircraft Collateral Certificate; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) a conference call each fiscal
quarter, beginning with the first full fiscal quarter ending after the Closing Date, for Lenders to discuss such financial information no later than ten Business Days after the distribution of such information required by
<U>clause</U><U></U><U>&nbsp;(a)</U>&nbsp;above, and prior to the date of each such conference call, the Borrower will announce the time and date of such conference call and either include all information necessary to access the call in such
announcement or inform the Lenders of the applicable password or other login information (if applicable); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) promptly after any request
therefor by the Administrative Agent or any Lender, copies of (i)&nbsp;any documents described in Section&nbsp;101(k)(1)&nbsp;of ERISA that the Borrower or any of its ERISA Affiliates may request with respect to any Multiemployer Plan and
(ii)&nbsp;any notices described in Section&nbsp;101(l)(1)&nbsp;of ERISA that the Borrower or any of its ERISA Affiliates may request with respect to any Multiemployer Plan; <U>provided</U> that if the Borrower or any of its ERISA Affiliates has not
requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, the Borrower or the applicable ERISA Affiliate shall promptly make a request for such documents and notices from such administrator or
sponsor and shall provide copies of such documents and notices promptly after receipt thereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) (i)&nbsp;promptly upon the delivery or
receipt thereof (and in any event not later than five Business Days after such delivery or receipt or such later date as agreed to by the Administrative Agent), copies of any notice of any default or event of default under any Material Indebtedness
and (ii)&nbsp;promptly upon the execution thereof (and in any event not later than five Business Days after the date of execution), copies of any amendment, restatement, supplement or other modification to any ABL Facility Documentation; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) promptly after any written request therefor, such other information regarding the operations, business affairs, assets, liabilities
(including contingent liabilities) and financial condition of the Borrower or any other Restricted Subsidiary, or compliance with the terms of any Loan Document, as the Administrative Agent or any Lender (acting through the Administrative Agent) may
reasonably request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.02 <U>Notices of Material Events</U>. The Borrower will furnish to the Administrative Agent written
notice promptly upon a Responsible Officer of the Borrower having Knowledge of any of the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) the occurrence of, or receipt by
the Borrower of any written notice claiming the occurrence of, any Default; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) the filing or commencement of any action, suit or
proceeding by or before any arbitrator or Governmental Authority against or affecting the Borrower or any Restricted Subsidiary, or any adverse development in any such pending action, suit or proceeding not previously disclosed in writing by the
Borrower to the Administrative Agent, that in any manner questions the validity of any Loan Document; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) the occurrence of any ERISA
Event that, alone or together with any other such ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) any other development that has resulted, or could reasonably be expected to result, in a
Material Adverse Effect; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) the occurrence of a termination of, or the receipt by the Borrower of any notice of the termination of any
one or more Material Agreements of any Loan Party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each notice delivered under this Section&nbsp;shall be accompanied by a statement of a Financial
Officer or other Executive Officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.03 <U>Borrower Information</U>. Promptly following any request therefor, the Borrower will provide information and
documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable &#147;know your customer&#148; and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">anti-money-laundering</FONT></FONT> rules and regulations, including, without limitation, the PATRIOT Act and the Beneficial Ownership Regulation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.04 <U>Information Regarding Collateral</U>. The Borrower will furnish to the Administrative Agent prior written notice of any
change in (i)&nbsp;the legal name of any Loan Party, as set forth in its organizational documents, (ii)&nbsp;the jurisdiction of organization or the form of organization of any Loan Party (including as a result of any merger, amalgamation or
consolidation) or (iii)&nbsp;the location of the chief executive office of any Loan Party and take all actions, including the filing of UCC amendments required under applicable law or requested by the Administrative Agent to continue perfection of
the collateral agent&#146;s security interest in the Collateral at all times following such change; <U>provided</U>, that notwithstanding the foregoing, it is understood and agreed that the Borrower may provide written notice of the changes related
to the Closing Date Reorganization promptly (but no later than one (1)&nbsp;Business Day) after the occurrence thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.05
<U>Existence; Conduct of Business</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Borrower and each Restricted Subsidiary will do or cause to be done all things necessary to
preserve, renew and keep in full force and effect its legal existence, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect; <U>provided</U> that the foregoing shall not prohibit any transactions
permitted under <U>Sections 6.0</U><U>4</U>, <U>6.0</U><U>6</U> or <U>6.13</U>. The Borrower and each Restricted Subsidiary will do or cause to be done all things necessary to preserve, renew and keep in full force and effect all its material
rights, licenses, permits, privileges, franchises, patents, copyrights, trademarks and trade names material to the conduct of its business; <U>provided</U> that the foregoing shall not prohibit any transaction permitted under
<U>Sections</U><U></U><U>&nbsp;6.0</U><U>4</U>, <U>6.0</U><U>6</U> or <U>6.13</U>. It is understood and agreed that the Closing Date Reorganization is not prohibited by this <U>Section</U><U></U><U>&nbsp;5.05(a)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Borrower and each Restricted Subsidiary will take all reasonable actions to maintain all material patents, trademarks, copyrights,
licenses, technology, software, domain names and other material intellectual property necessary to the conduct of its business as currently conducted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.06 <U>Payment of Taxes</U>. The Borrower and each Restricted Subsidiary will pay its Tax liabilities, before the same shall
become more than 30 days overdue or, if more than 30 days overdue, except where (a)&nbsp;(i)&nbsp;the validity or amount thereof is being contested in good faith by appropriate proceedings, (ii)&nbsp;the Borrower or such Restricted Subsidiary has
set aside on its books reserves with respect thereto to the extent required by GAAP and (iii)&nbsp;such contest effectively suspends collection of the contested obligation and the enforcement of any Lien securing such obligation or (b)&nbsp;the
failure to make payment could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.07 <U>Maintenance of Properties</U>. The Borrower and each Restricted
Subsidiary will keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear, and casualty and condemnation excepted. The Borrower and the Guarantors will maintain the Collateral
that is necessary to the normal operation of its business in good working order and condition, other than where failure to so maintain could not reasonably be expected to have a Material Adverse Effect. The Borrower will, and will cause each of the
Guarantors that own any Collateral, to (i)&nbsp;at all times maintain, preserve and protect all property used in the conduct of its business and keep such property in good repair, working order and condition (other than wear and tear occurring in
the ordinary course of business), in each case, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect, (ii)&nbsp;from time to time make, or cause to be made, all necessary and proper repairs,
renewals, additions, and replacements thereto necessary in order that the business carried on in connection therewith may be properly conducted at all times, except where the failure to do so could not reasonably be expected to result in a Material
Adverse Effect, and (iii)&nbsp;keep its insurable property insured at all times by financially sound and reputable insurers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.08 <U>Insurance</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Borrower will, and will cause each of the Subsidiaries to, maintain, with financially sound and reputable insurance companies,
insurance in such amounts and against such risks that is consistent with the insurance coverage of the Borrower and its Subsidiaries as of the Closing Date, taken as a whole, and as are customarily maintained by similarly situated companies engaged
in the same or similar businesses operating in the same or similar locations. The Borrower will furnish to the Administrative Agent (for posting to the Lenders), upon its reasonable request, information in reasonable detail as to the insurance so
maintained. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Borrower will cause all such policies covering any Collateral to be endorsed or otherwise amended to include a
customary lender&#146;s loss payable endorsement, in form and substance satisfactory to the Administrative Agent and the Collateral Agent, which endorsement shall provide that, from and after the Closing Date, if the insurance carrier shall have
received written notice from the Administrative Agent or the Collateral Agent of the occurrence of an Event of Default, the insurance carrier shall pay all proceeds otherwise payable to the Borrower or the Loan Parties under such policies directly
to the Collateral Agent; cause all such policies to provide that neither the Borrower, the Administrative Agent, the Collateral Agent nor any other party shall be a coinsurer thereunder and to contain a &#147;Replacement Cost Endorsement&#148;,
without any deduction for depreciation, and such other provisions as the Administrative Agent or the Collateral Agent may reasonably require from time to time to protect their interests; deliver original or certified copies of all such policies to
the Collateral Agent; cause each such policy to provide that it shall not be cancelled, modified or not renewed (i)&nbsp;by reason of nonpayment of premium upon not less than 10 days&#146; prior written notice thereof by the insurer to the
Administrative Agent and the Collateral Agent (giving the Administrative Agent and the Collateral Agent the right to cure defaults in the payment of premiums) or (ii)&nbsp;for any other reason upon not less than 30&nbsp;days&#146; prior written
notice thereof by the insurer to the Administrative Agent and the Collateral Agent; deliver to the Administrative Agent and the Collateral Agent, prior to the cancellation, modification or nonrenewal of any such policy of insurance, a copy of a
renewal or replacement policy (or other evidence of renewal of a policy previously delivered to the Administrative Agent and the Collateral Agent) together with evidence satisfactory to the Administrative Agent and the Collateral Agent of payment of
the premium therefor. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) If at any time the area in which any Mortgaged Properties are located is designated a &#147;flood hazard
area&#148; in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), obtain flood insurance in such total amount as the Administrative Agent, the Collateral Agent or the Required Lenders may from
time to time require, and otherwise comply with (i)&nbsp;the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) </P>
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the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii)&nbsp;the National Flood Insurance Reform Act of 1994 (amending 42 USC 4001, <I>et
seq</I>.), as the same may be amended or recodified from time to time, (iv)&nbsp;the Flood Insurance Reform Act of 2004 and (v)&nbsp;the Biggert-Waters Flood Reform Act of 2012, and any regulations promulgated thereunder, as each may be amended from
time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) With respect to any Mortgaged Property, carry and maintain comprehensive general liability insurance including the
&#147;broad form CGL endorsement&#148; and coverage on an occurrence basis against claims made for personal injury (including bodily injury, death and property damage) and umbrella liability insurance against any and all claims, in no event for a
combined single limit of less than that which is customary for companies in the same or similar businesses operating in the same or similar locations, naming the Collateral Agent as an additional insured, on forms satisfactory to the Collateral
Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.09 <U>Books and Records; Inspection and Audit Rights</U>. The Borrower and each Restricted Subsidiary will keep
proper books of record and account in which full, true and correct entries in accordance with GAAP are made of all dealings and transactions in relation to its business and activities. The Borrower and each Restricted Subsidiary will permit the
Administrative Agent, and any agent designated by the Administrative Agent, upon reasonable prior notice and during normal business hours, (a)&nbsp;to visit and inspect its properties, (b)&nbsp;to examine and make extracts from its books and records
and (c)&nbsp;to discuss its operations, business affairs, assets, liabilities (including contingent liabilities) and financial condition with its officers and independent accountants; <U>provided</U> that unless an Event of Default shall have
occurred and be continuing, (i)&nbsp;no more than two such visits and inspections may be made during any calendar year, (ii)&nbsp;each such visit and inspection shall be made upon at least three (3)&nbsp;Business Days&#146; prior notice to the
Borrower or the applicable Restricted Subsidiary and shall not unreasonably interfere with the conduct of the business of the Borrower or the applicable Restricted Subsidiary, and (iii)&nbsp;regardless of the existence of an Event of Default, the
Borrower shall have the opportunity to be present at any meeting with its independent accountants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.10 <U>Compliance with
Laws</U>. The Borrower and each Restricted Subsidiary will comply with all Laws, including all orders of any Governmental Authority, applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. The Borrower will maintain in effect policies and procedures reasonably designed to promote compliance by the Borrower, its Subsidiaries, and their respective directors, officers,
employees, and agents with Anti-Corruption Laws (including, without limitation, the FCPA) and any other applicable <FONT STYLE="white-space:nowrap">anti-corruption</FONT> laws and applicable Sanctions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.11 <U>Use of Proceeds</U>. The proceeds of the Loans will be used by the Borrower (a)&nbsp;on the Closing Date solely for
(i)&nbsp;the payment of fees and expenses payable in connection with the Transactions (including making required payments under the Plan of Reorganization) and (ii)&nbsp;the Existing Debt Refinancing, and (b)&nbsp;for general corporate purposes. The
Borrower will not, directly or, to its Knowledge, indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, (x)&nbsp;to fund any activities or
business of or with any Sanctioned Person, or in any country or territory, to the extent that such funding would violate Sanctions, or (y)&nbsp;in any other manner that would result in a violation of Sanctions by any Person (including any Person
participating in the Loans, whether as underwriter, advisor, investor, or otherwise). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.12 <U>Employee Benefits</U>. The
Borrower and each ERISA Affiliate will comply in all material respects with the applicable provisions of ERISA and the related sections of the Code. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.13 <U>Additional Guarantors</U>. If, after the Closing Date, (a)&nbsp;the
Borrower or any Restricted Subsidiary shall acquire or create another Restricted Subsidiary (other than in any case an Excluded Subsidiary) or (b)&nbsp;any Unrestricted Subsidiary that is not an Excluded Subsidiary is redesignated a Restricted
Subsidiary, then, in each such case, the Borrower shall cause such Restricted Subsidiary to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) execute and deliver to
the Administrative Agent within 45 days (a)&nbsp;a joinder agreement substantially in the form included in <U>Exhibit</U><U></U><U>&nbsp;C</U> hereto pursuant to which such Restricted Subsidiary shall unconditionally Guarantee the Obligations and
become a party to this Agreement and (b)&nbsp;if such Subsidiary owns any Material Real Property or other assets of the type that constitute Collateral, joinders to the Security Documents or additional Security Documents and take all actions
required thereunder to grant a perfected Lien to the Collateral Agent on all Collateral of such Restricted Subsidiary; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) deliver to the Administrative Agent one or more Opinions of Counsel that such joinders and such Security Documents
(a)&nbsp;have been duly authorized, executed and delivered by such Restricted Subsidiary and (b)&nbsp;constitute valid and legally binding obligations of such Restricted Subsidiary in accordance with its terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Borrower will not permit any Subsidiary to be an obligor under the ABL Facility unless such Subsidiary shall also be a Guarantor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.14 <U>After</U><U><FONT STYLE="white-space:nowrap">-Acquired</FONT> Property</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Upon the acquisition by the Borrower or any Guarantor after the Closing Date of any <FONT STYLE="white-space:nowrap">after-acquired</FONT>
Aircraft that, in any such case, form part of the Aircraft Collateral, the Borrower or such Guarantor shall execute and deliver, within 30 days of such acquisition an updated Aircraft Collateral Certificate together with any other information,
documentation, financing statements or other certificates and Opinions of Counsel as may be necessary to vest in the Collateral Agent a perfected security interest, subject only to Permitted Collateral Liens, in such
<FONT STYLE="white-space:nowrap">after-acquired</FONT> property and to have such <FONT STYLE="white-space:nowrap">after-acquired</FONT> property added to the Collateral, and thereupon all provisions of this Agreement relating to the Collateral shall
be deemed to relate to such <FONT STYLE="white-space:nowrap">after-acquired</FONT> property to the same extent and with the same force and effect. No filings with the FAA or any other Aircraft Collateral Covered Jurisdiction with respect to the
security interest in any leased Aircraft leased to the Borrower or any Guarantor by third parties will be required to be made and such security interest will not be required to be registered on the International Registry. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Upon the acquisition by the Borrower or any Guarantor after the Closing Date of any Equity Interests, to the extent such Equity Interests
are not Excluded Equity Interests and are not subject to a valid and perfected security interest in favor of the Collateral Agent pursuant to the Security Documents, such Loan Party shall promptly, and in any event, within five Business Days (or
such longer period as the Collateral Agent may agree) deliver such security documents and take such other actions as the Collateral Agent may reasonably request to vest in the Collateral Agent a valid and perfected security interest in such Equity
Interests. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Upon the acquisition by the Borrower or any Guarantor after the Closing Date of any
<FONT STYLE="white-space:nowrap">after-acquired</FONT> Material Real Property, the Borrower or such Guarantor shall promptly give notice thereof to the Collateral Agent and, within 90 days of such acquisition (or such longer period as the Collateral
Agent may agree in its reasonable discretion), cause such Material Real Property to be subjected to a Lien and take, or cause the relevant Loan Party to take, such actions as shall be necessary or reasonably requested by the Collateral Agent to
grant and perfect or record such Lien, including providing each of the following: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) evidence that counterparts of the Mortgages have been duly executed,
acknowledged and delivered and are in form suitable for filing or recording in all filing or recording offices that the Collateral Agent may deem reasonably necessary in order to create a valid and subsisting perfected Lien (subject to Permitted
Liens) on the property and/or rights described therein in favor of the Collateral Agent, for the benefit of the Secured Parties, and that all filing and recording taxes and fees have been paid or otherwise provided for in a manner reasonably
satisfactory to the Collateral Agent; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) a title insurance policy for such property or the equivalent or other form (if
applicable) available in each applicable jurisdiction in form and substance, with endorsements and in amounts, reasonably acceptable to the Collateral Agent (not to exceed the value of the real properties covered thereby), issued, coinsured and
reinsured by title insurers reasonably acceptable to the Collateral Agent, insuring the Lien of each such Mortgage as a valid Lien on the property described therein, free of any other Liens except Permitted Liens, and providing for such other
affirmative insurance (including endorsements for future advances under the Loan Documents) and such coinsurance and direct access reinsurance, in each case as the Collateral Agent may reasonably request; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) opinions of local counsel for the Loan Parties in states or provinces in which the real properties are located, with
respect to the enforceability and perfection of the Mortgages and any related fixture filings in form and substance reasonably satisfactory to the Collateral Agent; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) (x) &#147;Life of Loan&#148; Federal Emergency Management Agency Standard Flood Hazard determinations, (y)&nbsp;notices,
in the form required under the Flood Insurance Laws, about special flood hazard area status and flood disaster assistance duly executed by each Loan Party, and (z)&nbsp;if any improved Material Real Property encumbered by any Mortgage is located in
a special flood hazard area, a policy of flood insurance that (1)&nbsp;covers such improved Material Real Property, (2)&nbsp;is written in an amount not less than the outstanding principal amount of the Indebtedness secured by such Mortgage
reasonably allocable to such Material Real Property or the maximum limit of coverage made available with respect to the particular type of property under the Flood Insurance Laws, whichever is less, and (3)&nbsp;is otherwise on terms reasonably
satisfactory to the Administrative Agent; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) together with all environmental assessments, real property surveys and
supplemental casualty insurance reasonably requested by the Administrative Agent or the Collateral Agent, in each case, to the extent available and in the possession of the Borrower; <U>provided</U>, <U>however</U>, that there shall be no obligation
to deliver to the Administrative Agent any such environmental assessment, real property survey or supplemental casualty insurance whose disclosure to the Collateral Agent would require the consent of a Person other than the Borrower or one of its
Restricted Subsidiaries; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) such other evidence that all other actions that the Administrative Agent and the
Collateral Agent may reasonably deem necessary or desirable in order to create valid and subsisting Liens on the property described in the Mortgages has been taken. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.15 <U>Aircraft Collateral Leases</U>. In the event that any Aircraft Collateral is leased to any Subsidiary of the Borrower,
the Borrower and the Guarantors covenant on behalf of themselves and their Subsidiaries, that if requested by the Collateral Agent in connection with a foreclosure on or other sale or transfer of any such Aircraft Collateral in connection with an
exercise of remedies they will cancel such lease so the applicable Aircraft Collateral may be transferred free and clear of such lease, so long as such cancellation is permitted by all applicable laws and would not result in other Aircraft
Collateral being deregistered from the relevant Aircraft Collateral Covered Jurisdiction. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.16 <U>Certain Post</U><U><FONT STYLE="white-space:nowrap">-Closing</FONT>
Collateral Obligations</U>. The Borrower and the Guarantors shall comply with the provisions set forth in <U>Schedule 5.16</U> within the time periods specified on <U>Schedule 5.16</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.17 <U>Further Assurances</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Borrower and the Guarantors shall execute any and all further documents, financing statements, agreements and instruments, and take all
further action that may be required under applicable law, or that the Collateral Agent may reasonably request, in order to grant, preserve, protect and perfect the validity and priority of the security interests and Liens created or intended to be
created by the Security Documents in the Collateral. In addition, from time to time, the Borrower will reasonably promptly secure the Obligations by pledging or creating, or causing to be pledged or created, perfected security interests and Liens
with respect to the Collateral perfected to the extent required by the Security Documents. Such security interests and Liens will be created under the Security Documents and other security agreements and other instruments and documents in form and
substance reasonably satisfactory to the Collateral Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Without limiting any other provisions of the Loan Documents, the Borrower
and the Guarantors agree that upon (i)&nbsp;request from CFIUS, (ii)&nbsp;determination by the CFIUS Parties of a filing requirement pursuant to the CFIUS pilot program regulations set out at 31 CFR Part 801, or (iii)&nbsp;reasonable request from
the Collateral Agent to the other CFIUS Parties, which approval of the request shall not unreasonably be denied, in connection with any enforcement action under any Loan Document (such event an &#147;Enforcement Action Transaction&#148;), to
cooperate, and to cause their respective affiliates to cooperate, in filing a joint voluntary notice or pilot program declaration with CFIUS pursuant to the DPA, including by (w)&nbsp;assisting with the prompt preparation, drafting, and filing of
any and all submissions to CFIUS deemed reasonably necessary by the Collateral Agent after discussion and collaboration with the other CFIUS Parties; (x)&nbsp;promptly and, in all events, within the timeframe set forth in the DPA, providing any
information requested by CFIUS in connection with the CFIUS assessment, review, or investigation; (y)&nbsp;permitting the Collateral Agent to review in advance any filling that it proposes to give to CFIUS, and promptly notifying the Collateral
Agent in advance of any meeting, telephone call or conference with CFIUS, in each case to the extent not prohibited by CFIUS or by applicable law; and (z)&nbsp;giving the Collateral Agent the opportunity to attend and participate in any telephonic
conferences or <FONT STYLE="white-space:nowrap">in-person</FONT> meetings with CFIUS, to the extent not prohibited by CFIUS. The Borrower and Guarantors shall, and shall cause their respective affiliates to, use reasonable best efforts to obtain, as
applicable, CFIUS Clearance. For the avoidance of doubt, the Collateral Agent shall not have an obligation to accept or take any action, condition, or restriction in order to achieve CFIUS Clearance in connection with the Enforcement Action
Transaction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Borrower and the Guarantors, as promptly as practicable after the Closing Date, shall take all further action that
may be required under applicable law, or that the Collateral Agent may reasonably request, in order to remove from the applicable records the encumbrances listed on Schedule 6.05; provided that, after notice to the Borrower, the Administrative Agent
may, at the Borrower&#146;s expense (subject to <U>Section</U><U></U><U>&nbsp;10.03</U>), take any such action on the Borrower&#146;s and the Guarantor&#146;s behalf. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.18 <U>Designation of Unrestricted Subsidiaries</U>. The Borrower may designate any Subsidiary of the Borrower acquired, formed
or otherwise created after the Closing Date (other than any member of the HNZ Group) as an &#147;Unrestricted Subsidiary&#148; under this Agreement (a &#147;<U>Designation</U>&#148;) only if: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) such designation is made within five (5)&nbsp;Business Days of such acquisition, formation or other creation; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">80 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) no Default shall have occurred and be continuing at the time of or after giving effect
to such Designation; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) the Borrower would be permitted to make, at the time of such Designation,&nbsp;an Investment pursuant to
<U>Section</U><U></U><U>&nbsp;6.0</U><U>3</U> in an amount (the &#147;<U>Designation Amount</U>&#148;) equal to the Fair Market Value of the Borrower&#146;s proportionate interest in such Subsidiary on such date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No Subsidiary shall be Designated as an &#147;Unrestricted Subsidiary&#148; unless such Subsidiary: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) has no Indebtedness other than Non Recourse Debt; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) is not party to any agreement, contract, arrangement or understanding with the Borrower or any Restricted Subsidiary unless the terms of
the agreement, contract, arrangement or understanding are reasonably similar to, or more materially favorable to the Borrower or the Restricted Subsidiary (taken as a whole) than, those that might be obtained at the time from Persons who are not
Affiliates; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) is a Person with respect to which neither the Borrower nor any Restricted Subsidiary has any direct or indirect obligation
(i)&nbsp;to subscribe for additional Equity Interests or (ii)&nbsp;to maintain or preserve the Person&#146;s financial condition or to cause the Person to achieve any specified levels of operating results; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Borrower or any Restricted
Subsidiary, except for any Guarantee given solely to support the pledge by the Borrower or any Restricted Subsidiary of the Equity Interests of such Unrestricted Subsidiary, which Guarantee is not recourse to the Borrower or any Restricted
Subsidiary, and except to the extent the amount thereof constitutes a Restricted Payment permitted pursuant to <U>Section</U><U></U><U>&nbsp;6.02</U> of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If, at any time, any Unrestricted Subsidiary fails to meet the preceding requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an
Unrestricted Subsidiary for purposes of this Agreement and any Indebtedness of the Subsidiary and any Liens on assets of such Subsidiary shall be deemed to be incurred by a Restricted Subsidiary as of the date and, if the Indebtedness is not
permitted to be incurred under <U>Section</U><U></U><U>&nbsp;6.01</U> or the Lien is not permitted under <U>Section</U><U></U><U>&nbsp;6.05</U> the Borrower shall be in default of the applicable covenant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Borrower may redesignate an Unrestricted Subsidiary as a Restricted Subsidiary (a &#147;<U>Redesignation</U>&#148;) only if: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) no Default shall have occurred and be continuing at the time of and after giving effect to such Redesignation; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) all Liens, Indebtedness and Investments of such Unrestricted Subsidiary outstanding immediately following such Redesignation would, if
incurred or made at such time, have been permitted to be incurred or made for all purposes of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All Designations and
Redesignations must be evidenced by resolutions of the Board of Directors of the Borrower, delivered to the Administrative Agent certifying compliance with the foregoing provisions. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.19 <U>Pledged Equity Interests</U>. On the Closing Date and at each time
thereafter that any Restricted Subsidiary of the Borrower is created or acquired or any Unrestricted Subsidiary becomes a Restricted Subsidiary, the Borrower and the other Loan Parties (as applicable) shall execute and deliver to the Collateral
Agent for the benefit of the Secured Parties, documents necessary, together with all certificates (or other evidence acceptable to Collateral Agent), if any, evidencing the issued and outstanding Equity Interests of each such Restricted Subsidiary
(other than any Excluded Equity Interests) of every class owned by such Loan Party (as applicable) which, if certificated, shall be duly endorsed or accompanied by stock powers executed in blank (as applicable), as the Collateral Agent shall deem
necessary or appropriate to grant, evidence and perfect a security interest in the issued and outstanding Equity Interests owned by the Borrower or any other Loan Party in each Restricted Subsidiary (other than any Excluded Equity Interests) prior
and superior in right to any other Person. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NEGATIVE COVENANTS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Until
the occurrence of the Termination Date, each Loan Party covenants and agrees with the Lenders that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.01 <U>Indebtedness</U>.
The Borrower will not, and will not permit any Restricted Subsidiary to, directly or indirectly, incur any Indebtedness except the following (each of the following, &#147;<U>Permitted Indebtedness</U>&#148;): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Indebtedness of the Borrower and any Guarantor under the ABL Facility (including reimbursement obligations with regard to letters of
credit) incurred pursuant to this <U>clause</U><U></U><U>&nbsp;(a)</U>&nbsp;in an aggregate principal amount at any time outstanding not to exceed $50,000,000; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Indebtedness of the Borrower and any Guarantor incurred under this Agreement and the other Loan Documents (including Indebtedness incurred
pursuant to <U>Section</U><U></U><U>&nbsp;2.04</U> and <U>Section</U><U></U><U>&nbsp;2.19</U> hereof); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Indebtedness of the Borrower
and the Restricted Subsidiaries listed on <U>Schedule 6.01</U> to the extent outstanding on the Closing Date (other than Indebtedness referred to in <U>clauses</U><U></U><U>&nbsp;(a)</U>&nbsp;and <U>(b)</U>&nbsp;above); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Indebtedness in respect of Hedge Contracts, including, without limitation, Permitted Commodity Hedge Agreements and Permitted Interest Rate
Hedge Agreements; <U>provided</U> that such Hedge Contracts are designed to hedge against the Borrower&#146;s or any Restricted Subsidiary&#146;s exposure to interest rates, foreign exchange rates or other commodity pricing risks incurred in the
ordinary course of business and not for the purpose of speculation; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Indebtedness of the Borrower owed to a Restricted Subsidiary and
Indebtedness of any Restricted Subsidiary owed to the Borrower or any other Restricted Subsidiary; <U>provided</U>, that (i)&nbsp;upon any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or such Indebtedness being owed to any Person
other than the Borrower or a Restricted Subsidiary, the Borrower or such Restricted Subsidiary, as applicable, shall be deemed to have incurred Indebtedness not permitted by this <U>clause</U><U></U><U>&nbsp;(e)</U> and (ii)&nbsp;with respect to
Foreign Subsidiaries, all such Indebtedness is (A)&nbsp;evidenced by a master intercompany note, in form and substance reasonably satisfactory to Agent (the &#147;<U>Intercompany Note</U>&#148;), and, if owed to a Loan Party, shall be subject to a
first priority perfected Lien in favor of Administrative Agent pursuant to the Loan Documents, and (B)&nbsp;unsecured and subordinated in right of payment to the payment in full of the Obligations pursuant to the terms of the Intercompany Note; </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Indebtedness in respect of bid, letters of credit, performance or surety bonds issued
for the account of the Borrower or any Restricted Subsidiary in the ordinary course of business, including Guarantees or obligations of the Borrower or any Restricted Subsidiary with respect to letters of credit supporting such bid, performance or
surety obligations (in each case other than for an obligation for money borrowed); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) Purchase Money Indebtedness incurred by the
Borrower or any Restricted Subsidiary (other than the HNZ Group), and Refinancing Indebtedness thereof, in an aggregate amount not to exceed at any time outstanding the greater of (a)&nbsp;$20,000,000 and (b)&nbsp;5% of the aggregate net book value
of the Aircraft owned by the Borrower and the Restricted Subsidiaries; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) Cash Management Obligations and other Indebtedness
(i)&nbsp;arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business or
(ii)&nbsp;in respect of netting services, automatic clearinghouse arrangements, overdraft protections and similar arrangements in each case in connection with deposit accounts; <U>provided</U>, that such Indebtedness is extinguished within five
Business Days of incurrence; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) Indebtedness arising in connection with endorsement of instruments for deposit in the ordinary course of
business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) Refinancing Indebtedness with respect to Indebtedness incurred pursuant to <U>clause</U><U></U><U>&nbsp;(c)</U>&nbsp;above
or this <U>clause</U><U></U><U>&nbsp;(j)</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) Indebtedness incurred by Foreign Subsidiaries in an aggregate principal amount not to
exceed $15,000,000 as long as (i)&nbsp;no Loan Parties (A)&nbsp;provides any Guarantee or credit support of any kind (including any undertaking, guarantee, indemnity, agreement or instrument that would constitute Indebtedness) or (B)&nbsp;is
directly or indirectly liable (as a guarantor or otherwise) for such Indebtedness; (ii)&nbsp;the incurrence of which will not result in any recourse against any of the assets of any Loan Party and (iii)&nbsp;no default with respect to which would
permit (upon notice, lapse of time or both) any holder of any other Indebtedness of any Loan Party to declare pursuant to the express terms governing such Indebtedness a default on such other Indebtedness or cause the payment thereof to be
accelerated or payable prior to its stated maturity; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) Indebtedness issued to insurance companies, or their affiliates, to finance
insurance premiums payable to such insurance companies in connection with insurance policies purchased by a Loan Party in the ordinary course of business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) Junior Indebtedness to the extent that, at the time such Indebtedness is incurred, the Consolidated Net Total Leverage Ratio determined on
a pro forma basis giving effect to such incurrence and the application of the proceeds thereof, would not exceed 3.50 to 1.0; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n)
Indebtedness of the Borrower or any Restricted Subsidiary (other than the HNZ Group) in an aggregate amount not to exceed $25,000,000 in aggregate principal amount at any time outstanding; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) (i) Indebtedness (in the form of (x)&nbsp;one or more series of notes which may be unsecured or secured on a junior Lien basis with the
Loans or (y)&nbsp;one or more series of loans which may be unsecured or secured on a junior Lien basis with respect to the Loans) incurred by the Borrower at any time in an aggregate principal amount not exceeding the sum of (1)&nbsp;the Incremental
Amount available at such time <U>plus</U> (2)&nbsp;any amounts so long as immediately after giving effect to the establishment of such </P>
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Indebtedness utilizing this clause (2)&nbsp;and the use of proceeds of the Indebtedness thereunder, the <I>pro forma</I> Consolidated Net Total Leverage Ratio is not greater than 2.00 to 1.00;
<U>provided</U> that (A)&nbsp;for purposes of the foregoing clause (2), the Net Proceeds of such Indebtedness shall not be netted for purposes of such calculation of the Consolidated Net Total Leverage Ratio, (B)&nbsp;amounts may be established or
incurred utilizing clause (2)&nbsp;above prior to utilizing clause (1)&nbsp;above (it being understood that any portion of any Indebtedness incurred in reliance on clause (1)&nbsp;may be reclassified, as the Borrower may elect from time to time, as
incurred under clause (2)&nbsp;if the Borrower meets the applicable leverage ratio under clause (2)&nbsp;at such time on a <I>pro forma</I> basis, (C)&nbsp;such Indebtedness shall not mature or have any scheduled amortization and is not subject to
mandatory redemption, repurchase, prepayment or sinking fund obligation prior to the date that is 91 days after the Latest Maturity Date at the time such Indebtedness is incurred (other than customary offers to repurchase upon a change of control,
asset sale or casualty event and customary acceleration rights after an event of default), (D) as of the date of the incurrence of such Indebtedness, the weighted average life to maturity of such Indebtedness shall not be shorter than that of the
Loans, (E)&nbsp;no Restricted Subsidiary is a guarantor with respect to such Indebtedness unless such Restricted Subsidiary is a Guarantor, (F)&nbsp;if secured, such Indebtedness shall not be secured by any Liens on any property or assets that are
not part of the Collateral, (G)&nbsp;if secured or subordinated to the Obligations, such Indebtedness shall be subject to an intercreditor or subordination agreement (as applicable) in form and substance reasonably satisfactory to the Administrative
Agent and Collateral Agent, (H)&nbsp;all other terms and conditions of such Indebtedness (excluding pricing, fees, rate floors and optional prepayment or redemption terms) shall be substantially identical to, or not materially more favorable, taken
as a whole, (as reasonably determined by the Borrower) to the lenders or holders providing such Incremental Equivalent Debt than, the terms applicable to the existing Loans unless such more favorable terms are also added to the Loan Documents for
the benefit of the Lenders (except for covenants or other provisions applicable only to periods after the Maturity Date, it being understood that to the extent that any financial maintenance covenant is added for the benefit of any Incremental
Equivalent Debt, no consent from the Administrative Agent or any Lender shall be required to the extent that such covenant shall also apply for the benefit of the Loans), except, in the case of Incremental Equivalent Debt in the form of notes, such
terms and conditions reflect market terms and conditions at the time of such incurrence or issuance (as reasonably determined by the Borrower), (I) if secured on a pari passu basis with the Loans, if the initial yield on such Indebtedness (as
determined by the Administrative Agent to be equal to the sum of (x)&nbsp;the margin above the Adjusted LIBO Rate on such Indebtedness and (y)&nbsp;if such Indebtedness is incurred at a discount or the Lenders making the same receive a fee directly
or indirectly from the Borrower or any Subsidiary for providing such Indebtedness, the amount of such OID divided by the lesser of (1)&nbsp;the average life to maturity of such Indebtedness and (2)&nbsp;four) exceeds the applicable margin then in
effect for Eurocurrency Loans by more than 50 basis points, then the applicable margin then in effect for Loans shall automatically be increased by such excess, effective upon the incurrence of such Indebtedness; <U>provided</U> that, to the extent
any portion of the Yield Differential is attributable to a higher &#147;LIBOR floor&#148; being applicable to such Indebtedness, such floor shall only be included in the calculation of the Yield Differential to the extent such floor is greater than
the higher of the Adjusted LIBO Rate in effect for an Interest Period of three months&#146; duration at such time and the &#147;LIBOR floor&#148; applicable to the initial Loans, and, with respect to such excess, the &#147;LIBOR floor&#148;
applicable to the outstanding Loans shall be increased to an amount not to exceed the &#147;LIBOR floor&#148; applicable to such Indebtedness prior to any increase in the applicable margin applicable to such Loans then outstanding,
(J)&nbsp;immediately prior to and after the incurrence of any Incremental Equivalent Debt, no Default or Event of Default shall have occurred and be continuing, and (K)&nbsp;the proceeds of such Incremental Equivalent Debt shall be used solely for
the purposes permitted for Incremental Loans set forth in Section&nbsp;5.11 (such Indebtedness incurred pursuant to this clause (i)&nbsp;being referred to as &#147;<U>Incremental Equivalent Debt</U>&#148;) and (ii)&nbsp;any Refinancing Indebtedness
in respect of such Incremental Equivalent Debt which itself would be permitted pursuant to this <U>Section</U><U></U><U>&nbsp;6.01</U>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) Attributable Indebtedness in connection with Sale and Leaseback Transactions in an aggregate amount not to exceed $5,000,000; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q) Guarantees of Indebtedness of a partnership or joint venture (other than an Unrestricted
Subsidiary) by the Borrower or any Guarantor provided that (x)&nbsp;such guarantee is unsecured, (y)&nbsp;such guarantee does not exceed the proportion of such Indebtedness that is equal to the Borrower&#146;s or Guarantor&#146;s proportionate
equity ownership of such partnership or joint venture and (z)&nbsp;the aggregate principal amount of such Indebtedness at any time outstanding does not exceed $5,000,000 outstanding; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r) unsecured Indebtedness of the Borrower or any Restricted Subsidiary (other than the HNZ Group) incurred in connection with credit card
agreements in an aggregate amount not to exceed $3,000,000 at any time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.02 <U>Restricted Payments</U>. The Borrower will
not, and will not permit any Restricted Subsidiary to, directly or indirectly, make any Restricted Payment except: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Restricted Payments
in aggregate cash amount not exceeding the Available Amount; <U>provided</U> that the Borrower has provided an Officer&#146;s Certificate certifying that (i)&nbsp;the pro forma Liquidity is at least $50,000,000 immediately prior to and after giving
effect to such Restricted Payment and (ii)&nbsp;no Default or Event of Default shall have occurred and be continuing or would result therefrom; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Restricted Payments in aggregate cash amount not exceeding $5,000,000; <U>provided</U> that the Borrower has provided an Officer&#146;s
Certificate certifying that no Default or Event of Default shall have occurred and be continuing or would result therefrom; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Restricted
Payments in exchange for, or out of the proceeds of the substantially concurrent issuance and sale of, Qualified Equity Interests; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) the
redemption of any Equity Interests of the Borrower or any Restricted Subsidiary in exchange for, or out of the proceeds of the substantially concurrent issuance and sale of, Qualified Equity Interests; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) the redemption of Subordinated Indebtedness of the Borrower or any Restricted Subsidiary in exchange for, or out of the proceeds of the
substantially concurrent incurrence of, Refinancing Indebtedness permitted to be incurred under <U>Section</U><U></U><U>&nbsp;6.01</U> and the other terms of this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) the redemption of any Equity Interests of the Borrower or any Restricted Subsidiary of the Borrower held by any of the Borrower&#146;s (or
any of its Restricted Subsidiaries&#146;) current or former directors or employees (or their transferees, estates or beneficiaries under their estates) pursuant to any director or employee equity subscription agreement or stock option agreement;
<U>provided</U> that the aggregate price paid for all such redeemed Equity Interests may not exceed $2,500,000 in any <FONT STYLE="white-space:nowrap">12-month</FONT> period (with unused amounts in any
<FONT STYLE="white-space:nowrap">12-month</FONT> period being permitted to be carried over into the next <FONT STYLE="white-space:nowrap">12-month</FONT> period); <U>provided</U>, <U>further</U>, that the amounts in any <FONT
STYLE="white-space:nowrap">12-month</FONT> period may be increased by an amount not to exceed (a)&nbsp;the cash proceeds received by the Borrower or any of its Restricted Subsidiaries from the sale of Borrower&#146;s Equity Interests (other than
Disqualified Equity Interests) to any such directors or employees that occurs after the Closing Date to the extent such proceeds have not otherwise been applied to the payment of Restricted Payments plus (b)&nbsp;the cash proceeds of key man life
insurance policies received by the Borrower and its Restricted Subsidiaries after the Closing Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) the redemption of Equity Interests
of the Borrower or any Restricted Subsidiary of the Borrower held by any of the Borrower&#146;s (or any of its Restricted Subsidiaries&#146;) current or former directors or employees in connection with the exercise or vesting of any equity
compensation (including, without limitation, stock options, restricted stock and phantom stock) in order to satisfy the Borrower&#146;s or such Restricted Subsidiary&#146;s tax withholding obligation with respect to such exercise or vesting; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) repurchases of Equity Interests deemed to occur upon the exercise of stock options if
the Equity Interests represent a portion of the exercise price thereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) in the event of an Asset Sale that requires the Borrower to
prepay the Loans pursuant to <U>Section</U><U></U><U>&nbsp;2.10</U> hereof, redemption or repayment of Subordinated Indebtedness of the Borrower or any Guarantor with any Net Proceeds of such Asset Sale not required to prepay the Loans or be
reinvested pursuant to the provisions of <U>Section</U><U></U><U>&nbsp;2.10</U> hereof, in each case, at a redemption or repayment price not greater than 100% of the principal amount (or, if such Subordinated Indebtedness were issued with original
issue discount, 100% of the accreted value) of such Subordinated Indebtedness, plus any accrued and unpaid interest thereon; <U>provided</U>, <U>however</U>, that prior to such redemption or repayment, the Borrower has prepaid the Loans or made a
reinvestment, in each case, pursuant to the provisions of <U>Section</U><U></U><U>&nbsp;2.10</U> hereof to the extent the Loans are required to be prepaid with such Net Proceeds under such Section; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) Restricted Payments in cash to any direct or indirect parent of the Borrower, the proceeds of which will be used by such entity to pay its
operating expenses incurred in the ordinary course of business and other corporate overhead costs and expenses (including administrative, legal, accounting, and similar expenses payable to third parties) that are reasonable and customary and
incurred in the ordinary course of business and, in each case, that are solely attributable to the Borrower and its Restricted Subsidiaries; <U>provided</U> that Restricted Payments made pursuant to this clause (j)&nbsp;shall not exceed $1,000,000
in any fiscal year; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) Restricted Payments required to effect the Closing Date Reorganization; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>provided</U> that in the case of any Restricted Payment pursuant to <U>clause</U><U></U><U>&nbsp;(a)</U>, <U>(c)</U>,&nbsp;<U>(e)</U>, <U>(</U><U>f)</U>,
or <U>(i)</U>&nbsp;above, no Default shall have occurred and be continuing or occur as a consequence thereof; <U>provided</U> further, the Borrower and its Restricted Subsidiaries shall be permitted to pay any dividend within 60 days after the date
of declaration thereof, to the extent that such dividend would have been permitted under this <U>Section</U><U></U><U>&nbsp;6.02</U> on the date of declaration of such payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.03 <U>Limitations on Investments</U>. The Borrower will not, and will not permit any Restricted Subsidiary to, directly or
indirectly, create or otherwise cause or permit to remain outstanding any Investments in or to any Person, except: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Investments in
aggregate cash amount not exceeding the Available Amount; <U>provided</U> that the Borrower has provided an Officer&#146;s Certificate certifying that (i)&nbsp;the pro forma Liquidity is at least $50,000,000 immediately prior to and after giving
effect to such Restricted Payment and (ii)&nbsp;no Default or Event of Default shall have occurred and be continuing or would result therefrom; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Investments by the Borrower or any Restricted Subsidiary in (i)&nbsp;any Guarantor, (ii)&nbsp;any
<FONT STYLE="white-space:nowrap">non-Guarantor</FONT> Restricted Subsidiary not in excess of $35,000,000 at any one time outstanding or (iii)&nbsp;any Person that is or will become immediately after such Investment a Restricted Subsidiary or that
will merge or consolidate into the Borrower or a Restricted Subsidiary (provided if such Restricted Subsidiary does not become a Guarantor promptly following such merger or consolidation, such Investment shall be limited to the amount specified in
<U>clause (ii)</U>); <U>provided</U> that, in each case of <U>clause</U><U></U><U>&nbsp;(ii)</U>&nbsp;and <U>clause</U><U></U><U>&nbsp;(iii)</U>, no Default has occurred and is continuing or would result therefrom; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Investments in the Borrower by any Restricted Subsidiary; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">86 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) loans and advances to directors, employees and officers of the Borrower and the
Restricted Subsidiaries for bona fide business purposes and to purchase Equity Interests of the Borrower not in excess of $3,000,000 at any one time outstanding; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Hedge Obligations incurred in compliance with <U>Section</U><U></U><U>&nbsp;6.01(d)</U> of this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Cash Equivalents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g)
receivables owing to the Borrower or any Restricted Subsidiary if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; <U>provided</U>, that such trade terms may include such
concessionary trade terms as the Borrower or any such Restricted Subsidiary deems reasonable under the circumstances; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) Investments
received in compromise or resolution of (i)&nbsp;obligations of trade creditors or customers that were incurred in the ordinary course of business of the Borrower or any of its Restricted Subsidiaries, including pursuant to any Plan of
Reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (ii)&nbsp;litigation, arbitration or other disputes with Persons who are not Affiliates; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) Investments in prepaid expenses, negotiable instruments held for collection or deposit and lease, utility and workers&#146; compensation,
performance and similar deposits entered into in the ordinary course of business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) Investments made by the Borrower or a Restricted
Subsidiary for consideration consisting only of Qualified Equity Interests of the Borrower; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) stock, obligations or securities received
in settlement of debts created in the ordinary course of business and owing to the Borrower or any Restricted Subsidiary or in satisfaction of judgments; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) Investments of a Restricted Subsidiary acquired after the Closing Date or of any Person merged into the Borrower or merged into or
consolidated or amalgamated with a Restricted Subsidiary in accordance with <U>Section</U><U></U><U>&nbsp;6.13</U> hereof to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger,
consolidation or amalgamation and were in existence on the date of such acquisition, merger, consolidation or amalgamation; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m)
Investments in joint ventures in an aggregate amount not to exceed $10,000,000 at any one time outstanding (with each Investment being valued as of the date made and without regard to subsequent changes in value); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) Investments in existence on the Closing Date and listed on <U>Schedule 6.0</U><U>3</U> and any amendments, renewals or replacements thereof
that do not exceed the amount of such Investment; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) other Investments in an aggregate amount not to exceed the greater of
$10,000,000;<U> </U><U>provided</U> that the Borrower has provided an Officer&#146;s Certificate certifying that no Default or Event of Default shall have occurred and be continuing or would result therefrom; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) Investments required to effect the Closing Date Reorganization. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">87 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amount of Investments outstanding at any time pursuant to
<U>clause</U><U></U><U>&nbsp;(m)</U> or <U>(o)</U>&nbsp;above shall be deemed to be reduced: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) upon the disposition or repayment of or
return on any Investment made pursuant to <U>clause</U><U></U><U>&nbsp;(m)</U> or <U>(o)</U>&nbsp;above, by an amount equal to the return of capital with respect to such Investment to the Borrower or any Restricted Subsidiary (to the extent not
included in the computation of Consolidated Net Income), less the cost of the disposition of such Investment and net of taxes; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
upon a Redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary, by an amount equal to the lesser of (x)&nbsp;the Fair Market Value of the Borrower&#146;s proportionate interest in such Subsidiary immediately following such
Redesignation, and (y)&nbsp;the aggregate amount of Investments in such Subsidiary that increased (and did not previously decrease) the amount of Investments outstanding pursuant to <U>clause</U><U></U><U>&nbsp;(m)</U> or <U>(o)</U>&nbsp;above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.04 <U>Limitations on Dividends and Other Restrictions Affecting Restricted Subsidiaries</U>. The Borrower will not, and will
not permit any Restricted Subsidiary to, directly or indirectly, create or otherwise cause or permit to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) pay dividends or make any other distributions on or in respect of its Equity Interests; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) make loans or advances or pay any Indebtedness or other obligation owed to the Borrower or any other Restricted Subsidiary; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) transfer any of its assets to the Borrower or to any Restricted Subsidiary that owns Equity Interests in such Restricted Subsidiary (pro
rata in accordance with such ownership interest); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">except for: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) encumbrances or restrictions existing under or by reason of applicable law; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) encumbrances or restrictions existing under this Agreement, the Security Documents and the Permitted Pari Lien Debt; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <FONT STYLE="white-space:nowrap">non-assignment</FONT> provisions of any contract, license or any lease entered into in the ordinary course
of business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) encumbrances or restrictions existing under agreements existing on the date of this Agreement and listed on <U>Schedule
6.0</U><U>4</U> (including, without limitation, the ABL Facility and Permitted Pari Lien Debt) as in effect on that date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) restrictions
on the transfer of assets subject to any Lien permitted under this Agreement imposed by the holder of such Lien; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) any restriction with
respect to a Restricted Subsidiary (or any of its assets) imposed pursuant to an agreement entered into for the direct or indirect sale or disposition of all or substantially all the Equity Interests or assets of such Restricted Subsidiary (or the
assets that are subject to such restriction) pending the closing of such sale or disposition; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) any instrument governing Acquired
Indebtedness, which encumbrance or restriction is not applicable to any Person, or the assets of any Person, other than the Person or the assets of the Person so acquired; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">88 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) any other agreement governing Indebtedness entered into after the Closing Date that
contains encumbrances and restrictions taken as a whole that are not materially more restrictive with respect to any Restricted Subsidiary than those in effect on the Closing Date with respect to that Restricted Subsidiary pursuant to agreements in
effect on the Closing Date (including this Agreement); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) customary provisions in partnership agreements, limited liability company
organizational governance documents, joint venture agreements and other similar agreements entered into in the ordinary course of business that restrict the transfer of ownership interests in such partnership, limited liability company, joint
venture or similar Person; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) Purchase Money Indebtedness incurred in compliance with <U>Section</U><U></U><U>&nbsp;6.01</U> of this
Agreement that impose restrictions of the nature described in <U>clause</U><U></U><U>&nbsp;(c)</U>&nbsp;above on the assets acquired; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k)
encumbrances or restrictions applicable only to an Excluded Subsidiary; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) any encumbrances or restrictions imposed by any amendments or
refinancings of the contracts, instruments or obligations referred to in <U>clauses </U><U>(a)</U>&nbsp;through <U>(k)</U>&nbsp;above; <U>provided</U> that such amendments or refinancings are, in the good faith judgment of the Borrower&#146;s Board
of Directors, no more materially restrictive with respect to such encumbrances and restrictions than those prior to such amendments or refinancings; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.05 <U>Liens</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Borrower shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create, incur, assume or permit or
suffer to exist any Lien on the Collateral that secures obligations under any Indebtedness except Permitted Collateral Liens. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The
Borrower shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create, incur, assume or permit or suffer to exist any Lien of any nature whatsoever (other than Permitted Liens) against any <FONT
STYLE="white-space:nowrap">non-Collateral</FONT> assets of the Borrower or any Guarantor (including Equity Interests of a Restricted Subsidiary), whether owned at the Closing Date or thereafter acquired, or any proceeds therefrom, or assign or
otherwise convey any right to receive income or profits therefrom, unless contemporaneously therewith: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) in the case of
any Lien securing an obligation that ranks <I>pari passu</I> with the Obligations, effective provision is made to secure the Obligations, at least equally and ratably with or prior to such obligation with a Lien on the same collateral; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) in the case of any Lien securing an obligation that is subordinated in right of payment to the Obligations, effective
provision is made to secure the Obligations, with a Lien on the same collateral that is prior to the Lien securing such subordinated obligation, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">in each
case, for so long as such obligation is secured by such Lien. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">89 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.06 <U>Transactions with Affiliates</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Borrower will not, and will not permit any Restricted Subsidiary to, directly or indirectly, in one transaction or a series of related
transactions, sell, lease, transfer or otherwise dispose of any of its assets to, or purchase any assets from, or enter into any contract, agreement, understanding, loan, advance or Guarantee with, or for the benefit of, any Affiliate (an
&#147;<U>Affiliate Transaction</U>&#148;) if such Affiliate Transaction involves aggregate consideration in excess of $2,500,000, unless: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) such Affiliate Transaction is on terms that are no less favorable to the Borrower or the relevant Restricted Subsidiary
than those that would have been obtained in a comparable transaction at such time on an <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> basis by the Borrower or that Restricted Subsidiary from a Person that is not an Affiliate of the
Borrower or that Restricted Subsidiary; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Borrower delivers to the Administrative Agent: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(A) with respect to any Affiliate Transaction involving aggregate value in excess of $10,000,000, an Officer&#146;s Certificate
certifying that such Affiliate Transaction complies with <U>clause</U><U></U><U>&nbsp;(i)</U>&nbsp;above and a Secretary&#146;s Certificate which sets forth and authenticates a resolution that has been adopted by the Independent Directors approving
or ratifying such Affiliate Transaction; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(B) with respect to any Affiliate Transaction involving aggregate value of
$15,000,000 or more, the certificate described in the preceding <U>clause</U><U></U><U>&nbsp;(A)</U>&nbsp;and a written opinion as to the fairness of such Affiliate Transaction to the Borrower or such Restricted Subsidiary from a financial point of
view issued by an Independent Financial Advisor. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The foregoing restrictions shall not apply to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) transactions exclusively between or among (A)&nbsp;the Borrower and one or more Restricted Subsidiaries or
(B)&nbsp;Restricted Subsidiaries; <U>provided</U>, in each case, that no Affiliate of the Borrower (other than another Restricted Subsidiary) owns Equity Interests of any such Restricted Subsidiary; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) reasonable director, officer and employee compensation (including bonuses) and other benefits or incentives (including
retirement, health, stock option and other benefit plans) and indemnification arrangements; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) the entering into of a
tax sharing agreement by the Borrower and/or one or more Restricted Subsidiaries, on the one hand, and any other Person with which the Borrower or such Restricted Subsidiaries file a consolidated, combined, unitary or similar tax return or with
which the Borrower or such Restricted Subsidiaries are part of a consolidated, combined or unitary tax group, on the other hand, and payments pursuant thereto that are permitted by the provisions under <U>Section</U><U></U><U>&nbsp;6.02</U> hereof;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) loans and advances permitted by <U>Section</U><U></U><U>&nbsp;6.03(c)</U>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) Restricted Payments and Investments made in accordance with <U>Sections</U><U></U><U>&nbsp;6.02</U> and <U>6.03</U>,
respectively; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vi) any transaction with a Person (other than an Unrestricted Subsidiary) that is an Affiliate of the
Borrower solely because the Borrower owns, directly or through a Restricted Subsidiary, Equity Interests in such Person, <U>provided</U> that no other Affiliate of the Borrower (other than a Restricted Subsidiary) owns Equity Interests in such
Person; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">90 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vii) any transaction with an Affiliate where the only consideration paid by
the Borrower or any Restricted Subsidiary is Qualified Equity Interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.07 <U>Asset Sales</U>. The Borrower will not, and
will not permit any Restricted Subsidiary to, directly or indirectly, consummate any Asset Sale except: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Asset Sales (including the Air
Medical Segment Sale) subject to the following conditions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the Borrower or such Restricted Subsidiary receives
consideration at the time of such Asset Sale at least equal to the Fair Market Value of the assets included in such Asset Sale; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) at least 75% of the total consideration received in such Asset Sale consists of cash or Cash Equivalents; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the Borrower complies with the mandatory prepayment provisions of <U>Section</U><U></U><U>&nbsp;2.10</U> with respect to
such Asset Sale; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the Net Proceeds therefrom are deposited directly in a Net Proceeds Account and held on deposit
therein until reinvested or applied to repay the Loans in accordance with <U>Section</U><U></U><U>&nbsp;2.10</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) transfers of cash or
Cash Equivalents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) transfers of assets (including Equity Interests) that are governed by, and made in accordance with,
<U>Section</U><U></U><U>&nbsp;6.13</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Investments permitted under <U>Section</U><U></U><U>&nbsp;6.03</U> and Restricted Payments
permitted under <U>Section</U><U></U><U>&nbsp;6.02</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) the creation or realization of any Permitted Lien or a disposition in
connection with a Permitted Lien; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) transfers of obsolete, damaged or worn out equipment; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) any transfer or series of related transfers of assets with a Fair Market Value not in excess of $1,000,000 individually or $15,000,000 in
the aggregate for all such transfers; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) any transfer of assets acquired substantially contemporaneously with such transfer; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) a transfer of assets (i)&nbsp;by the Borrower to a Restricted Subsidiary that is a Domestic Subsidiary (other than an Excluded Subsidiary),
(ii) by a Restricted Subsidiary to the Borrower or to another Restricted Subsidiary that is a Domestic Subsidiary (other than an Excluded Subsidiary), and (iii)&nbsp;by a Restricted Subsidiary that is a Foreign Subsidiary to the Borrower or to
another Restricted Subsidiary that is a Foreign Subsidiary (other than an Excluded Subsidiary); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) an issuance, sale, transfer or other
disposition of Equity Interests (i)&nbsp;by a Restricted Subsidiary to the Borrower or to another Restricted Subsidiary that is a Domestic Subsidiary (other than an Excluded Subsidiary) or (ii)&nbsp;by a Restricted Subsidiary that is a Foreign
Subsidiary to the Borrower or to another Restricted Subsidiary that is a Foreign Subsidiary (other than an Excluded Subsidiary); </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) the sale for Fair Market Value of accounts receivable that are generated from operations
conducted outside the United States by the Borrower or any Restricted Subsidiary or other sales of accounts receivable in connection with the collection or compromise thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) leases of Aircraft or other real or personal property in the ordinary course in exchange for rental payments that were fair and adequate on
the date of lease or of any such property not presently used or useful in the business of the Borrower and its Restricted Subsidiaries; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) casualty event, condemnation or seizure; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) the unwinding, termination transfer, liquidation or novation of any Cash Management Obligations or Hedge Contract; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) Asset Sales in connection with any Sale and Leaseback Transaction so long as any Attributable Indebtedness is permitted pursuant to
<U>Section</U><U></U><U>&nbsp;6.01(q)</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) a sale or disposition pursuant to the terms of a Disclosed Existing Sublease; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q) Asset Sales in connection with any replacement of any parts or engine in accordance with the terms of the applicable Aircraft Mortgages.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.08 <U>Layering Indebtedness</U>. The Borrower will not, and will not permit any Guarantor to, directly or indirectly,
incur any Indebtedness that is or purports to be by its terms (or by the terms of any agreement governing such Indebtedness) subordinated to any other Indebtedness of the Borrower or of such Guarantor, as the case may be, unless such Indebtedness is
also by its terms (or by the terms of any agreement governing such Indebtedness) made expressly subordinate to the Obligations, to the same extent and in the same manner as such Indebtedness is subordinated to such other Indebtedness of the Borrower
or such Guarantor, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.09 <U>Issuance or Sale of Equity Interests of Restricted Subsidiaries</U>. The
Borrower will not, and will not permit any Restricted Subsidiary to, directly or indirectly, sell or issue any Equity Interests of any Restricted Subsidiary except: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) to the Borrower, a Restricted Subsidiary or the minority Equity Interest holders of any Restricted Subsidiary, on a <I>pro rata</I> basis,
at Fair Market Value; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) to the extent such Equity Interests represent directors&#146; qualifying shares or Equity Interests required
by applicable law to be held by a Person other than the Borrower or a <FONT STYLE="white-space:nowrap">Wholly-Owned</FONT> Restricted Subsidiary. The sale of all the Equity Interests of any Restricted Subsidiary is permitted by this
<U>Section</U><U></U><U>&nbsp;6.09</U> but is subject to <U>Section</U><U></U><U>&nbsp;6.07</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.10 <U>Business of
Borrower</U><U> and its Restricted Subsidiaries</U>. The Borrower will not engage in any business activities or have any assets or liabilities other than (a)&nbsp;its ownership of 100% of the Equity Interests of PHI, the other Subsidiaries of the
Borrower and liabilities incidental thereto, (b)&nbsp;the maintenance of its legal existence, including the ability to incur fees, costs and expenses relating to such maintenance, (c)&nbsp;participating in tax, accounting and other administrative
matters as a member of the consolidated group of the Borrower and its Subsidiaries, (d)&nbsp;its liabilities pursuant to the Loan Documents and the ABL Facility Documentation, (e)&nbsp;making Restricted Payments and Investments to the extent
permitted under this Agreement, (f)&nbsp;incurring fees, costs and expenses relating to overhead and general operating including professional fees for legal, tax and accounting issues and paying taxes, (g)&nbsp;any other business activity explicitly
set forth in this agreement and (h)&nbsp;activities incidental to the businesses or activities described in clauses (a)&nbsp;through (g) of this paragraph. The Borrower and its Restricted Subsidiaries may not engage at any time in any business or
business activity other than the businesses currently conducted by them and business activities reasonably related, complementary or incidental thereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.11 <U>Locations of Aircraft Collateral</U>. Other than for legitimate
business purposes (as determined in good faith by an Officer of the Borrower) while engaging in a Permitted Business, the Borrower and the Guarantors shall not move Aircraft Collateral to jurisdictions unless (i)&nbsp;the country to which such
Aircraft is landing or being shipped is an Aircraft Collateral Covered Jurisdiction or is subject to the Cape Town Convention and (ii)&nbsp;the Agents receive an Opinion of Counsel, reasonably satisfactory to the Agents, that the security interest
granted to the Collateral Agent in respect of such Aircraft remains and/or will remain perfected following such landing or shipment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.12 <U>Amendments to Other Agreements</U>. The Borrower will not, and will not permit any Restricted Subsidiary to, permit
(i)&nbsp;any waiver, supplement, modification, amendment, termination or release of any indenture, instrument or agreement pursuant to which any Material Indebtedness (other than the ABL Facility) of the Borrower or its Restricted Subsidiaries is
outstanding if the effect of such waiver, supplement, modification, amendment, termination or release would materially increase the obligations of the obligor or confer additional material rights on the holder of such Indebtedness in a manner
adverse to the Borrower or any of its Restricted Subsidiaries or the Lenders in any material respect or (ii)&nbsp;any waiver, supplement, modification or amendment of its certificate of incorporation, <FONT STYLE="white-space:nowrap">by-laws,</FONT>
operating, management or partnership agreement or other organizational documents to the extent any such waiver, supplement, modification or amendment would be adverse to the Lenders in any material respect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.13 <U>Mergers, Consolidation, Etc.</U> The Borrower will not, and will not permit any Restricted Subsidiary, directly or
indirectly, in a single transaction or a series of related transactions, consolidate or merge with or into, or sell, lease, transfer, convey or otherwise dispose of all or substantially all of the assets of the Borrower or the Borrower and the
Restricted Subsidiaries (taken as a whole) or consummate a Plan of Liquidation unless, <U>provided</U>, that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) any Loan Party (other
than the Borrower) may (i)&nbsp;dissolve or liquidate as long as assets thereof are transferred to or become the property of another Guarantor or Borrower and (ii)&nbsp;merge or may be consolidated into any other Guarantor; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) any Restricted Subsidiary that is not a Guarantor may (i)&nbsp;dissolve as long as the assets thereof are transferred to or become the
property of a Guarantor or the Borrower or another Restricted Subsidiary that is not a Guarantor and (ii)&nbsp;merge or may be consolidated into any Guarantor or the Borrower or another Restricted Subsidiary that is not a Guarantor; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) the Borrower may merge or may be consolidated into any Guarantor if the Borrower is the surviving entity; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) the Borrower and any Restricted Subsidiary may sell, lease, transfer, convey or otherwise dispose of any of their assets to the Borrower or
any Restricted Subsidiary in order to effect the Closing Date Reorganization. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.14 <U>Hedge Contracts</U>. The Borrower
shall not, an shall not permit any Restricted Subsidiary to, enter into any Commodity Hedge Agreement other than a Permitted Commodity Hedge Agreement or enter into any Interest Rate Hedge Agreement other than a Permitted Interest Rate Hedge
Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.15 <U>Minimum Liquidity</U>. The Borrower shall not permit Liquidity at any
time to be less than $20,000,000. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VII </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EVENTS OF DEFAULT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.01 <U>Events of Default</U>. If any of the following events (each, an &#147;<U>Event of Default</U>&#148;) shall occur: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) failure by the Borrower to pay interest on any of the Loans, or any fee or any other amount (other than amounts described in
<U>clause</U><U></U><U>&nbsp;(b)</U>&nbsp;below) payable under this Agreement or any other Loan Document when it becomes due and payable and the continuance of any such failure for 5 Business Days; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) failure by the Borrower to pay the principal of or premium, if any, on any of the Loan when it becomes due and payable, whether at stated
maturity, upon prepayment, upon acceleration or otherwise; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) any representation, warranty or statement made or deemed made by or on
behalf of the Borrower or any Restricted Subsidiary in any Loan Document or in any report, certificate or financial statement provided pursuant to or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder
shall prove to have been untrue in any material respect on the date made or deemed made or; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) the Borrower shall fail to observe or
perform any covenant, condition or agreement contained in (i)<U>&nbsp;Section</U><U></U><U>&nbsp;5.02</U>, <U>5.05</U> (with respect to the existence of the Borrower), <U>5.11</U> or <U>5.13</U> or in <U>Article</U><U></U><U>&nbsp;VI</U> or
(ii)<U>&nbsp;Section</U><U></U><U>&nbsp;5.01(a)</U>&nbsp;and such failure under this <U>clause</U><U></U><U>&nbsp;(ii)</U>&nbsp;shall continue unremedied for a period of five Business Days after the occurrence thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) failure by any Loan Party to comply with any other agreement or covenant in this Agreement or any other Loan Document and continuance of
this failure for 30 days after Knowledge of such failure by the Borrower or notice of the failure has been given to the Borrower by the Administrative Agent or by the Required Lenders; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) default under any agreement governing Material Indebtedness or other mortgage, indenture or other instrument or agreement under which there
may be issued or by which there may be secured or evidenced Indebtedness of the Borrower or any Restricted Subsidiary, whether such Indebtedness now exists or is incurred after the Closing Date, which default: (i)&nbsp;is caused by a failure to pay
when due principal on such Indebtedness within the applicable express grace period, (ii)&nbsp;results, or enables or permits (with or without the giving of notice, the lapse of time or both, but after the expiration of any cure or grace period) the
holder or holders of such Indebtedness or any trustee or agent on its or their behalf to cause or require, the acceleration of such Indebtedness or any prepayment, repurchase, redemption or defeasance thereof, in each case, prior to its express
final maturity, (iii)&nbsp;results in the commencement of judicial proceedings to foreclose upon, or to exercise remedies under applicable law or applicable security documents to take ownership of, the assets securing such Indebtedness, and in each
case, the principal amount of such Indebtedness, together with any other Indebtedness with respect to which an event described in <U>clause</U><U></U><U>&nbsp;(i)</U>, <U>(ii)</U>&nbsp;or <U>(iii)</U>&nbsp;has occurred and is continuing, aggregates
$20,000,000 or more; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) one or more judgments or orders that exceed $20,000,000 in the aggregate (net of amounts
covered by insurance or bonded) for the payment of money have been entered by a court or courts of competent jurisdiction against the Borrower or any Restricted Subsidiary and such judgment or judgments have not been satisfied, stayed, annulled or
rescinded within 60 days of being entered; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) one or more ERISA Events shall have occurred that could individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) the Borrower or any Significant Subsidiary pursuant to or within the
meaning of any Bankruptcy Law: (i)&nbsp;commences a voluntary case, (ii)&nbsp;consents to the entry of an order for relief against it in an involuntary case, (iii)&nbsp;consents to the appointment of a Custodian of it or for all or substantially all
of its assets, or (iv)&nbsp;makes a general assignment for the benefit of its creditors; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) a court of competent jurisdiction enters an
order or decree under any Bankruptcy Law that: (i)&nbsp;is for relief against the Borrower or any Significant Subsidiary as debtor in an involuntary case, (ii)&nbsp;appoints a Custodian of the Borrower or any Significant Subsidiary or a Custodian
for all or substantially all of the assets of the Borrower or any Significant Subsidiary, or (iii)&nbsp;orders the liquidation of the Borrower or any Significant Subsidiary, and the order or decree remains unstayed and in effect for 60 days; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) any Guarantee purported to be created under any Loan Document shall cease to be, or shall be asserted by any Loan Party not to be, in full
force and effect, except upon the consummation of any transaction permitted under this Agreement as a result of which the Guarantor providing such Guarantee ceases to be a Restricted Subsidiary or upon the termination of such Loan Document in
accordance with its terms; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) unless all of the Collateral has been released from the Loan Liens in accordance with the provisions of
this Agreement and the Security Documents, (i)&nbsp;default by the Borrower or any Guarantor in the performance of their obligations under the Security Documents which materially adversely affects the enforceability, validity, perfection or priority
of the Loan Liens on Collateral with a Fair Market Value in excess of $20,000,000, (ii)&nbsp;an express written repudiation or disaffirmation by the Borrower or any Guarantor of any obligations under the Security Documents or (iii)&nbsp;the
determination in a judicial proceeding that the Security Documents are unenforceable or invalid against the Borrower or any Guarantor party thereto for any reason with respect to the Collateral with a Fair Market Value in excess of $20,000,000 and,
in the case of any event described in <U>clauses</U><U></U><U>&nbsp;(i)</U> through <U>(iii)</U>&nbsp;of this Section, such default, repudiation, disaffirmation or determination is not rescinded, stayed, or waived by the Persons having such
authority pursuant to the Security Documents or otherwise cured within 30 days after the Borrower receives written notice thereof specifying such occurrence from the Administrative Agent or the Required Lenders and demanding that such default be
remedied and, in the case of any event described in <U>clauses</U><U></U><U>&nbsp;(i)</U> through <U>(iii)</U>&nbsp;of this Section, other than to the extent that any such loss of perfection or priority results from the failure of the Collateral
Agent to maintain possession of certificates or instruments actually delivered to it representing securities pledged under the Security Documents; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) a Change of Control shall occur; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">then, and
in every such event (other than an event with respect to the Borrower described in <U>clause</U><U></U><U>&nbsp;(i)</U> or <U>(j)</U>&nbsp;of this Section), and at any time thereafter during the continuance of such event, the Administrative Agent
may, and at the request of the Required Lenders shall, by notice to the Borrower, take any or all of the following actions, at the same or different times: (i)&nbsp;terminate the Commitments, and thereupon the Commitments shall terminate immediately
and&nbsp;declare the Loans then outstanding to be due and payable in whole, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable, and thereupon the principal of the Loans so declared to
be due and payable, together with accrued interest thereon, all premium (including the Applicable Premium) and all fees and other </P>
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obligations of the Borrower hereunder, shall become due and payable immediately, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by
the Borrower; and in the case of any event with respect to the Borrower described in <U>clause</U><U></U><U>&nbsp;(i)</U> or <U>(j)</U>&nbsp;of this Section, the Commitments shall automatically terminate, the principal of the Loans then outstanding,
together with accrued interest thereon, all premium (including the Applicable Premium) and all fees and other obligations of the Borrower hereunder, shall immediately and automatically become due and payable without presentment, demand, protest or
other notice of any kind, all of which are hereby waived by the Borrower and (ii)&nbsp;subject to the provisions of the Security Documents, instruct the Collateral Agent to exercise any remedies under the Security Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.02 <U>Application of Payments</U>. Notwithstanding anything herein to the contrary, following the occurrence and during the
continuance of an Event of Default, and notice thereof to the Administrative Agent by the Borrower or the Required Lenders, all payments received on account of the Obligations shall be applied by the Administrative Agent as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>first</U>, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts payable to the
Administrative Agent and the Collateral Agent (including fees and disbursements and other charges of counsel to the Administrative Agent or the Collateral Agent payable under <U>Section</U><U></U><U>&nbsp;10.03</U>), ratably among them in proportion
to the respective amounts described in this <U>clause</U><U></U><U>&nbsp;(a)</U>&nbsp;payable to them; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>second</U>, to payment of
that portion of the Obligations constituting fees, expenses, indemnities and other amounts (other than principal and interest) payable to the Lenders arising under the Loan Documents, ratably among them in proportion to the respective amounts
described in this <U>clause</U><U></U><U>&nbsp;(b)</U>&nbsp;payable to them; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>third</U>, to payment of that portion of the
Obligations constituting accrued and interest on the Loans and any fees, premiums and scheduled periodic payments due under Treasury Services Agreements or Secured Loan Document Hedge Agreements, ratably among the Secured Parties in proportion to
the respective amounts described in this <U>clause</U><U></U><U>&nbsp;(c)</U>&nbsp;payable to them; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>fourth</U>, to payment of that
portion of the Obligations constituting unpaid principal of the Loans and any breakage, termination or other payments under Treasury Services Agreements or Secured Loan Document Hedge Agreements, ratably among the Secured Parties in proportion to
the respective amounts described in this <U>clause</U><U></U><U>&nbsp;(d)</U>&nbsp;payable to them; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>fifth</U>, to the payment in
full of all other Obligations, in each case ratably among the Administrative Agent, the Lenders and the other Secured Parties based upon the respective aggregate amounts of all such Obligations owing to them in accordance with the respective amounts
thereof then due and payable; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <U>finally</U>, the balance, if any, after all Obligations have been indefeasibly paid in full, to
the Borrower or as otherwise required by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, no amounts received from any Loan Party shall be applied to
any Excluded Hedge Obligations of such Loan Party. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VIII </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE AGENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.01 <U>Appointment of Agent</U><U>s</U>. Each of the Lenders (in its capacities as a Lender and on behalf of itself and its
Affiliates as potential counterparts to Secured Loan Document Hedge Agreements and Treasury Services Agreements) hereby irrevocably appoints the entity named as Administrative Agent in the heading of this Agreement and its successors to serve as
administrative agent under the Loan Documents, and authorizes the Administrative Agent to take such actions and to exercise such powers as are delegated to the Administrative Agent by the terms of the Loan Documents, together with such actions and
powers as are reasonably incidental thereto. Each of the Lenders (in its capacities as a Lender and on behalf of itself and its Affiliates as potential counterparts to Secured Loan Document Hedge Agreements and Treasury Services Agreements) hereby
irrevocably appoints the entity named as Collateral Agent in the heading of this Agreement and its successors to serve as collateral agent under the Loan Documents, and authorizes the Collateral Agent to take such actions and to exercise such powers
as are delegated to the Collateral Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. In addition, to the extent required under the Laws of any jurisdiction other than the United
States of America, each of the Lenders (in its capacities as a Lender and on behalf of itself and its Affiliates as potential counterparts to Secured Loan Document Hedge Agreements and Treasury Services Agreements) hereby grants to the Collateral
Agent any required powers of attorney to execute any Security Document governed by the Laws of such jurisdiction on such Lender&#146;s behalf. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.02 <U>Rights and Powers</U>. The Persons serving as the Administrative Agent or Collateral Agent hereunder shall have the same
rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent or Collateral Agent, and such Person and its Affiliates may accept deposits from, lend money to, act as the
financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not an Agent hereunder and without any duty to account
therefor to the Lenders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.03 <U>Duties and Obligations</U>. The Agents shall not have any duties or obligations except
those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a)&nbsp;no Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing,
(b)&nbsp;no Agent shall have any duty to take any discretionary action or to exercise any discretionary power, except discretionary rights and powers expressly contemplated by the Loan Documents that such Agent is required to exercise as directed in
writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as such Agent shall believe in good faith to be necessary, under the circumstances as provided in the Loan Documents); <U>provided</U> that
no Agent shall be required to take any action that, in its opinion, could expose such Agent to liability or be contrary to any Loan Document or applicable law, and (c)&nbsp;except as expressly set forth in the Loan Documents, no Agent shall have any
duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower, any other Subsidiary or any other Affiliate of any of the foregoing that is communicated to or obtained by the Person serving as such
Agent or any of its Affiliates in any capacity. No Agent shall be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or
as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in the Loan Documents) or in the absence of its own gross negligence or willful misconduct as determined by a court of competent
jurisdiction by a final and <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment. No Agent shall be deemed to have Knowledge of any Default unless and until written notice thereof is given to such Agent by the Lender, and no Agent shall
be responsible for or have any duty to ascertain or inquire into (i)&nbsp;any statement, warranty or representation made in or in connection with any Loan Document, (ii)&nbsp;the contents of any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">97 </P>

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certificate, report or other document delivered thereunder or in connection therewith, (iii)&nbsp;the performance or observance of any of the covenants, agreements or other terms or conditions
set forth in any Loan Document or the occurrence of any Default, (iv)&nbsp;the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v)&nbsp;the satisfaction of
any condition set forth in <U>Article</U><U></U><U>&nbsp;IV</U> or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to such Agent or satisfaction of any condition that expressly refers to the
matters described therein being acceptable or satisfactory to such Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.04 <U>Liability</U>. Each Agent shall be
entitled to rely, and shall not incur any liability for relying, upon any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other
distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the signatory, sender or
authenticator thereof). Each Agent also shall be entitled to rely, and shall not incur any liability for relying, upon any statement made to it orally or by telephone and believed by it to be made by the proper Person (whether or not such Person in
fact meets the requirements set forth in the Loan Documents for being the signatory, sender or authenticator thereof), and may act upon any such statement prior to receipt of written confirmation thereof. Each Agent may consult with legal counsel
(who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.05 <U>Sub</U><U><FONT STYLE="white-space:nowrap">-Agents</FONT></U>. Each Agent may perform any of and all its duties and
exercise its rights and powers hereunder or under any other Loan Document by or through any one or more <FONT STYLE="white-space:nowrap">sub-agents</FONT> appointed by such Agent. Each Agent and any such
<FONT STYLE="white-space:nowrap">sub-agent</FONT> may perform any of and all their duties and exercise their rights and powers through their respective Related Parties. The exculpatory provisions of this Article&nbsp;shall apply to any such <FONT
STYLE="white-space:nowrap">sub-agent</FONT> and to the Related Parties of each Agent and any such <FONT STYLE="white-space:nowrap">sub-agent,</FONT> and shall apply to their respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as an Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.06 <U>Resignation</U>. Subject to the terms of this
paragraph, any Agent may resign at any time from its capacity as such. In connection with such resignation, such resigning Agent shall give notice of its intent to resign to the Lenders and the Borrower. Upon receipt of any such notice of
resignation, the Required Lenders shall have the right, with (so long as no Default or Event of Default shall have occurred and be continuing) the prior written approval of the Borrower (not to be unreasonably withheld or delayed), to appoint a
successor. If no successor shall have been so appointed by the Required Lenders with the consent of the Borrower (to the extent required pursuant to the immediately preceding sentence) and shall have accepted such appointment within 30&nbsp;days
after the retiring Agent gives notice of its intent to resign, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent, which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the
acceptance of its appointment as Administrative Agent or Collateral Agent, as applicable, hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the
retiring Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents. The fees payable by the Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed by
the Borrower and such successor. Notwithstanding the foregoing, in the event no successor Agent shall have been so appointed and shall have accepted such appointment within 30&nbsp;days after the retiring Agent gives notice of its intent to resign,
the retiring Agent may give notice of the effectiveness of its resignation to the Lenders and the Borrower, whereupon, on the date of effectiveness of such resignation stated in such notice, (a)&nbsp;the retiring Agent shall be discharged from its
duties and obligations hereunder and under the other Loan Documents, <U>provided</U> that, solely for purposes of maintaining any security interest granted to the Collateral Agent under any Security Document for the benefit of the Secured Parties,
the retiring Collateral Agent shall continue to be vested with such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">98 </P>

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security interest as collateral agent for the benefit of the Secured Parties and, in the case of any Collateral in the possession of the Collateral Agent, shall continue to hold such Collateral,
in each case until such time as a successor Collateral Agent is appointed and accepts such appointment in accordance with this paragraph (it being understood and agreed that the retiring Collateral Agent shall have no duty or obligation to take any
further action under any Security Document, including any action required to maintain the perfection of any such security interest), and (b)&nbsp;the Required Lenders shall succeed to and become vested with all the rights, powers, privileges and
duties of the retiring Agent, <U>provided</U> that (i)&nbsp;all payments required to be made hereunder or under any other Loan Document to the Administrative Agent for the account of any Person other than the Administrative Agent shall be made
directly to such Person and (ii)&nbsp;all notices and other communications required or contemplated to be given or made to any Agent shall also directly be given or made to each Lender. Following the effectiveness of an Agent&#146;s resignation from
its capacity as such, the provisions of this Article&nbsp;and <U>Section</U><U></U><U>&nbsp;10.03</U>, as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the
benefit of such retiring Agent, its <FONT STYLE="white-space:nowrap">sub-agents</FONT> and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Agent and in respect of the
matters referred to in the proviso under <U>clause</U><U></U><U>&nbsp;(a)</U>&nbsp;above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.07 <U>Non</U><U><FONT
STYLE="white-space:nowrap">-Reliance</FONT></U>. Each Lender acknowledges that it has, independently and without reliance upon, the Lead Arranger, any Agent or any other Lender, or any of the Related Parties of any of the foregoing, and based on
such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Lead Arranger, any Agent or
any Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this
Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.08
<U>Approval and Execution</U>. Each Lender, by delivering its signature page to this Agreement and funding its Loans on the Closing Date, or delivering its signature page to an Assignment and Assumption shall be deemed to have acknowledged receipt
of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent, the Collateral Agent, the Lead Arranger or the Lenders on the Closing Date.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.09 <U>Collateral</U>. Each Lender (in its capacities as a Lender and on behalf of itself and its Affiliates as potential
counterparts to Secured Loan Document Hedge Agreements and Treasury Services Agreements) irrevocably agrees that no Lender shall have any right individually to realize upon any of the Collateral or to enforce any Loan Guarantee of the Obligations,
it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Administrative Agent or the Collateral Agent on behalf of the Secured Parties in accordance with the terms thereof. In the
event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale or other disposition, the Administrative Agent, the Collateral Agent or any Lender may be the purchaser or licensor of any or all of such
Collateral at any such sale or other disposition, and the Administrative Agent or Collateral Agent, in each case, as agent for and representative of the Secured Parties (but not any Lender or Lenders in its or their respective individual capacities
unless the Required Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and
apply any of the Obligations as a credit on account of the purchase price for any collateral payable by the Administrative Agent on behalf of the Secured Parties at such sale or other disposition. Each Secured Party, whether or not a party hereto,
will be deemed, by its acceptance of the benefits of the Collateral and of the Loan Guarantees of the Obligations provided under the Loan Documents, to have agreed to the foregoing provisions. Without limiting the generality of the foregoing, the
Lenders hereby expressly authorize the Administrative Agent </P>
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and Collateral Agent to execute any and all documents (including any intercreditor agreement governing the relationship between the Secured Parties and the secured parties in respect of any
agreement evidencing Credit Agreement Refinancing Indebtedness) with respect to the Collateral and the rights of the Secured Parties with respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the Security
Documents and acknowledge and agree that any such action by the Administrative Agent, the Collateral Agent or their respective <FONT STYLE="white-space:nowrap">sub-agent(s)</FONT> shall bind the Lenders and the other Secured Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.10 <U>Lead Arranger</U>. <U>The Lead Arranger will not have any duties, responsibilities or liabilities hereunder in its
capacity as such.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.11 <U>Certain ERISA Matters</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Each Lender (x)&nbsp;represents and warrants, as of the date such Person became a Lender party hereto, to, and (y)&nbsp;covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and the Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or
for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) such
Lender is not using &#147;plan assets&#148; (within the meaning of 29 CFR &#167; <FONT STYLE="white-space:nowrap">2510.3-101,</FONT> as modified by Section&nbsp;3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, letters of
credit or the Commitments, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) the transaction exemption set forth in one or more PTEs, such as PTE <FONT
STYLE="white-space:nowrap">84-14</FONT> (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE <FONT STYLE="white-space:nowrap">95-60</FONT> (a class exemption for certain transactions
involving insurance company general accounts), PTE <FONT STYLE="white-space:nowrap">90-1</FONT> (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE <FONT STYLE="white-space:nowrap">91-38</FONT> (a
class exemption for certain transactions involving bank collective investment funds) or PTE <FONT STYLE="white-space:nowrap">96-23</FONT> (a class exemption for certain transactions determined by <FONT STYLE="white-space:nowrap">in-house</FONT>
asset managers), is applicable with respect to such Lender&#146;s entrance into, participation in, administration of and performance of the Loans, letters of credit, the Commitments and this Agreement, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) (A)&nbsp;such Lender is an investment fund managed by a &#147;Qualified Professional Asset Manager&#148; (within the
meaning of Part VI of PTE <FONT STYLE="white-space:nowrap">84-14),</FONT> (B)&nbsp;such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans,
letters of credit, the Commitments and this Agreement, (C)&nbsp;the entrance into, participation in, administration of and performance of the Loans, letters of credit, the Commitments and this Agreement satisfies the requirements of <FONT
STYLE="white-space:nowrap">sub-sections</FONT> (b)&nbsp;through (g)&nbsp;of Part I of PTE <FONT STYLE="white-space:nowrap">84-14</FONT> and (D)&nbsp;to the best Knowledge of such Lender, the requirements of subsection (a)&nbsp;of&nbsp;Part I of PTE <FONT
STYLE="white-space:nowrap">84-14</FONT> are satisfied with respect to such Lender&#146;s entrance into, participation in, administration of and performance of the Loans, letters of credit, the Commitments and this Agreement, or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) In addition, (i)&nbsp;unless
<U>sub</U><U><FONT STYLE="white-space:nowrap">-clause</FONT></U><U></U><U>&nbsp;(i)</U> in the immediately preceding clause&nbsp;(a)&nbsp;is true with respect to a Lender or (ii)&nbsp;if such
<U>sub</U><U><FONT STYLE="white-space:nowrap">-clause</FONT></U><U></U><U>&nbsp;(i)</U> is not true with respect to a Lender and such Lender has not provided another representation, warranty and covenant as provided in <U>sub</U><U><FONT
STYLE="white-space:nowrap">-clause</FONT></U><U></U><U>&nbsp;(iv)</U> in the immediately preceding <U>clause</U><U></U><U>&nbsp;(a)</U>, such Lender further (x)&nbsp;represents and warrants, as of the date such Person became a Lender party hereto,
to, and (y)&nbsp;covenants, from the date such Person became a Lender </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">100 </P>

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party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and the Lead Arranger and their respective Affiliates, and not, for the
avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that none of the Administrative Agent or the Lead Arranger or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender in
connection with the Loans, letters of credit or the Commitments (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Administrative Agent and the Lead Arranger hereby informs the Lenders that each such Person is not undertaking to provide
impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) To
the extent required by any applicable law, the Administrative Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax. Without limiting or expanding the provisions of
<U>Section</U><U></U><U>&nbsp;2.16</U>, each Lender shall indemnify and hold harmless the Administrative Agent against, within ten (10)&nbsp;days after written demand therefor, any and all Taxes and any and all related losses, claims, liabilities
and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the IRS or any other Governmental Authority as a result of the failure of the
Administrative Agent to properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including, without limitation, because the appropriate form was not delivered or not properly executed, or because such Lender failed
to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of withholding Tax ineffective). A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative
Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due
the Administrative Agent under this <U>Section</U><U></U><U>&nbsp;8.11</U>. The agreements in this <U>Section</U><U></U><U>&nbsp;8.11</U> shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or
the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IX </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GUARANTEE
OF THE OBLIGATIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.01 <U>Guarantee</U>. Subject to the provisions of this <U>Article</U><U></U><U>&nbsp;IX</U>, each
Guarantor, by execution of this Agreement, jointly and severally, unconditionally Guarantees to each Secured Party (i)&nbsp;the due and punctual payment of the principal of, premium, if any, and interest on each Loan, when and as the same shall
become due and payable, whether at stated maturity, by acceleration or otherwise, the due and punctual payment of interest on the overdue principal of, premium, if any, and interest on the Loans, to the extent lawful, and the due and punctual
payment of all other Obligations and due and punctual performance of all obligations of the Borrower to the Secured Parties all in accordance with the terms of such this Agreement and the Security Documents (to the extent a party thereto) and
(ii)&nbsp;in the case of any extension of time of payment or renewal of any Loans or any of such other Obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, at stated
maturity, by acceleration or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.02 <U>[Reserved]</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">101 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.03 <U>Limitation of Guarantee</U>. The obligations of each Guarantor under
its Loan Guarantee will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor (including, without limitation, any Guarantees of Indebtedness of the Borrower under the Credit
Facilities permitted under <U>Section</U><U></U><U>&nbsp;6.01</U> of this Agreement) and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under
its Loan Guarantee or pursuant to its contribution obligations under this Agreement, result in the obligations of such Guarantor under its Loan Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal, state, or
foreign Law. Each Guarantor that makes a payment for distribution under its Loan Guarantee is entitled to a contribution from each other Guarantor in a pro rata amount based on adjusted net assets of each Guarantor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.04 <U>Release of Guarantor</U>. In the event of a sale or other disposition of all or substantially all of the assets of any
Guarantor, by way of merger, consolidation or otherwise, or a sale or other disposition of all of the Equity Interests of any Guarantor then held by the Borrower and the Restricted Subsidiaries, except in any case to the Borrower or any Restricted
Subsidiary, then that Guarantor will be automatically released and relieved of any obligations under its Loan Guarantee and any Lien on or security interest in any assets of such Guarantor will be automatically released; <U>provided</U> that such
sale or other disposition complies with <U>Section</U><U></U><U>&nbsp;6.07</U> or <U>Section</U><U></U><U>&nbsp;6.13</U> of this Agreement. Any Guarantor that ceases to be a Subsidiary in accordance with the provisions of this Agreement, will be
automatically released from its Loan Guarantee and any Lien on or security interest in any assets of such Restricted Subsidiary will be automatically released when it first ceases to be a Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Administrative Agent shall deliver an appropriate instrument provided to it evidencing the release of a Guarantor upon receipt of a
request of the Borrower accompanied by an Officer&#146;s Certificate certifying as to the compliance with this <U>Section</U><U></U><U>&nbsp;9.04</U>. Any Guarantor not so released or the entity surviving such Guarantor, as applicable, will remain
or be liable under its Loan Guarantee as provided in this <U>Article</U><U></U><U>&nbsp;IX</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Administrative Agent shall execute
any documents reasonably requested by the Borrower or a Guarantor in order to evidence the release of such Guarantor from its obligations under its Loan Guarantee under this <U>Article</U><U></U><U>&nbsp;IX</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.05 <U>Waiver of Subrogation</U>. Until such time as the Obligations guaranteed hereof have been satisfied in full, each
Guarantor hereby irrevocably waives any claim or other rights which it may now or hereafter acquire against the Borrower that arise from the existence, payment, performance or enforcement of such Guarantor&#146;s obligations under its Loan Guarantee
and this Agreement, including, without limitation, any right of subrogation, reimbursement, exoneration, indemnification, and any right to participate in any claim or remedy of any Secured Party against the Borrower, whether or not such claim,
remedy or right arises in equity, or under contract, statute or common law, including, without limitation, the right to take or receive from the Borrower, directly or indirectly, in cash or other property or by
<FONT STYLE="white-space:nowrap">set-off</FONT> or in any other manner, on account of such claim or other rights. If any amount shall be paid to any Guarantor in violation of the preceding sentence and the Obligations shall not have been paid in
full, such amount shall have been deemed to have been paid to such Guarantor for the benefit of, and held in trust for the benefit of, the Secured Parties, and shall forthwith be paid to the Administrative Agent for the benefit of such Secured
Parties to be credited and applied against the Obligations, whether matured or unmatured, in accordance with the terms of this Agreement. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements
contemplated by this Agreement and that the waiver set forth in this <U>Section</U><U></U><U>&nbsp;9.05</U> is knowingly made in contemplation of such benefits. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE X </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.01 <U>Notices</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) All notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service,
mailed by certified or registered mail or sent by fax, as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) if to the Borrower or any other Loan Party, to such
Loan Party at: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:1.00em; font-size:10pt; font-family:Times New Roman">2001 SE Evangeline Thruway</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:1.00em; font-size:10pt; font-family:Times New Roman">Lafayette, Louisiana 70508</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:1.00em; font-size:10pt; font-family:Times New Roman">Attention: Trudy P. McConnaughhay, Chief Financial
Officer</P></TD></TR></TABLE></DIV> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) if to the Administrative Agent or the
Collateral Agent: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:10%; font-size:10pt; font-family:Times New Roman">(A) with respect to collateral management matters, to it at: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.50em; text-indent:1.50em; font-size:10pt; font-family:Times New Roman">Eleven Madison Avenue</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.50em; text-indent:1.50em; font-size:10pt; font-family:Times New Roman">8th Floor, New York, NY 10010</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:1.50em; font-size:10pt; font-family:Times New Roman">Attention of: Loan Operations &#150; Boutique Management</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:1.50em; font-size:10pt; font-family:Times New Roman">Fax No.</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:1.50em; font-size:10pt; font-family:Times New Roman">Email:</P></TD></TR></TABLE></DIV>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:10%; font-size:10pt; font-family:Times New Roman">(B) with respect to all other notices, to it at: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:1.50em; font-size:10pt; font-family:Times New Roman">Eleven Madison Avenue</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:1.50em; font-size:10pt; font-family:Times New Roman">New York, NY 10010</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:1.50em; font-size:10pt; font-family:Times New Roman">Attention of: Agency Manager</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:1.50em; font-size:10pt; font-family:Times New Roman">Fax No.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:1.50em; font-size:10pt; font-family:Times New Roman">Email:</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) if to any other Lender, to it at its address (or fax number) set forth in its
Administrative Questionnaire. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be
deemed to have been given when received; notices sent by fax shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the
next Business Day for the recipient); and notices delivered through electronic communications to the extent provided in <U>clause</U><U></U><U>&nbsp;(b)</U> below shall be effective as provided in such clause. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications (including email and
Internet and intranet websites) pursuant to procedures approved by the Administrative Agent; <U>provided</U> that the foregoing shall not apply to notices under <U>Article</U><U></U><U>&nbsp;II</U> to any Lender if such Lender, as applicable, has
notified the Administrative Agent that it is incapable of receiving notices under such Article&nbsp;by electronic communication. Any notices or other communications to the Administrative Agent, the Borrower may be delivered or furnished by
electronic communications pursuant to procedures approved by the recipient thereof prior thereto; <U>provided</U> that approval of such procedures may be limited or rescinded by any such Person by notice to each other such Person. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">103 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Any party hereto may change its address or fax number for notices and other
communications hereunder by notice to the other parties hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Borrower hereby acknowledges that (a)&nbsp;the Administrative Agent
will make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, the &#147;<U>Borrower Materials</U>&#148;) by posting the Borrower Materials on Intralinks or another similar
electronic system (the &#147;<U>Platform</U>&#148;) and (b)&nbsp;certain of the Lenders may be &#147;public-side&#148; Lenders (i.e., Lenders that do not wish to receive material <FONT STYLE="white-space:nowrap">non-public</FONT> information with
respect to the Borrower or its securities) (each, a &#147;<U>Public Lender</U>&#148;). The Borrower hereby agrees that (w)&nbsp;all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked
&#147;PUBLIC&#148; which, at a minimum, shall mean that the word &#147;PUBLIC&#148; shall appear prominently on the first page thereof; (x)&nbsp;by marking Borrower Materials &#147;PUBLIC,&#148; the Borrower shall be deemed to have authorized the
Administrative Agent and the Lenders to treat such Borrower Materials as not containing any material <FONT STYLE="white-space:nowrap">non-public</FONT> information with respect to the Borrower or its securities for purposes of United States federal
and state securities laws (<U>provided</U>, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in <U>Section</U><U></U><U>&nbsp;10.12</U>); (y) all Borrower Materials marked
&#147;PUBLIC&#148; are permitted to be made available through a portion of the Platform designated as &#147;Public Investor;&#148; and (z)&nbsp;the Administrative Agent shall be entitled to treat any Borrower Materials that are not marked
&#147;PUBLIC&#148; as being suitable only for posting on a portion of the Platform not marked as &#147;Public Investor.&#148; Notwithstanding the foregoing, the following Borrower Materials shall be marked &#147;PUBLIC&#148;, unless the Borrower
notifies the Administrative Agent promptly that any such document contains material <FONT STYLE="white-space:nowrap">non-public</FONT> information: (1)&nbsp;the Loan Documents, (2)&nbsp;notification of changes in the terms of this Agreement, and
(3)&nbsp;all financial statements and accompanying information and certificates delivered pursuant to <U>Section</U><U></U><U>&nbsp;5.01(a)</U> through <U>(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.02 <U>Waivers; Amendments</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder or under any other Loan Document
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of
any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of
any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by <U>clause</U><U></U><U>&nbsp;(b)</U> of this Section, and then such waiver or consent
shall be effective only in the specific instance and for the specific purpose for which given. Without limiting the generality of the foregoing, the execution and delivery of this Agreement or the making of a Loan shall not be construed as a waiver
of any Default, regardless of whether the Agent or any Lender may have had notice or Knowledge of such Default at the time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Except as
provided in the Security Documents and in <U>clauses</U><U></U><U>&nbsp;(c)</U> and <U>(d)</U>&nbsp;below, none of this Agreement, any other Loan Document or any provision hereof or thereof may be waived, amended or modified except, in the case of
this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower, the Administrative Agent and (other than in the case of <U>clause</U><U></U><U>&nbsp;(i)</U> below) the Required Lenders and, in the case of any other
Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are parties thereto, in each case with the consent of the Required Lenders; <U>provided</U> that
(i)&nbsp;any provision of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">104 </P>

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this Agreement or any other Loan Document may be amended by an agreement in writing entered into by the Borrower and the Administrative Agent to cure any ambiguity, omission, defect or
inconsistency so long as, in each case, the Lenders shall have received at least five Business Days&#146; prior written notice thereof and the Administrative Agent shall not have received, within five Business Days of the date of such notice to the
Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment and (ii)&nbsp;no such agreement shall (A)&nbsp;increase the Commitment of any Lender without the written consent of such Lender (it being
understood that a waiver of any condition precedent, the waiver of any Default or Event of Default, mandatory prepayments or other mandatory reduction of Commitments shall not constitute an extension or increase of any Commitment of any Lender),
(B)&nbsp;reduce the principal amount of any Loan or reduce the rate of interest thereon (other than as a result of any waiver of any increase in the interest rate applicable to any Loan pursuant to <U>Section</U><U></U><U>&nbsp;2.12(c)</U>) without
the written consent of each Lender affected thereby, (C)&nbsp;postpone the scheduled maturity date of any Loan, or the date of any scheduled payment of the principal amount of any Loan under <U>Section</U><U></U><U>&nbsp;2.09</U>, or any date for
the payment of any interest payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, (D)&nbsp;amend
this Agreement in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender, (E)&nbsp;change the order of payments in <U>Section</U><U></U><U>&nbsp;7.02</U>, without the written consent of
each Lender affected thereby, (F)&nbsp;change any of the provisions of this Section&nbsp;or the percentage set forth in the definition of the term &#147;<U>Required Lenders</U>&#148; or any other provision of any Loan Document specifying the number
or percentage of Lenders required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender; <U>provided</U> that, with the consent of the Required Lenders,
the provisions of this Section, the definition of the term &#147;<U>Required Lenders</U>&#148; or such other provision may be amended to include references to any new class of loans created under this Agreement (or to lenders extending such loans)
on substantially the same basis as the corresponding references relating to the existing classes of Loans or Lenders, (G)&nbsp;release the Borrower or any Guarantor from its Loan Guarantee (except as expressly provided in
<U>Section</U><U></U><U>&nbsp;9.04</U>), or limit its material liabilities in respect of such Loan Guarantee, without the written consent of each Lender (other than a Defaulting Lender), (H) release all or substantially all the Collateral from the
Liens of the Security Documents, without the written consent of each Lender (other than a Defaulting Lender, and except as expressly provided in <U>Section</U><U></U><U>&nbsp;6.07</U>, <U>Section</U><U></U><U>&nbsp;10.14</U> or the applicable
Security Document (including any such release by the Collateral Agent in connection with any sale or other disposition of the Collateral upon the exercise of remedies under the Security Documents), it being understood that an amendment or other
modification of the type of obligations secured by the Security Documents shall not be deemed to be a release of the Collateral from the Liens of the Security Documents) or (I)&nbsp;except as permitted by <U>Section</U><U></U><U>&nbsp;6.01</U> and
<U>Section</U><U></U><U>&nbsp;6.05</U>, subordinate the liens or other rights of the Lenders in respect of the Collateral or subordinate the rights of the Lenders in respect of payment of the Obligations, without the written consent of each Lender
(other than a Defaulting Lender); <U>provided</U> <U>further</U> that (1)&nbsp;no such agreement shall amend, modify, extend or otherwise affect the rights or obligations of the Administrative Agent or the Collateral Agent without the prior written
consent of the Administrative Agent or Collateral Agent, as applicable (it being understood that any forbearance or similar agreement which limits the ability of any Agent to take actions upon the occurrence and during the continuance of an Event of
Default shall be effective without the consent of such Agent), and (2)&nbsp;any amendment, waiver or other modification of this Agreement that by its terms affects the rights or duties under this Agreement of the Lenders of a particular class (but
not the Lenders of any other class), may be effected by an agreement or agreements in writing entered into by the Borrower and the requisite number or percentage in interest of the affected class of Lenders that would be required to consent thereto
under this Section&nbsp;if such class of Lenders were the only class of Lenders hereunder at the time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">105 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding <U>Section</U><U></U><U>&nbsp;10.02(b)</U>&nbsp;or the proviso thereto,
no consent with respect to any amendment, waiver or other modification of this Agreement or any other Loan Document shall be required of any Lender that receives payment in full of the principal of and interest accrued on each Loan made by, and all
other amounts owing to, such Lender or accrued for the account of such Lender under this Agreement and the other Loan Documents at the time such amendment, waiver or other modification becomes effective and whose Commitments terminate by the terms
and upon the effectiveness of such amendment, waiver or other modification. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The Administrative Agent may, but shall have no obligation
to, with the concurrence of any Lender, execute amendments, waivers or other modifications on behalf of such Lender. Any amendment, waiver or other modification effected in accordance with this <U>Section</U><U></U><U>&nbsp;10.02</U> shall be
binding upon each Person that is at the time thereof a Lender and each Person that subsequently becomes a Lender or other party hereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding <U>Section</U><U></U><U>&nbsp;10.02(b)</U>&nbsp;or the proviso thereto, this Agreement (including this
<U>Section</U><U></U><U>&nbsp;10.02</U> and <U>Section</U><U></U><U>&nbsp;2.17</U>) may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent, the Borrower (x) (i)&nbsp;to add one or more
additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share in the benefits of this Agreement and the other Loan
Documents with the Loans and Commitments and the accrued interest and fees in respect thereof and (ii)&nbsp;to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders and other definitions and
provisions related to such new credit facilities or (y)&nbsp;to permit refinancing of all or a portion of the Loans and Commitments hereunder with other Indebtedness. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, the Loans of any Lender that is at the time a
Defaulting Lender shall not have any voting or approval rights under the Loan Documents and shall be excluded in determining whether all Lenders, all affected Lenders or the Required Lenders have taken or may take any action hereunder (including any
consent to any amendment or waiver pursuant to this <U>Section</U><U></U><U>&nbsp;10.02</U>); <U>provided</U> that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that affects any Defaulting Lender
more adversely than other affected Lenders shall require the consent of such Defaulting Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) In connection with any proposed
amendment, modification, waiver or termination (a &#147;<U>Proposed Change</U>&#148;) requiring the consent of all Lenders or all directly and adversely affected Lenders, if the consent of the Required Lenders to such Proposed Change is obtained,
but the consent to such Proposed Change of other Lenders whose consent is required is not obtained (any such Lender whose consent is not obtained as described in paragraph (b)&nbsp;of this Section being referred to as a &#147;<U><FONT
STYLE="white-space:nowrap">Non-Consenting</FONT> Lender</U>&#148;), then, so long as the Lender that is acting as Administrative Agent is not a <FONT STYLE="white-space:nowrap">Non-Consenting</FONT> Lender, the Borrower may, at its sole expense and
effort, upon notice to such <FONT STYLE="white-space:nowrap">Non-Consenting</FONT> Lender and the Administrative Agent, require such <FONT STYLE="white-space:nowrap">Non-Consenting</FONT> Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in <U>Section</U><U></U><U>&nbsp;10.04</U>), all its interests, rights and obligations under this Agreement to an Eligible Assignee that shall assume such obligations (which Eligible Assignee
may be another Lender, if a Lender accepts such assignment), <U>provided</U> that (a)&nbsp;the Borrower shall have received the prior written consent of the Administrative Agent to the extent such consent would be required under
<U>Section</U><U></U><U>&nbsp;10.04(b)</U> for an assignment of Loans or Commitments, as applicable, which consent shall not unreasonably be withheld, (b)&nbsp;such <FONT STYLE="white-space:nowrap">Non-Consenting</FONT> Lender shall have received
payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts (including any amounts under <U>Section</U><U></U><U>&nbsp;2.10</U>), payable to it hereunder from the Eligible
Assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (c)&nbsp;unless waived, the Borrower or such Eligible Assignee shall have paid to the Administrative Agent
the processing and recordation fee specified in <U>Section</U><U></U><U>&nbsp;10.04(b)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">106 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.03 <U>Expenses; Indemnity; Damage Waiver</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Borrower shall pay (i)&nbsp;all reasonable and documented
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred by the Agents, the Lead Arranger and their Affiliates, but limited, in the case of legal fees and expenses, to the reasonable fees,
charges and disbursements of one counsel for the Agents, and one counsel for the Lead Arranger and their Affiliates, taken as a whole, and, if necessary, one local counsel in any material jurisdiction for the Agents, and one local counsel for the
Lead Arranger and their Affiliates, taken as a whole, <U>plus</U>, one additional counsel for each of the parties taken as a whole who are similarly situated as necessary to the extent of any conflicts of interest, in connection with the
structuring, arrangement and syndication of the credit facilities provided for herein, including the preparation, execution, delivery and administration of this Agreement, the other Loan Documents or any amendments, modifications or waivers of the
provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii)&nbsp;all reasonable and documented
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred by the Agents and the Lead Arranger, but limited, in the case of legal fees and expenses, to the fees, charges and disbursements of one
counsel for the Agents, and one counsel for the Lead Arranger and Lenders, taken as a whole, and, if necessary, one local counsel in any material jurisdiction for the Agents, and one local counsel for the Lead Arranger and their Affiliates, taken as
a whole, <U>plus</U>, one additional counsel for each of the parties taken as a whole who are similarly situated as necessary to the extent of any conflicts of interest, in connection with the enforcement or protection of its rights in connection
with the Loan Documents, including its rights under this Section, or in connection with the Loans made hereunder, including all such <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred
during any workout, restructuring or negotiations in respect of such Loans. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Borrower shall indemnify each Agent (and any <FONT
STYLE="white-space:nowrap">sub-agent</FONT> thereof), the Lead Arranger, each Lender and each Related Party of any of the foregoing Persons (each such Person being called an &#147;<U>Indemnitee</U>&#148;), against, and hold each Indemnitee harmless
from, any and all losses, claims, damages, penalties, liabilities and related expenses, but limited, in the case of legal fees and expenses, to the fees, charges and disbursements of one counsel for the Indemnitees, taken as a whole, and, if
necessary, one local counsel in any material jurisdiction, <U>plus</U>, one additional counsel for each of the parties taken as a whole who are similarly situated as necessary to the extent of any conflicts of interest, arising out of, in connection
with, or as a result of (i)&nbsp;the structuring, arrangement and the syndication of the credit facilities provided for herein, the preparation, execution, delivery and administration of this Agreement, the other Loan Documents or any other
agreement or instrument contemplated hereby or thereby, the performance by the parties to this Agreement or the other Loan Documents of their obligations thereunder or the consummation of the Transactions or any other transactions contemplated
thereby, (ii)&nbsp;any Loan or the use of the proceeds therefrom, (iii)&nbsp;any actual or alleged presence or Release of Hazardous Materials on or from any property currently or formerly owned or operated by the Borrower or any other Subsidiary, or
any Environmental Liability related in any way to the Borrower or any other Subsidiary, or (iv)&nbsp;any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any
other theory and whether initiated against or by any party to this Agreement or any other Loan Document, any Affiliate of any of the foregoing or any third party (and regardless of whether any Indemnitee is a party thereto); <U>provided</U> that
such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted
from the gross negligence or willful misconduct of such Indemnitee or in connection with any disputes solely among Indemnitees and not arising out of any act or omission of the Borrower or any of its Affiliates (other than any disputes against any
Agent or Lead Arranger in its capacity as such). This paragraph shall not apply with respect to Taxes, other than any Taxes that represent losses, claims, damages, penalties, liabilities or expenses arising from any
<FONT STYLE="white-space:nowrap">non-Tax</FONT> claim. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) To the extent that the Borrower fails to pay any amount required to be paid by
them under <U>clause</U><U></U><U>&nbsp;(a)</U> or <U>(b)</U>&nbsp;of this Section&nbsp;to any Agent (or any <FONT STYLE="white-space:nowrap">sub-agent</FONT> thereof), the Lead Arranger or any Related Party of any of the foregoing, each Lender
severally agrees to pay to such Agent (or any such <FONT STYLE="white-space:nowrap">sub-agent),</FONT> the Lead Arranger or such Related Party, as the case may be, such Lender&#146;s pro rata share </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">107 </P>

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(determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; <U>provided</U> that the unreimbursed expense or indemnified loss,
claim, damage, liability or related expense, as the case may be, was incurred by or asserted against such Agent (or such <FONT STYLE="white-space:nowrap">sub-agent)</FONT> in its capacity as such, the Lead Arranger in its capacity as such or against
any Related Party acting for an Agent (or any such <FONT STYLE="white-space:nowrap">sub-agent)</FONT> or the Lead Arranger, as applicable, in connection with such capacity. For purposes of this Section, a Lender&#146;s &#147;<U>pro rata
share</U>&#148; shall be determined based upon its share of the sum of the total outstanding Loans at the time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) To the extent
permitted by applicable law, the Borrower shall not assert, nor permit any of its Affiliates or Related Parties to assert, and each hereby waives, any claim against any Indemnitee (i)&nbsp;for any damages arising from the use by others of
information or other materials obtained through telecommunications, electronic or other information transmission systems (including the Internet) other than those arising from the gross negligence or willful misconduct of any Indemnitee as
determined by a court of competent jurisdiction by final and nonappealable judgment, or (ii)&nbsp;without limiting <U>Section</U><U></U><U>&nbsp;10.03(b)</U>, on any theory of liability, for special, indirect, consequential or punitive damages (as
opposed to direct or actual damages) arising out of, in connection with, or as a result of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions or any Loan or the use of the proceeds
thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) All amounts due under this Section&nbsp;shall be payable within 30 days after receipt of a reasonably detailed invoice
therefor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.04 <U>Successors and Assigns</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that (i)&nbsp;the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (and any attempted assignment
or transfer by the Borrower without such consent shall be null and void) and (ii)&nbsp;no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section&nbsp;(and any attempted assignment or
transfer by such Lender in violation of this Section&nbsp;shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns
permitted hereby, Participants (to the extent provided in <U>clause</U><U></U><U>&nbsp;(c)</U> of this Section) and, to the extent expressly contemplated hereby, the <FONT STYLE="white-space:nowrap">sub-agents</FONT> of the Administrative Agent and
the Related Parties of any of the Administrative Agent and any Lender) any legal or equitable right, remedy or claim under or by reason of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) (i) Subject to the conditions set forth in <U>clause</U><U></U><U>&nbsp;(b)(ii)</U> below, any Lender may assign to one or more Eligible
Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(A) the Borrower (such consent not to be unreasonably withheld, conditioned or delayed); <U>provided</U> that no consent of the
Borrower shall be required (1)&nbsp;for an assignment to a Lender, an Affiliate of a Lender or an Approved Fund and (2)&nbsp;if an Event of Default has occurred and is continuing, for any other assignment; <U>provided further </U>that the Borrower
shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten Business Days after having received written notice thereof; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">108 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(B) the Administrative Agent; <U>provided</U> that no consent of the
Administrative Agent shall be required for an assignment of any Loan to a Lender, an Affiliate of a Lender or an Approved Fund. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) Each assignment shall be subject to the following additional conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(A) except in the case of (1)&nbsp;an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or (2)&nbsp;an
assignment of the entire remaining amount of the assigning Lender&#146;s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent) shall not be less than $1,000,000 unless each of the Borrower and the Administrative Agent otherwise consents; <U>provided</U> that no such consent of the Borrower shall be
required if an Event of Default has occurred and is continuing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(B) each partial assignment shall be made as an assignment
of a proportionate part of all the assigning Lender&#146;s rights and obligations under this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(C) the parties to
each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 (which fee (x)&nbsp;shall not be payable in connection with assignments pursuant to
<U>Section</U><U></U><U>&nbsp;10.04(e)</U> and (y)&nbsp;may be waived or reduced in the sole discretion of the Administrative Agent), <U>provided</U> that only one such processing and recordation fee shall be payable in the event of simultaneous
assignments (i)&nbsp;from any Lender or its Approved Funds to one or more other Approved Funds of such Lender or (ii)&nbsp;from any Lender or its Affiliates to any other Person; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(D) other than in the case of assignments pursuant to <U>Section</U><U></U><U>&nbsp;10.04(e)</U>, the assignee, if it shall not
be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all <FONT STYLE="white-space:nowrap">syndicate-level</FONT> information (which may contain
MNPI) will be made available and who may receive such information in accordance with the assignee&#146;s compliance procedures and applicable law, including federal, state and foreign securities laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) Subject to acceptance and recording thereof pursuant to <U>clause</U><U></U><U>&nbsp;(b)(v)</U> of this Section, from and
after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under
this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all
the assigning Lender&#146;s rights and obligations under this Agreement, such Lender shall cease to be a party hereto, but shall continue to be entitled to the benefits and subject to the obligations of
<U>Sections</U><U></U><U>&nbsp;2.1</U><U>4</U>, <U>2.1</U><U>5</U>, <U>2.1</U><U>6</U>, <U>10.03</U> and <U>10.12</U>). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) The Administrative Agent shall maintain at one of its offices, as an agent of the Borrower, a copy of each Assignment and
Assumption delivered to it and records of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the
&#147;<U>Register</U>&#148;). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">109 </P>

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Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the
Borrower and, as to entries pertaining to it, any Lender, at any reasonable time and from time to time upon reasonable prior notice. Notwithstanding the foregoing, in no event shall the Administrative Agent be obligated to ascertain, monitor or
inquire as to whether any Lender is an Affiliated Lender nor shall the Administrative Agent be obligated to monitor the aggregate amount of Loans held by Affiliated Lenders. Upon request by the Administrative Agent, the Borrower shall
(i)&nbsp;promptly (and in any case, not less than five (5)&nbsp;Business Days (or shorter period as agreed to by the Administrative Agent) prior to the proposed effective date of any amendment, consent or waiver pursuant to
<U>Section</U><U></U><U>&nbsp;10.02</U>) provide to the Administrative Agent, a complete list of all Affiliated Lenders holding Loans at such time and (ii)&nbsp;not less than five (5)&nbsp;Business Days (or shorter period as agreed to by the
Administrative Agent) prior to the proposed effective date of any amendment, consent or waiver pursuant to <U>Section</U><U></U><U>&nbsp;10.02</U>, provide to the Administrative Agent, a complete list of all Debt Fund Affiliates holding Term Loans
at such time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) Upon receipt by the Administrative Agent of an Assignment and Assumption executed by an assigning Lender
and an assignee, the assignee&#146;s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder) and the processing and recordation fee referred to in this Section, the Administrative Agent shall accept such
Assignment and Assumption and record the information contained therein in the Register and shall give prompt notice thereof to the Borrower; <U>provided</U>, that the failure of the Administrative Agent to give any such notice shall not result in
any liability to the Administrative Agent; <U>provided</U> that the Administrative Agent shall not be required to accept such Assignment and Assumption or so record the information contained therein if the Administrative Agent reasonably believes
that such Assignment and Assumption lacks any written consent required by this Section&nbsp;or is otherwise not in proper form, it being acknowledged that the Administrative Agent shall have no duty or obligation (and shall incur no liability) with
respect to obtaining (or confirming the receipt) of any such written consent or with respect to the form of (or any defect in) such Assignment and Assumption, any such duty and obligation being solely with the assigning Lender and the assignee. No
assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph, and following such recording, unless otherwise determined by the Administrative Agent (such determination to be
made in the sole discretion of the Administrative Agent, which determination may be conditioned on the consent of the assigning Lender and the assignee), shall be effective notwithstanding any defect in the Assignment and Assumption relating thereto
(other than the lack of the Borrower&#146;s consent thereto in the case of an assignment of less than $1,000,000). Each assigning Lender and the assignee, by its execution and delivery of an Assignment and Assumption, shall be deemed to have
represented to the Administrative Agent that all written consents required by this Section&nbsp;with respect thereto (other than the consent of the Administrative Agent) have been obtained and that such Assignment and Assumption is otherwise duly
completed and in proper form, and each assignee, by its execution and delivery of an Assignment and Assumption, shall be deemed to have represented to the assigning Lender and the Administrative Agent that such assignee is an Eligible Assignee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more Eligible Assignees
(&#147;<U>Participants</U>&#148;) in all or a portion of such Lender&#146;s rights and obligations under this Agreement (including all or a portion of its Commitments and Loans); <U>provided</U> that (A)&nbsp;such Lender&#146;s obligations under
this Agreement shall remain unchanged, (B)&nbsp;such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C)&nbsp;the Borrower, the Administrative Agent and the Lenders shall continue to
deal solely and directly with such Lender in connection with such Lender&#146;s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">110 </P>

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that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement or any other Loan Document;
<U>provided</U> <U>further</U> that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to
<U>Section</U><U></U><U>&nbsp;10.02(b)</U>&nbsp;that directly affects such Participant or requires the approval of all the Lenders. The Borrower agrees that each Participant shall be entitled to the benefits of <U>Sections 2.1</U><U>4</U>,
<U>2.1</U><U>5</U> and <U>2.1</U><U>6</U> (subject to the requirements and limitations therein, including the requirements under <U>Section</U><U></U><U>&nbsp;2.16(f)</U> which documentation shall be provided to such Participant&#146;s participating
Lender to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to <U>clause</U><U></U><U>&nbsp;(b)</U> of this Section); <U>provided</U> <U>further</U> that such Participant (x)&nbsp;agrees to be subject to the
provisions of <U>Sections </U><U>2.17</U> and <U>2.1</U><U>8</U> as if it were an assignee under <U>clause</U><U></U><U>&nbsp;(b)</U> of this Section&nbsp;and (y)&nbsp;shall not be entitled to receive any greater payment under
<U>Section</U><U></U><U>&nbsp;2.14</U> or <U>2.1</U><U>6</U>, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a
Change in Law that occurs are the Participant acquired the applicable participation. To the extent permitted by law, each Participant also shall be entitled to the benefits of <U>Section</U><U></U><U>&nbsp;10.08</U> as though it were a Lender;
<U>provided</U> <U>further</U> that such Participant agrees to be subject to <U>Section</U><U></U><U>&nbsp;2.17(c)</U>&nbsp;as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a <FONT
STYLE="white-space:nowrap">non-fiduciary</FONT> agent of the Borrower, maintain a register on which it enters the name and address of each Participant to which it has sold a participation and the principal amounts (and stated interest) of each such
Participant&#146;s interest in the Loans or other rights and obligations of such Lender under this Agreement (the &#147;<U>Participant Register</U>&#148;). The entries in the Participant Register shall be conclusive absent manifest error, and such
Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including (i)&nbsp;any pledge or assignment to secure obligations to a Federal Reserve Bank and (ii)&nbsp;in the case of any Lender that is a fund, any pledge or assignment to any holders of obligations owed, or
securities issued, by such Lender including to any trustee for, or any other representative of, such holders, and this Section&nbsp;shall not apply to any such pledge or assignment of a security interest; <U>provided</U> that no such pledge or
assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding anything in this Agreement to the contrary, Loans may be assigned by any Lender to an Affiliated Lender; provided that:
(i)&nbsp;the assigning Lender and the Affiliated Lender purchasing such Lender&#146;s Loans shall execute and deliver to the Administrative Agent an Assignment and Assumption with such customary modifications to reflect the nature of the transaction
as the Administrative Agent shall reasonably require; (ii)&nbsp;each such Affiliated Lender agrees it may not challenge the attorney-client privilege of the Lenders or the Administrative Agent on the basis of any such Affiliated Lender&#146;s status
as a Lender; (iii)&nbsp;each Affiliated Lender shall either (1)&nbsp;represent and warrant to the assigning Lender (other than any other Affiliated Lender) and the Administrative Agent that it does not possess any Excluded Information or
(2)&nbsp;make a statement that such representation cannot be made and the parties thereto shall waive any potential claims arising from such Affiliated Lender being in possession of Excluded Information; and (iv)&nbsp;the aggregate principal amount
of Loans held at any one time by all Affiliated Lenders shall not exceed 33% of the aggregate principal amount of all Loans at such time outstanding. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Notwithstanding anything in <U>Section</U><U></U><U>&nbsp;10.02</U> or the definition of &#147;Required Lenders&#148; to the contrary, for
purposes of determining whether the Required Lenders have (i)&nbsp;consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party
therefrom, (ii)&nbsp;otherwise acted on any matter </P>
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related to any Loan Document or (iii)&nbsp;directed or required the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any
Loan Document, all Loans held by Debt Fund Affiliates may not account for more than fifty percent (50.00%) (pro rata among such Debt Fund Affiliates) of the Loans of consenting Lenders included in determining whether the Required Lenders have
consented to any action pursuant to <U>Section</U><U></U><U>&nbsp;10.02</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.05 <U>Survival</U>. All covenants,
agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have
been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the
Administrative Agent or any Lender may have had notice or Knowledge of any Default or incorrect representation or warranty at the time any Loan Document is executed and delivered or any credit is extended hereunder, and shall continue in full force
and effect until the Termination Date. The provisions of <U>Sections</U><U></U><U>&nbsp;2.1</U><U>4</U>, <U>2.1</U><U>5</U>, <U>2.1</U><U>6</U>, <U>2.17(e)</U>&nbsp;and <U>10.03</U> and <U>Article</U><U></U><U>&nbsp;VIII</U> shall survive and remain
in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans and amounts due in respect of the Commitments or the termination of this Agreement or any provision hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.06 <U>Counterparts; Integration; Effectiveness</U>. This Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents constitute the entire contract among the parties
relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in <U>Section</U><U></U><U>&nbsp;4.01</U>, this Agreement shall become
effective when it shall have been executed by the Administrative Agent and the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging shall be effective as
delivery of a manually executed counterpart of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.07 <U>Severability</U>. Any provision of this Agreement
held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the
remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.08 <U>Right of Setoff</U>. If an Event of Default shall have occurred and be continuing and the Administrative Agent has
consented in writing (which consent may be given in the Administrative Agent&#146;s sole discretion and shall be given at the direction of the Required Lenders), each Lender, and each Affiliate of any of the foregoing, is hereby authorized at any
time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) or other amounts at any time held and other
obligations (in whatever currency) at any time owing by such Lender, or by such an Affiliate, to or for the credit or the account of or the Borrower against any of and all the obligations then due of the Borrower now or hereafter existing under this
Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement. The rights of each Lender, and each Affiliate of any of the foregoing, under this Section&nbsp;are in addition to other rights
and remedies (including other rights of setoff) that such Lender or Affiliate may have. No amounts set off from any Guarantor shall be applied to any Excluded Hedge Obligations of such Guarantor. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">112 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.09 <U>Governing Law; Jurisdiction; Consent to Service of Process</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) This Agreement shall be construed in accordance with and governed by the Laws of the State of New York. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme
Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding shall be heard and
determined in such New&nbsp;York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect any right that any Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement
or any other Loan Document against the Borrower or any of its properties in the courts of any jurisdiction to the extent necessary to enforce the Collateral. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that it may now or
hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in <U>clause</U><U></U><U>&nbsp;(b)</U> of this Section. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
<U>Section</U><U></U><U>&nbsp;10.01</U>. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.10 <U>WAIVER OF JURY TRIAL</U>. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B)&nbsp;ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.11 <U>Headings</U>. Article&nbsp;and Section&nbsp;headings and the Table of Contents used herein are for convenience of
reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.12 <U>Confidentiality</U>. Each of the Agents and the Lenders agrees to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed (a)&nbsp;to its Related Parties, including accountants, legal counsel and other agents and advisors, leveraged facility providers and settlement service providers (including CUSIP Service
Bureau, Inc.) solely in connection </P>
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with the Transactions, it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential and the Administrative Agent and each Lender shall be responsible for the compliance with this Section&nbsp;by their Related Parties, (b)&nbsp;to the extent requested by any regulatory authority purporting to have jurisdiction over it
(including any <FONT STYLE="white-space:nowrap">self-regulatory</FONT> authority, such as the National Association of Insurance Commissioners), (c)&nbsp;to the extent required by applicable law or by any subpoena or similar legal process (in which
case, such Person agrees to inform the Borrower as promptly as practicable thereof, to the extent permitted by law), (d)&nbsp;to any other party to this Agreement, (e)&nbsp;in connection with the exercise of any remedies under this Agreement or any
other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f)&nbsp;subject to an agreement containing confidentiality undertakings substantially
similar to those of this Section, to (A)&nbsp;any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (B)&nbsp;any actual or prospective counterparty (or its
Related Parties) to any Hedge Contract or derivative transaction relating to the Borrower or any Subsidiary and its obligations, (g)&nbsp;with the consent of the Borrower or (h)&nbsp;to the extent such Information (x)&nbsp;becomes publicly available
other than as a result of a breach of this Section&nbsp;or (y)&nbsp;becomes available to the Agents, any Lender or any Affiliate of any of the foregoing on a nonconfidential basis from a source other than the Borrower. For purposes of this Section,
&#147;<U>Information</U>&#148; means all information received from the Borrower relating to the Borrower or any Subsidiary or their businesses, other than any such information that is available to the Agents or any Lender on a nonconfidential basis
prior to disclosure by the Borrower. Any Person required to maintain the confidentiality of Information as provided in this Section&nbsp;shall be considered to have complied with its obligation to do so if such Person has exercised the same degree
of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.13 <U>Interest Rate Limitation</U>. Notwithstanding anything herein to the contrary, if at any time the interest rate
applicable to any Loan, together with all fees, charges and other amounts that are treated as interest on such Loan under applicable law (collectively the &#147;<U>Charges</U>&#148;), shall exceed the maximum lawful rate (the &#147;<U>Maximum
Rate</U>&#148;) that may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in
respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section&nbsp;shall be cumulated
and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to
the date of repayment, shall have been received by such Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.14 <U>Release of Liens and Guarantees</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Lenders irrevocably authorize the Collateral Agent and the Administrative Agent (and the Collateral Agent and the Administrative Agent
agrees): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) to release any Lien on any property securing the Obligations granted to or held by the Collateral Agent or
the Administrative Agent under any Loan Document (x)&nbsp;upon the Termination Date (and, concurrently therewith, to release all the Loan Parties from their Obligations under the Loan Documents (other than (A)&nbsp;obligations under Secured Hedge
Agreements and Treasury Services Agreements not yet due and payable, (B)&nbsp;contingent indemnification obligations not yet accrued and payable, and (C)&nbsp;those that specifically survive the Termination Date)), (y) that is sold or transferred or
to be sold or transferred as part of or in connection with any sale permitted hereunder or under any other Loan Document to any Person other than a Loan Party, or (z)&nbsp;subject to <U>Section</U><U></U><U>&nbsp;10.02</U>, if approved, authorized
or ratified in writing by the Required Lenders; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) to release any Guarantor from its obligations under any Loan Document
to which it is a party if such Person ceases to be a Subsidiary as a result of a transaction or designation permitted hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) In
each case as specified in this <U>Section</U><U></U><U>&nbsp;10.14</U>, the relevant Agent will, at the Borrower&#146;s expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence
the release of such item of Collateral from the assignment and security interest granted under the Loan Documents securing the Obligations (or the subordination of the same), or to release such Loan Party from its Obligations under the Loan
Documents, in each case, in accordance with the terms of the Loan Documents and this <U>Section</U><U></U><U>&nbsp;10.14</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Any
execution and delivery of documents pursuant to this Section&nbsp;shall be without recourse to or warranty by the Administrative Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) For the avoidance of doubt, no release of Liens or Guarantors effected in the manner permitted by this Section&nbsp;10.14 shall require the
consent of any holder of obligations under any Secured Hedge Agreement or any Treasury Services Agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.15 <U>USA
PATRIOT Act</U><U> Notice</U>. Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Loan Party that pursuant to the requirements of the USA PATRIOT Act it is required to obtain, verify and record
information that identifies such Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify such Loan Party in accordance
with the USA PATRIOT Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.16 <U>No Fiduciary Relationship</U>. In connection with all aspects of each transaction
contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower and each other Loan Party acknowledges and agrees,<B> </B>and acknowledges its Affiliates&#146;
understanding, that: (i)&nbsp;(A)&nbsp;the arranging and other services regarding this Agreement provided by the Administrative Agent and the Lead Arranger are <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> commercial transactions between
the Borrower, the other Loan Parties and their respective Affiliates, on the one hand, and the Administrative Agent and the Lead Arranger on the other hand, (B)&nbsp;the Borrower and each other Loan Party has consulted its own legal, accounting,
regulatory and tax advisors to the extent it has deemed appropriate, and (C)&nbsp;the Borrower and each other Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby
and by the other Loan Documents; (ii)&nbsp;(A)&nbsp;each Agent, the Lead Arranger and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be
acting as an advisor, agent or fiduciary for the Borrower, any other Loan Party or any of their respective Affiliates, or any other Person and (B)&nbsp;no Agent, nor the Lead Arranger or any Lender, has any obligation to the Borrower, any other Loan
Party or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii)&nbsp;the Agents, the Lead Arranger, the Lenders and their
respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower, the other Loan Parties and their respective Affiliates, and neither the Agents nor the Lead Arranger has any
obligation to disclose any of such interests to the Borrower, any other Loan Party or any of their respective Affiliates. To the fullest extent permitted by law, the Borrower and each other Loan Party hereby waives and releases any claims that it
may have against the Agents, the Lead Arranger and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.17 <U>Independent Decision.</U> Each Lender acknowledges that (i)&nbsp;it is
engaged in making, purchasing, holding or investing in loans or similar extensions of credit in the ordinary course of its business, (ii)&nbsp;it has had an opportunity to request from the Borrower, and has received and reviewed, any information
necessary for it to decide whether to extend credit to the Borrower hereunder and (iii)&nbsp;it has made its own independent decision to extend credit to the Borrower hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.18 <U>Non</U><U><FONT STYLE="white-space:nowrap">-Public</FONT> Information</U>. Each Lender acknowledges that all
information, including requests for waivers and amendments, furnished by the Borrower or the Administrative Agent pursuant to or in connection with, or in the course of administering, this Agreement will be
<FONT STYLE="white-space:nowrap">syndicate-level</FONT> information, which may contain MNPI. Each Lender represents to the Borrower and the Administrative Agent that (i)&nbsp;it has developed reasonable and customary compliance procedures regarding
the use of MNPI and that it will handle MNPI in accordance with such procedures and applicable law, including federal, state and foreign securities laws, and (ii)&nbsp;it has identified in its Administrative Questionnaire a credit contact who may
receive information that may contain MNPI in accordance with its compliance procedures and applicable law, including federal, state and foreign securities laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.19 <U>Electronic Execution of Assignments and Certain Other Documents</U>. The words &#147;execution,&#148;
&#147;signed,&#148; &#147;signature,&#148; and words of like import in any Assignment and Assumption or in any amendment or other modification hereof (including waivers and consents) 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 <FONT STYLE="white-space:nowrap">paper-based</FONT> 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.20 <U>Acknowledgement and Consent to Bail</U><U><FONT STYLE="white-space:nowrap">-In</FONT>
of EEA </U><U>Financial Institutions</U>. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among the parties hereto, each party hereto acknowledges that any liability of any EEA
Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the <FONT STYLE="white-space:nowrap">write-down</FONT> and conversion powers of an EEA Resolution Authority and agrees and consents
to, and acknowledges and agrees to be bound by: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) the application of any <FONT STYLE="white-space:nowrap">Write-Down</FONT> and
Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) the effects of any <FONT STYLE="white-space:nowrap">Bail-In</FONT> Action on any such liability, including, if applicable: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) a reduction in full or in part or cancellation of any such liability; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability
under this Agreement or any other Loan Document; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) the variation of the terms of such liability in connection with
the exercise of the <FONT STYLE="white-space:nowrap">write-down</FONT> and conversion powers of an EEA Resolution Authority. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">116 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.21 <U>Acknowledgement Regarding Any Supported QFCs</U>. To the extent that
the Loan Documents provide support, through a Guarantee or otherwise, for Hedge Obligations or any other agreement or instrument that is a QFC (such support, &#147;<U>QFC Credit Support</U>&#148; and each such QFC, a &#147;<U>Supported
QFC</U>&#148;), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (together with the regulations promulgated thereunder, the &#147;<U>U.S. Special Resolution Regimes</U>&#148;) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan
Documents and any Supported QFC may in fact be stated to be governed by the Laws of the State of New York and/or of the United States or any other state of the United States): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) In the event a Covered Entity that is party to a Supported QFC (each, a &#147;<U>Covered Party</U>&#148;) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing
such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as a transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such
interest, obligation and rights in property) were governed by the Laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such
Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the Laws of the United States or a state of the United States. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) As used in this <U>Section</U><U></U><U>&nbsp;10.21</U>, the following terms have the following meanings: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>BHC Act Affiliate</U>&#148; of a part means an &#147;affiliate&#148; (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Covered Entity</U>&#148; means any of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">i. a &#147;covered entity&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 252.82(b); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">ii. a &#147;covered bank&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 47.3(b); or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">iii. a &#147;covered FSI&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 382.2(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Default Right</U>&#148; has the meaning assigned to such term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167;
252.81, 47.2 or 382.1, as applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>QFC</U>&#148; has the meaning assigned to the term &#147;qualified financial contract&#148;
in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[</B>Signature pages follow<B>]</B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">117 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PHI GROUP, INC., a Delaware corporation</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Trudy McConnaughhay</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Trudy McConnaughhay</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PHI CORPORATE, LLC, a Delaware limited liability company</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Trudy McConnaughhay</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Trudy McConnaughhay</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PHI, INC., a Louisiana corporation</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Trudy McConnaughhay</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Trudy McConnaughhay</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PHI SERVICES, INC., a Louisiana corporation</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Trudy McConnaughhay</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Trudy McConnaughhay</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PHI TECH SERVICES, LLC, a Louisiana limited liability company</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Trudy McConnaughhay</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Trudy McConnaughhay</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Term Loan Credit Agreement] </P>
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<TD VALIGN="top" COLSPAN="3">PHI AIR MEDICAL, L.L.C., a Louisiana limited liability company</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Trudy McConnaughhay</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Trudy McConnaughhay</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PHI HELIPASS, L.L.C., a Louisiana limited liability company</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Trudy McConnaughhay</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Trudy McConnaughhay</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">AM EQUITY HOLDINGS, L.L.C., a Louisiana limited liability company</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Trudy McConnaughhay</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Trudy McConnaughhay</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Term Loan Credit Agreement] </P>
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<TD VALIGN="top" COLSPAN="3">CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent, Collateral Agent, and initial Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Nupur Kumar</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Nupur Kumar</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Authorized Signatory</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Christopher Zybrick</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Christopher Zybrick</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Authorized Signatory</TD></TR>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Execution Version </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>REGISTRATION RIGHTS AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This Registration Rights Agreement (this &#147;<U>Agreement</U>&#148;), dated as of September&nbsp;4, 2019, is by and among by PHI Group, Inc.
(including any of its successors by merger, acquisition, reorganization, conversion or otherwise, the &#147;<U>Company</U>&#148;), and the Persons set forth on <U>Schedule I</U> hereto. Unless otherwise indicated, capitalized terms used herein shall
have the meanings ascribed to such terms in <U>Article 6.</U> </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WITNESSETH: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company issued New Common Stock and New Warrants to the Holders (as defined herein) pursuant to the Plan (as defined below), upon
the terms set forth in the Debtors&#146; Third Amended Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy Code (as amended from time to time, the &#147;<U>Plan</U>&#148;), as confirmed by the United States Bankruptcy Court for the
Northern District of Texas (the &#147;<U>Bankruptcy Court</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, this Agreement was contemplated by the Plan and approved
by the Bankruptcy Court; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and the other parties hereto desire to provide for, among other things, the grant of
registration rights with respect to the Registrable Securities (as defined herein) and the Company is otherwise required to provide to the Holders certain arrangements with respect to registration of Registrable Securities under the Securities Act.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other
good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, and subject to the satisfaction or waiver of the conditions hereof, the parties hereto agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 1 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEMAND
REGISTRATIONS. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.1</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Right to Demand</U></B>. At any time and from time
to time following the consummation of a Qualified IPO, a Holder or a group of Holders holding, together with their Affiliates, at least fifteen percent (15%) of the then outstanding Registrable Securities (a &#147;<U>Demand Group</U>&#148;, and each
member of such group a &#147;<U>Demanding Holder</U>&#148;) shall have the right, by delivering a written notice to the Company (a &#147;<U>Demand Notice</U>&#148;), to require the Company to register under and in accordance with the provisions of
the Securities Act the number of Registrable Securities owned by the Demanding Holders and requested by such Demand Notice to be so registered (a &#147;<U>Demand Registration</U>&#148;); <U>provided</U>, <U>however</U>, that the Holders in the
aggregate shall not be entitled to deliver to the Company more than (i)&nbsp;one (1) Demand Notice in any <FONT STYLE="white-space:nowrap">6-month</FONT> period or (ii)&nbsp;twelve (12) Demand Notices over the term of this Agreement. A Demand Notice
shall also specify the expected method or methods of disposition of the </P>
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applicable Registrable Securities, provided, however, that the Company shall not be required to cause the offering with respect to a Demand Registration to be a marketed or underwritten offering
unless the Demand Group holds at least ten percent (10%) of the outstanding Registrable Securities on the date that the Demand Notice with respect to such Demand Registration is delivered to the Company pursuant to this Section&nbsp;1.1 of this
Agreement </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.2</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Demand Registration Expenses</U></B>. The Registration
Expenses of each Demanding Holder will be paid by the Company in all Demand Registrations, whether or not any such registration or the prospectus related thereto becomes effective or final. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.3</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Demand Registration Priority</U></B>. If any of the Registrable Securities
registered pursuant to a Demand Registration are to be sold in a firm commitment underwritten offering, and the managing underwriter(s) of such underwritten offering advises the Company and the Demand Group in writing that it is their good faith
opinion that the total number or dollar amount of Registrable Securities proposed to be sold in such offering, together with any Other Securities proposed to be included by holders thereof which are entitled to include securities in such
registration statement, exceeds the total number or dollar amount of such securities that can be sold without having an adverse effect on the price, timing or distribution of the Registrable Securities to be so included together with all such Other
Securities, then there shall be included in such firm commitment underwritten offering the number or dollar amount of Registrable Securities and such Other Securities that in the opinion of such managing underwriter(s) can be sold without so
adversely affecting such offering, and such number of Registrable Securities and Other Securities shall be allocated for inclusion as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;first, the Registrable Securities for which inclusion in such underwritten offering was requested by
the Demanding Holder(s) and the Registrable Securities held by Holders requested to be included in such registration pursuant to <U>Article 2</U> of this Agreement, <I>pro</I><I>&nbsp;rata</I> among the Demanding Holders and such Holders on the
basis of the number of shares owned by each such Demanding Holder and each such Holder and requested to be included in such offering; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;second, among any holders of Other Securities, <I>pro</I> <I>rata</I>, based on the number of Other
Securities owned by each such holder of Other Securities and requested to be included in such offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.4</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Demand Withdrawal</U></B>. The Demand Group shall have the right to notify
the Company that it has determined that the Registration Statement relating to a Demand Registration be abandoned or withdrawn, in which event the Company shall promptly abandon or withdraw such Registration Statement and such withdrawn registration
shall not count against the limit of Demand Registrations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.5</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Multiple
Offerings</U></B>. Notwithstanding anything contained herein to the contrary, with the prior written consent of the Demand Group, the Company shall be entitled to coordinate any offerings under this <U>Article I</U> of this Agreement with any
offerings to be effected pursuant to similar agreements with the holders of Other Securities, including, if practicable, by filing one (1)&nbsp;Registration Statement for all Registrable Securities and Other Securities. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PIGGYBACK REGISTRATIONS. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.1</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Right to Piggyback</U></B>. If the Company proposes to file a Registration
Statement under the Securities Act with respect to any of its Equity (whether in a primary offering of such Equity or a secondary offering of such Equity pursuant to the exercise of a right to Demand Registration in accordance with <U>Article 1</U>
of this Agreement or otherwise) (other than in connection with registration on Form <FONT STYLE="white-space:nowrap">S-8,</FONT> Form <FONT STYLE="white-space:nowrap">S-4</FONT> or any successor or similar form) and the registration form to be used
may be used for the registration of Registrable Securities (a &#147;<U>Piggyback Registration</U>&#148;), then the Company will give prompt written notice (but in no event less than twenty (20)&nbsp;days prior to the proposed date of filing such
Registration Statement) to all Holders of Registrable Securities of its intention to effect such a registration and, subject to <U>Sections</U><U></U><U>&nbsp;2.3</U>, <U>2.4</U>, <U>4.1</U> and <U>4.2</U> of this Agreement, if the Company receives,
within ten (10)&nbsp;days after the delivery of the Company&#146;s notice, written requests from the applicable Holders for inclusion therein of any Registrable Securities then outstanding, the Company will include in such registration all
Registrable Securities, in each case with respect to which the Company has received such requests. Each such Company notice shall specify the approximate number of Company equity securities to be registered and the anticipated per share price range
for such offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.2</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Piggyback Expenses</U></B>. The Registration
Expenses of the holders of Registrable Securities will be paid by the Company in all Piggyback Registrations, whether or not any such registration or prospectus becomes effective or final. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.3</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Priority on Primary Registrations</U></B>. If a Piggyback Registration is
or includes an underwritten registration on behalf of the Company and the managing underwriter(s) advises the Company in writing (with a copy to each party hereto requesting registration of Registrable Securities) that in its reasonable opinion the
number of Registrable Securities requested to be included in such registration pursuant to <U>Section</U><U></U><U>&nbsp;2.1</U> of this Agreement exceeds the number which can be sold in such offering without adversely affecting the marketability of
such offering, the Company will include in such registration: (a)&nbsp;first, the securities the Company proposes to sell and (b)&nbsp;second, the Registrable Securities requested to be included in such registration, <I>pro</I><I>&nbsp;rata</I>
among Holders of such Registrable Securities on the basis of the number of shares owned by each such Holder and requested to be included in such registration. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.4</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Priority on Secondary Registrations</U></B>. If a Piggyback Registration is
an underwritten secondary registration on behalf of any holder of Equity (whether pursuant to the exercise of a right to Demand Registration in accordance with <U>Article 1</U> of this Agreement or otherwise), and the managing underwriter(s) advises
the Company in writing that in its reasonable opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability of the offering, the
Company will include in such registration the Registrable Securities requested to be included in such registration, <I>pro</I><I>&nbsp;rata</I> among Holders of such Registrable Securities on the basis of the number of shares owned by each such
Holder and requested to be included in such registration. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.5</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Other Registration
Rights</U></B>. The Company represents and warrants that it is not a party to, or otherwise subject to, any other agreement granting registration rights to any other Person with respect to any securities of the Company, other than this Agreement.
Except as provided in this Agreement, the Company shall not grant to any Person the right to request the Company to register any equity securities of the Company, or any securities convertible or exchangeable into or exercisable for such equity
securities, in the nature of those set forth herein that would have priority over the Registrable Securities with respect to the inclusion of such securities in any such registration, without the approval of the Holders holding a Majority of the
Registrable Securities. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 3 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION GENERALLY. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.1</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Registration Procedures</U></B>. Whenever the holders of Registrable
Securities have requested that any Registrable Securities be registered pursuant to this Agreement, the Company will use its reasonable best efforts to effect the registration and the sale of such Registrable Securities in accordance with the
intended method of disposition thereof and pursuant thereto the Company will as expeditiously as reasonably practicable: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;prepare and (within forty-five (45)&nbsp;days after the end of the period within which requests for
inclusion in such registration may be given to the Company) file with the SEC a Registration Statement with respect to such Registrable Securities and thereafter use its reasonable best efforts to cause such Registration Statement to become
effective as soon as reasonably practicable (<U>provided</U> that before filing a Registration Statement or prospectus or any amendments or supplements thereto, the Company will furnish to one counsel (whose fees and expenses shall be paid by the
Company) selected by the Holders holding a Majority of the Registrable Securities included in such registration copies of all such documents proposed to be filed, which documents will be subject to review by such counsel and any other counsel
selected by any other Holder; <U>provided</U> that any fees and expenses associated with such other counsel shall be borne by such Person electing to appoint such other counsel); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;prepare and file with the SEC such amendments and supplements to such Registration Statement and the
prospectus used in connection therewith as may be necessary (i)&nbsp;to keep such Registration Statement effective (A)&nbsp;for a period of not less than three hundred sixty-five (365)&nbsp;days (subject to extension pursuant to
<U>Section</U><U></U><U>&nbsp;3.3(b)</U> of this Agreement) or, if such Registration Statement relates to an underwritten offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered
in connection with sales of Registrable Securities by an underwriter or dealer, (B)&nbsp;for a period of less than three hundred sixty-five (365)&nbsp;days, which period will terminate only when all of the securities covered by such Registration
Statement have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such Registration Statement (but in any event not before the expiration of any longer period required under the
Securities Act), or (C)&nbsp;continuously in the case of a Shelf Registration, ending on the earlier of (w)&nbsp;the date on which all Registrable Securities have been sold pursuant to the Shelf Registration or have otherwise ceased to be
Registrable Securities, (x)&nbsp;the (2<SUP STYLE="font-size:85%; vertical-align:top">nd</SUP>) second anniversary of the </P>
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effective date of such Shelf Registration and (y)&nbsp;such other date determined by the Holders holding a Majority of the Registrable Securities included in such Shelf Registration, and
(ii)&nbsp;to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement until such time as all of such securities have been disposed of in accordance with the intended
methods of disposition by the seller or sellers thereof set forth in such Registration Statement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp; furnish to each seller of Registrable Securities such number of copies, without charge, of such
Registration Statement, each amendment and supplement thereto, including each preliminary prospectus, final prospectus, any other prospectus (including any prospectus filed under Rule&nbsp;424, Rule&nbsp;430A or Rule&nbsp;430B under the Securities
Act and any &#147;issuer free writing prospectus&#148; as such term is defined under Rule&nbsp;433 promulgated under the Securities Act), all exhibits and other documents filed therewith and such other documents as such seller may reasonably request
in order to facilitate the disposition of the Registrable Securities owned by such seller; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;use
its reasonable best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably
necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (<U>provided</U> that the Company will not be required to (i)&nbsp;qualify generally to do business
in any jurisdiction where it would not otherwise be required to qualify but for this subsection, (ii)&nbsp;subject itself to taxation in respect of doing business in any such jurisdiction or (iii)&nbsp;consent to general service of process in any
such jurisdiction); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;promptly notify each seller of such Registrable Securities and their
counsel, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the discovery of the occurrence of any event as a result of which, the prospectus included in such
Registration Statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading in the light of the circumstances under which they were made, and, at the request of any such seller,
the Company will prepare and furnish to such seller a reasonable number of copies of a supplement or amendment to such prospectus so that, as thereafter delivered to the prospective purchasers of such Registrable Securities, such prospectus will not
contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading in the light of the circumstances under which they were made; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;cause all such Registrable Securities to be listed on each securities exchange on which similar
securities issued by the Company are then listed and, if not so listed, to be listed on the FINRA automated quotation system and, if listed on the FINRA automated quotation system, use its commercially reasonable efforts to secure designation of all
such Registrable Securities covered by such registration statement as a NASDAQ &#147;national market system security&#148; within the meaning of <FONT STYLE="white-space:nowrap">Rule&nbsp;11Aa2-1</FONT> of the Exchange Act or, failing that, to
secure NASDAQ authorization for such Registrable Securities and, without limiting the generality of the foregoing, to arrange for at least two (2)&nbsp;market makers to register as such with respect to such Registrable Securities with FINRA; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;provide and cause to be maintained a transfer
agent and registrar for all such Registrable Securities from and after a date not later than the effective date of such Registration Statement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;enter into such customary agreements (including underwriting agreements in customary form, and
including provisions with respect to indemnification and contribution in customary form) and take all such other customary actions as the Holders holding a Majority of the Registrable Securities included in such registration, or the underwriters, if
any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (which might include making members of management and executives of the Company available to participate in reasonable &#147;road show,&#148;
similar sales events and other marketing activities and effecting a stock split or a combination of shares); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;make available for inspection by any seller of Registrable Securities, any underwriter participating
in any disposition pursuant to such Registration Statement and any attorney, accountant or other agent retained by any such seller or underwriter, upon reasonable notice and during normal business hours, reasonable due diligence materials relating
to the business of the Company, including all financial and other records, pertinent corporate documents and properties of the Company, and cause the Company&#146;s officers, directors, employees and independent accountants to supply all such
information, in each case as is reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such Registration Statement, and cooperate and participate as reasonably requested by the Holders holding a
Majority of the Registrable Securities included in such registration in road show presentations, in the preparation of the Registration Statement, each amendment and supplement thereto, the prospectus included therein, and other activities as the
Holders holding a Majority of the Registrable Securities included in such registration may reasonably request in order to facilitate the disposition of the Registrable Securities; <U>provided</U>, that, unless the disclosure of such information is
necessary to avoid or correct a misstatement or omission in the Registration Statement or the release of such information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, the Company shall not be required to
provide any information under this Section&nbsp;3.1(i) if (i)&nbsp;the Company believes, after consultation with counsel for the Company, that to do so would cause the Company to forfeit an attorney-client privilege that was applicable to such
information or (ii)&nbsp;if either (A)&nbsp;the Company has requested and been granted from the Commission confidential treatment of such information contained in any filing with the Commission or documents provided supplementally or otherwise or
(B)&nbsp;the Company reasonably determines in good faith that such due diligence materials are confidential and so notifies the seller or underwriter in writing, unless prior to furnishing any such information with respect to clause (ii)&nbsp;such
Holder of Registrable Securities requesting such information agrees to enter into a confidentiality agreement in customary form and subject to customary exceptions; and provided, further, that each holder of Registrable Securities agrees that it
shall, upon learning that disclosure of such information is sought </P>
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in a court of competent jurisdiction, give notice to the Company and allow the Company, at its expense, to undertake appropriate action and to prevent disclosure of the information deemed
confidential; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;otherwise use its reasonable best efforts to comply with all applicable rules and
regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, but not later than eighteen (18)&nbsp;months after the effective date of the registration statement, an earnings statement covering the period of
at least twelve (12)&nbsp;months beginning with the first (1st) day of the Company&#146;s first (1st) full calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of
Section&nbsp;11(a) of the Securities Act and Rule&nbsp;158 thereunder; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k)&nbsp;&nbsp;&nbsp;&nbsp;in the event of the
issuance of any stop order suspending the effectiveness of a Registration Statement, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any securities included in such Registration Statement
for sale in any jurisdiction, the Company will use its reasonable best efforts promptly to obtain the withdrawal of such order; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l)&nbsp;&nbsp;&nbsp;&nbsp;obtain one (1)&nbsp;or more comfort letters, dated the effective date of such Registration Statement
(and, if such registration includes an underwritten public offering, dated the date of the closing under the underwriting agreement), signed by the Company&#146;s independent public accountants in the then-current customary form and covering such
matters of the type customarily covered from time to time by comfort letters as the Holders holding a Majority of the Registrable Securities being sold reasonably request; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m)&nbsp;&nbsp;&nbsp;&nbsp;provide a legal opinion of the Company&#146;s outside counsel, dated the effective date of such
Registration Statement (and, if such registration includes an underwritten public offering, dated the date of the closing under the underwriting agreement), with respect to the Registration Statement, each amendment and supplement thereto, the
prospectus included therein (including the preliminary prospectus) and such other documents relating thereto in the then-current customary form and covering such matters of the type customarily covered from time to time by legal opinions of such
nature, as the Holders holding a Majority of the Registrable Securities being sold shall reasonably request; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n)&nbsp;&nbsp;&nbsp;&nbsp;cooperate with the sellers of Registrable Securities covered by the Registration Statement and the
managing underwriter or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the Registration Statement, and enable such securities to be in
such denominations and registered in such names as the managing underwriter or agent, if any, or such holders may request; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o)&nbsp;&nbsp;&nbsp;&nbsp;notify counsel for the sellers of Registrable Securities included in such Registration Statement and
the managing underwriter or agent, immediately, and confirm the notice in writing (i)&nbsp;when the Registration Statement, or any post-effective </P>
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amendment to the registration statement, shall have become effective, or any supplement to the prospectus or any amendment prospectus shall have been filed, (ii)&nbsp;of the receipt of any
comments from the SEC, (iii)&nbsp;of any request of the SEC to amend the Registration Statement or amend or supplement the prospectus or for additional information, and (iv)&nbsp;of the issuance by the SEC of any stop order suspending the
effectiveness of the Registration Statement or of any order preventing or suspending the use of any preliminary prospectus, or of the suspension of the qualification of the Registration Statement for offering or sale in any jurisdiction, or of the
institution or threatening of any proceedings for any of such purposes; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p)&nbsp;&nbsp;&nbsp;&nbsp;use its reasonable best
efforts to prevent the issuance of any stop order suspending the effectiveness of the Registration Statement or of any order preventing or suspending the use of any preliminary prospectus; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q)&nbsp;&nbsp;&nbsp;&nbsp;if requested by the managing underwriter or agent or any holder of Registrable Securities covered by
the Registration Statement, promptly incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter or agent or such holder reasonably requests to be included therein, including with respect to the
number of Registrable Securities being sold by such holder to such underwriter or agent, the purchase price being paid therefor by such underwriter or agent and with respect to any other terms of the underwritten offering of the Registrable
Securities to be sold in such offering, and make all required filings of such prospectus supplement or post-effective amendment as soon as practicable after being notified of the matters incorporated in such prospectus supplement or post-effective
amendment; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r)&nbsp;&nbsp;&nbsp;&nbsp;cooperate with each seller of Registrable Securities and each underwriter or
agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company may require each seller of Registrable Securities as to which any registration is being effected to furnish to the Company such information
relating to the sale or registration of such securities regarding such seller and the distribution of such securities as the Company may from time to time reasonably request in writing. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.2</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Registration Expenses</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;All expenses incident to the Company&#146;s performance of or compliance with this Agreement,
including all registration, qualification and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, and fees and disbursements of counsel for the Company and all
independent certified public accountants, underwriters (excluding discounts and commissions attributable to the Registrable Securities being sold by the holders thereof) and other Persons retained by the Company (all such expenses being herein
called &#147;<U>Registration Expenses</U>&#148;), will be paid by the Company in respect of each Demand Registration and Piggyback Registration, whether or not it has become effective, including that the Company will pay its internal expenses
(including all salaries and expenses of its officers and employees performing legal or accounting duties), the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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expense of any annual audit or quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which
similar securities issued by the Company are then listed or on the FINRA automated quotation system. Notwithstanding the foregoing, each Person that sells securities pursuant to a Demand Registration or Piggyback Registration hereunder shall bear
and pay all underwriting discounts and commissions applicable to the securities sold for such Person&#146;s account, and such amounts shall not be considered Registration Expenses. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;In connection with each Demand Registration and Piggyback Registration, whether or not it has become
effective, the Company will pay, and reimburse the holders of Registrable Securities covered by such registration for the payment of, the reasonable fees and disbursements of one counsel selected by the Holders holding a Majority of the Registrable
Securities included in such registration, and such expenses shall be considered Registration Expenses hereunder. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.3</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Participation in Underwritten Offerings</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;No Person may participate in any registration hereunder which is underwritten unless such Person
(i)&nbsp;agrees to sell such Person&#146;s securities on the basis provided in any underwriting arrangements approved pursuant to this Agreement by the Person or Persons entitled hereunder to approve such arrangements (including pursuant to the
terms of any over-allotment or &#147;green shoe&#148; option requested by the managing underwriter(s); <U>provided</U> that no holder of Registrable Securities will be required to sell more than the number of Registrable Securities that such holder
has requested the Company to include in any registration) and (ii)&nbsp;completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting
arrangements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Person that is participating in any registration hereunder agrees that, upon
receipt of any notice from the Company of the occurrence of any event of the kind described in <U>Section</U><U></U><U>&nbsp;3.1(e)</U> of this Agreement, such Person will forthwith discontinue the disposition of its Registrable Securities pursuant
to the Registration Statement until such Person&#146;s receipt of the copies of a supplemented or amended prospectus as contemplated by <U>Section</U><U></U><U>&nbsp;3.1(e)</U>. In the event the Company shall give any such notice, the applicable
time period mentioned in <U>Section</U><U></U><U>&nbsp;3.1(b)</U> of this Agreement during which a Registration Statement is to remain effective shall be extended by the number of days during the period from and including the date of the giving of
such notice pursuant to this paragraph to and including the date when each seller of a Registrable Security covered by such Registration Statement shall have received the copies of the supplemented or amended prospectus contemplated by
<U>Section</U><U></U><U>&nbsp;3.1(e)</U> of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.4</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Information Requirement</U></B>. With a view to making available to the
Holders of Registrable Securities the benefits of Rule&nbsp;144A promulgated under the Securities Act and other rules and regulations of the Commission that may at any time permit a Holder of Registrable Securities to sell securities of the Company
without registration, until such time as when no Registrable Securities remain outstanding, the Company covenants that it will (i)&nbsp;if it is </P>
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subject to the reporting requirement of Section&nbsp;13 or 15(d) of the Exchange Act, file in a timely manner all reports and other documents required, if any, to be filed by it under the
Securities Act and the Exchange Act and the rules and regulations adopted thereunder or (ii)&nbsp;if it is not subject to the reporting requirement of Section&nbsp;13 or 15(d) of the Exchange Act, make available, upon written request by any Holder
of Registrable Securities, information necessary to comply with Rule 144A(d)(4), if available with respect to resales of the Registrable Securities under the Securities Act, at all times, all to the extent required from time to time to enable such
Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemption provided by Rule&nbsp;144A promulgated under the Securities Act (if available with respect to resales of the Registrable
Securities), as such rules may be amended from time to time. Upon the reasonable request of any Holder of Registrable Securities, the Company will deliver to such Holder a written statement as to whether it has complied with such information
requirements, and, if not, the specific reasons for <FONT STYLE="white-space:nowrap">non-compliance.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.5</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Shelf Take-Downs</U></B>. At any time that a Shelf Registration is
effective, if any holder or group of holders of Registrable Securities delivers a notice to the Company and the Board (a &#147;<U>Take-Down Notice</U>&#148;) stating that it intends to effect an offering of all or part of its Registrable Securities
included by it on the Shelf Registration, whether such offering is underwritten or <FONT STYLE="white-space:nowrap">non-underwritten</FONT> (a &#147;<U>Shelf Offering</U>&#148;) and stating the number of the Registrable Securities to be included in
the Shelf Offering, then, <U>provided</U> that the Board approves the Shelf Offering and the number of the Registrable Securities to be included in such Shelf Offering, the Company shall amend or supplement the Shelf Registration as may be necessary
in order to enable such Registrable Securities to be distributed pursuant to the Shelf Offering (taking into account the inclusion of Registrable Securities by any other holders pursuant to this <U>Section</U><U></U><U>&nbsp;3.5</U> of this
Agreement). In connection with any Shelf Offering: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;such proposing holder(s) shall also deliver
the Take-Down Notice to the Company, which shall in turn deliver such notice to all other holders included on such Shelf Registration and permit each holder to include its Registrable Securities included on the Shelf Registration in the Shelf
Offering if such holder notifies the proposing holders and the Company within five (5)&nbsp;Business Days after delivery of the Take-Down Notice to such holder, and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;in the event that the managing underwriter(s), if any, advises the Company in writing that in its
opinion the number of Registrable Securities to be included in such Shelf Offering exceeds the number of Registrable Securities which can be sold therein without adversely affecting the marketability of the offering, such underwriter(s), if any, may
limit the number of shares which would otherwise be included in such take-down offering and, in such case, the Company shall include in such registration, prior to the inclusion of any securities that are not Registrable Securities, the number of
Registrable Securities requested to be included in such offering that, in the opinion of such underwriter(s), can be sold without adversely affecting the marketability of the offering, <I>pro</I><I>&nbsp;rata</I> among the respective holders thereof
on the basis of the number of Registrable Securities owned by each such holder, and only then securities that are not Registrable Securities if the managing underwriter(s) has advised that such securities may be included. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.6</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U><FONT
STYLE="white-space:nowrap">Black-Out</FONT></U></B>. Notwithstanding anything herein to the contrary, following an IPO, if in the good faith judgment of the Chief Executive Officer or Chief Financial Officer of the Company it would be detrimental to
the Company and its stockholders not to defer the filing, or suspend the use by the Holders, of a Registration Statement by reason of: (A)&nbsp;a material pending financing, acquisition, disposition, corporate reorganization, merger, public offering
of securities, or other material transaction involving or being contemplated by the Company, or other similarly material events then concerning the Company; (B)&nbsp;the Company being in possession of material
<FONT STYLE="white-space:nowrap">non-public</FONT> information not otherwise then required by law to be publicly disclosed that it deems advisable not to disclose in such Registration Statement; or (C)&nbsp;a requirement to include <I>pro</I>
<I>forma</I> or other information, which requirement the Company is reasonably unable to comply with at such time, or to undertake initial or continuing disclosure obligations not in the best interests of the Company&#146;s stockholders, the Company
shall have the right to defer the filing, or suspend the use by the Holders, of such Registration Statement for a period of not more than sixty (60)&nbsp;days (each, a &#147;<U>Suspension Period</U>&#148;); <U>provided</U>, <U>however</U>, that the
Company may not utilize this right for more than <FONT STYLE="white-space:nowrap">one-hundred</FONT> twenty (120)&nbsp;days in any <FONT STYLE="white-space:nowrap">365-day</FONT> period; <U>provided</U>, <U>further</U>, that the Company shall at all
times in good faith use its commercially reasonable efforts to cause any Suspension Period to be terminated as soon as possible, including, if necessary, by causing a Registration Statement required by this Agreement to be filed or restored as soon
as possible thereafter; and <U>provided,</U> <U>further,</U> that such right pursuant to this <U>Section</U><U></U><U>&nbsp;3.6</U> shall be exercisable by the Company only if the Company is concurrently exercising all similar <FONT
STYLE="white-space:nowrap">black-out</FONT> rights against holders of similar securities that have registration rights, if any, to the extent permitted by the terms of such registration rights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.7</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Transfer of Registration Rights</U></B>. The rights and obligations of each
party hereto may not be transferred in whole or in part without the prior written consent of the Company; <U>provided</U>, <U>however</U>, that any Holder may freely assign its rights hereunder on a pro rata basis in connection with any sale,
transfer, assignment, or other conveyance (any of the foregoing, a &#147;<U>Transfer</U>&#148;) of Registrable Securities to any Affiliate; <U>provided</U> that all of the following additional conditions are satisfied: (a)&nbsp;such Transfer is
effected in accordance with applicable securities laws; (b)&nbsp;such transferee or assignee agrees in writing to become subject to the terms of this Agreement; and (c)&nbsp;the Company is given written notice by such Holder of such Transfer,
stating the name and address of the transferee or assignee and identifying the Registrable Securities with respect to which such rights are being transferred or assigned and providing the amount of any other capital stock of the Company beneficially
owned by such transferee or assignee; and <U>provided further</U>, that (i)&nbsp;any rights assigned hereunder shall apply only in respect of the Registrable Securities that are Transferred and not in respect of any other securities that the
transferee or assignee may hold and (ii)&nbsp;any Registrable Securities that are Transferred may cease to constitute Registrable Securities following such Transfer in accordance with the terms of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.8</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Further Assurances</U></B>. Each of the parties hereto shall execute all
such further instruments and documents and take all such further action as any other party hereto may reasonably require in order to effectuate the terms and purposes of this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">LOCK-UP.</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;4.1</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>IPO <FONT STYLE="white-space:nowrap">Lock-Up</FONT></U></B>. In connection
with a Qualified IPO, each Holder hereby agrees, at the request of the Company or the managing underwriter(s) thereof, to be bound by and/or to execute and deliver, a <FONT STYLE="white-space:nowrap">lock-up</FONT> agreement with the underwriter(s)
of the Qualified IPO restricting for a reasonable and customary period determined by the applicable underwriter(s) such Holder&#146;s right to (a)&nbsp;transfer, directly or indirectly, any Equity or any securities convertible into or exercisable or
exchangeable for such Equity or (b)&nbsp;enter into any swap or other arrangement that transfers to another any of the economic consequences of ownership of Equity; <U>provided</U>, that (i)&nbsp;no Holder shall be required by this
<U>Section</U><U></U><U>&nbsp;4.1</U> to be bound by a <FONT STYLE="white-space:nowrap">lock-up</FONT> agreement covering a period of greater than ninety (90)&nbsp;days following the effectiveness of the related Registration Statement and
(ii)&nbsp;the <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements executed by the Holders shall be materially similar in form and substance, except as expressly stated otherwise in this <U>Section</U><U></U><U>&nbsp;4.1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;4.2</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Other Offering <FONT STYLE="white-space:nowrap">Lock-Up</FONT></U></B>. In
connection with any underwritten Public Offering other than a Qualified IPO, each Holder participating in such public offering hereby agrees, at the request of the Company or the managing underwriters thereof, to be bound by and/or to execute and
deliver, a <FONT STYLE="white-space:nowrap">lock-up</FONT> agreement with the underwriter(s) of such Public Offering restricting for a reasonable and customary period determined by the applicable underwriter(s) such Holder&#146;s right to
(a)&nbsp;transfer, directly or indirectly, any Equity or any securities convertible into or exercisable or exchangeable for such Equity or (b)&nbsp;enter into any swap or other arrangement that transfers to another any of the economic consequences
of ownership of Equity, in each case, unless the initiating party is the Company, to the extent that such restrictions are also agreed to by the Person initiating such underwritten registration in accordance with this Agreement; <U>provided</U> that
(i)&nbsp;no Holder shall be required by this <U>Section</U><U></U><U>&nbsp;4.2</U> to be bound by a <FONT STYLE="white-space:nowrap">lock-up</FONT> agreement covering a period of greater than sixty (60)&nbsp;days following the effectiveness of the
related registration statement and (ii)&nbsp;the <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements executed by the Holder shall be materially similar in form and substance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;4.3</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Extension of <FONT STYLE="white-space:nowrap">Lock-Up</FONT></U></B>. If
(a)&nbsp;during the last 17&nbsp;days of the applicable restricted period set forth in <U>Section</U><U></U><U>&nbsp;4.1</U> or <U>4.2</U> of this Agreement the Company issues an earnings release or material news or a material event relating to the
Company occurs or (b)&nbsp;prior to the expiration of the applicable restricted period the Company announces that it will release earnings results during the <FONT STYLE="white-space:nowrap">16-day</FONT> period beginning on the last day of such
restricted period, unless otherwise waived by the applicable managing underwriter(s) in their sole discretion, then upon notice from the Company the foregoing restrictions on transfer shall continue to apply until the expiration of the <FONT
STYLE="white-space:nowrap">18-day</FONT> period beginning on the issuance of the earnings release or the occurrence of the material news or material event. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 5 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDEMNIFICATION. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.1</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Indemnification by the Company</U></B>. The Company agrees to indemnify and
hold harmless, to the fullest extent permitted by law, each holder of Registrable Securities that sells securities in any Public Offering covered by this Agreement and, as applicable, its officers, directors, trustees, employees, stockholders,
holders of beneficial interests, members, </P>
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and general and limited partners (collectively, such holder&#146;s &#147;<U>Indemnitees</U>&#148;) and each Person who controls such holder (within the meaning of Section&nbsp;15 of the
Securities Act) against any and all expenses, losses, claims, damages, liabilities, joint or several, or actions, proceedings or settlements in respect thereof to which such holder or any such Indemnitee may become subject under the Securities Act
or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (a)&nbsp;any untrue or alleged untrue statement of material fact
contained in any Registration Statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto, together with any documents incorporated therein by reference, (b)&nbsp;any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein not misleading, or (c)&nbsp;any violation or alleged violation by the Company of the Securities Act, any state securities laws or any rule or regulation thereunder applicable
to the Company and relating to action or inaction required of the Company in connection with any offering covered by such registration, qualification or compliance, and the Company will reimburse such holder and each of its Indemnitees for any legal
or any other expenses, including any amounts paid in any settlement effected with the consent of the Company, which consent will not be unreasonably withheld or delayed, incurred by them in connection with investigating or defending any such loss,
claim, liability, action or proceeding; <U>provided</U>, <U>however</U>, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises
out of or is based upon an untrue statement or alleged untrue statement, or omission or alleged omission, made in such Registration Statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto, or in any
application, in reliance upon, and in conformity with, written information prepared and furnished to the Company by such holder expressly for use therein. In connection with an underwritten offering, the Company will indemnify the underwriters
thereof, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the holders of Registrable Securities. Such
indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of any holder of Registrable Securities or any other indemnified party and shall survive the transfer of any Registrable Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.2</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Indemnification by Holders of Registrable Securities</U></B>. In connection
with any Registration Statement in which a holder of Registrable Securities is participating, each such holder will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any
such Registration Statement or prospectus and, to the extent permitted by law, will indemnify and hold harmless the Company and its Indemnitees against any losses, claims, damages, liabilities, joint or several, to which the Company or any such
Indemnitee may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (a)&nbsp;any
untrue or alleged untrue statement of material fact contained in the Registration Statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or in any application, together with any documents incorporated therein
by reference or (b)&nbsp;any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement (or alleged untrue statement) or
omission (or alleged omission) is made in such Registration Statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto, or in any </P>
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application, in reliance upon and in conformity with written information prepared and furnished to the Company by such holder expressly for use therein, and such holder will reimburse the Company
and each such Indemnitee for any reasonable legal or any other reasonable expenses, including any amounts paid in any settlement effected with the consent of such holder, incurred by them in connection with investigating or defending any such loss,
claim, liability, action or proceeding; <U>provided</U>, <U>however</U>, that the obligation to indemnify will be individual (and not joint and several) to each holder and will be limited to the net amount of proceeds received by such holder from
the sale of Registrable Securities pursuant to such registration statement, less any other amounts paid by such holder in respect of such untrue statement, alleged untrue statement, omission or alleged omission. For the avoidance of doubt, a holder
shall only be required to provide the foregoing indemnification in connection with information provided in such holder&#146;s capacity as a holder of equity securities of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.3</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Procedure</U></B>. Any Person entitled to indemnification hereunder will
(a)&nbsp;give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (<U>provided</U>, <U>however</U>, that the failure of any indemnified party to give such notice shall not relieve the
indemnifying party of its obligations hereunder, except to the extent that the indemnifying party is actually prejudiced by such failure to give such notice), and (b)&nbsp;unless in such indemnified party&#146;s reasonable judgment a conflict of
interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is
assumed, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld). An indemnifying party who is not entitled to, or elects
not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified
party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.4</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Entry of Judgment; Settlement</U></B>. The indemnifying party shall not,
except with the approval of each indemnified party, consent to entry of any judgment or enter into any settlement which (x)&nbsp;includes any admission of liability, wrongdoing or misconduct on behalf of any such indemnified party or any of its
Affiliates or (y)&nbsp;does not include as an unconditional term thereof the giving by the claimant or plaintiff to each indemnified party and their respective Affiliates of a release from all liability in respect to such claim or litigation without
any payment or consideration provided by such indemnified party or any of its Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.5</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Contribution</U></B>. If the indemnification provided for in this
<U>Section</U><U></U><U>&nbsp;5</U> is, other than expressly pursuant to its terms, unavailable to or is insufficient to hold harmless an indemnified party under the provisions above in respect of any losses, claims, damages or liabilities referred
to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (a)&nbsp;in such proportion as is appropriate to reflect the relative
benefits received by the Company, on the one hand, and the sellers of Registrable Securities and any other sellers participating in the registration statement, on the other hand, from the sale of Registrable Securities pursuant to the
</P>
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registered offering of securities as to which indemnity is sought or (b)&nbsp;if the allocation provided by clause&nbsp;(a) above is not permitted by applicable law, in such proportion as is
appropriate to reflect the relative benefits referred to in clause&nbsp;(a) above but also the relative fault of the Company, on the one hand, and of the sellers of Registrable Securities and any other sellers participating in the registration
statement, on the other hand, in connection with the statement or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company, on the
one hand, and the sellers of Registrable Securities and any other sellers participating in the registration statement, on the other hand, shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting
expenses) to the Company relative to the total net proceeds from the offering (before deducting expenses) to the sellers of Registrable Securities and any other sellers participating in the registration statement. The relative fault of the Company,
on the one hand, and of the sellers of Registrable Securities and any other sellers participating in the registration statement, on the other hand, shall be determined by reference to, among other things, whether the untrue or alleged omission to
state a material fact relates to information supplied by the Company or by the sellers of Registrable Securities or other sellers participating in the registration statement and the parties&#146; relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company and the sellers of Registrable Securities agree that it would
not be just and equitable if contribution pursuant to this <U>Section</U><U></U><U>&nbsp;5</U> were determined by <I>pro</I><I>&nbsp;rata</I> allocation (even if the sellers of Registrable Securities were treated as one entity for such purpose) or
by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages and
liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or
defending any such action or claim. Notwithstanding the provisions of this <U>Section</U><U></U><U>&nbsp;5</U>, no seller of Registrable Securities shall be required to contribute any amount in excess of the net proceeds received by such seller from
the sale of Registrable Securities covered by the Registration Statement filed pursuant hereto, less any other amounts paid by such holder in respect of such untrue statement, alleged untrue statement, omission or alleged omission. No Person guilty
of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.6</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Other Rights</U></B>. The indemnification and contribution by any party
provided for under this Agreement shall be in addition to any other rights to indemnification or contribution which any indemnified party may have elsewhere in the Agreement or the Company&#146;s Charter Documents or pursuant to law or contract and
will remain in full force and effect regardless of any investigation made or omitted by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the transfer of securities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Capitalized
terms used and not otherwise defined herein that are defined in the Plan have the meanings given such terms in the Plan. As used in this Agreement, the following terms have the meanings specified below: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; means, with respect to any person, any other person which directly or indirectly controls, is controlled by, or
is under common control with, such person. The term &#147;control&#148; (including the terms &#147;controlled by&#148; and &#147;under common control with&#148;) as used in this definition means the possession, directly or indirectly (including
through one or more intermediaries), of the power or authority to direct or cause the direction of management, whether through the ownership of voting securities, by contract or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agreement</U>&#148; has the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bankruptcy Court</U>&#148; has the meaning set forth in the recitals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Board</U>&#148; means the board of directors of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commission</U>&#148; means the Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Company</U>&#148; has the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Demand Group</U>&#148; shall have the meaning given to such term in <U>Section</U><U></U><U>&nbsp;1.1</U> hereof.<U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Demand Notice</U>&#148; shall have the meaning given to such term in <U>Section</U><U></U><U>&nbsp;1.1</U> hereof.<U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Demand Registration</U>&#148; shall have the meaning given to such term in <U>Section</U><U></U><U>&nbsp;1.1</U> hereof.<U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Demanding Holder</U>&#148; shall have the meaning given to such term in <U>Section 1.1</U> hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Equity</U>&#148; shall mean all New Common Stock, New Warrants and, without duplication, Warrant Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchange Act</U>&#148; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>FINRA</U>&#148; shall mean the Financial Industry Regulatory Authority, Inc. or any successor organization thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>GAAP</U>&#148; means the generally accepted accounting principles as in effect from time to time in the U.S. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Holder</U>&#148; means each signatory to the Agreement other than the Company. A Holder ceases to be a Holder at the time it no
longer owns any Registrable Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnitees</U>&#148; shall have the meaning given to such term in
<U>Section</U><U></U><U>&nbsp;5.1</U> hereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>IPO</U>&#148; means the first public offering of equity securities of the Company
following the date hereof pursuant to an effective Registration Statement under the Securities Act (other than on Forms <FONT STYLE="white-space:nowrap">S-4,</FONT> <FONT STYLE="white-space:nowrap">S-8</FONT> or successors to such forms), covering
the offer and sale of capital stock of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Majority</U>&#148; means greater than fifty percent (50%). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>NASDAQ</U>&#148; shall mean The NASDAQ, Inc., or any successor organization thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>New Common Stock</U>&#148; means the shares of common stock, par value $0.01 per share, of the Company issued pursuant to the Plan.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>New Warrants</U>&#148; means the warrants, each initially exercisable for one (1)&nbsp;share of New Common Stock (subject to
adjustment), issued by the Company pursuant to the Plan to the Holders who hold Class&nbsp;4 and Class&nbsp;5 claims (as defined in the Plan) who do not qualify as a U.S. citizen. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Securities</U>&#148; means the Equity that the Company is registering in accordance with the terms hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148; shall mean any individual, partnership, corporation, company, association, trust, joint venture, limited liability
company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Piggyback Registration</U>&#148; shall have the meaning given to such term in <U>Section</U><U></U><U>&nbsp;2.1</U> hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Plan</U>&#148; has the meaning set forth in the recitals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Public Offering</U>&#148; shall mean a public offering and sale of Equity for cash pursuant to an effective Registration Statement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Qualified IPO</U>&#148; means a bona fide, marketed underwritten IPO of New Common Shares after which closing such New Common
Shares are quoted on the NASDAQ National Market or listed or quoted on the New York Stock Exchange or other national securities exchange acceptable to the Board and meeting one of the following two criteria: (i)&nbsp;the aggregate cash proceeds (net
of underwriting discounts, commissions and offering expenses) of such offering to the Company exceed seventy five million dollars ($75 million), or (ii)&nbsp;at least twenty percent (20%) of the New Common Shares (for purposes of such calculation
treating the securities issued in the IPO as New Common Shares) shall have been issued or sold to the public in connection with such IPO. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Registrable Securities</U>&#148; are (a)&nbsp;all shares of New Common Stock, and all shares issued or issuable upon the exercise of
any New Warrants (the &#147;Warrant Shares&#148;), which shares of New Common Stock and New Warrants are acquired by any Holder pursuant to the Plan (including pursuant to the Equity Commitment Agreement), and any additional shares of New Common
Stock or Warrant Shares acquired by any such Holder (including through the acquisition of New Warrants) in open market or other purchases after the Effective Date, or any additional Shares of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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New Common Stock acquired by any such Holder through the exercise of New Warrants after the Effective Date, and (b)&nbsp;any additional shares of New Common Stock or Warrant Shares paid, issued
or distributed in respect of any such shares or warrants by way of a stock dividend, stock split or distribution, or in connection with a combination of shares, and any security into which such New Common Stock or Warrant Shares will have been
converted or exchanged in connection with a recapitalization, reorganization, reclassification, merger, consolidation, exchange, distribution or otherwise; provided, however, that as to any Registrable Securities, such securities shall cease to
constitute Registrable Securities upon the earliest to occur of: (w)&nbsp;the date on which such securities are disposed of pursuant to an effective registration statement; (x)&nbsp;the date on which such securities are disposed of pursuant to Rule
144 (or any similar provision then in effect) promulgated under the Securities Act; (y)&nbsp;the date on which such Registrable Securities cease to be outstanding; and (z)&nbsp;the date on which such securities may be sold by the holder thereof in a
single sale that, in the opinion of counsel satisfactory to such Holder, pursuant to Rule 144 under the Securities Act without any limitation as to volume or manner of sale restrictions. For the avoidance of doubt, any provision herein requiring the
calculation of the number of Registrable Securities shall be deemed to refer to the number of Warrant Shares constituting Registrable Securities, including Warrant Shares issued or issuable upon the exercise of New Warrants, without regard to any
limitation on the exercise of the New Warrants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Registration Expenses</U>&#148; shall have the meaning given to such term in
<U>Section</U><U></U><U>&nbsp;3.2(a)</U> hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Registration Statement</U>&#148; means any registration statement of the
Company under the Securities Act which permits the public offering of any of the Registrable Securities, including the prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all
material incorporated by reference or deemed to be incorporated by reference in such registration statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securities
Act</U>&#148; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Shelf
Offering</U>&#148; shall have the meaning given to such term in <U>Section</U><U></U><U>&nbsp;3.5</U> hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Shelf
Registration</U>&#148; shall mean a Short-Form Registration filed with the SEC in accordance with and pursuant to Rule&nbsp;415 under the Securities Act (or any successor rule then in effect). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Short Form Registration</U>&#148; means a registration of all or part of the Registrable Securities on Form <FONT
STYLE="white-space:nowrap">S-3</FONT> or any similar or successor short-form registration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiary</U>&#148; means any Person
the majority of the equity of which, directly, or indirectly through one or more other Persons, (a)&nbsp;the Company has the right to acquire or (b)&nbsp;is owned or controlled by the Company. As used in this definition, &#147;control,&#148;
including, its correlative meanings, &#147;controlled by&#148; and &#147;under common control with,&#148; means possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of
equity, by contract or otherwise). For the avoidance of doubt, Subsidiary shall include any Person that is included in the Company&#146;s consolidated group for purposes of preparing the Company&#146;s consolidated financial statements in accordance
with GAAP. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Suspension Period</U>&#148; shall have the meaning given to such term in
<U>Section</U><U></U><U>&nbsp;3.6</U> hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transfer</U>&#148; shall have the meaning given to such term in
<U>Section</U><U></U><U>&nbsp;3.8</U> hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Take-Down Notice</U>&#148; shall have the meaning given to such term in
<U>Section</U><U></U><U>&nbsp;3.5</U> hereof. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 7 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.1</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Remedies</U></B>. Any Person having rights under any provision of this
Agreement shall be entitled to enforce such rights specifically to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. The parties hereto agree and acknowledge that money
damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or other security) for
specific performance and for other injunctive relief in order to enforce or prevent violation of the provisions of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.2</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Compliance</U></B>. Each Holder covenants and agrees that it will comply
with the prospectus delivery requirements of the Securities Act as applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to any Registration Statement and shall sell the Registrable
Securities only in accordance with a method of distribution described in each Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.3</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Discontinued Disposition</U></B><B>.</B> By its acquisition of Registrable
Securities, each Holder agrees that, upon receipt of a notice from the Company of the occurrence of a Suspension Period, such Holder will forthwith discontinue disposition of such Registrable Securities under a Registration Statement until it is
advised in writing by the Company that the use of the applicable prospectus (as it may have been supplemented or amended) may be resumed. The Company may provide appropriate stop orders to enforce the provisions of this paragraph. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.4</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Preservation of Rights</U></B><B>.</B> The Company shall not grant any
registration rights to third parties which are more favorable than or inconsistent with the rights granted hereunder unless any such more favorable rights are concurrently added to the rights granted hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.5</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>No Inconsistent Agreements; Foreign Registration</U></B>. The Company will
not hereafter enter into any agreement with respect to any Equity that is inconsistent with or violates the rights granted to the holders of Registrable Securities in this Agreement; <U>provided</U> that the granting of customary registration rights
to an investor in connection with the sale of any Equity of the Company approved by the Majority of the Holders (or after the IPO, Holders holding the Majority of the Registrable Securities) shall be deemed not to be inconsistent with or violate the
rights granted to the holders of Registrable Securities in this Agreement. In the event the Board and the Holders, as required under this Agreement, approve a public offering or a sale </P>
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of any Equity (or other securities representing, or exercisable for or convertible into, Equity) pursuant to the securities laws of a country other than the United States, the Board shall have
the power to amend this Agreement in such manner as it shall deem reasonably necessary to ensure that the provisions of this Agreement will apply in as close to the same manner as possible under such foreign securities laws, and to otherwise
preserve and give effect to the rights of the parties hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.6</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Amendments and Waivers</U></B><B>.</B> The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or supplemented, or waived unless the same shall be in writing and signed by the Company and Holders holding at least a Majority of the then outstanding Registrable Securities;
<U>provided</U>, <U>however</U><I>,</I> that any party may give a waiver as to itself; <U>provided further</U>, <U>however</U> that no amendment, modification, supplement, or waiver that disproportionately and adversely affects, alters, or changes
the interests of any Holder shall be effective against such Holder without the prior written consent of such Holder; <U>provided further</U>, <U>however</U> that the definition of &#147;Holders&#148; in <U>Article 6</U> may not be amended, modified
or supplemented, or waived unless in writing and signed by all the signatories to this Agreement; and <U>provided further</U> that the waiver of any provision with respect to any Registration Statement or offering may be given by Holders holding at
least a Majority of the then outstanding Registrable Securities entitled to participate in such offering or, if such offering shall have been commenced, having elected to participate in such offering. Notwithstanding the foregoing, a waiver or
consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of certain Holders and that does not directly or indirectly affect the rights of other Holders may be given by Holders holding a Majority of
the Registrable Securities to which such waiver or consent relates; <U>provided</U>, <U>however</U>, that the provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the immediately
preceding sentence. No waiver of any terms or conditions of this Agreement shall operate as a waiver of any other breach of such terms and conditions or any other term or condition, nor shall any failure to enforce any provision hereof operate as a
waiver of such provision or of any other provision hereof. No written waiver hereunder, unless it by its own terms explicitly provides to the contrary, shall be construed to effect a continuing waiver of the provisions being waived and no such
waiver in any instance shall constitute a waiver in any other instance or for any other purpose or impair the right of the party against whom such waiver is claimed in all other instances or for all other purposes to require full compliance with
such provision. The failure of any party to enforce any provision of this Agreement shall not be construed as a waiver of such provision and shall not affect the right of such party thereafter to enforce each provision of this Agreement in
accordance with its terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.7</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Adjustments Affecting Registrable
Securities</U></B>. The Company will not take any action, or permit any change to occur, with respect to its securities that would materially and adversely affect the ability of the holders of Registrable Securities to include such Registrable
Securities in a registration undertaken pursuant to this Agreement. If the holders of Registrable Securities create a new holding company, the result of which is that the holders of the Equity immediately before such event become the holders of the
equity of such new holding company, including as a result of a distribution of the equity securities of a Subsidiary of the Company to such holders, then in each instance the provisions of this Agreement will, in addition to applying to the Company,
also apply to such new holding company in the same manner as if such new holding company, as applicable, were substituted for the Company throughout this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.8</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Notices</U></B><B>.</B>
Any notice or other communication required or which may be given hereunder shall be in writing and shall be sent by certified or regular mail, by private national courier service (return receipt requested, postage prepaid), by personal delivery, by
electronic mail or by facsimile transmission. Such notice or communication shall be deemed given (i)&nbsp;if mailed, two days after the date of mailing, (ii)&nbsp;if sent by national courier service, one Business Day after being sent, (iii)&nbsp;if
delivered personally, when so delivered, (iv)&nbsp;if sent by electronic mail, on the Business Day such electronic mail is transmitted, or (v)&nbsp;if sent by facsimile transmission, on the Business Day such facsimile is transmitted, in each case as
follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A)&nbsp;&nbsp;&nbsp;&nbsp;If to the Company: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">PHI Group, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attn: Trudy P. McConnaughhay, Chief Financial Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">2001 SE Evangeline Thruway </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Lafayette, LA, 70508 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Facsimile: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">With a copy (which shall not constitute notice) to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Jones Walker LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attn: Kenneth J. Najder </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">201 St. Charles Avenue, Suite 5100 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">New Orleans, Louisiana 70170 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Facsimile: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B)&nbsp;&nbsp;&nbsp;&nbsp;If to the Holders (or to any of them), at their addresses as they appear in the records of the
Company or the records of the transfer agent or registrar, if any, for the New Common Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If any time period for giving notice or
taking action hereunder expires on a day which is a Saturday, Sunday or legal holiday in the State of New York or the jurisdiction in which the Company&#146;s principal office is located, the time period shall automatically be extended to the
Business Day immediately following such Saturday, Sunday or legal holiday. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.9</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Successors and Assigns</U></B>. This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns (including any trustee in bankruptcy). In addition, and whether or not any express assignment shall have been made, the provisions of this
Agreement which are for the benefit of the Holders of Registrable Securities (or any portion thereof) as such shall be for the benefit of and enforceable by any subsequent holder of any Registrable Securities (or of such portion thereof);
<U>provided</U>, that such subsequent holder of Registrable Securities shall be required to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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execute a joinder to this Agreement in form and substance reasonably satisfactory to the Company agreeing to be bound by its terms. No assignment or delegation of this Agreement by the Company,
or any of the Company&#146;s rights, interests or obligations hereunder, shall be effective against any Holder without the prior written consent of such Holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.10</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Execution and Counterparts</U></B>. This Agreement may be executed
simultaneously in two <U>or</U> more counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.11</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Governing Law; Venue</U></B>. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) to the extent such rules or provisions
would cause the application of the laws of any jurisdiction other than the State of New York. Each of the parties to this Agreement consents and agrees that any action to enforce this Agreement or any dispute, whether such dispute arises in law or
equity, arising out of or relating to this Agreement shall be brought exclusively in the United States District Court for the Southern District of New York or any New York State Court sitting in New York City. The parties hereto consent and agree to
submit to the exclusive jurisdiction of such courts. Each of the parties to this Agreement waives and agrees not to assert in any such dispute, to the fullest extent permitted by applicable law, any claim that (i)&nbsp;such party and such
party&#146;s property is immune from any legal process issued by such courts or (ii)&nbsp;any litigation or other proceeding commenced in such courts is brought in an inconvenient forum. The parties hereby agree that mailing of process or other
papers in connection with any such action or proceeding to an address provided in writing by the recipient of such mailing, or in such other manner as may be permitted by law, shall be valid and sufficient service thereof and hereby waive any
objections to service in the manner herein provided. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.12</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Waiver of Jury
Trial</U></B>. Each of the parties to this Agreement hereby agrees to waive its <U>respective</U> rights to a jury trial of any claim or cause of action based upon or arising out of this Agreement. The scope of this waiver is intended to be <FONT
STYLE="white-space:nowrap">all-encompassing</FONT> of any and all disputes that may be filed in any court and that relate to the subject matter of this Agreement, including contract claims, tort claims and all other common law and statutory claims.
Each party hereto acknowledges that this waiver is a material inducement to enter into this Agreement, that each has already relied on this waiver in entering into this Agreement, and that each will continue to rely on this waiver in their related
future dealings. Each party hereto further warrants and represents that it has reviewed this waiver with its legal counsel and that it knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS
IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS <U>SECTION</U><U> 7.12</U> AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO
ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.13</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Severability</U></B>.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under
any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement shall be reformed,
construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.14</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Descriptive Headings; Interpretation; No Strict Construction</U></B>. The
descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine,
feminine or neuter forms, and the singular forms of nouns, pronouns, and verbs shall include the plural and vice versa. Reference to any agreement, document, or instrument means such agreement, document, or instrument as amended or otherwise
modified from time to time in accordance with the terms thereof, and, if applicable, hereof. The words &#147;include&#148;, &#147;includes&#148; or &#147;including&#148; in this Agreement shall be deemed to be followed by &#147;without
limitation&#148;. The use of the words &#147;or,&#148; &#147;either&#148; or &#147;any&#148; shall not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of
intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions
of this Agreement. All references to laws, rules, regulations and forms in this Agreement shall be deemed to be references to such laws, rules, regulations and forms, as amended from time to time or, to the extent replaced, the comparable successor
thereto in effect at the time. All references to agencies, self-regulatory organizations or governmental entities in this Agreement shall be deemed to be references to the comparable successors thereto from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.15</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Entire Agreement</U></B><B>.</B> This Agreement and any certificates,
documents, instruments and <U>writings</U> that are delivered pursuant hereto, constitutes the entire agreement and understanding of the parties in respect of the subject matter hereof and supersedes all prior understandings, agreements or
representations by or among the parties, written or oral, to the extent they relate in any way to the subject matter hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.16</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Legends</U></B>. Certificates evidencing the Registrable Securities shall
not contain any restrictive legend (i)&nbsp;following any sale of such securities under an effective registration statement, (ii)&nbsp;following any sale of such securities pursuant to Rule 144, (iii) if such securities have been held for one year,
are eligible for sale under Rule 144 without volume or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">manner-of-sale</FONT></FONT> restrictions and the Company is in compliance with the current public information required under
Rule 144 or (iv)&nbsp;if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). The Company shall cause its counsel to issue a
legal opinion to the Company&#146;s transfer agent if required by the transfer agent to effect the removal of the legend hereunder. The Company agrees that at such time as such legend is no longer required under this Section&nbsp;7.16, it will, no
later than the earlier of (i)&nbsp;three (3) Business Days and (ii)&nbsp;the number of Business Days comprising the Standard Settlement Period (as defined below) following the delivery by a Holder to the transfer agent of any Registrable Securities
containing a restrictive </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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legend (such date, the &#147;<U>Legend Removal Date</U>&#148;), deliver or cause to be delivered to such Holder or a designee thereof a certificate representing such securities that is free from
all restrictive and other legends. Certificates for Registrable Securities subject to legend removal hereunder shall be transmitted by the transfer agent to the Holder or its designee by crediting the account of the Holder&#146;s (or such
designee&#146;s) prime broker with the Depository Trust Company System (&#147;<U>DTC</U>&#148;) through its DRS Profile system as directed by such Holder. As used herein, &#147;Standard Settlement Period&#148; means the standard settlement period,
expressed in a number of Business Days, on the Company&#146;s primary Trading Market with respect to the New Common Stock as in effect at the relevant time of determination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.17</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Termination</U></B>. The obligations of the Company and of any Holder,
other than those obligations contained in <U>Section</U><U></U><U>&nbsp;5</U> and this <U>Section</U><U></U><U>&nbsp;7</U>, shall terminate (i)&nbsp;with respect to the Company and such Holder as soon as such Holder no longer beneficially owns any
Registrable Securities and (ii)&nbsp;with respect to the Company and all Holders on the tenth (10th) anniversary of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above
written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="5"><B>PHI Group, Inc.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/&nbsp;Trudy P. McConnaughhay</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Trudy P. McConnaughhay</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer&nbsp;&amp; Secretary</TD></TR>
</TABLE></DIV>
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Registration Rights Agreement] </P>

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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">NOTICE ADDRESSES FOR HOLDERS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[PERSONALLY IDENTIFIABLE INFORMATION INTENTIONALLY OMITTED] </P>
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Registration Rights Agreement] </P>

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<TYPE>EX-10.3
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CREDITOR WARRANT AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PHI GROUP, INC., </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AS ISSUER, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">And </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMERICAN STOCK TRANSFER&nbsp;&amp; TRUST COMPANY, LLC, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AS WARRANT AGENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">September&nbsp;4, 2019 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">TABLE OF CONTENTS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">I</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">CERTAIN DEFINED TERMS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">APPOINTMENT OF WARRANT AGENT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">ISSUANCE OF WARRANTS; FORM, EXECUTION AND DELIVERY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">TRANSFER OR EXCHANGE</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">DURATION AND EXERCISE OF WARRANTS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF SHARES PURCHASABLE OR NUMBER OF WARRANTS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">CANCELLATION OF WARRANTS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">MUTILATED OR MISSING WARRANT CERTIFICATES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">MERGER, CONSOLIDATION, ETC.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">RESERVATION OF SHARES; CERTAIN ACTIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 11.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">NOTIFICATION OF CERTAIN EVENTS; CORPORATE ACTION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 12.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">WARRANT AGENT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 13.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SEVERABILITY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 14.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HOLDER NOT DEEMED A STOCKHOLDER</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 15.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">NOTICES TO COMPANY AND WARRANT AGENT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 16.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SUPPLEMENTS AND AMENDMENTS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 17.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">TERMINATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 18.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">GOVERNING LAW AND CONSENT TO FORUM</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 19.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">WAIVER OF JURY TRIAL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 20.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">BENEFITS OF THIS AGREEMENT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 21.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">COUNTERPARTS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 22.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HEADINGS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 23.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">CONFIDENTIALITY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

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<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="83%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;24.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">REPRESENTATIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 25.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">NO SUSPENSION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">EXHIBIT&nbsp;A-1</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">FORM OF FACE OF GLOBAL CREDITOR WARRANT CERTIFICATE</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-1-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT <FONT STYLE="white-space:nowrap">A-2</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">FORM OF FACE OF INDIVIDUAL WARRANT CERTIFICATE</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-2-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT <FONT STYLE="white-space:nowrap">A-3</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">FORM OF ELECTION TO EXERCISE WARRANT FOR WARRANT HOLDERS HOLDING DIRECT REGISTRATION WARRANTS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-3-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT&nbsp;B</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">FORM OF ASSIGNMENT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">B-1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT C</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">WARRANT SUMMARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">C-1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT D</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">AMERICAN STOCK TRANSFER&nbsp;&amp; TRUST COMPANY, LLC FEE SCHEDULE TO SERVE AS WARRANT AGENT FOR PHI GROUP, INC.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">D-1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This CREDITOR WARRANT AGREEMENT (this &#147;Agreement&#148;) is dated as of
September&nbsp;4, 2019, between PHI Group, Inc., a Delaware corporation, as issuer (the &#147;Company&#148;), and American Stock Transfer&nbsp;&amp; Trust Company, LLC (the &#147;Warrant Agent&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">W I T N E SS E T H </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, in
connection with the voluntary petition of relief filed by PHI, INC. and certain of its subsidiaries (collectively, the &#147;Debtors&#148;) under chapter 11 of the United States Bankruptcy Court for the Northern District of Texas (the
&#147;Bankruptcy Court&#148;) to pursue a financial restructuring pursuant to the Third Amended Joint Plan of Reorganization (the &#147;Plan&#148;), which Plan was approved by the Bankruptcy Court on August&nbsp;2, 2019, the Company has agreed to
issue to certain unsecured creditors of the Company at the time of consummation of the restructuring contemplated by the Plan warrants which are exercisable or convertible to purchase up to 6,184,046 shares of the Company&#146;s common stock, par
value $0.001 per share (&#147;Common Stock&#148;), subject to adjustment as provided herein (the &#147;Warrants&#148;), in each case to the extent such creditor cannot establish to the Company&#146;s reasonable satisfaction (during the time period
provided under the Plan) that it is a U.S. Citizen (as defined below) within the meaning of the U.S. Aviation Laws (as defined below) and/or to the extent that the issuance of shares of Common Stock under the Plan to such creditor would constitute
the issuance of Excess Shares (as defined below); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company desires to engage the Warrant Agent to act on behalf of the
Company in connection with the issuance, registration, transfer, exchange, replacement, exercise, conversion and cancellation of the Warrants; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Warrant Agent, at the request of the Company, has agreed to act as the agent of the Company in connection with the issuance,
transfer, exchange, replacement, exercise and conversion of the Warrants as provided herein; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company desires to enter
into this Agreement to set forth the terms and conditions of the Warrants and the rights of the Holders thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in
consideration of the premises and mutual agreements herein set forth, the parties hereto agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION
1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Defined Terms</U>. Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the meanings specified in this Section. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agreement</U>&#148; has the meaning specified in the preamble hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Appropriate Officer</U>&#148; has the meaning specified in Section&nbsp;3(c) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; means any date other than a Saturday or a Sunday or a day on which commercial banking institutions in New York
City, New York are authorized or required by law to be closed; provided, that in determining the period within which Warrant Certificates or Warrants are to be issued and delivered at a time when shares of Common Stock (or Other </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities) are listed or admitted to trading on any national securities exchange or in the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market and in determining the Market Price of any securities listed or admitted to trading on any national securities exchange or in the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market, &#147;Business Day&#148; shall mean any day when the principal exchange on which such securities are then listed or admitted to trading is open for
trading or, if such securities are traded in the <FONT STYLE="white-space:nowrap">over-the</FONT> counter market in the United States, such market is open for trading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cash Closing</U>&#148; has the meaning specified Section&nbsp;6(c) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cashless Conversion</U>&#148; has the meaning specified in Section&nbsp;5(c)(ii) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Charter</U>&#148; means, with respect to any Person, such Person&#146;s certificate or articles of incorporation, articles of
association or similar organizational document, in each case as may be amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Common Stock</U>&#148; has the
meaning specified in the recitals hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Depository</U>&#148; has the meaning specified in Section&nbsp;3(b) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Direct Registration Warrant</U>&#148; has the meaning specified in Section&nbsp;3(a) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Effective Date</U>&#148; has the meaning specified in the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excess Shares</U>&#148; has the meaning specified in the Company&#146;s Charter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchange Act</U>&#148; has the meaning specified in Section&nbsp;5(m)(iv) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exercise Cap</U>&#148; has the meaning specified in Section&nbsp;5(n)(i) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exercise Price</U>&#148; means the initial exercise price for the Warrants as set forth in Section&nbsp;5(b) hereof, as it may be
adjusted from time to time as provided herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Expiration Date</U>&#148; has the meaning specified in Section&nbsp;5(a) hereof.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Ex-Date</FONT></U>&#148; means, when used with respect to any dividend or distribution declared
in respect of the Common Stock or any Other Securities, the first date on which the Common Stock or such Other Securities trade without the right to receive such dividend or distribution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Funds</U>&#148; has the meaning specified in Section&nbsp;12(o) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Global Warrant Certificate</U>&#148; has the meaning specified in Section&nbsp;3(b) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Holder</U>&#148; means the registered holder or holders of Warrant Certificates, unless the context otherwise requires. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Individual Warrant Certificate</U>&#148; has the meaning specified in Section&nbsp;3(b) hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Market Price</U>&#148; means, with respect to Common Stock or any Other Security,
the arithmetic average of the daily VWAP of a share or single unit of such Other Security for the twenty (20)&nbsp;consecutive trading days on which such security traded immediately preceding the date of measurement, or, if such security is not
listed or quoted on the New York Stock Exchange, NASDAQ Stock Market or a U.S. national or regional securities exchange, the average of the reported closing bid and asked prices of such security on such dates in the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market administered by the OTC Markets Group or in any comparable automated system of quotations of securities prices; provided, however, that if at such date of measurement there is
otherwise no established trading market for such security, or such security has been listed, quoted or traded since the Effective Date for less than twenty (20)&nbsp;days, then &#147;Market Price&#148; means the value of such Common Stock or Other
Security as determined reasonably and in good faith by the Board of Directors of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizen</U>&#148; has the meaning specified in the Company&#146;s Charter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Securities</U>&#148; or &#147;<U>Other Security</U>&#148; means any stock (other than Common Stock) and other securities of the
Company or any other Person that the Holder at any time shall be entitled to receive or shall have received, upon the exercise or conversion of the Warrants, in lieu of or in addition to Common Stock, or that at any time shall be issuable or shall
have been issued in exchange for or in replacement of Common Stock or Other Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148; means any individual,
corporation, limited liability company, partnership, firm, joint venture, association, joint-stock company, trust or other entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Plan</U>&#148; has the meaning specified in the recitals hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securities Act</U>&#148; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Settlement Date</U>&#148; means the date that is the third Business Day after a Warrant Exercise Notice is delivered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transaction Consideration</U>&#148; has the meaning specified in Section&nbsp;6(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Aviation Laws</U>&#148; has the meaning specified in the Company&#146;s Charter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Citizen</U>&#148; has the meaning specified in the Company&#146;s Charter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>VWAP</U>&#148; means for any trading day, the price for securities (including Common Stock) determined by the daily volume weighted
average price per unit of securities for such trading day on the New York Stock Exchange or NASDAQ Stock Market, as the case may be, in each case, for the regular trading session (including any extensions thereof, without regard to <FONT
STYLE="white-space:nowrap">pre-open</FONT> or after hours trading outside of such regular trading session), or if such securities are not listed or quoted on the New York Stock Exchange or NASDAQ Stock Market, as reported by the principal U.S.
national or regional securities exchange on which such securities are then listed or quoted, whichever is applicable, as published by Bloomberg at 4:15 P.M., New York City time (or 15 minutes following the end of any extension of the regular trading
session), on such trading day. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Warrant Agent</U>&#148; has the meaning specified in the preamble hereof and any
successor Warrant Agent hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Warrant Agent Office</U>&#148; has the meaning specified in Section&nbsp;4(g)(iv) hereof.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Warrant Certificate</U>&#148; has the meaning specified in Section&nbsp;3(b) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Warrant Exercise Notice</U>&#148; has the meaning specified in Section&nbsp;5(c)(i) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Warrant Register</U>&#148; has the meaning specified in Section&nbsp;3(d) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Warrant Shares</U>&#148; has the meaning specified in Section&nbsp;3(a) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Warrant Spread</U>&#148; has the meaning specified Section&nbsp;6(c) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Warrant Statement</U>&#148; has the meaning specified in Section&nbsp;3(b) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Warrants</U>&#148; has the meaning specified in the recitals hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Appointment of Warrant Agent</U>. The Company hereby appoints the Warrant Agent to act as agent for the
Company in accordance with the express terms and conditions set forth in this Agreement (and no implied terms and conditions), and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the express terms
and conditions set forth in this Agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance of Warrants; Form, Execution and Delivery</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance of Warrants</U>. On the Effective Date or a date that is as soon as reasonably practicable after
the Effective Date, the Warrants will be issued by the Company in the amounts and to the recipients specified in or determinable under the Plan. In accordance with Section&nbsp;4 hereof and the Plan, the Company will cause to be issued to the
Depository one or more Global Warrant Certificates evidencing the Warrants to the extent such Warrants are not evidenced by Individual Warrant Certificates or by book-entry registration on the books and records of the Warrant Agent (&#147;Direct
Registration Warrants&#148;). In accordance with Section&nbsp;4 hereof and the Plan, the Company will cause to be issued to the applicable registered Holders, one or more Individual Warrant Certificates evidencing such Warrants or Direct
Registration Warrants. Each Direct Registration Warrant and each Warrant evidenced by a Global Warrant Certificate or Individual Warrant Certificate shall entitle the Holder, upon proper exercise and payment or conversion of such Warrant, to receive
from the Company, as adjusted as provided herein and subject to the U.S. Aviation Laws limitations on ownership of Warrant Shares by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens set forth in Section&nbsp;5(m) and Section&nbsp;5(n)
hereof, if applicable, one share of Common Stock. The shares of Common Stock (as provided pursuant to Section&nbsp;6 hereof) and/or Other Securities deliverable upon proper exercise or conversion of the Warrants are referred to herein as
&#147;Warrant Shares&#148;. The Company shall promptly notify the Warrant Agent in writing upon the occurrence of the Effective Date and, if such notification is given orally, the Company shall confirm the same in writing on or prior to the Business
Day next following. Until such notice is received by the Warrant Agent, the Warrant Agent may presume conclusively for all purposes that the Effective Date has not occurred. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Form of Warrant</U>. Subject to Section&nbsp;4 of this
Agreement, each of the Warrants shall be issued (i)&nbsp;in the form of one or more global certificates (the &#147;Global Warrant Certificates&#148;) in substantially the form of Exhibit <FONT STYLE="white-space:nowrap">A-1</FONT> attached, hereto,
with the form of assignment to be printed on the reverse thereof, in substantially the form set forth in Exhibit B attached hereto, (ii)&nbsp;in certificated form in the form of one or more individual certificates (the &#147;Individual Warrant
Certificates&#148;) in substantially the form of Exhibit <FONT STYLE="white-space:nowrap">A-2</FONT> attached hereto, with the form of assignment to be printed on the reverse thereof, in substantially the form set forth in Exhibit <FONT
STYLE="white-space:nowrap">B-2</FONT> attached hereto, and/or (iii)&nbsp;in the form of Direct Registration Warrants reflected on statements issued by the Warrant Agent from time to time to the holders thereof reflecting such book-entry position
(the &#147;Warrant Statements&#148;); provided, that any Individual Warrant Certificates or Direct Registration Warrants that are not subject to any vesting requirements or transfer restrictions under applicable securities laws may be exchanged at
any time for Global Warrant Certificates representing a corresponding number of Warrants, in accordance with Section&nbsp;4(d) and the applicable procedures of the Depository and the Warrant Agent. Such Warrant Statements representing Warrants shall
include as an attachment thereto the &#147;Warrant Summary&#148; as set forth in Exhibit C attached hereto. The Global Warrant Certificates and Individual Warrant Certificates (collectively, the &#147;Warrant Certificates&#148;) and Warrant
Statements may bear such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Agreement, and may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon as may be required to comply with the rules and regulations of The Depository Trust Company or any successor thereof (the &#147;Depository&#148;) in the case of the Global Warrant Certificates, with any law or with any rules made
pursuant thereto or with any rules of any securities exchange or as may be determined, consistently herewith and reasonably acceptable to the Warrant Agent and provided, in each case, that they do not affect the rights, duties, obligations,
responsibilities, liabilities or indemnities of the Warrant Agent, by (i)&nbsp;in the case of Warrant Certificates, the Appropriate Officers executing such Warrant Certificates, as evidenced by their execution of the Warrant Certificates and
(ii)&nbsp;in the case of Warrant Statements, any Appropriate Officer. The Global Warrant Certificates shall be deposited on or after the date hereof with the Warrant Agent and registered in the name of Cede&nbsp;&amp; Co. or any successor thereof,
as the Depository&#146;s nominee. Each Warrant Certificate shall represent such number of the outstanding Warrants as specified therein, and each shall provide that it shall represent the aggregate amount of outstanding Warrants from time to time
endorsed thereon and that the aggregate amount of outstanding Warrants represented thereby may from time to time be reduced or increased, as appropriate, in accordance with the terms of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Execution of Warrants</U>. Warrant Certificates shall be signed on behalf of the Company by its Chairman of the
Board, its Chief Executive Officer, its Chief Financial Officer, its Treasurer or any Executive Vice President of the Company (each, an &#147;Appropriate Officer&#148;), and by the Secretary or any Assistant Secretary of the Company. Each such
signature upon the Warrant Certificates may be in the form of a facsimile or electronic signature of any such Appropriate Officer, Secretary or Assistant Secretary and may be imprinted or otherwise reproduced on the Warrant Certificates and for that
purpose the Company may adopt and use the facsimile or electronic signature of any Appropriate Officer, the Secretary or any Assistant Secretary who shall have been serving as an Appropriate Officer, the Secretary, or an Assistant Secretary at the
time of entering into this Agreement or issuing such Warrant Certificate. If any Appropriate Officer, the Secretary or any Assistant Secretary who shall have signed any of the </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Warrant Certificates shall cease to be such Appropriate Officer, the Secretary or an Assistant Secretary
before the Warrant Certificates so signed shall have been countersigned by the Warrant Agent or disposed of by the Company, such Warrant Certificates nevertheless may be countersigned and delivered or disposed of as though such Appropriate Officer,
Secretary or Assistant Secretary had not ceased to be such Appropriate Officer, Secretary or Assistant Secretary, and any Warrant Certificate may be signed on behalf of the Company by any person who, at the actual date of the execution of such
Warrant Certificate, shall be a proper Appropriate Officer, Secretary or Assistant Secretary, although at the date of the execution of this Agreement any such person was not such Appropriate Officer, Secretary or Assistant Secretary. Warrant
Certificates shall be dated the date of countersignature by the Warrant Agent and shall represent one or more whole Warrants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Countersignature</U>. Upon receipt of a written order of the Company signed by an Appropriate Officer
instructing the Warrant Agent to countersign and accompanied by Warrant Certificates duly executed on behalf of the Company, the Warrant Agent, on behalf of the Company, shall countersign one or more Warrant Certificates evidencing the Warrants and
shall deliver such Warrant Certificates to or upon such written order of the Company. Such written order of the Company shall specifically state the number of Warrants that are to be represented by such Warrant Certificate and the Warrant Agent may
rely conclusively on such order. Each Warrant shall be, and shall remain, subject to the provisions of this Agreement until such time as all of the Warrants evidenced thereby shall have been duly exercised or converted or shall have expired or been
canceled in accordance with the terms hereof. Each Holder shall be bound by all of the terms and provisions of this Agreement (a copy of which is available on request to the Secretary of the Company) and any amendments thereto as fully and
effectively as if such Holder had signed the same. No Warrant Certificate shall be valid for any purpose, and no Warrant evidenced thereby shall be exercisable or convertible, until such Warrant Certificate has been countersigned by the manual,
facsimile or electronic signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall be conclusive evidence that such Warrant Certificate so countersigned has been duly issued
hereunder. The Warrant Agent shall keep, at an office designated for such purpose, books (the &#147;Warrant Register&#148;) in which, subject to such reasonable regulations as it may prescribe, it shall register any Warrant Certificates or Direct
Registration Warrants and exchanges and transfers of outstanding Warrants in accordance with the procedures set forth in Section&nbsp;4 of this Agreement, all in form satisfactory to the Company and the Warrant Agent. The Company may require payment
of a sum sufficient to cover any stamp or other tax or other governmental charge that may be imposed on the Holder in connection with any such exchange or registration of transfer. The Warrant Agent shall have no obligation to effect an exchange or
register a transfer unless and until any payments required by the immediately preceding sentence have been made. Prior to due presentment for registration of transfer or exchange of any Warrant in accordance with the procedures set forth in this
Agreement, the Warrant Agent and the Company may deem and treat the person in whose name any Warrant is registered as the absolute owner of such Warrant (notwithstanding any notation of ownership or other writing made in a Warrant Certificate by
anyone), for the purpose of any exercise or conversion thereof, any distribution to the Holder thereof and for all other purposes. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer or Exchange</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer and Exchange of Global Warrant Certificates or Beneficial Interests Therein</U>. The transfer and
exchange of Global Warrant Certificates or beneficial interests therein shall be effected through the Depository, in accordance with the terms of this Agreement and the Warrant Certificates and the procedures of the Depository. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Exchange of a Beneficial Interest in a Global Warrant Certificate for an Individual Warrant Certificate or
Direct Registration Warrant</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Any Holder of a beneficial interest represented by a Global Warrant
Certificate may, upon request, exchange such beneficial interest for a Direct Registration Warrant or a Warrant represented by an Individual Warrant Certificate. A transferor of a beneficial interest represented by a Global Warrant Certificate (or
the Depository or its nominee on behalf of such transferor) shall, but only to the extent required by the procedures of the Depository in connection with such transfer or exchange, deliver to the Warrant Agent (I)&nbsp;written instructions or such
other form of instructions as is customary for the Depository on behalf of any Person having a beneficial interest in a Global Warrant Certificate, and all other reasonably necessary information, and (II)&nbsp;an instruction of transfer in form
reasonably satisfactory to the Warrant Agent which, with respect to a transfer of a Global Warrant only, shall be duly authorized in writing and duly executed by the Holder thereof or by such Holder&#146;s attorney. Upon satisfaction of the
conditions in this Clause (i)&nbsp;of Section&nbsp;4(b), the Warrant Agent shall cause, in accordance with the standing instructions and procedures existing between the Depository and the Warrant Agent, the number of Warrants represented by the
Global Warrant Certificate to be reduced by the number of Warrants to be represented by an Individual Warrant Certificate or Direct Registration Warrant, as the case may be, to be issued in exchange for the beneficial interest of such Person in the
Global Warrant Certificate and, following such reduction, (A)&nbsp;in the case of an exchange for an Individual Warrant Certificate (x)&nbsp;the Company shall issue and the Warrant Agent shall either manually or by facsimile countersign an
Individual Warrant Certificate representing the appropriate number of Warrants and (y)&nbsp;the Warrant Agent shall deliver such Individual Warrant Certificate to the registered Holder thereof, or (B)&nbsp;in the case of an exchange for a Direct
Registration Warrant, the Warrant Agent shall register such Direct Registration Warrants in accordance with such written instructions from the Depository and deliver to such holder a Warrant Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Warrants represented by an Individual Warrant Certificate issued in exchange for a beneficial interest in a Global
Warrant Certificate pursuant to this Section&nbsp;4(b) shall be issued in such names as the Depository, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Warrant Agent. The Warrant Agent shall deliver
Individual Warrant Certificates evidencing such issuance to the Persons in whose names such Individual Warrant Certificates are so issued. Direct Registration Warrants issued in exchange for a beneficial interest in a Global Warrant Certificate
pursuant to this Section&nbsp;4(b) shall be registered in such names as the Depository, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Warrant Agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer and Exchange of Individual Warrant Certificates or
Direct Registration Warrants</U>. When the registered Holder of an Individual Warrant Certificate or Direct Registration Warrant has presented to the Warrant Agent a written request: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;to register the transfer of any Individual Warrant Certificate or Direct Registration Warrant; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;to exchange any Individual Warrant Certificate or Direct Registration Warrant for a Direct Registration Warrant or
an Individual Warrant Certificate, respectively, representing an equal number of Warrants of authorized denominations, the Warrant Agent shall register the transfer or make the exchange as requested if (x)&nbsp;its customary requirements for such
transactions are met and (y)&nbsp;such transfer or exchange otherwise satisfies the provisions of this Agreement; provided, however, that the Warrant Agent has received a written instruction of transfer or exchange, as applicable, in form reasonably
satisfactory to the Warrant Agent, properly completed and duly executed by the Holder thereof or by his attorney, duly authorized in writing and a written order of the Company signed by an Appropriate Officer authorizing such exchange. A party
requesting transfer of Warrants must provide any evidence of authority that may be reasonably required by the Warrant Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictions on Transfer and Exchange of Individual Warrant Certificates or Direct Registration Warrants for a
Beneficial Interest in a Global Warrant Certificate</U>. Neither an Individual Warrant Certificate nor a Direct Registration Warrant may be exchanged for a beneficial interest in a Global Warrant Certificate pursuant to this Agreement except upon
satisfaction of the requirements set forth below. Upon receipt by the Warrant Agent of appropriate instruments of transfer with respect to an Individual Warrant Certificate or Direct Registration Warrant, in form reasonably satisfactory to the
Warrant Agent, together with written instructions directing the Warrant Agent to make, or to direct the Depository to make, an endorsement on the applicable Global Warrant Certificate to reflect an increase in the number of Warrants represented by
such Global Warrant Certificate equal to the number of Warrants represented by such Individual Warrant Certificate or Direct Registration Warrant, and all other necessary information, then the Warrant Agent shall cancel such Individual Warrant
Certificate or Direct Registration Warrant on the Warrant Register and cause, or direct the Depository to cause, in accordance with the standing instructions and procedures existing between the Depository and the Warrant Agent, the number of
Warrants represented by such Global Warrant Certificate to be increased accordingly. If no Global Warrant Certificates are then outstanding, the Company shall issue and the Warrant Agent shall either manually or by facsimile countersign a new Global
Warrant Certificate representing the appropriate number of Warrants. Any such transfer shall be subject to the Company&#146;s prior written approval. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictions on Transfer and Exchange of Global Warrant Certificates</U>. Notwithstanding any other provisions
of this Agreement (other than the provision set forth in Section&nbsp;4(f)), a Global Warrant Certificate may not be transferred as a whole except by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository
or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Cancellation of Warrant Certificate</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;At such time as all beneficial interests in Warrant Certificates and Direct Registration Warrants have been
exchanged for Common Stock in accordance herewith, redeemed, repurchased or cancelled, all Warrant Certificates shall be returned to, or cancelled and retained pursuant to applicable law by, the Warrant Agent, upon written instructions from the
Company reasonably satisfactory to the Warrant Agent. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;If at any time: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(A)&nbsp;&nbsp;&nbsp;&nbsp;the Depository for the Global Warrant Certificates notifies the Company that the Depository is unwilling or unable
to continue as Depository for the Global Warrant Certificates and a successor Depository for the Global Warrant Certificates is not appointed by the Company within 90 days after delivery of such notice; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(B)&nbsp;&nbsp;&nbsp;&nbsp;the Company, in its sole discretion, notifies the Warrant Agent in writing that it elects to exclusively cause the
issuance of Individual Warrant Certificate and Direct Registration Warrants under this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">then the Warrant Agent, upon written instructions
signed by an Appropriate Officer of the Company, shall register Individual Warrants Certificates and Direct Registration Warrants, in an aggregate number equal to the number of Warrants represented by the Global Warrant Certificates, in exchange for
such Global Warrant Certificates. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Obligations with Respect to Transfers and Exchanges of Warrants</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;To permit registrations of transfers and exchanges, the Company shall execute and the Warrant Agent is hereby
authorized to countersign, either by manual or facsimile signature, in accordance with the provisions of this Section&nbsp;4, Warrant Certificates, as required pursuant to the provisions of this Section&nbsp;4. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;All Warrant Certificates or Direct Registration Warrants issued upon any registration of transfer or exchange
shall be the valid obligations of the Company, entitled to the same benefits under this Agreement as the Warrant Certificates or Direct Registration Warrants surrendered upon such registration of transfer or exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;So long as the Depository, or its nominee, is the registered owner of a Global Warrant Certificate, the
Depository or such nominee, as the case may be, will be considered the sole owner or Holder represented by such Global Warrant Certificate for all purposes under this Agreement, including, without limitation, for the purposes of (a)&nbsp;giving
notices with respect to such Warrants and (b)&nbsp;registering transfers with respect to such Warrants. Neither the Company nor the Warrant Agent, in its capacity as registrar for such Warrants, will have any responsibility or liability for any
aspect of the records relating to beneficial interests in a Global Warrant Certificate or for maintaining, supervising or reviewing any records relating to such beneficial interests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Warrant Agent shall register the transfer of any outstanding Warrants in the Warrant Register at the Warrant
Agent Office designated for such purpose (the &#147;Warrant </P>
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Agent Office&#148;) upon (a)&nbsp;receipt of all information required to be delivered hereunder, (b)&nbsp;if applicable, surrender of duly endorsed Warrant Certificates representing such
Warrants, and (c)&nbsp;receipt of a completed form of assignment duly authorized in writing substantially in the form attached as Exhibit B hereto, as the case may be, duly signed by the Holder thereof or by the duly appointed legal representative
thereof or by such Holder&#146;s attorney, such signature to be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level reasonably acceptable to the Warrant Agent. Upon any such registration of transfer, a new
Warrant Certificate or Warrant Statement, as the case may be, shall be issued to the transferee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;The Warrant
Agent shall not undertake the duties and obligations of a stock transfer agent under this Agreement, or otherwise, including, without limitation, the duty to receive, issue or transfer shares of Common Stock. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitive Warrants</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Beneficial interests represented by a Global Warrant Certificate deposited with the Depositary or with the Warrant
Agent pursuant to Section<U></U>&nbsp;3(b) shall be transferred to each beneficial owner thereof in the form of Warrant Certificates in a definitive form that is not deposited with the Depositary or with the Warrant Agent as custodian for the
Depositary (&#147;Definitive Warrants&#148;) evidencing a number of Warrants equivalent to such owner&#146;s beneficial interest in such Global Warrant Certificate, in exchange for such Global Warrant Certificate, only if such transfer complies with
Section<U></U>&nbsp;4(a) and (i)&nbsp;the Depositary notifies the Company in writing that it is unwilling or unable to continue as Depositary for such beneficial interests represented by such Global Warrant Certificate or if at any time the
Depositary ceases to be a &#147;clearing agency&#148; registered under the Securities Exchange Act, and, in each such case, a successor Depositary is not appointed by the Company within 90 days of such notice, (ii)&nbsp;the Company, in its sole
discretion, notifies the Warrant Agent in writing that it elects to cause the issuance of Definitive Warrants under this Agreement, or (iii)&nbsp;upon the request of any Holder, if the Company shall be adjudged bankrupt or insolvent or makes an
assignment for the benefit of its creditors or institutes proceedings to be adjudicated a bankrupt or shall consent to the filing of a bankruptcy proceeding against it, or shall file a petition or answer or consent seeking reorganization under
federal bankruptcy laws or any other similar applicable federal or state law, or shall consent to the filing of any such petition, or shall consent to the appointment of a receiver or custodian of all or any substantial part of its property, or
shall admit in writing its inability to pay or meet its debts as they mature, or if a receiver or custodian of it or all or any substantial part of its property shall be appointed, or if a public officer shall have taken charge or control of the
Company or of its property or affairs, for the purpose of rehabilitation, conservation or liquidation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Any
beneficial interests represented by a Global Warrant Certificate that are transferable to the beneficial owners thereof in the form of Definitive Warrants pursuant to this Section<U></U>&nbsp;4(h) shall be surrendered by the Depositary to the
Warrant Agent, to be so transferred, in whole or from time to time in part, without charge, and the Warrant Agent shall if directed by an Officer of the Company countersign, by either manual or facsimile signature, and deliver to each beneficial
owner in the name of such beneficial owner, upon such transfer of each portion of such beneficial interests represented by a Global Warrant Certificate, Definitive Warrants evidencing a number of Warrants equivalent to such beneficial owner&#146;s
beneficial </P>
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interest in the Global Warrant Certificate. The Warrant Agent shall register such transfer in the Registry, and upon such transfer the surrendered Global Warrant Certificate shall be cancelled by
the Warrant Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;All Definitive Warrants issued upon registration of transfer pursuant to this
Section<U></U>&nbsp;4(h) shall be the valid obligations of the Company, evidencing the same obligations of the Company and entitled to the same benefits under this Agreement and the Global Warrant Certificate surrendered for registration of such
transfer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of Section<U></U>&nbsp;4(h)(ii), the registered Holder of a Global
Warrant Certificate may grant proxies and otherwise authorize any Person to take any action that such Holder is entitled to take under this Agreement or the Warrants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;In the event of the occurrence of any of the events specified in Section<U></U>&nbsp;4(h)(i), the Company will
promptly make available to the Warrant Agent a reasonable supply of Definitive Warrants necessary to comply with this Agreement in definitive, fully registered form. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor the Warrant Agent shall be liable or responsible for any registration or transfer of any
Warrants that are registered or to be registered in the name of a fiduciary or the nominee of a fiduciary. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION
5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Duration and Exercise of Warrants</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Expiration Date</U>. The Warrants may be
exercised only during the period commencing on the Effective Date and expiring on the twenty-fifth (25th) anniversary of the date that the Warrants are issued (the &#147;Expiration Date&#148;). After 5:00 p.m. New York City time on the Expiration
Date, the Warrants will become void and without further legal effect, and all rights thereunder and all rights in respect thereof under this Agreement shall cease as of such time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise Price</U>. On and after the Effective Date, the Exercise Price for the Warrants shall be $0.001 per
share (equal to the par value $0.001 per share of Common Stock) (subject to adjustment as provided herein). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Manner of Exercise</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;<U>Cash Payment</U>. Subject to the provisions of this Agreement, including the U.S. Aviation Laws limitations on
ownership of Warrant Shares by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens set forth in Section&nbsp;5(m) hereof and the adjustments contained in Section&nbsp;6 hereof, each Warrant shall entitle the Holder thereof to purchase from the
Company one fully paid and nonassessable share of Common Stock at the Exercise Price. All or any of the Warrants represented by a Warrant Certificate or in the form of Direct Registration Warrants may be exercised by the registered Holder thereof
during normal business hours on any Business Day, by delivering (A)&nbsp;written notice of such election (&#147;Warrant Exercise Notice&#148;) to exercise Warrants to the Company (at the address set forth in Section&nbsp;15) and the Warrant Agent at
the Warrant Agent Office, no later than 5:00 p.m., New York City time, on the Expiration Date, which Warrant Exercise Notice shall be (i)&nbsp;substantially in the &#147;Form of Election&#148; set forth in Exhibit
<FONT STYLE="white-space:nowrap">A-1,</FONT> in the case of Warrants represented by a Global Warrant Certificate, (ii)&nbsp;substantially in the &#147;Form of Election&#148; set forth </P>
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in Exhibit <FONT STYLE="white-space:nowrap">A-2,</FONT> in the case of Warrants represented by Individual Warrant Certificates and (iii)&nbsp;substantially in the form set forth in Exhibit <FONT
STYLE="white-space:nowrap">A-3,</FONT> in the case of Direct Registration Warrants; and (B)&nbsp;by no later than 5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement Date, such Warrants to the Warrant Agent (by
book-entry transfer through the facilities of the Depository, if such Warrants are represented by a Global Warrant Certificate). Such Warrant Certificate (if such Warrant is represented by a certificate) and the documents referred to in clauses
(A)&nbsp;and (B) of the immediately preceding sentence shall be accompanied by payment in full in respect of each Warrant that is exercised, which shall be made by delivery of a certified or official bank or bank cashier&#146;s check payable to the
order of the Company, or by wire transfer to an account specified in writing by the Company or the Warrant Agent in immediately available funds. Such payment shall be in an amount equal to the product of the number of shares of Common Stock
designated in such Warrant Exercise Notice multiplied by the Exercise Price for the Warrants being exercised, in each case as adjusted herein. Upon such surrender and payment, such Holder shall thereupon be entitled to receive the number of duly
authorized, validly issued, fully paid and nonassessable Warrant Shares as set forth in Section&nbsp;5(d) and Section&nbsp;5(h). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Cashless Conversion</U>. Subject to the provisions of this Agreement, the Holder shall have the right, in lieu
of paying the Exercise Price of Warrants in cash, to instruct the Company in writing to reduce the number of shares of Common Stock issuable pursuant to the conversion of such Warrants (the &#147;Cashless Conversion&#148;) in accordance with the
following formula: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">X = Y(A &#150; B) &divide; A </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">where: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">X
=&nbsp;&nbsp;&nbsp;&nbsp;the number of Warrant Shares to be issued to the Holder upon conversion of the Warrants; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Y =
&nbsp;&nbsp;&nbsp;&nbsp;the total number of Warrant Shares for which the Holder has elected to exercise the applicable Warrants; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">A =
&nbsp;&nbsp;&nbsp;&nbsp;the Market Price of one Warrant Share determined as of the Business Day immediately preceding the day the Warrant Exercise Notice is delivered to the Warrant Agent; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">B =&nbsp;&nbsp;&nbsp;&nbsp;the exercise price which would otherwise be payable in cash for one Warrant Share determined as of the Business Day
immediately preceding the day the Warrant Exercise Notice is delivered to the Warrant Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If the Exercise Price of the aggregate
number of Warrants being converted exceeds the Market Price at the time of such conversion of the aggregate number of Warrant Shares issuable upon such conversion, then no Warrant Shares will be issuable via the Cashless Conversion. The Holder shall
effect a Cashless Conversion by indicating on a duly executed Warrant Exercise Notice that the Holder wishes to effect a Cashless Conversion. Upon receipt of such election to effect a Cashless Conversion, the Warrant Agent will promptly request the
</P>
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Company to confirm the number of Warrant Shares issuable in connection with the Cashless Conversion. The Company shall calculate and transmit to the Warrant Agent in a written notice the number
of Warrant Shares issuable in connection with any Cashless Conversion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;The number of Warrant Shares to be
issued on such exercise or conversion will be determined by the Company (with written notice thereof to the Warrant Agent) in accordance with Section&nbsp;5(c). For the avoidance of doubt, the number of Warrant Shares determined pursuant to
Section&nbsp;5(c) shall, if not a whole number, be rounded up to the nearest whole number; and the number of Warrant Shares to be reduced from issuance as determined pursuant to Section&nbsp;5(c)(ii) shall, if not a whole number, be rounded down to
the nearest whole number. The Warrant Agent shall have no duty or obligation to investigate or confirm whether the Company&#146;s determination of the number of Warrant Shares to be issued on such exercise or conversion is accurate or correct, nor
shall the Warrant Agent have any duty or obligation to take any action with regard to such warrant exercise or conversion prior to being notified by the Company of the relevant number of Warrant Shares to be issued. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided herein, any exercise or conversion of a Warrant pursuant to the terms of this
Agreement shall be irrevocable and shall constitute a binding agreement between the Holder and the Company, enforceable in accordance with its terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;Upon receipt of a Warrant Exercise Notice pursuant to Section&nbsp;5(c), the Warrant Agent shall: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;examine all Warrant Exercise Notices and all other documents delivered to it by or on behalf of Holders as
contemplated hereunder to ascertain whether, on their face, such Warrant Exercise Notices and any such other documents have been executed and completed in accordance with their terms; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;endeavor to inform the Company of and cooperate with and assist the Company in resolving any reconciliation
problems between the Warrant Exercise Notices received and delivery of Warrants to the Warrant Agent&#146;s account; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;advise the Company, no later than five Business Days after receipt of a Warrant Exercise Notice, of (a)&nbsp;the
receipt of such Warrant Exercise Notice and, subject to Company&#146;s approval, the number of Warrants to be exercised or converted in accordance with the terms of this Agreement, (b)&nbsp;the instructions with respect to delivery of the shares of
Common Stock deliverable upon such exercise or conversion, subject to the timely receipt from the Depository of the necessary information, and (c)&nbsp;such other information as the Company shall reasonably require; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;liaise with the Depository and effect such delivery to the relevant accounts at the Depository in accordance with
its requirements, if requested by the Company with the delivery of the Common Stock and all other necessary information by or on behalf of the Company for delivery to the Depository; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;notify the Company each month of the amount of any funds received by the Warrant Agent for payment of the aggregate
Exercise Price in a given month and, at the Company&#146;s option and upon the Company&#146;s written notice to the Warrant Agent, either apply </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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such funds against any fees incurred by Warrant Agent under this Agreement or forward all such funds by the fifth (5th) Business Day of the following month by wire transfer to an account
designated by the Company, provided that the Company shall pay Warrant Agent wire transfer fees for each such wire pursuant to the fee schedule attached hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;All questions as to the validity, form and sufficiency (including time of receipt) of a Warrant exercise or
conversion shall be determined by the Company in its reasonable discretion in good faith. The Company reserves the right to reject any and all Warrant Exercise Notices that it reasonably determines are not in proper form or for which any
corresponding agreement by the Company to exchange would, in the reasonable opinion of the Company, be unlawful as determined in good faith. Such determination by the Company shall be final and binding on the Holders absent manifest error. Moreover,
the Company reserves the absolute right to waive any of the conditions to the exercise or conversion of Warrants or defects in Warrant Exercise Notices with regard to any particular exercise or conversion of Warrants. Neither the Company nor the
Warrant Agent shall be under any duty to give notice to the Holders of any irregularities in any exercise or conversion of Warrants, nor shall they incur any liability for the failure to give such notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;As soon as reasonably practicable after the exercise or conversion of any Warrant (and in any event not later than
10 Business Days thereafter), the Company shall issue, or otherwise deliver, in authorized denominations to or upon the order of the Holder, either: (A)&nbsp;if such Holder holds the Warrants being exercised or converted through the
Depository&#146;s book-entry transfer facilities, by <FONT STYLE="white-space:nowrap">same-day</FONT> or <FONT STYLE="white-space:nowrap">next-day</FONT> credit to the Depository for the account of such Holder or for the account of a participant in
the Depository the number of Warrant Shares to which such Holder is entitled, in each case registered in such name and delivered to such account as directed in the Warrant Exercise Notice by such Holder or by the direct participant in the Depository
through which such Holder is acting; (B)&nbsp;if such Holder holds the Warrants being exercised or converted in the form of Individual Warrant Certificates, a book-entry interest in the number of Warrant Shares to which such Holder is entitled on
the books of the Company&#146;s transfer agent or, at the Company&#146;s option, by delivery to the address designated by such Holder in its Warrant Exercise Notice of a physical certificate or certificates representing the number of Warrant Shares
to which such Holder is entitled, in fully registered form, registered in such name or names as may be directed by such Holder; or (C)&nbsp;if such Holder holds the Warrants being exercised or converted in the form of Direct Registration Warrants, a
book-entry interest in the number of Warrant Shares to which such Holder is entitled on the books and records of the Company&#146;s transfer agent. Such Warrant Shares shall be deemed to have been issued and any person so designated to be named
therein shall be deemed to have become a Holder of record of such Warrant Shares as of the close of business on the date of the delivery thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If fewer than all of the Warrants evidenced by a Global Warrant Certificate surrendered upon the exercise or conversion of Warrants are
exercised or converted at any time prior to the Expiration Date, the Warrant Agent shall cause a notation to be made to the records maintained by the Depository. The Person in whose name any certificate or certificates, or any Warrant Exercise
Notice, for the Warrant Shares are to be issued (or such Warrant Shares are to be registered, in the case of a book-entry transfer) upon exercise or conversion of a Warrant shall be deemed to have become the holder of record of such Warrant Shares
on the date such Warrant Exercise Notice is delivered. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any adjustment pursuant to Section&nbsp;6 in the
number of Warrant Shares purchasable upon the exercise or conversion of a Warrant, the Company shall not be required to issue Warrants to purchase fractions of Warrant Shares, or to issue fractions of Warrant Shares upon exercise or conversion of
the Warrants, or to distribute certificates which evidence fractional Warrant Shares. Subject to Section&nbsp;5(d), in the event of an adjustment that results in a Warrant becoming exercisable or convertible for fractional Warrant Shares, the number
of Warrant Shares subject to such Warrant shall be adjusted upward or downward to the nearest whole number of Warrant Shares or Other Securities (with one half or less rounded down). All Warrants held by a Holder shall be aggregated for purposes of
determining any such adjustment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;If all of the Warrants evidenced by a Warrant Certificate have been exercised
or converted, such Warrant Certificate shall be cancelled by the Warrant Agent. Such cancelled Warrant Certificate shall then be disposed of by or at the direction of the Company in accordance with applicable law. The Warrant Agent shall confirm
such information to the Company in writing as promptly as practicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall pay all expenses in
connection with, and all taxes and other governmental charges that may be imposed with respect to, the issuance or delivery of Warrant Shares upon exercise or conversion of Warrants (including any conversion under Section&nbsp;5(n) below). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l)&nbsp;&nbsp;&nbsp;&nbsp;The Warrant Agent shall keep copies of this Agreement and any notices given or received hereunder for a period
beginning on the date of this Agreement and ending no earlier than the first anniversary of the Expiration Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m)&nbsp;&nbsp;&nbsp;&nbsp;<U>U.S. Aviation Laws Limitations on Warrant Exercise</U>. Notwithstanding any of the other provisions of this
Agreement, in order to facilitate the Company&#146;s compliance with the U.S. Aviation Laws concerning the ownership of the Common Stock by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens with regard to its continuing ability to own
aircraft registered in the United States and to comply with obligations of the Company under contracts that it may enter into from time to time with the United States Government: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;At the time of any proposed exercise or conversion of any Warrant, its Holder shall advise the Company whether or
not it (or, if not the Holder, the Person that the Holder has designated to receive the Warrant Shares issuable upon exercise or conversion of such Warrant) is a U.S. Citizen. The Company may require a Holder (or, if not the Holder, the Person that
the Holder has designated to receive the Warrant Shares issuable upon exercise or conversion of such Warrant) to provide it with such documents and other information as it may request as reasonable proof confirming that the Holder (or, if not the
Holder, the Person that the Holder has designated to receive the Warrant Shares issuable upon exercise or conversion of such Warrant) is a U.S. Citizen. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Any Holder that cannot establish to the Company&#146;s reasonable satisfaction that it (or, if not the Holder, the
Person that the Holder has designated to receive the Warrant Shares issuable upon exercise or conversion of any Warrant) is a U.S. Citizen may not exercise or convert any Warrant to the extent the Warrant Shares deliverable upon exercise or
conversion </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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of such Warrant would constitute Excess Shares if they were issued, which shall be determined by the Company in its sole discretion at the time of any proposed exercise or conversion of such
Warrant. In such event, the Company shall advise the Holder that its Warrant Exercise Notice will be processed at such time as the Warrant Shares deliverable upon exercise or conversion of such Warrant would not constitute Excess Shares if they were
issued, which shall be determined by the Company in its sole discretion. Subject to Section&nbsp;5(n) herein, any Warrant Exercise Notice which is delayed for processing because of U.S. Aviation Laws limitations and which subsequently becomes
eligible for processing will be processed in the order that it is received by the Warrant Agent, provided that such Warrant Exercise Notice has been submitted in proper form and in full compliance with this Agreement, and the Holder of all Warrants
pending exercise shall be deemed to continue to be the owner of such Warrants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;Any sale, transfer or other
disposition of any Warrant by any Holder that is a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizen to a Person who is a U.S. Citizen must be a complete transfer of such Holder&#146;s interests in such Warrant and the Warrant Shares issuable
upon its exercise or conversion to such Person with the transferor retaining no ownership of the Warrant or underlying Warrant Shares nor any ability to direct or control such Person. The foregoing restriction shall also apply to any Person that the
Holder has designated to receive the Warrant Shares issuable upon exercise or conversion of any Warrant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;If
at any time the Company either ceases to be a reporting company under the Securities and Exchange Act of 1934 or the rules thereunder (the &#147;Exchange Act&#148;), or fails to timely file any amendments to its Charter as required by the Exchange
Act, the Company shall provide the Warrant Agent with the then current copy of the Company&#146;s Charter or (at the Company&#146;s option) an excerpt from the Company&#146;s Charter containing then current version of Section&nbsp;4 of Article
FOURTH entailing ownership and restrictions on ownership and upon the request of any Holder the Warrant Agent shall provide such copy or excerpt to such Holder; provided, that, in each case, the Company and/or the Warrant Agent shall be obligated to
provide such copy or excerpt only (A)&nbsp;following amendments to such article and (B)&nbsp;to the extent such copy or excerpt is not (or will not be) publicly filed or otherwise made available in a format such that Holders can rely on the publicly
available copy as the then most current copy or excerpt. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, in
the event the U.S. Aviation Laws are repealed or amended so that the ownership of the Common Stock by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens is no longer restricted in any way, the provisions of this Section&nbsp;5(m) shall no
longer apply to any Holder or Warrant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n)&nbsp;&nbsp;&nbsp;&nbsp;<U>Automatic Exercise of Warrants held by <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens</U>. The Company shall review its books and records and third party publicly available information, including the records of the Warrant Agent, at least semi-annually to determine whether, in its
sole discretion, some or all of the outstanding Warrants held by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens may be converted into shares of Common Stock without exceeding the Exercise Cap (as defined below) or resulting in Excess
Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;If, after making such review, the Company determines, in its sole discretion, that conversion of some
or all of the outstanding Warrants held by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens that are exercisable at the time of such review, will not result in (and would not reasonably be </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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expected to result in) ownership by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens in the aggregate in excess of <FONT STYLE="white-space:nowrap">twenty-two</FONT> percent (22%) of the
outstanding Common Stock after giving effect to such conversion (the &#147;Exercise Cap&#148;), the Company shall effect the automatic conversion of (and the Holder shall be deemed to have elected under Section&nbsp;5(c)(ii) to convert) such amount
of outstanding Warrants held by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens which have previously been submitted for exercise through a Warrant Exercise Notice (without any further action required by any such <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Citizen after its prior submission of a Warrant Exercise Notice) into the total number of shares of Common Stock that the Company has so determined, in its sole discretion, may be issued at such time
without causing the Exercise Cap to be exceeded or Excess Shares to be issued; provided, however, that any such conversion shall be subject to the terms herein, including without limitation the restrictions on the issuance of fractional Warrant
Shares. Warrants shall be selected for conversion on a pro rata basis to be calculated based solely on the number of Warrants submitted for exercise prior to such semi-annual determination less any Warrants the conversion of which would result in
the issuance of Excess Shares. Any such conversion shall be effected in a manner substantially the same as a Cashless Conversion hereunder. Following such conversion, the number of shares issuable pursuant to Warrants held by each such Holder shall
be reduced automatically by the number of shares of Common Stock actually issued to each such Holder pursuant to such conversion (or applied as part of the Cashless Conversion), and such Warrants so converted shall no longer be deemed outstanding.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;In the event of any conversion pursuant to this Section&nbsp;5(n), the Company shall as promptly as
practicable cause to be filed with the Warrant Agent and mailed to each Holder of Warrants subject to such conversion a notice specifying: (A)&nbsp;the date of such conversion; (B)&nbsp;the number of such Holder&#146;s Warrants converted and the
number of shares of Common Stock to be issued to such Holder in respect of such Warrants; and (C)&nbsp;the place or places where any Warrant Certificates for such Warrants are to be surrendered and any other applicable procedures required by the
Depository and the Warrant Agent to effect such conversion. The Warrant Agent shall be fully protected and authorized in relying upon such notice and shall not be liable for any action taken, suffered or omitted by it in accordance therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, all shares of Common Stock issued pursuant to this
Section&nbsp;5(n) shall in all events be subject to all of the restrictions and remedies set forth in Article XI of the Company&#146;s Charter, including, without limitation, those provisions that would become operable by virtue of an inadvertent
issuance of Excess Shares upon the exercise of Warrants pursuant to this Section&nbsp;5(n), regardless of any determination made by the Company under Section&nbsp;5(n)(i); provided, that, in the event the U.S. Aviation Laws are repealed or amended
so that the ownership of the Common Stock by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens is no longer restricted in any way, the provisions of this Section&nbsp;5(n) shall no longer apply to any Holder or Warrant. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o)&nbsp;&nbsp;&nbsp;&nbsp;<U>Cost Basis Information</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;In the event of a cash exercise of Warrants, the Company hereby instructs the Warrant Agent to record cost basis for
newly issued shares as reasonably determined by the Company prior to processing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;In the event of a Cashless Conversion of Warrants, the Company
shall provide the cost basis for shares issued pursuant to such Cashless Conversion at the time the Company confirms the number of Warrant Shares issuable in connection with such Cashless Conversion to the Warrant Agent pursuant to Section&nbsp;5(d)
hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p)&nbsp;&nbsp;&nbsp;&nbsp;On the Expiration Date, prior to the termination of this Agreement, each Warrant shall be deemed to be
exercised in full by the Holder (without delivery of a Warrant Exercise Notice or any action by the Holder) to the extent that the Warrant Shares deliverable upon and at the time of such exercise will not, as determined by the Company, constitute
Excess Shares upon issuance; provided, however, that if such exercise would, as determined by the Company, result in Excess Shares (as defined in the Company&#146;s Charter), then in lieu of issuing Common Stock that would otherwise be Excess
Shares, the Company shall pay to the Holder the consideration that would be payable pursuant to the Company&#146;s Charter if such Excess Shares were issued to the Holder, and then immediately redeemed, on the Expiration Date. Warrants held by <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens shall be selected for conversion into Common Stock on a pro rata basis. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION
6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment of Exercise Price and Number of Shares Purchasable or Number of Warrants</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock Dividends, Subdivisions and Combinations of Shares</U>. If after the date hereof the number of outstanding
shares of Common Stock is increased by a share dividend or share distribution to all holders of Common Stock, in each case payable in shares of Common Stock, or by a subdivision, combination or other reclassification of shares of Common Stock, then,
in any such event, the number of shares of Common Stock issuable for each Warrant will be adjusted as follows (and any other appropriate actions shall be taken by the Company): Warrant Shares issuable pursuant to a valid exercise or conversion of
Warrants immediately prior to such event shall be adjusted (and any other appropriate actions shall be taken by the Company) so that each Holder shall be entitled to receive upon the exercise or conversion of its Warrant the number of Warrant Shares
that such Holder would have owned or would have been entitled to receive upon or by reason of such event had such Warrant had been exercised or converted immediately prior to the occurrence of such event. Any adjustment made pursuant to this
Section&nbsp;6(a) shall become effective retroactively (i)&nbsp;in the case of any such dividend or distribution, to the date immediately following the close of business on the record date for the determination of holders of shares of Common Stock
entitled to receive such dividend or distribution or (ii)&nbsp;in the case of any such subdivision, combination or reclassification, to the close of business on the date on which such corporate action becomes effective. A distribution to holders of
the Common Stock of rights expiring less than thirty (30)&nbsp;calendar days after the issuance thereof entitling holders to purchase shares of Common Stock at a price per share less than the Market Price as of the record date fixed for the
determination of holders of Common Stock entitled to receive such rights shall be deemed a dividend of a number of shares of Common Stock equal to the product of (i)&nbsp;the number of shares of Common Stock actually issued in such distribution (or
actually issued under any issued rights that are convertible into or exercisable for the Common Stock) multiplied by (ii)&nbsp;one (1) minus the quotient of (x)&nbsp;the price per share of Common Stock paid to exercise such rights divided by
(y)&nbsp;the Market Price on such record date, and the amount of Common Stock issuable for each Warrant will be adjusted in accordance with the foregoing sentence. For purposes of this Section&nbsp;6(a), if the rights constitute securities
convertible into or exercisable for Common Stock, in determining the price payable for </P>
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Common Stock, there shall be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion. In the event of any adjustment to
any Warrant pursuant to this Section&nbsp;6(a), the Exercise Price for such Warrant shall be appropriately adjusted such that it shall in all cases be equal to the aggregate par value of all Warrant Shares then issuable upon exercise or conversion
of such Warrant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Distributions</U>. If after the date hereof the Company shall distribute to all holders of
its shares of Common Stock any cash, evidences of its indebtedness, securities or assets or rights to subscribe for shares of Common Stock expiring at least thirty (30)&nbsp;calendar days after the issuance thereof (including any such distribution
made in connection with a merger or consolidation in which the Company is the resulting or surviving Person and shares of Common Stock are not changed or exchanged, but excluding any dividend or other distribution payable in shares of Common Stock
for which adjustment is made under Section&nbsp;6(a)), then in each such case the Warrant Shares issuable upon exercise or conversion of each Warrant outstanding immediately following the close of business on the record date for such distribution
shall be increased to an amount determined by multiplying the number of Warrant Shares issuable immediately prior to such record date by a fraction, the numerator of which is the Market Price of a share of Common Stock on the trading day immediately
prior to the <FONT STYLE="white-space:nowrap">Ex-Date</FONT> and the denominator of which is (1)&nbsp;the Market Price of a share of Common Stock on the trading day immediately prior to the <FONT STYLE="white-space:nowrap">Ex-Date</FONT> less (2)
(x) the amount of cash and (y)&nbsp;the Market Price of the assets, evidences of indebtedness and securities so distributed or of such subscription rights per share of Common Stock outstanding on the trading day immediately prior to the <FONT
STYLE="white-space:nowrap">Ex-Date</FONT> (determined for such purpose on the basis of the aggregate assets, evidences of indebtedness and/or rights distributed with respect to one share of Common Stock as if, for purposes of the definition of
&#147;Market Price&#148;, such assets, evidences of indebtedness, securities and/or rights were an &#147;Other Security&#148; as defined herein) (as reasonably determined by the Board of Directors of the Company, whose determination shall be
conclusive, and described in a statement filed with the Warrant Agent). Such adjustments shall be made whenever any such distribution is made, and shall become effective retroactively on the date immediately after the record date for the
determination of stockholders entitled to receive such distribution. In the event of any adjustment to any Warrant pursuant to this Section&nbsp;6(b), the Exercise Price for such Warrant shall be appropriately adjusted such that it shall in all
cases be equal to the aggregate par value of all Warrant Shares then issuable upon exercise or conversion of such Warrant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments for Mergers and Consolidations</U>. In case the Company, after the date hereof, shall merge,
consolidate or otherwise engage in a recapitalization, reclassification, reorganization or business combination with another Person, then, in the case of any such transaction, proper provision shall be made so that, upon the basis and terms and in
the manner provided in this Agreement, the Holders, upon the exercise or conversion of the Warrants any time after the consummation of such transaction (subject to the Expiration Date), shall be entitled to receive upon such exercise or conversion,
in lieu of the Warrant Shares issuable upon such exercise or conversion immediately prior to such consummation, the amount of securities, cash or other property (the &#147;Transaction Consideration&#148;) to which such Holder would have been
entitled as a holder of Warrant Shares upon such consummation if such Holder had exercised the rights represented by the Warrants held by such Holder immediately prior to such consummation, subject to adjustments (subsequent to such consummation) as
nearly equivalent as possible to the adjustments provided for in Sections 6(a) and 6(b) above; provided, however, </P>
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that each Holder, solely at the election of the Company (as described in the proxy statement or information statement filed with the SEC in connection with such transaction), may be required at
the consummation of any such transaction to receive solely cash in an amount determined reasonably and in good faith by the Board of Directors of the Company to equal the excess of (i)&nbsp;the product of (A)&nbsp;the value of the per share
Transaction Consideration to be received by the holders of Warrant Shares in such transaction multiplied by (B)&nbsp;the number of Warrant Shares subject to the Warrants held by such Holder, over (ii)&nbsp;the aggregate Exercise Price payable by
such Holder upon exercise or conversion in full of such Warrants, and upon consummation of such transaction the Holders shall surrender all Warrant Certificates to the Warrant Agent for cancellation and the right to receive such cash payment;
provided, further, that in such event if the amount described in clause (ii)&nbsp;is greater than the amount described in clause (i), then all Warrants shall be cancelled and of no further force and effect upon consummation of such transactions with
no payments owed to the holders thereof; provided, further, that no Holder shall be entitled to any payment pursuant to this Section&nbsp;6(c) with respect to any portion of the Transaction Consideration that is contingent, deferred or escrowed
unless and until such amounts are actually paid to the holders of Common Stock. Notwithstanding this Section&nbsp;6(c) or anything in this Agreement, in the event of a Cash Sale (as defined below), the Company shall pay (or cause to be paid) to the
Holders, with respect to each unexercised or unconverted Warrant outstanding immediately prior to the consummation of such Cash Sale (the &#147;Cash Closing&#148;), cash in the amount equal to the excess, if any, of the cash consideration being paid
for each share of Common Stock in such Cash Sale minus the Exercise Price (such amount, the &#147;Warrant Spread&#148;); provided, however, that no Holder shall be entitled to any payment hereunder with respect to any portion of such consideration
that is contingent, deferred or escrowed unless and until such amounts are actually paid to the holders of the Common Stock. Upon the occurrence of a Cash Closing, all unexercised or unconverted Warrants outstanding immediately prior to the Cash
Sale shall automatically be terminated and cancelled and the Company shall thereupon cease to have any further obligations or liability with respect to the Warrants except as to the requirement to pay the Warrant Spread (subject to the limitations
described in the prior sentence). For the avoidance of doubt, the Holders shall not be entitled to any payment or consideration with respect to any Cash Sale in which the Exercise Price is greater than the consideration payable with respect to each
share of Common Stock. For purposes hereof, &#147;Cash Sale&#148; means any merger, consolidation or other similar transaction to which the Company is a party and in which holders of Common Stock immediately prior to consummation of such transaction
(other than with respect to treasury shares and any shares held by purchasing parties) are entitled to receive consideration upon cancellation of such Common Stock in such transaction consisting solely of cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Changes</U>. If, at any time or from time to time after the issuance of this Warrant but prior to the
exercise or conversion hereof, the Company shall take any action which (i)&nbsp;affects the Common Stock and (ii)&nbsp;is similar to, or has an effect similar to, any of the actions described in any of Sections 6(a)-(c) (but not including any action
described in any such Section) then, and in each such case, such number shall be adjusted in such manner and at such time as the Board of Directors of the Company in good faith determines would be equitable under such circumstances such that the
economic benefits of such action that would accrue to the stockholders of the Company would as nearly as practicable also accrue to the Holders, which determination shall be evidenced in a resolution of the Board of Directors, a certified copy of
which shall be mailed by the Warrant Agent (upon the written instruction and expense of the Company) to each of the relevant Holders. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Adjustment</U>. Whenever the Warrant Shares issuable
or the rights of the Holder shall be adjusted or proposed to be adjusted as provided in this Section&nbsp;6, the Company shall forthwith file with the Warrant Agent a statement, signed by an Appropriate Officer, stating in detail the facts requiring
such adjustment, the Exercise Price that will be effective after such adjustment, the impact of such adjustment on the number and kind of securities issuable upon exercise or conversion of the Warrants, the record date with respect to any such
action, if applicable, and the approximate date on which such action is to take place. In the case of any action which would require the fixing of a record date, such notice shall be given at least 10 days prior to the date so fixed, and in case of
all other action, such notice shall be given at least 20 days prior to the taking of such proposed action. Until such notices or statements are received by the Warrant Agent, the Warrant Agent may presume conclusively for all purposes that no such
adjustment has occurred. The Company shall also cause a notice setting forth the same information as set forth above to be sent by mail, first class, postage prepaid, to each registered Holder at its address appearing on the Warrant Register. The
Company shall, within 40 days following the event requiring any such adjustment, deliver to the Warrant Agent a certificate, signed by an Appropriate Officer, which (a)&nbsp;sets forth in reasonable detail (i)&nbsp;the event requiring such
adjustment and (ii)&nbsp;the method by which such adjustment was calculated and (b)&nbsp;specifies any adjustments to the Warrants in effect following such event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>No Change in Warrant Terms on Adjustment</U>. Irrespective of any adjustments in the number of Warrant Shares
(including any inclusion of Other Securities) issuable upon exercise or conversion, Warrants theretofore or thereafter issued may continue to express the same prices and number of Warrant Shares as are stated in the similar Warrants issuable
initially, or at some subsequent time, pursuant to this Agreement, and the number of Warrant Shares issuable upon exercise or conversion specified thereon shall be deemed to have been so adjusted (including for purposes of Section&nbsp;5(n) hereof).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Treasury Shares</U>. Shares of Common Stock at any time owned by the Company shall not be deemed to be
outstanding for the purposes of any computation under this Section&nbsp;6. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;<U>Deferral or Exclusion of Certain
Adjustments</U>. No adjustment to the Warrant Shares issuable shall be required hereunder unless such adjustment together with other adjustments carried forward (as provided below), would result in an increase or decrease of at least one percent
(1%) of the applicable Warrant Shares issuable; provided, that any adjustments which by reason of this Section&nbsp;6(h) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. No adjustment need be
made for a change in the par value of the shares of Common Stock. All calculations under this Section&nbsp;6(h) shall be made to the nearest one one-thousandth (1/1,000) of one cent ($0.01) or to the nearest one
<FONT STYLE="white-space:nowrap">one-thousandth</FONT> (1/1,000) of a share, as the case may be. Notwithstanding anything herein to the contrary, no adjustments under this Section&nbsp;6 shall be made to a Holder&#146;s Warrant(s) if the Company
receives written notice from a Holder that no such adjustment is required. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;<U>Proceedings Prior to Any Action Requiring Adjustment</U>. As a
condition precedent to the taking of any action which would require an adjustment pursuant to this Section&nbsp;6, the Company shall promptly take (and shall be permitted by the Holders to take) any action which may be necessary, including obtaining
any applicable national securities exchange or stockholder approvals or exemptions, in order that the Company may thereafter validly and legally issue as fully paid and nonassessable all Warrant Shares that a Holder is entitled to receive upon
exercise of a Warrant pursuant to this Section&nbsp;6. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Cancellation of Warrants</U>. The Warrant
Agent shall cancel all Warrant Certificates surrendered for exchange, substitution or transfer in whole or in part. Such cancelled Warrant Certificates shall thereafter be disposed of by the Warrant Agent upon written instructions from the Company
reasonably satisfactory to the Warrant Agent and such Direct Registration Warrants shall be canceled by appropriate notation on the Warrant Register. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Mutilated or Missing Warrant Certificates</U>. Upon receipt by the Company and the Warrant Agent from any
Holder of evidence reasonably satisfactory to them of the ownership of and the loss, theft, destruction or mutilation of such Holder&#146;s Warrant Certificate and a surety bond or indemnity reasonably satisfactory to them and holding the Warrant
Agent and Company harmless, and in case of mutilation upon surrender and cancellation thereof, and absent notice to Warrant Agent that such Warrant Certificates have been acquired by a bona fide purchaser, the Company will execute and the Warrant
Agent will countersign and deliver in lieu thereof a new Warrant Certificate of like tenor and representing an equal number of Warrants to such Holder; provided, that in the case of mutilation, no bond or indemnity shall be required if such Warrant
Certificate in identifiable form is surrendered to the Company or the Warrant Agent for cancellation. Upon the issuance of any new Warrant Certificate under this Section&nbsp;8, the Company may require the payment of a sum sufficient to cover any
stamp tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the reasonable fees and expenses of the Warrant Agent) in connection therewith. Every new Warrant Certificate executed and delivered
pursuant to this Section&nbsp;8 in lieu of any lost, stolen, destroyed or mutilated Warrant Certificate shall be entitled to the same benefits of this Agreement equally and proportionately with any and all other Warrant Certificates, whether or not
the allegedly lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by anyone. The provisions of this Section&nbsp;8 are exclusive and shall preclude (to the extent lawful) all other rights or remedies with respect to the
replacement of lost, stolen, destroyed or mutilated Warrant Certificates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Merger, Consolidation,
Etc.</U> In connection with any merger or consolidation prior to the Expiration Date, the Company shall make appropriate provision to ensure that the Holders shall have the right to receive, upon consummation of such transaction and (except in a
Cash Sale) thereafter upon exercise or conversion of any convertible securities so received, as applicable, such property as may be required pursuant to Section&nbsp;6 hereof, and to the extent such property includes convertible securities, the
Company shall provide for adjustments substantially equivalent to the adjustments provided for in Section&nbsp;6 hereof. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION
10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Reservation of Shares; Certain Actions</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Reservation of Shares</U>. The
Company shall at all times reserve and keep available, free from preemptive rights, out of its authorized but unissued Common Stock (or out of authorized Other Securities), solely for issuance and delivery upon exercise or conversion of </P>
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Warrants, the full number of Warrant Shares from time to time issuable upon the exercise or conversion of all Warrants and any other outstanding warrants, options or similar rights, from time to
time outstanding. All Warrant Shares shall be duly authorized and, when issued upon such exercise or conversion of the Warrants, shall be duly and validly issued, and (if applicable) fully paid and nonassessable, free from all taxes, liens, charges,
security interests, encumbrances and other restrictions created by or through the Company and issued without violation (i)&nbsp;of any preemptive or similar rights of any stockholder of the Company and (ii)&nbsp;by the Company of any applicable law
or governmental regulation or any requirements of any domestic securities exchange upon which the Warrant Shares may be listed at the time of such exercise or conversion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Actions</U>. Before taking any action that would cause an adjustment pursuant to Section&nbsp;6
effectively reducing the per share Exercise Price below the then par value (if any and if applicable) of the Warrant Shares issuable upon exercise or conversion of the Warrants, the Company will take any reasonable corporate action that may, in the
opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares at such Exercise Price as so adjusted. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 11.&nbsp;&nbsp;&nbsp;&nbsp; <U>Notification of Certain Events; Corporate Action</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;In the event of: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;any taking by the Company of a record of the holders of any class of securities for the purpose of determining the
holders thereof who are entitled to receive any dividend or other distribution of any kind, or any right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other securities or property, or to receive any other
right or interest of any kind, or any other event referred to in Section&nbsp;6(a) or (b); or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;(A) any
reclassification of the capital shares of the Company (other than a change in par value or from par value to no par value or from no par value to par value or as a result of a subdivision or combination), (B) the consolidation or merger of the
Company with or into any other corporation (other than a consolidation or merger in which the Company is the continuing corporation and which does not result in any change in the shares of Common Stock), (C) the sale or transfer of the properties
and assets of the Company as, or substantially as, an entirety to another Person, or (D)&nbsp;an exchange offer for Common Stock (or Other Securities); or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;the voluntary or involuntary dissolution, liquidation, or winding up of the Company; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">the Company shall cause to be filed with the Warrant Agent and mailed to each Holder a notice specifying (x)&nbsp;the date or expected date on which any such
record is to be taken for the purpose of such dividend, distribution or right, and the amount and character of any such dividend, distribution or right, or if a record is not to be taken, the date as of which the holders of Common Stock of record to
be entitled to such dividend, distribution, or right are to be determined, and the amount and character of such dividend, distribution or right, or (y)&nbsp;the date or expected date on which any such reorganization, reclassification, consolidation,
merger, sale, transfer, exchange offer, dissolution, liquidation or winding up is expected to become effective, and the time, if any </P>
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such time is to be fixed, as of which holders of record of Common Stock (or Other Securities) shall be entitled to exchange their shares of Common Stock (or Other Securities) for the securities
or other property deliverable upon such reorganization, reclassification, consolidation, merger, sale, transfer, exchange offer, dissolution, liquidation or winding up. Such notice shall be delivered not less than ten (10)&nbsp;calendar days prior
to such date therein specified, in the case of any such date referred to in clause (x)&nbsp;of the preceding sentence, and not less than twenty (20)&nbsp;calendar days prior to such date therein specified, in the case of any such date referred to in
clause (y)&nbsp;of the preceding sentence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Failure to give the notice contemplated by Section&nbsp;11(a)
hereof within the time provided or any defect therein shall not affect the legality or validity of any such action. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that, for so long as any Warrants are outstanding, it shall not increase the par value of the
Common Stock or amend or modify its Charter or <FONT STYLE="white-space:nowrap">by-laws</FONT> in a manner that would prevent the Company from issuing the Common Stock issuable upon exercise of the Warrants. The Company shall not, and shall not
permit or cause any of its subsidiaries to, take any action to avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, including through any amendment of its Charter and <FONT
STYLE="white-space:nowrap">by-laws</FONT> (and any equivalent organizational documents of its subsidiaries) or any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities. The Company shall in good faith
assist in the carrying out of all the provisions of this Warrant Agreement and in taking of all such action as may be necessary or appropriate in order to protect the rights of each Holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Warrant Agent</U>. The Warrant Agent undertakes the duties and obligations expressly imposed by this
Agreement upon the terms and conditions set forth in this Section&nbsp;12. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation on Liability</U>. The
Warrant Agent shall not by countersigning Warrant Certificates or by any other act hereunder be accountable with respect to or be deemed to make any representations as to the validity or authorization of the Warrants or the Warrant Certificates
(except as to its countersignature thereon), as to the validity, authorization or value (or kind or amount) of any Warrant Shares or other property delivered or deliverable upon exercise or conversion of any Warrant, or as to the purchase price of
such Warrant Shares or other property. The Warrant Agent shall not (i)&nbsp;be liable for any recital or statement of fact contained herein or in the Warrant Certificates or for any action taken, suffered or omitted by the Warrant Agent in the
belief that any Warrant Certificate or any other document or any signature is genuine or properly authorized unless such action or omission was taken or omitted to be taken in bad faith, gross negligence or willful misconduct (which bad faith, gross
negligence or willful misconduct must be determined by a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction), (ii) be responsible for determining (x)&nbsp;compliance by any Person with the
provisions set forth in Section&nbsp;5(m) or (y)&nbsp;whether any facts exist that may require any adjustment of the Exercise Price and the number of Warrant Shares, or with respect to the nature or extent of any such adjustments when made, or with
respect to the method of adjustment employed, (iii)&nbsp;be responsible for any failure on the part of the Company to issue, transfer or deliver any Warrant Shares or property upon the surrender of any Warrant for the purpose of exercise or
conversion or to comply with any other of the Company&#146;s covenants and obligations contained in this Agreement or in the Warrant Certificates or (iv)&nbsp;be liable for any action taken, suffered or
</P>
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omitted to be taken in connection with this Agreement, except for its own bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or willful misconduct must be
determined by a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction) for which the Warrant Agent shall be liable. Notwithstanding anything in this Agreement to the contrary, in no event shall
the Warrant Agent be liable for special, indirect, punitive, incidental or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Warrant Agent has been advised of the likelihood of the loss or
damage and regardless of the form of the action. Notwithstanding anything to the contrary stated herein, any liability of the Warrant Agent under this Agreement shall be limited to the lesser of (i)&nbsp;the amount of fees, but not including
reimbursable expenses, paid by the Company to the Warrant Agent during the twenty-four (24)&nbsp;months immediately preceding the event for which recovery from the Warrant Agent is being sought and (ii) $50,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Instructions</U>. The Warrant Agent is hereby authorized to accept advice or instructions with respect to the
performance of its duties hereunder from an Appropriate Officer and to apply to any such officer for advice or instructions. The Warrant Agent shall be fully protected and authorized in relying upon the most recent advice or instructions received by
any such officer. The Warrant Agent shall not be liable for any action taken, suffered or omitted by it in accordance with the advice or instructions of any such officer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Agents</U>. The Warrant Agent may execute and exercise any of the rights and powers hereby vested in it or
perform any duty hereunder either itself or by or through its attorneys, agents or employees, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys, agents or employees or for
any loss to the Company resulting from such neglect or misconduct, provided that the Warrant Agent acts without gross negligence, willful misconduct or bad faith (each as determined by a final judgment of a court of competent jurisdiction) in the
selection and continued employment thereof. The Warrant Agent shall not be under any obligation or duty to institute, appear in, or defend any action, suit or legal proceeding in respect hereof, but this provision shall not affect the power of the
Warrant Agent to take such action as the Warrant Agent may consider necessary. The Warrant Agent shall promptly notify the Company in writing of any claim made or action, suit or proceeding instituted against the Warrant Agent arising out of or in
connection with this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Cooperation</U>. The Company will perform, execute, acknowledge and deliver
or cause to be performed, executed, acknowledged and delivered all such further acts, instruments and assurances as may reasonably be required by the Warrant Agent in order to enable the Warrant Agent to carry out or perform its duties under this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Agent Only</U>. The Warrant Agent shall act solely as agent for the Company in accordance with
the terms and conditions hereof and does not assume any obligation or relationship of agency or trust with any Holders. The Warrant Agent shall not be liable except for the performance of such duties as are expressly set forth herein, and no implied
covenants or obligations shall be read into this Agreement against the Warrant Agent, whose duties and obligations shall be determined solely by the express provisions hereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Right to Counsel</U>. The Warrant Agent may at any time
consult with legal counsel reasonably satisfactory to it (who may be legal counsel for the Company), and the Warrant Agent shall incur no liability or responsibility to the Company or to any Warrant Holder for any action taken, suffered or omitted
by the Warrant Agent in good faith in accordance with the opinion or advice of such counsel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation</U>. The Company agrees to pay the Warrant Agent reasonable compensation for all services rendered
by it hereunder and to reimburse the Warrant Agent for its reasonable expenses incurred by the Warrant Agent hereunder (including reasonable counsel fees and expenses) in connection with the acceptance, negotiation, preparation, delivery,
administration, execution, modification, waiver, delivery, enforcement or amendment of the Agreement and the exercise and performance of its duties hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;<U>Accounting and Payment</U>. The Warrant Agent shall account to the Company with respect to Warrants exercised or
converted and pay to the Company all moneys received by the Warrant Agent on behalf of the Company on the purchase of Warrant Shares through the exercise of Warrants pursuant to the procedures set forth in Section&nbsp;5(f)(v). The Warrant Agent
shall advise the Company by facsimile or by electronic transmission at the end of each day the number of Warrant Exercise Notices received, and, if known, the identity of the Holder(s) of the Warrant(s) exercised or converted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;<U>No Conflict</U>. Subject to applicable law, the Warrant Agent and any stockholder, affiliate, director, officer
or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the
Company or otherwise act as fully and freely as though it were not Warrant Agent under this Agreement. Subject to applicable law, nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other
Person including, without limitation, acting as trustee under an indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;<U>Resignation; Termination</U>.
The Warrant Agent may resign its duties and be discharged from all further duties and liabilities hereunder (except liabilities arising prior to resignation as a result of the Warrant Agent&#146;s bad faith, gross negligence or willful misconduct
(which bad faith, gross negligence or willful misconduct must be determined by a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction)) after giving thirty (30)&nbsp;calendar days&#146; prior
written notice to the Company. In the event the transfer agency relationship in effect between the Company and Warrant Agent terminates, the Warrant Agent shall be deemed to have resigned automatically and be discharged from its duties under this
Agreement as of the effective date of such termination. The Company may remove the Warrant Agent upon thirty (30)&nbsp;calendar days&#146; written notice, and the Warrant Agent shall thereupon in like manner be discharged from all further duties and
liabilities hereunder, except as have been caused by the Warrant Agent&#146;s bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or willful misconduct must be determined by a final,
<FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction) prior to its removal. The Company shall cause to be mailed promptly (by first class mail, postage prepaid) to each registered Holder at such
Holder&#146;s last address as shown on the register of the Company, at the Company&#146;s expense, a copy of such notice of resignation or notice of removal, as the case may be. Upon such resignation or removal
</P>
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the Company shall promptly appoint in writing a new warrant agent. If the Company shall fail to make such appointment within a period of thirty (30)&nbsp;calendar days after it has been notified
in writing of such resignation by the resigning Warrant Agent or after such removal, then the Holder of any Warrant may apply to any court of competent jurisdiction for the appointment of a new warrant agent. A resignation or removal of the Warrant
Agent and appointment of a successor Warrant Agent will become effective only upon the successor Warrant Agent&#146;s acceptance of appointment. Pending appointment of a successor to the Warrant Agent, either by the Company or by such a court, the
duties of the Warrant Agent shall be carried out by the Company. Any successor warrant agent, whether appointed by the Company or by such a court, shall be a Person, incorporated under the laws of the United States or of any state thereof and
authorized under such laws to conduct a shareholder services business, be subject to supervision and examination by a Federal or state authority, and have a combined capital and surplus of not less than $100,000,000 as set forth in its most recent
published annual report of condition; or in the case of such capital and surplus requirement, a controlled affiliate of such a Person meeting such capital and surplus requirement. After acceptance in writing of such appointment by the new Warrant
Agent, such successor Warrant Agent shall be vested with the same powers, rights, duties and responsibilities under this Agreement as if it had been originally named herein as the Warrant Agent, without any further assurance, conveyance, act or
deed; but if for any reason it shall be necessary or expedient to execute and deliver any further assurance, conveyance, act or deed, the same shall be done at the expense of the Company and shall be legally and validly executed and delivered by the
resigning or removed Warrant Agent. Not later than the effective date of any such appointment, the Company shall send notice thereof to the resigning or removed Warrant Agent and shall forthwith cause a copy of such notice to be mailed (by first
class, postage prepaid) to each registered Holder at such Holder&#146;s last address as shown on the register of the Company. Failure to give any notice provided for in this Section&nbsp;12(h), or any defect in any such notice, shall not affect the
legality or validity of the resignation of the Warrant Agent or the appointment of a successor Warrant Agent, as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k)&nbsp;&nbsp;&nbsp;&nbsp;<U>Merger, Consolidation or Change of Name of Warrant Agent</U>. Any Person into which the Warrant Agent may be
merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any Person succeeding to all or substantially all of the agency business
of the Warrant Agent shall be the successor to the Warrant Agent hereunder without the execution or filing of any document or any further act on the part of any of the parties hereto, provided that such Person would be eligible for appointment as a
successor Warrant Agent under the provisions of Section&nbsp;12(h). If at the time such successor to the Warrant Agent shall succeed under this Agreement, any of the Warrant Certificates shall have been countersigned but not delivered, any such
successor to the Warrant Agent may adopt the countersignature of the original Warrant Agent; and if at that time any of the Warrant Certificates shall not have been countersigned, any successor to the Warrant Agent may countersign such Warrant
Certificates either in the name of the predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such cases such Warrant Certificates shall have the full force and effect provided in the Warrant Certificates and in this
Agreement. If at any time the name of the Warrant Agent shall be changed and at such time any of the Warrants shall have been countersigned but not delivered, the Warrant Agent whose name has changed may adopt the countersignature under its prior
name; and if at that time any of the Warrants shall not have been countersigned, the Warrant Agent may countersign such Warrants either in its prior name or in its changed name; and in all such cases such Warrants shall have the full force and
effect provided in the Warrants and in this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l)&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnity</U>. The Company agrees to indemnify the Warrant
Agent, and to hold it harmless against, any and all losses, damages, claims, liabilities, penalties, judgments, settlements, actions, suits, proceedings, litigation, investigations, costs or expenses (including reasonable counsel fees and expenses)
incurred without the bad faith, gross negligence or willful misconduct on the part of the Warrant Agent (which bad faith, gross negligence or willful misconduct must be determined by a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT>
order, judgment, decree or ruling of a court of competent jurisdiction), for any action taken, suffered or omitted by the Warrant Agent in connection with the preparation, delivery, acceptance, administration, execution and amendment of this
Agreement and the exercise and performance of its duties hereunder, including the costs and expenses of defending against any claim of liability arising therefrom, directly or indirectly. The Warrant Agent shall not be obligated to expend or risk
its own funds to take any action which it believes would expose it to expense or liability or to a risk of incurring expense of liability, unless it has been furnished with assurance of repayment or indemnity reasonably satisfactory to it. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m)&nbsp;&nbsp;&nbsp;&nbsp;<U>Exclusions</U>. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or
with respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant; nor shall it be
responsible or have any duty to make any calculation or adjustment, or to determine when any calculation or adjustment required under the provisions hereof should be made, how it should be made or what it should be, or have any responsibility or
liability for the manner, method or amount of any such calculation or adjustment or the ascertaining of the existence of facts that would require any such calculation or adjustment; nor shall it by any act hereunder be deemed to make any
representation or warranty as to the authorization or reservation of any Warrant to be issued pursuant to this Agreement or as to whether any Warrant Shares will, when issued, be valid and fully paid and nonassessable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n)&nbsp;&nbsp;&nbsp;&nbsp;<U>No Liability for Interest</U>. The Warrant Agent shall not be under any liability for interest on any monies at
any time received by it pursuant to any of the provisions of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o)&nbsp;&nbsp;&nbsp;&nbsp;<U>No Implied Obligations</U>.
The Warrant Agent shall be obligated to perform such duties as are explicitly set forth herein and no implied duties or obligations shall be read into this Agreement against the Warrant Agent. The Warrant Agent shall not be under any obligation to
take any action hereunder that may involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility
for the use by the Company of any Warrant Certificate authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the issuance and sale, or exercise or
conversion, of the Warrants or Warrant Shares. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in any Warrant Certificate or in the
case of the receipt of any written demand from a Holder with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or,
to make any demand upon the Company. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p)&nbsp;&nbsp;&nbsp;&nbsp;<U>Force Majeure</U>. In no event shall the Warrant Agent be
responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including, without limitation, strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q)&nbsp;&nbsp;&nbsp;&nbsp;<U>Bank Accounts</U>. All funds received by the Warrant Agent under this Agreement that are to be distributed or
applied by the Warrant Agent in the performance of Services (the &#147;Funds&#148;) shall be held by the Warrant Agent as agent for the Company and deposited in one or more bank accounts to be maintained by the Warrant Agent in its name as agent for
the Company. Until paid pursuant to the terms of this Agreement, the Warrant Agent will hold the Funds through such accounts in: deposit accounts of commercial banks with Tier 1 capital exceeding $1&nbsp;billion or with an average rating above
investment grade by S&amp;P (LT Local Issuer Credit Rating), Moody&#146;s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). The Warrant Agent shall have no responsibility or liability
for any diminution of the Funds that may result from any deposit made by the Warrant Agent in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party. The Warrant Agent
may from time to time receive interest, dividends or other earnings in connection with such deposits. The Warrant Agent shall not be obligated to pay such interest, dividends or earnings to the Company, any Holder or any other party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>. In the event that any one or more of the provisions contained herein or in the
Warrants, or the application thereof in any circumstances, is held invalid, illegal or unenforceable (including as a result of applicable regulations issued by the Federal Aviation Administration or the United States Department of Transportation),
the validity, legality and enforceability of any such provisions in every other respect and of the remaining provisions contained herein and therein shall not be affected or impaired thereby; provided, that if any such excluded term, provision,
covenant or restriction shall materially adversely affect the rights, immunities, duties or obligations of the Warrant Agent, the Warrant Agent shall be entitled to resign immediately. Furthermore, subject to the preceding sentence, in lieu of any
such invalid, illegal or unenforceable provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms and commercial effect to such invalid, illegal or unenforceable provision as may be
possible and be valid and enforceable which a reasonable person in the position of the Company, acting in good faith, would make, always keeping in mind the intent and purposes of this Agreement and the Warrants issued pursuant thereto by the
Persons party hereto as of the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Holder Not Deemed a Stockholder</U>. Prior to the
exercise or conversion of any Warrants, no Holder thereof, as such, shall be entitled to any rights of a stockholder of the Company, including, but not limited to, the right to vote, to receive dividends or other distributions, to exercise any
preemptive right or, to receive notice as stockholders in respect of the meetings of stockholders or for the election of directors of the Company or any other matter. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 15.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices to Company and Warrant Agent</U>. All notices,
requests or demands authorized by this Agreement to be given or made by the Warrant Agent or by any registered Holder of any Warrant to or on the Company or the Warrant Agent to be effective shall be in writing (including by telecopy), and shall be
deemed to have been duly given or made when delivered by hand, or one Business Day if sent by overnight courier service (with next day delivery specified), or two Business Days after being delivered to a recognized courier (whose stated terms of
delivery are two business days or less to the destination such notice), or five Business Days after being deposited in the mail, or, in the case of facsimile or email notice, when received, addressed (until another address is filed in writing by the
Company with the Warrant Agent) as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">PHI Group, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">2001 SE Evangeline Thruway </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Lafayette, LA, 70508 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Attn: Trudy
McConnaughhay </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Email: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any notice pursuant
to this Agreement to be given by the Company or by any registered Holder of any Warrant to the Warrant Agent shall be sufficiently given if sent by first-class mail, postage prepaid, addressed (until another address is filed in writing by the
Warrant Agent with the Company), as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">American Stock Transfer&nbsp;&amp; Trust Company, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">6201 15th Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Brooklyn, NY
11219 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Attention: Relationship Management </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unless the Warrant is a Global Warrant, any notice or communication mailed to a Holder shall be mailed to the Holder at the Holder&#146;s address as it
appears on the Warrant Register and shall be sufficiently given if so mailed within the time prescribed. Any notice to the owners of a beneficial interest in a Global Warrant shall be distributed through the Depositary in accordance with the
procedures of the Depositary. Communications to such Holder shall be deemed to be effective at the time of dispatch to the Depositary. Failure to provide a notice or communication to a Holder or any defect in it shall not affect its sufficiency with
respect to other Holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 16.&nbsp;&nbsp;&nbsp;&nbsp;<U>Supplements and Amendments</U>. The Company and the Warrant Agent may
from time to time supplement or amend this Agreement (a)&nbsp;without the approval of any Holders in order to cure any ambiguity, manifest error or other mistake in this Agreement, or to correct or supplement any provision contained herein that may
be defective or inconsistent with any other provision herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and the Warrant Agent may deem necessary or desirable, in each case that shall not
adversely affect, alter or change the interests of the Holders in any material respect, (b)&nbsp;without the approval of any Holders to implement any changes required by the Federal Aviation Administration or the United States Department of
Transportation in order for the Company to comply with the U.S. Aviation Laws limitations on ownership of Warrant Shares by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens (provided that to the extent the Company makes any changes pursuant
to this clause (b), the Company shall make only such changes which a reasonable </P>
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person in the position of the Company, acting in good faith, would make in order to implement such written requirements, always keeping in mind the intent and purposes of this Agreement and the
Warrants issued pursuant thereto by the Persons party hereto as of the date hereof), or (c)&nbsp;with the prior written consent of Holders exercisable or convertible for a majority of the Warrant Shares then issuable upon exercise or conversion of
all of the Warrants then outstanding (provided that for purposes of calculating such a majority, Warrants owned by the Company shall be disregarded and deemed not to be outstanding); provided, that the Warrant Agent shall not be required to execute
any amendment or supplement to this Agreement that the Warrant Agent has determined would adversely affect its own rights, duties, obligations or immunities under this Agreement. As a condition precedent to the Warrant Agent&#146;s execution of any
amendment or supplement to this Agreement, the Company shall deliver to the Warrant Agent a certificate from an authorized officer of the Company that states that the proposed amendment is in compliance with the terms of this Section&nbsp;16. No
modification or amendment to this Agreement shall be effective unless duly executed by the Warrant Agent. Notwithstanding the foregoing, the consent of each Holder affected shall be required for any amendment pursuant to which (i)&nbsp;the Exercise
Price would be increased, (ii)&nbsp;the number of Warrant Shares purchasable would be decreased (other than pursuant to adjustments provided herein), (iii) the Expiration Date would be shortened or (iv)&nbsp;any change adverse to the Holder would be
made to (w)&nbsp;this Section&nbsp;16, (x) the antidilution provisions set forth in Section&nbsp;6, (y) the exercise provisions set forth in Section&nbsp;5 or (z)&nbsp;any provisions related to the Company&#146;s compliance with U.S. Aviation Laws.
Upon execution and delivery of any supplement or amendment pursuant to this Section&nbsp;16, such amendment shall be considered a part of this Agreement for all purposes and every Holder of a Warrant Certificate theretofore or thereafter
countersigned and delivered hereunder shall be bound thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 17.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. This Agreement shall
terminate on the Expiration Date or, if later, upon settlement of all Warrants (i)&nbsp;validly exercised or converted prior to the Expiration Date and, (ii)&nbsp;if exercised or converted pursuant to Section&nbsp;5(c)(i) hereof, for which the
Exercise Price was timely paid. Notwithstanding the foregoing, this Agreement will terminate on any earlier date when all Warrants have been exercised, converted, or cancelled; provided, however, that the provisions of Sections 12, 15, 17, 18, 19,
20 and 23 shall survive such termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 18.&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law and Consent to Forum</U>. This Agreement
shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed within the State of New York. Each of the Company and the Warrant Agent hereby irrevocably submits to the
jurisdiction of any New York State court sitting in the City of New York or any Federal Court sitting in the City of New York with respect to any suit, action or proceeding arising out of or relating to this Agreement, and each irrevocably accepts
for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts. Nothing herein shall affect the right of any Person to serve process in any manner permitted by law or to commence legal proceedings
or otherwise proceed against the Company or the Warrant Agent in any other jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 19.&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver of
Jury Trial</U>. The parties hereto waive all right to trial by jury in any action or proceeding to enforce or defend any rights hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 20.&nbsp;&nbsp;&nbsp;&nbsp;<U>Benefits of this Agreement</U>. Nothing in this
Agreement shall be construed to give to any Person other than the Company, the Warrant Agent and the registered Holders (who are express third party beneficiaries of this Agreement) any legal or equitable right, remedy or claim under this Agreement,
and this Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent and the registered Holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION
21.&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and such counterparts shall together constitute but one
and the same instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 22.&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>. The headings of sections of this Agreement have been
inserted for convenience of reference only, are not to be considered a part hereof and in no way modify or restrict any of the terms or provisions hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 23.&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality</U>. The Warrant Agent and the Company agree that all books, records, information and
data pertaining to the business of the other party, including inter alia, personal, <FONT STYLE="white-space:nowrap">non-public</FONT> warrant holder information, which are exchanged or received pursuant to the negotiation or the carrying out of
this Agreement including the fees for services of the Warrant Agent shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law, including, without limitation, pursuant to subpoenas from
state or federal government authorities (e.g., in divorce and criminal actions). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION
24.&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Each party hereto represents and warrants that such party
has been duly organized and is validly existing under the laws of the jurisdiction of its incorporation, and that this Agreement has been duly authorized, executed and delivered by such party and is enforceable against such party in accordance with
its terms, except as may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting the enforcement of creditors&#146; rights generally. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company represents and warrants on the date of issuance of the Warrants and upon issuance of the shares that:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;The Company is duly qualified or licensed to conduct business in each jurisdiction where the nature of its
business or assets requires such qualification. The Company has full power and authority and all material licenses, permits and authorizations necessary to own and operate its properties and to carry on its business as now conducted, and the Company
is not in default under or in violation of any provision of its Charter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;The execution and delivery of this
Agreement does not, and the issuance of the Warrants in accordance with the terms of this Agreement and the Warrant Certificates will not, (i)&nbsp;violate the Charter or the Company&#146;s <FONT STYLE="white-space:nowrap">by-laws,</FONT>
(ii)&nbsp;violate any law or regulation applicable to the Company or order or decree of any court or public authority having jurisdiction over the Company, including but not limited to U.S. Aviation Laws, or (iii)&nbsp;result in a breach of any
mortgage, indenture, contract, agreement or undertaking to which the Company is a party or by which it is bound, except in the case of (ii)&nbsp;and (iii) for any violations or breaches that could not reasonably be expected to have a material
adverse effect on the Company and its subsidiaries, taken as a whole. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 25.&nbsp;&nbsp;&nbsp;&nbsp;<U>No Suspension</U>. The right to exercise any Warrants
shall not be suspended during any period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>[Signature page follows] </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered as of the day
and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">PHI Group, Inc.</TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Trudy McConnaughhay</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Trudy McConnaughhay</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer and Secretary</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Warrant Agreement] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AMERICAN STOCK TRANSFER&nbsp;&amp; TRUST COMPANY, LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as Warrant Agent</P></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michael Legregin</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Michael Legregin</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Senior Vice President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Warrant Agreement] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT <FONT STYLE="white-space:nowrap">A-1</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF FACE OF GLOBAL CREDITOR WARRANT CERTIFICATE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Global Warrant Certificate is deposited with or on behalf of The Depository Trust Company (the &#147;Depository&#148;) or its nominee in custody for the
benefit of the beneficial owners hereof, and is not transferable to any person under any circumstances except that (i)&nbsp;this Global Warrant Certificate may be delivered to the Warrant Agent for cancellation pursuant to Section&nbsp;4(f) of the
Warrant Agreement and (ii)&nbsp;this Global Warrant Certificate may be transferred pursuant to Section&nbsp;4(e) of the Warrant Agreement and as set forth below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>UNLESS THIS GLOBAL WARRANT CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO THE COMPANY OR THE WARRANT AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT HEREON IS MADE TO CEDE&nbsp;&amp;
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCHAS THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp;
CO. OR SUCH OTHER ENTITY, HAS AN INTEREST HEREIN. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TRANSFERS OF THIS GLOBAL WARRANT CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN
PART, TO NOMINEES OF THE DEPOSITORY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR&#146;S NOMINEE OR AS OTHERWISE PERMITTED IN SECTION 4(E) OF THE WARRANT AGREEMENT, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL WARRANT CERTIFICATE SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTIONS 4 AND 5 OF THE WARRANT AGREEMENT. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No registration or transfer of
the securities issuable pursuant to the exercise or conversion of the Warrant will be recorded on the books of the Company until such provisions have been complied with. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the extent that any provision hereof conflicts with any provision of the Warrant Agreement, the provision in the Warrant Agreement shall control. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CUSIP No.&nbsp;&nbsp;&nbsp;&nbsp;69360B112 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">ISIN No. US369360B1127 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">144A:
US6934671107 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">AI: US6934671289 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Reg S: USU717551332 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">WARRANTS TO
PURCHASE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SHARES OF COMMON STOCK </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PHI GROUP, INC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">GLOBAL CREDITOR
WARRANT TO PURCHASE COMMON STOCK </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">VOID AFTER 5:00 P.M., New York City Time, September&nbsp;4, 2044 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Global Warrant Certificate (&#147;Warrant Certificate&#148;) certifies that Cede&nbsp;&amp; Co., or its registered assigns is the registered holder of
warrants (the &#147;Warrants&#148;) of PHI Group, Inc., a Delaware corporation (the &#147;Company&#148;), to purchase the number of shares of common stock, par value $0.001 per share (the &#147;Common Stock&#148;), of the Company set forth above.
The Warrants expire at 5:00 p.m., New York City time, on the date that is the twenty-fifth (25th) anniversary of the date that the Warrants are issued (such date, the &#147;Expiration Date&#148;), and each Warrant entitles the holder to purchase
from the Company one fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> Share at the exercise price (the &#147;Exercise Price&#148;), payable to the Company either by certified or official bank or bank cashier&#146;s check payable
to the order of the Company, or by wire transfer in immediately available funds of the aggregate Exercise Price to an account of the Warrant Agent specified in writing by the Warrant Agent for such purpose, no later than 5:00 p.m., New York City
time, on the business day immediately prior to the settlement date, which settlement date is three Business Days after a Warrant Exercise Notice is delivered (the &#147;Settlement Date&#148;). The initial Exercise Price shall be $0.001 per share
(equal to the par value $0.001 per share of Common Stock) (subject to adjustment as provided in the Warrant Agreement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Warrants are subject to
exercise and conversion, in whole or in part, as and to the extent provided in the Warrant Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The number of shares of Common Stock purchasable
upon exercise or conversion of the Warrants are subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the
extent that any provision hereof conflicts with any provision of the Warrant Agreement, the provision in the Warrant Agreement shall control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No Warrant
may be exercised or converted prior to the date of the Warrant Agreement or after the Expiration Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After 5:00 p.m., New York City time, on the
Expiration Date, the Warrants will become wholly void and of no value. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Holder Not Deemed a Stockholder</I>. Prior to the exercise or conversion of any Warrant, no holder
thereof, as such, shall be entitled to any rights of a stockholder of the Company, including, but not limited to, the right to vote, to receive dividends or other distributions, to exercise any preemptive right or to receive notice as stockholders
in respect of the meetings of stockholders or for the election of directors of the Company or any other matter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>U.S. Aviation Laws Limitations on
Warrant Exercise</I>. Notwithstanding the other provisions of the Warrant Agreement, in order to facilitate the Company&#146;s compliance with the U.S. Aviation Laws concerning the ownership of the Common Stock by
<FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens with regard to its continuing ability to own aircraft registered in the United States and to comply with obligations of the Company under contracts that it may enter into from time to time
with the United States Government: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;At the time of exercise or conversion of any Warrant, its holder shall
advise the Company whether or not it (or, if not the holder, the person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of such Warrant) is a U.S. Citizen. The Company may require a holder (or, if not
the holder, the person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of such Warrant) to provide it with such documents and other information as it may request as reasonable proof confirming that the
holder (or, if not the holder, the person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of such Warrant) is a U.S. Citizen. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Any holder that cannot establish to the Company&#146;s reasonable satisfaction that it (or, if not the holder, the
person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of any Warrant) is a U.S. Citizen may not exercise or convert any Warrant to the extent the shares of Common Stock deliverable upon exercise or
conversion of such Warrant would constitute Excess Shares, as defined in the Warrant Agreement, if they were issued, which shall be determined by the Company in its sole discretion at the time of any proposed exercise or conversion of such Warrant.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;Any sale, transfer or other disposition of any Warrant by any holder that is a <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Citizen to a person who is a U.S. Citizen must be a complete transfer of such holder&#146;s interests in such Warrant and the Common Stock issuable upon its exercise or conversion to such person with the
transferor retaining no ability to direct or control such person. The foregoing restriction shall also apply to any person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of any Warrant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS WARRANT CERTIFICATE SET FORTH ON THE REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be executed by its duly authorized
officer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2019 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AMERICAN STOCK TRANSFER&nbsp;&amp; TRUST COMPANY, LLC, as Warrant
Agent</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-4 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF REVERSE OF GLOBAL CREDITOR WARRANT CERTIFICATE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PHI GROUP, INC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Warrants evidenced by this
Warrant Certificate are a part of a duly authorized issue of Warrants to purchase shares of Common Stock issued pursuant to that certain Creditor Warrant Agreement, dated as of September&nbsp;4, 2019 (the &#147;Warrant Agreement&#148;), duly
executed and delivered by the Company and American Stock Transfer&nbsp;&amp; Trust Company, LLC (the &#147;Warrant Agent&#148;). The Warrant Agreement hereby is incorporated by reference in and made a part of this instrument and is hereby referred
to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words &#147;holders&#148; or &#147;holder&#148; meaning the registered holders or
registered holder) of the Warrants. A copy of the Warrant Agreement may be inspected at the Warrant Agent&#146;s office designated for such purpose and is available upon written request addressed to the Company. All capitalized terms used on the
face of this Warrant Certificate but not defined herein and are defined in the Warrant Agreement shall have the meanings assigned to them therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Warrants may be exercised or converted from the date of the Warrant Agreement through 5:00 p.m., New York City time, on the Expiration Date, subject to
adjustment as described in the Warrant Agreement. Subject to the terms and conditions set forth herein and in the Warrant Agreement, the holder of the Warrants evidenced by this Warrant Certificate may exercise such Warrants as set forth in the
Warrant Agreement. The Warrants are also subject to conversion, in whole or in part, at the sole discretion of the Company, as and to the extent provided in the Warrant Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event that upon any exercise or conversion of the Warrants evidenced hereby the number of shares of Common Stock actually purchased shall be less than
the total number of shares of Common Stock purchasable upon exercise or conversion of the Warrants evidenced hereby, there shall be issued to the holder hereof, or such holder&#146;s assignee, a new Warrant Certificate evidencing Warrants to
purchase the shares of Common Stock not so purchased or appropriate adjustment shall be made in the &#147;Schedule of Increases or Decreases in Global Warrant Certificate&#148; annexed hereto. No adjustment shall be made for any cash dividends on
any shares of Common Stock issuable upon exercise or conversion of Warrants. After 5:00 p.m., New York City time on the Expiration Date, unexercised or unconverted Warrants shall become wholly void and of no value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company shall not be required to issue fractional shares of Common Stock or any certificates that evidence fractional shares of Common Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Warrant Certificates, when surrendered by book-entry delivery through the facilities of the Depository, may be exchanged, in the manner and subject to the
limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing Warrants to purchase in the aggregate a like number of shares of Common Stock.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No Warrants may be sold, exchanged or otherwise transferred in violation of the Securities Act or state securities laws. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-5 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company and Warrant Agent may deem and treat the registered holder hereof as the absolute owner of this
Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone) for the purpose of any exercise or conversion hereof and for all other purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Balance of page intentionally remains blank] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-6 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[TO BE ATTACHED TO GLOBAL WARRANT CERTIFICATE FOR THE WARRANTS] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SCHEDULE OF INCREASES OR DECREASES IN GLOBAL WARRANT CERTIFICATE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following increases or decreases in this Global Warrant have been made: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="25%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="25%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amount of decrease in the number of shares issuable upon exercise or conversion of the Warrants represented by this Global Warrant</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amount of increase in number of shares issuable upon exercise or conversion of the Warrants represented by this Global Warrant</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Number of shares issuable upon exercise or conversion of the Warrants represented by this Global Warrant following such decrease or increase</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Signature of authorized officer of the Warrant Agent</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-7 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF ELECTION TO EXERCISE WARRANT FOR </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WARRANT HOLDERS HOLDING WARRANTS </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THROUGH THE DEPOSITORY TRUST COMPANY </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TO BE COMPLETED BY DIRECT PARTICIPANT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">IN THE DEPOSITORY TRUST COMPANY </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PHI GROUP, INC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Warrants to
Purchase Shares of Common Stock </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(TO BE EXECUTED UPON EXERCISE OF THE WARRANT) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned hereby irrevocably elects to exercise the right, represented by Warrants to purchase shares of Common Stock of PHI Group, Inc. (the
&#147;Company&#148;) held for its benefit through the book-entry facilities of The Depository Trust Company (the &#147;Depository&#148;), to purchase <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> newly issued shares
of Common Stock of the Company at the Exercise Price of $0.001 per share (as such Exercise Price may be adjusted pursuant to the Warrant Agreement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
undersigned represents, warrants and promises that it has the full power and authority to exercise or convert and deliver the Warrants exercised or converted hereby. Unless the undersigned is making an election to convert the Warrants as set forth
below, the undersigned represents, warrants and promises that it has delivered or will deliver in payment for such shares $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>by certified or official bank or bank
cashier&#146;s check payable to the order of the Company, or by wire transfer in immediately available funds of the aggregate Exercise Price to an account of the Warrant Agent specified in writing by the Warrant Agent for such purpose, no later than
5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744;&nbsp;&nbsp;Please check if the undersigned, in lieu
of paying the Exercise Price as set forth in the preceding paragraph, elects to convert the Warrants by authorizing the Company to withhold from issuance a number of shares of Common Stock issuable upon conversion of the Warrants which when
multiplied by the Market Price of the Common Stock is equal to the aggregate price for the number of shares of Common Stock for which the Warrants are being converted at the Exercise Price (assuming the Exercise Price for all such shares of Common
Stock was being paid in cash), and such withheld shares shall no longer be issuable under the Warrants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the undersigned will be receiving the shares
of Common Stock issuable upon exercise or conversion of Warrants: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744;&nbsp;&nbsp;Please check if the undersigned is a U.S. Citizen (additional
information may be required by the Company to confirm that the undersigned is a U.S. Citizen) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744;&nbsp;&nbsp;Please check if the undersigned is a <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Citizen. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-8 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the undersigned has designated another person (a &#147;designee&#148;) to receive the shares of Common
Stock issuable upon exercise or conversion of Warrants: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744;&nbsp;&nbsp;Please check if such designee is a U.S. Citizen (additional information may be
required by the Company to confirm that such designee is a U.S. Citizen) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744;&nbsp;&nbsp;Please check if such designee is a <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Citizen. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned requests that the shares of Common Stock purchased hereby be in registered form in
the authorized denominations, registered in such names and delivered, all as specified in accordance with the instructions set forth below, provided that if the shares of Common Stock are evidenced by global securities, the shares of Common Stock
shall be registered in the name of the Depository or its nominee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOTE: THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT AGENT, PRIOR TO 5:00 P.M., NEW YORK CITY TIME,
ON THE EXPIRATION DATE. THE WARRANT AGENT SHALL NOTIFY YOU (THROUGH THE CLEARING SYSTEM) OF (1)&nbsp;THE WARRANT AGENT&#146;S ACCOUNT AT THE DEPOSITORY TO WHICH YOU MUST DELIVER YOUR WARRANTS ON THE EXERCISE DATE AND (2)&nbsp;THE ADDRESS, PHONE
NUMBER AND FACSIMILE NUMBER WHERE YOU CAN CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NAME OF DIRECT PARTICIPANT
IN THE DEPOSITORY:
<U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:56%; font-size:10pt; font-family:Times New Roman" ALIGN="center">(PLEASE
PRINT)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ADDRESS:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CONTACT
NAME:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ADDRESS:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TELEPHONE (INCLUDING INTERNATIONAL
CODE):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U></U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FAX (INCLUDING INTERNATIONAL CODE):
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U></U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF
APPLICABLE):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACCOUNT FROM WHICH THE WARRANTS ARE BEING
DELIVERED:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DEPOSITORY ACCOUNT
NO.:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WARRANT EXERCISE NOTICES WILL ONLY BE VALID IF DELIVERED IN ACCORDANCE WITH THE INSTRUCTIONS SET FORTH IN THIS NOTIFICATION (OR AS OTHERWISE DIRECTED), MARKED
TO THE ATTENTION OF &#147;WARRANT EXERCISE&#148;. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-9 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WARRANT HOLDER DELIVERING THE WARRANTS, IF OTHER THAN THE DIRECT DTC PARTICIPANT DELIVERING THIS WARRANT
EXERCISE NOTICE: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NAME:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;(PLEASE PRINT) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CONTACT&nbsp;NAME:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TELEPHONE&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FAX&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):<U><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF
APPLICABLE):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACCOUNT TO WHICH SHARES OF COMMON STOCK ARE TO BE
CREDITED:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DEPOSITORY ACCOUNT
NO.:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FILL IN FOR DELIVERY OF THE COMMON STOCK, IF OTHER THAN TO THE PERSON DELIVERING THIS WARRANT EXERCISE NOTICE: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NAME:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;(PLEASE PRINT) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ADDRESS:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CONTACT&nbsp;NAME:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TELEPHONE&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FAX&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF
APPLICABLE):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NUMBER OF SHARES OF COMMON STOCK FOR WHICH THE WARRANT IS BEING
EXERCISED (ONLY ONE EXERCISE PER WARRANT EXERCISE
NOTICE):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signature:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Capacity in which
Signing:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signature Guaranteed </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BY:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-10 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee
level acceptable to the Company&#146;s transfer agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT <FONT STYLE="white-space:nowrap">A-2</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF FACE OF INDIVIDUAL WARRANT CERTIFICATE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">VOID AFTER 5:00 P.M., New York City Time, September&nbsp;4, 2044 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Individual Warrant Certificate may not be sold, exchanged or otherwise transferred in violation of the Securities Act or state securities laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the extent that any provision hereof conflicts with any provision of the Warrant Agreement, the provision in the Warrant Agreement shall control. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2-1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">WARRANTS TO PURCHASE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SHARES OF COMMON STOCK </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PHI GROUP,
INC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">INDIVIDUAL WARRANT TO PURCHASE COMMON STOCK </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">VOID AFTER 5:00 P.M., New York City Time, September&nbsp;4, 2044 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Individual Warrant Certificate (&#147;Warrant Certificate&#148;) certifies that
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, or its registered assigns is the registered holder of Warrants (the &#147;Warrants&#148;) of PHI Group, Inc., a Delaware
corporation (the &#147;Company&#148;), to purchase the number of shares of common stock, par value $0.001 per share (the &#147;Common Stock&#148;), of the Company set forth above. The Warrants expire at 5:00 p.m., New York City time, on the date
that is the twenty-fifth (25th) anniversary of the date that the Warrants are issued (such date, the &#147;Expiration Date&#148;), and each Warrant entitles the holder to purchase from the Company one fully paid and
<FONT STYLE="white-space:nowrap">non-assessable</FONT> Share at the exercise price (the &#147;Exercise Price&#148;), payable to the Company either by certified or official bank or bank cashier&#146;s check payable to the order of the Company, or by
wire transfer in immediately available funds of the aggregate Exercise Price to an account of the Warrant Agent specified in writing by the Warrant Agent for such purpose, no later than 5:00 p.m., New York City time, on the business day immediately
prior to the settlement date, which settlement date is three Business Days after a Warrant Exercise Notice is delivered (the &#147;Settlement Date&#148;). The initial Exercise Price shall be $0.001 per share (equal to the par value $0.001 per share
of Common Stock) (subject to adjustment as provided in the Warrant Agreement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Warrants are also subject to conversion, in whole or in part, at the
sole discretion of the Company, as and to the extent provided in the Warrant Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The number of shares of Common Stock purchasable upon exercise or
conversion of the Warrants are subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the extent that any
provision hereof conflicts with any provision of the Warrant Agreement, the provision in the Warrant Agreement shall control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No Warrant may be exercised
or converted prior to the date of the Warrant Agreement or after the Expiration Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After 5:00 p.m., New York City time, on the Expiration Date, the
Warrants will become wholly void and of no value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Holder Not Deemed a Stockholder</U>. Prior to the exercise or conversion of any Warrant, no holder
thereof, as such, shall be entitled to any rights of a stockholder of the Company, including, but not limited to, the right to vote, to receive dividends or other distributions, to exercise any preemptive right or to receive notice as stockholders
in respect of the meetings of stockholders or for the election of directors of the Company or any other matter. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>U.S. Aviation Laws Limitations on Warrant Exercise</U>. Notwithstanding the other provisions of the
Warrant Agreement, in order to facilitate the Company&#146;s compliance with the U.S. Aviation Laws concerning the ownership of the Common Stock by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens with regard to its continuing ability to
own aircraft registered in the United States and to comply with obligations of the Company under contracts that it may enter into from time to time with the United States Government: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;At the time of exercise or conversion of any Warrant, its holder shall advise the Company whether or not it (or, if
not the holder, the person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of such Warrant) is a U.S. Citizen. The Company may require a holder (or, if not the holder, the person that the holder has
designated to receive the Common Stock issuable upon exercise or conversion of such Warrant) to provide it with such documents and other information as it may request as reasonable proof confirming that the holder (or, if not the holder, the person
that the holder has designated to receive the Common Stock issuable upon exercise or conversion of such Warrant) is a U.S. Citizen. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Any holder that cannot establish to the Company&#146;s reasonable satisfaction that it (or, if not the holder, the
person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of any Warrant) is a U.S. Citizen may not exercise or convert any Warrant to the extent the shares of Common Stock deliverable upon exercise or
conversion of such Warrant would constitute Excess Shares, as defined in the Warrant Agreement, if they were issued, which shall be determined by the Company in its sole discretion at the time of any proposed exercise or conversion of such Warrant.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;Any sale, transfer or other disposition of any Warrant by any holder that is a <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Citizen to a person who is a U.S. Citizen must be a complete transfer of such holder&#146;s interests in such Warrant and the Common Stock issuable upon its exercise or conversion to such person with the
transferor retaining no ability to direct or control such person. The foregoing restriction shall also apply to any person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of any Warrant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS WARRANT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CERTIFICATE SET FORTH ON THE REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be executed by its duly authorized officer. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Dated:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;, 2019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PHI Group, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2-3 </P>

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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
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<TD WIDTH="99%"></TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">AMERICAN STOCK TRANSFER&nbsp;&amp; TRUST COMPANY, LLC, as Warrant Agent</TD></TR></TABLE>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2-4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF REVERSE OF INDIVIDUAL WARRANT CERTIFICATE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PHI GROUP, INC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Warrants evidenced by this
Warrant Certificate are a part of a duly authorized issue of Warrants to purchase shares of Common Stock issued pursuant to that certain Creditor Warrant Agreement, dated as of September&nbsp;4, 2019 (the &#147;Warrant Agreement&#148;), duly
executed and delivered by the Company and American Stock Transfer&nbsp;&amp; Trust Company, LLC (the &#147;Warrant Agent&#148;). The Warrant Agreement hereby is incorporated by reference in and made a part of this instrument and is hereby referred
to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words &#147;holders&#148; or &#147;holder&#148; meaning the registered holders or
registered holder) of the Warrants. A copy of the Warrant Agreement may be inspected at the Warrant Agent&#146;s office designated for such purpose and is available upon written request addressed to the Company. All capitalized terms used on the
face of this Warrant Certificate but not defined herein and are defined in the Warrant Agreement shall have the meanings assigned to them therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Warrants may be exercised or converted to purchase Warrant Shares from the Company from the date of the Warrant Agreement through 5:00 p.m., New York City
time, on the Expiration Date, at the Exercise Price set forth on the face hereof, subject to adjustment as described in the Warrant Agreement. Subject to the terms and conditions set forth herein and in the Warrant Agreement, the holder of the
Warrants evidenced by this Warrant Certificate may exercise such Warrants as set forth in the Warrant Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Warrants are also subject to
conversion, in whole or in part, at the sole discretion of the Company, as and to the extent provided in the Warrant Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event that upon
any exercise or conversion of the Warrants evidenced hereby the number of shares of Common Stock actually purchased shall be less than the total number of shares of Common Stock purchasable upon exercise or conversion of the Warrants evidenced
hereby, there shall be issued to the holder hereof, or such holder&#146;s assignee, a new Warrant Certificate evidencing Warrants to purchase the shares of Common Stock not so purchased. No adjustment shall be made for any cash dividends on any
shares of Common Stock issuable upon exercise or conversion of Warrants. After 5:00 p.m., New York City time on the Expiration Date, unexercised or unconverted Warrants shall become wholly void and of no value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company shall not be required to issue fractional shares of Common Stock or any certificates that evidence fractional shares of Common Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Warrant Certificates, when surrendered by book-entry delivery through the facilities of the Depository, may be exchanged, in the manner and subject to the
limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing Warrants to purchase in the aggregate a like number of shares of Common Stock.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No Warrants may be sold, exchanged or otherwise transferred in violation of the Securities Act or state securities laws. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2-5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company and Warrant Agent may deem and treat the registered holder hereof as the absolute owner of this
Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone) for the purpose of any exercise or conversion hereof and for all other purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Balance of page intentionally remains blank] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF ELECTION TO EXERCISE WARRANT FOR </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WARRANT HOLDERS HOLDING INDIVIDUAL WARRANT CERTIFICATES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TO BE COMPLETED BY REGISTERED HOLDER </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PHI GROUP, INC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Warrants to
Purchase ________ Shares of Common Stock </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(TO BE EXECUTED UPON EXERCISE OF THE WARRANT) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned hereby irrevocably elects to exercise the right, represented by Warrants to purchase ___________ shares of Common Stock of PHI Group, Inc.
(the &#147;Company&#148;), to purchase ___________ newly issued shares of Common Stock of the Company at the Exercise Price of $0.001 per share (as such Exercise Price may be adjusted pursuant to the Warrant Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned represents, warrants and promises that it has the full power and authority to exercise or convert and deliver the Warrants exercised or
converted hereby. Unless the undersigned is making an election to convert the Warrants as set forth below, the undersigned represents, warrants and promises that it has delivered or will deliver in payment for such shares $______________ by
certified or official bank or bank cashier&#146;s check payable to the order of the Company, or by wire transfer in immediately available funds of the aggregate Exercise Price to an account of the Warrant Agent specified in writing by the Warrant
Agent for such purpose, no later than 5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744;&nbsp;&nbsp;Please check if the undersigned, in lieu of paying the Exercise Price as set forth in the preceding paragraph, elects to convert the
Warrants by authorizing the Company to withhold from issuance a number of shares of Common Stock issuable upon conversion of the Warrants which when multiplied by the Market Price of the Common Stock is equal to the aggregate price for the number of
shares of Common Stock for which the Warrants are being converted at the Exercise Price (assuming the Exercise Price for all such shares of Common Stock was being paid in cash), and such withheld shares shall no longer be issuable under the
Warrants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the undersigned will be receiving the shares of Common Stock issuable upon exercise or conversion of Warrants: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744;&nbsp;&nbsp;Please check if the undersigned is a U.S. Citizen (additional information may be required by the Company to confirm that the undersigned is
a U.S. Citizen) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744;&nbsp;&nbsp;Please check if the undersigned is a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizen. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2-7 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the undersigned has designated another person (a &#147;designee&#148;) to receive the shares of Common
Stock issuable upon exercise or conversion of Warrants: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744;&nbsp;&nbsp;Please check if such designee is a U.S. Citizen (additional information may be
required by the Company to confirm that such designee is a U.S. Citizen) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744;&nbsp;&nbsp;Please check if such designee is a <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Citizen. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned requests that the shares of Common Stock purchased hereby be in registered form in
the authorized denominations, registered in such names and delivered, all as specified in accordance with the instructions set forth below, provided that if the shares of Common Stock are evidenced by global securities, the shares of Common Stock
shall be registered in the name of the Depository or its nominee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOTE: THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT AGENT, PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION DATE. THE WARRANT AGENT SHALL
NOTIFY YOU OF THE ADDRESS, PHONE NUMBER AND FACSIMILE NUMBER WHERE YOU CAN CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NAME OF REGISTERED
HOLDER:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PLEASE PRINT) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ADDRESS:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DELIVERY&nbsp;ADDRESS&nbsp;(IF&nbsp;DIFFERENT):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TELEPHONE&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FAX&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SOCIAL&nbsp;SECURITY&nbsp;OR&nbsp;OTHER&nbsp;TAXPAYER&nbsp;IDENTIFICATION&nbsp;NUMBER:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NUMBER OF SHARES OF COMMON STOCK FOR WHICH THE WARRANT IS BEING EXERCISED (ONLY ONE EXERCISE PER WARRANT EXERCISE NOTICE):
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signature:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Note: If the Warrant Shares are to be registered in a name other than that in which
the Individual Warrants are registered, the signature of the holder hereof must be guaranteed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2-8 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signature Guaranteed </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BY:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signatures must be guaranteed by a
participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company&#146;s transfer agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2-9 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT <FONT STYLE="white-space:nowrap">A-3</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF ELECTION TO EXERCISE WARRANT FOR </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WARRANT HOLDERS HOLDING DIRECT REGISTRATION WARRANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TO BE COMPLETED BY REGISTERED HOLDER </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PHI GROUP, INC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Warrants to
Purchase ___________ Shares of Common Stock </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(TO BE EXECUTED UPON EXERCISE OF THE WARRANT) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned hereby irrevocably elects to exercise the right, represented by Warrants to purchase ________ shares of Common Stock of PHI Group, Inc. (the
&#147;Company&#148;), to purchase _____________ newly issued shares of Common Stock of the Company at the Exercise Price of $0.001 per share (as such Exercise Price may be adjusted pursuant to the Warrant Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned represents, warrants and promises that it has the full power and authority to exercise or convert and deliver the Warrants exercised or
converted hereby. Unless the undersigned is making an election to convert the Warrants as set forth below, the undersigned represents, warrants and promises that it has delivered or will deliver in payment for such shares $____________ by certified
or official bank or bank cashier&#146;s check payable to the order of the Company, or by wire transfer in immediately available funds of the aggregate Exercise Price to an account of the Warrant Agent specified in writing by the Warrant Agent for
such purpose, no later than 5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744;&nbsp;&nbsp;Please check
if the undersigned, in lieu of paying the Exercise Price as set forth in the preceding paragraph, elects to convert the Warrants by authorizing the Company to withhold from issuance a number of shares of Common Stock issuable upon exercise of the
Warrants which when multiplied by the Market Price of the Common Stock is equal to the aggregate price for the number of shares of Common Stock for which the Warrants are being converted at the Exercise Price (assuming the Exercise Price for all
such shares of Common Stock was being paid in cash), and such withheld shares shall no longer be issuable under the Warrants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the undersigned will be
receiving the shares of Common Stock issuable upon exercise or conversion of Warrants: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744;&nbsp;&nbsp;Please check if the undersigned is a U.S.
Citizen (additional information may be required by the Company to confirm that the undersigned is a U.S. Citizen) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744;&nbsp;&nbsp;Please check if the
undersigned is a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizen. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3-1 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the undersigned has designated another person (a &#147;designee&#148;) to receive the shares of Common
Stock issuable upon exercise or conversion of Warrants: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744;&nbsp;&nbsp;Please check if such designee is a U.S. Citizen (additional information may be
required by the Company to confirm that such designee is a U.S. Citizen) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744;&nbsp;&nbsp;Please check if such designee is a <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Citizen. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned requests that the shares of Common Stock purchased hereby be in registered form in
the authorized denominations, registered in such names and delivered, all as specified in accordance with the instructions set forth below, provided that if the shares of Common Stock are evidenced by global securities, the shares of Common Stock
shall be registered in the name of the Depository or its nominee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOTE: THIS EXERCISE NOTICE MUST BE DELIVERED TO
THE WARRANT AGENT, PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION DATE. THE WARRANT AGENT SHALL NOTIFY YOU (THROUGH THE CLEARING SYSTEM) OF (1)&nbsp;THE WARRANT AGENT&#146;S ACCOUNT AT THE DEPOSITORY TO WHICH YOU MUST DELIVER YOUR
WARRANTS ON THE EXERCISE DATE AND (2)&nbsp;THE ADDRESS, PHONE NUMBER AND FACSIMILE NUMBER WHERE YOU CAN CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NAME OF DIRECT PARTICIPANT IN THE
DEPOSITORY:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PLEASE PRINT) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ADDRESS:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CONTACT NAME:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ADDRESS:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TELEPHONE&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FAX&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF
APPLICABLE):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACCOUNT FROM WHICH THE WARRANTS ARE BEING DELIVERED:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DEPOSITORY&nbsp;ACCOUNT&nbsp;NO.:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3-2 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WARRANT EXERCISE NOTICES WILL ONLY BE VALID IF DELIVERED IN ACCORDANCE WITH THE INSTRUCTIONS SET FORTH IN
THIS NOTIFICATION (OR AS OTHERWISE DIRECTED), MARKED TO THE ATTENTION OF &#147;WARRANT EXERCISE&#148;. WARRANT HOLDER DELIVERING THE WARRANTS, IF OTHER THAN THE DIRECT DTC PARTICIPANT DELIVERING THIS WARRANT EXERCISE NOTICE: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NAME:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;(PLEASE PRINT) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CONTACT&nbsp;NAME:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TELEPHONE&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FAX&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SOCIAL&nbsp;SECURITY&nbsp;OR&nbsp;OTHER&nbsp;TAXPAYER&nbsp;IDENTIFICATION&nbsp;NUMBER&nbsp;(IF&nbsp;APPLICABLE):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp; </P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACCOUNT TO WHICH THE SHARES OF COMMON STOCK ARE TO
BE CREDITED: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DEPOSITORY&nbsp;ACCOUNT&nbsp;NO.:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FILL IN FOR DELIVERY OF THE COMMON
STOCK, IF OTHER THAN TO THE PERSON DELIVERING THIS WARRANT EXERCISE NOTICE: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NAME:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;(PLEASE PRINT) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ADDRESS:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp; </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CONTACT&nbsp;NAME:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TELEPHONE&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FAX&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SOCIAL&nbsp;SECURITY&nbsp;OR&nbsp;OTHER&nbsp;TAXPAYER&nbsp;IDENTIFICATION&nbsp;NUMBER&nbsp;(IF&nbsp;APPLICABLE):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NUMBER OF SHARES OF COMMON STOCK FOR WHICH
THE WARRANT IS BEING EXERCISED (ONLY ONE EXERCISE PER WARRANT EXERCISE NOTICE): </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3-3 </P>

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<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signature:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Capacity in which
Signing:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signature Guaranteed </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BY:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signatures must be guaranteed
by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company&#146;s transfer agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3-4 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT B </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF ASSIGNMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(TO BE
EXECUTED BY THE REGISTERED HOLDER </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">IF SUCH HOLDER DESIRES TO TRANSFER A WARRANT) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FOR VALUE RECEIVED, the undersigned registered holder hereby sells, assigns and transfers unto </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Assignee </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address of Assignee </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Warrants to purchase <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> shares of
Common Stock held by the undersigned, together with all right, title and interest therein, and does irrevocably constitute and appoint attorney, to transfer such Warrants on the books of the Warrant Agent, with full power of substitution. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signature </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Social Security or Other Taxpayer Identification Number of Assignee </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SIGNATURE GUARANTEED BY: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signatures must be guaranteed by a participant in a
Medallion Signature Guarantee Program at a guarantee level acceptable to the Company&#146;s transfer agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT C </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WARRANT SUMMARY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NUMBER OF WARRANTS:
Initially, 6,184,046 Warrants, subject to adjustment as described in the Creditor Warrant Agreement dated as of September&nbsp;4, 2019 between PHI Group, Inc. (the &#147;Company&#148;) and American Stock Transfer&nbsp;&amp; Trust Company, LLC (the
&#147;Warrant Agent&#148;) (as supplemented or amended, the &#147;Warrant Agreement&#148;), each of which is exercisable or convertible for one share of the Company&#146;s common stock, par value $0.001 per share. This summary is not complete and
reference is made to the Warrant Agreement for the terms of the Warrants. In the event of any conflict, the terms of the Warrant Agreement shall control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EXERCISE PRICE: $0.001 per Warrant (subject to adjustment as provided in the Warrant Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HOLDER NOT DEEMED A STOCKHOLDER: Prior to the exercise or conversion of any Warrant, no holder thereof, as such, shall be entitled to any rights of a
stockholder of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. AVIATION LAWS LIMITATIONS ON EXERCISE OR CONVERSION: The right to exercise or convert Warrants is subject to the
limitations on ownership of the Common Stock by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens set forth in the Warrant Agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FORM OF
SETTLEMENT: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Full Settlement: If Full Physical Settlement is elected, the Company shall deliver, against payment of the Exercise Price, a number of shares
of Common Stock equal to the number of Warrants exercised or converted, as such number may be adjusted pursuant to the terms of the Warrant Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cashless Conversion: If Cashless Conversion is elected, the Company will withhold from issuance a number of shares of Common Stock issuable upon the
conversion of the Warrants which, when multiplied by the Market Price of the Common Stock, is equal to the aggregate price for the number of shares of Common Stock for which the Warrants are being converted at the Exercise Price (assuming the
Exercise price for all such shares of Common Stock was being paid in cash), and such withheld shares shall no longer be issuable under the Warrants. The Warrants are also subject to conversion, in whole or in part, at the sole discretion of the
Company, as and to the extent provided in the Warrant Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DATES OF EXERCISE OR CONVERSION: At any time, and from time to time, prior to the Close
of Business on the Expiration Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EXPIRATION DATE: September&nbsp;4, 2044. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT D </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMERICAN STOCK TRANSFER&nbsp;&amp; TRUST COMPANY, LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FEE SCHEDULE TO SERVE AS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WARRANT AGENT FOR </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PHI
GROUP, INC. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>A.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>FEES FOR SERVICES </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Acceptance Fee </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Monthly
Administration Fee </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>B.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SERVICES COVERED </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Designating an operational team to establish Warrant Agent procedures and duties, including review of draft
agreements, offer document, execution of legal agreement, project management, and <FONT STYLE="white-space:nowrap">on-going</FONT> project updates and reporting </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Establish Warrant Issues under Client&#146;s on American Stock Transfer&nbsp;&amp; Trust Company, LLC&#146;s
record keeping system </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Coordinate Warrant transfer and conversion procedures with DTC </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Process transfer and/or conversion requests by issuing certificates </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Tracking and reporting the number of warrants issued, transferred, outstanding and exercised, as required
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Processing Warrants received and converted </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Deposit Warrant conversion checks and incoming wire transfers daily and forward all participant funds to Client
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Providing receipt summation of checks and wire transfers received </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Issuing and mailing stock certificates, DRS share statements and warrants </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Affixing legends to appropriate stock certificates, where applicable </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Replace lost, stolen or destroyed securities in accordance with UCC guidelines and American Stock
Transfer&nbsp;&amp; Trust Company, LLC policy (subject to shareholder-paid fee and bond premium) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Process and post address changes plus mail confirmations if required </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Obtain <FONT STYLE="white-space:nowrap">W-9</FONT> and <FONT STYLE="white-space:nowrap">W8-BEN</FONT>
certifications </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Comply with SEC mandated annual lost shareholder search </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D-1 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Perform OFAC (Office of Foreign Asset Control) and Patriot Act reporting </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Produce daily transfer reports and post them for online viewing </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">** Payment to DTCC of their Corporate Actions Eligibility Fee for the establishment of the new CUSIP number, as
incurred. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Depository Trust Company (&#147;DTC&#148;) submitted a proposed rule change (File No. <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">SR-DTC-2015-012)</FONT></FONT></FONT> to the Securities and Exchange Commission pursuant to Section&nbsp;19(b)(3)(A) of the Securities Exchange Act of 1934
to implement a fee called the Corporate Actions Eligibility Fee (&#147;New Fee&#148;) that would be charged to the transfer agent of any <FONT STYLE="white-space:nowrap">DTC-eligible</FONT> security when DTC is requested to make a new CUSIP eligible
for DTC services in connection with a corporate action event relating to the security. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amount of the New Fee is $1,000 per new CUSIP
for any security that is made eligible at DTC in connection with a Corporate Action. The proposed rule change was implemented on January&nbsp;1, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The full text of the proposed rule change may be obtained by visiting DTCC&#146;s website at
<U><FONT STYLE="white-space:nowrap">http://www.dtcc.com/en/legal/sec-rule-filings.aspx</FONT></U>. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>C.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>ITEMS NOT COVERED </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Items not specified in the &#147;Services Covered&#148; section set forth in this Agreement, including any
services associated with new duties, legislation or regulatory fiat which become effective after the date of this Agreement (these will be provided on an appraisal basis) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">All <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses such
as telephone line charges, certificates, checks, postage, stationery, wire transfers, etc. (these will be billed as incurred) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Warrant Agreement subject to review by American Stock Transfer&nbsp;&amp; Trust Company, LLC&#146;s outside
counsel. Applicable fees charged as incurred. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>D.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>ASSUMPTIONS </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Fee schedule based upon information known at this time about the transaction Significant changes made in the
terms or requirements of this transaction could require modifications to this fee schedule </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.4 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EQUITY HOLDER WARRANT AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Between </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PHI GROUP, INC., </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AS ISSUER, </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">And </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMERICAN STOCK TRANSFER&nbsp;&amp; TRUST COMPANY, LLC, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AS WARRANT AGENT </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">September&nbsp;4, 2019 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">TABLE OF CONTENTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">I</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CERTAIN DEFINED TERMS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">APPOINTMENT OF WARRANT AGENT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ISSUANCE OF WARRANTS; FORM, EXECUTION AND DELIVERY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">TRANSFER OR EXCHANGE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">DURATION AND EXERCISE OF WARRANTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF SHARES PURCHASABLE OR NUMBER OF WARRANTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CANCELLATION OF WARRANTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">MUTILATED OR MISSING WARRANT CERTIFICATES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">MERGER, CONSOLIDATION, ETC.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">RESERVATION OF SHARES; CERTAIN ACTIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">NOTIFICATION OF CERTAIN EVENTS; CORPORATE ACTION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">WARRANT AGENT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SEVERABILITY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;14.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HOLDER NOT DEEMED A STOCKHOLDER</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;15.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">NOTICES TO COMPANY AND WARRANT AGENT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SUPPLEMENTS AND AMENDMENTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">TERMINATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;18.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GOVERNING LAW AND CONSENT TO FORUM</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;19.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">WAIVER OF JURY TRIAL</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;20.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BENEFITS OF THIS AGREEMENT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;21.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">COUNTERPARTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;22.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HEADINGS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;23.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CONFIDENTIALITY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;24.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">REPRESENTATIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;25.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">NO SUSPENSION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT <FONT STYLE="white-space:nowrap">A-1</FONT> FORM OF FACE OF GLOBAL EQUITY
HOLDER WARRANT CERTIFICATE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT <FONT STYLE="white-space:nowrap">A-2</FONT> FORM OF FACE OF INDIVIDUAL WARRANT
CERTIFICATE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-2</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT <FONT STYLE="white-space:nowrap">A-3</FONT> FORM OF ELECTION TO EXERCISE
WARRANT FOR WARRANT HOLDERS HOLDING DIRECT REGISTRATION WARRANTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-3</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT B FORM OF ASSIGNMENT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">B-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT C WARRANT SUMMARY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">C-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT D AMERICAN STOCK TRANSFER&nbsp;&amp; TRUST COMPANY, LLC FEE SCHEDULE TO SERVE
AS WARRANT AGENT FOR PHI GROUP, INC.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">D-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This EQUITY HOLDER WARRANT AGREEMENT (this &#147;Agreement&#148;) is dated as of
September&nbsp;4, 2019, between PHI Group, Inc., a Delaware corporation, as issuer (the &#147;Company&#148;), and American Stock Transfer&nbsp;&amp; Trust Company, LLC (the &#147;Warrant Agent&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">W I T N E SS E T H </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, in
connection with the voluntary petition of relief filed by PHI, INC. and certain of its subsidiaries (collectively, the &#147;Debtors&#148;) under chapter 11 of the United States Bankruptcy Court for the Northern District of Texas (the
&#147;Bankruptcy Court&#148;) to pursue a financial restructuring pursuant to the Third Amended Joint Plan of Reorganization (the &#147;Plan&#148;), which Plan was approved by the Bankruptcy Court on August&nbsp;2, 2019, the Company has agreed to
issue to certain equity holders of the Company at the time of consummation of the restructuring contemplated by the Plan warrants which are exercisable or convertible to purchase up to 1,687,500 shares of the Company&#146;s common stock, par value
$0.001 per share (&#147;Common Stock&#148;), subject to adjustment as provided herein (the &#147;Warrants&#148;), in each case to the extent there are no limitations on the issuance of Common Stock pursuant to the Warrants as determined by the
Company in its reasonable discretion to assure compliance with applicable regulatory requirements; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company desires to engage
the Warrant Agent to act on behalf of the Company in connection with the issuance, registration, transfer, exchange, replacement, exercise, conversion and cancellation of the Warrants; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Warrant Agent, at the request of the Company, has agreed to act as the agent of the Company in connection with the issuance,
transfer, exchange, replacement, exercise and conversion of the Warrants as provided herein; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company desires to enter
into this Agreement to set forth the terms and conditions of the Warrants and the rights of the Holders thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in
consideration of the premises and mutual agreements herein set forth, the parties hereto agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 1. <U>Certain Defined
Terms</U>. Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the meanings specified in this Section. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agreement</U>&#148; has the meaning specified in the preamble hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Appropriate Officer</U>&#148; has the meaning specified in Section&nbsp;3(c) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; means any date other than a Saturday or a Sunday or a day on which commercial banking institutions in New York
City, New York are authorized or required by law to be closed; provided, that in determining the period within which Warrant Certificates or Warrants are to be issued and delivered at a time when shares of Common Stock (or Other Securities) are
listed or admitted to trading on any national securities exchange or in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market and in determining the Market Price of any securities listed or
admitted to trading on any national securities exchange or in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market, &#147;Business Day&#148; shall mean any day when the principal exchange on
which such securities are then listed or admitted to trading is open for trading or, if such securities are traded in the <FONT STYLE="white-space:nowrap">over-the</FONT> counter market in the United States, such market is open for trading. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Change of Control</U>&#148; means a merger or consolidation of the Company with
another entity and as a result of the merger or consolidation less than 50% of the outstanding voting power of the surviving or resulting parent entity shall then be owned in the aggregate by the stockholders of the Company immediately prior
thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cashless Conversion</U>&#148; has the meaning specified in Section&nbsp;5(c)(ii) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Charter</U>&#148; means, with respect to any Person, such Person&#146;s certificate or articles of incorporation, articles of
association or similar organizational document, in each case as may be amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Common Stock</U>&#148; has the
meaning specified in the recitals hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Depository</U>&#148; has the meaning specified in Section&nbsp;3(b) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Direct Registration Warrant</U>&#148; has the meaning specified in Section&nbsp;3(a) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Effective Date</U>&#148; has the meaning specified in the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excess Shares</U>&#148; has the meaning specified in the Company&#146;s Charter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchange Act</U>&#148; has the meaning specified in Section&nbsp;5(m)(iv) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exercise Price</U>&#148; means the initial exercise price for the Warrants as set forth in Section&nbsp;5(b) hereof, as it may be
adjusted from time to time as provided herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Expiration Date</U>&#148; has the meaning specified in Section&nbsp;5(a) hereof.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Ex-Date</FONT></U>&#148; means, when used with respect to any dividend or distribution declared
in respect of the Common Stock or any Other Securities, the first date on which the Common Stock or such Other Securities trade without the right to receive such dividend or distribution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Funds</U>&#148; has the meaning specified in Section&nbsp;12(o) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Global Warrant Certificate</U>&#148; has the meaning specified in Section&nbsp;3(b) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Holder</U>&#148; means the registered holder or holders of Warrant Certificates, unless the context otherwise requires. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Individual Warrant Certificate</U>&#148; has the meaning specified in Section&nbsp;3(b) hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Market Price</U>&#148; means, with respect to Common Stock or any Other Security,
the arithmetic average of the daily VWAP of a share or single unit of such Other Security for the twenty (20)&nbsp;consecutive trading days on which such security traded immediately preceding the date of measurement, or, if such security is not
listed or quoted on the New York Stock Exchange, NASDAQ Stock Market or a U.S. national or regional securities exchange, the average of the reported closing bid and asked prices of such security on such dates in the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market administered by the OTC Markets Group or in any comparable automated system of quotations of securities prices; provided, however, that if at such date of measurement there is
otherwise no established trading market for such security, or such security has been listed, quoted or traded since the Effective Date for less than twenty (20)&nbsp;days, then &#147;Market Price&#148; means the value of such Common Stock or Other
Security as determined reasonably and in good faith by the Board of Directors of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizen</U>&#148; has the meaning specified in the Company&#146;s Charter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Securities</U>&#148; or &#147;<U>Other Security</U>&#148; means any stock (other than Common Stock) and other securities of the
Company or any other Person that the Holder at any time shall be entitled to receive or shall have received, upon the exercise or conversion of the Warrants, in lieu of or in addition to Common Stock, or that at any time shall be issuable or shall
have been issued in exchange for or in replacement of Common Stock or Other Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148; means any individual,
corporation, limited liability company, partnership, firm, joint venture, association, joint-stock company, trust or other entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Plan</U>&#148; has the meaning specified in the recitals hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securities Act</U>&#148; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Settlement Date</U>&#148; means the date that is the third Business Day after a Warrant Exercise Notice is delivered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Aviation Laws</U>&#148; has the meaning specified in the Company&#146;s Charter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Citizen</U>&#148; has the meaning specified in the Company&#146;s Charter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>VWAP</U>&#148; means for any trading day, the price for securities (including Common Stock) determined by the daily volume weighted
average price per unit of securities for such trading day on the New York Stock Exchange or NASDAQ Stock Market, as the case may be, in each case, for the regular trading session (including any extensions thereof, without regard to <FONT
STYLE="white-space:nowrap">pre-open</FONT> or after hours trading outside of such regular trading session), or if such securities are not listed or quoted on the New York Stock Exchange or NASDAQ Stock Market, as reported by the principal U.S.
national or regional securities exchange on which such securities are then listed or quoted, whichever is applicable, as published by Bloomberg at 4:15 P.M., New York City time (or 15 minutes following the end of any extension of the regular trading
session), on such trading day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Warrant Agent</U>&#148; has the meaning specified in the preamble hereof and any successor
Warrant Agent hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Warrant Agent Office</U>&#148; has the meaning specified in Section&nbsp;4(g)(iv) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Warrant Certificate</U>&#148; has the meaning specified in Section&nbsp;3(b) hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Warrant Exercise Notice</U>&#148; has the meaning specified in Section&nbsp;5(c)(i)
hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Warrant Register</U>&#148; has the meaning specified in Section&nbsp;3(d) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Warrant Shares</U>&#148; has the meaning specified in Section&nbsp;3(a) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Warrant Spread</U>&#148; has the meaning specified Section&nbsp;6(c) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Warrant Statement</U>&#148; has the meaning specified in Section&nbsp;3(b) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Warrants</U>&#148; has the meaning specified in the recitals hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2. <U>Appointment of Warrant Agent</U>. The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance
with the express terms and conditions set forth in this Agreement (and no implied terms and conditions), and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the express terms and conditions set
forth in this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 3. <U>Issuance of Warrants; Form, Execution and Delivery</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Issuance of Warrants</U>. On the Effective Date or a date that is as soon as reasonably practicable after the Effective Date, the
Warrants will be issued by the Company in the amounts and to the recipients specified in or determinable under the Plan. In accordance with Section&nbsp;4 hereof and the Plan, the Company will cause to be issued to the Depository one or more Global
Warrant Certificates evidencing the Warrants to the extent such Warrants are not evidenced by Individual Warrant Certificates or by book-entry registration on the books and records of the Warrant Agent (&#147;Direct Registration Warrants&#148;). In
accordance with Section&nbsp;4 hereof and the Plan, the Company will cause to be issued to the applicable registered Holders, one or more Individual Warrant Certificates evidencing such Warrants or Direct Registration Warrants. Each Direct
Registration Warrant and each Warrant evidenced by a Global Warrant Certificate or Individual Warrant Certificate shall entitle the Holder, upon proper exercise and payment or conversion of such Warrant, to receive from the Company, as adjusted as
provided herein and subject to (i)&nbsp;the U.S. Aviation Laws limitations on ownership of Warrant Shares by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens set forth in Section&nbsp;5(m) hereof and (ii)&nbsp;any limitations as determined
by the Company in its reasonable discretion to assure compliance with applicable regulatory requirements, if applicable, one share of Common Stock. The shares of Common Stock (as provided pursuant to Section&nbsp;6 hereof) and/or Other Securities
deliverable upon proper exercise or conversion of the Warrants are referred to herein as &#147;Warrant Shares&#148;. The Company shall promptly notify the Warrant Agent in writing upon the occurrence of the Effective Date and, if such notification
is given orally, the Company shall confirm the same in writing on or prior to the Business Day next following. Until such notice is received by the Warrant Agent, the Warrant Agent may presume conclusively for all purposes that the Effective Date
has not occurred. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Form of Warrant</U>. Subject to Section&nbsp;4 of this Agreement, each of the Warrants shall be issued
(i)&nbsp;in the form of one or more global certificates (the &#147;Global Warrant Certificates&#148;) in substantially the form of Exhibit <FONT STYLE="white-space:nowrap">A-1</FONT> attached, hereto, with the form of assignment to be printed on the
reverse thereof, in substantially the form set forth in Exhibit B attached hereto, (ii)&nbsp;in certificated form in the form of one or more individual certificates (the &#147;Individual Warrant </P>
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Certificates&#148;) in substantially the form of Exhibit <FONT STYLE="white-space:nowrap">A-2</FONT> attached hereto, with the form of assignment to be printed on the reverse thereof, in
substantially the form set forth in Exhibit <FONT STYLE="white-space:nowrap">B-2</FONT> attached hereto, and/or (iii)&nbsp;in the form of Direct Registration Warrants reflected on statements issued by the Warrant Agent from time to time to the
holders thereof reflecting such book-entry position (the &#147;Warrant Statements&#148;); provided, that any Individual Warrant Certificates or Direct Registration Warrants that are not subject to any vesting requirements or transfer restrictions
under applicable securities laws may be exchanged at any time for Global Warrant Certificates representing a corresponding number of Warrants, in accordance with Section&nbsp;4(d) and the applicable procedures of the Depository and the Warrant
Agent. Such Warrant Statements representing Warrants shall include as an attachment thereto the &#147;Warrant Summary&#148; as set forth in Exhibit C attached hereto. The Global Warrant Certificates and Individual Warrant Certificates (collectively,
the &#147;Warrant Certificates&#148;) and Warrant Statements may bear such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Agreement, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may be required to comply with the rules and regulations of The Depository Trust Company or any successor thereof (the &#147;Depository&#148;) in the case of the Global Warrant
Certificates, with any law or with any rules made pursuant thereto or with any rules of any securities exchange or as may be determined, consistently herewith and reasonably acceptable to the Warrant Agent and provided, in each case, that they do
not affect the rights, duties, obligations, responsibilities, liabilities or indemnities of the Warrant Agent, by (i)&nbsp;in the case of Warrant Certificates, the Appropriate Officers executing such Warrant Certificates, as evidenced by their
execution of the Warrant Certificates and (ii)&nbsp;in the case of Warrant Statements, any Appropriate Officer. The Global Warrant Certificates shall be deposited on or after the date hereof with the Warrant Agent and registered in the name of
Cede&nbsp;&amp; Co. or any successor thereof, as the Depository&#146;s nominee. Each Warrant Certificate shall represent such number of the outstanding Warrants as specified therein, and each shall provide that it shall represent the aggregate
amount of outstanding Warrants from time to time endorsed thereon and that the aggregate amount of outstanding Warrants represented thereby may from time to time be reduced or increased, as appropriate, in accordance with the terms of this
Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Execution of Warrants</U>. Warrant Certificates shall be signed on behalf of the Company by its Chairman of the Board,
its Chief Executive Officer, its Chief Financial Officer, its Treasurer or any Executive Vice President of the Company (each, an &#147;Appropriate Officer&#148;), and by the Secretary or any Assistant Secretary of the Company. Each such signature
upon the Warrant Certificates may be in the form of a facsimile or electronic signature of any such Appropriate Officer, Secretary or Assistant Secretary and may be imprinted or otherwise reproduced on the Warrant Certificates and for that purpose
the Company may adopt and use the facsimile or electronic signature of any Appropriate Officer, the Secretary or any Assistant Secretary who shall have been serving as an Appropriate Officer, the Secretary, or an Assistant Secretary at the time of
entering into this Agreement or issuing such Warrant Certificate. If any Appropriate Officer, the Secretary or any Assistant Secretary who shall have signed any of the Warrant Certificates shall cease to be such Appropriate Officer, the Secretary or
an Assistant Secretary before the Warrant Certificates so signed shall have been countersigned by the Warrant Agent or disposed of by the Company, such Warrant Certificates nevertheless may be countersigned and delivered or disposed of as though
such Appropriate Officer, Secretary or Assistant Secretary had not ceased to be such Appropriate Officer, Secretary or Assistant Secretary, and any Warrant Certificate may be signed on behalf of the Company by any person who, at the actual date of
the execution of such Warrant Certificate, shall be a proper Appropriate Officer, Secretary or Assistant Secretary, although at the date of the execution of this Agreement any such person was not such Appropriate Officer, Secretary or Assistant
Secretary. Warrant Certificates shall be dated the date of countersignature by the Warrant Agent and shall represent one or more whole Warrants. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Countersignature</U>. Upon receipt of a written order of the Company signed by an
Appropriate Officer instructing the Warrant Agent to countersign and accompanied by Warrant Certificates duly executed on behalf of the Company, the Warrant Agent, on behalf of the Company, shall countersign one or more Warrant Certificates
evidencing the Warrants and shall deliver such Warrant Certificates to or upon such written order of the Company. Such written order of the Company shall specifically state the number of Warrants that are to be represented by such Warrant
Certificate and the Warrant Agent may rely conclusively on such order. Each Warrant shall be, and shall remain, subject to the provisions of this Agreement until such time as all of the Warrants evidenced thereby shall have been duly exercised or
converted or shall have expired or been canceled in accordance with the terms hereof. Each Holder shall be bound by all of the terms and provisions of this Agreement (a copy of which is available on request to the Secretary of the Company) and any
amendments thereto as fully and effectively as if such Holder had signed the same. No Warrant Certificate shall be valid for any purpose, and no Warrant evidenced thereby shall be exercisable or convertible, until such Warrant Certificate has been
countersigned by the manual, facsimile or electronic signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall be conclusive evidence that such Warrant Certificate so countersigned
has been duly issued hereunder. The Warrant Agent shall keep, at an office designated for such purpose, books (the &#147;Warrant Register&#148;) in which, subject to such reasonable regulations as it may prescribe, it shall register any Warrant
Certificates or Direct Registration Warrants and exchanges and transfers of outstanding Warrants in accordance with the procedures set forth in Section&nbsp;4 of this Agreement, all in form satisfactory to the Company and the Warrant Agent. The
Company may require payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be imposed on the Holder in connection with any such exchange or registration of transfer. The Warrant Agent shall have no
obligation to effect an exchange or register a transfer unless and until any payments required by the immediately preceding sentence have been made. Prior to due presentment for registration of transfer or exchange of any Warrant in accordance with
the procedures set forth in this Agreement, the Warrant Agent and the Company may deem and treat the person in whose name any Warrant is registered as the absolute owner of such Warrant (notwithstanding any notation of ownership or other writing
made in a Warrant Certificate by anyone), for the purpose of any exercise or conversion thereof, any distribution to the Holder thereof and for all other purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4. <U>Transfer or Exchange</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Transfer and Exchange of Global Warrant Certificates or Beneficial Interests Therein</U>. The transfer and exchange of Global Warrant
Certificates or beneficial interests therein shall be effected through the Depository, in accordance with the terms of this Agreement and the Warrant Certificates and the procedures of the Depository. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Exchange of a Beneficial Interest in a Global Warrant Certificate for an Individual
Warrant Certificate or Direct Registration Warrant</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) Any Holder of a beneficial interest represented by a Global Warrant
Certificate may, upon request, exchange such beneficial interest for a Direct Registration Warrant or a Warrant represented by an Individual Warrant Certificate. A transferor of a beneficial interest represented by a Global Warrant Certificate (or
the Depository or its nominee on behalf of such transferor) shall, but only to the extent required by the procedures of the Depository in connection with such transfer or exchange, deliver to the Warrant Agent (I)&nbsp;written instructions or such
other form of instructions as is customary for the Depository on behalf of any Person having a beneficial interest in a Global Warrant Certificate, and all other reasonably necessary information, and (II)&nbsp;an instruction of transfer in form
reasonably satisfactory to the Warrant Agent which, with respect to a transfer of a Global Warrant only, shall be duly authorized in writing and duly executed by the Holder thereof or by such Holder&#146;s attorney. Upon satisfaction of the
conditions in this Clause (i)&nbsp;of Section&nbsp;4(b), the Warrant Agent shall cause, in accordance with the standing instructions and procedures existing between the Depository and the Warrant Agent, the number of Warrants represented by the
Global Warrant Certificate to be reduced by the number of Warrants to be represented by an Individual Warrant Certificate or Direct Registration Warrant, as the case may be, to be issued in exchange for the beneficial interest of such Person in the
Global Warrant Certificate and, following such reduction, (A)&nbsp;in the case of an exchange for an Individual Warrant Certificate (x)&nbsp;the Company shall issue and the Warrant Agent shall either manually or by facsimile countersign an
Individual Warrant Certificate representing the appropriate number of Warrants and (y)&nbsp;the Warrant Agent shall deliver such Individual Warrant Certificate to the registered Holder thereof, or (B)&nbsp;in the case of an exchange for a Direct
Registration Warrant, the Warrant Agent shall register such Direct Registration Warrants in accordance with such written instructions from the Depository and deliver to such holder a Warrant Statement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) Warrants represented by an Individual Warrant Certificate issued in exchange for a beneficial interest in a Global Warrant Certificate
pursuant to this Section&nbsp;4(b) shall be issued in such names as the Depository, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Warrant Agent. The Warrant Agent shall deliver Individual Warrant
Certificates evidencing such issuance to the Persons in whose names such Individual Warrant Certificates are so issued. Direct Registration Warrants issued in exchange for a beneficial interest in a Global Warrant Certificate pursuant to this
Section&nbsp;4(b) shall be registered in such names as the Depository, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Warrant Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Transfer and Exchange of Individual Warrant Certificates or Direct Registration Warrants</U>. When the registered Holder of an
Individual Warrant Certificate or Direct Registration Warrant has presented to the Warrant Agent a written request: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) to register the
transfer of any Individual Warrant Certificate or Direct Registration Warrant; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) to exchange any Individual Warrant Certificate or
Direct Registration Warrant for a Direct Registration Warrant or an Individual Warrant Certificate, respectively, representing an equal number of Warrants of authorized denominations, the Warrant Agent shall register the transfer or make the
exchange as requested if (x)&nbsp;its customary requirements for such transactions are met and (y)&nbsp;such transfer or exchange otherwise satisfies the provisions of this Agreement; provided, however, that the Warrant Agent has received a written
instruction of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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transfer or exchange, as applicable, in form reasonably satisfactory to the Warrant Agent, properly completed and duly executed by the Holder thereof or by his attorney, duly authorized in
writing and a written order of the Company signed by an Appropriate Officer authorizing such exchange. A party requesting transfer of Warrants must provide any evidence of authority that may be reasonably required by the Warrant Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Restrictions on Transfer and Exchange of Individual Warrant Certificates or Direct Registration Warrants for a Beneficial Interest in a
Global Warrant Certificate</U>. Neither an Individual Warrant Certificate nor a Direct Registration Warrant may be exchanged for a beneficial interest in a Global Warrant Certificate pursuant to this Agreement except upon satisfaction of the
requirements set forth below. Upon receipt by the Warrant Agent of appropriate instruments of transfer with respect to an Individual Warrant Certificate or Direct Registration Warrant, in form reasonably satisfactory to the Warrant Agent, together
with written instructions directing the Warrant Agent to make, or to direct the Depository to make, an endorsement on the applicable Global Warrant Certificate to reflect an increase in the number of Warrants represented by such Global Warrant
Certificate equal to the number of Warrants represented by such Individual Warrant Certificate or Direct Registration Warrant, and all other necessary information, then the Warrant Agent shall cancel such Individual Warrant Certificate or Direct
Registration Warrant on the Warrant Register and cause, or direct the Depository to cause, in accordance with the standing instructions and procedures existing between the Depository and the Warrant Agent, the number of Warrants represented by such
Global Warrant Certificate to be increased accordingly. If no Global Warrant Certificates are then outstanding, the Company shall issue and the Warrant Agent shall either manually or by facsimile countersign a new Global Warrant Certificate
representing the appropriate number of Warrants. Any such transfer shall be subject to the Company&#146;s prior written approval. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)
<U>Restrictions on Transfer and Exchange of Global Warrant Certificates</U>. Notwithstanding any other provisions of this Agreement (other than the provision set forth in Section&nbsp;4(f)), a Global Warrant Certificate may not be transferred as a
whole except by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such successor
Depository. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Cancellation of Warrant Certificate</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) At such time as all beneficial interests in Warrant Certificates and Direct Registration Warrants have been exchanged for Common Stock in
accordance herewith, redeemed, repurchased or cancelled, all Warrant Certificates shall be returned to, or cancelled and retained pursuant to applicable law by, the Warrant Agent, upon written instructions from the Company reasonably satisfactory to
the Warrant Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) If at any time: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(A) the Depository for the Global Warrant Certificates notifies the Company that the Depository is unwilling or unable to continue as
Depository for the Global Warrant Certificates and a successor Depository for the Global Warrant Certificates is not appointed by the Company within 90 days after delivery of such notice; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(B) the Company, in its sole discretion, notifies the Warrant Agent in writing that it
elects to exclusively cause the issuance of Individual Warrant Certificate and Direct Registration Warrants under this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">then the Warrant Agent,
upon written instructions signed by an Appropriate Officer of the Company, shall register Individual Warrants Certificates and Direct Registration Warrants, in an aggregate number equal to the number of Warrants represented by the Global Warrant
Certificates, in exchange for such Global Warrant Certificates. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Obligations with Respect to Transfers and Exchanges of
Warrants</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) To permit registrations of transfers and exchanges, the Company shall execute and the Warrant Agent is hereby authorized
to countersign, either by manual or facsimile signature, in accordance with the provisions of this Section&nbsp;4, Warrant Certificates, as required pursuant to the provisions of this Section&nbsp;4. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) All Warrant Certificates or Direct Registration Warrants issued upon any registration of transfer or exchange shall be the valid
obligations of the Company, entitled to the same benefits under this Agreement as the Warrant Certificates or Direct Registration Warrants surrendered upon such registration of transfer or exchange. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) So long as the Depository, or its nominee, is the registered owner of a Global Warrant Certificate, the Depository or such nominee, as
the case may be, will be considered the sole owner or Holder represented by such Global Warrant Certificate for all purposes under this Agreement, including, without limitation, for the purposes of (a)&nbsp;giving notices with respect to such
Warrants and (b)&nbsp;registering transfers with respect to such Warrants. Neither the Company nor the Warrant Agent, in its capacity as registrar for such Warrants, will have any responsibility or liability for any aspect of the records relating to
beneficial interests in a Global Warrant Certificate or for maintaining, supervising or reviewing any records relating to such beneficial interests. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) The Warrant Agent shall register the transfer of any outstanding Warrants in the Warrant Register at the Warrant Agent Office designated
for such purpose (the &#147;Warrant Agent Office&#148;) upon (a)&nbsp;receipt of all information required to be delivered hereunder, (b)&nbsp;if applicable, surrender of duly endorsed Warrant Certificates representing such Warrants, and
(c)&nbsp;receipt of a completed form of assignment duly authorized in writing substantially in the form attached as Exhibit B hereto, as the case may be, duly signed by the Holder thereof or by the duly appointed legal representative thereof or by
such Holder&#146;s attorney, such signature to be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level reasonably acceptable to the Warrant Agent. Upon any such registration of transfer, a new Warrant
Certificate or Warrant Statement, as the case may be, shall be issued to the transferee. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) The Warrant Agent shall not undertake the
duties and obligations of a stock transfer agent under this Agreement, or otherwise, including, without limitation, the duty to receive, issue or transfer shares of Common Stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Definitive Warrants</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) Beneficial interests represented by a Global Warrant Certificate deposited with the Depositary or with the Warrant Agent pursuant to
<U>Section</U><U></U><U>&nbsp;3(b)</U> shall be transferred to each beneficial owner thereof in the form of Warrant Certificates in a definitive form that is not deposited with the Depositary or with the Warrant Agent as custodian for the Depositary
(&#147;<U>Definitive Warrants</U>&#148;) evidencing a number of Warrants equivalent to such owner&#146;s beneficial interest in such Global Warrant Certificate, in exchange for such Global Warrant Certificate, only if such transfer complies with
<U>Section</U><U></U><U>&nbsp;4(a)</U> and (i)&nbsp;the Depositary notifies the Company in writing that it is unwilling or unable to continue as Depositary for such beneficial interests represented by such Global Warrant Certificate or if at any
time the Depositary ceases to be a &#147;clearing agency&#148; registered under the Securities Exchange Act, and, in each such case, a successor Depositary is not appointed by the Company within 90 days of such notice, (ii)&nbsp;the Company, in its
sole discretion, notifies the Warrant Agent in writing that it elects to cause the issuance of Definitive Warrants under this Agreement, or (iii)&nbsp;upon the request of any Holder, if the Company shall be adjudged bankrupt or insolvent or makes an
assignment for the benefit of its creditors or institutes proceedings to be adjudicated a bankrupt or shall consent to the filing of a bankruptcy proceeding against it, or shall file a petition or answer or consent seeking reorganization under
federal bankruptcy laws or any other similar applicable federal or state law, or shall consent to the filing of any such petition, or shall consent to the appointment of a receiver or custodian of all or any substantial part of its property, or
shall admit in writing its inability to pay or meet its debts as they mature, or if a receiver or custodian of it or all or any substantial part of its property shall be appointed, or if a public officer shall have taken charge or control of the
Company or of its property or affairs, for the purpose of rehabilitation, conservation or liquidation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) Any beneficial interests
represented by a Global Warrant Certificate that are transferable to the beneficial owners thereof in the form of Definitive Warrants pursuant to this <U>Section</U><U></U><U>&nbsp;4(h)</U> shall be surrendered by the Depositary to the Warrant
Agent, to be so transferred, in whole or from time to time in part, without charge, and the Warrant Agent shall if directed by an Officer of the Company countersign, by either manual or facsimile signature, and deliver to each beneficial owner in
the name of such beneficial owner, upon such transfer of each portion of such beneficial interests represented by a Global Warrant Certificate, Definitive Warrants evidencing a number of Warrants equivalent to such beneficial owner&#146;s beneficial
interest in the Global Warrant Certificate. The Warrant Agent shall register such transfer in the Registry, and upon such transfer the surrendered Global Warrant Certificate shall be cancelled by the Warrant Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) All Definitive Warrants issued upon registration of transfer pursuant to this <U>Section</U><U></U><U>&nbsp;4(h)</U> shall be the valid
obligations of the Company, evidencing the same obligations of the Company and entitled to the same benefits under this Agreement and the Global Warrant Certificate surrendered for registration of such transfer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) Subject to the provisions of <U>Section</U><U></U><U>&nbsp;4(h)(ii)</U>, the registered Holder of a Global Warrant Certificate may grant
proxies and otherwise authorize any Person to take any action that such Holder is entitled to take under this Agreement or the Warrants. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) In the event of the occurrence of any of the events specified in <U>Section</U><U></U><U>&nbsp;4(h)(i)</U>, the Company will promptly make
available to the Warrant Agent a reasonable supply of Definitive Warrants necessary to comply with this Agreement in definitive, fully registered form. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vi) Neither the Company nor the Warrant Agent shall be liable or responsible for any
registration or transfer of any Warrants that are registered or to be registered in the name of a fiduciary or the nominee of a fiduciary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5. <U>Duration and Exercise of Warrants</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Expiration Date</U>. The Warrants may be exercised only during the period commencing on the Effective Date and expiring on the third
(3rd) anniversary of the date that the Warrants are issued (the &#147;Expiration Date&#148;). After 5:00 p.m. New York City time on the Expiration Date, the Warrants will become void and without further legal effect, and all rights thereunder and
all rights in respect thereof under this Agreement shall cease as of such time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Exercise Price</U>. On and after the Effective
Date, the Exercise Price for the Warrants shall be $24.98 per share (subject to adjustment as provided herein). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Manner of
Exercise</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <U>Cash Payment</U>. Subject to the provisions of this Agreement, including the U.S. Aviation Laws limitations on
ownership of Warrant Shares by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens set forth in Section&nbsp;5(m) hereof and the adjustments contained in Section&nbsp;6 hereof, each Warrant shall entitle the Holder thereof to purchase from the
Company one fully paid and nonassessable share of Common Stock at the Exercise Price. All or any of the Warrants represented by a Warrant Certificate or in the form of Direct Registration Warrants may be exercised by the registered Holder thereof
during normal business hours on any Business Day, by delivering (A)&nbsp;written notice of such election (&#147;Warrant Exercise Notice&#148;) to exercise Warrants to the Company (at the address set forth in Section&nbsp;15) and the Warrant Agent at
the Warrant Agent Office, no later than 5:00 p.m., New York City time, on the Expiration Date, which Warrant Exercise Notice shall be (i)&nbsp;substantially in the &#147;Form of Election&#148; set forth in Exhibit
<FONT STYLE="white-space:nowrap">A-1,</FONT> in the case of Warrants represented by a Global Warrant Certificate, (ii)&nbsp;substantially in the &#147;Form of Election&#148; set forth in Exhibit <FONT STYLE="white-space:nowrap">A-2,</FONT> in the
case of Warrants represented by Individual Warrant Certificates and (iii)&nbsp;substantially in the form set forth in Exhibit <FONT STYLE="white-space:nowrap">A-3,</FONT> in the case of Direct Registration Warrants; and (B)&nbsp;by no later than
5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement Date, such Warrants to the Warrant Agent (by book-entry transfer through the facilities of the Depository, if such Warrants are represented by a Global Warrant
Certificate). Such Warrant Certificate (if such Warrant is represented by a certificate) and the documents referred to in clauses (A)&nbsp;and (B) of the immediately preceding sentence shall be accompanied by payment in full in respect of each
Warrant that is exercised, which shall be made by delivery of a certified or official bank or bank cashier&#146;s check payable to the order of the Company, or by wire transfer to an account specified in writing by the Company or the Warrant Agent
in immediately available funds. Such payment shall be in an amount equal to the product of the number of shares of Common Stock designated in such Warrant Exercise Notice multiplied by the Exercise Price for the Warrants being exercised, in each
case as adjusted herein. Upon such surrender and payment, such Holder shall thereupon be entitled to receive the number of duly authorized, validly issued, fully paid and nonassessable Warrant Shares as set forth in Section&nbsp;5(d) and
Section&nbsp;5(h). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) <U>Cashless Conversion</U>. Subject to the provisions of this Agreement, the Holder
shall have the right, in lieu of paying the Exercise Price of Warrants in cash, to instruct the Company in writing to reduce the number of shares of Common Stock issuable pursuant to the conversion of such Warrants (the &#147;Cashless
Conversion&#148;) in accordance with the following formula: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">X = Y(A &#150; B) &divide; A </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">where: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">X = the number of Warrant
Shares to be issued to the Holder upon conversion of the Warrants; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Y = the total number of Warrant Shares for which the Holder has elected
to exercise the applicable Warrants; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">A = the Market Price of one Warrant Share determined as of the Business Day immediately preceding the
day the Warrant Exercise Notice is delivered to the Warrant Agent; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">B = the exercise price which would otherwise be payable in cash for
one Warrant Share determined as of the Business Day immediately preceding the day the Warrant Exercise Notice is delivered to the Warrant Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If the Exercise Price of the aggregate number of Warrants being converted exceeds the Market Price at the time of such conversion of the
aggregate number of Warrant Shares issuable upon such conversion, then no Warrant Shares will be issuable via the Cashless Conversion. The Holder shall effect a Cashless Conversion by indicating on a duly executed Warrant Exercise Notice that the
Holder wishes to effect a Cashless Conversion. Upon receipt of such election to effect a Cashless Conversion, the Warrant Agent will promptly request the Company to confirm the number of Warrant Shares issuable in connection with the Cashless
Conversion. The Company shall calculate and transmit to the Warrant Agent in a written notice the number of Warrant Shares issuable in connection with any Cashless Conversion. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The number of Warrant Shares to be issued on such exercise or conversion will be determined by the Company (with written notice thereof to
the Warrant Agent) in accordance with Section&nbsp;5(c). For the avoidance of doubt, the number of Warrant Shares determined pursuant to Section&nbsp;5(c) shall, if not a whole number, be rounded up to the nearest whole number. The Warrant Agent
shall have no duty or obligation to investigate or confirm whether the Company&#146;s determination of the number of Warrant Shares to be issued on such exercise or conversion is accurate or correct, nor shall the Warrant Agent have any duty or
obligation to take any action with regard to such warrant exercise or conversion prior to being notified by the Company of the relevant number of Warrant Shares to be issued. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Except as otherwise provided herein, any exercise or conversion of a Warrant pursuant to the terms of this Agreement shall be irrevocable
and shall constitute a binding agreement between the Holder and the Company, enforceable in accordance with its terms. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Upon receipt of a Warrant Exercise Notice pursuant to Section&nbsp;5(c), the Warrant
Agent shall: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) examine all Warrant Exercise Notices and all other documents delivered to it by or on behalf of Holders as contemplated
hereunder to ascertain whether, on their face, such Warrant Exercise Notices and any such other documents have been executed and completed in accordance with their terms; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) endeavor to inform the Company of and cooperate with and assist the Company in resolving any reconciliation problems between the Warrant
Exercise Notices received and delivery of Warrants to the Warrant Agent&#146;s account; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) advise the Company, no later than five
Business Days after receipt of a Warrant Exercise Notice, of (a)&nbsp;the receipt of such Warrant Exercise Notice and, subject to Company&#146;s approval, the number of Warrants to be exercised or converted in accordance with the terms of this
Agreement, (b)&nbsp;the instructions with respect to delivery of the shares of Common Stock deliverable upon such exercise or conversion, subject to the timely receipt from the Depository of the necessary information, and (c)&nbsp;such other
information as the Company shall reasonably require; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) liaise with the Depository and effect such delivery to the relevant accounts at
the Depository in accordance with its requirements, if requested by the Company with the delivery of the Common Stock and all other necessary information by or on behalf of the Company for delivery to the Depository; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) notify the Company each month of the amount of any funds received by the Warrant Agent for payment of the aggregate Exercise Price in a
given month and, at the Company&#146;s option and upon the Company&#146;s written notice to the Warrant Agent, either apply such funds against any fees incurred by Warrant Agent under this Agreement or forward all such funds by the fifth (5th)
Business Day of the following month by wire transfer to an account designated by the Company, provided that the Company shall pay Warrant Agent wire transfer fees for each such wire pursuant to the fee schedule attached hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) All questions as to the validity, form and sufficiency (including time of receipt) of a Warrant exercise or conversion shall be determined
by the Company in its reasonable discretion in good faith. The Company reserves the right to reject any and all Warrant Exercise Notices that it reasonably determines are not in proper form or for which any corresponding agreement by the Company to
exchange would, in the reasonable opinion of the Company, be unlawful as determined in good faith. Such determination by the Company shall be final and binding on the Holders absent manifest error. Moreover, the Company reserves the absolute right
to waive any of the conditions to the exercise or conversion of Warrants or defects in Warrant Exercise Notices with regard to any particular exercise or conversion of Warrants. Neither the Company nor the Warrant Agent shall be under any duty to
give notice to the Holders of any irregularities in any exercise or conversion of Warrants, nor shall they incur any liability for the failure to give such notice. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) As soon as reasonably practicable after the exercise or conversion of any Warrant (and
in any event not later than 10 Business Days thereafter), the Company shall issue, or otherwise deliver, in authorized denominations to or upon the order of the Holder, either: (A)&nbsp;if such Holder holds the Warrants being exercised or converted
through the Depository&#146;s book-entry transfer facilities, by <FONT STYLE="white-space:nowrap">same-day</FONT> or <FONT STYLE="white-space:nowrap">next-day</FONT> credit to the Depository for the account of such Holder or for the account of a
participant in the Depository the number of Warrant Shares to which such Holder is entitled, in each case registered in such name and delivered to such account as directed in the Warrant Exercise Notice by such Holder or by the direct participant in
the Depository through which such Holder is acting; (B)&nbsp;if such Holder holds the Warrants being exercised or converted in the form of Individual Warrant Certificates, a book-entry interest in the number of Warrant Shares to which such Holder is
entitled on the books of the Company&#146;s transfer agent or, at the Company&#146;s option, by delivery to the address designated by such Holder in its Warrant Exercise Notice of a physical certificate or certificates representing the number of
Warrant Shares to which such Holder is entitled, in fully registered form, registered in such name or names as may be directed by such Holder; or (C)&nbsp;if such Holder holds the Warrants being exercised or converted in the form of Direct
Registration Warrants, a book-entry interest in the number of Warrant Shares to which such Holder is entitled on the books and records of the Company&#146;s transfer agent. Such Warrant Shares shall be deemed to have been issued and any person so
designated to be named therein shall be deemed to have become a Holder of record of such Warrant Shares as of the close of business on the date of the delivery thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If fewer than all of the Warrants evidenced by a Global Warrant Certificate surrendered upon the exercise or conversion of Warrants are
exercised or converted at any time prior to the Expiration Date, the Warrant Agent shall cause a notation to be made to the records maintained by the Depository. The Person in whose name any certificate or certificates, or any Warrant Exercise
Notice, for the Warrant Shares are to be issued (or such Warrant Shares are to be registered, in the case of a book-entry transfer) upon exercise or conversion of a Warrant shall be deemed to have become the holder of record of such Warrant Shares
on the date such Warrant Exercise Notice is delivered. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Notwithstanding any adjustment pursuant to Section&nbsp;6 in the number of
Warrant Shares purchasable upon the exercise or conversion of a Warrant, the Company shall not be required to issue Warrants to purchase fractions of Warrant Shares, or to issue fractions of Warrant Shares upon exercise or conversion of the
Warrants, or to distribute certificates which evidence fractional Warrant Shares. Subject to Section&nbsp;5(d), in the event of an adjustment that results in a Warrant becoming exercisable or convertible for fractional Warrant Shares, the number of
Warrant Shares subject to such Warrant shall be adjusted upward or downward to the nearest whole number of Warrant Shares or Other Securities (with one half or less rounded down). All Warrants held by a Holder shall be aggregated for purposes of
determining any such adjustment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) If all of the Warrants evidenced by a Warrant Certificate have been exercised or converted, such
Warrant Certificate shall be cancelled by the Warrant Agent. Such cancelled Warrant Certificate shall then be disposed of by or at the direction of the Company in accordance with applicable law. The Warrant Agent shall confirm such information to
the Company in writing as promptly as practicable. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) The Company shall pay all expenses in connection with, and all taxes and other
governmental charges that may be imposed with respect to, the issuance or delivery of Warrant Shares upon exercise or conversion of Warrants. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) The Warrant Agent shall keep copies of this Agreement and any notices given or received hereunder for a period beginning on the date of
this Agreement and ending no earlier than the first anniversary of the Expiration Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) <U>U.S. Aviation Laws Limitations on Warrant
Exercise</U>. Notwithstanding any of the other provisions of this Agreement, in order to facilitate the Company&#146;s compliance with the U.S. Aviation Laws concerning the ownership of the Common Stock by
<FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens with regard to its continuing ability to own aircraft registered in the United States and to comply with obligations of the Company under contracts that it may enter into from time to time
with the United States Government: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) At the time of any proposed exercise or conversion of any Warrant, its Holder shall advise the
Company whether or not it (or, if not the Holder, the Person that the Holder has designated to receive the Warrant Shares issuable upon exercise or conversion of such Warrant) is a U.S. Citizen. The Company may require a Holder (or, if not the
Holder, the Person that the Holder has designated to receive the Warrant Shares issuable upon exercise or conversion of such Warrant) to provide it with such documents and other information as it may request as reasonable proof confirming that the
Holder (or, if not the Holder, the Person that the Holder has designated to receive the Warrant Shares issuable upon exercise or conversion of such Warrant) is a U.S. Citizen. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) Any Holder that cannot establish to the Company&#146;s reasonable satisfaction that it (or, if not the Holder, the Person that the Holder
has designated to receive the Warrant Shares issuable upon exercise or conversion of any Warrant) is a U.S. Citizen may not exercise or convert any Warrant to the extent the Warrant Shares deliverable upon exercise or conversion of such Warrant
would constitute Excess Shares if they were issued, which shall be determined by the Company in its sole discretion at the time of any proposed exercise or conversion of such Warrant. In such event, the Company shall advise the Holder that its
Warrant Exercise Notice will be processed at such time as the Warrant Shares deliverable upon exercise or conversion of such Warrant would not constitute Excess Shares if they were issued, which shall be determined by the Company in its sole
discretion. Any Warrant Exercise Notice which is delayed for processing because of U.S. Aviation Laws limitations and which subsequently becomes eligible for processing will be processed in the order that it is received by the Warrant Agent,
provided that such Warrant Exercise Notice has been submitted in proper form and in full compliance with this Agreement, and the Holder of all Warrants pending exercise shall be deemed to continue to be the owner of such Warrants. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) Any sale, transfer or other disposition of any Warrant Shares issuable upon exercise or conversion by any Holder that is a <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Citizen to a Person who is a U.S. Citizen must be a complete transfer of such Holder&#146;s interests in such Warrant Shares issuable upon exercise or conversion to such Person with the transferor retaining
no ownership of the underlying Warrant Shares nor any ability to direct or control such Person. The foregoing restriction shall also apply to any Person that the Holder has designated to receive the Warrant Shares issuable upon exercise or
conversion of any Warrant. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) If at any time the Company either ceases to be a reporting company under the Securities
and Exchange Act of 1934 or the rules thereunder (the &#147;Exchange Act&#148;), or fails to timely file any amendments to its Charter as required by the Exchange Act, the Company shall provide the Warrant Agent with the then current copy of the
Company&#146;s Charter or (at the Company&#146;s option) an excerpt from the Company&#146;s Charter containing then current version of Section&nbsp;4 of Article FOURTH entailing ownership and restrictions on ownership and upon the request of any
Holder the Warrant Agent shall provide such copy or excerpt to such Holder; provided, that, in each case, the Company and/or the Warrant Agent shall be obligated to provide such copy or excerpt only (A)&nbsp;following amendments to such article and
(B)&nbsp;to the extent such copy or excerpt is not (or will not be) publicly filed or otherwise made available in a format such that Holders can rely on the publicly available copy as the then most current copy or excerpt. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) Notwithstanding anything herein to the contrary, in the event the U.S. Aviation Laws are repealed or amended so that the ownership of the
Common Stock by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens is no longer restricted in any way, the provisions of this Section&nbsp;5(m) shall no longer apply to any Holder or Warrant. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) <U>Cost Basis Information</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) In the event of a cash exercise of Warrants, the Company hereby instructs the Warrant Agent to record cost basis for newly issued shares as
reasonably determined by the Company prior to processing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) In the event of a Cashless Conversion of Warrants, the Company shall
provide the cost basis for shares issued pursuant to such Cashless Conversion at the time the Company confirms the number of Warrant Shares issuable in connection with such Cashless Conversion to the Warrant Agent pursuant to Section&nbsp;5(d)
hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6. <U>Adjustment of Exercise Price and Number of Shares Purchasable or Number of Warrants</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Stock Dividends, Subdivisions and Combinations of Shares</U>. If after the date hereof the number of outstanding shares of Common Stock
is increased by a share dividend or share distribution to all holders of Common Stock, in each case payable in shares of Common Stock, or by a subdivision, combination or other reclassification of shares of Common Stock, then, in any such event, the
number of shares of Common Stock issuable for each Warrant will be adjusted as follows (and any other appropriate actions shall be taken by the Company): Warrant Shares issuable pursuant to a valid exercise or conversion of Warrants immediately
prior to such event shall be adjusted (and any other appropriate actions shall be taken by the Company) so that each Holder shall be entitled to receive upon the exercise or conversion of its Warrant the number of Warrant Shares that such Holder
would have owned or would have been entitled to receive upon or by reason of such event had such Warrant had been exercised or converted immediately prior to the occurrence of such event. Any adjustment made pursuant to this Section&nbsp;6(a) shall
become effective retroactively (i)&nbsp;in the case of any such dividend or distribution, to the date immediately </P>
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following the close of business on the record date for the determination of holders of shares of Common Stock entitled to receive such dividend or distribution or (ii)&nbsp;in the case of any
such subdivision, combination or reclassification, to the close of business on the date on which such corporate action becomes effective. A distribution to holders of the Common Stock of rights expiring less than thirty (30)&nbsp;calendar days after
the issuance thereof entitling holders to purchase shares of Common Stock at a price per share less than the Market Price as of the record date fixed for the determination of holders of Common Stock entitled to receive such rights shall be deemed a
dividend of a number of shares of Common Stock equal to the product of (i)&nbsp;the number of shares of Common Stock actually issued in such distribution (or actually issued under any issued rights that are convertible into or exercisable for the
Common Stock) multiplied by (ii)&nbsp;one (1) minus the quotient of (x)&nbsp;the price per share of Common Stock paid to exercise such rights divided by (y)&nbsp;the Market Price on such record date, and the amount of Common Stock issuable for each
Warrant will be adjusted in accordance with the foregoing sentence. For purposes of this Section&nbsp;6(a), if the rights constitute securities convertible into or exercisable for Common Stock, in determining the price payable for Common Stock,
there shall be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Distributions</U>. If after the date hereof until two (2)&nbsp;years after the date hereof the Company shall distribute to all holders
of its shares of Common Stock cash or other assets, but excluding any dividend or other distribution payable in shares of Common Stock for which adjustment is made under Section&nbsp;6(a), then in each such case the Warrant Shares issuable upon
exercise or conversion of each Warrant outstanding immediately following the close of business on the record date for such distribution shall be increased to an amount determined by multiplying the number of Warrant Shares issuable immediately prior
to such record date by a fraction, the numerator of which is the Market Price of a share of Common Stock on the trading day immediately prior to the <FONT STYLE="white-space:nowrap">Ex-Date</FONT> and the denominator of which is (1)&nbsp;the Market
Price of a share of Common Stock on the trading day immediately prior to the <FONT STYLE="white-space:nowrap">Ex-Date</FONT> less (2) (x) the amount of cash and (y)&nbsp;the Market Price of the assets, evidences of indebtedness and securities so
distributed or of such subscription rights per share of Common Stock outstanding on the trading day immediately prior to the <FONT STYLE="white-space:nowrap">Ex-Date</FONT> (determined for such purpose on the basis of the aggregate assets, evidences
of indebtedness and/or rights distributed with respect to one share of Common Stock as if, for purposes of the definition of &#147;Market Price&#148;, such assets, evidences of indebtedness, securities and/or rights were an &#147;Other
Security&#148; as defined herein) (as reasonably determined by the Board of Directors of the Company, whose determination shall be conclusive, and described in a statement filed with the Warrant Agent). Such adjustments shall be made whenever any
such distribution is made, and shall become effective retroactively on the date immediately after the record date for the determination of stockholders entitled to receive such distribution. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Adjustments for Mergers and Consolidations</U>. In case the Company, after the date hereof, shall merge, consolidate or otherwise engage
in a recapitalization, reclassification, reorganization or business combination with another Person (other than a consolidation or merger in which the Company is the continuing corporation and which does not result in any change in the shares of
Common Stock), then, in the case of any such transaction, then the Company will take the appropriate provisions in <U>Section</U><U></U><U>&nbsp;9</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Other Changes</U>. If, at any time or from time to time after the issuance of this
Warrant but prior to the exercise or conversion hereof, the Company shall take any action which (i)&nbsp;affects the Common Stock and (ii)&nbsp;is similar to, or has an effect similar to, any of the actions described in any of Sections 6(a)-(b) (but
not including any action described in any such Section) then, and in each such case, such number shall be adjusted in such manner and at such time as the Board of Directors of the Company in good faith determines would be equitable under such
circumstances such that the economic benefits of such action that would accrue to the stockholders of the Company would as nearly as practicable also accrue to the Holders, which determination shall be evidenced in a resolution of the Board of
Directors, a certified copy of which shall be mailed by the Warrant Agent (upon the written instruction and expense of the Company) to each of the relevant Holders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Notice of Adjustment</U>. Whenever the Warrant Shares issuable or the rights of the Holder shall be adjusted or proposed to be adjusted
as provided in this Section&nbsp;6, the Company shall forthwith file with the Warrant Agent a statement, signed by an Appropriate Officer, stating in detail the facts requiring such adjustment, the Exercise Price that will be effective after such
adjustment, the impact of such adjustment on the number and kind of securities issuable upon exercise or conversion of the Warrants, the record date with respect to any such action, if applicable, and the approximate date on which such action is to
take place. In the case of any action which would require the fixing of a record date, such notice shall be given at least 10 days prior to the date so fixed, and in case of all other action, such notice shall be given at least 20 days prior to the
taking of such proposed action. Until such notices or statements are received by the Warrant Agent, the Warrant Agent may presume conclusively for all purposes that no such adjustment has occurred. The Company shall also cause a notice setting forth
the same information as set forth above to be sent by mail, first class, postage prepaid, to each registered Holder at its address appearing on the Warrant Register. The Company shall, within 40 days following the event requiring any such
adjustment, deliver to the Warrant Agent a certificate, signed by an Appropriate Officer, which (a)&nbsp;sets forth in reasonable detail (i)&nbsp;the event requiring such adjustment and (ii)&nbsp;the method by which such adjustment was calculated
and (b)&nbsp;specifies any adjustments to the Warrants in effect following such event. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>No Change in Warrant Terms on
Adjustment</U>. Irrespective of any adjustments in the number of Warrant Shares (including any inclusion of Other Securities) issuable upon exercise or conversion, Warrants theretofore or thereafter issued may continue to express the same prices and
number of Warrant Shares as are stated in the similar Warrants issuable initially, or at some subsequent time, pursuant to this Agreement, and the number of Warrant Shares issuable upon exercise or conversion specified thereon shall be deemed to
have been so adjusted. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Treasury Shares</U>. Shares of Common Stock at any time owned by the Company shall not be deemed to be
outstanding for the purposes of any computation under this Section&nbsp;6. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Deferral or Exclusion of Certain Adjustments</U>. No
adjustment to the Warrant Shares issuable shall be required hereunder unless such adjustment together with other adjustments carried forward (as provided below), would result in an increase or decrease of at least one percent (1%) of the applicable
Warrant Shares issuable; provided, that any adjustments which by reason of this Section&nbsp;6(h) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. No adjustment need be made for a change in
the par value of the shares of Common Stock. All calculations under this Section&nbsp;6(h) shall be made to the nearest one <FONT STYLE="white-space:nowrap">one-thousandth</FONT> (1/1,000) of one cent ($0.01) or to the nearest one <FONT
STYLE="white-space:nowrap">one-thousandth</FONT> (1/1,000) of a share, as the case may be. Notwithstanding anything herein to the contrary, no adjustments under this Section&nbsp;6 shall be made to a Holder&#146;s Warrant(s) if the Company receives
written notice from a Holder that no such adjustment is required. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Proceedings Prior to Any Action Requiring Adjustment</U>. As a condition precedent to
the taking of any action which would require an adjustment pursuant to this Section&nbsp;6, the Company shall promptly take (and shall be permitted by the Holders to take) any action which may be necessary, including obtaining any applicable
national securities exchange or stockholder approvals or exemptions, in order that the Company may thereafter validly and legally issue as fully paid and nonassessable all Warrant Shares that a Holder is entitled to receive upon exercise of a
Warrant pursuant to this Section&nbsp;6. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 7. <U>Cancellation of Warrants</U>. The Warrant Agent shall cancel all Warrant
Certificates surrendered for exchange, substitution or transfer in whole or in part. Such cancelled Warrant Certificates shall thereafter be disposed of by the Warrant Agent upon written instructions from the Company reasonably satisfactory to the
Warrant Agent and such Direct Registration Warrants shall be canceled by appropriate notation on the Warrant Register. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8.
<U>Mutilated or Missing Warrant Certificates</U>. Upon receipt by the Company and the Warrant Agent from any Holder of evidence reasonably satisfactory to them of the ownership of and the loss, theft, destruction or mutilation of such Holder&#146;s
Warrant Certificate and a surety bond or indemnity reasonably satisfactory to them and holding the Warrant Agent and Company harmless, and in case of mutilation upon surrender and cancellation thereof, and absent notice to Warrant Agent that such
Warrant Certificates have been acquired by a bona fide purchaser, the Company will execute and the Warrant Agent will countersign and deliver in lieu thereof a new Warrant Certificate of like tenor and representing an equal number of Warrants to
such Holder; provided, that in the case of mutilation, no bond or indemnity shall be required if such Warrant Certificate in identifiable form is surrendered to the Company or the Warrant Agent for cancellation. Upon the issuance of any new Warrant
Certificate under this Section&nbsp;8, the Company may require the payment of a sum sufficient to cover any stamp tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the reasonable fees and
expenses of the Warrant Agent) in connection therewith. Every new Warrant Certificate executed and delivered pursuant to this Section&nbsp;8 in lieu of any lost, stolen, destroyed or mutilated Warrant Certificate shall be entitled to the same
benefits of this Agreement equally and proportionately with any and all other Warrant Certificates, whether or not the allegedly lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by anyone. The provisions of this
Section&nbsp;8 are exclusive and shall preclude (to the extent lawful) all other rights or remedies with respect to the replacement of lost, stolen, destroyed or mutilated Warrant Certificates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 9. <U>Merger, Consolidation, Etc.</U> In connection with any merger or consolidation prior to the Expiration Date that results in a
Change of Control, the Company shall make appropriate provision to ensure that the Holders shall have the right to receive, thirty (30)&nbsp;Business Days prior to consummation of such transaction, a notice of such transaction and given the option
to exercise their Warrant and, (i)&nbsp;if such Warrant is not exercised upon the consummation of such transaction, then such Warrant will be automatically terminated in accordance with <U>Section</U><U></U><U>&nbsp;17</U> and (ii)&nbsp;the Holders
may revoke their exercise if the transaction is not consummated and the agreement </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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governing the merger or consolidation is terminated. If at any time, while Warrants are outstanding and unexpired, there shall be a merger or consolidation that does not result in a Change of
Control, lawful provision shall be made so that the Holders shall thereafter be entitled to receive a number of warrants issued by the successor entity resulting from such merger or consolidation of equivalent value that such Holder would have been
entitled to hold in the Company had such merger or consolidation not occurred. Any Warrants outstanding and unexpired shall be cancelled upon issuance of the warrants by the successor entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10. <U>Reservation of Shares; Certain Actions</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Reservation of Shares</U>. The Company shall at all times reserve and keep available, free from preemptive rights, out of its authorized
but unissued Common Stock (or out of authorized Other Securities), solely for issuance and delivery upon exercise or conversion of Warrants, the full number of Warrant Shares from time to time issuable upon the exercise or conversion of all Warrants
and any other outstanding warrants, options or similar rights, from time to time outstanding. All Warrant Shares shall be duly authorized and, when issued upon such exercise or conversion of the Warrants, shall be duly and validly issued, and (if
applicable) fully paid and nonassessable, free from all taxes, liens, charges, security interests, encumbrances and other restrictions created by or through the Company and issued without violation (i)&nbsp;of any preemptive or similar rights of any
stockholder of the Company and (ii)&nbsp;by the Company of any applicable law or governmental regulation or any requirements of any domestic securities exchange upon which the Warrant Shares may be listed at the time of such exercise or conversion.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Certain Actions</U>. Before taking any action that would cause an adjustment pursuant to Section&nbsp;6 effectively reducing the
per share Exercise Price below the then par value (if any and if applicable) of the Warrant Shares issuable upon exercise or conversion of the Warrants, the Company will take any reasonable corporate action that may, in the opinion of its counsel,
be necessary in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares at such Exercise Price as so adjusted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 11. <U>Notification of Certain Events; Corporate Action</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) In the event of: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) any
taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive any dividend or other distribution of any kind, or any right to subscribe for, purchase or
otherwise acquire any shares of stock of any class or any other securities or property, or to receive any other right or interest of any kind, or any other event referred to in Section&nbsp;6(a) or (b); or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) (A) any reclassification of the capital shares of the Company (other than a change in par value or from par value to no par value or from
no par value to par value or as a result of a subdivision or combination), (B) the consolidation or merger of the Company with or into any other corporation (other than a consolidation or merger in which the Company is the continuing corporation and
which does not result in any change in the shares of Common Stock), (C) the sale or transfer of the properties and assets of the Company as, or substantially as, an entirety to another Person, or (D)&nbsp;an exchange offer for Common Stock (or Other
Securities); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) the voluntary or involuntary dissolution, liquidation, or winding up of the Company; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">the Company shall cause to be filed with the Warrant Agent and mailed to each Holder a notice specifying
(x)&nbsp;the date or expected date on which any such record is to be taken for the purpose of such dividend, distribution or right, and the amount and character of any such dividend, distribution or right, or if a record is not to be taken, the date
as of which the holders of Common Stock of record to be entitled to such dividend, distribution, or right are to be determined, and the amount and character of such dividend, distribution or right, or (y)&nbsp;the date or expected date on which any
such reorganization, reclassification, consolidation, merger, sale, transfer, exchange offer, dissolution, liquidation or winding up is expected to become effective, and the time, if any such time is to be fixed, as of which holders of record of
Common Stock (or Other Securities) shall be entitled to exchange their shares of Common Stock (or Other Securities) for the securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, sale, transfer,
exchange offer, dissolution, liquidation or winding up. Such notice shall be delivered not less than ten (10)&nbsp;calendar days prior to such date therein specified, in the case of any such date referred to in clause (x)&nbsp;of the preceding
sentence, and not less than twenty (20)&nbsp;calendar days prior to such date therein specified, in the case of any such date referred to in clause (y)&nbsp;of the preceding sentence. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Failure to give the notice contemplated by Section&nbsp;11(a) hereof within the time provided or any defect therein shall not affect the
legality or validity of any such action. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Company agrees that, for so long as any Warrants are outstanding, it shall not increase
the par value of the Common Stock or amend or modify its Charter or <FONT STYLE="white-space:nowrap">by-laws</FONT> in a manner that would prevent the Company from issuing the Common Stock issuable upon exercise of the Warrants. The Company shall
not, and shall not permit or cause any of its subsidiaries to, take any action to avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, including through any amendment of its
Charter and <FONT STYLE="white-space:nowrap">by-laws</FONT> (and any equivalent organizational documents of its subsidiaries) or any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities. The Company
shall in good faith assist in the carrying out of all the provisions of this Warrant Agreement and in taking of all such action as may be necessary or appropriate in order to protect the rights of each Holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 12. <U>Warrant Agent</U>. The Warrant Agent undertakes the duties and obligations expressly imposed by this Agreement upon the terms
and conditions set forth in this Section&nbsp;12. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Limitation on Liability</U>. The Warrant Agent shall not by countersigning
Warrant Certificates or by any other act hereunder be accountable with respect to or be deemed to make any representations as to the validity or authorization of the Warrants or the Warrant Certificates (except as to its countersignature thereon),
as to the validity, authorization or value (or kind or amount) of any Warrant Shares or other property delivered or deliverable upon exercise or conversion of any Warrant, or as to the purchase price of such Warrant Shares or other property. The
Warrant Agent shall not (i)&nbsp;be liable for any recital or statement of fact contained herein or in the Warrant Certificates or for any action taken, suffered or omitted by the Warrant Agent in the belief that any Warrant Certificate or any other
document or any signature is genuine or properly </P>
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authorized unless such action or omission was taken or omitted to be taken in bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or willful misconduct must be
determined by a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction), (ii) be responsible for determining (x)&nbsp;compliance by any Person with the provisions set forth in Section&nbsp;5(m) or
(y)&nbsp;whether any facts exist that may require any adjustment of the Exercise Price and the number of Warrant Shares, or with respect to the nature or extent of any such adjustments when made, or with respect to the method of adjustment employed,
(iii)&nbsp;be responsible for any failure on the part of the Company to issue, transfer or deliver any Warrant Shares or property upon the surrender of any Warrant for the purpose of exercise or conversion or to comply with any other of the
Company&#146;s covenants and obligations contained in this Agreement or in the Warrant Certificates or (iv)&nbsp;be liable for any action taken, suffered or omitted to be taken in connection with this Agreement, except for its own bad faith, gross
negligence or willful misconduct (which bad faith, gross negligence or willful misconduct must be determined by a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction) for which the Warrant
Agent shall be liable. Notwithstanding anything in this Agreement to the contrary, in no event shall the Warrant Agent be liable for special, indirect, punitive, incidental or consequential loss or damage of any kind whatsoever (including but not
limited to lost profits), even if the Warrant Agent has been advised of the likelihood of the loss or damage and regardless of the form of the action. Notwithstanding anything to the contrary stated herein, any liability of the Warrant Agent under
this Agreement shall be limited to the lesser of (i)&nbsp;the amount of fees, but not including reimbursable expenses, paid by the Company to the Warrant Agent during the twenty-four (24)&nbsp;months immediately preceding the event for which
recovery from the Warrant Agent is being sought and (ii) $50,000. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Instructions</U>. The Warrant Agent is hereby authorized to
accept advice or instructions with respect to the performance of its duties hereunder from an Appropriate Officer and to apply to any such officer for advice or instructions. The Warrant Agent shall be fully protected and authorized in relying upon
the most recent advice or instructions received by any such officer. The Warrant Agent shall not be liable for any action taken, suffered or omitted by it in accordance with the advice or instructions of any such officer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Agents</U>. The Warrant Agent may execute and exercise any of the rights and powers hereby vested in it or perform any duty hereunder
either itself or by or through its attorneys, agents or employees, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys, agents or employees or for any loss to the Company
resulting from such neglect or misconduct, provided that the Warrant Agent acts without gross negligence, willful misconduct or bad faith (each as determined by a final judgment of a court of competent jurisdiction) in the selection and continued
employment thereof. The Warrant Agent shall not be under any obligation or duty to institute, appear in, or defend any action, suit or legal proceeding in respect hereof, but this provision shall not affect the power of the Warrant Agent to take
such action as the Warrant Agent may consider necessary. The Warrant Agent shall promptly notify the Company in writing of any claim made or action, suit or proceeding instituted against the Warrant Agent arising out of or in connection with this
Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Cooperation</U>. The Company will perform, execute, acknowledge and deliver or cause to be performed, executed,
acknowledged and delivered all such further acts, instruments and assurances as may reasonably be required by the Warrant Agent in order to enable the Warrant Agent to carry out or perform its duties under this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Agent Only</U>. The Warrant Agent shall act solely as agent for the Company in
accordance with the terms and conditions hereof and does not assume any obligation or relationship of agency or trust with any Holders. The Warrant Agent shall not be liable except for the performance of such duties as are expressly set forth
herein, and no implied covenants or obligations shall be read into this Agreement against the Warrant Agent, whose duties and obligations shall be determined solely by the express provisions hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Right to Counsel</U>. The Warrant Agent may at any time consult with legal counsel reasonably satisfactory to it (who may be legal
counsel for the Company), and the Warrant Agent shall incur no liability or responsibility to the Company or to any Warrant Holder for any action taken, suffered or omitted by the Warrant Agent in good faith in accordance with the opinion or advice
of such counsel. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Compensation</U>. The Company agrees to pay the Warrant Agent reasonable compensation for all services rendered by
it hereunder and to reimburse the Warrant Agent for its reasonable expenses incurred by the Warrant Agent hereunder (including reasonable counsel fees and expenses) in connection with the acceptance, negotiation, preparation, delivery,
administration, execution, modification, waiver, delivery, enforcement or amendment of the Agreement and the exercise and performance of its duties hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Accounting and Payment</U>. The Warrant Agent shall account to the Company with respect to Warrants exercised or converted and pay to
the Company all moneys received by the Warrant Agent on behalf of the Company on the purchase of Warrant Shares through the exercise of Warrants pursuant to the procedures set forth in Section&nbsp;5(f)(v). The Warrant Agent shall advise the Company
by facsimile or by electronic transmission at the end of each day the number of Warrant Exercise Notices received, and, if known, the identity of the Holder(s) of the Warrant(s) exercised or converted. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>No Conflict</U>. Subject to applicable law, the Warrant Agent and any stockholder, affiliate, director, officer or employee of the
Warrant Agent may buy, sell or deal in any of the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act
as fully and freely as though it were not Warrant Agent under this Agreement. Subject to applicable law, nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other Person including, without
limitation, acting as trustee under an indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <U>Resignation; Termination</U>. The Warrant Agent may resign its duties and be
discharged from all further duties and liabilities hereunder (except liabilities arising prior to resignation as a result of the Warrant Agent&#146;s bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or willful
misconduct must be determined by a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction)) after giving thirty (30)&nbsp;calendar days&#146; prior written notice to the Company. In the event the
transfer agency relationship in effect between the Company and Warrant Agent terminates, the Warrant Agent shall be deemed to have resigned automatically and be discharged from its duties under this Agreement as of the effective date of such
termination. The Company may remove the Warrant Agent upon thirty (30)&nbsp;calendar days&#146; written notice, and the Warrant Agent shall thereupon in like manner be discharged from all further </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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duties and liabilities hereunder, except as have been caused by the Warrant Agent&#146;s bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or willful misconduct
must be determined by a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction) prior to its removal. The Company shall cause to be mailed promptly (by first class mail, postage prepaid) to each
registered Holder at such Holder&#146;s last address as shown on the register of the Company, at the Company&#146;s expense, a copy of such notice of resignation or notice of removal, as the case may be. Upon such resignation or removal the Company
shall promptly appoint in writing a new warrant agent. If the Company shall fail to make such appointment within a period of thirty (30)&nbsp;calendar days after it has been notified in writing of such resignation by the resigning Warrant Agent or
after such removal, then the Holder of any Warrant may apply to any court of competent jurisdiction for the appointment of a new warrant agent. A resignation or removal of the Warrant Agent and appointment of a successor Warrant Agent will become
effective only upon the successor Warrant Agent&#146;s acceptance of appointment. Pending appointment of a successor to the Warrant Agent, either by the Company or by such a court, the duties of the Warrant Agent shall be carried out by the Company.
Any successor warrant agent, whether appointed by the Company or by such a court, shall be a Person, incorporated under the laws of the United States or of any state thereof and authorized under such laws to conduct a shareholder services business,
be subject to supervision and examination by a Federal or state authority, and have a combined capital and surplus of not less than $100,000,000 as set forth in its most recent published annual report of condition; or in the case of such capital and
surplus requirement, a controlled affiliate of such a Person meeting such capital and surplus requirement. After acceptance in writing of such appointment by the new Warrant Agent, such successor Warrant Agent shall be vested with the same powers,
rights, duties and responsibilities under this Agreement as if it had been originally named herein as the Warrant Agent, without any further assurance, conveyance, act or deed; but if for any reason it shall be necessary or expedient to execute and
deliver any further assurance, conveyance, act or deed, the same shall be done at the expense of the Company and shall be legally and validly executed and delivered by the resigning or removed Warrant Agent. Not later than the effective date of any
such appointment, the Company shall send notice thereof to the resigning or removed Warrant Agent and shall forthwith cause a copy of such notice to be mailed (by first class, postage prepaid) to each registered Holder at such Holder&#146;s last
address as shown on the register of the Company. Failure to give any notice provided for in this Section&nbsp;12(j), or any defect in any such notice, shall not affect the legality or validity of the resignation of the Warrant Agent or the
appointment of a successor Warrant Agent, as the case may be. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <U>Merger, Consolidation or Change of Name of Warrant Agent</U>. Any
Person into which the Warrant Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any Person succeeding to all or
substantially all of the agency business of the Warrant Agent shall be the successor to the Warrant Agent hereunder without the execution or filing of any document or any further act on the part of any of the parties hereto, provided that such
Person would be eligible for appointment as a successor Warrant Agent under the provisions of Section&nbsp;12(j). If at the time such successor to the Warrant Agent shall succeed under this Agreement, any of the Warrant Certificates shall have been
countersigned but not delivered, any such successor to the Warrant Agent may adopt the countersignature of the original Warrant Agent; and if at that time any of the Warrant Certificates shall not have been countersigned, any successor to the
Warrant Agent may countersign such Warrant Certificates either in the name of the predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such cases </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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such Warrant Certificates shall have the full force and effect provided in the Warrant Certificates and in this Agreement. If at any time the name of the Warrant Agent shall be changed and at
such time any of the Warrants shall have been countersigned but not delivered, the Warrant Agent whose name has changed may adopt the countersignature under its prior name; and if at that time any of the Warrants shall not have been countersigned,
the Warrant Agent may countersign such Warrants either in its prior name or in its changed name; and in all such cases such Warrants shall have the full force and effect provided in the Warrants and in this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <U>Indemnity</U>. The Company agrees to indemnify the Warrant Agent, and to hold it harmless against, any and all losses, damages, claims,
liabilities, penalties, judgments, settlements, actions, suits, proceedings, litigation, investigations, costs or expenses (including reasonable counsel fees and expenses) incurred without the bad faith, gross negligence or willful misconduct on the
part of the Warrant Agent (which bad faith, gross negligence or willful misconduct must be determined by a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> order, judgment, decree or ruling of a court of competent jurisdiction), for any
action taken, suffered or omitted by the Warrant Agent in connection with the preparation, delivery, acceptance, administration, execution and amendment of this Agreement and the exercise and performance of its duties hereunder, including the costs
and expenses of defending against any claim of liability arising therefrom, directly or indirectly. The Warrant Agent shall not be obligated to expend or risk its own funds to take any action which it believes would expose it to expense or liability
or to a risk of incurring expense of liability, unless it has been furnished with assurance of repayment or indemnity reasonably satisfactory to it. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) <U>Exclusions</U>. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the
validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant; nor shall it be responsible or have any
duty to make any calculation or adjustment, or to determine when any calculation or adjustment required under the provisions hereof should be made, how it should be made or what it should be, or have any responsibility or liability for the manner,
method or amount of any such calculation or adjustment or the ascertaining of the existence of facts that would require any such calculation or adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the
authorization or reservation of any Warrant to be issued pursuant to this Agreement or as to whether any Warrant Shares will, when issued, be valid and fully paid and nonassessable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) <U>No Liability for Interest</U>. The Warrant Agent shall not be under any liability for interest on any monies at any time received by it
pursuant to any of the provisions of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) <U>No Implied Obligations</U>. The Warrant Agent shall be obligated to perform
such duties as are explicitly set forth herein and no implied duties or obligations shall be read into this Agreement against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder that may involve it in
any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any Warrant
Certificate authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the issuance and sale, or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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exercise or conversion, of the Warrants or Warrant Shares. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or
agreements contained herein or in any Warrant Certificate or in the case of the receipt of any written demand from a Holder with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to
initiate or attempt to initiate any proceedings at law or otherwise or, to make any demand upon the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) <U>Force Majeure</U>. In
no event shall the Warrant Agent be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including,
without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer
(software or hardware) services. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) <U>Bank Accounts</U>. All funds received by the Warrant Agent under this Agreement that are to be
distributed or applied by the Warrant Agent in the performance of Services (the &#147;Funds&#148;) shall be held by the Warrant Agent as agent for the Company and deposited in one or more bank accounts to be maintained by the Warrant Agent in its
name as agent for the Company. Until paid pursuant to the terms of this Agreement, the Warrant Agent will hold the Funds through such accounts in: deposit accounts of commercial banks with Tier 1 capital exceeding $1&nbsp;billion or with an average
rating above investment grade by S&amp;P (LT Local Issuer Credit Rating), Moody&#146;s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). The Warrant Agent shall have no responsibility
or liability for any diminution of the Funds that may result from any deposit made by the Warrant Agent in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party. The
Warrant Agent may from time to time receive interest, dividends or other earnings in connection with such deposits. The Warrant Agent shall not be obligated to pay such interest, dividends or earnings to the Company, any Holder or any other party.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 13. <U>Severability</U>. In the event that any one or more of the provisions contained herein or in the Warrants, or the
application thereof in any circumstances, is held invalid, illegal or unenforceable (including as a result of applicable regulations issued by the Federal Aviation Administration or the United States Department of Transportation), the validity,
legality and enforceability of any such provisions in every other respect and of the remaining provisions contained herein and therein shall not be affected or impaired thereby; provided, that if any such excluded term, provision, covenant or
restriction shall materially adversely affect the rights, immunities, duties or obligations of the Warrant Agent, the Warrant Agent shall be entitled to resign immediately. Furthermore, subject to the preceding sentence, in lieu of any such invalid,
illegal or unenforceable provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms and commercial effect to such invalid, illegal or unenforceable provision as may be possible and be
valid and enforceable which a reasonable person in the position of the Company, acting in good faith, would make, always keeping in mind the intent and purposes of this Agreement and the Warrants issued pursuant thereto by the Persons party hereto
as of the date hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 14. <U>Holder Not Deemed a Stockholder</U>. Prior to the exercise or conversion of
any Warrants, no Holder thereof, as such, shall be entitled to any rights of a stockholder of the Company, including, but not limited to, the right to vote, to receive dividends or other distributions, to exercise any preemptive right or, to receive
notice as stockholders in respect of the meetings of stockholders or for the election of directors of the Company or any other matter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 15. <U>Notices to Company and Warrant Agent</U>. All notices, requests or demands authorized by this Agreement to be given or made by
the Warrant Agent or by any registered Holder of any Warrant to or on the Company or the Warrant Agent to be effective shall be in writing (including by telecopy), and shall be deemed to have been duly given or made when delivered by hand, or one
Business Day if sent by overnight courier service (with next day delivery specified), or two Business Days after being delivered to a recognized courier (whose stated terms of delivery are two business days or less to the destination such notice),
or five Business Days after being deposited in the mail, or, in the case of facsimile or email notice, when received, addressed (until another address is filed in writing by the Company with the Warrant Agent) as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">PHI Group, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">2001 SE
Evangeline Thruway </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Lafayette, LA, 70508 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attn: Trudy McConnaughhay </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Email: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any notice pursuant to this Agreement
to be given by the Company or by any registered Holder of any Warrant to the Warrant Agent shall be sufficiently given if sent by first-class mail, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the
Company), as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">American Stock Transfer&nbsp;&amp; Trust Company, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">6201 15th Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Brooklyn, NY
11219 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention: Relationship Management </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unless the Warrant is a Global Warrant, any notice or communication mailed to a Holder shall be mailed to the Holder at the Holder&#146;s address as it
appears on the Warrant Register and shall be sufficiently given if so mailed within the time prescribed. Any notice to the owners of a beneficial interest in a Global Warrant shall be distributed through the Depositary in accordance with the
procedures of the Depositary. Communications to such Holder shall be deemed to be effective at the time of dispatch to the Depositary. Failure to provide a notice or communication to a Holder or any defect in it shall not affect its sufficiency with
respect to other Holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 16. <U>Supplements and Amendments</U>. The Company and the Warrant Agent may from time to time
supplement or amend this Agreement (a)&nbsp;without the approval of any Holders in order to cure any ambiguity, manifest error or other mistake in this Agreement, or to correct or supplement any provision contained herein that may be defective or
inconsistent with any other provision herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and the Warrant Agent may deem necessary or desirable, in each case that shall not adversely affect,
alter or change the interests of the Holders in any material respect, (b)&nbsp;without the approval of any Holders to implement any changes required by the Federal Aviation Administration or the United States Department of Transportation in order
for the Company to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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comply with the U.S. Aviation Laws limitations on ownership of Warrant Shares by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens (provided that to the extent the Company makes any
changes pursuant to this clause (b), the Company shall make only such changes which a reasonable person in the position of the Company, acting in good faith, would make in order to implement such written requirements, always keeping in mind the
intent and purposes of this Agreement and the Warrants issued pursuant thereto by the Persons party hereto as of the date hereof), or (c)&nbsp;with the prior written consent of Holders exercisable or convertible for a majority of the Warrant Shares
then issuable upon exercise or conversion of all of the Warrants then outstanding (provided that for purposes of calculating such a majority, Warrants owned by the Company shall be disregarded and deemed not to be outstanding); provided, that the
Warrant Agent shall not be required to execute any amendment or supplement to this Agreement that the Warrant Agent has determined would adversely affect its own rights, duties, obligations or immunities under this Agreement. As a condition
precedent to the Warrant Agent&#146;s execution of any amendment or supplement to this Agreement, the Company shall deliver to the Warrant Agent a certificate from an authorized officer of the Company that states that the proposed amendment is in
compliance with the terms of this Section&nbsp;16. No modification or amendment to this Agreement shall be effective unless duly executed by the Warrant Agent. Notwithstanding the foregoing, the consent of each Holder affected shall be required for
any amendment pursuant to which (i)&nbsp;the Exercise Price would be increased, (ii)&nbsp;the number of Warrant Shares purchasable would be decreased (other than pursuant to adjustments provided herein), (iii) the Expiration Date would be shortened
or (iv)&nbsp;any change adverse to the Holder would be made to (w)&nbsp;this Section&nbsp;16, (x) the antidilution provisions set forth in Section&nbsp;6, (y) the exercise provisions set forth in Section&nbsp;5 or (z)&nbsp;any provisions related to
the Company&#146;s compliance with U.S. Aviation Laws. Upon execution and delivery of any supplement or amendment pursuant to this Section&nbsp;16, such amendment shall be considered a part of this Agreement for all purposes and every Holder of a
Warrant Certificate theretofore or thereafter countersigned and delivered hereunder shall be bound thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 17.
<U>Termination</U>. This Agreement shall terminate on the Expiration Date, upon a transaction described in <U>Section</U><U></U><U>&nbsp;9</U> or, if later, upon settlement of all Warrants (i)&nbsp;validly exercised or converted prior to the
Expiration Date, including pursuant to Section&nbsp;5.2(m)(ii) and (ii)&nbsp;if exercised or converted pursuant to Section&nbsp;5(c)(i) hereof, for which the Exercise Price was timely paid. Notwithstanding the foregoing, this Agreement will
terminate on any earlier date when all Warrants have been exercised, converted, or cancelled; provided, however, that the provisions of Sections 12, 15, 17, 18, 19, 20 and 23 shall survive such termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 18. <U>Governing Law and Consent to Forum</U>. This Agreement shall be governed by and construed in accordance with the laws of the
State of New York applicable to contracts made and to be performed within the State of New York. Each of the Company and the Warrant Agent hereby irrevocably submits to the jurisdiction of any New York State court sitting in the City of New York or
any Federal Court sitting in the City of New York with respect to any suit, action or proceeding arising out of or relating to this Agreement, and each irrevocably accepts for itself and in respect of its property, generally and unconditionally, the
jurisdiction of the aforesaid courts. Nothing herein shall affect the right of any Person to serve process in any manner permitted by law or to commence legal proceedings or otherwise proceed against the Company or the Warrant Agent in any other
jurisdiction. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 19. <U>Waiver of Jury Trial</U>. The parties hereto waive all right to trial by jury
in any action or proceeding to enforce or defend any rights hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 20. <U>Benefits of this Agreement</U>. Nothing in this
Agreement shall be construed to give to any Person other than the Company, the Warrant Agent and the registered Holders (who are express third party beneficiaries of this Agreement) any legal or equitable right, remedy or claim under this Agreement,
and this Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent and the registered Holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 21.
<U>Counterparts</U>. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 22. <U>Headings</U>. The headings of sections of this Agreement have been inserted for convenience of reference only, are not to be
considered a part hereof and in no way modify or restrict any of the terms or provisions hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 23. <U>Confidentiality</U>. The
Warrant Agent and the Company agree that all books, records, information and data pertaining to the business of the other party, including inter alia, personal, <FONT STYLE="white-space:nowrap">non-public</FONT> warrant holder information, which are
exchanged or received pursuant to the negotiation or the carrying out of this Agreement including the fees for services of the Warrant Agent shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may be
required by law, including, without limitation, pursuant to subpoenas from state or federal government authorities (e.g., in divorce and criminal actions). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 24. <U>Representations</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each party hereto represents and warrants that such party has been duly organized and is validly existing under the laws of the
jurisdiction of its incorporation, and that this Agreement has been duly authorized, executed and delivered by such party and is enforceable against such party in accordance with its terms, except as may be limited by bankruptcy, insolvency,
moratorium, reorganization and other similar laws affecting the enforcement of creditors&#146; rights generally. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Company
represents and warrants on the date of issuance of the Warrants and upon issuance of the shares that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Company is duly qualified or
licensed to conduct business in each jurisdiction where the nature of its business or assets requires such qualification. The Company has full power and authority and all material licenses, permits and authorizations necessary to own and operate its
properties and to carry on its business as now conducted, and the Company is not in default under or in violation of any provision of its Charter. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The execution and delivery of this Agreement does not, and the issuance of the Warrants in accordance with the terms of this Agreement and
the Warrant Certificates will not, (i)&nbsp;violate the Charter or the Company&#146;s <FONT STYLE="white-space:nowrap">by-laws,</FONT> (ii)&nbsp;violate any law or regulation applicable to the Company or order or decree of any court or public
authority having jurisdiction over the Company, or (iii)&nbsp;result in a breach of any mortgage, indenture, contract, agreement or undertaking to which the Company is a party or by which it is bound, except in the case of (ii)&nbsp;and (iii) for
any violations or breaches that could not reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 25. <U>No Suspension</U>. The right to exercise any Warrants shall not be suspended
during any period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>[Signature page follows] </I></B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered as of the day
and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">PHI Group, Inc.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Trudy McConnaughhay</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Trudy McConnaughhay</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer and Secretary</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Warrant Agreement] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AMERICAN STOCK TRANSFER&nbsp;&amp; TRUST</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COMPANY, LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as Warrant
Agent</P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>

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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Michael Legregin</TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Michael Legregin</P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="91%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Senior Vice President</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Warrant Agreement] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT <FONT STYLE="white-space:nowrap">A-1</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF FACE OF GLOBAL EQUITY HOLDER WARRANT CERTIFICATE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Global Warrant Certificate is deposited with or on behalf of The Depository Trust Company (the &#147;Depository&#148;) or its nominee in custody for the
benefit of the beneficial owners hereof, and is not transferable to any person under any circumstances except that (i)&nbsp;this Global Warrant Certificate may be delivered to the Warrant Agent for cancellation pursuant to Section&nbsp;4(f) of the
Warrant Agreement and (ii)&nbsp;this Global Warrant Certificate may be transferred pursuant to Section&nbsp;4(e) of the Warrant Agreement and as set forth below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>UNLESS THIS GLOBAL WARRANT CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO THE COMPANY OR THE WARRANT AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT HEREON IS MADE TO CEDE&nbsp;&amp;
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCHAS THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp;
CO. OR SUCH OTHER ENTITY, HAS AN INTEREST HEREIN. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TRANSFERS OF THIS GLOBAL WARRANT CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN
PART, TO NOMINEES OF THE DEPOSITORY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR&#146;S NOMINEE OR AS OTHERWISE PERMITTED IN SECTION 4(E) OF THE WARRANT AGREEMENT, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL WARRANT CERTIFICATE SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTIONS 4 AND 5 OF THE WARRANT AGREEMENT. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No registration or transfer of
the securities issuable pursuant to the exercise or conversion of the Warrant will be recorded on the books of the Company until such provisions have been complied with. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the extent that any provision hereof conflicts with any provision of the Warrant Agreement, the provision in the Warrant Agreement shall control. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CUSIP No.&nbsp;&nbsp;&nbsp;&nbsp;69360B120 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">ISIN No. US69360B1200 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">WARRANTS TO
PURCHASE </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SHARES OF COMMON STOCK </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PHI GROUP, INC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">GLOBAL EQUITY
HOLDER WARRANT TO PURCHASE COMMON STOCK </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">VOID AFTER 5:00 P.M., New York City Time, September&nbsp;4, 2022 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Global Warrant Certificate (&#147;Warrant Certificate&#148;) certifies that Cede&nbsp;&amp; Co., or its registered assigns is the registered holder of
warrants (the &#147;Warrants&#148;) of PHI Group, Inc., a Delaware corporation (the &#147;Company&#148;), to purchase the number of shares of common stock, par value $0.001 per share (the &#147;Common Stock&#148;), of the Company set forth above.
The Warrants expire at 5:00 p.m., New York City time, on the date that is the third (3rd) anniversary of the date that the Warrants are issued (such date, the &#147;Expiration Date&#148;), and each Warrant entitles the holder to purchase from the
Company one fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> Share at the exercise price (the &#147;Exercise Price&#148;), payable to the Company either by certified or official bank or bank cashier&#146;s check payable to the
order of the Company, or by wire transfer in immediately available funds of the aggregate Exercise Price to an account of the Warrant Agent specified in writing by the Warrant Agent for such purpose, no later than 5:00 p.m., New York City time, on
the business day immediately prior to the settlement date, which settlement date is three Business Days after a Warrant Exercise Notice is delivered (the &#147;Settlement Date&#148;). The initial Exercise Price shall be $24.98 per share (subject to
adjustment as provided in the Warrant Agreement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Warrants are subject to exercise and conversion, in whole or in part, as and to the extent provided
in the Warrant Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The number of shares of Common Stock purchasable upon exercise or conversion of the Warrants are subject to adjustment upon the
occurrence of certain events as set forth in the Warrant Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the extent that any provision hereof conflicts with any provision of the Warrant
Agreement, the provision in the Warrant Agreement shall control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No Warrant may be exercised or converted prior to the date of the Warrant Agreement or
after the Expiration Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After 5:00 p.m., New York City time, on the Expiration Date, the Warrants will become wholly void and of no value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Holder Not Deemed a Stockholder</I>. Prior to the exercise or conversion of any Warrant, no holder thereof, as such, shall be entitled to any rights of a
stockholder of the Company, including, but not limited to, the right to vote, to receive dividends or other distributions, to exercise any preemptive right or to receive notice as stockholders in respect of the meetings of stockholders or for the
election of directors of the Company or any other matter. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>U.S. Aviation Laws Limitations on Warrant Exercise</I>. Notwithstanding the other provisions of the
Warrant Agreement, in order to facilitate the Company&#146;s compliance with the U.S. Aviation Laws concerning the ownership of the Common Stock by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens with regard to its continuing ability to
own aircraft registered in the United States and to comply with obligations of the Company under contracts that it may enter into from time to time with the United States Government: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;At the time of exercise or conversion of any Warrant, its holder shall advise the Company whether or not it (or, if
not the holder, the person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of such Warrant) is a U.S. Citizen. The Company may require a holder (or, if not the holder, the person that the holder has
designated to receive the Common Stock issuable upon exercise or conversion of such Warrant) to provide it with such documents and other information as it may request as reasonable proof confirming that the holder (or, if not the holder, the person
that the holder has designated to receive the Common Stock issuable upon exercise or conversion of such Warrant) is a U.S. Citizen. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Any holder that cannot establish to the Company&#146;s reasonable satisfaction that it (or, if not the holder, the
person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of any Warrant) is a U.S. Citizen may not exercise or convert any Warrant to the extent the shares of Common Stock deliverable upon exercise or
conversion of such Warrant would constitute Excess Shares, as defined in the Warrant Agreement, if they were issued, which shall be determined by the Company in its sole discretion at the time of any proposed exercise or conversion of such Warrant.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;Any sale, transfer or other disposition of any Warrant by any holder that is a
<FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizen to a person who is a U.S. Citizen must be a complete transfer of such holder&#146;s interests in such Warrant and the Common Stock issuable upon its exercise or conversion to such person with
the transferor retaining no ability to direct or control such person. The foregoing restriction shall also apply to any person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of any Warrant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS WARRANT CERTIFICATE SET FORTH ON THE REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be executed by its duly authorized
officer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: ___________________, 2019 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="3">PHI Group, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AMERICAN&nbsp;STOCK&nbsp;TRANSFER&nbsp;&amp;&nbsp;TRUST&nbsp;COMPANY,&nbsp;LLC, as Warrant Agent</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="86%"></TD></TR>

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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-4 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF REVERSE OF GLOBAL EQUITY HOLDER WARRANT CERTIFICATE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PHI GROUP, INC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Warrants evidenced by this
Warrant Certificate are a part of a duly authorized issue of Warrants to purchase shares of Common Stock issued pursuant to that certain Equity Holder Warrant Agreement, dated as of September&nbsp;4, 2019 (the &#147;Warrant Agreement&#148;), duly
executed and delivered by the Company and American Stock Transfer&nbsp;&amp; Trust Company, LLC (the &#147;Warrant Agent&#148;). The Warrant Agreement hereby is incorporated by reference in and made a part of this instrument and is hereby referred
to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words &#147;holders&#148; or &#147;holder&#148; meaning the registered holders or
registered holder) of the Warrants. A copy of the Warrant Agreement may be inspected at the Warrant Agent&#146;s office designated for such purpose and is available upon written request addressed to the Company. All capitalized terms used on the
face of this Warrant Certificate but not defined herein and are defined in the Warrant Agreement shall have the meanings assigned to them therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Warrants may be exercised or converted from the date of the Warrant Agreement through 5:00 p.m., New York City time, on the Expiration Date, subject to
adjustment as described in the Warrant Agreement. Subject to the terms and conditions set forth herein and in the Warrant Agreement, the holder of the Warrants evidenced by this Warrant Certificate may exercise such Warrants as set forth in the
Warrant Agreement. The Warrants are also subject to conversion, in whole or in part, at the sole discretion of the Company, as and to the extent provided in the Warrant Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event that upon any exercise or conversion of the Warrants evidenced hereby the number of shares of Common Stock actually purchased shall be less than
the total number of shares of Common Stock purchasable upon exercise or conversion of the Warrants evidenced hereby, there shall be issued to the holder hereof, or such holder&#146;s assignee, a new Warrant Certificate evidencing Warrants to
purchase the shares of Common Stock not so purchased or appropriate adjustment shall be made in the &#147;Schedule of Increases or Decreases in Global Warrant Certificate&#148; annexed hereto. No adjustment shall be made for any cash dividends on
any shares of Common Stock issuable upon exercise or conversion of Warrants. After 5:00 p.m., New York City time on the Expiration Date, unexercised or unconverted Warrants shall become wholly void and of no value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company shall not be required to issue fractional shares of Common Stock or any certificates that evidence fractional shares of Common Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Warrant Certificates, when surrendered by book-entry delivery through the facilities of the Depository, may be exchanged, in the manner and subject to the
limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing Warrants to purchase in the aggregate a like number of shares of Common Stock.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No Warrants may be sold, exchanged or otherwise transferred in violation of the Securities Act or state securities laws. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-5 </P>

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<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company and Warrant Agent may deem and treat the registered holder hereof as the absolute owner of this
Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone) for the purpose of any exercise or conversion hereof and for all other purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Balance of page intentionally remains blank] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-6 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[TO BE ATTACHED TO GLOBAL WARRANT CERTIFICATE FOR THE WARRANTS] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SCHEDULE OF INCREASES OR DECREASES IN GLOBAL WARRANT CERTIFICATE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following increases or decreases in this Global Warrant have been made: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="24%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Amount of</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">decrease in the</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">number of shares</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">issuable upon</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">exercise or</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">conversion of the</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Warrants</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">represented by this</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Global
Warrant</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Amount of</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">increase in number</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">of shares
issuable</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">upon exercise or</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">conversion of the</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Warrants</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">represented by this</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Global
Warrant</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Number of shares</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">issuable upon</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">exercise or</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">conversion of the</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Warrants</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">represented by this</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Global
Warrant</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">following such</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">decrease
or</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">increase</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Signature&nbsp;of</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">authorized&nbsp;officer</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">of the
Warrant</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Agent</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-7 </P>

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<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF ELECTION TO EXERCISE WARRANT FOR </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WARRANT HOLDERS HOLDING WARRANTS </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THROUGH THE DEPOSITORY TRUST COMPANY </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TO BE COMPLETED BY DIRECT PARTICIPANT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">IN THE DEPOSITORY TRUST COMPANY </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PHI GROUP, INC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Warrants to
Purchase&nbsp;&nbsp;&nbsp;&nbsp;Shares of Common Stock </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(TO BE EXECUTED UPON EXERCISE OF THE WARRANT) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned hereby irrevocably elects to exercise the right, represented by Warrants to purchase shares of Common Stock of PHI Group, Inc. (the
&#147;Company&#148;) held for its benefit through the book-entry facilities of The Depository Trust Company (the &#147;Depository&#148;), to purchase _____ newly issued shares of Common Stock of the Company at the Exercise Price of $24.98 per share
(as such Exercise Price may be adjusted pursuant to the Warrant Agreement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned represents, warrants and promises that it has the full power
and authority to exercise or convert and deliver the Warrants exercised or converted hereby. Unless the undersigned is making an election to convert the Warrants as set forth below, the undersigned represents, warrants and promises that it has
delivered or will deliver in payment for such shares $_______by certified or official bank or bank cashier&#146;s check payable to the order of the Company, or by wire transfer in immediately available funds of the aggregate Exercise Price to an
account of the Warrant Agent specified in writing by the Warrant Agent for such purpose, no later than 5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; Please check if the undersigned, in lieu of paying the Exercise Price as set forth in the preceding paragraph, elects to convert the Warrants by
authorizing the Company to withhold from issuance a number of shares of Common Stock issuable upon conversion of the Warrants which when multiplied by the Market Price of the Common Stock is equal to the aggregate price for the number of shares of
Common Stock for which the Warrants are being converted at the Exercise Price (assuming the Exercise Price for all such shares of Common Stock was being paid in cash), and such withheld shares shall no longer be issuable under the Warrants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the undersigned will be receiving the shares of Common Stock issuable upon exercise or conversion of Warrants: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; Please check if the undersigned is a U.S. Citizen (additional information may be required by the Company to confirm that the undersigned is a U.S.
Citizen) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; Please check if the undersigned is a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizen. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the undersigned has designated another person (a &#147;designee&#148;) to receive the shares of Common Stock issuable upon exercise or conversion of
Warrants: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-8 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; Please check if such designee is a U.S. Citizen (additional information may be required by the
Company to confirm that such designee is a U.S. Citizen) </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; Please check if such designee is a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT>
Citizen. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned requests that the shares of Common Stock purchased hereby be in registered form in the authorized denominations, registered in
such names and delivered, all as specified in accordance with the instructions set forth below, provided that if the shares of Common Stock are evidenced by global securities, the shares of Common Stock shall be registered in the name of the
Depository or its nominee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOTE: THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT AGENT, PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION DATE. THE WARRANT AGENT SHALL
NOTIFY YOU (THROUGH THE CLEARING SYSTEM) OF (1)&nbsp;THE WARRANT AGENT&#146;S ACCOUNT AT THE DEPOSITORY TO WHICH YOU MUST DELIVER YOUR WARRANTS ON THE EXERCISE DATE AND (2)&nbsp;THE ADDRESS, PHONE NUMBER AND FACSIMILE NUMBER WHERE YOU CAN CONTACT
THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="62%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">NAME&nbsp;OF&nbsp;DIRECT&nbsp;PARTICIPANT&nbsp;IN&nbsp;THE&nbsp;DEPOSITORY:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PLEASE&nbsp;PRINT)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="90%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ADDRESS:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">CONTACT&nbsp;NAME:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="90%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">ADDRESS:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="62%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">TELEPHONE&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="30%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="69%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">FAX&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SOCIAL&nbsp;SECURITY&nbsp;OR&nbsp;OTHER&nbsp;TAXPAYER&nbsp;IDENTIFICATION&nbsp;NUMBER&nbsp;(IF&nbsp;
APPLICABLE):</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACCOUNT FROM WHICH THE
WARRANTS ARE BEING DELIVERED: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">DEPOSITORY&nbsp;ACCOUNT&nbsp;NO.:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WARRANT EXERCISE NOTICES WILL ONLY BE VALID IF DELIVERED IN ACCORDANCE WITH THE INSTRUCTIONS SET FORTH IN THIS NOTIFICATION
(OR AS OTHERWISE DIRECTED), MARKED TO THE ATTENTION OF &#147;WARRANT EXERCISE&#148;. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-9 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WARRANT HOLDER DELIVERING THE WARRANTS, IF OTHER THAN THE DIRECT DTC PARTICIPANT DELIVERING THIS WARRANT
EXERCISE NOTICE: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">NAME:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(PLEASE PRINT)</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">CONTACT&nbsp;NAME:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="62%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">TELEPHONE&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="66%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">FAX&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">SOCIAL&nbsp;SECURITY&nbsp;OR&nbsp;OTHER&nbsp;TAXPAYER&nbsp;IDENTIFICATION&nbsp;NUMBER&nbsp;(IF&nbsp;APPLICABLE):</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACCOUNT TO WHICH SHARES OF COMMON
STOCK ARE TO BE CREDITED: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">DEPOSITORY&nbsp;ACCOUNT&nbsp;NO.:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FILL IN FOR DELIVERY OF THE COMMON STOCK, IF OTHER THAN TO THE PERSON DELIVERING THIS WARRANT EXERCISE NOTICE: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">NAME:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(PLEASE PRINT)</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="90%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ADDRESS:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">CONTACT&nbsp;NAME:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="62%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">TELEPHONE&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="66%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">FAX&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SOCIAL&nbsp;SECURITY&nbsp;OR&nbsp;OTHER&nbsp;TAXPAYER&nbsp;IDENTIFICATION&nbsp;NUMBER&nbsp;(IF&nbsp;APPLICABLE):</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NUMBER OF SHARES OF COMMON STOCK
FOR WHICH THE WARRANT IS BEING&nbsp;EXERCISED (ONLY&nbsp;ONE EXERCISE&nbsp;PER </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="27%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="72%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">WARRANT&nbsp;EXERCISE&nbsp;NOTICE):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Signature:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Capacity&nbsp;in&nbsp;which&nbsp;Signing:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="83%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Signature&nbsp;Guaranteed</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="96%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">BY:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to
the Company&#146;s transfer agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1-10 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT <FONT STYLE="white-space:nowrap">A-2</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF FACE OF INDIVIDUAL WARRANT CERTIFICATE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">VOID AFTER 5:00 P.M., New York City Time, September&nbsp;4, 2022 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Individual Warrant Certificate may not be sold, exchanged or otherwise transferred in violation of the Securities Act or state securities laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the extent that any provision hereof conflicts with any provision of the Warrant Agreement, the provision in the Warrant Agreement shall control. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2-1 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CUSIP NO. 69360B120 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">WARRANTS TO PURCHASE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SHARES OF
COMMON STOCK </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PHI GROUP, INC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">INDIVIDUAL WARRANT TO PURCHASE COMMON STOCK </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">VOID AFTER 5:00 P.M., New York City Time, September&nbsp;4, 2022 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Individual Warrant Certificate (&#147;Warrant Certificate&#148;) certifies that______________, or its registered assigns is the registered holder of
Warrants (the &#147;Warrants&#148;) of PHI Group, Inc., a Delaware corporation (the &#147;Company&#148;), to purchase the number of shares of common stock, par value $0.001 per share (the &#147;Common Stock&#148;), of the Company set forth above.
The Warrants expire at 5:00 p.m., New York City time, on the date that is the third (3rd) anniversary of the date that the Warrants are issued (such date, the &#147;Expiration Date&#148;), and each Warrant entitles the holder to purchase from the
Company one fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> Share at the exercise price (the &#147;Exercise Price&#148;), payable to the Company either by certified or official bank or bank cashier&#146;s check payable to the
order of the Company, or by wire transfer in immediately available funds of the aggregate Exercise Price to an account of the Warrant Agent specified in writing by the Warrant Agent for such purpose, no later than 5:00 p.m., New York City time, on
the business day immediately prior to the settlement date, which settlement date is three Business Days after a Warrant Exercise Notice is delivered (the &#147;Settlement Date&#148;). The initial Exercise Price shall be $24.98 per share (subject to
adjustment as provided in the Warrant Agreement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Warrants are also subject to conversion, in whole or in part, at the sole discretion of the
Company, as and to the extent provided in the Warrant Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The number of shares of Common Stock purchasable upon exercise or conversion of the
Warrants are subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the extent that any provision hereof
conflicts with any provision of the Warrant Agreement, the provision in the Warrant Agreement shall control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No Warrant may be exercised or converted
prior to the date of the Warrant Agreement or after the Expiration Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After 5:00 p.m., New York City time, on the Expiration Date, the Warrants will
become wholly void and of no value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Holder Not Deemed a Stockholder</U>. Prior to the exercise or conversion of any Warrant, no holder thereof, as
such, shall be entitled to any rights of a stockholder of the Company, including, but not limited to, the right to vote, to receive dividends or other distributions, to exercise any preemptive right or to receive notice as stockholders in respect of
the meetings of stockholders or for the election of directors of the Company or any other matter. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2-2 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>U.S. Aviation Laws Limitations on Warrant Exercise</U>. Notwithstanding the other provisions of the
Warrant Agreement, in order to facilitate the Company&#146;s compliance with the U.S. Aviation Laws concerning the ownership of the Common Stock by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens with regard to its continuing ability to
own aircraft registered in the United States and to comply with obligations of the Company under contracts that it may enter into from time to time with the United States Government: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) At the time of exercise or conversion of any Warrant, its holder shall advise the Company whether or not it (or, if not the holder, the
person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of such Warrant) is a U.S. Citizen. The Company may require a holder (or, if not the holder, the person that the holder has designated to receive
the Common Stock issuable upon exercise or conversion of such Warrant) to provide it with such documents and other information as it may request as reasonable proof confirming that the holder (or, if not the holder, the person that the holder has
designated to receive the Common Stock issuable upon exercise or conversion of such Warrant) is a U.S. Citizen. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Any holder that
cannot establish to the Company&#146;s reasonable satisfaction that it (or, if not the holder, the person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of any Warrant) is a U.S. Citizen may not
exercise or convert any Warrant to the extent the shares of Common Stock deliverable upon exercise or conversion of such Warrant would constitute Excess Shares, as defined in the Warrant Agreement, if they were issued, which shall be determined by
the Company in its sole discretion at the time of any proposed exercise or conversion of such Warrant. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Any sale, transfer or other
disposition of any Warrant by any holder that is a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizen to a person who is a U.S. Citizen must be a complete transfer of such holder&#146;s interests in such Warrant and the Common Stock issuable
upon its exercise or conversion to such person with the transferor retaining no ability to direct or control such person. The foregoing restriction shall also apply to any person that the holder has designated to receive the Common Stock issuable
upon exercise or conversion of any Warrant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS WARRANT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CERTIFICATE SET FORTH ON THE REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be executed by its duly authorized officer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: __________________, 2019 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2-3 </P>

</DIV></Center>


<p Style='page-break-before:always'>
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<Center><DIV STYLE="width:8.5in" align="left">

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<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PHI Group, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AMERICAN STOCK TRANSFER&nbsp;&amp; TRUST COMPANY, LLC, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">as Warrant Agent </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2-4 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF REVERSE OF INDIVIDUAL WARRANT CERTIFICATE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PHI GROUP, INC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Warrants evidenced by this
Warrant Certificate are a part of a duly authorized issue of Warrants to purchase shares of Common Stock issued pursuant to that certain Equity Holder Warrant Agreement, dated as of September&nbsp;4, 2019 (the &#147;Warrant Agreement&#148;), duly
executed and delivered by the Company and American Stock Transfer&nbsp;&amp; Trust Company, LLC (the &#147;Warrant Agent&#148;). The Warrant Agreement hereby is incorporated by reference in and made a part of this instrument and is hereby referred
to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words &#147;holders&#148; or &#147;holder&#148; meaning the registered holders or
registered holder) of the Warrants. A copy of the Warrant Agreement may be inspected at the Warrant Agent&#146;s office designated for such purpose and is available upon written request addressed to the Company. All capitalized terms used on the
face of this Warrant Certificate but not defined herein and are defined in the Warrant Agreement shall have the meanings assigned to them therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Warrants may be exercised or converted to purchase Warrant Shares from the Company from the date of the Warrant Agreement through 5:00 p.m., New York City
time, on the Expiration Date, at the Exercise Price set forth on the face hereof, subject to adjustment as described in the Warrant Agreement. Subject to the terms and conditions set forth herein and in the Warrant Agreement, the holder of the
Warrants evidenced by this Warrant Certificate may exercise such Warrants as set forth in the Warrant Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Warrants are also subject to
conversion, in whole or in part, at the sole discretion of the Company, as and to the extent provided in the Warrant Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event that upon
any exercise or conversion of the Warrants evidenced hereby the number of shares of Common Stock actually purchased shall be less than the total number of shares of Common Stock purchasable upon exercise or conversion of the Warrants evidenced
hereby, there shall be issued to the holder hereof, or such holder&#146;s assignee, a new Warrant Certificate evidencing Warrants to purchase the shares of Common Stock not so purchased. No adjustment shall be made for any cash dividends on any
shares of Common Stock issuable upon exercise or conversion of Warrants. After 5:00 p.m., New York City time on the Expiration Date, unexercised or unconverted Warrants shall become wholly void and of no value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company shall not be required to issue fractional shares of Common Stock or any certificates that evidence fractional shares of Common Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Warrant Certificates, when surrendered by book-entry delivery through the facilities of the Depository, may be exchanged, in the manner and subject to the
limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing Warrants to purchase in the aggregate a like number of shares of Common Stock.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No Warrants may be sold, exchanged or otherwise transferred in violation of the Securities Act or state securities laws. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2-5 </P>

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<p Style='page-break-before:always'>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company and Warrant Agent may deem and treat the registered holder hereof as the absolute owner of this
Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone) for the purpose of any exercise or conversion hereof and for all other purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Balance of page intentionally remains blank] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2-6 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF ELECTION TO EXERCISE WARRANT FOR </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WARRANT HOLDERS HOLDING INDIVIDUAL WARRANT CERTIFICATES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TO BE COMPLETED BY REGISTERED HOLDER </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PHI GROUP, INC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Warrants to
Purchase ________ Shares of Common Stock </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(TO BE EXECUTED UPON EXERCISE OF THE WARRANT) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned hereby irrevocably elects to exercise the right, represented by Warrants to purchase ___________ shares of Common Stock of PHI Group, Inc.
(the &#147;Company&#148;), to purchase ___________ newly issued shares of Common Stock of the Company at the Exercise Price of $24.98 per share (as such Exercise Price may be adjusted pursuant to the Warrant Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned represents, warrants and promises that it has the full power and authority to exercise or convert and deliver the Warrants exercised or
converted hereby. Unless the undersigned is making an election to convert the Warrants as set forth below, the undersigned represents, warrants and promises that it has delivered or will deliver in payment for such shares $______________ by
certified or official bank or bank cashier&#146;s check payable to the order of the Company, or by wire transfer in immediately available funds of the aggregate Exercise Price to an account of the Warrant Agent specified in writing by the Warrant
Agent for such purpose, no later than 5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; Please check if
the undersigned, in lieu of paying the Exercise Price as set forth in the preceding paragraph, elects to convert the Warrants by authorizing the Company to withhold from issuance a number of shares of Common Stock issuable upon conversion of the
Warrants which when multiplied by the Market Price of the Common Stock is equal to the aggregate price for the number of shares of Common Stock for which the Warrants are being converted at the Exercise Price (assuming the Exercise Price for all
such shares of Common Stock was being paid in cash), and such withheld shares shall no longer be issuable under the Warrants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the undersigned will be
receiving the shares of Common Stock issuable upon exercise or conversion of Warrants: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; Please check if the undersigned is a U.S. Citizen
(additional information may be required by the Company to confirm that the undersigned is a U.S. Citizen) </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; Please check if the undersigned is a <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Citizen. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the undersigned has designated another person (a &#147;designee&#148;) to receive the shares of
Common Stock issuable upon exercise or conversion of Warrants: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; Please check if such designee is a U.S. Citizen (additional information may be
required by the Company to confirm that such designee is a U.S. Citizen) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2-7 </P>

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<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; Please check if such designee is a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizen. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned requests that the shares of Common Stock purchased hereby be in registered form in the authorized denominations, registered in such names and
delivered, all as specified in accordance with the instructions set forth below, provided that if the shares of Common Stock are evidenced by global securities, the shares of Common Stock shall be registered in the name of the Depository or its
nominee. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Dated:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOTE: THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT AGENT, PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION
DATE. THE WARRANT AGENT SHALL NOTIFY YOU OF THE ADDRESS, PHONE NUMBER AND FACSIMILE NUMBER WHERE YOU CAN CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="22%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">NAME&nbsp;OF&nbsp;REGISTERED&nbsp;HOLDER:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(PLEASE PRINT)</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="90%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ADDRESS:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="30%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="69%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">DELIVERY&nbsp;ADDRESS&nbsp;(IF&nbsp;DIFFERENT):</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:1pt;border-bottom:1px solid #000000">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="64%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">TELEPHONE&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="68%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">FAX&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="62%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SOCIAL&nbsp;SECURITY&nbsp;OR&nbsp;OTHER&nbsp;TAXPAYER&nbsp;IDENTIFICATION&nbsp;NUMBER:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NUMBER&nbsp;OF&nbsp;SHARES&nbsp;OF&nbsp;COMMON&nbsp;STOCK&nbsp;FOR&nbsp;WHICH&nbsp;THE&nbsp;WARRANT&nbsp;IS&nbsp;BEING&nbsp;EXERCISED&nbsp;(ONLY&nbsp;ONE&nbsp;
EXERCISE&nbsp;PER&nbsp;WARRANT </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="82%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXERCISE&nbsp;NOTICE):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Signature:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="100%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Note: If the Warrant Shares are to be registered in a name other than that in which the Individual Warrants are registered, the signature of the holder hereof must be
guaranteed.</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="100%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Signature Guaranteed</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="96%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">BY:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to
the Company&#146;s transfer agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2-8 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT <FONT STYLE="white-space:nowrap">A-3</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF ELECTION TO EXERCISE WARRANT FOR </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WARRANT HOLDERS HOLDING DIRECT REGISTRATION WARRANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TO BE COMPLETED BY REGISTERED HOLDER </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PHI GROUP, INC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Warrants to
Purchase ___________ Shares of Common Stock </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(TO BE EXECUTED UPON EXERCISE OF THE WARRANT) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned hereby irrevocably elects to exercise the right, represented by Warrants to purchase ________ shares of Common Stock of PHI Group, Inc. (the
&#147;Company&#148;), to purchase _____________ newly issued shares of Common Stock of the Company at the Exercise Price of $24.98 per share (as such Exercise Price may be adjusted pursuant to the Warrant Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned represents, warrants and promises that it has the full power and authority to exercise or convert and deliver the Warrants exercised or
converted hereby. Unless the undersigned is making an election to convert the Warrants as set forth below, the undersigned represents, warrants and promises that it has delivered or will deliver in payment for such shares $____________ by certified
or official bank or bank cashier&#146;s check payable to the order of the Company, or by wire transfer in immediately available funds of the aggregate Exercise Price to an account of the Warrant Agent specified in writing by the Warrant Agent for
such purpose, no later than 5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; Please check if the
undersigned, in lieu of paying the Exercise Price as set forth in the preceding paragraph, elects to convert the Warrants by authorizing the Company to withhold from issuance a number of shares of Common Stock issuable upon exercise of the Warrants
which when multiplied by the Market Price of the Common Stock is equal to the aggregate price for the number of shares of Common Stock for which the Warrants are being converted at the Exercise Price (assuming the Exercise Price for all such shares
of Common Stock was being paid in cash), and such withheld shares shall no longer be issuable under the Warrants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the undersigned will be receiving
the shares of Common Stock issuable upon exercise or conversion of Warrants: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; Please check if the undersigned is a U.S. Citizen (additional
information may be required by the Company to confirm that the undersigned is a U.S. Citizen) </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; Please check if the undersigned is a <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Citizen. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the undersigned has designated another person (a &#147;designee&#148;) to receive the shares of
Common Stock issuable upon exercise or conversion of Warrants: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3-1 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; Please check if such designee is a U.S. Citizen (additional information may be required by the
Company to confirm that such designee is a U.S. Citizen) </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; Please check if such designee is a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT>
Citizen. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned requests that the shares of Common Stock purchased hereby be in registered form in the authorized denominations, registered in
such names and delivered, all as specified in accordance with the instructions set forth below, provided that if the shares of Common Stock are evidenced by global securities, the shares of Common Stock shall be registered in the name of the
Depository or its nominee. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Dated:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOTE: THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT AGENT, PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION
DATE. THE WARRANT AGENT SHALL NOTIFY YOU (THROUGH THE CLEARING SYSTEM) OF (1)&nbsp;THE WARRANT AGENT&#146;S ACCOUNT AT THE DEPOSITORY TO WHICH YOU MUST DELIVER YOUR WARRANTS ON THE EXERCISE DATE AND (2)&nbsp;THE ADDRESS, PHONE NUMBER AND FACSIMILE
NUMBER WHERE YOU CAN CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="62%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">NAME&nbsp;OF&nbsp;DIRECT&nbsp;PARTICIPANT&nbsp;IN&nbsp;THE&nbsp;DEPOSITORY:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(PLEASE PRINT)</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="90%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ADDRESS:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">CONTACT&nbsp;NAME:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="90%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">ADDRESS:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="66%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">TELEPHONE&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="68%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">FAX&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SOCIAL&nbsp;SECURITY&nbsp;OR&nbsp;OTHER&nbsp;TAXPAYER&nbsp;IDENTIFICATION&nbsp;NUMBER&nbsp;(IF&nbsp;
APPLICABLE):</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="100%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ACCOUNT FROM WHICH THE WARRANTS ARE BEING
DELIVERED:</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="82%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">DEPOSITORY&nbsp;ACCOUNT&nbsp;NO.:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3-2 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WARRANT EXERCISE NOTICES WILL ONLY BE VALID IF DELIVERED IN ACCORDANCE WITH THE INSTRUCTIONS SET FORTH IN
THIS NOTIFICATION (OR AS OTHERWISE DIRECTED), MARKED TO THE ATTENTION OF &#147;WARRANT EXERCISE&#148;. WARRANT HOLDER DELIVERING THE WARRANTS, IF OTHER THAN THE DIRECT DTC PARTICIPANT DELIVERING THIS WARRANT EXERCISE NOTICE: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">NAME:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(PLEASE PRINT)</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">CONTACT&nbsp;NAME:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="66%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">TELEPHONE&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="66%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">FAX&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SOCIAL&nbsp;SECURITY&nbsp;OR&nbsp;OTHER&nbsp;TAXPAYER&nbsp;IDENTIFICATION&nbsp;NUMBER&nbsp;(IF&nbsp;APPLICABLE):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACCOUNT TO WHICH THE SHARES OF COMMON STOCK ARE TO BE CREDITED: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="82%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">DEPOSITORY&nbsp;ACCOUNT&nbsp;NO.:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FILL IN FOR DELIVERY OF THE COMMON STOCK, IF OTHER THAN TO THE PERSON DELIVERING THIS WARRANT EXERCISE NOTICE: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">NAME:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(PLEASE PRINT)</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="90%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ADDRESS:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">CONTACT&nbsp;NAME:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="66%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">TELEPHONE&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="66%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">FAX&nbsp;(INCLUDING&nbsp;INTERNATIONAL&nbsp;CODE):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SOCIAL&nbsp;SECURITY&nbsp;OR&nbsp;OTHER&nbsp;TAXPAYER&nbsp;IDENTIFICATION&nbsp;NUMBER&nbsp;(IF&nbsp;APPLICABLE):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NUMBER OF SHARES OF COMMON STOCK FOR WHICH THE WARRANT IS BEING EXERCISED (ONLY ONE EXERCISE PER WARRANT EXERCISE NOTICE): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3-3 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Signature:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Capacity&nbsp;in&nbsp;which&nbsp;Signing:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="83%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Signature&nbsp;Guaranteed</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="96%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">BY:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to
the Company&#146;s transfer agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3-4 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT B </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF ASSIGNMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(TO BE
EXECUTED BY THE REGISTERED HOLDER </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">IF SUCH HOLDER DESIRES TO TRANSFER A WARRANT) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FOR VALUE RECEIVED, the undersigned registered holder hereby sells, assigns and transfers unto </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Name of Assignee</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Address of Assignee</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Warrants to purchase _________ shares of Common Stock held by the undersigned, together with all right, title and interest
therein, and does irrevocably constitute and appoint attorney, to transfer such Warrants on the books of the Warrant Agent, with full power of substitution. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Signature</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Date</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Social Security or Other Taxpayer
Identification Number of Assignee</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SIGNATURE GUARANTEED BY:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to
the Company&#146;s transfer agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-1 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT C </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WARRANT SUMMARY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NUMBER OF WARRANTS:
Initially, 1,687,500 Warrants, subject to adjustment as described in the Equity Holder Warrant Agreement dated as of September&nbsp;4, 2019 between PHI Group, Inc. (the &#147;Company&#148;) and American Stock Transfer&nbsp;&amp; Trust Company, LLC
(the &#147;Warrant Agent&#148;) (as supplemented or amended, the &#147;Warrant Agreement&#148;), each of which is exercisable or convertible for one share of the Company&#146;s common stock, par value $0.001 per share. This summary is not complete
and reference is made to the Warrant Agreement for the terms of the Warrants. In the event of any conflict, the terms of the Warrant Agreement shall control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EXERCISE PRICE: $24.98 per Warrant (subject to adjustment as provided in the Warrant Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HOLDER NOT DEEMED A STOCKHOLDER: Prior to the exercise or conversion of any Warrant, no holder thereof, as such, shall be entitled to any rights of a
stockholder of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. AVIATION LAWS LIMITATIONS ON EXERCISE OR CONVERSION: The right to exercise or convert Warrants is subject to the
limitations on ownership of the Common Stock by <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Citizens set forth in the Warrant Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FORM OF
SETTLEMENT: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Full Settlement: If Full Physical Settlement is elected, the Company shall deliver, against payment of the Exercise Price, a number of shares
of Common Stock equal to the number of Warrants exercised or converted, as such number may be adjusted pursuant to the terms of the Warrant Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cashless Conversion: If Cashless Conversion is elected, the Company will withhold from issuance a number of shares of Common Stock issuable upon the
conversion of the Warrants which, when multiplied by the Market Price of the Common Stock, is equal to the aggregate price for the number of shares of Common Stock for which the Warrants are being converted at the Exercise Price (assuming the
Exercise price for all such shares of Common Stock was being paid in cash), and such withheld shares shall no longer be issuable under the Warrants. The Warrants are also subject to conversion, in whole or in part, at the sole discretion of the
Company, as and to the extent provided in the Warrant Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DATES OF EXERCISE OR CONVERSION: At any time, and from time to time, prior to the Close
of Business on the Expiration Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EXPIRATION DATE: September&nbsp;4, 2022. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-1 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT D </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMERICAN STOCK TRANSFER&nbsp;&amp; TRUST COMPANY, LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FEE SCHEDULE TO SERVE AS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WARRANT AGENT FOR </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PHI
GROUP, INC. </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>A. FEES FOR SERVICES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acceptance Fee </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monthly Administration Fee </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>B. SERVICES COVERED </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Designating an operational team to establish Warrant Agent procedures and duties, including review of draft
agreements, offer document, execution of legal agreement, project management, and <FONT STYLE="white-space:nowrap">on-going</FONT> project updates and reporting </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Establish Warrant Issues under Client&#146;s on American Stock Transfer&nbsp;&amp; Trust Company, LLC &#145;s
record keeping system </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Coordinate Warrant transfer and conversion procedures with DTC </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Process transfer and/or conversion requests by issuing certificates </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Tracking and reporting the number of warrants issued, transferred, outstanding and exercised, as required
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Processing Warrants received and converted </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Deposit Warrant conversion checks and incoming wire transfers daily and forward all participant funds to Client
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Providing receipt summation of checks and wire transfers received </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Issuing and mailing stock certificates, DRS share statements and warrants </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Affixing legends to appropriate stock certificates, where applicable </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Replace lost, stolen or destroyed securities in accordance with UCC guidelines and American Stock
Transfer&nbsp;&amp; Trust Company, LLC policy (subject to shareholder-paid fee and bond premium) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Process and post address changes plus mail confirmations if required </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Obtain <FONT STYLE="white-space:nowrap">W-9</FONT> and <FONT STYLE="white-space:nowrap">W8-BEN</FONT>
certifications </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Comply with SEC mandated annual lost shareholder search </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D-1 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Perform OFAC (Office of Foreign Asset Control) and Patriot Act reporting </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Produce daily transfer reports and post them for online viewing </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">** Payment to DTCC of their Corporate Actions Eligibility Fee for the establishment of the new CUSIP number, as
incurred. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Depository Trust Company (&#147;DTC&#148;) submitted a proposed rule change (File No. <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">SR-DTC-2015-012)</FONT></FONT></FONT> to the Securities and Exchange Commission pursuant to Section&nbsp;19(b)(3)(A) of the Securities Exchange Act of 1934
to implement a fee called the Corporate Actions Eligibility Fee (&#147;New Fee&#148;) that would be charged to the transfer agent of any <FONT STYLE="white-space:nowrap">DTC-eligible</FONT> security when DTC is requested to make a new CUSIP eligible
for DTC services in connection with a corporate action event relating to the security. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amount of the New Fee is $1,000 per new CUSIP
for any security that is made eligible at DTC in connection with a Corporate Action. The proposed rule change was implemented on January&nbsp;1, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The full text of the proposed rule change may be obtained by visiting DTCC&#146;s website at
<U><FONT STYLE="white-space:nowrap">http://www.dtcc.com/en/legal/sec-rule-filings.aspx</FONT></U>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>C. ITEMS NOT COVERED </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Items not specified in the &#147;Services Covered&#148; section set forth in this Agreement, including any
services associated with new duties, legislation or regulatory fiat which become effective after the date of this Agreement (these will be provided on an appraisal basis) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">All <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses such
as telephone line charges, certificates, checks, postage, stationery, wire transfers, etc. (these will be billed as incurred) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Warrant Agreement subject to review by American Stock Transfer&nbsp;&amp; Trust Company, LLC&#146;s outside
counsel. Applicable fees charged as incurred. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>D. ASSUMPTIONS </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Fee schedule based upon information known at this time about the transaction Significant changes made in the
terms or requirements of this transaction could require modifications to this fee schedule </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D-2 </P>

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<TYPE>EX-99.2
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<FILENAME>d770370dex992.htm
<DESCRIPTION>EX-99.2
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Case 19-30923-hdh11 Doc 947 Filed 08/30/19 Entered 08/30/19 09:48:52 Page 1 of 4 </P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CLERK,&nbsp;U.S.&nbsp;BANKRUPTCY&nbsp;COURT</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NORTHERN DISTRICT OF TAXES</B></P> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ENTERED</B></P> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE DATE OF ENTRY IS ON</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE COURT&#146;S DOCKET</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The following constitutes the ruling of the court and has the force and effect therein described. </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Signed August&nbsp;29, 2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Harlin DeWayne Hale</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>United States Bankruptcy Judge</B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>IN THE UNITED STATES BANKRUPTCY COURT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOR THE NORTHERN DISTRICT OF TEXAS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DALLAS DIVISION </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">In re:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#167;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chapter 11</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#167;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PHI, Inc., <I>et al.</I>,<SUP STYLE="font-size:85%; vertical-align:top">1 </SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#167;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Case No. <FONT STYLE="white-space:nowrap">19-30923-hdh11</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#167;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:4.00em; font-size:10pt; font-family:Times New Roman">Debtors.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#167;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Jointly Administered)</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ORDER AUTHORIZING MODIFICATIONS TO THE DEBTORS&#146; </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONFIRMED THIRD AMENDED JOINT PLAN OF REORGANIZATION WITHOUT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>THE NEED FOR FURTHER DISCLOSURE OR SOLICITATION OF VOTES</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This matter coming before the Court on motion<I> </I>(the &#147;<U>Motion</U>&#148;),<SUP STYLE="font-size:85%; vertical-align:top">2</SUP>
filed by the above-captioned debtors (collectively, the &#147;<U>Debtors</U>&#148;), seeking entry of an order, pursuant to section 1127 of the Bankruptcy Code, approving the Modifications to the Plan without the need for further disclosure or
solicitation of votes; the Equity Committee having raised informal comments to the Motion; following extensive negotiation, the Debtors having resolved the </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Debtors in these chapter 11 cases, along with the last four digits of each Debtor&#146;s federal tax
identification number, are: PHI, Inc. (5707), PHI Air Medical, L.L.C. (4705), AM Equity Holdings, L.L.C. (0730), PHI Tech Services, Inc. (5089)&nbsp;and PHI Helipass, L.L.C. (4187). The corporate headquarters and the mailing address for the Debtors
listed above is 2001 SE Evangeline Thruway, Lafayette, Louisiana 70508. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Capitalized terms not otherwise defined herein shall have the meanings given to them in the Motion.
</P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Case 19-30923-hdh11 Doc 947 Filed 08/30/19 Entered 08/30/19 09:48:52 Page 2 of 4 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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Equity Committee&#146;s issues pursuant to the terms of this Order; and this Court having jurisdiction to consider the Motion and the relief requested therein under 28 U.S.C. 157 and 1334; and
this Court having determined that this is a core proceeding under 28 U.S.C. &#167; 157(b)(2); and this Court having determined that venue of this proceeding and the Motion in this District is proper under 28 U.S.C. &#167;&#167; 1408 and 1409; and
this Court having determined that the Debtors&#146; notice of the Motion and opportunity for a hearing were adequate and appropriate under the circumstances and no other notice need be provided; and this Court having reviewed the Motion and having
found and determined that the legal and factual bases set forth in the Motion establish just cause for the relief granted herein; and this Court having determined that the relief sought in the Motion is in the best interests of the Debtors&#146;
estates, their creditors, and other parties in interest; and upon all of the proceedings had before this Court; and after due deliberation and sufficient cause appearing therefor, </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>IT IS HEREBY ORDERED THAT: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. The Motion is GRANTED, as set forth in this Order. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. The Modifications, as further modified by this Order, comply with section 1127 of the Bankruptcy Code. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. The Plan, as modified by the Modifications and this Order, complies with sections 1122, 1223 and 1129 of the Bankruptcy Code and is hereby
confirmed. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. Notwithstanding anything to the contrary contained in the Plan or the Modifications, Article III.B.10(b) of the Plan shall
be deleted in its entirety and replaced with the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(b)<I> Treatment</I>: Class&nbsp;10 Existing PHI Interests will be canceled,
released, and extinguished as of the Effective Date, and will be of no further force or effect, and, pursuant to the Equity Committee Settlement Stipulation, each holder of an Allowed Class&nbsp;10 Interest (other than Mr.&nbsp;Al&nbsp;A. Gonsoulin
and his Affiliates, who shall be deemed to have waived any entitlement or distribution on account of any and all Existing PHI </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Case 19-30923-hdh11 Doc 947 Filed 08/30/19 Entered 08/30/19 09:48:52 Page 3 of 4 </P>
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Interests held or owned as of the Effective Date) shall receive (i)&nbsp;if such holder holds fewer than 250 shares of Existing PHI Interests, Cash in an amount equal to $0.50 per share or
(ii)&nbsp;if such holder holds 250 shares or more of Existing PHI Interests, its Pro Rata share of Old Equity Settlement Warrants, as more fully described in <U>Article IV.D.6</U> of the Plan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. The Debtors are not required to provide further disclosure in respect of the Modifications to the Plan or the amendments to the Plan made by
this Order or to resolicit the votes of any creditors or equity security holders as a result thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. The Confirmation Order remains in
full force and effect and shall apply to the Plan, as modified by the Modifications and this Order. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. Any holder of an Existing PHI
Interest in Class&nbsp;10 that has accepted the Plan is deemed to have accepted the Plan, as modified by the Modifications and this Order, and such holder shall not have the opportunity to change its previous acceptance. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. This Court shall retain jurisdiction to hear and determine all matters arising from or related to the implementation or interpretation of
this Order. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B># # # End of Order # # # </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Case 19-30923-hdh11 Doc 947 Filed 08/30/19 Entered 08/30/19 09:48:52 Page 4 of 4 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD VALIGN="top">Order submitted by:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"><B>DLA PIPER LLP (US)</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ Daniel Prieto</I></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Daniel Prieto, State Bar No.&nbsp;24048744</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1900
North Pearl Street, Suite 2200</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dallas, Texas 75201</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Tel: (214) <FONT STYLE="white-space:nowrap">743-4500</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Fax: (214) <FONT STYLE="white-space:nowrap">743-4545</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Email: dan.prieto@dlapiper.com</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">-and-</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thomas R. Califano (admitted <I>pro hac vice</I>)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1251 Avenue of the Americas</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">New York, New York 10020</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Tel: (212) <FONT STYLE="white-space:nowrap">335-4500</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Fax: (212) <FONT STYLE="white-space:nowrap">335-4501</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Email: thomas.califano@dlapiper.com</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">-and-</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Daniel M. Simon (admitted <I>pro hac vice</I>)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">David Avraham (admitted <I>pro hac vice</I>)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tara Nair (admitted <I>pro hac vice</I>)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">444
West Lake Street, Suite 900</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Chicago, IL 60606</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Tel: (312) <FONT STYLE="white-space:nowrap">368-4000</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Fax: (312) <FONT STYLE="white-space:nowrap">236-7516</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email: daniel.simon@dlapiper.com</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;david.avraham@dlapiper.com</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;tara.nair@dlapiper.com</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.3 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PHI, Inc. Successfully Completes Chapter 11 Debt Restructuring </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>PHI and Its Principal U.S. Subsidiaries Are Now Well Positioned for Long-Term Success </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>with a More Sustainable Debt Structure and Strengthened Balance Sheet </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">LAFAYETTE, LOUISIANA, September&nbsp;4, 2019 &#150; PHI, Inc. (OTC: PHIIQ; PHIKQ) (&#147;PHI&#148; or the &#147;Company&#148;) today announced that the
Company and its principal U.S. subsidiaries, including PHI Air Medical, have emerged from Chapter 11 bankruptcy protection, successfully completing the Company&#146;s debt restructuring process and implementing the Chapter 11 reorganization plan
confirmed by the U.S. Bankruptcy Court for the Northern District of Texas on July<U></U>&nbsp;30, 2019. PHI now believes that it has one of the industry&#146;s leading debt structures and a strengthened balance sheet that positions it for long-term
success. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Our ability to successfully emerge from bankruptcy less than six months after our Chapter 11 filings and strengthen our balance sheet,
while maintaining and continuing to expand our safety and service commitments, is a testament to the hard work of our talented employees and the strength of our relationships with our customers and partners,&#148; PHI Chief Executive Officer Lance
Bospflug said. &#147;We have now reached all of the key goals that we set for ourselves at the beginning of this process &#150; including a more sustainable debt structure and a stronger balance sheet. However, this milestone is just the beginning
of what we plan to achieve moving forward. We have ambitious plans for our Company to support not only our customers and the industries we serve, but also to support our workforce &#150; one of the most highly-skilled and committed workforces in the
aviation services industry. We will continue to build on our successes and leadership position as we look to grow, to drive innovation and to better serve our customers for years to come.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a result of completing the bankruptcy process, the Company reduced its debt by approximately $500&nbsp;million, with PHI&#146;s former unsecured creditors
now owning 100% of the Company&#146;s equity, subject to dilution in connection with future stock issuances including issuances of incentive equity grants to key personnel and potential issuances of stock to the holders of certain warrants issued to
former equity holders. In connection with this process, the Company also closed a $225<U></U>&nbsp;million new five-year term loan and received new equity capital from certain of its former unsecured creditors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon closing, Mr.&nbsp;Al<U></U>&nbsp;A. Gonsoulin retired from the role of Chief Executive Officer and Chairman of the Board of PHI. Mr.<U></U>&nbsp;Lance
Bospflug has transitioned from serving as President and Chief Operating Officer to become PHI&#146;s new Chief Executive Officer and part of the Company&#146;s new Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;I am honored with the responsibility to lead this storied company forward. On behalf of the Board of Directors and the entire PHI team, I want to thank
Al Gonsoulin for his many years of dedicated service and important contributions to so many in our business,&#148; Bospflug continued. &#147;PHI has been a leader in aviation and continues to be recognized as being at the forefront of safety and
operations globally. We are grateful to Al for all he has done for the industry and PHI, and we wish him all the best in his retirement.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For
additional information on the transactions consummated in connection with the Company&#146;s emergence from bankruptcy, including the installation of a newly-appointed Board of Directors, please see PHI&#146;s Current Report on Form <FONT
STYLE="white-space:nowrap">8-K,</FONT> which is expected to be filed within the next couple of days, and the documents filed in connection with the bankruptcy process, available at <U>https://cases.primeclerk.com/PHI</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Questions regarding distributions under the Company&#146;s reorganization plan can be directed to the Company&#146;s claims agent, Prime Clerk, at
<U>PHIinfo@primeclerk.com</U> or +1 (844) <FONT STYLE="white-space:nowrap">216-8745.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ABOUT PHI, INC. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PHI, Inc. is one of the world&#146;s leading helicopter services companies, operating over 240 aircraft in over 70 locations around the world. Known industry
wide for the relentless pursuit of safe, reliable helicopter transportation, PHI offers services to the offshore Oil and Gas, Air Medical applications, and Technical Services applications around the world. The highly trained pilots, maintenance
technicians, clinicians and </P>
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diverse professional talent across the organization gives the company a great depth in all areas of operation and is composed of highly skilled, dedicated, and loyal employees. In addition to
operations in the United States, the company has operated in 43 foreign countries and continues to operate for customers across the globe. PHI&#146;s Headquarters are in Lafayette, Louisiana USA and PHI employs approximately 2,200 personnel
globally. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This release
includes &#147;forward-looking statements&#148; within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release are &#147;forward-looking&#148;
statements, as defined by (and subject to the &#147;safe harbor&#148; protections under) the federal securities laws. When used herein, the words &#147;anticipates,&#148; &#147;expects,&#148; &#147;believes,&#148; &#147;seeks,&#148;
&#147;hopes,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;projects,&#148; &#147;will&#148; and similar words and expressions are intended to identify forward-looking statements. Forward-looking statements are based on a number of judgments
and assumptions as of the date such statements are made about future events, many of which are beyond PHI&#146;s control. These forward-looking statements, and the assumptions on which they are based, (i)&nbsp;are not guarantees of future events,
(ii)<U></U>&nbsp;are inherently speculative and (iii)<U></U>&nbsp;are subject to significant risks and uncertainties. Actual events and results may differ materially from those anticipated, estimated, projected or implied by PHI in those statements
if one or more of these risks or uncertainties materialize, or if PHI&#146;s underlying assumptions prove incorrect. All of PHI&#146;s forward-looking statements are qualified in their entirety by reference to PHI&#146;s discussion of certain
important factors that could cause PHI&#146;s actual results to differ materially from those anticipated, estimated, projected or implied in those forward-looking statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Factors that could cause PHI&#146;s results to differ materially from the expectations expressed in such forward-looking statements include, but are not
limited to, the Company&#146;s ability to achieve its stated goals, including those specified in its recently-implemented reorganization plan, the Company&#146;s ability to implement operational improvement efficiencies, uncertainty regarding the
Company&#146;s ability to obtain additional capital in the future, uncertainty regarding the Company&#146;s ability to attract and retain key personnel, uncertainty regarding the Company&#146;s ability to retain its customer and vendor
relationships, illiquidity in the trading of the Company&#146;s newly-issued stock, as well as other risks referenced in PHI&#146;s prior filings with the U.S. Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additional factors or risks that PHI currently deems immaterial, that are not presently known to PHI, that arise in the future or that are not specific to PHI
could also cause PHI&#146;s actual results to differ materially from its expected results. Given these uncertainties, investors are cautioned not to unduly rely upon PHI&#146;s forward-looking statements, which speak only as of the date made. PHI
undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or developments, changed circumstances, or otherwise. Further, PHI may make changes to its intentions or plans at any
time, without notice and for any reason, and can provide no assurances as to the ultimate return on investment on securities recently issued in connection with its emergence from bankruptcy. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Media Contact: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brad Deutser </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(713) <FONT STYLE="white-space:nowrap">850-2105</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investor Contact: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trudy McConnaughhay </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Financial Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(337)
<FONT STYLE="white-space:nowrap">235-2452</FONT> </P>
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