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On April 1, 2012, Pinnacle Airlines Corp., Pinnacle Airlines, Inc. and Delta entered into a Third Amended and Restated Airline Services Agreement (the “A&R CRJ-200 ASA”), which amends and restates the CRJ-200 ASA. The A&R CRJ-200 ASA modifies rates paid by Delta for services performed by Pinnacle Airlines, Inc., including changes to the margin payment. In addition, the term of the CRJ-200 ASA was extended by four and one-half years and will now expire July 1, 2022.

Upon a change of control of the Company, Delta has both the option to remove up to 70 aircraft from Pinnacle over a three-year period and the option to extend the A&R CRJ-200 ASA for another five years without the obligation to reset rates. In addition, certain operating performance measurement formulas would be revised in Delta’s favor.