PROMISSORY NOTE


____________________, 20____ $ 15,000


FOR VALUE RECEIVED, the adequacy and sufficiency of which I hereby acknowledge, I, ________________________, promise to pay to the order of Chautauqua Airlines, Inc. (“Chautauqua”) the sum of $15,000 payable in thirty-six (36) equal monthly payments due the last day of each month beginning on the date I successfully complete my first 14 C.F.R. §121.441 proficiency check (“completion date”) or resign, otherwise voluntarily terminate employment with Chautauqua or be discharged prior to completing the training referenced in the Pilot Training Reimbursement Agreement signed contemporaneously herewith, whichever comes first. Should I resign, otherwise voluntarily terminate employment with Chautauqua or be discharged prior to completing two (2) years of active service with Chautauqua following the completion date, Chautauqua may elect to accelerate the unpaid balance of the principal and all accrued interest due and declare the same payable at once without notice or demand.
The Pilot Training Reimbursement Agreement signed contemporaneously herewith is incorporated by reference in its entirety and I hereby acknowledge that this promissory note shall be interpreted under the laws of Indiana and expressly consent to jurisdiction of the Indiana courts which have exclusive jurisdiction over any legal action regarding this promissory note. I further agree to pay Chautauqua the costs of attorney fees and collection fees incurred by Chautauqua in connection with the enforcement of this promissory note.
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Date Initials





IN WITNESS WHEREOF, I hereby execute this Note on the date set forth below:


_________________________ ___________________________________
Date Pilot Candidate


_________________________ ___________________________________
Date Witness