Item 1.01 Entry into a Material Definitive Agreement
On December 15, 2016, Baltia Air Lines, Inc., a New York corporation (the "Company" / "Lessee"), and KALITTA AIR LLC, a limited liability company ("Lessor"), entered into a legally binding letter of intent for the lease of one Boeing 767-300ER aircraft, serial number 26234, to be delivered on or before April 1, 2017 or as otherwise agreed, to Oscoda, Michigan, on terms to be determined following inspection of the aircraft by the Lessee and execution of an Aircraft Lease Agreement, for an initial term of 12 months, .
The Company has deposited $10,000 as a refundable deposit to secure this letter of intent. Both parties will bear their own costs related to the transaction, and have agreed to secure approval of their respective corporate bodies within 10 days of the execution of the Lease Agreement.
This Letter of intent has been signed by D.C. Sanderlin, Vice President and General Manager of the Lessor, and by Anthony D. Koulouris, President of the Company.
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