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CROWDERGULF, LLC <br /> NOTES TO THE FINANCIAL STATEMENTS <br /> DECEMBER 31, 2017 AND 2016 <br /> 13. SUBSEQUENT EVENTS <br /> Subsequent to year end, CrowderGulf and Gulf Equipment Corporation, a related entity, entered <br /> ® into a lease agreement with a mutual related party, Franklin Creek Investments, for the use of a <br /> Cessna aircraft. In connection with this lease agreement, CrowderGulf and Gulf Equipment <br /> Corporation entered into a service agreement with an unrelated entity, Jet Services, Inc., or <br /> maintenance of the aircraft. <br /> The terms of the agreements are for one year, with an automatic annual enewat.T� e1 s of the <br /> lease agreement includes a minimum monthly rent of $5,800 and vara �ccosts\for the use of the <br /> aircraft per flight hour. The terms of the service agreement includ/aiminimux\management fee of <br /> $6,000 per month, fixed costs of approximately $21,000 per mo.th and vartable costs for pilot <br /> training, insurance, and other miscellaneous expense. V <br /> Q4/11 <br /> 0011 I'<I( <br /> 1 <br /> • <br /> 13 <br />