Item 1.01 Entry into a Material Definitive Agreement.

On September 27, 2022, FBO Air-Garden City, Inc., ("FBO GCK") a wholly owned subsidiary of Saker Aviation Services, Inc. (the "Company") entered into a FBO Transfer Agreement (the "Agreement") with Crosby Flying Services, LLC (the "Buyer") pursuant to which FBO GCK agreed (i) to sell to the Buyer substantially all of its assets (the "Assets") and none of its liabilities, and (ii) to a seven year non-competition covenant (the Non-Compete") whereby the Company, including its subsidiaries and affiliates, will not engage in any business involving the operation of a fixed based operation supplying aviation fuels and lubricants or the supply of other goods or provision of services typically supplied or performed at fixed base operations at airports at any facility located within one hundred (100) miles of the Garden City Regional Airport in Garden City, Kansas (the "Airport"), for $1.6 million (the "Purchase Price").

At the closing of this transaction ("Closing Date") the Buyer will pay 90% of the Purchase Price in cash, subject to certain closing adjustments. The remainder of the Purchase Price will be paid in cash upon the first anniversary of the Closing Date subject to FBO GCK's and the Company's compliance with the Non-Compete. Also on the Closing Date, certain leasehold interests held by FBO GCK at the Airport will be terminated and new leases will be entered into by the Buyer.

Closing of this transaction is contingent upon the Buyer receiving the consent of the city of Garden City, Kansas, to enter into new leasehold interests for the Airport, consents from counterparties to certain contracts of FBO GCK being assumed by the Buyer, the satisfaction of Buyer's due diligence of the assets of FBO GCK, and certain other customary closing conditions. Closing is expected to occur by October 31, 2022, after which either party can terminate the Agreement if closing has not occurred.

The Agreement contains customary representations and warranties, covenants, agreements and indemnification obligations of FBO GCK and the Buyer. The foregoing summary of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which is filed as an exhibit to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description



10.1*           FBO Transfer Agreement between FBO Air-Garden City Inc. and
              Crosby Flying Services, LLC dated September 27, 2022

104           Cover Page Interactive Data File (embedded within the Inline XBRL
              document)



*  Schedules and similar attachments have been omitted pursuant to Item
   601(a)(5) of Regulation S-K. The Company will furnish a copy of any omitted
   schedule or similar attachment to the Securities and  Exchange Commission
   upon request.

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