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                                                                    EXHIBIT 10.2

                              GUARANTY OF AGREEMENT

      THIS GUARANTY OF AGREEMENT (this "GUARANTY") is made and entered into as
of April 27, 2005 by World Airways, Inc., a Delaware corporation ("GUARANTOR")
and a wholly-owned subsidiary of World Air Holdings, Inc., a Delaware
corporation (the "PARENT"), to and for the benefit of Dan McKinnon, as Trustee
of the Dan and Janice McKinnon Family Trust dated January 15, 2005 ("Seller").
Guarantor and Seller are sometimes herein individually referred to as a "PARTY"
and, collectively, as the "PARTIES." Capitalized terms used herein that are not
otherwise defined shall have the respective meanings set forth in the Stock
Purchase Agreement (as defined below).

                                   WITNESSETH:

      WHEREAS, pursuant to that certain Stock Purchase Agreement, dated as of
even date hereof (the "STOCK PURCHASE AGREEMENT"), by and among the Parent,
Seller, North American Airlines, Inc., a Delaware corporation ("NAA"), and Dan
McKinnon, in his individual capacity ("MCKINNON"), Parent, in addition to a cash
payment to Seller made simultaneously with the execution of this Guaranty,
undertook certain other obligations to be performed after the date of this
Guaranty in exchange for all of the shares of common stock of NAA (the "ACQUIRED
ASSETS");

      WHEREAS, Guarantor desires that Parent acquire the Acquired Assets from
Seller, and is therefore willing to guarantee all obligations of Purchaser under
the Stock Purchase Agreement; and

      WHEREAS, the execution and delivery by Guarantor of this Guaranty is a
condition to McKinnon's and Seller's performance under the Stock Purchase
Agreement.

      NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged by Guarantor, and intending to be legally bound, Guarantor hereby
agrees as follows:

      SECTION 1. GUARANTEED OBLIGATIONS. Guarantor hereby unconditionally and
irrevocably guarantees to Seller the due, punctual and full payment and
performance of, and covenants with Seller to duly, punctually and fully pay and
perform, and to be fully liable to Seller for all indebtedness, liabilities and
obligations of Parent evidenced or set forth in the Stock Purchase Agreement
(collectively, the "GUARANTEED OBLIGATIONS").

      SECTION 2. GUARANTY UNCONDITIONAL. The obligations of Guarantor hereunder
are continuing, absolute and unconditional, irrespective of any circumstance
whatsoever which might otherwise constitute a legal or equitable discharge or
defense of a guarantor or surety. Without limiting the generality of the
foregoing, the obligations of Guarantor hereunder shall remain in full force and
effect without regard to, and shall not be released, discharged or in any way
affected by:

            (a) any amendment, modification or supplement to the Stock Purchase
      Agreement;

            (b) any exercise or nonexercise of or delay in exercising any right,
      remedy, power or privilege under or in respect of this Guaranty or the
      Stock Purchase Agreement (even if any such right, remedy, power or
      privilege shall be lost thereby), or any waiver, consent, indulgence or
      other action or inaction in respect thereof;

            (c) any bankruptcy, reorganization, insolvency, arrangement,
      composition,

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      assignment for the benefit of creditors or similar proceeding commenced by
      or against Guarantor or any discharge, limitation, modification or release
      of liability of the Guarantor by virtue of such proceedings;

            (d) any extension of time for payment or performance of the
      Guaranteed Obligations;

            (e) any voluntary or involuntary liquidation, dissolution, sale of
      all or substantially all of the property of, or any marshaling of assets
      and liabilities or other similar proceeding affecting, Guarantor or any of
      its assets; or

            (f) any other circumstances which might otherwise constitute a legal
      or equitable discharge of a guarantor or surety.

      SECTION 3. WAIVER OF DEFENSES. Guarantor hereby waives diligence,
presentment, demand, protest, acceptance of this Guaranty, and except as
otherwise specifically provided herein, all notices of any kind, and waives any
requirement that Seller exhaust any right or remedy. This Guaranty constitutes
an agreement of suretyship as well as of guaranty, and Seller may pursue its
rights and remedies under this Guaranty and under the Stock Purchase Agreement
in whatever order, or collectively, as Seller may elect, and shall be entitled
to payment and performance hereunder. Further, Guarantor waives and agrees not
to assert or take advantage of:

            (a) any right to require Seller to proceed against Parent, any other
      guarantor or any other person or any security now or hereafter held by
      Seller or to pursue any other remedy whatsoever;

            (b) any defense based upon any legal disability of Parent or any
      guarantor or other person, or any discharge or limitation of the liability
      of Parent or any guarantor or other person to Seller, or any restraint or
      stay applicable to actions against Parent or any guarantor or other
      person, whether such disability, discharge, limitation, restraint or stay
      is consensual, or arising by order of a court or other governmental
      authority, or arising by operation of law or any liquidation,
      reorganization, insolvency, receivership, bankruptcy, assignment for the
      benefit of creditors or other debtor-relief proceeding, or from any other
      cause, including any defense to the payment of interest, attorneys' fees
      and costs, and other charges that otherwise would accrue or become payable
      in respect to the Guaranteed Obligations after the commencement of any
      such proceeding;

            (c) any right of or to any setoff or counterclaim (including without
      limitation pursuant to the Stock Purchase Agreement), presentment, demand,
      protest, notice of protest, nonpayment, default or acceleration, or other
      notice of any kind;

            (d) any defense based upon the modification, renewal, extension or
      other alteration of any of the Guaranteed Obligations, or of the documents
      executed in connection therewith;

            (e) any defense based upon the negligence of Seller, including the
      failure to perfect any security interest, or the failure to file a claim
      in any bankruptcy of Parent or any guarantor or other person;

            (f) any defense based upon a statute of limitations to the fullest
      extent permitted by law and any defense based upon Seller's delay in
      enforcing this Guaranty or any other agreement;

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            (g) all rights of subrogation, reimbursement, indemnity and
      contribution, all rights to enforce any remedy that Seller may have
      against Parent or other person, and all rights to participate in any
      security held by Seller for the Guaranteed Obligations until the
      Guaranteed Obligations have been paid and performed in full, and any
      defense based upon the impairment of any subrogation, reimbursement,
      indemnity or contribution rights that Guarantor might have, including any
      defense or right based upon the acceptance by Seller or an affiliate of
      Seller of a deed in lieu of foreclosure without extinguishing the
      Guaranteed Obligations, even if such acceptance destroys, alters or
      otherwise impairs subrogation rights of Guarantor, the right of Guarantor
      to proceed against Parent or any other person for reimbursement, or both;

            (h) any defense based upon or arising out of any defense which
      Parent or any other guarantor or other person may have to the performance
      of any part of the Guaranteed Obligations;

            (i) any defense based upon the death, incapacity, lack of authority,
      invalidity or termination of existence of, or purported revocation or
      rescission of this Guaranty or any of the Guaranteed Obligations by, any
      person, or the substitution of any Party hereto or thereto;

            (j) any defense based upon or related to Guarantor's lack of
      knowledge as to Parent's financial condition;

            (k) any right to revoke this Guaranty or obligations hereunder;

            (l) any right to designate the application of any sums or property
      received by Seller (and Guarantor agrees that any amounts or sums received
      by Seller from any source on account of the Guaranteed Obligations may be
      applied by Seller toward payment thereof in such order of application as
      Seller may from time to time elect); and

            (m) any defense based upon any action taken or omitted by Seller in
      any bankruptcy or other insolvency proceeding involving Parent or any
      other person, including any election to have Seller's claim allowed as
      secured, partially secured or unsecured, any extension of credit by Seller
      to Parent in any such proceeding, and the taking and holding by Seller of
      any security for any such extension of credit;

      SECTION 4. EVENT OF DEFAULT. The occurrence of any one or more of the
following events after the expiration of any applicable grace or cure period
provided under the Stock Purchase Agreement shall constitute an Event of Default
under the provisions of this Guaranty, and the term "EVENT OF DEFAULT" as used
in this Guaranty shall mean the occurrence of any one or more of the following
events:

            (a) the failure of Guarantor to promptly pay or perform the
      Guaranteed Obligations, or

            (b) the commencement or filing of any proceedings by or against
      Guarantor or any of Guarantor's assets or properties under the provisions
      of any bankruptcy, reorganization, arrangement, insolvency, receivership,
      liquidation or similar law for the relief of debtors, and, except with
      respect to any such proceedings instituted by Guarantor, are not
      discharged within sixty (60) days of their commencement.

      SECTION 5. RIGHTS AND REMEDIES. Upon the occurrence of an Event of Default
under the provisions of this Guaranty, an amount equal to the total of the
Guaranteed Obligations then outstanding shall immediately and automatically be
due and payable by Guarantor to Seller without further action by, or notice of
any kind from, Seller unless expressly provided for herein, and Seller may at
any time and

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from time to time thereafter exercise any powers, rights and remedies available
to Seller under the provisions of this Guaranty, the Stock Purchase Agreement
and applicable laws to enforce and collect the obligations and liabilities of
Guarantor hereunder, all such powers, rights and remedies being cumulative and
enforceable alternatively, successively or concurrently. Each and every Event of
Default hereunder shall give rise to a separate cause of action hereunder, and
separate actions may be brought hereunder as each cause of action arises. No
failure or delay by Seller in one or more instances to require strict
performance by Guarantor of any of the provisions hereof or to exercise any
powers, rights or remedies available to it under the provisions of this
Guaranty, the Stock Purchase Agreement or applicable laws shall operate as a
waiver thereof or preclude Seller at any later time or times from demanding
strict performance thereof or exercising any such powers, rights or remedies. No
conduct, custom or course of dealing shall be effective to waive, amend, modify
or release this Guaranty. No modification or waiver of any of the provisions of
this Guaranty shall be effective unless it is in writing and signed by Seller,
and any such waiver shall be effective only in the specific instance and for the
specific purpose for which it is given.

      SECTION 6. REPRESENTATIONS AND WARRANTIES. Guarantor represents and
warrants as follows:

            (a) Guarantor is a corporation duly incorporated, validly existing,
      and is in good standing under the laws of Delaware and is duly qualified
      to do business in all states if any in which it is required to be
      qualified;

            (b) Guarantor has the requisite power and authority to own and
      manage its assets, to carry on its business as now being conducted and to
      perform its obligations hereunder;

            (c) The individual(s) executing this Guaranty on behalf of Guarantor
      or any person comprising a part of Guarantor is authorized and empowered
      by his/her or their signatures alone to bind Guarantor;

            (d) Guarantor has the full right, power and authority to execute and
      deliver this Guaranty, consummate the transactions contemplated hereby,
      and perform its obligations hereunder;

            (e) This Guaranty has been duly authorized, executed and delivered,
      and does not and will not require any consent or approval of any person or
      entity other than that which has been heretofore obtained;

            (f) The execution, delivery and performance by Guarantor of this
      Guaranty (i) have been duly authorized by all necessary action, (ii) are
      within the power of Guarantor, (iii) have received all necessary
      governmental approvals, and (iv) do not and will not (1) contravene
      Guarantor's corporate charter, articles of incorporation, bylaws or any
      other of Guarantor's corporate formation or governance documents, (2)
      violate any provision of any law, rule or regulation or any order,
      judgment or decree of any court or agency of government, or any indenture,
      agreement or any other instrument to which Guarantor is a party or by
      which Guarantor or its assets is bound, and (3) result in a breach of or
      constitute (with due notice and/or lapse of time) a default under any such
      indenture, agreement or other instruments which would affect this
      Guaranty;

            (g) This Guaranty has been duly executed by Guarantor and, when
      delivered to Seller, will constitute a legal, valid and binding obligation
      enforceable against Guarantor in accordance with its terms;

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            (h) Guarantor is not insolvent, and no bankruptcy or insolvency
      proceedings are pending or to the best of Guarantor's knowledge
      contemplated by or against Guarantor;

            (i) The value of the consideration received and to be received by
      Guarantor in connection with the Guaranteed Obligations and the Stock
      Purchase Agreement is reasonably worth at least as much as the liability
      and obligations of Guarantor incurred or arising under this Guaranty;
      Guarantor has had full and complete access to the documents relating to
      the Guaranteed Obligations, has reviewed them and is fully aware of the
      meaning and effect of their contents; Guarantor is fully informed of all
      circumstances which bear upon the risks of executing this Guaranty and
      which a diligent inquiry would reveal; Guarantor has adequate means to
      obtain from Parent on a continuing basis information concerning Parent's
      financial condition, and is not depending on Seller to provide such
      information, now or in the future; Guarantor agrees that Seller shall not
      have any obligation to advise or notify Guarantor or to provide Guarantor
      with any data or information; and

            (j) Guarantor has all requisite power and authority to transact any
      other business with Seller as necessary to fulfill the terms of this
      Guaranty.

      SECTION 7. FURTHER ASSURANCES. From time to time upon the request of
Seller, Guarantor shall promptly and duly execute, acknowledge and deliver any
and all such further instruments and documents as Seller may deem reasonably
necessary or desirable to confirm this Guaranty, to carry out the purpose and
intent hereof or to enable Seller to enforce any of its rights hereunder.

      SECTION 8. AMENDMENTS, WAIVERS, ETC. This Guaranty cannot be amended,
modified, waived, changed, discharged or terminated except by an instrument in
writing signed by the Party against whom enforcement of such amendment,
modification, waiver, change, discharge or termination is sought.

      SECTION 9. NO IMPLIED WAIVER; CUMULATIVE REMEDIES. No course of dealing
and no delay or failure of Seller in exercising any right, power or privilege
under this Guaranty or the Stock Purchase Agreement shall affect any other or
future exercise thereof or exercise of any other right, power or privilege; nor
shall any single or partial exercise of any such right, power or privilege or
any abandonment or discontinuance of steps to enforce such a right, power or
privilege preclude any further exercise thereof or of any other right, power or
privilege. The rights and remedies of Seller under this Guaranty are cumulative
and not exclusive of any rights or remedies which Seller would otherwise have
under the Stock Purchase Agreement, at law or in equity.

      SECTION 10. NOTICES. All notices, demands, requests, and other
communications desired or required to be given hereunder shall be given in a
manner and at the addresses set forth in Section 10.1 of the Stock Purchase
Agreement.

      SECTION 11. SEVERABILITY. If any term or provision of this Guaranty or the
application thereof to any person or circumstance shall to any extent be invalid
or unenforceable, the remainder of this Guaranty, or the application of such
term or provision to persons or circumstances other than those as to which it is
invalid or unenforceable, shall not be affected thereby, and each term and
provision of this Guaranty shall be valid and enforceable to the full extent
permitted by law.

      SECTION 12 COUNTERPARTS. This Guaranty may be executed in any number of
counterparts by the Parties hereto, each of which, when so executed, shall be
deemed an original, but all such counterparts shall constitute but one and the
same instrument.

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      SECTION 13. GOVERNING LAW. This Stock Purchase Agreement, and the rights
and obligations of the Parties hereunder, shall be governed by, construed and
enforced in accordance with the laws of the State of New York, without regard to
principles of conflicts of laws thereof.

      SECTION 14. SUCCESSORS AND ASSIGNS. This Guaranty shall bind Guarantor and
Guarantor's heirs, executors, successors and assigns, and shall inure to the
benefit of Seller and its successors and assigns.

      SECTION 15. TIME IS OF THE ESSENCE. Time is of the essence in connection
with all obligations of Guarantor hereunder.

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      IN WITNESS WHEREOF, Guarantor has duly executed and delivered this
Guaranty as of the date first above written.

                                          GUARANTOR:

                                          WORLD AIRWAYS, INC.

                                          By: /s/ Randy J. Martinez
                                              -----------------------
                                              Name: Randy J. Martinez
                                              Title: CEO & President

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