**EXHIBIT 10.32****SUMMARY OF AIRNET SYSTEMS, INC. 2007 INCENTIVE COMPENSATION PLAN**On March 28, 2007, the Board of Directors of AirNet, upon the recommendation of the CompensationCommittee, adopted the 2007 Incentive Compensation Plan (the “2007 Incentive Plan”). The purposeof the 2007 Incentive Plan is to promote the following goals ofAirNet for the fiscal year ending December 31, 2007 (the “2007 fiscal year”) byproviding incentive compensation to certain employees of AirNet: **•** attaining designated levels of pre-tax income;  **•** achieving designated levels of Express Services revenues and contribution margin;  **•** reducing AirNet’s operating costs;  **•** establishing AirNet as the express air carrier of choice for highly controlled and time sensitive shipments;  **•** leveraging AirNet’s aviation infrastructure to improve contribution margin;  **•** operating in all areas of AirNet’s business in an absolutely safe, highly professional,dependable, efficient and customer focused manner; and  **•** developing AirNet’s leadership team.Participants in the 2007 Incentive Plan include AirNet’s executive officers – Bruce D. Parker(Chairman of the Board and Chief Executive Officer), Gary W. Qualmann (Chief Financial Officer,Treasurer and Secretary), Larry M. Glasscock, Jr. (Senior Vice President, Express Services),Jeffery B. Harris (Senior Vice President, Bank Services), Ray L. Druseikis (Controller andPrincipal Accounting Officer) and Craig A. Leach (Vice President, Information Systems), — and certain department managers and department directors.As of the date of this Annual Report on Form 10-K, there were 37 participants in the 2007Incentive Plan.The targeted incentive compensation payment a participant may earn under the 2007 Incentive Planranges from 20% to 100% of the participant’s base salary, depending upon such participant’s level ofresponsibility for achieving AirNet’s goals for the 2007 fiscal year. The targeted percentage ofannual base salary that each of AirNet’s executive officers may earn as incentive compensationunder the 2007 Incentive Plan is as follows: Bruce D. Parker, 100%; Gary W. Qualmann, Larry M.Glasscock, Jr., and Jeffery B. Harris, 75%; Ray L. Druseikis and Craig A. Leach, 50%.Payments under the 2007 Incentive Plan will be based on a combination of AirNet’s (i) pre-taxincome for the 2007 fiscal year, (ii) Express Services revenues and contribution margins for the2007 fiscal year, and (iii) the achievement of personal goals assigned to each participant. TheCompensation Committee determines the personal goals of the Chief Executive Officer. The ChiefExecutive Officer determines the personal goals for the otherexecutive officers, which are reviewedand approved by the Compensation Committee. The personal goals of other participants are approvedby the Chief Executive Officer and are reviewed by the Compensation Committee. The personal goalsapproved by the Compensation Committee for each of the executive officers relate to specificbusiness objectives related to general business operations (e.g., regulatory compliance, expensereductions, etc.) and each business segment (e.g., execution of specific contracts with customersand vendors, cost reductions, service improvements, etc.).With theexception of Bruce D. Parker, no incentive compensation will be paid under the 2007 Incentive Plan unless AirNet achieves atleast 80% of its targeted pre-tax income for the 2007 fiscal year.Mr. Parker will be eligible to receive the portion of his incentivecompensation potential allocated to his personal goals without regardto AirNet’s attainment of its financial objectives. Once this designated thresholdlevel of pre-tax income is achieved, potential incentive compensation payouts will increase atpredetermined levels until the maximum incentive compensation payout of approximately $1.7 millionis reached at approximately 140% of AirNet’s targeted pre-tax income for the 2007 fiscal year.Once the aggregate potential incentive compensation payout is determined based upon the level ofpre-tax income achieved by AirNet during the 2007 fiscal year, each participant’s incentivecompensation payment will be determined based upon the following three components of the 2007Incentive Compensation Plan (i) pre-tax income for the 2007 fiscal year; (ii) Express Servicesrevenues and contribution margins for the 2007 fiscal year, and (iii) the achievement of personalgoals. With the exception of Mr. Parker, 20% of each participant’s incentive compensation payoutis allocated to the attainment of personal goals. Forty percent of Mr. Parker’s incentivecompensation payment is allocated to the attainment of personal goals. The portion of eachparticipant’s incentive compensation potential that is not allocated to the attainment of personalgoals will be allocated to the attainment of predetermined levels of pre-tax income and ExpressServices revenues and contribution margin based upon such participant’s responsibility forachieving such goals.
 

 
Noincentive compensation will be earned with respect to the ExpressServices component of the 2007 IncentivePlan unless AirNet achieves at least 100% of its targeted Express Services revenues andcontribution margin. Once the designated threshold levels of Express Services revenues andcontribution margin are achieved, potential incentive compensation payouts under the ExpressServices component of the 2007 Incentive Plan will increase at predetermined levels until the maximumExpress Services compensation payout level is achieved.Mr. Parker’s incentive compensation payments under the 2007 Incentive Plan will be based upon theachievement of certain pre-determined financial objectives andpersonal goals for the firstsix months of the 2007 fiscal year and the last six months of the 2007 fiscal year. Mr. Parkerwill be eligible to receive up to 50% of his annual base salary ineach six-month period, subjectto the attainment of Mr. Parker’s predetermined financialobjectives and personal goals. In each six-month incentive compensation period, Mr. Parker’s incentive compensation potential will be allocatedamong Mr. Parker’s financial objectives and personal goals as follows: **•** 30% of Mr. Parker’s incentive compensationpotential will be based upon attaining at least 100%of the targeted pre-tax income for the applicable six-month period;  **•** 30% of Mr. Parker’s incentive compensationpotential will be based upon attaining at least 100%of the targeted Express Services revenues and contribution margin forthe applicable six-month period; and  **•** 40% of Mr. Parker’s incentive compensation potential in will be based upon theattainment of the personal goals established for Mr. Parker by the Board of Directors.The Board of Directors established the following personal goals for Mr. Parker for the 2007 fiscalyear: **•** development of an AirNet operating vision, including specific objectives and strategy; **•** development of a chief executive officer succession plan; and **•** developing AirNet’s management into an integrated team working to achieve specific objectives.The Board of Directors will evaluate Mr. Parker’s performance at the end of each six monthincentive compensation period and determine his incentive compensation payment based upon AirNet’sfinancial performance and achievement of Mr. Parker’s personal goals during such period. In theevent the Board of Directors approves a strategic alternative that is completed based upon Mr.Parker’s efforts, Mr. Parker will be deemed to have met all his financial objectives and personalgoals for the six month incentive compensation period in which the strategic alternative iscompleted. In such event, Mr. Parker will be entitled to receive his maximum incentivecompensation for such six month period, prorated from the first day of such six month period to thedate the strategic alternative is completed.Except for payments to Mr. Parker and AirNet’s other executive officers, payments under the 2007Incentive Plan will be paid in quarterly payments commencing with the first quarter of the 2007fiscal year based upon AirNet’s year to date financial performance. With the exception of Mr.Parker, payments of incentive compensation to