**EXHIBIT10.29****SUMMARY OF AIRNET SYSTEMS, INC. 2008 INCENTIVE COMPENSATION PLAN**On March 29, 2008, the Board of Directors of AirNet, upon the recommendation of the CompensationCommittee, adopted the 2008 Incentive Compensation Plan (the “2008 Incentive Plan”). The purposeof the 2008 Incentive Plan is to promote the following goals of AirNet for the fiscal year endingDecember 31, 2008 (the “2008 fiscal year”) by providing incentive compensation to certain employeesof AirNet: **•** Operate in all areas of AirNet’s business in an absolutely safe, highly professional,dependable, efficient and customer-focused manner  **•** Operate as one team and one company focused on results  **•** Meet company financial objectives, as measured by budgeted pre-tax income  **•** Grow Express Services (as measured by Express Services contribution margins) andExpress Services markets in dedicated retail charter cargo and wholesale / ACMI dedicated charters  **•** Modify AirNet’s air transportation network flying relative to customer demandefficiently  **•** Improve AirNet’s overall contribution margins and establish AirNet as the express aircarrier of choice for highly controlled and time sensitive shipments  **•** Reduce selling, general and administrative costsParticipants in the 2008 Incentive Plan include AirNet’s executive officers – Bruce D. Parker(Chairman of the Board, Chief Executive Officer and President), Larry M. Glasscock, Jr. (SeniorVice President, Express Services), Jeffery B. Harris (Senior Vice President, Bank Services), Ray L.Druseikis (Vice President of Finance and Controller and Principal Accounting Officer; Interim ChiefFinancial Officer, Treasurer and Secretary) and Craig A. Leach (Vice President, InformationSystems) — and certain department managers and department directors. As of the date of thisAnnual Report on Form 10-K, there were 37 participants in the 2008 Incentive Plan.The targeted incentive compensation payment a participant may earn under the 2008 Incentive Planranges from 20% to 100% of the participant’s base salary, depending upon such participant’s levelof responsibility for achieving AirNet’s goals for the 2008 fiscal year. The targeted percentage ofannual base salary that each of AirNet’s executive officers may earn as incentive compensationunder the 2008 Incentive Plan is as follows: Bruce D. Parker, 100%; Larry M. Glasscock, Jr.,Jeffery B. Harris, 75%; Ray L. Druseikis and Craig A. Leach, 50%.Payments under the 2008 Incentive Plan will be based on a combination of AirNet’s (i) pre-taxincome for the 2008 fiscal year, (ii) Express Services contribution margins for the 2008 fiscalyear, and (iii) the achievement of personal goals assigned to each participant. The CompensationCommittee determines the personal goals of the Chief Executive Officer. The Chief ExecutiveOfficer determines the personal goals for the other executive officers, which are reviewed andapproved by the Compensation Committee. The personal goals of other participants are approved bythe 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 with respect to general business operations (e.g., regulatory compliance,expense reductions, etc.) and each business segment (e.g., execution of specific contracts withcustomers and vendors, cost reductions, service improvements, etc.).With the exception of Mr. Parker, no incentive compensation will be paid under the 2008 IncentivePlan unless AirNet achieves at least 80% of its targeted pre-tax income for the 2008 fiscal year.Once this designated threshold level of pre-tax income is achieved, potential incentivecompensation payouts will increase at predetermined levels until the maximum incentive compensationpayout is reached at approximately 143% of AirNet’s targeted pre-tax income for the 2008 fiscalyear.Once the aggregate potential incentive compensation payout is determined based upon the level ofpre-tax income achieved by AirNet during the 2008 fiscal year, each participant’s incentivecompensation payment will be determined based upon the following three components of the 2008Incentive Compensation Plan (i) pre-tax income for the 2008 fiscal year; (ii) Express Servicescontribution margins for the 2008 fiscal year, and (iii) the achievement of personal goals. Twentypercent of each participant’s incentive compensation payout is allocated to the attainment ofpersonal goals. The portion of each participant’s incentive compensation potential that is notallocated to the attainment of personal goals will be allocated to the attainment of
 

 
 predeterminedlevels of pre-tax income and Express Services contribution margin based upon such participant’sresponsibility for achieving such goals.No incentive compensation will be earned with respect to the Express Services component of the 2008Incentive Plan unless AirNet achieves at least 100% of its targeted Express Services contributionmargin. Once the designated threshold level of Express Services contribution margin is achieved,potential incentive compensation payouts under the ExpressServices component of the 2008 Incentive Plan will increase at predetermined levels until themaximum Express Services compensation payout level is achieved.Mr. Parker’s incentive compensation payments under the 2008 Incentive Plan will be based upon theachievement of certain pre-determined financial objectives and personal goals for the first sixmonths of the 2008 fiscal year and the last six months of the 2008 fiscal year. Mr. Parker will beeligible to receive up to 50% of his annual base salary in each six-month period, subject to theattainment of Mr. Parker’s predetermined financial objectives and personal goals. In eachsix-month incentive compensation period, Mr. Parker’s incentive compensation potential will beallocated among Mr. Parker’s financial objectives and personal goals as follows: **•** 30% of Mr. Parker’s incentive compensation potential will be based upon attaining atleast 90% of the targeted pre-tax income for the applicable six-month period;  **•** 30% of Mr. Parker’s incentive compensation potential will be based upon attaining atleast 80% of the targeted Express Services contribution margin for the applicablesix-month period; and  **•** 40% of Mr. Parker’s incentive compensation potential will be based upon the attainmentof 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 2008 fiscalyear: **•** refine AirNet’s operating strategy;  **•** developing AirNet’s management into an integrated team working to achieve specificobjectives; and  **•** development of a chief executive officer succession planThe 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.Payments under the 2008 Incentive Plan will be made in semi-annual payments commencing with thefirst six months of the 2008 fiscal year based upon AirNet’s year to date financial performance.In order to receive a payment, a participant must be actively employed by AirNet at the time thepayment is made. New employees who qualify for the 2008 Incentive Plan will be eligible toparticipate on the first day of the calendar quarter following their date of hire.In the event the incentive compensation payments otherwise available for payment under the 2008Incentive Plan based upon AirNet’s level of pre-tax income are not to be paid to certainparticipants as a result of such participants’ failure to attain their personal goals or AirNet’sfailure to attain the predetermined levels of Express Services contribution margin, such unpaidamounts may be awarded at the discretion of the Compensation Committee to participants in the 2008Incentive Plan or to other employees of AirNet not participating in the 2008 Incentive Plan. Inthe event such discretionary awards are made to any participant, including AirNet’s executiveofficers, the total incentive compensation payment to any such participant may exceed the targetedincentive compensation payment to such participant as described above.The Compensation Committee may amend, modify or terminate the 2008 Incentive Plan at any time.