**EXHIBIT 10.29****SUMMARY OF AIRNET SYSTEMS, INC. 2006 INCENTIVE COMPENSATION PLAN**On March 24, 2006, the Board of Directors of AirNet, upon the recommendation of the CompensationCommittee, adopted the 2006 Incentive Compensation Plan (the “2006 Incentive Plan”). The purposeof the 2006 Incentive Plan was to promote the following goals of AirNet for the fiscal year endedDecember 31, 2006 (the 2006 fiscal year”) by providing incentive compensation to certain employeesof AirNet and its subsidiaries: **•** Attaining designated levels of pre-tax income;  **•** Improving cash flow and reducing debt;  **•** Defining and executing plans to offset expected declines in Bank Services revenues;  **•** Reducing the fixed cost structure of AirNet; and  **•** Meeting high priority deadlines of AirNet.Participants in the 2006 Incentive Plan included the following individuals who served as executiveofficers of AirNet during the 2006 fiscal year: Joel E. Biggerstaff (Chairman of the Board untilDecember 31, 2006 and Chief Executive Officer and President until December 28, 2006), Gary W.Qualmann (Chief Financial Officer, Treasurer and Secretary), Larry M. Glasscock, Jr. (Senior VicePresident, Express Services), Jeffery B. Harris (Senior Vice President, Bank Services), Ray L.Druseikis (Controller and Principal Accounting Officer), and Craig A. Leach (Vice President,Information Systems) – as well as certain department managers and department directors. As of thestart of the 2006 fiscal year, there were 47 participants in the 2006 Incentive Plan. Newemployees who qualified for the 2006 Incentive Plan were eligible to participate on the first dayof the calendar quarter following their date of hire. There were 46 participants who receivedpayments under the 2006 Incentive Plan, including Mr. Biggerstaff. There were also 32non-participants who received discretionary awards totalingapproximately $75,000.Payments under the 2006 Incentive Plan were based upon a combination of AirNet’s pre-tax income (asdetermined under the terms of the 2006 Incentive Plan) for the 2006 fiscal year, the operatingperformance of AirNet’s Delivery Services and Passenger Charter Services business segments, and theachievement of personal goals assigned to each participant. The Compensation Committee approved thepersonal goals for executive officers and reviewed the personal goals for other participants. Thepersonal goals approved by the Compensation Committee for each of the executive officers related tospecific business objectives related 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.).No incentive compensation was to be paid under the 2006 Incentive Plan unless AirNet achieved adesignated threshold level of pre-tax income for the 2006 fiscal year. If the designated thresholdlevel were achieved, incentive compensation payments would increase based upon predeterminedpre-tax income levels until a maximum aggregate amount of $1.9 million in incentive compensationpayments was reached. After the overall amount of incentive compensation was determined based uponAirNet’s pre-tax income for the 2006 fiscal year, incentive compensation was allocated toindividual participants based upon the following four factors: (i) level of pre-tax income attainedby AirNet; (ii) level of contribution margin attained by Delivery Services as compared to certainpredetermined levels; (iii) levels of contribution margin attained by Passenger Charter Services ascompared to certain predetermined levels; and (iv) attainment of personal goals.Originally, a participant’s maximum incentive compensation payment was to range from 20% to 100% ofthe participant’s base salary, depending upon such participant’s level of responsibility forachieving AirNet’s goals for the 2006 fiscal year. Twenty percent of each participant’s incentivecompensation payments was to be based upon the participant’s achievement of pre-establishedpersonal goals. The remaining 80% of each participant’s incentive compensation payment was to bebased upon a combination of the other three factors discussed above, which were allocated to eachparticipant based upon such participant’s overall responsibility for attaining the designatedlevels of AirNet’s pre-tax income and contribution margins for the Delivery Services and PassengerCharter Services business segments.In the event the incentive compensation payments otherwise available for payment under the 2006Incentive Plan based upon AirNet’s level of pre-tax income were not paid to certain participants asa result of those participants’ failure to attain their personal goals or AirNet’s failure toattain the predetermined levels of budgeted contribution margins in Delivery Services or PassengerCharter Services, such unpaid amounts could have been awarded at the discretion of the CompensationCommittee to participants in the 2006 Incentive Plan or to other employees of AirNet notparticipating in the 2006 Incentive Plan.
 

 
Except for payments to the executive officers, payments under the 2006 Incentive Plan were paid inquarterly payments commencing with the second quarter of the 2006 fiscal year based upon AirNet’syear-to-date financial performance. Except as described below with respect to Mr. Biggerstaff,payments of incentive compensation to executive officers were made in March 2007 based uponAirNet’s performance and each executive officer’s performance for the 2006 fiscal year. Except asdescribed below with respect to Mr. Biggerstaff, in order to receive payment, a participant musthave been actively employed by AirNet at the time the payment was made.On November 8, 2006, the AirNet Board of Directors, upon the recommendation of the CompensationCommittee, adopted the following amendments to the 2006 Incentive Plan: (i) for purposes ofcomputing the pre-tax income of AirNet for the 2006 fiscal year for purposes of the 2006 IncentivePlan, the $24.6 million non-cash impairment charge recorded by AirNet in the third quarter of the2006 fiscal year was to be disregarded and AirNet’s pre-tax income for the 2006 fiscal year was tobe computed as if no impairment charge had been incurred; (ii) the incentive compensation payableunder the 2006 Incentive Plan to each of AirNet’s officers, Joel E. Biggerstaff, Gary W. Qualmann,Larry M. Glasscock, Jr., Jeffery B. Harris, Ray L. Druseikis andCraig A. Leach, was tobe reduced to 60% of the amount each such officer would otherwise have been entitled to receiveunder the 2006 Incentive Plan; (iii) for purposes of the 2006 Incentive Plan, the gain on the saleof Jetride’s passenger charter business was to be excluded from the computation of AirNet’s pre-taxincome for the 2006 fiscal year; and (iv) Jetride’s targeted pre-tax income for the fourth quarterof 2006 was to be disregarded for purposes of the 2006 Incentive Plan and the predetermined pre-tax income level at which the maximumincentive compensation payout would be reached under the 2006 Incentive Plan was to be reduced by acomparable amount.As previously reported, under the terms of the Separation Agreement and General Release, dated asof December 28, 2006 (the “Separation Agreement”), between AirNet and Mr. Biggerstaff, theincentive compensation payable under the 2006 Incentive Plan to Mr. Biggerstaff was calculatedwithout regard to his personal goals for the 2006 fiscal year and, with respect to the financialperformance criteria, on an equitable basis with the other executive officers of AirNet. WhileAirNet exceeded the level of pre-tax income at which the maximum incentive compensation paymentscould be achieved, AirNet did not attain its pre-determined goal for contribution margin forPassenger Charter Services. Accordingly, Mr. Biggerstaff was not entitled to the 20% of hisincentive compensation potential based upon the performance of AirNet’s Passenger Charter Servicesbusiness. Mr. Biggerstaff was paid 60% of his remaining 80% incentive compensation potential, or$156,000, after applying the 60% limitation described above.After reviewing AirNet’s pre-tax income, the operating performance of AirNet’s various businesscomponents and the level of achievement of the personal goals assigned to each executive officer,at a meeting of the Compensation Committee held on February 27, 2007, the Compensation Committeeasked Mr. Parker, AirNet’s Chairman of the Board and Chief Executive Officer, to recommendadditional discretionary awards to officers, other participants in the 2006 Incentive Plan, andcertain other employees who were not participants in the 2006 Incentive Compensation Plan. TheCompensation Committee met again on March 5, 2007 and approved discretionary awards recommended byMr. Parker in the amount of $283,000. The amounts of suchdiscretionary awards were based upon thecontributions such officers, participants and other employees made to the operating performance ofAirNet during fiscal year 2006, as determined by Mr. Parker. Because of such discretionaryincentive compensation awards, the total incentive compensation payments made to certain executiveofficers of AirNet exceeded the amounts that otherwise would have been paid given the 60%limitation described above.During the 2006 fiscal year and the fiscal quarter ending March 31, 2007, AirNet made paymentsunder the terms of the 2006 Incentive Plan in the aggregate amount of approximately $1.5 million,which included $156,000 paid to Mr. Biggerstaff as described above. In March of 2007, thefollowing executive officers of AirNet were paid the following amounts under the 2006 IncentivePlan: Jeffery B. Harris- $160,000; Gary W. Qualmann — $136,750; Larry M. Glasscock, Jr. — $125,000;Craig A. Leach — $66,464; and Ray L. Druseikis -$46,550.