<Page>

                                                                   EXHIBIT 10.10

                             JERRY MERCER TRANSITION


o    AirNet will buy a minimum of $4,000,000 and up to $5,000,000 of
     Jerry Mercer's AirNet stock, in a single transaction at Jerry Mercer's
     request, on before July 31, 2001. The price per share will be the average
     of the closing price over the period of 5 days prior to the date of the
     sale. Mercer shall have the right to require AirNet to purchase these
     shares prior to July 31, 2001 by making a written request to AirNet at
     least 5 business days prior to the date of the sale. If, However, no such
     request is made, Mercer shall sell and AirNet shall buy $5,000,000 in
     shares on July 31, 2001. On the date of the sale, Mercer shall deliver the
     shares to AirNet and shall execute whatever is reasonably necessary in
     order to vest in AirNet good title to those shares.

o    AirNet will provide salary continuance, at the current rate of $420,000 per
     year (under current pay cycle and tax withholding rates), and current or
     similar medical/dental benefits coverage, through 6/30/03. Appropriate
     non-complete provisions will apply (agreement to be prepared upon signing).
     If there is a change in control in AirNet (other than caused by Mercer's
     sale of AirNet shares hereunder) prior to 6/30/03, AirNet shall pay Mercer
     immediately upon request all such salary remaining unpaid as of the date of
     the request.

o    AirNet will purchase $250,000 of Jerry' Mercer's stock per quarter, at
     Mercer's option, at closing market prices on the last business day of
     March, June, September and December of calendar 2002. The offer is not
     cumulative and must not place AirNet in violation of existing bank
     covenants. Mercer must notify AirNet at least 10 days prior to the end of
     each quarter that he will be selling the shares that quarter.

o    Mercer retains the right to sell his remaining shares to private investors
     at any time in accordance with the applicable law. AirNet has the right of
     first refusal on purchase of these shares on the same terms and conditions
     contained in the bona fide offer, provided that (1) the proposed
     transaction involves at least 20,000 shares or (2) the number of shares
     sold to private investors by Mercer during the prior 12 month period
     exceeds 50,000. AirNet shall have 5 business days to exercise its right of
     first refusal after Mercer delivers to it evidence of the bona fide offer.
     If AirNet either advises Mercer in writing that it is not exercising such
     right or it does not respond to Mercer in writing within such 5 business
     day period, Mercer shall have the right to sell said shares pursuant to the
     bona fide offer.

o    Mercer retains the right to sell shares in the open market in accordance
     with applicable law. AirNet will provide Mercer with a written memorandum
     describing the restrictions set forth in applicable law on or before July
     31, 2001.


<Page>


o    Mercer shall surrender to AirNet, for cancellation without consideration,
     all of his outstanding AirNet stock options, whether vested or otherwise,
     upon the execution of this Agreement.

o    Mercer will resign as Chairman of the Board of Directors not later than
     August 15, 2001. The Board will elect his successor with assignment on the
     effective date of Mercer's resignation.

o    Mercer, at his option, shall remain on the AirNet Board of Directors for
     the current elected term.

o    Prior to the public disclosure of the repurchase contemplated by the first
     paragraph of this Agreement, AirNet and Mercer agree to the terms of this
     Agreement and the transactions contemplated hereby confidential and shall
     not disclose the terms of this Agreement or the transactions contemplated
     hereby without the consent of the other party (which shall be the Board of
     Directors in the case of AirNet) unless otherwise required by applicable
     law or the rules and regulations of the U.S. Securities and Exchange
     Commission or the New York Stock Exchange, including, but not limited, to,
     Regulation FD.

o    This offer is valid until May 29, 2001.


As agreed:    AirNet Board of Directors              As agreed:   Jerry Mercer


By:         /s/ James E. Riddle                      By:      /s/ JGM
      ----------------------------------                   ---------------------
      James Ernest Riddle, on behalf of the                Jerry Mercer
      Board of Directors

Date:   5-26-01                                      Date:   5-26-01
      ----------------------------------                     -------------------