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                                                                 Exhibit 10.15

               AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

         AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (the "AGREEMENT")
made as of this 7 day of June, 2002 by and among REPUBLIC AIRWAYS HOLDINGS
INC., a Delaware corporation (the "COMPANY"), IMPRIMIS INVESTORS, LLC,
WEXFORD SPECTRUM FUND I, L.P., WEXFORD OFFSHORE SPECTRUM FUND, WEXFORD
PARTNERS INVESTMENT CO. LLC, and WEXAIR LLC (collectively, the "WEXFORD
INVESTORS"), and DELTA AIR LINES, INC. ("DELTA" and, together with the
Wexford Investors, the "HOLDERS").

                              W I T N E S S E T H:

         WHEREAS, the Company and the Wexford Investors are party to a
Registration Rights Agreement, dated as of May 15, 1998 (the "EXISTING
AGREEMENT");

         WHEREAS, on the date hereof Delta and Chautauqua Airlines, Inc., a
subsidiary of the Company, are entering into a Delta Connection Agreement and
certain other agreements pursuant to which certain rights to acquire shares of
Common Stock (as defined below) of the Company will be granted to Delta; and

         WHEREAS, the parties hereto desire to enter into this Agreement, which
amends and restates in its entirety the Existing Agreement, to promote the
interests of the Company and the interests of the Holders by establishing herein
certain terms and conditions upon which the Company will register the shares of
Common Stock held by each Holder.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements herein contained, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:

1.   CERTAIN DEFINITIONS. As used herein, the following terms shall have the
     following respective meanings:

                  "COMMON STOCK" shall mean the common stock, par value $.001
per share, of the Company.

                  "COMMISSION" shall mean the Securities and Exchange Commission
or any other Federal agency at the time administering the Securities Act of
1933, as amended (the "SECURITIES ACT").

                  "RESTRICTED SECURITIES" shall mean the securities of the
Company required to bear or bearing the legend set forth in Section 2 hereof.

                  "REGISTRABLE SECURITIES" shall mean (i) the Common Stock held
by each Holder and (ii) Common Stock issued to the Holders upon any stock split,
stock dividend, merger, consolidation, recapitalization or similar event,
excluding all such shares which (x) have been registered under the Securities
Act and disposed of in accordance with the registration statement covering them,
(y) have been publicly sold pursuant to Rule 144 (or any successor rule) under
the

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Securities Act or (z) are eligible for sale without restriction under Rule
144(k) (or any successor rule) under the Securities Act.

                  The terms "REGISTER", "REGISTERED" and "REGISTRATION" shall
refer to a registration effected by preparing and filing a registration
statement in compliance with the Securities Act and applicable rules and
regulations thereunder, and the declaration or ordering of the effectiveness of
such registration statement.

                   "REGISTRATION EXPENSES" shall mean all expenses incurred by
the Company in compliance with Sections 4.1, 4.2 and 4.3 hereof, including,
without limitation, all registration, qualification and filing fees, exchange
listing fees, printing expenses, escrow fees, fees and disbursements of counsel
for the Company and one counsel for the Holders, blue sky fees and expenses, and
the expense of any special audits incident to or required by any such
registration.

                  "SELLING EXPENSES" shall mean all underwriting discounts and
selling commissions applicable to the sale of Registrable Securities and all
fees and disbursements of counsel for the Holders.

2.   RESTRICTIVE LEGEND. Each certificate representing the Common Stock or any
     other securities issued upon any stock split, stock dividend,
     recapitalization, merger, consolidation or similar event shall (unless
     otherwise permitted or unless the securities evidenced by such certificate
     shall have been registered under the Securities Act) be stamped or
     otherwise imprinted with a legend in substantially the following form (in
     addition to any legend required under applicable state securities laws):

         THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
         1933, AS AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAWS. NO TRANSFER
         OF SAID SECURITIES SHALL BE PERMITTED IN THE ABSENCE OF (I) AN
         EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND ANY APPLICABLE STATE
         LAWS COVERING THE SHARES PROPOSED TO BE TRANSFERRED OR (II) AN OPINION
         OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH TRANSFER
         WILL NOT REQUIRE COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE
         ACT AND OF ANY APPLICABLE STATE LAWS.

                  Upon request of a holder of such a certificate, the Company
shall remove the foregoing legend from the certificate or issue to such holder a
new certificate therefor free of any transfer legend, if (x) with such request,
the Company shall have received either an opinion referred to in Section 3 to
the effect that any transfer by such holder of the securities evidenced by such
certificate will not violate the Securities Act and applicable state securities
laws, (y) in accordance with paragraph (k) of Rule 144, such holder is not and
has not during the last three months been an affiliate of the Company and such
holder has held the securities represented by such certificate for a period of
at least two years. The Company will use its reasonable best


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efforts to assist any holder in complying with the provisions of this Section 2
for removal of the legend set forth above.

3.   NOTICE OF PROPOSED TRANSFERS. The holder of each certificate representing
     Restricted Securities by acceptance thereof agrees to comply in all
     respects with the provisions of this Agreement. Prior to any proposed
     transfer of any Restricted Securities (other than under circumstances
     described in Sections 4.1, 4.2 and 4.3), the holder thereof shall give
     written notice to the Company of such holder's intention to effect such
     transfer. Each such notice shall describe the manner and circumstances of
     the proposed transfer in sufficient detail, and shall be accompanied
     (except in transactions in compliance with Rule 144) by a written opinion
     of legal counsel who shall be reasonably satisfactory to the Company,
     addressed to the Company and reasonably satisfactory in form and substance
     to the Company's counsel, to the effect that the proposed transfer of the
     Restricted Securities may be effected without registration under the
     Securities Act and applicable state securities laws whereupon the holder of
     such Restricted Securities, shall be entitled to transfer such Restricted
     Securities in accordance with the terms of the notice delivered by the
     holder to the Company. Each certificate evidencing the Restricted
     Securities transferred as above provided shall bear the appropriate
     restrictive legend set forth above unless the opinion of counsel referred
     to above is to the further effect that no such legend is required in order
     to establish compliance with any provisions of the Securities Act or
     applicable state securities laws.

4.   REGISTRATION RIGHTS.

     4.1. (a) REQUEST FOR REGISTRATION. If, at any time following the 180th day
          after any registration statement covering an initial public offering
          of the Common Stock of the Company shall have become effective, the
          Company shall receive from a Holder or Holders owning in excess of 5%
          of the Registrable Securities, including any securities convertible
          into Registrable Securities, a written request that the Company effect
          any registration with respect to all or a part of the Registrable
          Securities (each such request, a "DEMAND"), the Company will, as soon
          as practicable, but in any event no later than ninety (90) days after
          receipt of such request, use its reasonable best efforts to effect
          such registration (including, without limitation, the execution of an
          undertaking to file post-effective amendments, appropriate
          qualification under applicable blue sky or other state securities laws
          (except that the Company shall not be required to qualify the offering
          under the blue sky laws of any jurisdiction in which the Company would
          be required to execute a general consent to service of process unless
          the Company is already subject to service in such jurisdiction) and
          appropriate compliance with applicable regulations issued under the
          Securities Act) as may be so requested and as would permit or
          facilitate the sale and distribution of all or such portion of such
          Registrable Securities as are specified in such request. The Company
          shall file a registration statement covering the Registrable
          Securities so requested to be registered as soon as practicable after
          receipt of the request.

         The registration statement filed pursuant to the Demand of such Holder
may, subject to the provisions of Section 4.1(b) below, include other securities
of the Company which are held by officers or directors of the Company or which
are held by persons who, by virtue of


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agreements with the Company now or hereinafter in effect are entitled to include
their securities in any such registration (collectively, "OTHER STOCKHOLDERS")
and may include securities of the Company being sold for the account of the
Company. The Company shall promptly give notice of any registration proposed
under this Section 4.1 to such Other Stockholders.

         Following receipt of any Demand under this Section 4.1, the Company
shall immediately notify all Other Stockholders from whom notice has not been
received and such Other Stockholders shall have 30 days from receipt of such
notice from the Company to notify the Company of their desire to participate in
the registration. The Company shall use its reasonable best efforts to register
under the Securities Act, for public sale in accordance with the method of
distribution specified in such notices from requesting Other Stockholders, the
number of Registrable Securities specified in such notices.

         The number of Demands which may be made by each Holder shall be a
limited to one (1) Demand PLUS a number determined as follows: For each five
percent (5%) of the amount of the Company's outstanding Common Stock, including
any securities convertible into Common Stock, (determined on a fully-diluted
basis) held by the Holders on the date any registration statement covering the
initial public offering of the Common Stock of the Company shall become
effective (the "MEASUREMENT DATE"), the Holders will be entitled to one (1)
Demand. Each five percent (5%) threshold is referred to as a "MARKER AMOUNT".
For purposes of clarification, if the amount of the Company's outstanding Common
Stock (determined on a fully-diluted basis) held by the Holders on the
Measurement Date is equal to 13%, each Holder would be entitled to a total of
three (3) Demands. The determination of the number of Demands to which the
Holders are entitled shall be calculated only one (1) time as provided herein.

         (b)   UNDERWRITING. If a Holder intends to distribute the Registrable
               Securities covered by its request by means of an underwriting, it
               shall so advise the Company as a part of its request made
               pursuant to Section 4.1(a) above and the Company shall include
               any information that it shall have received as to the nature of
               the underwriting in the written notice of the Company referred to
               in Section 4.1(a) above, including the name of the underwriter or
               representative thereof selected for such underwriting. A Holder
               may elect to include in such underwriting all or a part of the
               Registrable Securities held by it. Any underwriter selected by
               such Holder shall be subject to the Company's consent (which
               consent shall not be unreasonably withheld).

                  If the Company wishes to include in any registration pursuant
to Section 4.1 securities being sold for its own account, or if the Other
Stockholders shall request inclusion in any registration pursuant to Section
4.1, the Company may offer to include the securities of the Company and such
Other Stockholders in the underwriting and (in the case of Other Shareholders)
may condition such offer on their acceptance of the further applicable
provisions of this Agreement. The Company shall (together with the Holders and
Other Stockholders proposing to distribute their securities through such
underwriting) enter into an underwriting agreement in customary form with the
underwriter or representative of the underwriters selected for such
underwriting. Notwithstanding any other provision of this Section 4.1, if the
representative of the underwriters advises the Company in writing that, in its
opinion, marketing factors require a limitation on the number of shares to be
underwritten, the Company shall so


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advise the Holders and the number of shares of Registrable Securities and other
securities that may be included in the registration and underwriting shall be
allocated in the following manner: (i) first, the securities being sold for the
account of the Company shall be excluded from such registration and underwriting
to the extent required by such limitation (ii) second, if a limitation on the
number of shares is still required, the securities held by the Other
Stockholders of the Company shall be excluded from such registration and
underwriting to the extent required by such limitation in proportion, as nearly
practicable, to the respective amounts of securities requested to be registered
by such Other Stockholders or otherwise as their rights may appear and (iii)
third, if a limitation on the number of shares is still required, the securities
held by the Holders of the Company shall be excluded from such registration and
underwriting to the extent required by such limitation in proportion, as nearly
practicable, to the respective amounts of securities requested to be registered
by the Holders. If the Company or a Holder or any Other Stockholder who has
requested inclusion in such registration as provided above disapproves of the
terms of the underwriting, such person may elect to withdraw therefrom by
written notice to the Company. The securities so withdrawn shall also be
withdrawn from registration. If, pursuant to this paragraph, any of the
securities being sold for the account of such Holder are to be excluded from
such registration and underwriting, such Holder may withdraw its request for
such registration or underwriting and such request will not be counted as the
registration permitted under Section 4.1 of this Agreement, or such Holder may
have such securities registered as a non-underwritten "shelf" registration
pursuant to Rule 415.

         (c)   The Company shall have the right to defer the request of a Holder
               to effect a registration for up to sixty (60) calendar days if,
               in the Company's judgment reasonably set forth in writing and
               delivered to the Holders, effecting a registration would not be
               in the Company's best interest.

     4.2. COMPANY REGISTRATION.

         (a)   If at any time following the 180th day after any registration
               statement covering an initial public offering of the Common Stock
               of the Company shall have become effective, the Company shall
               register any of its securities either for its own account or the
               account of a security holder or holders exercising their
               respective demand registration rights, other than a registration
               relating solely to employee benefit plans, a registration
               relating solely to a Commission Rule 145 transaction (covering
               mergers, acquisitions and corporate reorganizations) or a
               registration on any registration form which does not permit
               secondary sales, the Company will:

         (b)   within ten (10) days of such determination give to the Holders
               and the Other Stockholders written notice thereof; and

         (c)   include in such registration and in any underwriting involved
               therein, all the Registrable Securities specified in a written
               request or requests, made by a Holder or an Other Stockholder
               within twenty (20) days after receipt of the written notice from
               the Company described (b) above, except as set forth in Section
               4.2(d) below. Such written request may specify all or a part of
               such Holder's or Other Stockholder's Registrable Securities.


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         (d)   UNDERWRITING. If the registration of which the Company gives
               notice is for a registered public offering involving an
               underwriting, the Company shall so advise the Holders and the
               Other Stockholders by written notice. The Holders and the Other
               Stockholders shall (together with the Company, if distributing
               its securities for its own account through such underwriting)
               enter into an underwriting agreement in customary form with the
               underwriter or underwriters selected by the Company.
               Notwithstanding any other provision of this Section 4.2, if the
               representative of the underwriters advises the Company in writing
               that, in its opinion, marketing factors require a limitation on
               the number of shares to be underwritten, the Company shall so
               advise the Holders and the Other Stockholders, and the number of
               shares that may be included in the registration and underwriting
               shall be allocated first to the Company for securities being sold
               for its account and then in the following manner: (i) the
               securities requested to be registered by officers or directors of
               the Company shall be excluded from such registration and
               underwriting to the extent required by such limitation in
               proportion, as nearly as practicable, to the respective amounts
               of securities requested to be registered by such officers and
               directors and (ii) if a limitation on the number of shares is
               still required, the securities being sold for the accounts of the
               Holders and the Other Stockholders shall be excluded from such
               registration and underwriting to the extent required by such
               limitation in proportion, as nearly as practicable, to the
               respective amounts of Registrable Securities which the Holders
               and such Other Stockholders had requested to be included in such
               registration or otherwise as their rights may appear. If a Holder
               or any Other Stockholder who has requested inclusion in such
               registration as provided above disapproves of the terms of the
               underwriting, such person may elect to withdraw therefrom by
               written notice to the Company and the underwriter.

     4.3. SUBSEQUENT DEMANDS AND REGISTRATION ON FORM S-3.

         (a)   In addition to the rights contained in the foregoing provisions
               of this Section 4, upon the Company qualifying for the use of
               Form S-3 (or any comparable or successor form), the Holders or
               any of them shall have the right to request unlimited
               registrations on Form S-3 (or any comparable or successor form).
               Such requests shall be in writing, shall state the number of
               shares of Registrable Securities to be disposed of and the
               intended methods of disposition of such shares by the Holders.

         (b)   The Company shall use its reasonable best efforts to qualify, and
               remain qualified, for registration on Form S-3 or any comparable
               or successor form.

     4.4. EXPENSES OF REGISTRATION.

         The Company shall bear all Registration Expenses and each Holder shall
bear its own Selling Expenses relating to the securities being included by such
Holder in the registration incurred in connection with any registration,
qualification or compliance pursuant to the provisions of Section 4.1 or 4.2.


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     4.5. REGISTRATION PROCEDURES. In the case of the registration effected by
          the Company pursuant to this Agreement, the Company will keep the
          Holders advised in writing as to the initiation of the registration
          and as to the completion thereof. At its expense, the Company will:

         (a)   Keep such registration effective for a period of one hundred
               twenty (120) days or until the Holders have completed the
               distribution described in the registration statement relating
               thereto, whichever first occurs; PROVIDED, HOWEVER, that in the
               case of any registration of Registrable Securities on Form S-3
               which are intended to be offered on a continuous or delayed
               basis, such 120-day period shall be extended, if necessary, to
               keep the registration statement effective until all such
               Registrable Securities are sold;

         (b)   Prepare and file with the Commission such amendments and
               supplements to such registration statement and the prospectus
               used in connection with such registration statement as may be
               necessary to comply with the provisions of the Securities Act
               with respect to the disposition of securities covered by such
               registration statement;

         (c)   Furnish one registration statement and such number of
               prospectuses and other documents incident thereto, including any
               term sheet or any amendment of or supplement to the prospectus,
               as a Holder from time to time may reasonably request;

         (d)   Notify the Holders, at their addresses as set forth in the
               Company's books and records at any time when a prospectus
               relating thereto is required to be delivered under the Securities
               Act, of the happening of any event as a result of which the
               prospectus included in such registration statement, as then in
               effect, includes an untrue statement of a material fact or omits
               to state a material fact required to be stated therein or
               necessary to make the statements therein not misleading or
               incomplete in the light of the circumstances then existing, and
               at the request of a Holder, prepare and furnish to such seller a
               reasonable number of copies of a supplement to or an amendment of
               such prospectus as may be necessary so that, as thereafter
               delivered to the purchaser of such shares, such prospectus shall
               not include an untrue statement of a material fact or omit to
               state a material fact required to be stated therein or necessary
               to make the statements therein not misleading or incomplete in
               the light of the circumstances then existing;

         (e)   Cause all such Registrable Securities to be listed on each, if
               any, securities exchange on which similar securities issued by
               the Company are then listed;

         (f)   Provide a transfer agent and registrar for all Registrable
               Securities and a CUSIP number for all such Registrable
               Securities, in each case not later than the effective date of
               such registration;

         (g)   Make available for inspection by any seller of Registrable
               Securities, any underwriter participating in any disposition
               pursuant to such registration statement, and any attorney or
               accountant retained by any such seller or underwriter, all
               financial and other records, pertinent corporate documents and
               properties of the


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               Company, and cause the Company's officers and directors to supply
               all information reasonably requested by any such seller,
               underwriter, attorney or accountant in connection with such
               registration statement; PROVIDED, HOWEVER, that such seller,
               underwriter, attorney or accountant shall agree in writing to
               hold in confidence all information so provided;

         (h)   Furnish to each Holder a signed counterpart, addressed to such
               Holder, of an opinion of counsel for the Company, dated the
               effective date of the registration statement, and in the case of
               any underwritten public offering obtain "comfort" letters signed
               by the Company's independent public accountants who have examined
               and reported on the Company's financial statements included in
               the registration statement, to the extent permitted by the
               standards of the AICPA or other relevant authorities.

5.   INDEMNIFICATION.

         (a)   The Company will indemnify each Holder, each of its officers,
               directors and partners, and each person controlling the Holder,
               with respect to which registration, qualification or compliance
               has been effected pursuant to Section 4 hereof, and each
               underwriter, if any, and each person who controls any
               underwriter, against all claims, losses, damages and liabilities
               (or actions, proceedings or settlements in respect thereof)
               arising out of or based on (i) any untrue statement (or alleged
               untrue statement) of a material fact contained in any prospectus
               or other document (including any related registration statement)
               incident to any such registration, qualification or compliance,
               or based on any omission (or alleged omission) to state therein a
               material fact required to be stated therein or necessary to make
               the statements therein not misleading, (ii) any violation by the
               Company or its agents of any rule or regulation promulgated under
               the Securities Act applicable to the Company or its agents and
               relating to action or inaction required by the Company in
               connection with any registration hereunder, and (iii) any failure
               to register or qualify the Registrable Securities in any state
               where the Company or its agents have affirmatively undertaken or
               agreed that the Company (the undertaking of any underwriter
               chosen by the Company being attributed to the Company) will
               undertake such registration or qualification on such Holder's
               behalf and will reimburse the Holder, each of its officers,
               directors and partners, and each person controlling the Holder,
               each such underwriter and each person who controls any such
               underwriter, for any legal and any other expenses as they are
               reasonably incurred in connection with investigating and
               defending any such claim, loss, damage, liability or action;
               PROVIDED that the Company will not be liable in any such case to
               the extent that any such claim, loss, damage, liability or
               expense arises out of or is based on any untrue statement or
               omission based upon written information furnished to the Company
               by the Holder or such underwriter specifically for use therein or
               to the extent due to the failure of the Holder or such
               underwriter to provide an updated prospectus or other document to
               a purchaser at a time when the Company has informed the Holder or
               such underwriter of a material misstatement or omission in a
               prospectus or other document and has provided updated
               prospectuses


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               or other documents correcting such misstatement or omission or
               the Holder actually knew of such untrue statement or omission.

         (b)   Each Holder will indemnify the Company, each of its directors and
               officers and each underwriter, if any, of the Company's
               securities covered by such a registration statement, each person
               who controls the Company or such underwriter within the meaning
               of the Securities Act and the rules and regulations thereunder,
               against all claims, losses, damages and liabilities (or actions
               in respect thereof) arising out of or based on any untrue
               statement (or alleged untrue statement) of a material fact
               contained in any such registration statement, prospectus or other
               document, or any omission (or alleged omission) to state therein
               a material fact required to be stated therein or necessary to
               make the statements therein not misleading, and will reimburse
               the Company and its directors, officers, partners, persons,
               underwriters or control persons for any legal or any other
               expenses reasonably incurred in connection with investigating or
               defending any such claim, loss, damage, liability or action, in
               each case to the extent, but only to the extent, that such untrue
               statement (or alleged untrue statement) or omission (or alleged
               omission) is made in such registration statement, prospectus or
               other document in reliance upon and in conformity with written
               information furnished to the Company by such Holder and stated to
               be specifically for use therein; PROVIDED, HOWEVER, that the
               obligations of such Holder hereunder shall be limited to an
               amount equal to the proceeds to the Holder of securities sold as
               contemplated herein.

         (c)   Each party entitled to indemnification under this Section 5 (the
               "INDEMNIFIED PARTY") shall give notice in writing to the party
               required to provide indemnification (the "INDEMNIFYING PARTY")
               promptly after such Indemnified Party has actual knowledge of any
               claim as to which indemnity may be sought, and shall permit the
               Indemnifying Party to assume the defense of any such claim or any
               litigation resulting therefrom, PROVIDED that counsel for the
               Indemnifying Party, who shall conduct the defense of such claim
               or any litigation resulting therefrom, shall be approved by the
               Indemnified Party (whose approval shall not unreasonably be
               withheld), and the Indemnified Party may participate in such
               defense at such Indemnified Party's expense. No Indemnifying
               Party, in the defense of any such claim or litigation, shall,
               except with the consent of each Indemnified Party, consent to
               entry of any judgment or enter into any settlement which does not
               include as an unconditional term thereof the giving by the
               claimant or plaintiff to such Indemnified Party of a release from
               all liability in respect to such claim or litigation and no
               Indemnified Party shall consent to entry of any judgment or
               settle such claim or litigation without the prior written consent
               of the Indemnifying Party. Each Indemnified Party shall furnish
               such information regarding itself or the claim in question as an
               Indemnifying Party may reasonably request in writing and as shall
               be reasonably required in connection with defense of such claim
               and litigation resulting therefrom.

         (d)   If the indemnification provided for in this Section 5 is
               unavailable to an Indemnified Party in respect of any losses,
               claims, damages or liabilities referred to therein, then


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               each Indemnifying Party, in lieu of indemnifying such Indemnified
               Party, shall contribute to the amount paid or payable by such
               Indemnified Party as a result of such losses, claims, damages or
               liabilities in such proportion as is appropriate to reflect the
               relative fault of the Company on the one hand and the
               stockholders offering securities in the offering (the "SELLING
               STOCKHOLDERS") on the other in connection with the statements or
               omissions which resulted in such losses, claims, damages or
               liabilities, as well as any other relevant equitable
               considerations. The relative fault of the Company on the one hand
               and the Holder on the other shall be determined by reference to,
               among other things, whether the untrue or alleged untrue
               statement of material fact or the omission or alleged omission to
               state a material fact relates to information supplied by the
               Company or by the Holder and the parties' relevant intent,
               knowledge, access to information and opportunity to correct or
               prevent such statement or omission. The Company and the Holders
               agree that it would not be just and equitable if contribution
               pursuant to this Section 5(d) were based solely upon the number
               of entities from whom contribution was requested or by any other
               method of allocation which does not take account of the equitable
               considerations referred to above in this Section 5(d). The amount
               paid or payable by an Indemnified Party as a result of the
               losses, claims, damages and liabilities referred to above in this
               Section 5(d) shall be deemed to include any legal or other
               expenses reasonably incurred by such Indemnified Party in
               connection with investigating or defending any such action or
               claim, subject to the provisions of Section 5(d) hereof.
               Notwithstanding the provisions of this Section 5(d), neither
               Holder shall be required to contribute any amount or make any
               other payments under this Agreement which in the aggregate exceed
               the net proceeds received by such Holder. No person guilty of
               fraudulent misrepresentation (within the meaning of the
               Securities Act) shall be entitled to contribution from any person
               who was not guilty of such fraudulent misrepresentation.

6.   INFORMATION BY HOLDER. Each Holder shall furnish to the Company such
     information regarding such Holder and the distribution proposed by such
     Holder as the Company may request in writing and as shall be reasonably
     required in connection with any registration, qualification or compliance
     referred to in this Agreement.

7.   RULE 144 REPORTING. With a view to making available the benefits of certain
     rules and regulations of the Commission which may permit the sale of the
     Restricted Securities to the public without registration, the Company
     agrees to:

         (a)   use its reasonable best efforts to make and keep public
               information available as those terms are understood and defined
               in Rule 144 under the Securities Act at all times;

         (b)   use its reasonable best efforts to file with the Commission in a
               timely manner all reports and other documents required of the
               Company under the Securities Act and the Exchange Act; and


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         (c)   so long as any Holder owns any Restricted Securities, furnish to
               such Holder or Holders forthwith upon request a written statement
               by the Company as to its compliance with the reporting
               requirements of Rule 144 and of the Securities Act and the
               Exchange Act, a copy of the most recent annual or quarterly
               report of the Company, and such other reports and documents so
               filed as such Holder or Holders may reasonably request in
               availing itself of any rule or regulation of the Commission
               allowing such Holder or Holders to sell any such securities
               without registration.

8.   TRANSFER OR ASSIGNMENT OF REGISTRATION RIGHTS. The rights to cause the
     Company to register the Registrable Securities held by the Holders under
     Section 4 may be transferred or assigned, PROVIDED that the Company is
     given written notice at the time of or within a reasonable time after said
     transfer or assignment, stating the name and address of said transferee or
     assignee and identifying the Registrable Securities with respect to which
     such registration rights are being transferred or assigned, and PROVIDED
     FURTHER that the transferee or assignee of such rights assumes the
     obligations of a Holder under this Agreement.

9.   TERMINATION. The provisions of Sections 4.1, 4.2 and 4.3 of this Agreement
     shall terminate at the latest to occur of (i) the date on which the
     Registrable Securities total less than 5% of the outstanding Common Stock
     of the Company, (ii) such time as the Registrable Securities owned by such
     Holder are eligible for resale under Rule 144(k) (without regard to any
     volume limitations) and (iii) the seventh anniversary of the date of the
     closing of the Company's initial public offering on Form S-1.

10.  AMENDMENT; WAIVER. No amendment, alteration or modification of this
     Agreement shall be valid unless in each instance such amendment, alteration
     or modification is expressed in a written instrument executed by each
     Holder (so long as a Holder is a holder of Registrable Securities) and the
     Company. No waiver of any provision of this Agreement shall be valid unless
     it is expressed in a written instrument duly executed by the party or
     parties making such waiver. The failure of any party to insist, in any one
     or more instances, on performance of any of the terms and conditions of
     this Agreement shall not be construed as a waiver or relinquishment of any
     rights granted hereunder or of the future performance of any such term,
     covenant or condition but the obligation of any party with respect thereto
     shall continue in full force and effect.

11.  SPECIFIC PERFORMANCE. The parties hereby declare that it is impossible to
     measure in money the damages which will accrue to a party hereto by reason
     of a failure to perform any of the obligations under this Agreement.
     Therefore, all parties hereto shall have the right to specific performance
     of the obligations of the other parties under this Agreement, and if any
     party hereto shall institute an action or proceeding to enforce the
     provisions hereof, any person (including the Company) against whom such
     action or proceeding is brought hereby waives the claim or defense therein
     that such party has an adequate remedy at law, and such person shall not
     urge in any such action or proceeding the claim or defense that such remedy
     at law exists.


                                       11
<Page>

12.  NOTICES. All notices and other communications required or permitted
     hereunder shall be in writing and shall be mailed by first-class mail,
     postage prepaid, or transmitted by facsimile or delivered by nationally
     recognized overnight courier, addressed:

              (a)      if to a Wexford Investor, to the following address,

                                    Wexford Plaza
                                    411 West Putnam Avenue
                                    Greenwich, CT 06830
                                    Attention:  Jay Maymudes
                                    Fax:   (203) 862-7350

                  and

              (b)     if to Delta, to the following address,

                                    Delta Air Lines, Inc.
                                    1030 Delta Blvd.
                                    Atlanta, Georgia  30320
                                    Attention:  Sr. Vice President - Finance,
                                                Treasury and Corp. Dev.
                                    Phone:  (404) 714-1724
                                    Fax:  (404) 677-1182


                     with a copy to,

                                    Delta Air Lines, Inc.
                                    1030 Delta Blvd.
                                    Atlanta, Georgia, 30320
                                    Attention:  Sr. Vice President and General
                                                Counsel
                                    Phone:  (404) 715-2191
                                    Fax:  (404) 715-2233
                  and


              (c)      if to the Company, to the following address, or at such
                       other address as the Company shall have furnished to the
                       Holders,

                                    Republic Airways Holdings Inc.
                                    2500 S. High School Road,
                                    Suite 160
                                    Indianapolis, IN 46241
                                    Attention:  Bryan K. Bedford
                                    Phone:  (317) 484-6000
                                    Fax:  (317) 484-4747

         Alternatively, to such other address as a party hereto supplies to each
other party in writing.


                                       12
<Page>

13.  SUCCESSORS AND ASSIGNS. All the terms and provisions of this Agreement
     shall be binding upon and inure to the benefit of and be enforceable by the
     respective permitted transferees, successors and assigns of the parties
     hereto, whether so expressed or not.

14.  GOVERNING LAW. This Agreement is to be governed by and interpreted under
     the laws of the State of Delaware without giving effect to the principles
     of conflicts of laws thereof.

15.  TITLES AND SUBTITLES. The titles of the sections of this Agreement are for
     the convenience of reference only and are not to be considered in
     construing this Agreement.

16.  SEVERABILITY. The invalidity or unenforceability of any provisions of this
     Agreement shall not be deemed to affect the validity or enforceability of
     any other provision of this Agreement.

17.  COUNTERPARTS. This Agreement may be executed in any number of counterparts,
     each of which shall be an original, but all of which together shall
     constitute one instrument.

18.  AMENDMENT AND RESTATEMENT; ENTIRE AGREEMENT. This Agreement amends and
     restates in its entirety the Existing Agreement. This Agreement constitutes
     the full and entire understanding and agreement between the parties with
     respect to the subject matter hereof and supersedes all previous
     agreements, arrangements and understandings, whether written or oral, with
     respect to the subject matter hereof, including, without limitation, the
     Existing Agreement.


                                       13
<Page>

         IN WITNESS WHEREOF, the parties hereto have executed this Amended and
Restated Registration Rights Agreement as of the date first above written.

                                    REPUBLIC AIRWAYS HOLDINGS INC.



                                    By: /s/ Robert H. Cooper
                                       -----------------------------------------
                                          Name:  Robert H. Cooper
                                          Title: EVP and CFO


                                    IMPRIMIS INVESTORS, LLC



                                    By: /s/ Arthur Amron
                                       -----------------------------------------
                                          Name:  Arthur Amron
                                          Title: Vice President and Assistant
                                                 Secretary

                                    WEXFORD SPECTRUM FUND I, L.P.



                                    By: /s/ Arthur Amron
                                       -----------------------------------------
                                          Name:  Arthur Amron
                                          Title: Vice President and Assistant
                                                 Secretary

                                    WEXFORD OFFSHORE SPECTRUM FUND



                                    By: /s/ Arthur Amron
                                       -----------------------------------------
                                          Name:  Arthur Amron
                                          Title: Vice President and Assistant
                                                 Secretary

                                    WEXFORD PARTNERS INVESTMENT CO. LLC



                                    By: /s/ Arthur Amron
                                       -----------------------------------------
                                          Name:  Arthur Amron
                                          Title: Vice President and Assistant
                                                 Secretary

                                    WEXAIR LLC



                                    By: /s/ Arthur Amron
                                       -----------------------------------------
                                          Name:  Arthur Amron
                                          Title: Vice President and Assistant
                                                 Secretary


                                       14
<Page>

                                    DELTA AIR LINES, INC.



                                    By: /s/ Frederick Buttrell
                                       -----------------------------------------
                                          Name:  Frederick Buttrell
                                          Title: President and CEO,
                                                 Delta Connection, Inc.






                                       15