Document:

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                                                                  EXHIBIT 10.34

                        SEPARATION AND RELEASE AGREEMENT

     This SEPARATION AND RELEASE AGREEMENT (this "Agreement") is made and
entered into by and between PLANETCAD Inc., a Delaware corporation
("PlanetCAD"), and Jim Bracking ("Mr. Bracking") (collectively "parties") and
shall be effective on the date on which Mr. Bracking executes it (the "Effective
Date").

                                   I. RECITALS

     WHEREAS, effective as of January 25, 2002, immediately following
approximately two weeks of paid vacation, Mr. Bracking's employment as Chief
Executive Officer and President and any and all other employment positions that
Mr. Bracking may have held at PlanetCAD or its subsidiaries, including
directorships, shall cease; and

     WHEREAS, the parties wish to make the separation amicable but conclusive on
the terms and conditions set forth herein; and

     WHEREAS, the mutual considerations expressed herein are deemed by each
party sufficient for their respective promises and covenants; and

     WHEREAS, Mr. Bracking accepts the benefits of this Agreement with the
acknowledgment that by its terms he has been fully and satisfactorily
compensated.

                                  II. COVENANTS

     THEREFORE, in consideration of the mutual promises and covenants contained
in this Agreement, it is hereby agreed by and between the parties hereto as
follows:

     1.  TERMINATION OF EMPLOYMENT AND SEVERANCE PAYMENTS. As of January 25,
2002 (the "Separation Date"), Mr. Bracking's employment as Chief Executive
Officer, President and any and all other employment positions that Mr. Bracking
may have held at PlanetCAD or its subsidiaries shall cease. In furtherance of
the preceding sentence, Mr. Bracking hereby resigns, effective as of the
Separation Date, as a director on the Board of Directors of PlanetCAD. No later
than January 29, 2002, PlanetCAD shall pay Mr. Bracking the gross amount of
$12,980.40, less legally required withholdings, which the parties agree
represents the value of Bracking's accrued, unused vacation pay as of the
Separation Date. From the Separation Date until May 9, 2002 (the "Severance
Period"), PlanetCAD shall pay Mr. Bracking a total gross amount of $65,625,
$32,812.50 of which shall be paid, less legally required withholdings, in a lump
sum on January 29, 2002, and the remaining $32,812.50 of which shall be paid,
less legally required withholdings, in seven semimonthly installments in
accordance with PlanetCAD's standard payment practices during the Severance
Period. PlanetCAD will reimburse Mr. Bracking for the expenses that he incurs in
continuing, through July 31, 2002, his benefits, as permitted by COBRA.
Thereafter, Mr. Bracking may continue such coverage pursuant to COBRA, at his
own expense. PlanetCAD will extend, for one year from the

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Separation Date, the expiration date of Mr. Bracking's vested stock options from
April 25, 2002 (the 90th day following the Separation Date as provided in Mr.
Bracking's incentive stock option agreement dated December 14, 2000) to January
25, 2003. Mr. Bracking acknowledges that (i) any vested stock option retained by
Mr. Bracking after the 90th day following the Separation Date will be deemed to
be a nonstatutory stock option, and (ii) he has had the opportunity to consult
with tax counsel of his choice regarding the effect thereof. Mr. Bracking shall
be entitled to retain the laptop computer (excluding all peripheral hardware
such as independent monitors and keyboards) and cellular telephone that he used
during the term of his employment with PlanetCAD, but all cellular telephone
service fees, internet access fees and other related service fees and charges
incurred in connection with the use of either the laptop computer or the
cellular telephone after the Separation Date will be Mr. Bracking's sole
responsibility. PlanetCAD shall withhold federal income taxes from the payments
made under this paragraph at a rate not exceeding the 28% supplemental income
rate.

     2.  ACKNOWLEDGEMENTS. Except as provided for in paragraph 1, Mr. Bracking
acknowledges and agrees that before the Effective Date of this Agreement he had
been paid all sums that he had earned, or to which he otherwise was entitled, in
connection with his employment with PlanetCAD. Furthermore, with respect to Mr.
Bracking's rights under the Older Worker's Benefits Protection Act:

     (a) Mr. Bracking agrees and acknowledges that he: (i) understands the
language used in this Agreement and the Agreement's legal effect; (ii)
understands that by signing this agreement he is giving up the right to sue
PlanetCAD for age discrimination; (iii) will receive compensation under this
Agreement to which he would not have been entitled without signing this
Agreement; (iv) has been advised by PlanetCAD to consult with an attorney before
signing this Agreement; and (v) was given no less than twenty-one days to
consider whether to sign this agreement.

     (b) For a period of seven days after the Effective Date, Mr. Bracking may,
in his sole discretion, rescind this Agreement by delivering a written notice of
rescission to PlanetCAD. If Mr. Bracking rescinds this Agreement within seven
calendar days after the Effective Date, this Agreement shall be void, all
actions taken pursuant to this Agreement shall be reversed, and neither this
Agreement nor the fact of or circumstances surrounding its execution shall be
admissible for any purpose whatsoever in any proceeding between the parties,
except in connection with a claim or defense involving the validity or effective
rescission of this Agreement. If Mr. Bracking does not rescind this Agreement
within seven calendar days after the Effective Date, this Agreement shall become
final and binding and shall be irrevocable.

     3.  OTHER COMPENSATION. Except as expressly provided herein, Mr. Bracking
acknowledges and agrees that he will not receive (nor is he entitled to receive)
any additional consideration, payments, reimbursements, incentive payments,
stock, equity interests, or benefits of any kind. Mr. Bracking also acknowledges
and agrees that neither this Agreement, nor any other agreement that he has with
PlanetCAD, creates any obligation on the part of PlanetCAD to repurchase any
shares of PlanetCAD stock owned by Mr. Bracking at any time. Mr. Bracking
further acknowledges and agrees that his unvested stock options have been
cancelled.

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     4.  DENIAL OF LIABILITY. The parties acknowledge that any payment by
PlanetCAD and any release by Mr. Bracking pursuant to this Agreement are made in
compromise of disputed claims; that in making any such payment or release,
PlanetCAD and Mr. Bracking in no way admit any liability to each other; and that
the parties expressly deny any such liability.

     5.  NONDISPARAGEMENT. Mr. Bracking and PlanetCAD agree that neither party
will at any time disparage the other to third parties in any manner likely to be
harmful to the other party, their business reputation, or the personal or
business reputation of its directors, shareholders and/or employees.
Notwithstanding the prohibition in the preceding sentence, each party shall
respond accurately and fully to any question, inquiry, or request for
information when required by legal process.

     6.  PLANETCAD PROPERTY. Immediately preceding the Separation Date, Mr.
Bracking agrees to return to PlanetCAD all PlanetCAD documents (and all copies
thereof) and any and all other PlanetCAD property in his possession, custody or
control, including, but not limited to, financial information, customer
information, customer lists, employee lists, PlanetCAD files, notes, cellular
telephones, contracts, drawings, records, business plans and forecasts,
financial information, specifications, computer-recorded information, software,
tangible property, credit cards, entry cards, identification badges and keys,
and any materials of any kind which contain or embody any proprietary or
confidential material of PlanetCAD and all reproductions thereof (collectively,
"PlanetCAD Information"). Notwithstanding any other provision of this Agreement,
this Agreement shall not prohibit Mr. Bracking from making and retaining a paper
and/or electronic copy of his personal contact database.

     7.  NONSOLICITATION, NONDISCLOSURE OF PROPRIETARY INFORMATION,
NONCOMPETITION. Mr. Bracking acknowledges and agrees that he has executed and is
and shall be bound by the Proprietary Information Agreement attached as Exhibit
A, which is and shall remain a separate and distinct agreement between Mr.
Bracking and PlanetCAD and which shall survive the execution of this Agreement.
Nothing in this Agreement shall be construed to narrow, supercede, modify or
affect in any way the obligations of Mr. Bracking imposed by that or any other
agreement, law, or other source.

     8.  CONFIDENTIALITY OF AGREEMENT. Mr. Bracking and PlanetCAD acknowledge
that confidentiality and nondisclosure are material considerations for the
parties entering into this Agreement. As such, the provisions of this Agreement
shall be held in strictest confidence by Mr. Bracking and PlanetCAD and shall
not be publicized or disclosed in any manner whatsoever, including but not
limited to, the print or broadcast media, any public network such as the
Internet, any other outbound data program such as computer generated mail,
reports or faxes, or any source likely to result in publication or computerized
access. Notwithstanding the prohibition in the preceding sentence: (a) the
parties may disclose this Agreement in confidence to their respective attorneys,
accountants, auditors, tax preparers, and financial advisors; (b) PlanetCAD may
disclose this Agreement as necessary to fulfill standard or legally required
corporate reporting or disclosure requirements; (c) the parties may disclose
this Agreement upon request from any government entity or court of law; (d) the
parties may disclose this Agreement insofar as such disclosure may be necessary
to enforce its terms or as otherwise required by law, including without
limitation as required by any form of securities-related statute or regulation;

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and (e) Bracking may disclose this Agreement to members of his immediate family,
provided that if any such person discloses any term of this Agreement to any
person other than a member of Bracking's immediate family, then Bracking shall
be deemed to have breached this confidentiality covenant and PlanetCAD shall be
entitled to all remedies to which it would have been entitled had Bracking
himself made such disclosure. Notwithstanding any other provision of this
Agreement, if PlanetCAD discloses this Agreement pursuant to any
securities-related disclosure obligation, or otherwise intentionally makes this
Agreement public, PlanetCAD and Bracking shall be released of any further
obligations under this paragraph 8.

     9.  COVENANT NOT TO COMPETE. During the six months following the Separation
Date, Mr. Bracking shall not, directly or indirectly, as an officer, director,
employee, consultant, owner, shareholder, adviser, joint venturer, or otherwise,
compete with PlanetCAD anywhere in the world (the "Protected Region") in: (i)
the development, implementation, marketing or sale of automated solutions for
manufacturing and design engineers to enable engineering data interchange,
improve data quality for CAD drawings and streamline the manufacturing process;
or (ii) any other line of business in which PlanetCAD was engaged at the
Effective Date; or (iii) any other line of business into which PlanetCAD, during
Mr. Bracking's employment with PlanetCAD, formed an intention to enter during
the Severance Period. This covenant shall not prohibit Mr. Bracking from owning
less than two percent of the securities of any competitor of PlanetCAD, if such
securities are publicly traded on a nationally recognized stock exchange or
over-the-counter market. Mr. Bracking acknowledges that the foregoing geographic
restriction on competition is fair and reasonable, given the nature and
geographic scope of PlanetCAD's business operations and the nature of Mr.
Bracking's position with PlanetCAD. Mr. Bracking also acknowledges that while
employed by PlanetCAD, Mr. Bracking has had access to information that would be
valuable or useful to PlanetCAD's competitors, and therefore acknowledges that
the foregoing restrictions on Mr. Bracking's future activities are fair and
reasonable.

     Mr. Bracking acknowledges the following provisions of Colorado law, set
forth in Colorado Revised Statutes Section 8-2-113(2):

          Any covenant not to compete which restricts the right of any person to
receive compensation for performance of skilled or unskilled labor for any
employer shall be void, but this subsection (2) shall not apply to:
          ...
          (b) Any contract for the protection of trade secrets;
          ...
          (d) Executive and management personnel and officers and employees who
constitute professional staff to executive and management personnel.

     Mr. Bracking acknowledges that this Agreement is a contract for the
protection of trade secrets within the meaning of Section 8-2-113(2)(b) and is
intended to protect the confidential PlanetCAD Information and confidential
records identified above and that during his

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employment with PlanetCAD he served as an executive or manager, or professional
staff to an executive or manager, within the meaning of Section 8-2-113(2)(d).

     10. RELEASE OF CLAIMS BY MR. BRACKING. For the consideration set forth in
this Agreement and the mutual covenants of PlanetCAD and Mr. Bracking, Mr.
Bracking hereby releases, acquits and forever discharges PlanetCAD and its
affiliated corporations and entities, predecessors, officers, directors, agents,
representatives, servants, attorneys, employees, shareholders, heirs, personal
representative, spouses, beneficiaries, executors, trustees, successors and
assigns of and from any and all claims, liabilities, demands, causes of action,
costs, expenses, attorneys' fees, damages, indemnities and obligations of every
kind and nature, in law, equity, or otherwise, known or unknown, suspected and
unsuspected, disclosed and undisclosed, liquidated or contingent, arising out of
or in any way related to agreements, events, acts or conduct at any time prior
to and including the Effective Date, including but not limited to: any and all
such claims and demands directly or indirectly arising out of or in any way
connected with Mr. Bracking's employment with PlanetCAD or the conclusion of
that employment; claims or demands related to salary, bonuses, commissions,
incentive payments, stock, stock options, or any ownership or equity interests
in PlanetCAD; vacation pay, personal time off, fringe benefits, expense
reimbursements, sabbatical benefits, severance benefits, or any other form of
compensation, including any severance or other benefits and all other rights
under the Change of Control Agreement dated on or about November 19, 2001
between PlanetCAD and Mr. Bracking; claims pursuant to any federal, any state or
any local law, statute, common law or cause of action including, but not limited
to, the federal Civil Rights Act of 1964, as amended; attorney's fees, costs, or
any other expenses under Title VII of the Civil Rights Act of 1964, as amended;
the Employment Retirement Income Security Act; the federal Americans with
Disabilities Act of 1990; the Family and Medical Leave Act; the Colorado
Discrimination and Unfair Employment Act, tort law; wrongful discharge;
discrimination; harassment; fraud; negligence, breach of fiduciary duty; claims
for expense reimbursement; defamation; libel; emotional distress; and breach of
the implied covenant of good faith and fair dealing. Mr. Bracking warrants and
represents that he has not filed or otherwise made or asserted any claim,
complaint, or charge against PlanetCAD or any predecessor, affiliate or agent
thereof with any entity including without limitation the Equal Employment
Opportunity Commission and any local, state or federal administrative body or
court. Mr. Bracking agrees that in the event he brings a claim or charge covered
by this release or does not dismiss and withdraw any claim covered by this
release, in which he seeks damages or any other relief against PlanetCAD or in
the event he seeks to recover against PlanetCAD in any claim brought by a
governmental agency on his behalf, this Agreement shall serve as a complete
defense to such claims or charges. By this provision, Mr. Bracking does not
waive any right he has to assert claims in the future based upon any act or
omission committed by PlanetCAD after the Effective Date of this Agreement. In
addition, nothing in this release shall impair Mr. Bracking's rights to be
defended or indemnified by PlanetCAD or its insurance carriers for any claim
made against him arising out of or relating to his work for PlanetCAD.

     11. PLANETCAD RELEASE OF MR. BRACKING. PlanetCAD, for itself and its
affiliates (collectively, "PlanetCAD Releasers"), hereby fully and forever
releases and discharges Mr. Bracking, his heirs, representatives, assigns,
attorneys, and any and all other persons or

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entities that are now or may become liable to any PlanetCAD Releaser on account
of Mr. Bracking's employment with PlanetCAD or separation therefrom, all of whom
are collectively referred to as "PlanetCAD Releases," of and from any and all
actions, causes of action, claims, demands, costs and expenses, including
attorneys' fees, of every kind and nature whatsoever, in law or in equity,
whether now known or unknown, that PlanetCAD Releasers, or any person acting
under any of them, may now have, or claim at any future time to have, based in
whole or in part upon any act or omission occurring before the Effective Date,
without regard to present actual knowledge of such acts or omissions; EXCEPT as
specifically provided otherwise in this Agreement; and EXCEPT claims arising
from or relating to any intentional or willful act or omission on the part of
Mr. Bracking.

     12. TAX CONSEQUENCES. Mr. Bracking agrees to pay the employee share of all
taxes due in connection with payment or other benefits he receives under this
Agreement, and to indemnify PlanetCAD for and hold PlanetCAD harmless from any
and all of the employee share of all taxes, interest, penalties and all related
costs and expenses asserted against or incurred by PlanetCAD in connection with
any failure to withhold or pay taxes due on any consideration provided by
PlanetCAD pursuant to this Agreement. Mr. Bracking expressly acknowledges that
PlanetCAD has not made, nor herein makes, any representation about the tax
consequences of any consideration provided by PlanetCAD to Mr. Bracking pursuant
to this Agreement, and that he understands that he should seek professional tax
advice before executing this Agreement.

     13. ADMINISTRATIVE MATTERS. Mr. Bracking covenants that following the
Effective Date he will not take any action, or encourage any other person to
take any action, calculated or likely to result in the initiation or an inquiry,
investigation or other action concerning PlanetCAD by any federal, state or
local governmental body or agency, and that were he to do so he would commit a
material breach and default under this Agreement, for which PlanetCAD would be
entitled to return of all sums paid to Mr. Bracking under this Agreement and, in
addition, all remedies available to PlanetCAD pursuant to applicable law,
including specific performance of this covenant. Notwithstanding any other
provision of this Agreement, this Agreement shall not preclude Mr. Bracking from
testifying truthfully in response to any subpoena or other compulsory legal
process served upon him by any person, entity or governmental authority.

     14. COVENANT OF COOPERATION IN LITIGATION. Mr. Bracking acknowledges that
because of his position with PlanetCAD, he may possess information that may be
relevant to or discoverable in litigation in which PlanetCAD is involved or may
in the future be involved. Mr. Bracking agrees that he shall testify truthfully
in connection with any such litigation, shall cooperate with PlanetCAD in
connection with such litigation, and that his duty of cooperation shall include
an obligation to meet with PlanetCAD representatives and/or counsel, at mutually
agreeable times and places (provided that both parties shall exercise their best
efforts to cooperate in connection with the scheduling of such meetings),
concerning such litigation for such purposes as PlanetCAD deems necessary, in
its sole discretion, and to appear for deposition upon PlanetCAD's request and
without a subpoena. Mr. Bracking shall not be entitled to any compensation in
connection with his duty of cooperation, except that PlanetCAD shall reimburse
Mr. Bracking for reasonable out-of-pocket expenses and any lost income that he
incurs in

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honoring his obligation of cooperation, upon Mr. Bracking's submission of
documentation of such costs and lost income in a form satisfactory to PlanetCAD
in its reasonable discretion.

     15. NO THIRD-PARTY RIGHTS. The parties agree that by making this Agreement
they do not intend to confer any benefits, privileges, or rights to others. The
Agreement is strictly between the parties hereto, subject to the terms of
paragraph 19 below, and that it shall not be construed to vest in any other the
status of third-party beneficiary.

     16. VOLUNTARY AND KNOWINGLY. Mr. Bracking acknowledges that in executing
this Agreement, he has reviewed it and understands its terms and has had an
opportunity and was advised to seek guidance from counsel of his own choosing,
and was fully advised of his rights under law, and acted knowingly and
voluntarily.

     17. DUTY TO EFFECTUATE. The parties agree to perform any lawful additional
acts, including the execution of additional agreements, as are reasonably
necessary to effectuate the purpose of this Agreement.

     18. ENTIRE AGREEMENT. This Agreement, including the incorporated Exhibit A,
constitutes the complete, final and exclusive embodiment of the entire agreement
between Mr. Bracking and PlanetCAD with regard to the subject matter hereof.
This Agreement is entered into without reliance on any promise or
representation, written or oral, other than those expressly contained herein. It
may not be modified except in writing signed by Mr. Bracking and any successor
President and CEO of PlanetCAD Inc.

     19. SUCCESSORS AND ASSIGNS. This Agreement shall bind the heirs, personal
representatives, successors, assigns, executors and administrators of each
party, and inure to the benefit of each party, its heirs, successors and
assigns.

     20. APPLICABLE LAW. The parties agree and intend that this Agreement be
construed and enforced in accordance with the laws of the State of Colorado.

     21. FORUM. Any controversy arising out of or relating to this Agreement or
the breach thereof, or any claim or action to enforce this Agreement or portion
thereof, or any controversy or claim requiring interpretation of this Agreement
must be brought in a forum located within the State of Colorado. No such action
may be brought in any forum outside the State of Colorado. Any action brought in
contravention of this paragraph by one party is subject to dismissal at any time
and at any stage of the proceedings by the other, and no action taken by the
other in defending, counterclaiming, or appealing shall be construed as a waiver
of this right to immediate dismissal. A party bringing an action in
contravention of this paragraph shall be liable to the other party for the
costs, expenses and attorney's fees incurred in successfully dismissing the
action or successfully transferring the action to a forum located within the
State of Colorado.

     22. SEVERABLE. If any provision of this Agreement is determined to be
invalid, void or unenforceable, in whole or in part, this determination will not
affect any other provision of this Agreement, and the provision in question
shall be modified so as to be rendered enforceable.

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     23. ENFORCE ACCORDING TO TERMS. The parties intend this Agreement to be
enforced according to its terms.

     24. ATTORNEY'S FEES. The prevailing party in an action to enforce the terms
of this Agreement shall be entitled to its reasonable costs, expenses, and
attorney's fees.

     25. SECTION HEADINGS. The section and paragraph headings contained in this
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.

     IN WITNESS WHEREOF, the parties have duly authorized and caused this
Agreement to be executed as follows:

Jim Bracking                                PLANETCAD INC.
An individual

/s/ Jim Bracking                            By:      /s/ Joy Godesiabois
----------------------------------             ------------------------------
Jim Bracking
                                            Its:     CFO
                                                -----------------------------

Date:      January 24      , 2002           Date:        2/11         , 2002
     ----------------------                      ---------------------

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                                    EXHIBIT A
                             PROPRIETARY INFORMATION
                            AND INVENTION'S AGREEMENT

                                                                 12-18-00 , 2000

SPATIAL TECHNOLOGY INC.
2425 55th Street, Suite 100
Boulder, CO 80301

Ladies and Gentlemen:

The following confirms an agreement between me and Spatial Technology Inc., a
Delaware corporation (the "Company," which term includes the Company's
subsidiaries, successors and assigns), which is a material part of the
consideration for my employment by the Company:

     1.   "Proprietary Information" is information that was or is developed by,
became or becomes known by, or was or is assigned or otherwise conveyed to the
Company, and which has commercial value in the Company's business. Proprietary
Information includes, without limitation, trade secrets, financial information,
product plans, customer lists, marketing plans and strategies, forecasts and
other business information, improvements, inventions, formulas, ideas, circuits,
mask works, works of authorship, processes, computer programs, algorithms,
techniques, schematics know-how and data. I understand that my employment
creates a relationship of confidence and trust between me and the Company with
respect to Proprietary Information of the Company or its customers which may be
learned by me during the period of my employment.

     2.   In consideration of my employment by the Company and the compensation
received by me from the Company from time to time, I hereby agree as follows:

     (a). All Proprietary Information and all patents, copyrights, trade secret
rights, rights with respect to masks works and other rights (including
throughout, without limitation, any extensions, renewals, continuations or
divisions of any of the foregoing) in connection therewith shall be the sole
property of the Company. I hereby assign to the Company any rights I may have or
acquire in such Proprietary Information. At all times, both during my employment
by the Company and after its termination, I will keep in confidence and trust
and will not use or disclose any Proprietary Information or anything relating to
it without the written consent of the Company, except as may be necessary in the
ordinary course of performing my duties to the Company.

     (b). In the event of the termination of my employment by me or by the
Company for any reason, I shall return all documents, records, apparatus,
equipment and other physical property, or any reproduction of such property,
whether or not pertaining to Proprietary Information, furnished to me by the
Company or produced by myself or others in connection with my employment, to the
Company immediately as and when requested by the Company.

     (c). I will promptly disclose to the Company, or any persons designated by
it, all "inventions", which includes all improvements, inventions, formulas,
ideas, circuits, mask works, works of authorship, processes, computer programs,
algorithms, techniques, schematics, know-how and data, whether or not
patentable, made or conceived or reduced to practice or developed by me, either
alone or jointly with others, during the term of my employment and for one (1)
year thereafter. To the extent the Company does not have rights therein
hereunder, such disclosure shall be received by the Company in confidence and
does not extend the assignment made in Section (e) below.
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     (d). During the term of my employment and for one (1) year thereafter, I
will not encourage or solicit any employee of the Company to leave the Company
for any reason or to devote less than all of any such employee's efforts to the
affairs of the Company, provided that the foregoing shall not affect any
responsibility I may have as an employee of the Company with respect to the bona
fide hiring and firing of Company personnel.

     (e). I agree that all Inventions which I make, conceive, reduce to practice
or develop (in whole or in part, either alone or jointly with others) during my
employment shall be the sole property of the Company and to the extent permitted
by law shall be "works made for hire". The Company shall be the sole owner of
all patents, copyrights, trade secret rights with respect to mask works and
other intellectual property or other rights in connection therewith. I hereby
assign to the Company any rights I may have or acquire in such Inventions. I
agree to perform, during and after my employment, all acts deemed necessary or
desirable by the Company to permit and assist it, at the Company's expense, in
obtaining and enforcing patents, copyrights, trade secret rights, rights with
respect to mask works or other rights on such Inventions and/or any other
Inventions I have or may at any time assign to the Company in any and all
countries. Such acts may include, but are not limited to, execution of documents
and assistance or cooperation in legal proceedings. I hereby irrevocably
designate and appoint the Company and its duly authorized officers and agents,
as my agents and attorneys-in-fact to act for and in my behalf and instead of
me, to execute and file any applications or related filings and to do all other
lawfully permitted acts to further the prosecution and issuance of patents,
copyrights, trade secret rights, rights with respect to mask works or other
rights thereon with the same legal force and effect as if executed by me.

     (f). I attach hereto as EXHIBIT B a complete list of all Inventions or
improvements to which I claim ownership and that I desire to remove from the
operation of the Agreement, and I covenant that such list is complete. If no
such list is attached to this Agreement, I represent that I have no such
Inventions and improvements at the time of signing this Agreement.

     (g). I represent that my performance of all the terms of this Agreement
will not breach any agreement of obligation to keep in confidence proprietary
information acquired by me in confidence or in trust prior to my employment by
the Company. I have not entered into, and I agree I will not enter into, any
agreement either written or oral in conflict herewith or in conflict with my
employment with the Company.

     3.   In consideration of the foregoing, the Company agrees that it will not
request as part of my employment that I divulge or make use of confidential
information of any of my former employers that has commercial value to the
business of the former employer who developed such information.

     4.   This Agreement shall be effective as of the first day of my employment
by the Company, and shall be binding upon me, my heirs, executors, assigns, and
administrators and shall inure to the benefit of the Company, its subsidiaries,
successors and assigns.

     5.   I acknowledge and understand that the Company will incur irreparable
harm and damage in the event that I breach or violate any of the terms or
conditions of this agreement, and I hereby agree that in addition to any rights
or remedies of law the Company may have for such breach or violation, the
Company shall be entitled to seek equitable remedies, including the enforcement
of this Agreement by injunction, specific performance, or any other similar
relief.

Dated:     1-18       , 2000            /s/ Jim Bracking
       ---------------                  -----------------------------------
                                        Employee

Accepted and Agreed to:
Spatial Technology Inc.

By
  ----------------------------------

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                                    EXHIBIT B

Spatial Technology Inc.
2425 55th Street, Suite 100
Boulder, CO 80301

Ladies and Gentlemen:

     1.   The following is a complete list of all inventions or improvements
relevant to the subject matter of my employment by Spatial Technology Inc. (the
"Company") that have been made or conceived or first reduced to practice by me
alone or jointly with others prior to my employment by the Company that I desire
to remove from the operation of the Company's Proprietary Information and
Inventions Agreement.

 X   No inventions or improvements.
---

     See below:
---

     Additional sheets attached.
---

     2.   I propose to bring to my employment the following materials and
documents of a former employer:

 X   No materials or documents.
---

     See below.
---

                                        /s/ Jim Bracking
                                        ----------------------------------
                                        Employee<Page>

                                                                   Exhibit 10.13

                                    EMB-145LR

                              AMENDED AND RESTATED

                      PURCHASE AGREEMENT NUMBER GCT-025/98

                          EMBRAER - EMPRESA BRASILEIRA

                               DE AERONAUTICA S.A.

                                       AND

                         REPUBLIC AIRWAYS HOLDINGS, INC.

----------
  Certain portion of this exhibit have been omitted pursuant to a request for
  confidential treatment under Rule 406 of the Securities Act of 1933. The
  omitted materials have been filed separately with the Securities and
  Exchange Commission.

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                                      INDEX
                                      -----

    ARTICLE

  01  - DEFINITIONS
  02  - SUBJECT
  03  - PRICE
  04  - PAYMENT
  05  - DELIVERY
  06  - CERTIFICATION
  07  - ACCEPTANCE AND TRANSFER OF OWNERSHIP
  08  - STORAGE CHARGE
  09  - DELAYS IN DELIVERY
  10  - INSPECTION AND QUALITY CONTROL
  11  - CHANGES
  12  - WARRANTY
  13  - TECHNICAL ASSISTANCE SERVICES
  14  - SPARE PARTS POLICY
  15  - PUBLICATIONS
  16  - ASSIGNMENT
  17  - RESTRICTIONS AND PATENT INDEMNITY
  18  - MARKETING AND PROMOTIONAL RIGHTS
  19  - TAXES
  20  - APPLICABLE LAW
  21  - ARBITRATION
  22  - JURISDICTION
  23  - TERMINATION
  24  - OPTION FOR THE PURCHASE OF ADDITIONAL EMB-145 AIRCRAFT
  25  - INDEMNITY
  26  - NOTICES
  27  - CONFIDENTIALITY
  28  - INTEGRATED AGREEMENT
  29  - NEGOTIATED AGREEMENT
  30  - COUNTERPARTS
  31  - ENTIRE AGREEMENT
  32  - NO WAIVER
  33  - REPRESENTATIONS AND WARRANTIES
  34  - EFFECTIVENESS

                                                                    Page 1 of 36
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                                   ATTACHMENTS

  "A-1"- US AIRWAYS AIRCRAFT SPECIFIC CONFIGURATION, FINISHING AND
         REGISTRATION MARKS
  "A-2"- AMERICA WEST AIRCRAFT SPECIFIC CONFIGURATION, FINISHING AND
         REGISTRATION MARKS

  "B"- FERRY EQUIPMENT, SPARE PARTS POLICY AND LIST OF PUBLICATIONS

  "C" - WARRANTY CERTIFICATE - MATERIAL AND  WORKMANSHIP

  "D" - AIRCRAFT PRICE ESCALATION FORMULA

  "E" - AUTHORIZED REPRESENTATIVE APPOINTMENT

  "F" - FORM OF WARRANTY BILL OF SALE

  "G" - FORM OF GUARANTEE

                                                                   Page 2 of 31
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                              AMENDED AND RESTATED

                       PURCHASE AGREEMENT NO. GCT- 025/98

This Amended and Restated Purchase Agreement is entered into as of this ____ day
of April, 2002 by and between Embraer - Empresa Brasileira de Aeronautica S.A.
and Republic Airways Holdings, Inc., for the purchase and sale of Embraer
aircraft, services and related spare parts.

Solitair Corp. ("Solitair") has assigned to Buyer (as defined below) all of
Solitair's rights and obligations under the Purchase Agreement DCT-025/98
between Embraer and Solitair (as amended before the date of this agreement, the
"Original Purchase Agreement"), with respect to the sale of twenty (20)
unexercised option aircraft (as defined below).

In connection with such assignment, Solitair has also assigned its remaining
rights with respect to the fleet of aircraft delivered under the Original
Purchase Agreement. Solitair has retained its rights and obligations with
respect to the five (5) additional aircraft currently scheduled for delivery
under the Original Purchase Agreement.

This Agreement (as defined below):

   (a) amends and restates all rights and obligations of Embraer and Buyer with
   respect to the twenty (20) unexercised option aircraft under the Original
   Purchase Agreement;

   (b) states the rights and obligations of Embraer and Buyer with respect to
   seventeen (17) additional option aircraft that were previously connected to
   the Original Purchase Agreement;

   (c) states the terms and conditions upon which the "Buyer's" remaining rights
   under the Original Purchase Agreement will apply to the forty-eight (48)
   aircraft previously delivered under the Original Purchase Agreement and the
   five (5) additional aircraft scheduled for delivery under the Original
   Purchase Agreement.

The sale covered by this Agreement shall be governed solely by the terms and
conditions herein set forth, as well as by the provisions set forth in the
attachments hereto. Except as expressly provided to the contrary herein, nothing
in this Agreement shall be deemed to grant Buyer or Chautauqua (as defined
herein) any rights with respect to undelivered aircraft other than the
thirty-seven (37) Option Aircraft (as defined below).

1. DEFINITIONS

                                                                   Page 3 of 31
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For the purpose of this Agreement, the following definitions are hereby adopted:

      a.    Actual Delivery Date - shall mean, with respect to each Aircraft,
            the date on which Buyer obtains title to that Aircraft in accordance
            with Article 7(c).

      b.    Aircraft - shall mean the EMB-145 LR aircraft or, where there is
            more than one of such aircraft, each of such Aircraft (including
            Firm Aircraft and Option Aircraft, as the context requires),
            manufactured by Embraer, for sale to Buyer pursuant to this
            Agreement, according to the Technical Description number TD-145/010,
            dated January 1998 (Appendix I), the Aircraft Specific
            Configuration, Finishing and Registration Marks described in
            Attachment `A-1' (or `A-2', if Buyer notifies Embraer that it
            desires to receive the Aircraft such configuration [*]), and as may
            be amended from time to time by Buyer at its expense as specified in
            Article 11. [*]

      c.    Agreement - shall mean this Amended and Restated Purchase Agreement
            No. GCT-025/98, its Schedules, and any Letter Agreement between the
            Parties executed on the date hereof.

      d.    Business Day - shall mean days on which the banks in each of New
            York, New York, United States and Sao Paulo, and Sao Jose dos
            Campos, S.P. Brazil are open for the normal transaction of business.

      e.    Basic Price - shall mean the Aircraft total price, effective on the
            date of execution of this Agreement contained in Article 3 (a)(1)
            or, in case of revision thereof, on the date of its revision.

      f.    Buyer - shall mean REPUBLIC AIRWAYS HOLDINGS, INC., a Delaware
            corporation with its principal place of business at 2500 S. High
            School Road, Indianapolis, Indiana 46241, United States or its
            assignee pursuant to Article 16 hereof.

      g.    Chautauqua - shall mean Chautauqua Airlines, Inc.

      h.    Contractual Delivery Date - shall mean the delivery dates referred
            to in Article 5 hereof.

      i.    CTA - shall mean the Aerospace Technical Center of the Brazilian
            Ministry of Aeronautics.

      j.    Embraer - shall mean EMBRAER - Empresa Brasileira de Aeronautica
            S.A., a Brazilian corporation with its principal place of business
            at Av. Brigadeiro Faria Lima, 2170 - Putim, Sao Jose dos Campos, Sao
            Paulo, Brazil.

      k.    FAA - shall mean the Federal Aviation Administration of the United
            States of America.

      l.    Firm Aircraft - shall have the meaning specified in Article 2.a
            hereof.

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      m.    Initial Provision List or "IPL" - shall have the meaning specified
            in Article 2.b hereof.

      n.    Option Aircraft - shall have the meaning specified in Article 2.a
            hereof.

      o.    Parties - shall mean Embraer and Buyer.

      p.    Purchase Price - shall mean the Aircraft total price, effective on
            the relevant Aircraft Contractual Delivery Date, resulting from the
            application of the Escalation Formula contained in Attachment "D"
            pursuant to the terms hereof.

      q.    Services - shall mean technical assistance services, as specified in
            Article 13 hereof.

      r.    Spares - shall mean line replaceable units, spare parts and ground
            support equipment, except engines, available for purchase through
            Embraer, to be selected and acquired by Buyer through the initial
            provisioning list agreed to by the Parties and provided pursuant to
            Article 2.b. (the "IPL").

2.    SUBJECT

      a.    Embraer shall sell and Buyer shall purchase and take delivery of
            zero (0) firm order Aircraft ("Firm Aircraft") and, if Buyer so
            elects, up to thirty-seven (37) option Aircraft ("Option Aircraft")
            upon the terms and conditions contained in this Agreement.

      b.    Embraer shall sell, and Buyer shall acquire, Spares for each of the
            Aircraft. Buyer shall inform Embraer at least [*] prior to the
            Contractual Delivery Date of the Spares for each Aircraft selected
            from IPL for such Aircraft and such Spares shall be delivered in
            accordance with Article 5.b.

      c.    Embraer shall render the Services as specified in Article 13.

3.    PRICE

      a.    Buyer agrees to pay Embraer, subject to the terms and conditions of
            this Agreement, in United States dollars, the following prices:

            1.    The Aircraft Basic Price of [*] economic conditions, for each
                  Aircraft.

            2.    Buyer shall have in its sole discretion the right to purchase
                  up to [*] per Aircraft, with respect to Spares.

                  The specific price of each of the Spares items shall be [*] .

      b.    The Services are to be provided [*] All other services shall be
            billed to Buyer in accordance with Embraer's prevailing rates
            therefor.

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      c.    The Aircraft Basic Price shall be escalated according to the formula
            contained in Attachment "D" and as set forth herein. Such price as
            escalated shall be the Aircraft Purchase Price and it will be
            provided to Buyer [*] prior to each Aircraft Contractual Delivery
            Date.

4.    PAYMENT

      The prices specified in the previous Article shall be paid in cash, by
      means of a wire transfer, on each Business Day specified below by Buyer as
      follows for Firm Aircraft:

      a.    Aircraft

            1.    An initial deposit of [*] .

            2.    A [*] progress payment [*]is due and payable [*]prior to each
                  relevant Aircraft Contractual Delivery Date.

            3.    A [*] progress payment [*] is due and payable [*] prior to
                  each relevant Aircraft Contractual Delivery Date.

            4.    A [*] progress payment of each Aircraft Basic Price, is due
                  and payable [*] prior to each relevant Aircraft Contractual
                  Delivery Date.

            5.    The balance of each Aircraft Purchase Price, shall become due
                  and payable upon acceptance of each relevant Aircraft by
                  Buyer.

      b.    Spares:

            1.    [*] of the price of Spares for each Aircraft shall become due
                  and payable [*] prior to the relevant Aircraft Contractual
                  Delivery Date or the date of delivery of the Spares calculated
                  in accordance with Article 5.b[*].

            2.    [*] of the price of the Spares for each Aircraft shall become
                  due and payable upon delivery of the Spares items as set forth
                  in Article 5.b.

      c.    Late Payments and Termination for Failure to Make Payments:

            Interest will accrue at a Rate of [*] on any amount not paid to
            Embraer as set forth in Article 4.a and 4.b above from the date on
            which such payments should have been made or as set forth therein
            until the actual receipt by Embraer of such amounts. [*]In the event
            Embraer does not receive any payment required by Articles 4.a and
            4.b within [*] Embraer shall have the right to [*] Furthermore in
            the event any payment referred to in Articles 4.a and 4.b is not
            made when required,[*] and the Buyer fails to [*] Buyer shall [*]
            pay Embraer[*]until the earlier of the termination of this Agreement
            in accordance with Article 23.c or [*] .

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5.    DELIVERY

      a.    AIRCRAFT: Subject to payment in accordance with Article 4 and the
            provisions of Articles 4, 7 and 9, the Aircraft shall be offered for
            delivery by Embraer to Buyer, by means of a notice, for inspection,
            acceptance and subsequent delivery in F.A.F. (Fly Away Factory)
            condition, at Sao Jose dos Campos, State of Sao Paulo, Brazil,
            according to the schedule set forth in Article 24 and subject to the
            terms of that article.

      b.    SPARES: Subject to receipt by Embraer of the list of Spares selected
            by Buyer from the IPL in accordance with Article 2.b, such items
            shall be delivered by Embraer to Buyer in F.C.A. (Free Carrier -
            INCOTERMS 1990) condition, at Sao Jose dos Campos, State of Sao
            Paulo, Brazil, or at any other port of clearance that Embraer may
            identify to Buyer. The provision of Spares for each Aircraft shall
            be delivered on the relevant Aircraft Actual Delivery Date. Should
            Buyer not inform Embraer of [*], the Spares shall be [*] -

6.    CERTIFICATION

      On the Actual Delivery Date of an Aircraft, the EMB 145-LR aircraft shall
      have valid and effective type certificates issued by the CTA and FAA. The
      Aircraft shall also be delivered to Buyer with an export certificate of
      airworthiness issued by CTA complying with the requirements of FAA
      regulation ("FAR") Part 25 and the requirements of the FAA. The condition
      of the Aircraft on delivery and the documentation delivered with the
      Aircraft, including the above mentioned export certificate of
      airworthiness, shall be sufficient to enable Buyer to obtain an FAR Part
      25 certificate of airworthiness for the Aircraft. Subject to the above, it
      shall be Buyer's responsibility to obtain such certificate of
      airworthiness for the Aircraft, at Buyer's sole expense, although Embraer
      will provide assistance if requested to do so, at Buyer's cost. [*]

7.    ACCEPTANCE AND TRANSFER OF OWNERSHIP

      a.    Unless Embraer notifies Buyer otherwise, the Aircraft shall be
            delivered in accordance with the provisions and schedules specified
            in Article 5 herein. Embraer shall give Buyer [*] advance notice of
            the date on which Embraer considers that each Aircraft will be ready
            for delivery in the condition specified herein. Upon successful
            completion of ground and flight tests performed by Embraer, Buyer
            will receive a confirmation from Embraer of the day that the
            Aircraft concerned is ready for inspection and will provide Buyer
            within [*] notice of the date of such inspection.

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      b.    Buyer shall be allowed a reasonable period of time to conduct a
            ground inspection and an acceptance flight or flights, if necessary
            ("Inspection") of each Aircraft prior to its delivery. [*] After
            such acceptance flight and if Buyer accepts the Aircraft in
            accordance with this Article 7, each Aircraft will be delivered by
            Embraer to Buyer in accordance with Article 6 hereof [*].

      c.    Buyer shall accept the Aircraft provided, in the reasonable
            determination of Buyer, the Aircraft meets the terms and conditions
            of this Agreement. Immediately after such acceptance, Buyer shall
            make the payments due, if any, according to Article 4 and accept
            delivery of such Aircraft, whereupon [*] title and risk of loss will
            be transferred to Buyer and Buyer shall execute the necessary title
            and risk transfer documents required in order to effect title
            transfer, including but not limited to an FAA form Bill of Sale and
            a Warranty Bill of Sale substantially in the form attached hereto as
            Schedule G. [*]

      d.    If Buyer declines to accept an Aircraft after its Inspection because
            the Aircraft failed to meet the terms of this Agreement, Buyer shall
            immediately give Embraer notice of all specific reasons for such
            refusal and Embraer shall have [*] , commencing on the first
            Business Day after receipt of such notice, to take all necessary
            actions [*] in order to resubmit the Aircraft to Buyer for
            re-inspection.

      e.    Buyer shall inspect the Aircraft, as provided for in Article 7.b.,
            within [*] after [*] from Embraer that all necessary actions were
            taken ("Reinspection"). All costs of such Reinspection [*]

      f.    Embraer shall ensure that the Spares for each Aircraft are available
            for inspection by Buyer on or before the date of delivery in
            accordance with Article 5.b. and shall notify Buyer of such
            availability. Buyer shall be allowed to inspect the Spares to be
            delivered in connection with each Aircraft. If Buyer finds such
            Spares acceptable, Buyer shall be entitled, but not obligated, to
            inspect the packing process, and if such an inspection is
            conducted, Buyer shall thereupon give Embraer notice of acceptance
            and receipt of Spares in question. If Buyer reasonably rejects
            one or more of the Spares during such inspection as not conforming
            to this Agreement, Embraer shall [*] Buyer's failure, including
            but not limited to Buyer's refusal to perform the inspection or
            acceptance of all their Spares after being notified of their
            availability by Embraer, shall not prevent [*] In the event that
            Buyer does not inspect the packing process as provided for
            herein, [*]

      g.    Should Buyer fail to comply with the procedures specified in any of
            the preceding items 7 (a) through 7 (e), Embraer shall not be held
            liable for any delays in delivery resulting from such failure.

      h.    Should Buyer not perform its obligations in accordance with items
            7(a) through 7(e) hereof within [*], Embraer shall be entitled to
            [*] its obligations in accordance with items 7(a) through 7(e)
            hereof,[*], Embraer shall be entitled to [*]

      i.    Buyer shall be permitted to delegate its duties in this Article 7
            and in Article 5 as to the physical inspection, reinspection, and
            acceptance and delivery of the Aircraft and Spares to its authorized
            representative in the form attached hereto as Schedule F.

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      j.    In the event that Buyer has otherwise complied with provisions of
            this Agreement, i) Buyer or Chautauqua has not received prior to
            the relevant Aircraft Delivery Date a material portion of the
            Services provided for in [*] or ii) a material portion of Spares
            to be delivered pursuant to Article 5.b are not available for
            delivery in connection with the relevant Aircraft (provided
            Buyer has provided Embraer with the notice required by
            Article 2.b); or iii) at lease one copy of each technical
            publication referred to in Attachment B hereto is not available
            for delivery to Buyer on the relevant Aircraft Delivery Date,
            Buyer shall [*] until Buyer or Chautauqua receive a material
            portion of the Services provided for in [*] and at least one copy
            of each technical publication referred to in Attachment B hereto is
            available for delivery to Buyer or Chautauqua or as otherwise
            agreed to by the Parties. In the event an Aircraft delivery is
            delayed by Buyer under the terms and conditons of this
            Article 7.j,[*]

8.    STORAGE CHARGE

      a.    A storage charge equal to [*] shall be charged by Embraer to Buyer
            commencing on:

            1.    Buyer's failure to perform Inspection or Re-inspection of an
                  Aircraft, per the date or time period specified in writing by
                  Embraer, according to Article 7.

            2.    Buyer's acceptance of an Aircraft when Buyer defaults in the
                  fulfillment of any payment due and in taking title to such
                  Aircraft immediately thereafter.

            3.    Buyer's failure within [*] after title transfer to remove an
                  Aircraft from Embraer's facilities.

                  Storage charges shall end on the earlier of i) Buyer's and
                  Embraer's agreement to end such storage charge, ii) removal of
                  the relevant Aircraft from Embraer's facilities or iii) in the
                  event this Agreement with respect to such Aircraft is
                  terminated in accordance with Article 23.

                  If however, Buyer notifies Embraer in writing [*] in advance
                  of its expected delay in the performance of its obligations
                  set forth in this Article 8, the storage charge shall commence
                  [*] after the occurrence of the events set forth in this
                  Article 8.a.

      b.    In the event that an Aircraft Contractual Delivery Date must be
            extended by Embraer from that which is designated in Article 5, due
            to Buyer's failure to perform any action or provide any information
            contemplated by this Agreement other than the ones specified in the
            preceding items, and the Aircraft otherwise was to be delivered on
            the Contractual Delivery Date, the storage charge shall commence [*]
            after the Contractual Delivery Date relative to such Aircraft.

      c.    Buyer shall pay the storage charge set forth in Article 8.a. and
            8.b., as applicable, per each month of delay or part thereof, within
            [*] after the presentation of each invoice by Embraer.

9.    DELAYS IN DELIVERY

      a.    EXCUSABLE DELAYS:

            1.    Embraer shall not be held liable or be found in default for
                  any delays in the delivery of an Aircraft or any Spares or in
                  the performance of any act to be performed by Embraer under
                  this Agreement, resulting from the following events or
                  occurrences, hereinafter referred to as "Excusable Delays":
                  (a) force

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                  majeure [*], (b) any delay to the extent resulting from any
                  failure by Buyer to perform any action or provide any
                  information contemplated by this Agreement.

            2.    Within [*] after the occurrence of any of the above mentioned
                  events which constitute causes of Excusable Delays in delivery
                  of an Aircraft or any Spares or in the performance of any act
                  to be performed by Embraer under this Agreement, Embraer shall
                  send a notice to Buyer, with a requested acknowledgment of
                  receipt, [*]

            3.    Any such delays shall extend the time for delivery of an
                  Aircraft or Spares by [*]. Embraer undertakes to [*] to avoid
                  or remove any such cause of delay [*]

            4.    If the cause of such Excusable Delay is such as to last longer
                  than [*] then Buyer shall have the option to terminate this
                  Agreement without liability to either party, in accordance
                  with Article 23.b.

      b.    NON-EXCUSABLE DELAYS:

            1.    If the delivery of an Aircraft or Spares is delayed, not as a
                  result of an Excusable Delay, by more than [*] after the
                  Contractual Delivery Date for such Aircraft or, in the case of
                  Spares, the date for delivery as agreed between the Parties in
                  accordance with Article 5.b., Buyer will be entitled to [*],
                  up to the date that the Aircraft is ready for delivery and
                  available to Buyer by means of confirmation of the successful
                  completion of ground and flight tests performed by Embraer, to
                  be provided per Article 7.a, [*]

            2.    The grace period of [*], granted by Buyer to Embraer as
                  mentioned herein shall prevail if Embraer provides notice to
                  Buyer advising the expected delay, provided that such
                  notice[*].

            3.    If, with respect to a delayed Aircraft or Spares, Embraer does
                  not receive notice [*] as mentioned in item "b.1" above, from
                  Buyer within [*] after the Delivery Date of such Aircraft, or
                  in the case of Spares, the date of delivery as agreed between
                  the Parties in accordance with Article 5.b., Buyer shall be
                  deemed to have fully waived its right to [*]

            4.    If as a result of[*]agreed to in writing by the parties[*]will
                  not apply [*]

            5.    Embraer hereby acknowledges that[*]inducement to Buye[*]it
                  hereby represents and warrants to[*]will not be[*]not be
                  considered a[*]In the event of Seller's breach of the
                  representation and warranty provided for herein, Buyer may
                  terminate this Agreement in accordance with Article 23.b.1.
                  and/or may seek damages for Embraer's breach in accordance
                  with Article 23.a.

      c.    DELAY DUE TO LOSS OR STRUCTURAL DAMAGE TO THE AIRCRAFT:

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            Should any Aircraft be destroyed or damaged before acceptance by the
            Buyer to the extent that it becomes commercially useless, Buyer may,
            at its sole discretion take a replacement Aircraft under the same
            terms and conditions of this Agreement at a later delivery date to
            be agreed by the Parties. Within three (3) months after such loss,
            Embraer will provide Buyer with a new delivery date for a
            replacement Aircraft. If Buyer in its sole discretion rejects the
            new delivery date after further consultation with Embraer on
            scheduling the delivery of the Aircraft, it may terminate this
            Agreement with respect to such Aircraft[*]In the event Embraer[*]

10.   INSPECTION AND QUALITY CONTROL

      a.    Buyer is hereby permitted to have one or more authorized
            representatives at Embraer's facilities for a period commencing [*]
            prior to the Contractual Delivery Date of each Aircraft in order to
            assure that the Aircraft, Spares and Services were developed in
            accordance with the procedures specified in this Agreement and
            according to all applicable quality control standards. Buyer may
            communicate its concerns as to the production of the Aircraft and
            Spares to Embraer.

      b.    Buyer shall communicate to Embraer the names of its authorized
            representatives, by means of notice, at least fifteen (15) days
            prior to the arrival of the authorized representatives. Buyer may
            substitute authorized representatives, provided written notice is
            given to Embraer fifteen (15) calendar days prior to effectivity.

      c.    Such representatives may also be authorized to sign the acceptance
            and transfer of title and risk documents and accept delivery of the
            Aircraft and Spares pursuant to Article 7.

      d.    With respect to this Article 10, Embraer shall provide for use in
            accordance with the Agreement at no cost to Buyer, communication
            facilities (telephone and facsimile) for Buyer's authorized
            representatives, as well as the necessary tools, measuring devices,
            test equipment and technical assistance as may be necessary to
            perform acceptance tests.

      e.    Buyer's authorized representatives shall observe Embraer's
            administrative rules and instructions while at Embraer's facilities,
            and Buyer's representatives will be provided with all appropriate
            rules and regulations upon arrival.

      f.    Buyer's authorized representatives shall be allowed exclusively in
            those areas related to the subject matter hereof and Buyer agrees to
            hold harmless Embraer from and against all and any kind of
            liabilities in respect to such representatives, for whom Buyer is
            solely and fully responsible under all circumstances and in any
            instance except to the extent caused by the gross negligence or
            willful misconduct of Embraer, its officers, directors, employees or
            agents.

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11.   CHANGES

      a.    At delivery each Aircraft will comply with the standards defined in
            Attachment "A-1 or "A-2" as applicable and shall incorporate all
            modifications which are classified as Airworthiness Directives
            (AD's) mandatory by CTA or FAA and shall also at Delivery
            incorporate any change agreed upon by Buyer and Embraer in
            accordance with this Article 11.

      b.    [*]

      c.    Embraer may make changes in the design of the Aircraft, the
            definition of which and its respective classification shall be in
            compliance to the Aircraft type specification, as follows:

            1.    MINOR CHANGES: defined as those modifications which shall not
                  adversely affect the Aircraft in any of the following:

                                       [*]

            2.    MAJOR CHANGES: defined as those modifications which affect at
                  least one of the topics mentioned in item "c.1." above.

      d.    Embraer shall have the right, without the prior consent of Buyer, to
            make Minor Changes, as referred to in item "c.1" above, in the
            design of the Aircraft. The costs of any such changes shall be borne
            by Embraer.

      e.    Major Changes as referred to in item "c.2." above which are
            classified as AD's mandatory by CTA and or FAA shall be conveyed to
            Buyer by means of Service Bulletins, approved by said authorities.
            Incorporation of such Service Bulletins in all Aircraft and Spares
            yet to be delivered to Buyer will be made by Embraer at Embraer's
            own costs, in a commercially reasonable period of time. For all
            mandatory AD issued by the FAA and or CTA [*] , Embraer shall [*]
            Buyer shall incorporate [*] in the Aircraft airframe [*] the
            Aircraft systems), [*] When flight safety is affected, such changes
            will be immediately incorporated.

            Whenever warranty coverage is not available or applicable, item "e"
            of this Article 11 shall apply. [*] In the event of delay caused by
            incorporation of Embraer AD's, [*]

            Embraer shall not be held liable for any delays in the Aircraft
            Contractual Delivery Date resulting from the execution of any change
            classified as mandatory by CTA or FAA when the Aircraft shall have
            already passed the specific production stage affected by the
            incorporation of said change. In the event that an AD is issued by
            the CTA or FAA prior to delivery [*] Embraer will [*].

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      f.    Major Changes (other than those which are AD's mandatory per item
            "e" above), any change developed by Embraer as product improvement,
            and any change requested by Buyer which are either Major or Minor ,
            including those changes required by FAA as a consequence of [*]
            shall be considered as optional and, pursuant to Buyer's request,
            the corresponding cost proposals shall be submitted by Embraer to
            Buyer for consideration and approval. Should Buyer not approve any
            such change, it shall not be incorporated in the Aircraft.

      g.    Any change made by Embraer in accordance with the preceding items
            which affects the provisions of Attachment "A", shall be
            incorporated in said Attachment by means of an amendment. The
            amendment shall be submitted to Buyer for signature thirty (30) days
            prior to the relevant Aircraft Contractual Delivery Date, a copy of
            which shall be received by Embraer, duly signed, prior to such
            Aircraft Actual Delivery Date.

            Except[*], should an Aircraft not comply with the terms and
            conditions of Attachment "A-1" or "A-2" as applicable, Buyer shall
            be entitled to either [*]

12.   WARRANTY

      The Aircraft and Spares will be warranted in accordance with the terms and
      conditions specified in Attachment "C". The warranty may not be assigned
      except as permitted by Article 16.

13.   TECHNICAL ASSISTANCE SERVICES

      a.    Familiarization and technical support programs specified below are
            being offered at no charge to Buyer unless otherwise specified,
            except for the expenses involved with travel and lodging of
            Chautauqua's trainees, which shall be borne by Buyer or Chautauqua.
            Such familiarization and technical support programs shall be in
            accordance with Embraer's training syllabus.

      b.    Notwithstanding the use of the term "training" in this Article 13 or
            in the Agreement, the intent of the Services is solely to
            familiarize Chautauqua's pilots, mechanics, employees or
            representatives, duly qualified per the governing body in the United
            Sates of America, with the operation and maintenance of the
            Aircraft. It is not the intent of Embraer to provide basic training
            ("Ab-initio") to any representatives of Chautauqua.

      c.    The Services, as applicable, shall be provided prior [*] Chautauqua
            must give notice to Embraer one-hundred and twenty (120) days in
            advance of its expected training schedule. Should Buyer or
            Chautauqua not take all or any portion of the Services on or before
            the delivery of Buyer's last Aircraft, Buyer and Chautauqua shall be
            deemed to have fully waived their rights to such service. No other
            penalty or indemnity shall be due from Embraer in this case.

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                                                                  Page 13 of 31
<Page>

      d.    All Services shall be provided by Embraer or its qualified
            designated representative at Embraer's facilities at Fort
            Lauderdale, Florida, USA, or at such other location as Embraer shall
            reasonably designate in the United States, except that flight
            training may also be designated by Embraer to occur in Brazil if it
            cannot reasonably occur in the United States.

      e.    The Services in regard to the Firm Aircraft shall include:

            1.    One (1) Pilot Familiarization Program [*] including ground
                  familiarization as regards Aircraft systems, weight and
                  balance, performance and normal/emergency procedures; Flight
                  simulator training in accordance with Chautauqua's approved
                  Flight Operations Training Program, up to, but not exceeding
                  the equivalent training in Level C simulator.

            2.    One (1) Maintenance Familiarization Course [*] . This course
                  shall consist of classroom familiarization with Aircraft
                  systems and structures and shall be in accordance with ATA
                  specification 104, level III.

            3.    One (1) Flight Attendant Familiarization Course [*] . This
                  course shall consist of classroom familiarization, including a
                  general description of Aircraft and systems to be used by
                  flight attendants if requested, Embraer may demonstrate
                  procedures described in the classroom, subject to Buyer's
                  Aircraft availability.

            4.    [*] selected by Embraer in its sole discretion shall [*] but
                  limited to [*] in order to [*] The presence of [*] Thereafter,
                  every time Buyer requests the placement of an Embraer
                  technical representative at Chautauqua's installations,
                  Embraer will charge Buyer according to Embraer's price list
                  per month per each such Embraer technical representative's
                  presence. At no charge to Embraer, Buyer shall insure and
                  require Chautauqua to provide such representative with
                  reasonable communication facilities (telephone and facsimile)
                  as well as office space and facilities at the maintenance
                  base(s) of Chautauqua. Buyer shall also cause Chautauqua to
                  (a) arrange all necessary work permits and airport security
                  clearances required for Embraer employees, to permit the
                  accomplishment of the services mentioned in this item "4", in
                  due time; and (b) obtain all necessary custom clearances both
                  to enter and depart from the United States for Embraer's
                  employees and their personal belongings and professional
                  tools. During the stay of the Embraer's technical
                  representative at Chautauqua's base, Buyer shall cause
                  Chautauqua to permit access to the maintenance and operation
                  facilities as well as to the data and files of Chautauqua's
                  fleet of aircraft to the extent necessary to perform its
                  obligations hereunder. [*] Buyer shall cause Chautauqua to
                  make available at the office designated for the technical
                  representative, one (1) set of updated Technical Publications
                  referred to in Article 15, and it shall be Chautauqua's
                  responsibility to perform the revision services in order to
                  maintain such publications updated during the technical
                  representative's stay at Chautauqua's base. Buyer shall bear
                  all expenses

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                                                                  Page 14 of 31
<Page>

                  related to the transportation, board & lodging of Embraer
                  representative when such representative shall render the
                  services specified herein in any place other than Chautauqua's
                  main maintenance base.

                  Without a previous written authorization from Embraer, Embraer
                  technical representatives shall not participate in test
                  flights or flight demonstrations. If Chautauqua obtains such
                  authorization, Chautauqua shall include the technical
                  representative in Chautauqua's insurance policy. Embraer
                  reserves the right to stop the services mentioned in this item
                  "4", should any of the following situations occur at
                  Chautauqua's base: a) there is a declared strike in progress;
                  b) war or war like operations, riots or insurrections; c) any
                  condition which is dangerous to the safety or health of
                  Embraer's employee; or d) the government of the United States
                  refuses permission to Embraer's employee to enter the country.

      f.    If Buyer or Chautauqua elects not to take all or any portion of the
            Services, [*]. Any other additional services shall depend on
            subsequent agreement and shall be charged by Embraer accordingly.

      g.    Buyer and Chautauqua's authorized trainees and representatives at
            Embraer's facilities shall be allowed exclusively in those areas
            related to the subject matter hereof and Buyer agrees to, and to
            cause the relevant Designated Operator to, hold harmless Embraer
            from and against all and any kind of liabilities in respect of such
            trainees and representatives for whom Buyer and Chautauqua, as the
            case may be, are solely and fully responsible under all
            circumstances, except to the extent [*].

14.   SPARE PARTS POLICY

      [*] Such spare parts and ground support equipment shall be supplied
      according to the prevailing availability, sale conditions, delivery
      schedule and effective price on the date of acceptance by Embraer of the
      purchase order. The spare parts and ground support equipment may be
      supplied either by Embraer or through its subsidiaries or branch offices
      located abroad.

15. PUBLICATIONS

      a.    AIRCRAFT PUBLICATIONS - Embraer has supplied, [*] copies of
            operational and maintenance publications applicable thereto, in the
            English language and in the quantities as specified in item "3" of
            Attachment "B", other than those to be supplied by Embraer together
            with each Aircraft at delivery. Such publications are issued under
            the applicable specification and are available in hard copies [*]
            and subsequently at a nominal fee. Such publications, to the extent
            not previously supplied by Embraer, will be delivered together with
            the Aircraft.

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                                                                  Page 15 of 31
<Page>

      b.    VENDOR ITEMS PUBLICATIONS - With respect to vendor items installed
            in the Aircraft which have their own publications, Chautauqua will
            receive them in the quantity specified in item "3" of Attachment
            "B", in their original content and printed form, directly from the
            suppliers, which are also responsible to keep them continuously
            updated through a direct communication system with Chautauqua.

16.   ASSIGNMENT AND GUARANTEE

      a.    Buyer or Chautauqua may request, and Embraer will take, any action
            reasonably necessary for the purpose of causing an Aircraft and
            Spares at the time of delivery to be subject to an equipment trust
            conditional sale, lien or other arrangement for the initial
            financing of the Aircraft and Spares in connection with the delivery
            of such Aircraft and Spares to Chautauqua.

      b.    Except as expressly permitted by this Article 16, Buyer's rights and
            obligations hereunder may not be assigned, conveyed, subcontracted,
            transferred or delegated, without Embraer's prior written consent.

      c.    Chautauqua shall guarantee the obligations of Buyer hereunder
            pursuant to a guarantee in the form attached hereto as Attachment H,
            and it shall be a breach of this Agreement by Buyer if such
            guarantee is at any time not effective in accordance with its terms
            or if Chautauqua breaches, defaults, or fails to perform under such
            guarantee.

17.   RESTRICTIONS AND PATENT INDEMNITY

      This sale does not include the transfer of designs, copyrights, patents,
      and other similar rights to Buyer. Subject to Buyer's or Chautauqua's duty
      to promptly advise Embraer of any alleged copyright or patent
      infringement, Embraer shall indemnify, defend, protect and hold Buyer and
      Chautauqua (including respective officers, controlling persons, employees
      and directors) harmless with respect to any claims, suits actions,
      judgments, liabilities, damages and costs, including reasonable attorney
      fees, made against it or them if the Aircraft or Spares with Embraer part
      numbers infringes copyright patents or the proprietary rights of others.
      In such event Embraer shall to the extent necessary and as promptly as
      possible at its sole option and expense either

      (i)   procure for Buyer or Chautauqua the right under patent to use the
            system, accessory or equipment or part;

      (ii)  replace such system accessory, equipment or part with such
            non-infringing item or part; or

      (iii) modify such system, accessory, equipment or part to make it
            non-infringing.

                                                                 Page 16 of 31
<Page>

18.   MARKETING PROMOTIONAL RIGHTS

      Embraer shall have the right to show for marketing purposes, free of any
      charge, the image of the Aircraft, painted with Buyer's colors and emblems
      or the colors and emblems of Chautauqua, affixed in photographs, drawings,
      films, slides, audiovisual works, models or any other medium of expression
      (pictorial, graphic, and sculptural works), through all mass
      communications media such as billboards, magazines, newspaper, television,
      movie, theaters, as well as in posters, catalogues, models and all other
      kinds of promotional material. In the event such Aircraft is sold to or
      operated by or for another company or person, Embraer shall be entitled to
      disclose such fact, as well as to continue to show the image of the
      Aircraft, free of any charge, for marketing purposes, either with the
      original or the new colors and emblems, unless otherwise notified by Buyer
      or Chautauqua, provided that such notification shall be subject to the
      reasonable satisfaction and agreement of Embraer. If accepted, said
      prohibition, however, shall in no way apply to the promotional materials
      or pictorial, graphic or sculptural works already existing or to any
      contract for the display of such materials or works already binding
      Embraer at the time of receipt of the notification. The provisions of this
      Article shall be included in all future sales or lease agreements
      concerning the Aircraft.

19.   TAXES

      Embraer shall pay all taxes [*] All other taxes ([*]), impost, fees,
      withholding taxes, stamp taxes, documentary taxes and any other similar or
      dissimilar taxes, as well as any duties as may be imposed on the sale
      subject of this Agreement ("Taxes"), shall be borne by Buyer. [*]

20.   APPLICABLE LAW

      This Agreement, and the rights and obligations of the Parties hereunder,
      shall in all respects be governed by, and construed and interpreted in
      accordance with, the laws of the State of New York (excluding conflicts of
      law principles), and including all matters of construction, validity and
      performance.

21.   ARBITRATION

      a.    The Parties each irrevocably submit to the exclusive jurisdiction of
            arbitration and expressly and irrevocably waive its right to bring
            suit against the other party in any court of law except for the
            limited purposes of enforcing an arbitral award obtained with
            respect to a dispute, or for obtaining any injunctive, temporary or
            preventative order or similar order available to it under the laws
            of any jurisdiction for a breach or threatened breach by the other
            party of this Agreement which threatens irreparable damage.

      b.    Any dispute submitted for arbitration must be finally settled by
            binding and confidential arbitration according to the Rules of the
            American Arbitration

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<Page>

            Association (the "Rules"), except as may be modified by mutual
            agreement of Embraer and Buyer. The arbitration, including the
            rendering of the award, will be conducted by arbitrators (selected
            as set forth below) who are fluent in the English language. The
            arbitration proceeding will be conducted with discovery in
            accordance with the Federal Rules of Civil Procedure. The
            arbitrators will be appointed in accordance with the Rules except as
            otherwise provided for herein. The arbitration proceedings will take
            place in New York, New York, and will be conducted in the English
            language.

      c.    The Arbitrator will be selected as follows: within fifteen (15)
            Business Days of the referral of any matter to arbitration, each
            party will select an arbitrator. Thereafter, within fifteen (15)
            Business Days of each party's selection of an arbitrator, the two
            arbitrators selected by the Parties shall meet to select a mutually
            agreeable third arbitrator. In the event a party fails to select an
            arbitrator with in the time period specified above, the party that
            has timely complied with the selection of an arbitrator shall select
            a second arbitrator. These two arbitrators shall within seven (7)
            Business Days after the time in which the other party should have
            selected an arbitrator, meet to select a mutually agreeable third
            arbitrator. These three arbitrators shall comprise the arbitral
            panel and all arbitral proceedings shall be conducted in the
            presence of all three arbitrators.

      d.    If there is a dispute submitted to arbitration, any subsequent
            additional disputes referred for arbitration (including
            counterclaims between the parties) will be consolidated in the same
            arbitration proceeding.

      e.    The arbitral proceeding will not exceed one hundred (100) days
            commencing on the date the last arbitrator accepts his or her
            appointment. If the arbitral award is not issued within this time,
            then the arbitration proceeding will be automatically renewed for
            another one hundred (100) days. Evidence may not be taken in the
            arbitral proceeding except in the presence of both parties and all
            witnesses, if any , may be questioned by both parties. The only
            evidence which may be considered by the arbitrators in reaching
            their decision is that which is otherwise admissible in accordance
            with the then current United States Federal Rules of Evidence.

      f.    Any decision or award of the arbitrators must be based solely on the
            terms of this Agreement and the substantive governing law applicable
            to this Agreement. The decision of the arbitrators must be issued in
            writing with an explanation of its reasoning, and will be final and
            conclusive when issued. Judgment upon the award rendered in the
            arbitration may be entered and enforced by the Court specified in
            Article 21.g. hereof.

      g.    Each party irrevocably submits to the exclusive jurisdiction of the
            United States District Court for the Southern District of New York
            sitting in the County of New York for purposes of enforcing any
            arbitral award or for other legal proceedings arising out of this
            Agreement or any transactions contemplated in this Agreement as
            provided for herein. However nothing contained in this Agreement
            shall be deemed to prevent either party from enforcing any decision
            of the United States District

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<Page>

            Court for the Southern District of New York sitting in the County of
            New York for purposes of enforcing or collecting any such award in
            any court or jurisdiction as such party deems necessary or prudent.

      h.    Each party shall bear its own costs and expenses of arbitration. The
            parties shall share equally the costs, expenses and fees of any
            arbitral panel designated pursuant to this Agreement.

22.   SOVEREIGN IMMUNITY, VENUE AND FORUM NON CONVENIENCE

      Embraer, under the laws of the United States or of any other jurisdiction
      affecting Embraer, is subject to private commercial law and suit, and is
      not entitled to sovereign immunity under any such laws, for its
      performance of its obligations under this Agreement. Embraer's performance
      of its obligations hereunder constitute commercial acts done for
      commercial purposes. The parties hereto furthermore waive to the extent
      permitted by law any objections to venue of the United States District
      Court for the Southern District of New York sitting in the County of New
      York for purposes of enforcing any arbitral award and any right or claim
      to any transfer or dismissal of any enforcement proceeding in the United
      States District Court for the Southern District of New York sitting in the
      County of New York on the grounds of forum non convenience.

23.   TERMINATION

      a. Should either party fail to comply partially or completely with its
      obligations hereunder, the other party shall be entitled to give notice of
      such failure and to require that such failure be remedied within the
      period specified in that notice, which period shall not be less than [*]
      Should such failure not be remedied within the period so specified, then
      the party who gave notice of such failure shall be entitled to terminate
      this Agreement. Should termination occur in accordance with the foregoing,
      the defaulting party shall pay to the non-defaulting party, as damages, an
      amount determined by agreement or by law. The foregoing provision shall
      not apply in any circumstance where a specific right of termination is
      available or will be available upon the expiration of a specific period of
      time whether or not such termination rights are exercised, except with
      respect to Buyer's right to terminate this Agreement in accordance with
      Article 23.b in case of termination for a Non-excusable delay of [*] or
      longer [*].

      b. Buyer shall have the right but not the obligation to terminate this
      Agreement in respect to the relevant Aircraft, upon the occurrence of any
      Excusable Delay in accordance with Article 9.a.4 of [*] or longer,
      impossibility as provided for in Article 9.a.4, or any non-excusable delay
      in accordance with Article 9.b.1 [*] or longer after such Aircraft
      Contractual Delivery Date, such right to be exercisable by notice from

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                                                                  Page 19 of 31
<Page>

      Buyer to Embraer to such effect no earlier than [*] or in the event of
      impossibility, reasonably thereafter, as applicable. Upon receipt of such
      notice of termination, Embraer shall, within [*] after Embraer receives
      the notice referred to above, return to Buyer an amount equal to the
      amounts previously paid by Buyer relative to the relevant Aircraft
      [*] in effect as of the time such amounts were paid, less the value of
      equipment and services previously delivered or performed by Embraer
      with respect to such terminated Aircraft valued in accordance with
      Embraer's list price for such equipment and services at time of such
      termination in accordance with this Article 23.b. In the event the
      equipment referred to above in the immediately preceding sentence has not
      been used, it may be returned to Embraer at the Buyer's sole cost and
      expense and subject to Embraer's reasonable right to inspect such
      equipment, and in the event of such return and acceptance of the condition
      of the equipment, the value of such returned equipment shall not be
      deducted from the amounts payable by Embraer as provided for above. No
      other penalty or indemnity shall be due from Embraer in this case, except
      in the case of a termination for a Non-Excusable Delay of [*] or longer
      [*]. In the event Embraer fails to return the deposits and progress
      payments [*] to Buyer as provided for herein, Embraer shall also pay to
      Buyer [*] on such outstanding amounts not paid by Embraer from the date on
      which such payments were to have been made until receipt by Buyer.

      b.1 In the event that Embraer breaches the representations and warranties
      contained in Article 9.b.5 Buyer may terminate this entire Agreement and
      Embraer will return to the Buyer an amount equal to the amounts previously
      paid by Buyer relative to the undelivered terminated Aircraft [*] in
      effect as of the time such amounts were paid, less the value of
      equipment and services previously delivered or performed by Embraer
      with respect to such terminated Aircraft valued in accordance with
      Embraer's list price for such equipment and services at time of such
      termination in accordance with this Article 23.b.1. In the event the
      equipment referred to above in the immediately preceding sentence has not
      been used, it may be returned to Embraer at the Buyer's sole cost and
      expense and subject to Embraer's reasonable right to inspect such
      equipment, and in the event of such return and acceptance of the condition
      of the equipment, the value of such returned equipment shall not be
      deducted from the amounts payable by Embraer as provided for above. In the
      event Embraer fails to return the deposits and progress payments with
      accumulated interest to Buyer as provided for herein, Embraer shall also
      pay to Buyer [*] on such outstanding amounts not paid by Embraer from the
      date on which such payments were to have been made until receipt by Buyer.
      In addition to and not in lieu of this remedy [*].

      c. If Buyer terminates this Agreement before an Aircraft Actual Delivery
      Date for any reason not attributable to Embraer's default under this
      Agreement or, if Embraer terminates this Agreement as to any Aircraft or
      in its entirety pursuant to Article 7.h., Article 4.c. or Article 27,
      Buyer shall pay to Embraer [*].

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<Page>

      and shall indemnify Embraer for the value of equipment and
      services previously delivered and/or performed by Embraer and for the
      reasonable costs and expenses of reconfiguring Aircraft for sale to
      another customer. Such costs and expenses shall be based on Embraer's
      then prevailing price list. For these purposes Embraer may, in its sole
      discretion, retain all amounts previously paid by Buyer to apply as part
      of the payments of the damages resulting from such default on the part of
      Buyer.

      d. If Buyer terminates this Agreement in respect to an Aircraft or all
      Aircraft, as the case may be, pursuant to Articles 9.c or 11.h , Embraer,
      upon Buyer's request, shall within [*] after Embraer receives the notice
      of termination referred to above, return to Buyer all amounts previously
      paid by Buyer with respect to the relevant Aircraft [*] in effect on the
      date of receipt of such amounts. No other penalty or indemnity shall
      be due from Embraer in this case. In the event Embraer fails to return
      the deposits and progress payments [*] to Buyer as provided for herein,
      Embraer shall also pay to Buyer [*] on such outstanding amounts not paid
      by Embraer from the date on which such payments were to have been made
      until receipt by Buyer.

      e. In the case of a termination of this Agreement or as to any Aircraft,
      the indemnities set forth in Articles 17 and 25 of this Agreement and the
      warranty as provided for in Attachment C hereto and as such warranty may
      have been assigned pursuant to Article16.a with respect to any delivered
      Aircraft and Spares shall survive the termination of this Agreement or the
      termination of this Agreement with respect to one or more Aircraft.

24.   OPTION FOR THE PURCHASE OF ADDITIONAL EMB-145 AIRCRAFT

      Buyer shall have the option to purchase the Option Aircraft, to be
      delivered in accordance with the chart below, subject to the terms and
      conditions of this Article 24:

<Table>
<Caption>

--------------------------------------------------------------------------------
    [*]
--------------------------------------------------------------------------------
<S>             <C>          <C>            <C>         <C>          <C>
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          Nov 02         [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------

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<Page>

<Caption>

--------------------------------------------------------------------------------
<S>             <C>          <C>            <C>         <C>          <C>
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
                                            [*]         [*]          Dec 03
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
</Table>

Under no circumstances shall Buyer be obligated to accept Aircraft more than
seven (7) Business Days prior to the relevant Contractual Delivery Date.

      The Option Aircraft shall [*] into [*] groups of [*] aircraft and [*] of
      [*] aircraft. The groups shall be referred to collectively as the "Options
      Groups" and each may be referred to individually as an "Option Group".

      a.    INITIAL DEPOSIT: A [*] deposit of [*] per Option Aircraft is due and
            payable [*]

      b.    BASIC PRICE: The unit basic price of each Option Aircraft shall be
            equal to [*] unless otherwise modified by the Parties and the costs
            for such changes shall be in addition to the Basic Price.

      c.    ESCALATION: The unit basic price of each relevant Option Aircraft
            shall be escalated according to Attachment "D".

      d.    DEPOSIT AND PROGRESS PAYMENTS: The payment of the price specified in
            item "b" above, shall be made according to the following:

            1.    The initial deposit of [*] per Option Aircraft, to be made by
                  Buyer according to Article 24.a, shall [*]

            2.    A progress payment of [*] of the unit basic price defined in
                  item "b" above, per exercised Option Aircraft, less the
                  initial deposit received for each such Option Aircraft is due
                  and payable [*]

            3.    A progress payment of [*] of the unit basic price defined in
                  item "b" above is due and payable [*]

            4.    A progress payment of [*] of the unit basic price defined in
                  item "b" above is due and payable [*]

            5.    The balance of each relevant Option Aircraft escalated price
                  is due and payable upon acceptance of each relevant Aircraft
                  by Buyer.

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                                                                  Page 22 of 31
<Page>

      e.    CONFIRMATION OF OPTION [*] Buyer's options to purchase [*] shall be
            confirmed on or before [*] prior to the delivery date of the first
            Option Aircraft [*], provided that [*] At the time of such
            confirmation, [*]

      f.    FAILURE TO CONFIRM; [*] If Buyer fails to confirm [*] as provided
            in item "e", Buyer shall have no right to acquire the Option
            Aircraft [*] and the relevant portion of the deposit made according
            to item "d.1" above, if any, shall be [*] after Buyer's failure to
            confirm, renunciation of, or failure to obtain, [*] commencing on
            the date [*] In the event Embraer fails to [*].

      g.    SERVICES: The services Embraer will provide pursuant to Article 13
            in regard to the Option Aircraft which will be delivered pursuant
            to this Article 24 shall be in accordance with Article 13.e.1 - 4
            above.

25.   INDEMNITY

      Buyer agrees to indemnify and hold harmless Embraer and Embraer's
      officers, agents, employees and assignees from and against all
      liabilities, damages, losses, judgments, claims and suits, including costs
      and expenses incident thereto, which may be suffered by, accrued against,
      be charged to or recoverable from Embraer and/or Embraer's officers,
      agents, employees and assignees by reason of loss or damage to property or
      by reason of injury or death of any person (excluding Embraer's officers,
      directors, employees or agents) resulting from or in any way connected
      with the performance of services by employees, representatives or agents
      of Embraer for or on behalf of Buyer related to Aircraft delivered by
      Embraer to Buyer or Chautauqua, including, but not limited to, technical
      operations, maintenance, and training services and assistance performed
      while on the premises of Embraer, Chautauqua, or Buyer, while in flight on
      Aircraft after Actual Delivery or while performing any other service, at
      any place, in conjunction with the Aircraft [*].

26.   NOTICES

      All notices permitted or required hereunder shall be in writing in the
      English language and sent, by registered mail, express courier or
      facsimile, to the attention of the Director of Contracts as to Embraer and
      of the President as to Buyer, to the addresses indicated below or to such
      other address as either party may, by written notice, designate to the
      other. In the event notice is issued by registered mail or express
      courier, it shall be deemed received on the day on which the party
      receiving such notice executes the delivery receipt . In the event notice
      is issued by facsimile, it shall be deemed received on the day on which
      the sender of such notice receives a facsimile confirmation receipt of
      such facsimile notice.

      a.    Embraer:

      EMBRAER - Empresa Brasileira de Aeronautica S.A.
      Av. Brigadeiro Faria Lima, 2170
      12.227-901 Sao Jose dos Campos - SP

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                                                                  Page 23 of 31
<Page>

      BRAZIL
      Attention:  Director of Contracts
      Telephone:   (55-12) 3927-1410
      Facsimile:  (55-12) 3927-1257

                                                                  Page 24 of 31
<Page>

      b.    Buyer

      Republic Airways Holdings, Inc.
      2500 S. High School Road
      Indianapolis, Indiana  46241

      Attention:  President
      Tel:   317-484-6047
      Fax:  317-484-6060

      With a Copy to:

      Wexford Capital LLC
      411 West Putnam Avenue
      Greenwich, Connecticut  06830
      Attention:  Jay Maymudes
      Tel:   203-862-7050
      Fax:  203-862-7350

27.   CONFIDENTIALITY

      Neither Party shall have the right to disclose the terms of this Agreement
      except as required by law. To the fullest extent permitted by law, except
      as aforesaid, neither Party shall disclose any portion of this Agreement
      or its Attachments, amendments or any other supplement, to any third
      party, other than to its accountants, attorneys, agents, consultants or
      permitted assignees without the other Party's prior written consent, and
      any such accountants, attorneys, agents consultants or permitted assignees
      shall agree in writing to be bound by the terms of this Article 27.
      Without limiting the foregoing, in the event either Party is legally
      required to disclose the terms of this Agreement, the Parties agree to
      exert their reasonable best efforts to request confidential treatment of
      the clauses and conditions of this Agreement relevantly designated by
      either Party as confidential. Without limiting its obligations pursuant to
      the preceding sentence, Buyer agrees that if it is required, in the
      opinion of counsel, to file publicly or otherwise disclose the terms of
      this Agreement under applicable federal and/or state securities or other
      laws, it shall promptly (but in no case less than ten (10) Business Days
      prior to the proposed filing in question) notify Embraer so that Embraer
      has a reasonable opportunity to contest or limit the scope of such
      required disclosure, and Buyer shall request, and shall use its best
      reasonable efforts to obtain, confidential treatment for such sections of
      this Agreement as Embraer may designate. Buyer further agrees that it
      shall not in any circumstances file publicly or otherwise disclose the
      terms of this Agreement under applicable federal and/or state securities
      or other laws if it has not complied with its obligations pursuant to the
      previous sentence. Embraer shall have the right to

                                                                  Page 25 of 31
<Page>

      terminate this Agreement pursuant to Article 23.c if Buyer fails to comply
      with its obligations pursuant to the previous two sentences (e.g., to
      notify Embraer that Buyer is required to file or otherwise disclose terms
      of this Agreement, to request and use its best reasonable efforts to
      obtain confidential treatment of sections designated by Embraer as
      confidential, or to file publicly or otherwise disclose the terms of this
      Agreement if it has not complied with its obligations).

28.   INTEGRATED AGREEMENT

      All Attachments referred to in this Agreement and attached hereto are, by
      such reference and attachment, incorporated in this Agreement. This
      Agreement, including all Attachments and all amendments, modifications and
      supplements, is herein and hereinafter called the "Agreement" or the
      "Purchase Agreement".

29.   NEGOTIATED AGREEMENT

      This Agreement, including all of its Attachments, has been the subject of
      discussion and negotiation and is fully understood by the Parties, and the
      rights, obligations and other agreements of the Parties contained in this
      Agreement are the result of complete discussion and negotiation between
      the Parties.

30.   COUNTERPARTS

      This Agreement may be signed by the Parties in any number of separate
      counterparts with the same effect as if the signatures thereto and hereto
      were upon the same instrument and all of which when taken together shall
      constitute one and the same instrument.

31.   ENTIRE AGREEMENT

      This Agreement constitutes the entire agreement of the Parties with
      respect to the sale described as its subject and supersedes all previous
      and connected negotiations, representations and agreements between the
      Parties. This Agreement may not be altered, amended or supplemented except
      by a written instrument executed by the Parties.

32.   NO WAIVER

      Any Party's forbearance from exercising any claim or remedy provided for
      herein shall not be deemed a waiver of such claim or remedy, and shall not
      relieve the other Party from the performance of such obligation at any
      subsequent time or from the performance of any of its other obligations
      hereunder. Buyer acknowledges that Embraer has not waived any rights it
      may have against Buyer, Chautauqua or Solitair Corp., arising out of any
      acts before the date this Purchase Agreement becomes effective.

                                                                  Page 26 of 31
<Page>

33.   REPRESENTATIONS AND WARRANTIES

      A.    Effective as of the date of this Agreement and as of the Actual
            Delivery Date of each Aircraft, Embraer represents and warrants
            that:

            1.    Embraer is a corporation duly organized, validly existing and
                  in good standing under the laws of Brazil, is the manufacturer
                  of the EMB-145LR model aircraft and has all necessary
                  corporate power and authority to conduct the business in which
                  it is currently engaged and to enter into and perform its
                  obligations under this Agreement.

            2.    Embraer has taken, or caused to be taken, all necessary
                  corporate action to authorize the execution and delivery of
                  this Agreement and the performance of its obligations
                  hereunder.

            3.    The execution and delivery by Embraer of this Agreement, the
                  performance by Embraer of its obligations hereunder and the
                  consummation by Embraer of the transactions contemplated
                  hereby, do not and will not (A) violate or conflict with any
                  provision of the constitutional documents of Embraer, (B)
                  violate or conflict with any law, rule, or regulation
                  applicable to or binding on Embraer or (C) violate or
                  constitute any breach or default (other than a breach or
                  default that would not (x) result in a material adverse change
                  to Embraer or (y) adversely affect Embraer's ability to
                  perform any of its obligations hereunder),under any agreement,
                  instrument or document to which Embraer is a party or by which
                  Embraer or any of its properties is or may be bound or
                  affected.

            4.    The execution and delivery by Embraer of this Agreement, the
                  performance by Embraer of its obligations hereunder and the
                  consummation by Embraer of the transactions contemplated
                  hereby do not and will not require the consent, approval or
                  authorization of, or the giving of notice to, or the
                  registration with, or the recording or filing of any documents
                  with, or the taking of any other action in respect of, (A) any
                  trustee or other holder of any indebtedness or obligation of
                  Embraer, (B) any national, state or municipal government
                  regulatory, judicial, or administrative entity of competent
                  jurisdiction, or (C) any other party.

            5.    This Agreement has been duly authorized, executed and
                  delivered by Embraer and, assuming the due authorization,
                  execution and delivery hereof by the other Party constitutes
                  the legal, valid and binding obligation of Embraer enforceable
                  against Embraer in accordance with the terms hereof, except as
                  such enforceability may be limited by bankruptcy, insolvency,
                  reorganization, receivership, moratorium and other similar
                  laws affecting the rights of creditors generally and general
                  principles of equity, whether considered in a proceeding at
                  law or in equity.

                                                                  Page 27 of 31
<Page>

            6.    Each of the foregoing representations and warranties shall
                  survive the execution and delivery of this Agreement and any
                  termination hereof.

      B.    Effective as of the date of this Agreement and as of the Actual
            Delivery Date of each Aircraft, Buyer represents and warrants that:

            1.    Buyer is a corporation duly organized, validly existing and in
                  good standing under the laws of the State of Delaware and has
                  all necessary corporate power and authority to conduct the
                  business in which it is currently engaged and to enter into
                  and perform its obligations under this Agreement.

            2.    Buyer has taken, or caused to be taken, all necessary
                  corporate action to authorize the execution and delivery of
                  this Agreement and the performance of its obligations
                  hereunder.

            3.    The execution and delivery by Buyer of this Agreement, the
                  performance by Buyer of its obligations hereunder and the
                  consummation by Buyer of the transactions contemplated hereby,
                  do not and will not (A) violate or conflict with any provision
                  of the constitutional documents of Buyer, (B) violate or
                  conflict with any law, rule, or regulation applicable to or
                  binding on Buyer or (C) violate or constitute any breach or
                  default (other than a breach or default that would not (x)
                  result in a material adverse change to Buyer or (y) adversely
                  affect Buyer's ability to perform any of its obligations
                  hereunder),under any agreement, instrument or document to
                  which Buyer is a party or by which Buyer or any of its
                  properties is or may be bound or affected.

            4.    The execution and delivery by Buyer of this Agreement, the
                  performance by Buyer of its obligations hereunder and the
                  consummation by Buyer of the transactions contemplated hereby
                  do not and will not require the consent, approval or
                  authorization of, or the giving of notice to, or the
                  registration with, or the recording or filing of any documents
                  with, or the taking of any other action in respect of, (A) any
                  trustee or other holder of any indebtedness or obligation of
                  Buyer, (B) any national, federal, state or local government
                  regulatory, judicial, or administrative entity of competent
                  jurisdiction (other than recordation of the Aircraft with FAA)
                  or (C) any other party.

            5.    This Agreement has been duly authorized, executed and
                  delivered by Buyer and, assuming the due authorization,
                  execution and delivery hereof by the other Party constitutes
                  the legal, valid and binding obligation of Buyer enforceable
                  against Buyer in accordance with the terms hereof, except as
                  such enforceability may be limited by bankruptcy, insolvency,
                  reorganization, receivership, moratorium and other similar
                  laws affecting the rights of creditors generally and general
                  principles of equity, whether considered in a proceeding at
                  law or in equity.

            6.    Each of the foregoing representations and warranties shall
                  survive the execution and delivery of this Agreement and any
                  termination hereof.

                                                                  Page 28 of 31
<Page>

34.   EFFECTIVENESS

      A. This Agreement shall become effective at the time all of the following
      events have occurred: (a) it is signed by an authorized officer of Buyer
      and executed by two authorized officers of Embraer; (b) Buyer shall have
      either (x) issued shares pursuant to its public offering, which is now
      contemplated to occur during the month of May, 2002, or (y) notified
      Embraer in writing that the Agreement shall become effective immediately;
      and (c) the assignment by Solitair Corp. to Buyer shall have become
      effective.

      B. At the time this Agreement becomes effective, neither Buyer nor Embraer
      shall have any rights or obligations to the other pursuant to the Original
      Purchase Agreement except as expressly restated herein.

      C. If this Agreement becomes effective on or before Friday, April 26,
      2002, the delivery schedule for the Option Aircraft shall be deleted and
      replaced with the following schedule:

<Table>
<Caption>

--------------------------------------------------------------------------------
    [*]
--------------------------------------------------------------------------------
<S>             <C>          <C>            <C>         <C>          <C>
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          Sep 02         [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
                                            [*]         [*]          Oct 03
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
</Table>

      In this case, Buyer's obligations pursuant to Article 24.e shall be
      limited until [*] , as provided in this paragraph. Notwithstanding
      anything to the contrary in Article 24.e,

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  * Confidential
                                                                  Page 29 of 31
<Page>

      Buyer shall be required to confirm its options for [*] provided that on
      [*] , Buyer's obligations pursuant to Article 24.e shall come into full
      force and effect.

      D. If this Agreement does not become effective after Friday, April 26,
      2002, but becomes effective on or before [*] , the Option Aircraft shall
      be deleted and replaced with the following schedule:

<Table>
<Caption>

--------------------------------------------------------------------------------
    [*]
--------------------------------------------------------------------------------
<S>             <C>          <C>            <C>         <C>          <C>
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          Oct 02         [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
    [*]         [*]          [*]            [*]         [*]          [*]
--------------------------------------------------------------------------------
                                            [*]         [*]          Nov 03
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
</Table>

In this case, Buyer's obligations pursuant to Article 24.e shall be limited
until [*] , as provided in this paragraph. Notwithstanding anything to the
contrary in Article 24.e, Buyer shall be required to confirm its options for [*]
provided that on [*], Buyer's obligations pursuant to Article 24.e shall come
into full force and effect.

      E.If this Agreement does not become effective on or before [*] , this
      Agreement shall be null and void.

----------
  * Confidential

                                                                  Page 30 of 31
<Page>

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed
and delivered by their proper and duly authorized officers and to be effective
as of the day and year first above written.

     EMBRAER - EMPRESA BRASILEIRA        REPUBLIC AIRWAYS HOLDINGS, INC.
        DE AERONAUTICA S.A.

By:                                             By:
   --------------------------                      -----------------------------
Name:                                           Name:
     ------------------------                        ---------------------------
Title:                                          Title:
      -----------------------                         --------------------------

By:
   --------------------------
Name:
     ------------------------
Title:
      -----------------------

Date:                                           Date:
     ------------------------                        ---------------------------
Place:                                          Place:
      -----------------------                         --------------------------

Witness:                                        Witness:
        ---------------------                           ------------------------
Name:                                           Name:
     ------------------------                        ---------------------------

                                                                  Page 31 of 31
<Page>

                                ATTACHMENT "A-1"
                     AIRCRAFT UNDER US AIRWAYS CONFIGURATION

        AIRCRAFT SPECIFIC CONFIGURATION, FINISHING AND REGISTRATION MARKS
        -----------------------------------------------------------------

1.    STANDARD AIRCRAFT

      The Aircraft shall be manufactured according to the standard configuration
      specified in the Technical Description TD-145/010, dated January 1998
      (Appendix I) (the "Technical Description") and the optional equipment
      described in item 2 below.

2.    OPTIONAL EQUIPMENT

      2.1   OPTIONS TO THE STANDARD AVIONICS CONFIGURATION
                  [*]

      2.2   OPTIONAL SYSTEM / OTHER EQUIPMENT
                  [*]

      2.3   INTERIOR OPTIONAL ITEMS
                  [*]

3.    FINISHING

      a.    EXTERIOR FINISHING:

            The Aircraft shall be painted according to the US Airways color and
            paint scheme, which has been supplied to Embraer by Buyer.

      b.    INTERIOR FINISHING:

            Buyer has informed Embraer of its choice of materials and colors of
            all and any item of interior finishing such as seat covers, carpet,
            floor lining on galley areas, side walls and overhead lining, galley
            lining and curtain. In case Buyer elects to use different materials
            and or patterns, such schedule shall be agreed between the Parties
            at the time of signature of this Purchase Agreement.

4.    REGISTRATION MARKS

      The Aircraft shall be delivered to Buyer with the registration marks
      painted on them, which shall be supplied to Embraer by Buyer no later than
      ninety (90) days

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  * Confidential
                                                                     Page 1 of 2
<Page>

      before each relevant Aircraft Contractual Delivery Date.

IF THERE IS ANY CONFLICT BETWEEN THE TERMS OF THIS ATTACHMENT "A-1" AND THE
TERMS OF THE TECHNICAL DESCRIPTION, THE TERMS OF THIS ATTACHMENT "A-1" SHALL
PREVAIL.

                                                                     Page 2 of 2
<Page>

                                ATTACHMENT "A-2"
                    AIRCRAFT UNDER AMERICA WEST CONFIGURATION

        AIRCRAFT SPECIFIC CONFIGURATION, FINISHING AND REGISTRATION MARKS
        -----------------------------------------------------------------

1.    STANDARD AIRCRAFT

      The Aircraft shall be manufactured according to the standard configuration
      specified in the Technical Description TD-145/010, dated January 1998
      (Appendix I) (the "Technical Description") and the optional equipment
      described in item 2 below.

2.    OPTIONAL EQUIPMENT

      2.1   OPTIONS TO THE STANDARD AVIONICS CONFIGURATION
                  [*]

      2.2   OPTIONAL SYSTEM / OTHER EQUIPMENT
                  [*]

      2.3   INTERIOR OPTIONAL ITEMS
                  [*]

3.    FINISHING

      a.    EXTERIOR FINISHING:

            The Aircraft shall be painted according to the America West color
            and paint scheme, which has been supplied to Embraer by Buyer.

      b.    INTERIOR FINISHING:

            Buyer has informed Embraer of its choice of materials and colors of
            all and any item of interior finishing such as seat covers, carpet,
            floor lining on galley areas, side walls and overhead lining, galley
            lining and curtain. In case Buyer elects to use different materials
            and or patterns, such schedule shall be agreed between the Parties.

4.    REGISTRATION MARKS

      The Aircraft shall be delivered to Buyer with the registration marks
      painted on

----------
  * Confidential
                                                                     Page 1 of 2
<Page>

      them, which shall be supplied to Embraer by Buyer no later than ninety
      (90) days before each relevant Aircraft Contractual Delivery Date.

IF THERE IS ANY CONFLICT BETWEEN THE TERMS OF THIS ATTACHMENT "A-2" AND THE
TERMS OF THE TECHNICAL DESCRIPTION, THE TERMS OF THIS ATTACHMENT "A-2" SHALL
PREVAIL.

                                                                     Page 2 of 2
<Page>

                                 ATTACHMENT "B"

                                FERRY EQUIPMENT,
                                ----------------
                   SPARE PARTS POLICY AND LIST OF PUBLICATIONS
                   -------------------------------------------

1.    FERRY EQUIPMENT

      If it is necessary for any ferry equipment to be installed by Embraer for
      the ferry flight between Brazil and the United States of America, Embraer
      may provide such equipment to Buyer, for a price to be agreed between the
      Parties. In this case, Buyer shall immediately upon its arrival remove
      such ferry equipment from the Aircraft and turn it over to Embraer in
      Brazil at Buyer's own expense.

      If Embraer provides any ferry equipment to Buyer and if such equipment is
      utilized, for any reason, or if such equipment is not returned by Buyer,
      in Embraer's sole judgment, complete and in perfect condition, Buyer shall
      fully indemnify Embraer for the value of such equipment, provided that in
      case of partial utilization of, or damage to any such equipment, the value
      to be charged shall be the price of a new complete set of equipment.

      In such case, the original equipment shall [*], and the above mentioned
      payment shall be made to Embraer by Buyer upon [*]

2.    SPARE PARTS

      2.0   POLICY

            Embraer's spare parts policy is to provide the following categories
            of spares as specified in the respective Embraer publications and
            available to be purchaed through Embraer:

            o     Line Replaceable Units (LRU's);
            o     Parts to repair and overhaul components manufactured under
                  Embraer specification to be used only on the Aircraft;
            o     Parts to line maintenance;
            o     Parts to fulfill all maintenance tasks per maintenance manual
                  and/or maintenance plan issued by Embraer;
            o     Embraer-made parts;
            o     Aircraft Ground Equipment (AGE);
            o     Aircraft Ground Equipment spare parts manufactured under
                  Embraer specifications;
            o     Special tools; and
            o     Bulk materials.

----------
  * Confidential
                                                                     Page 1 of 5
<Page>

      2.1   INITIAL PROVISIONING

            The objective of the IPL is to provide Buyer with accurate technical
            data supplied by Embraer, in order to enable an adequate selection
            of spares, aiming to support initial scheduled maintenance, based
            upon operational parameters established by Chautauqua.

      2.2   PROVISIONING

            For all Aircraft, Buyer and Embraer shall agree on initial
            provisioning on or before [*] prior to delivery of each such
            Aircraft.

      2.3   DATA

            Initial provisioning data has been supplied Chautauqua upon request.

            2.3.1 INITIAL PROVISIONING DATA: Embraer has supplied initial
                  provisioning data.

            2.3.2 PROVISIONING DATA REVISIONS: [*]

      2.4   SPARE PARTS RECOMMENDATIONS

            Embraer will provide, if requested, a breakdown of recommended spare
            parts to support the components used during the Aircraft operation
            (inventory reprovisioning).

      2.5   DELIVERY OF SPARE PARTS

            Except for those spare parts referred to in item 2.4. above, Spare
            items (initial provisioning spare parts) are normally in inventory
            and available for delivery on the Aircraft Contractual Delivery
            Date. Nevertheless, delivery dates shall be those agreed between the
            Parties in the Purchase Agreement. Replenishment of Embraer made
            parts will be in accordance with the lead times quoted by Embraer.
            Embraer will deliver parts in FCA (Free Carrier - Incoterms 1990)
            condition, at Sao Jose dos Campos, State of Sao Paulo, Brazil, or at
            any other port of clearance that may be chosen by Embraer and
            informed to Buyer.

      2.6   EMERGENCY SPARE PARTS SERVICE

            Embraer will maintain an emergency spare parts service, twenty four
            (24) hours a day, seven (7) days a week. [*]

      2.7   CREDIT FOR SURPLUS SPARE PARTS

            Embraer offers to Buyer a "credit" program for certain surplus parts
            manufactured by Embraer and purchased according to the initial

----------
  * Confidential
                                                                     Page 2 of 5
<Page>

            provisioning by Buyer and which were recommended in writing by
            Embraer limited to the quantities, part numbers and serial numbers
            (if applicable) identified in the relevant invoices. Such program
            will provide terms no less favorable than the following:

            2.7.1. CREDIT PROGRAM: During the period commencing [*]and ending
                   [*]years after such date, Embraer will[*] offer a credit for
                   new and unused spare parts [*]

                   2.7.1.1. [*]

                   2.7.1.2. CREDIT VALUES: The credit for each spare part to be
                            issued by Embraer will be: (i) an amount equal to
                            [*] or (ii) an amount equal to [*], whichever is
                            less.

                   2.7.1.3  DELIVERY OF SURPLUS SPARE PARTS: Spare parts for
                            which a credit has been requested shall be
                            redelivered by Buyer to Embraer [*] All returned
                            spare parts are subject to Embraer's quality control
                            inspection and acceptance. All spare parts which are
                            rejected by Embraer's quality control and/or are
                            included in the exceptions set forth in paragraph
                            2.7.1.1 hereinabove, will be returned to Buyer at
                            Buyer's expense, no credit being due in this case.

                   2.7.1.4  CREDIT ISSUE: After Embraer's acceptance of those
                            items suitable for the credit program, under the
                            terms of this Agreement, Embraer will notify the
                            available credit amount to Buyer and provide all
                            relevant information as to credit utilization.

      2.8.  PARTS EXCHANGE PROGRAM

            According to its prevailing availability, Embraer may offer an
            "exchange program" for repairable parts [*]

      2.9.  PARTS REPAIR PROGRAM

            For any repair required by Chautauqua on any Embraer or vendor
            repairable item, Embraer may assist Chautauqua to perform such
            repair in order to ensure the shortest turn around time (TAT).

      2.10. PRICING

----------
  * Confidential
                                                                     Page 3 of 5
<Page>

            Embraer will maintain a spare parts price list updated periodically.
            Items not shown on the list will be quoted on request.

3.    LIST OF PUBLICATIONS

      As provided for in Article 15 of this Agreement, the technical
      publications covering operation and maintenance shall be delivered to
      Buyer in accordance with the following list:

                                                                QTY
     TITLE                                                    (COPIES)
     -----                                                    --------

OPERATIONAL

1.    Airplane Flight Manual (AFM)(*)                            [*]
2.    Weight & Balance Manual (WB)(*)                            [*]
3.    Operations Manual (OM)(*)                                  [*]
4.    Quick Reference Handbook (QRH)(*)                          [*]
5.    Dispatch Deviation Procedures Manual (DDPM)(*)             [*]
6.    Supplementary Performance Manual (SPM)(*)                  [*]
7.    Operational Bulletins Set (OB)                             [*]
8.    Master Minimum Equipment List (MMEL)(*)                    [*]

MAINTENANCE - BASIC SET

9.    Aircraft Maintenance Manual (AMM)                          [*]
10.   Illustrated Parts Catalog (IPC)                            [*]
11.   Fault Isolation Manual (FIM)                               [*]
12.   Non Destructive Manual (NDI)                               [*]
13.   Scheduled Maintenance Requirements Document (SMRD)         [*]
14.   Wiring Manual (WM)                                         [*]
15.   Structural Repair Manual (SRM)                             [*]
16.   Service & Information Bulletins Set (SB/IB)                [*]
17.   Service Newsletters (SNL)                                  [*]

MAINTENANCE SUPPLEMENTARY SET

18.   System Schematic Manual (SSM)                              [*]
19.   Instr. for Ground Fire Extinguishing and Rescue (IGFER)    [*]
20.   Airport Planning (AP)                                      [*]
21.   Illustrated Tool & Equipment Manual (ITEM)                 [*]
22.   Task Card Manual (TCM)                                     [*]
23.   Powerplant Build-up Manual (PPBM)                          [*]
24.   Auxiliary Power Unit Build up Manual (APUBM)               [*]
25.   Corrosion Control Manual (CCM)                             [*]

----------
  * Confidential
                                                                     Page 4 of 5
<Page>

26.   Vendor Service Publications Set (**)                       [*]

[*]

If Buyer elects not to take all or any one of the publications mentioned in this
Section 3, or revisions thereof, no refund or other financial adjustment of the
Basic Price will be made since such publications are offered at no cost to Buyer
as referred to in Article 15.a of the Purchase Agreement.

----------
  * Confidential
                                                                     Page 5 of 5
<Page>

                                 ATTACHMENT "C"

            AIRCRAFT WARRANTY CERTIFICATE - MATERIAL AND WORKMANSHIP

1.    Embraer, subject to the conditions and limitations hereby expressed,
      warrants the Aircraft as follows:

      a.    For a period of forty-eight (48) months from the date of delivery to
            the first Buyer, each Aircraft will be free from:

            -     Defects in materials, workmanship and manufacturing processes
                  in relation to parts manufactured by Embraer or by its
                  subcontractors holding an Embraer part number;

            -     Defects inherent to the design of the Aircraft and its parts
                  designed or manufactured by Embraer or by its subcontractors
                  holding an Embraer part number.

      b.    For a period of thirty-six (36) months from the date of delivery to
            the first Buyer, the Aircraft will be free from:

            -     Defects in operation of vendor (Embraer's supplier)
                  manufactured parts, not including the Engines, Auxiliary Power
                  Unit (APU) and their accessories, as well as failures of
                  mentioned parts due to incorrect installation or installation
                  not complying with the instructions issued or approved by
                  their respective manufacturers.

            -     Defects due to non-conformity to the Technical Description
                  Number TD 145 /010 dated January 1998 as may be amended by
                  Buyer's Aircraft Technical Specification referred to in
                  Article 1.b of the Purchase Agreement of the Aircraft.

      Once the above mentioned periods have expired, Embraer will transfer to
      Buyer the original warranty issued by the vendors, if it still exists.

2.    Embraer, subject to the conditions and limitations hereby expressed,
      warrants that:

      a.    All spare parts which have been manufactured by Embraer or by its
            subcontractors holding an Embraer part number, and by vendors which
            will permit their particular identification and which have been sold
            by Embraer or its representatives will, for a period of twenty four
            (24) months from the date of delivery of such spares to Buyer, be
            free from defects of material,

                                                                     Page 1 of 4
<Page>

            workmanship, manufacturing processes and defects inherent to the
            design of the above mentioned parts.

      b.    All ground support equipment, which has been designed and
            manufactured by Embraer or by its subcontractors holding an Embraer
            part number and by vendors, not including Engines, APU and their
            accessories, and stamped with a serial number which will permit
            their particular identification and which have been sold by Embraer
            or its representatives will, for a period of twelve (12) months from
            the date of delivery to Buyer of said equipment, be free from
            malfunction, defect of material and manufacture.

3.    The obligations of Embraer as expressed in this warranty and as specified
      in Article 11.e are limited to replacement, repair or rework of the
      defective item, depending solely upon Embraer's own judgment, of the parts
      that are returned to Embraer or its representatives within a period of
      sixty (60) days after the occurrence of the defect, at Buyer's own expense
      (including but not limited to, freight, insurance, taxes and, customs
      duties), adequately packed, provided that such components are actually
      defective and that the defect has occurred within the periods stipulated
      in this certificate. Should the defective part not be shipped to Embraer
      within such sixty (60) days period, Embraer may in its sole discretion,
      deny the warranty claim. In the event that it is not practical in the
      international commercial transportation industry to return the part or
      component which is the subject of a warranty claim under this Attachment
      C, to Embraer, because of either its extremely large size or its
      relationship to the Airframe, then thirty (30) days after a defect is
      found in such structural component (hereafter referred to as "Structural
      Component"), Buyer shall send notice of such defect to Embraer and
      notwithstanding the above, Buyer shall not be obligated to return such
      Structural Component to Embraer. Embraer shall thereafter send an
      appropriate inspection team to Buyer's facilities to inspect the
      Structural Component for the alleged defect. In the event that Embraer in
      its sole judgment finds the Structural Component defective, it shall
      either repair, rework, or replace the defective Structural Component.

      Notification of any defect claimed under three (3) above must be given to
      Embraer within thirty (30) calendar days after such defect is found.

      Parts supplied to Buyer as replacement for defective parts are warranted
      for the balance of the warranty period still available from the original
      warranty of the exchanged parts. However, freight, insurance, taxes and
      other costs eventually incurred during the shipment to Embraer or its
      representative, re-installation and adjustments are Buyer's
      responsibility.

4.    Embraer will accept no warranty claims under any of the circumstances
      listed below unless it can be demonstrated in accordance with the
      standards of the

                                                                     Page 2 of 4
<Page>

      international aircraft manufacturing industry that such operation or
      maintenance or other circumstance did not cause the defect:

      a.    When the Aircraft has been used in an attempt to break records, or
            subjected to experimental flights, or in any other way not in
            conformity with the flight manual or the airworthiness certificate,
            or subjected to any manner of use in contravention of the applicable
            aerial navigation or other regulations and rules, issued or
            recommended by government authorities of whatever country in which
            the aircraft is operated, when accepted and recommended by I.C.A.O.;

      b.    When the Aircraft or any of its parts have been altered or modified
            by Buyer, without prior approval from Embraer or from the
            manufacturer of the parts through a service bulletin;

      c.    Whenever the Aircraft or any of its parts have been involved in an
            accident, or when parts either defective or not complying to
            manufacturer's design or specification have been used;

      d.    Whenever parts have had their identification marks, designation,
            seal or serial number altered or removed;

      e.    In the event of negligence, misuse or maintenance services done on
            the Aircraft, or any of its parts not in accordance with the
            respective maintenance manual;

      f.    In cases of deterioration, wear, breakage, damage or any other
            defect resulting from the use of inadequate packing methods when
            returning items to Embraer or its representatives.

5.    The warranty hereby expressed does not apply to defects presented by
      expendable items, whose service life or maintenance cycle is lower than
      the warranty period, and to materials or parts subjected to deterioration.

6.    The warranty hereby expressed is established between Embraer and the first
      Buyer, and it cannot be transferred or assigned to others, unless by
      written consent of Embraer, or as otherwise provided for pursuant to
      Article 16 of the Purchase Agreement of which this is an Attachment.

7.    THE WARRANTIES, OBLIGATIONS AND LIABILITIES OF EMBRAER AND REMEDIES OF
      BUYER SET FORTH IN THIS WARRANTY CERTIFICATE ARE EXCLUSIVE AND IN
      SUBSTITUTION FOR, AND BUYER HEREBY WAIVES, RELEASES AND RENOUNCES, ALL
      OTHER WARRANTIES, OBLIGATIONS AND LIABILITIES OF EMBRAER AND ANY ASSIGNEE
      OF EMBRAER AND ALL

                                                                     Page 3 of 4
<Page>

      OTHER RIGHTS, CLAIMS AND REMEDIES OF BUYER AGAINST EMBRAER OR ANY ASSIGNEE
      OF EMBRAER, EXPRESS OR IMPLIED, ARISING BY LAW OR OTHERWISE, WITH RESPECT
      TO ANY NON-CONFORMANCE OR DEFECT OR FAILURE OR ANY OTHER REASON IN ANY
      AIRCRAFT OR OTHER THING DELIVERED UNDER THE PURCHASE AGREEMENT OF WHICH
      THIS IS AN ATTACHMENT, INCLUDING DATA, DOCUMENT, INFORMATION OR SERVICE,
      INCLUDING BUT NOT LIMITED TO:

      a.    ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS;

      b.    ANY IMPLIED WARRANTY ARISING FROM COURSE OF PERFORMANCE, COURSE OF
            DEALING OR USAGE OF TRADE;

      c.    ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY IN TORT, WHETHER
            OR NOT ARISING FROM THE NEGLIGENCE OR OTHER RELATED CAUSES OF
            EMBRAER OR ANY ASSIGNEE OF EMBRAER, WHETHER ACTIVE, PASSIVE OR
            IMPUTED; AND

      d.    ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY FOR LOSS OF OR
            DAMAGE TO ANY AIRCRAFT, FOR LOSS OF USE, REVENUE OR PROFIT WITH
            RESPECT TO ANY AIRCRAFT OR FOR ANY OTHER DIRECT, INCIDENTAL OR
            CONSEQUENTIAL DAMAGES.

8.    No representative or employee of Embraer is authorized to establish any
      other warranty than the one hereby expressed, nor to assume any
      additional obligation, relative to the matter, in the name of Embraer and
      therefore any such statements eventually made by, or in the name of
      Embraer, shall be void and without effect.

9.    Provided the provisions hereof are still effective in accordance with
      their terms, then Buyer may assign Buyer's rights pursuant to this
      warranty to any entity (but for entities or air carriers which are owned,
      effectively controlled or managed by any other airframe manufacturer which
      competes in the thirty seven (37) to seventy (70) seat turbo jet market
      ("Transferee")) provided Buyer notifies Embraer of the identity of such
      Transferee at least thirty (30) calendar days prior to such transaction.
      In the event such Transferees or Other Transferees (as defined herein)
      subsequently transfer any Aircraft or Spares, any Transferees' or Other
      Transferees' rights which remain pursuant to this Warranty with respect to
      such Aircraft and Spares may also be transferred to any other entity (but
      for entities or air carriers which are owned, effectively controlled or
      managed by any other airframe manufacturer which competes in the thirty
      seven (37) to seventy (70) seat turbo jet market ("Other Transferees"))
      provided that the Transferees or Other Transferees notify Embraer of the
      identity of such other entity at least sixty (60) calendar days prior to
      such transaction.

                                                                     Page 4 of 4
<Page>

                                  ATTACHMENT D

                                    AIRCRAFT
                                    --------
                               ESCALATION FORMULA
                               ------------------

                                       [*]

----------
  * Confidential

                                                                     Page 1 of 1
<Page>

                                  ATTACHMENT E
                                  ------------

                    APPOINTMENT OF AUTHORIZED REPRESENTATIVE
                    ----------------------------------------

      ("Buyer") hereby designates and appoints _________________ as the
authorized representative of Buyer for the purpose of inspecting, reinspecting,
and accepting delivery from EMBRAER-Empresa Brasileira de Aeronautica S.A.
("Embraer"), on behalf of and in the name of Buyer, of the Embraer Model
EMB-145/EMB-135KL aircraft having Manufacturer's Serial No. 145___ (including
the engines, appliances and parts installed thereon, the "Aircraft") and Spares,
as defined in that certain Amended and Restated Purchase Agreement GCT-025/1998
between Republic Airways Holdings, Inc. and EMBRAER dated April __, 2002, to be
delivered by Embraer to Buyer pursuant to the Purchase Agreement Assignment to
be dated as of or about ______ __, 200_ between Republic Airways Holdings, Inc.
and Buyer, including the authority to accept delivery of said Aircraft and
Spares, and to execute and deliver any additional documents with respect to the
delivery for said Aircraft and Spares in such form as such authorized
representative executing the same shall deem appropriate.

Dated:      __________ __, 200_

                                          ---------------

                                         By:
                                            ------------------------------------
                                            Name:
                                            Title:

The foregoing appointment
is hereby accepted

------------------------
Name:

                                                                     Page 1 of 1
<Page>

                                 ATTACHMENT "F"

                          FORM OF WARRANTY BILL OF SALE
                          -----------------------------

KNOW ALL MEN BY THESE PRESENTS THAT Embraer - Empresa Brasileira de Aeronautica
S.A. ("SELLER"), a Brazilian company, whose address Av. Brigadeiro Faria Lima,
2170 - Putim, Sao Jose dos Campos, Sao Paulo, Brazil, is the owner of good and
marketable title to that certain EMB-145 LR aircraft bearing Manufacturer's
Serial No. ___________, with all appliances, parts, instruments, appurtenances,
accessories, furnishings and/or other equipment or property incorporated in or
installed on or attached to said engine (hereinafter collectively referred to as
the "Aircraft") purchased by Republic Airways Holdings, Inc. ("BUYER") under the
Amended and Restated Purchase Agreement No. 025/98, dated as of _______ __,
2002, including Attachments, Exhibits, Letters, Amendments and Agreements by and
between SELLER and [BUYER].

THAT for and in consideration of the sum of US$ 10.00 and other valuable
consideration, receipt of which is hereby acknowledged, SELLER does this
__________ day of __________, 200_, grant, convey, transfer, bargain and sell,
deliver and set over to BUYER and unto its successors and assigns forever, all
of SELLER's rights, title and interest in and to the Aircraft.

THAT SELLER hereby represents and warrants to BUYER, its successors and assigns:

(i)   that SELLER has good and marketable title to the Aircraft and the good and
      lawful right to the Aircraft and the good and lawful right to sell the
      same; and

(ii)  that good and marketable title to the Aircraft is hereby duly vested in
      BUYER free and clear of all claims, liens, encumbrances and rights of
      others of any nature. SELLER hereby covenants and agrees to defend such
      title forever against all claims and demands whatsoever.

This Full Warranty Bill of Sale is governed by the laws of the state of New
York, United States of America.

IN WITNESS WHEREOF, SELLER has caused this instrument to be executed and
delivered by its duly authorized officer and attorney in fact.

Date as of ____________________, 200_.

EMBRAER - EMPRESA BRASILIERA DE AERONAUTICA S.A.

By:
   ----------------------------------------

Name:
     --------------------------------------
Title:
      -------------------------------------

                                                                     Page 1 of 1
<Page>

                               CHAUTAUQUA GUARANTY

FOR VALUE RECEIVED, Chautauqua Airlines, Inc., a corporation owned, managed, or
effectively controlled by Republic Airways Holdings, Inc. ("Buyer") and
organized under the laws of New York ("Guarantor"), pursuant to Article 16 c. of
that certain Amended and Restated Purchase Agreement DCT-025/98 dated as of
April __, 2002, among Buyer and EMBRAER-Empresa Brasileira de Aeronautica S.A.
("Embraer"), as the same may be amended from time to time (the "Purchase
Agreement"), does hereby unconditionally and irrevocably guarantee to Embraer
(i) the due and punctual payment of each amount due and owing that Buyer, is or
may become obligated to pay under and in accordance with the terms of the
Purchase Agreement, and (ii) in the event of any nonpayment, Guarantor agrees to
immediately pay, or cause such payment to be made (such payment obligations of
Buyer being herein referred to as the "Obligations"). Guarantor further agrees
to pay all reasonable expenses (including, without limitations all reasonable
fees and disbursements of counsel) that may be paid or incurred in enforcing any
rights with respect to, or collecting, any or all of the Obligations and/or
enforcing any rights with respect to, or collecting against, Guarantor under
this Guaranty. The obligations of Guarantor to make any payments hereunder shall
be subject to the terms and conditions of the Purchase Agreement applicable to
the Obligations.

Capitalized terms used but not defined herein shall have the respective meanings
set forth in, and shall be construed and interpreted in the manner described in,
the Purchase Agreement.

Guarantor hereby waives notice of acceptance of this Guaranty, and agrees that,
in its capacity as a guarantor, it shall not be required to consent to, or to
receive any notice of, any supplement to or amendment of, or waiver or
modification of the terms of, the Purchase Agreement.

This Guaranty is being furnished to induce Embraer to the Purchase Agreement.

Guarantor represents and warrants that, as of the date hereof:

a. Guarantor is a corporation duly organized, validly existing and in good
standing under the laws of New York and has all necessary corporate power and
authority to conduct the business in which it is currently engaged and to enter
into and perform its obligations under this Guaranty.

b. Guarantor has taken, or caused to be taken, all necessary corporate action to
authorize the execution and delivery of this Agreement and the performance of
its obligations hereunder.

c. The execution and delivery by Guarantor of this Guaranty, the performance by
Guarantor of its obligations hereunder and the consummation by Guarantor of the
transactions contemplated hereby, do not and will not (A) violate or conflict
with any provision of the certificate of incorporation or by-laws of Guarantor,
(B) violate or conflict with any law, rule, or regulation applicable to or
binding on Guarantor or (C) violate or constitute any breach or default (other

                                                                     Page 1 of 4
<Page>

than a breach or default that would not (x) result in a material adverse change
to Guarantor or (y) adversely affect Guarantor's ability to perform any of its
obligations hereunder) under any agreement, instrument or document to which
Guarantor is a party or by which Guarantor or any of its properties is or may be
bound or affected.

d. The execution and delivery by Guarantor of this Guaranty, the performance by
Guarantor of its obligations hereunder and the consummation by Guarantor of the
transactions contemplated hereby do not and will not require the consent,
approval or authorization of, or the giving of notice to, or the registration
with, or the recording or filing of any documents with, or the taking of any
other action in respect of, (A) any trustee or other holder of any indebtedness
or obligation of Buyer, (B) any national, federal, state or local government
regulatory, judicial, or administrative entity of competent jurisdiction, or (C)
any other party.

e. This Guaranty has been duly authorized, executed and delivered by Guarantor
and constitutes the legal, valid and binding obligation of Guarantor enforceable
against Guarantor in accordance with the terms hereof, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization,
receivership, moratorium and other similar laws affecting the rights of
creditors generally and general principles of equity, whether considered in a
proceeding at law or in equity.

f. Each of the foregoing representations and warranties shall survive the
execution and delivery of this Guaranty.

No failure or delay or lack of demand, notice or diligence in exercising any
right under this Guaranty shall operate as a waiver thereof, nor shall any
single or partial exercise of any such right preclude any other or further
exercise thereof or the exercise of any other right under this Guaranty.

This Guaranty is an absolute, unconditional and continuing guaranty of payment
and not of collection. Guarantor waives any right to require that any right to
take action against Buyer be exhausted or that resort be made to any security
prior to action being taken against Guarantor.

In the event that this Guaranty or the Purchase Agreement shall be terminated,
rejected or disaffirmed as a result of bankruptcy, insolvency, reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar
proceedings with respect to Buyer, Guarantor's obligations hereunder to Embraer
shall continue to the same extent as if the same had not been so terminated,
rejected or disaffirmed. Guarantor shall and does hereby waive all rights and
benefits that might , in whole or in part, relieve it from the performance of
its duties and obligations by reason of any proceeding as specified in the
preceding sentence, and Guarantor agrees that it shall be liable for all sums
guaranteed, in respect of and without regard to, any modification, limitation or
discharge of the liability of Buyer that may result from any such proceedings
and notwithstanding any stay, injunction or other prohibition issued in any such
proceedings. Furthermore, the obligation of Guarantor hereunder will not be
discharged by: (a) any extension or renewal of any obligation of Buyer under the
Purchase Agreement; (b) any modification of, or amendment or supplement to, any
such Purchase Agreement; (c) any furnishing or acceptance of

                                                                     Page 2 of 4
<Page>

additional security or any release of any security; (d) any waiver, consent or
other action or inaction or any exercise or non-exercise of any right, remedy or
power with respect to Buyer; (e) any change in the structure of the Buyer, any
change in ownership of the shares of capital stock of Guarantor or Buyer or any
merger or consolidation of either thereof into or with any other person; (f) any
assignment, transfer, sublease or other arrangement by which Buyer transfers or
loses control of the use of the Aircraft or any part thereof; or (g) any other
occurrence whatsoever, except payment in full of all amounts payable by Buyer
under the Purchase Agreement and performance in full of all the Obligations in
accordance with the terms and conditions of the Purchase Agreement.

Guarantor understands and agrees that its obligations hereunder shall be
continuing, absolute and unconditional without regard to, and Guarantor hereby
waives any defense to, or right to seek a discharge of, its obligations
hereunder with respect to; (a) the validity, legality or enforceability of the
Purchase Agreement, any of the Obligations or any collateral security therefor
or guaranty or right of offset with respect thereto at any time or from time to
time held by Embraer; (b) any defense, setoff or counterclaim (other than a
defense of payment, performance (including payment or performance attributable
to a right of setoff provided for in the Purchase Agreement that may at any time
be available to or be asserted by Buyer) or breach by either party to the
Purchase Agreement until such breach is resolved under the terms of the Purchase
Agreement); or (c) any other circumstances whatsoever (with or without notice to
or knowledge of Buyer or Guarantor) that constitutes, or might be construed to
constitute, an equitable or legal discharge of Buyer or the Obligations, or of
Guarantor under this Guaranty, in bankruptcy or in any other instance.

Notwithstanding any payment or payments made by Guarantor hereunder or any set
off or application of funds of Guarantor by Embraer, Guarantor shall not be
entitled to be subrogated to any of the rights of Embraer against Buyer or any
collateral, security or guaranty or right of set off held by Embraer for the
payment of the Obligations, nor shall Guarantor seek or be entitled to seek any
reimbursement from Buyer in respect of payments made by Guarantor hereunder,
until all amounts and performance owing to Embraer by Buyer on account of the
Obligations are paid and performed in full. The obligations of Guarantor
hereunder shall be automatically reinstated if and to the extent that any
payment by or on behalf of Buyer in respect of any of the Obligations is
rescinded or must be otherwise restored by any holder of any of the Obligations
as a result of any proceedings in bankruptcy or reorganization or similar
proceedings and Buyer agrees that it will reimburse such holders on demand for
all reasonable expenses (including, without limitation, all reasonable fees and
disbursements of counsel) incurred by such holders in connection with such
rescission or restoration.

Any provision of this Guaranty that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

This Guaranty shall be binding upon the successors and assigns of Guarantor;
provided, that no transfer, assignment or delegation by Guarantor, other than a
transfer, assignment or delegation

                                                                     Page 3 of 4
<Page>

by operation of law, without the consent of Embraer, shall release Guarantor
from its liabilities hereunder. Subject to the second preceding paragraph, this
Guaranty shall terminate and be of no further force and effect upon the
performance and observance in full of the Obligations.

All notices, requests and demands to or upon Guarantor or any beneficiary shall
be mailed to Buyer in accordance with the terms of Article 26 of the Purchase
Agreement. Guarantor hereby agrees to be bound as if it were the Buyer by the
provisions of Articles 20, 21, 23, and 25 of the Purchase Agreement, which are
incorporated herein by reference as if fully set forth herein.

Dated: April __,  2002

CHAUTAUQUA AIRLINES, INC.

By:
      ----------------------------------
      Name:
      Title:

                                                                     Page 4 of 4

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