Document:

Exhibit 10.1

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                            STOCK PURCHASE AGREEMENT

                                 BY AND BETWEEN

                             HAWAIIAN HOLDINGS, INC.

                                       AND

                          THE INVESTOR SIGNATORY HERETO

                                DECEMBER 8, 2004

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                                      -i-

                            STOCK PURCHASE AGREEMENT

                  THIS AGREEMENT (including all exhibits and schedules) (the
"Agreement") is made as of December 8, 2004, by and between the investor
signatory hereto ("Purchaser"), and Hawaiian Holdings, Inc., a Delaware
corporation ("Company"). Unless otherwise provided, capitalized terms used
herein are defined in Article 5 below.

                  WHEREAS, the Company owns directly and indirectly all of the
issued and outstanding capital stock of Hawaiian Airlines, Inc., a Hawaii
corporation ("HAL").

                  WHEREAS, HAL is a debtor in a case (the "Bankruptcy Case")
filed in the United States Bankruptcy Court for the District of Hawaii (the
"Bankruptcy Court") (Case No. 03-00827) under Chapter 11 of Title 11 of the
United States Code, 11 U.S.C. ss.ss. 101, et seq. (the "Bankruptcy Code") on
March 21, 2003 (the "Chapter 11 Case").

                  WHEREAS, on May 30, 2003, the U. S. Trustee's office with the
approval of the Bankruptcy Court, selected an initial trustee to serve as the
trustee in the Chapter 11 Case, who has since resigned and been replaced by a
replacement trustee (the "Trustee").

                  WHEREAS, the Company has not filed, and has not had filed
against it, a petition for reorganization, or any other form of relief under the
Bankruptcy Code, and, therefore, continues to operate outside of the
jurisdiction of the Bankruptcy Court.

                  WHEREAS, the Company, together with the Trustee, HAL and
certain other persons, are joint plan proponents of a joint plan of
reorganization of HAL filed with the Bankruptcy Court (the "Joint Plan").

                  WHEREAS, subject to the terms and conditions set forth herein,
Purchaser desires to acquire from the Company, _______ number of shares (the
"Acquired Stock") of common stock, par value $.01 per share of the Company (the
"Common Stock"), and the Company desires to sell to Purchaser the Acquired Stock
subject to the terms and conditions of this Agreement.

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

                                    ARTICLE 1

                           PURCHASE AND SALE OF STOCK

                  1.1 Purchase and Sale of Acquired Stock

                  At the Closing, upon the terms and subject to the conditions
set forth in this Agreement, the Company shall issue, sell, assign, transfer and
convey to Purchaser, and Purchaser shall purchase and acquire from the Company,
the Acquired Stock.

                  1.2 Purchase Price

                  The aggregate purchase price for the Acquired Stock (the
"Purchase Price") is ___________ Dollars ($_____________).

                  1.3 Manner of Payment of Purchase Price

                  At the Closing, Purchaser shall pay the Purchase Price by wire
transfer of immediately available funds to the Company, made to such bank
account or accounts as the Company shall specify by written notice to Purchaser
delivered in sufficient time to allow for the transfer to be so made in the
ordinary course.

                  1.4 Time and Place of Closing

                  The closing of the transactions contemplated by this Agreement
(the "Closing") shall take place at the offices of the Company at 10:00 A.M. on
the date this Agreement is executed and delivered by the parties hereto or on
such other date as is mutually agreeable to Purchaser and the Company. The date
of the Closing is herein referred to as the "Closing Date."

                  1.5 Manner of Delivery of Shares

                  At the Closing, the Company shall deliver to Purchaser an
irrevocable instruction letter to its transfer agent to issue to Purchaser a
stock certificate representing all of the Acquired Stock (the "Instruction
Letter").

                  1.6. Registration Rights

                  (a) The Company shall use its best efforts to register the
Acquired Stock as soon as practicable following the later to occur of: (i) the
Company becoming compliant with all SEC reporting requirements relating to late
or delinquent periodic reports and (ii) the emergence of HAL from bankruptcy. So
long as the Purchaser owns any of the Acquired Stock, in the event that the
Company files a registration statement under the Securities Act (other than a
Registration Statement on Form S-4 or S-8 (or any substitute form that may be
adopted by the SEC)), then the Company shall give prompt written notice of such
proposed filing to the Purchaser as soon as practicable (but in no event less
than fifteen (15) days before the anticipated filing date), and such notice
shall offer the Purchaser the opportunity to register such number of shares of
the Acquired Stock as the Purchaser may request (which request shall specify the
Acquired Stock intended to be disposed of by the Purchaser and the intended
method of distribution thereof). In addition, if such registration involves an
underwritten offering, the Company shall use its best efforts to cause the
managing underwriter or underwriters to permit the Acquired Stock requested to
be included in a Piggy-Back Registration to be included on the same terms and
conditions as any similar securities of the Company or any other security holder
included therein and to permit the sale or other disposition of such shares of
the Acquired Stock in accordance with the intended method of distribution
thereof. Notwithstanding the foregoing, the Company shall be under no obligation
to give any notice pursuant to this Section 1.6 or to include in any

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such registration any Acquired Stock if the shares of Acquired Stock are freely
saleable by the Purchaser pursuant to Rule 144(k) under the Securities Act.

                  (b) All registration expenses (including legal fees) in
connection with the registrations contemplated by this Section 1.6 shall be
borne by the Company, but all selling expenses of the Purchaser (including
broker fees, underwriting commissions and the cost of any special legal counsel
representing the Purchaser) shall be borne by the Purchaser.

                  (c) In the event the registration in which the Acquired Stock
is to be included is to be underwritten, the Company shall advise the Purchaser
as to the Maximum Includable Shares (as hereinafter defined), as soon as
practicable. If the total number of shares of Common Stock proposed to be
included in such registration statement is in excess of the Maximum Includable
Shares, the number of shares of Common Stock to be included within the coverage
of such registration statement shall be reduced to the Maximum Includable Shares
as follows:

                              no reduction shall be made in the number of shares
                  of Common Stock to be registered for the account of the
                  Company; and

                              the Purchaser's Acquired Stock and the shares of
                  any other selling shareholder or participant shall be reduced
                  to a number of shares of Common Stock determined by
                  multiplying (x) the number of shares of Common Stock the
                  Purchaser or such selling shareholder proposes to be included
                  in such registration statement by (y) the Maximum Includable
                  Shares (less the number of shares of Common Stock to be
                  registered for the account of the Company), and dividing the
                  resulting number by (z) the aggregate number of shares of
                  Common Stock proposed to be included in such registration
                  statement by such shareholder or participant and all other
                  shareholders and participants whose shares are being included
                  in the registration statement.

As used herein, "Maximum Includable Shares" shall mean the maximum number of
shares of Common Stock that a managing or principal underwriter, in its good
faith judgment, deems practicable to offer and sell at that time in a firm
commitment underwritten offering without materially adversely affecting the
marketability or price of the shares of Common Stock to be offered.

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                                    ARTICLE 2

                             CLOSING AND DELIVERIES

                  2.1 Deliveries at Closing

                  (a) Company Deliveries. At the Closing the Company shall
deliver or shall have previously delivered or otherwise made available to
Purchaser each of the following:

                      (i) An Officer's Certificate certifying as of the Closing
                  Date (A) the certificate of incorporation of the Company and
                  all amendments to date, and (B) the bylaws of the Company, as
                  amended to date;

                      (ii) the Instruction Letter; and

                      (iii) a certificate of the Secretary of State of the State
                  of Delaware that the Company is in good standing.

                  Purchaser may waive any deliveries specified in this Section
2.1 if it executes a writing so stating.

                  2.2 Purchaser's Deliveries

                  At the Closing, Purchaser shall deliver the Purchase Price
payable in accordance with Section 1.3 of this Agreement.

                                    ARTICLE 3

             REPRESENTATIONS AND WARRANTIES CONCERNING THE COMPANY

                  The Company represents and warrants to Purchaser that:

                  3.1 Organization and Corporate Power

                  The Company is a corporation duly organized, validly existing
and in good standing under the laws of Delaware. The Company has all requisite
corporate power to own its properties and to carry on its business as it is now
being conducted and is duly licensed or qualified to do business in each
jurisdiction in which the nature of its business or the ownership or leasing of
its properties makes such license or qualification necessary.

                  3.2 Authority

                  The Company has all requisite corporate power and authority
(a) to execute and deliver this Agreement and the other Acquisition Documents to
which it is a party, and, (b) to perform its obligations hereunder (including,
without limitation, all right, power, capacity and authority to issue, sell,
transfer and convey the Acquired Stock as provided by this Agreement,

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subject to applicable federal and state securities law restrictions). This
Agreement constitutes a valid and binding obligation of the Company, enforceable
in accordance with its terms, except as enforceability may be limited by
bankruptcy laws, similar laws of debtor relief and general principles of equity.

                  3.3 No Violations

                  Neither the execution and the delivery of this Agreement, nor
the consummation of the transactions contemplated hereby by the Company, will
violate (i) any confidentiality agreement, (ii) any Applicable Law, or (iii) any
material provision of the charter or bylaws of the Company.

                  3.4 Consents

                  Except for the approval by the American Stock Exchange of the
Company's additional listing application relating to the Acquired Stock, no
permit, consent, approval or authorization of, or declaration to or filing with,
any Governmental Authority is required in connection with any of the execution,
delivery or performance of this Agreement by the Company or the consummation of
the Company of any other transaction contemplated hereby.

                  3.5 Valid Offering

                  (a) Upon issuance of the Acquired Stock pursuant to this
Agreement, the Acquired Stock will be duly and validly issued, fully paid and
non-assessable, and the Purchaser will receive good title thereto, free and
clear of all Encumbrances except (i) under the provisions of applicable federal
and foreign and state securities law and (ii) as a result of acts of the
Purchaser.

                  (b) The Company has not taken any action that would result in
the offering and sale of the Acquired Stock pursuant to this Agreement being
treated as a public offering rather than a valid private offering under
applicable law.

                  3.6. Brokerage

                  There are no claims for brokerage commissions, finders' fees
or similar compensation in connection with the transactions contemplated by this
Agreement based on any agreement made by or on behalf of the Company, except
that the Company has an agreement to pay a fee to Imperial Capital LLC for
facilitating the transactions contemplated by this Agreement. The Company is
solely responsible for this fee payment to Imperial Capital LLC and shall
indemnify the Purchaser against any successful claim for compensation in respect
thereof or for any other successful claim for similar compensation by any other
person.

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                                    ARTICLE 4

               REPRESENTATIONS AND WARRANTIES CONCERNING PURCHASER

                  Purchaser represents and warrants to the Company that:

                  4.1 Capacity; Authority

                  Purchaser is (i) an individual with full capacity, power and
authority to enter into this Agreement and perform its obligations hereunder or
(ii) an entity with full power and authority to enter into this Agreement and
perform its obligations hereunder.

                  4.2 Authorization

                  This Agreement constitutes a valid and binding obligation of
Purchaser, enforceable in accordance with its terms, except as enforceability
may be limited by bankruptcy laws, similar laws of debtor relief and general
principles of equity.

                  4.3 No Violation

                  Neither the execution and the delivery of this Agreement, nor
the consummation of the transactions contemplated hereby by the Purchaser, will
violate (i) any confidentiality agreement, or (ii) any Applicable Law.

                  4.4 Consents

                  Except for any consent described in Schedule 4.4, no permit,
consent, approval or authorization of, or declaration to or filing with, any
Governmental Authority is required in connection with any of the execution,
delivery or performance of this Agreement by the Purchaser or the consummation
of the Purchaser of any other transaction contemplated hereby.

                  4.5 Brokerage

                  There are no claims for brokerage commissions, finders' fees
or similar compensation in connection with the transactions contemplated by this
Agreement based on any arrangement or agreement made by or on behalf of
Purchaser.

                  4.6 Availability of Funds

                  Purchaser has sufficient funds available on hand to enable
Purchaser to consummate the transactions contemplated hereby and to permit
Purchaser to timely perform all of its obligations under this Agreement.

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                  4.7 Part 121 Certificate

                  Purchaser has not been denied a Part 121 certificate by the
Department of Transportation.

                  4.8 Knowledge of Appointment of Trustee for HAL

                  Purchaser acknowledges that the Company has not been involved
in the management of HAL since the Trustee was appointed, that the Trustee has,
to a significant extent, eliminated the Company's interaction with the employees
of HAL, and that the Trustee provides to the Company only limited information
relating to HAL's business, operations, assets, liabilities, financial condition
or results of operation which is not otherwise provided by the Trustee to the
public on http://www.hawaiianairlines.com.

                  4.9. Knowledge of Certain Conditions to Joint Plan and Other
Matters

                  Purchaser acknowledges that (i) HAL is litigating certain tax
issues with the Internal Revenue Service as part of the Bankruptcy Case and that
the successful resolution of such issues are a condition precedent to the
effectiveness of the Joint Plan; (ii) the Joint Plan is subject to HAL reaching
satisfactory resolution of new collective bargaining agreements with its labor
unions and (iii) a competing plan has been filed in the Bankruptcy Case (the
"Konop Plan"), and there can be no assurance of the outcome of any of such
matters or that the Joint Plan will be confirmed and implemented.

                  4.10 Knowledge and Experience

                  The Purchaser is a sophisticated investor with a past history
of investing in entities in bankruptcy or in entities with subsidiaries in
bankruptcy and has sufficient knowledge and experience in financial and business
matters to be capable of evaluating the merits, risks and suitability of an
unregistered, non-liquid investment such as an investment in the Company, and
has evaluated the merits, risks and suitability of such an investment. The
Purchaser has expertise in, and is not relying on the Company with respect to,
the corporate, Tax, legal, regulatory, bankruptcy and economic considerations
involved in its investment in the Company. The Purchaser understands that the
offer and sale of the Acquired Stock has not been approved or disapproved by the
SEC or any other Governmental Authority. The Purchaser is dealing with the
Company on a professional arms-length basis and neither the Company nor any of
its affiliates or representatives is acting as a fiduciary or advisor to the
Purchaser with respect to this Agreement or any of the transactions contemplated
hereby.

                  4.11. Accredited Investor; Securities Law Restrictions

                  Purchaser is an "accredited investor" (as defined in Rule
501(a)(5) under the Securities Act) and is acquiring the Acquired Stock
hereunder for its own account. Purchaser is purchasing the Acquired Stock for
investment purposes and not with a view to offer or sale thereof in connection
with any public distribution or in any other manner that would violate the
Securities Act or the securities or blue sky laws of any state or of any foreign
jurisdiction or require registration thereunder. Purchaser will not offer or
sell or otherwise dispose of any of the

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Acquired Stock so purchased in violation of the Securities Act or the Exchange
Act. Purchaser understands that the Acquired Stock is being offered and sold in
reliance upon specific exemptions from the registration requirements of federal
and state securities laws and that the Company is relying upon the truth and
accuracy of the representations and warranties of the Purchaser set forth herein
in order to determine the availability of such exemptions. The Purchaser
understands and agrees that the Acquired Stock has not been registered under the
Securities Act, or any foreign or state securities laws and that, accordingly,
will not be transferable except as permitted under various exemptions contained
in the Securities Act, foreign or state securities laws, or upon satisfaction of
the registration and prospectus delivery requirements of the Securities Act. The
Purchaser acknowledges and agrees that it must bear the economic risk of the
Acquired Stock it is acquiring hereunder for an indefinite period of time
because such stock has not been registered under the Securities Act and
therefore cannot be transferred unless subsequently registered or an exemption
from registration is available.

                  4.12 No other Representations or Warranties

                  No representations or warranties have been made to the
Purchaser by the Company or any director, officer, employee, agent or affiliate
of the Company other than the limited representations of the Company set forth
herein and the Purchaser understands, acknowledges and agrees that the Company
makes no other representations and warranties of any kind or nature, expressed
or implied, all of which are specifically disclaimed by the Company. The
decision of the Purchaser to purchase the securities being acquired by it
pursuant hereto is based on the information contained in this Agreement and the
Purchaser's own independent investigation of the Company. The Purchaser
acknowledges that it has had an opportunity to ask questions of the executive
officers of the Company with the full understanding that such executive officers
were appointed to their positions on June 14, 2004, and has received sufficient
information to evaluate its investment in the Company. The Purchaser has been,
and will continue to be, solely responsible for making its own independent
appraisal of an investigation into, and in connection with this Agreement and
the transactions contemplated hereby it has made such an independent appraisal
of an investigation into, the financial condition, creditworthiness, affairs,
status and nature of the Company and its related companies and it has not
relied, and will not hereafter rely, on the Company or any affiliate or
representative of the Company with respect to such matters or to update
Purchaser with respect to such matters.

                  4.13 No Action Taken to Invalidate Private Placement

                  The Purchaser has not taken any action that would result in
the offering of the Acquired Stock pursuant to this Agreement being treated as a
public offering rather than a valid private offering under applicable law.

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                                    ARTICLE 5

                                   DEFINITIONS

                  5.1 Definitions

                  For purposes hereof, the following terms when used herein
shall have the respective meanings set forth below:

                  "Acquisition Documents" means, collectively, this Agreement,
and all agreements, instruments, certificates and other documents executed and
delivered in connection herewith or contemplated hereby.

                  "Applicable Law" means any Law or other legally enforceable
obligation imposed by a Governmental Authority in the applicable jurisdiction

                  "Business Day" means any day that is not a Saturday, a Sunday
or other day on which banks are required or authorized by law to be closed in
the City of New York.

                  "Encumbrances" means all options, proxies, voting trusts,
voting agreements, judgments, pledges, charges, escrows, rights of first refusal
or first offer, mortgages, indentures, claims, transfer restrictions, liens,
equities, security interests and other encumbrances of every kind and nature
whatsoever, whether arising by agreement, operation of law or otherwise.

                  "Governmental Authority" means any nation or government, any
state, municipality, or other political subdivision thereof and any entity,
body, agency, commission, department, board, bureau or court, whether domestic,
foreign, or multinational, exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government and any
executive official thereof.

                  "Law" means any statute, law, ordinance, regulation, decision
or rule of any Governmental Authority, whether foreign, federal, state,
municipal, local or otherwise.

                  "Officer's Certificate" means a certificate delivered by a
corporation's or limited liability the Company's president or its chief
financial officer, stating that the officer signing such certificate has made or
has caused to be made such investigations as are reasonably necessary in order
to permit him to verify the accuracy of the information set forth in such
certificate.

                  "Person" means an individual, a partnership, a corporation, an
association, a joint stock company, a trust, a joint venture, an unincorporated
organization and a Governmental Authority or any department, agency or political
subdivision thereof.

                  "Representatives" shall mean any officer, director, member,
shareholder, principal, attorney, agent, employee, banker, accountant,
consultant or other representative.

                  "Securities Act" means the Securities Act of 1933, as amended.

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                  "SEC" means the Securities and Exchange Commission

                  "The Exchange Act" means Securities Exchange Act of 1934, as
amended.

                                    ARTICLE 6

                                  MISCELLANEOUS

                  6.1 Press Releases and Communications

                  Except as required by The Exchange Act or the rules of the
American Stock Exchange, no press release, public announcement or statement
related to this Agreement or the transactions contemplated herein, or any other
announcement or communication to the employees, customers or suppliers of the
Company or the Company, shall be issued or made by any party hereto without the
joint approval of Purchaser and the Company.

                  6.2 Expenses

                  Except as otherwise expressly provided herein, each party
shall pay all of its own expenses (including without limitation attorneys',
consultants and accountants' fees and expenses) incurred in connection with the
negotiation of this Agreement, the performance of their respective obligations
hereunder and the consummation of the transactions contemplated by this
Agreement (whether consummated or not).

                  6.3 Notices

                  All notices, demands and other communications to be given or
delivered under or by reason of the provisions of this Agreement shall be in
writing and shall be deemed to have been given when personally delivered,
delivered by Federal Express or similar overnight courier service. Notices,
demands and communications to Purchaser and the Company shall, unless another
address is specified in writing, be sent to the address indicated below:

Notices to Purchaser:                with a copy (which shall not constitute
                                     delivery of notice) to:

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

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

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

Notices to the Company:              with a copy (which shall not constitute
                                     delivery of notice) to:

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                                      Swidler Berlin Shereff Friedman, LLP
Hawaiian Holdings, Inc.               The Chrysler Building
c/o Ranch Capital LLC                 405 Lexington Avenue
12730 High Bluff Drive, Suite 180     New York, New York 10174
San Diego, CA  92130                  Attn:  Charles I. Weissman, Esq.
                                      Tel: (212) 891-9268
Attn:    Lawrence Hershfield          Fax:  (212) 891-9598

Tel.:    (858) 523-0171
Fax:     (858) 523-1899

                  6.4 Assignment

                  This Agreement and all of the provisions hereof shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns, except that neither this Agreement nor any of the
rights, interests or obligations hereunder may be assigned by Purchaser or the
Company without the written consent of the other party, such consent not to be
unreasonably withheld.

                  6.5 Severability

                  Any term or provision of this Agreement that is invalid or
unenforceable in any situation in any jurisdiction shall not affect the validity
or enforceability of the remaining terms and provisions hereof or the validity
or enforceability of the offending term or provision in any other situation or
in any other jurisdiction. If the final judgment of a court of competent
jurisdiction declares that any term or provision hereof is invalid or
unenforceable, the parties hereto agree that the court making the determination
of invalidity or unenforceability shall have the power to reduce the scope,
duration or area of the term or provision, to delete specific words or phrases
or to replace any invalid or unenforceable term or provision with a term or
provision that is valid and enforceable and that comes closest to expressing the
intention of the invalid or unenforceable term or provision, and this Agreement
shall be enforceable as so modified after the expiration of the time within
which the judgment may be appealed.

                  6.6 No Strict Construction

                  The language used in this Agreement shall be deemed to be the
language chosen by the parties hereto to express their mutual intent, and no
rule of strict construction shall be applied against any Person.

                  6.7 Amendment and Waiver

                  Any provision of this Agreement or the Exhibits or Schedules
attached hereto may be amended or waived only in writing signed by Purchaser and
the Company. No waiver of any provision hereunder or any breach or default
thereof shall extend to or affect in any way any other provision or prior or
subsequent breach or default.

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                  6.8 Complete Agreement

                  This Agreement and the documents referred to herein contain
the complete agreement between the parties hereto and supersede any prior
understandings, agreements or representations by or between the parties, written
or oral, which may have related to the subject matter hereof in any way.

                  6.9 Counterparts

                  This Agreement may be executed in multiple counterparts, any
one of which need not contain the signatures of more than one party, but all
such counterparts taken together shall constitute one and the same instrument.

                  6.10 Governing Law

                  All matters relating to the interpretation, construction,
validity and enforcement of this Agreement shall be governed by and construed in
accordance with the domestic laws of the State of Delaware without giving effect
to any choice or conflict of law provision or rule (whether of the State of
Delaware or any other jurisdiction) that would cause the application of laws of
any jurisdiction other than the State of Delaware.

                  6.11 Submission to Jurisdiction

                  All actions or proceedings arising in connection with this
Agreement may be tried and litigated in the state or federal courts located in
the State of Delaware. Each party hereby waives any right it may have to assert
the doctrine of forum non conveniens or similar doctrine or to object to venue
with respect to any proceeding brought in accordance with this paragraph, and
stipulates that the state and federal courts located in the State of Delaware
shall have in persona jurisdiction over each of them for the purpose of
litigating any such dispute, controversy, or proceeding. Each party hereby
authorizes and accepts service of process sufficient for personal jurisdiction
in any action against it as contemplated by this Section 6.11 by registered or
certified mail, return receipt requested, postage prepaid, to its address for
the giving of notices as set forth in Section 6.3 above. Nothing herein shall
affect the right of any party to serve process in any other manner permitted by
law.

                  6.12 Descriptive Headings; Interpretation

                  The descriptive headings of this Agreement are inserted for
convenience only and do not constitute a part hereof or define, limit or
otherwise affect the meaning of any of the terms or provisions hereof. The use
of the word "including" in this Agreement shall be by way of example rather than
by limitation and shall be deemed to include the phrase "including without
limitation."

                                       12

                  6.13 Construction of Certain Terms and Phrases

                  Unless the context of this Agreement otherwise requires, (i)
words of any gender include each other gender; (ii) unless the context requires
otherwise, words using the singular or plural number also include the plural or
singular number, respectively; (iii) the terms "hereof," "herein," "hereby" and
derivative or similar words refer to this entire Agreement; and (iv) the terms
"Article" or "Section" refer to the specified Article or Section of this
Agreement. Whenever this Agreement refers to a number of days, such number shall
refer to calendar days unless business days are specified.

                  6.14 No Third Party Beneficiaries

                  This Agreement shall not confer any rights or remedies upon
any Person other than the parties hereto and their respective heirs, personal
legal representatives, successors and permitted assigns, the Purchaser
Indemnified Parties and the Company Indemnified Parties.

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                  IN WITNESS WHEREOF, the parties hereto have executed this
Agreement on the day and year first above written.

                                           HAWAIIAN HOLDINGS, INC.

                                           By: ________________________________
                                               Name:
                                               Title:

                                           PURCHASER
                                           Name:

                                           By: ________________________________
                                               Name:
                                               Title:

                                       14Exhibit 10.7

                             SUBURBAN PROPANE, L.P.

                          2003 LONG TERM INCENTIVE PLAN

                           (EFFECTIVE OCTOBER 1, 2002)

              SUBURBAN PROPANE, L.P. 2003 LONG TERM INCENTIVE PLAN

                           (EFFECTIVE OCTOBER 1, 2002)

                                    ARTICLE I
                              PURPOSE AND APPROVAL

The purpose of this Plan is to strengthen Suburban Propane Partners, L.P.,
Suburban Propane, L.P., and their affiliates (collectively, the "Partnership"),
by providing an incentive to certain Participants (as hereinafter defined), and
thereby encouraging them to devote their abilities and experience to the success
of the Partnership's business enterprise in such a manner as to maximize the
total return to the Partnership's Unitholders. It is intended that this purpose
be achieved by extending to certain Participants added long-term incentive
compensation for continued service to the Partnership and achieving certain
Performance Measures (as hereinafter defined) which enhance the total return to
the Partnership's Unitholders. This Plan was adopted effective October 1, 2002.

                                   ARTICLE II
                                   DEFINITIONS

     For purposes of this Plan, capitalized terms shall have the following
meanings:

          2.1 "Beneficial Ownership" shall have the same meaning as that term is
used within the meaning of Rule 13d-3 promulgated under the Securities Exchange
Act of 1934, as amended.

          2.2 "Beneficiary" means a Participant's Beneficiary pursuant to
Article VIII.

          2.3 "Board" means the Board of Supervisors of Suburban Propane
Partners, L.P.

          2.4 "Cause" means (a) a Participant's gross negligence or willful
misconduct in the performance of his duties, (b) a Participant's willful or
grossly negligent failure to perform his duties, (c) the breach by a Participant
of any written covenants to the Partnership, (d) dishonest, fraudulent or
unlawful behavior by a Participant (whether or not in conjunction with
employment) or a Participant being subject to a judgment, order or decree (by
consent or otherwise) by any governmental or regulatory authority which
restricts his ability to engage in

the business conducted by the Partnership, or any of their affiliates, or (e)
willful or reckless breach by a Participant of any policy adopted by the
Partnership concerning conflicts of interest, standards of business conduct or
fair employment practices or procedures with respect to compliance with
applicable laws.

          2.5 "Change in Capitalization" means any increase or reduction in the
number of Common Units, or any change in the Common Units, change in the
percentage ownership interest of the Partnership attributable to the Common
Units or exchange of Common Units for a different number or kind of units or
other securities of the Partnership by reason of a reclassification,
recapitalization, merger, consolidation, reorganization, spin-off, split-up,
issuance of warrants or rights or other convertible securities, unit
distribution, unit split or reverse unit split, cash dividends, property
dividend, combination or exchange of units, repurchase of units, change in
corporate structure or otherwise.

          2.6 "Change of Control" shall mean the occurrence of:

          (a) an acquisition (other than directly by the Partnership) of Common
     Units or voting equity interests of the Partnership ("Voting Securities")
     by any "Person" other than the Partnership, Suburban Energy Services Group
     LLC or any of their affiliates, immediately after which such Person has
     Beneficial Ownership of more than twenty five percent (25%) of the combined
     voting power of the Partnership's then outstanding Common Units; provided,
     however, that in determining whether a Change of Control has occurred,
     Common Units which are acquired in a "Non-Control Acquisition" shall not
     constitute an acquisition which would cause a Change of Control. A
     "Non-Control Acquisition" shall mean an acquisition by (i) an employee
     benefit plan (or a trust forming a part there) maintained by (A) the
     Partnership or Suburban Propane, L.P. or (B) any corporation, partnership
     or other Person of which a majority of its voting power or its voting
     equity securities or equity interest is owned, directly or indirectly, by
     the Partnership, (ii) the Partnership or its Subsidiaries, or (iii) any
     Person in connection with a "Non-Control Transaction"; or

          (b) approval by the partners of the Partnership of (A) a merger,
     consolidation or reorganization involving the Partnership, unless (x) the
     holders of the Common Units immediately before such merger, consolidation
     or reorganization own,

                                        2

     directly or indirectly immediately following such merger, consolidation or
     reorganization, at least sixty percent (60%) of the combined voting power
     of the outstanding Common Units of the entity resulting from such merger,
     consolidation or reorganization (the "Surviving Entity") in substantially
     the same proportion as their ownership of the Common Units immediately
     before such merger, consolidation or reorganization, and (y) no person or
     entity (other than the Partnership, any Subsidiary, any employee benefit
     plan {or any trust forming a part thereof} maintained by the Partnership,
     any Subsidiary, the Surviving Entity, or any Person who, immediately prior
     to such merger, consolidation or reorganization, had Beneficial Ownership
     of more than twenty five percent (25%) of the then outstanding Common
     Units), has Beneficial Ownership of more than twenty five percent (25%) of
     the combined voting power of the Surviving Entity's then outstanding voting
     securities; (B) a complete liquidation or dissolution of the Partnership;
     or (C) the sale or other disposition of fifty percent (50%) of the net
     assets of the Partnership to any Person (other than a transfer to a
     Subsidiary). A transaction described in clause (x) or (y) of subsection (A)
     hereof shall be referred to as a "Non-Control Transaction."

          Notwithstanding the foregoing, a Change of Control shall not be deemed
     to occur solely because any Person (the "Subject Person") acquired
     Beneficial Ownership of more than the permitted amount of the outstanding
     Voting Securities as a result of the acquisition of Voting Securities by
     the Partnership which, by reducing the number of Voting Securities
     outstanding, increases the proportional number of Common Units Beneficially
     Owned by the Subject Person, provided that if a Change of Control would
     occur (but for the operation of this sentence) as a result of the
     acquisition of the Voting Securities by the Partnership, and after such
     acquisition of Voting Securities by the Parntership, the Subject Person
     becomes the Beneficial Owner of any additional Voting Securities which
     increases the percentage of the then outstanding Voting Securities
     Beneficially Owned by the Subject Person, then a Change of Control shall
     occur.

          2.7 "Committee" means the Compensation Committee of the Board.

          2.8 "Common Unit" means the Common Units representing publicly traded
limited partnership interests of the Partnership.

                                        3

          2.9 "Disability" shall have the same meaning that such term (or
similar term) has under the long-term disability plan in which the Participant
is eligible to be covered.

          2.10 "Effective Date" shall mean October 1, 2002.

          2.11 "Fair Market Value of Partnership's Common Units" The twenty-day
average of the closing prices preceding a specific date.

          2.12 "Fiscal Year" means the fiscal year adopted by the Partnership.

          2.13 "General Partner" has the meaning set forth in the Partnership
Agreement.

          2.14 "Good Reason" means (a) any failure by the Partnership to comply
in any material respect with the compensation provisions of a written employment
agreement between a Participant and the Partnership, (b) a material adverse
change in a Participant's title without his or her consent, or (c) the
assignment to a Participant, without his or her consent, of duties and
responsibilities materially inconsistent with his or her level of responsibility
as an executive officer.

          2.15 "Measurement Period" has the same meaning as set forth in Article
5.2.

          2.16 "Participant" means an employee of Suburban Propane, L.P.
designated by the Committee to participate in the Plan.

          2.17 "Partnership" means Suburban Propane, L.P. and Suburban Propane
Partners, L.P., Delaware limited partnerships, and their successors.

          2.18 "Partnership Agreement" means the Second Amended and Restated
Agreement of Limited Partnership of Suburban Propane Partners, L.P.

          2.19 "Percentage of Three-Year Annualized Total Return to Unitholders"
means a percentage representing the three-year annualized total return to
Unitholders from the commencement of the Measurement Period to the culmination
of the Measurement Period. This percentage shall be calculated by an
independent, third-party provider as designated by the Committee.

          2.20 "Performance Measures" has the same meaning as set forth in
Article 5.3.

          2.21 "Person" shall have the same meaning as that term is used for
purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as
amended.

                                        4

          2.22 "Phantom Unit Distributions" shall have the same meaning as set
forth in Article 5.4.

          2.23 "Plan" means this Suburban Propane, L.P. 2003 Long Term Incentive
Plan.

          2.24 "Retirement Date" means the first day on which a retiring
Participant is considered inactive. For purposes of determining the abbreviated
Measurement Period described in Article 20, if this date occurs on a day on
which the stock market is closed, for purposes of this Plan, the Participant's
Retirement Date shall be the next business day on which the stock market is
open.

          2.25 "Subsidiary" shall mean any corporation, partnership, or other
Person of which a majority of its voting power or its voting equity securities
or equity interest is owned, directly or indirectly, by the Partnership.

          2.26 "Target Grant" shall have the same meaning as set forth in
Article 5.1.

          2.27 "Unitholders" means the persons holding Common Units.

          2.28 "Unvested Phantom Units" means a hypothetical number of units
arrived at by dividing the Target Grant established upon commencement of the
Measurement Period by the Fair Market Value of Partnership Common Units on the
first day of the Measurement Period. If the market is closed on the first day of
the Measurement Period then the Fair Market Value on the next business day shall
be used.

          2.29 "Vested Phantom Units" means the quantity of a Participant's
Unvested Phantom Units which are earned upon culmination of the Measurement
Period.

                                   ARTICLE III
                                  PARTICIPATION

     Only those Participants designated from time to time by the Committee shall
participate in the Plan and receive Target Grants hereunder.

                                        5

                                   ARTICLE IV
                                 ADMINISTRATION

          4.1 Administration by the Committee. The Plan shall be administered by
the Committee, which shall hold meetings at such times as may be necessary for
the proper administration of the Plan. The Committee shall keep minutes of its
meetings. A quorum shall consist of not less than two members of the Committee
and a majority of a quorum may authorize any action. Any decision or
determination reduced to writing and signed by a majority of all of the members
of the Committee shall be as fully effective as if made by a majority vote at a
meeting duly called and held. No member of the Committee shall be liable for any
action, failure to act, determination or interpretation made in good faith with
respect to this Plan or any transaction hereunder, except for liability arising
from his or her own willful misfeasance, gross negligence or reckless disregard
of his or her duties. The Partnership hereby agrees to indemnify each member of
the Committee for all costs and expenses and, to the extent permitted by
applicable law, any liability incurred in connection with defending against,
responding to, negotiating for the settlement of or otherwise dealing with any
claim, cause of action or dispute of any kind arising in connection with any
actions in administering this Plan or in authorizing or denying authorization
for any transaction hereunder.

          4.2 Powers of the Committee. Subject to the express terms and
conditions set forth herein, the Committee shall have the power, from time to
time to:

          (a) select those Participants for whom Target Grants shall be
     established;

          (b) construe and interpret the Plan, the Target Grants, the Unvested
     and Vested Phantom Units and corresponding Phantom Unit Distributions, and
     establish, amend and revoke rules and regulations for the administration of
     the Plan, including, but not limited to, correcting any defect or supplying
     any omission, or reconciling any inconsistency in the Plan, in the manner
     and to the extent it shall deem necessary or advisable so that the Plan
     complies with applicable law and otherwise to make the Plan fully
     effective.

          (c) exercise its discretion with respect to the powers and rights
     granted to it as set forth in the Plan; and

                                        6

          (d) generally, exercise such powers and perform such acts as it deems
     necessary or advisable to promote the best interests of the Partnership
     with respect to the Plan.

          4.3 Decisions of the Committee are Final and Binding. The Committee's
decisions, actions, determinations and interpretations shall be final and
binding upon the Partnership, all Participants, Beneficiaries, equity holders of
the Partnership and any other person.

          4.4 Change in Capitalization. In the event of any Change in
Capitalization or in the event of any special distribution to the Common
Unitholders, the Committee may, but shall not be obligated to, make such
equitable adjustments in the Performance Measures, the Phantom Unit
Distributions or other aspects of the Plan, as the Committee determines are
necessary and appropriate.

                                    ARTICLE V
                                     GRANTS

          5.1 Target Grant. The Committee shall establish a Target Grant for
each Participant at the beginning of each Fiscal Year equal to a designated
percentage of such Participant's base salary at the start of the Fiscal Year.
Each participant's designated percentage shall be recorded in the minutes of the
Committee. In the event a Participant's base salary for the respective Fiscal
Year was adjusted within 120 days after the start of the Fiscal Year, the Target
Grant will be computed using such adjusted base salary.

          5.2 Measurement Period. This is a three-year period commencing on the
first day of the fiscal year during which the Target Grant was established and
ending on the last day of the second fiscal year following the fiscal year
during which the Target Grant was established.

          5.3 Performance Measures. The percentage of the Unvested Phantom Units
that shall be earned and immediately converted to Vested Phantom Units at the
end of the Measurement Period shall be determined based upon the ranking of the
Partnership's Percentage of Three-Year Annualized Total Return to Unitholders in
a peer group of eleven other publicly traded partnerships selected by the
Committee. If, at the end of the Measurement Period, it is determined that less
than 100% of the Unvested Phantom Units have been earned, the unearned portion
of said Unvested Phantom Units shall be forfeited.

                                        7

The following chart illustrates the percentage of the Unvested Phantom Units
that shall be converted to Vested Phantom Units based upon the Partnership's
ranking, at the end of the Measurement Period, of Percentage of Three-Year
Annualized Total Return to Unitholders among the peer group established pursuant
to Article 5.3.

-------------------------------------------------------------
        THREE-YEAR ANNUALIZED TOTAL
     RETURN TO UNITHOLDERS PERCENTAGE       PERCENT OF TARGET
               PERFORMANCE                     GRANT EARNED
-------------------------------------------------------------
Ranked in top 3 (top quartile)                     125%
-------------------------------------------------------------
Ranked between 4 - 6 (50th/75th quartile)          100%
-------------------------------------------------------------
Ranked between 7 - 9 (25th quartile)                50%
-------------------------------------------------------------
Ranked 10 - 12 (bottom quartile)                     0%
-------------------------------------------------------------

          5.4 Phantom Unit Distributions. These are cumulative phantom
partnership cash distributions equal to each Participant's Vested Phantom Units
multiplied by the per-Common Unit distribution declared and paid by the
Partnership for each quarter over the course of the Measurement Period.

          5.5 Plan Distributions. Upon vesting, each Participant will receive a
cash payment equal to the quantity of his Vested Phantom Units multiplied by the
Fair Market Value of the Partnership's Common Units on the last date of the
Measurement Period plus the Participant's Phantom Unit Distributions.

                                   ARTICLE VI
                                     VESTING

          6.1 Vesting Schedule. Subject to Articles 6.2 and 6.3, vesting is in
accordance with Article 5.3. Notwithstanding anything in this Article VI to the
contrary, the Committee may accelerate the vesting of Unvested Phantom Units and
all accrued Phantom Unit Distributions at any time for any reason with the
consent of the General Partner.

                                        8

          6.2 Change of Control. Notwithstanding anything in this Plan to the
contrary, upon a Change of Control, the cash value of 125% of all Unvested
Phantom Units and a sum equal to 125% of the Unvested Phantom Units multiplied
by an amount equal to the cumulative, per-Common Unit distribution from the
beginning of the Measurement Period through the date on which the Change of
Control occurred shall be fully vested and nonforfeitable and shall be paid to a
Participant within thirty (30) days after the Change in Control.

          6.3 Forfeiture. Subject to Articles 6.2, 6.4 and 6.5, Unvested Phantom
Units shall lapse and be forfeited upon the occurrence of either of the
following events: (a) termination of the Participant's employment or
participation in the Plan for any reason, except under the circumstances
provided in Articles 6.4 and 6.5; (b) any attempted or completed transfer, sale,
pledge, hypothecation, or assignment by the Participant of the Unvested Phantom
Units.

          6.4 Disability or Death. Notwithstanding the provisions of Article
6.3, if a Participant's employment terminates as a result of Disability or
death, all Unvested Phantom Units and the Phantom Unit Distributions associated
with said Unvested Phantom Units for such Participant shall vest in accordance
with Articles 6.1 and 6.2, as applicable, and shall be paid in accordance with
Article VII and VIII.

          6.5 Termination without Cause or for Good Reason. In the event a
Participant's employment by the Partnership is terminated by the Partnership
without Cause or by the Participant for Good Reason, all Unvested Phantom Units
and all Phantom Unit Distributions associated with said Unvested Phantom Units
shall vest upon the next succeeding scheduled vesting date pursuant to Articles
6.1 or 6.2, as applicable.

                                   ARTICLE VII
                                    PAYMENTS

          The Plan Distributions associated with Vested Phantom Units earned by
a Participant under the Plan shall be paid to the Participant within thirty days
following the culmination of the Measurement Period.

                                        9

                                  ARTICLE VIII
                                  BENEFICIARIES

          A Participant may at any time and from time to time prior to death
designate one or more Beneficiaries to receive any payments to be made following
the Participant's death. If no such designation is on file with the Partnership
at the time of a Participant's death, the Participant's Beneficiary shall be the
beneficiary or beneficiaries named in the Beneficiary designation most recently
filed by the Participant with the Partnership. If the Participant has not
effectively designated a Beneficiary, or if no Beneficiary so designated has
survived the Participant, the Participant's Beneficiary shall be the
Participant's surviving spouse, or, if no spouse has survived the Participant,
the estate of the deceased Participant. If an individual Beneficiary cannot be
located for a period of one year following the Participant's death, despite mail
notification to the Beneficiary's last known address, and if the Beneficiary has
not made a written claim for benefits within such period to the Committee, the
Beneficiary shall be deemed to have predeceased the Participant. The Committee
may require such proof of death and such evidence of the right of any person to
receive all or part of the benefit of a deceased Participant as the Committee
may consider to be appropriate. The Committee may rely upon any direction by the
legal representatives of the estate of a deceased Participant, without liability
to any other person. If a Participant has designated his or her spouse as
Beneficiary, upon entry of a judgment of divorce (or other evidence of formal
dissolution of the marriage), the designation of the spouse as Beneficiary will
be deemed to have been revoked unless the Participant reaffirms such designation
thereafter.

                                   ARTICLE IX
                      TERMINATION AND AMENDMENT OF THE PLAN

          The Plan shall terminate by its terms on the day preceding the tenth
anniversary of the Effective Date of this Plan as originally adopted and no
Target Grant may be established thereafter. The previous sentence
notwithstanding, the Board may, at any time and from time to time, amend,
terminate, modify or suspend the Plan; provided, however, that no such
amendment, modification, suspension or termination shall impair or adversely
affect any Target Grants established for a Participant under the Plan, except
with the consent of the Participant.

                                       10

                                    ARTICLE X
                           NON-EXCLUSIVITY OF THE PLAN

          The adoption of the Plan by the Board shall not be construed as
amending, modifying or rescinding any previously approved incentive arrangement
or as creating any limitations on the power of the Board to adopt such other
incentive arrangements as it may deem desirable, including, without limitation,
the granting of options to acquire Common Units, and such arrangements may be
either applicable generally or only in specific cases.

                                   ARTICLE XI
                             LIMITATION OF LIABILITY

As illustrative of the limitation of liability of the Partnership, but not
intended to be exhaustive thereof, nothing in the Plan shall be construed to:

          (a) give any person any right to the establishment of a Target Grant
     other than at the sole discretion of the Committee;

          (b) give any person any rights whatsoever with respect to a Target
     Grant or Unvested Phantom Units except as specifically provided in the
     Plan.

          (c) limit in any way the right of the Partnership to terminate the
     employment of any person at any time; or

          (d) be evidence of any agreement or understanding, express or implied,
     that the Partnership will employ any person at any particular rate of
     compensation or for any particular period of time.

                                   ARTICLE XII
                 REGULATIONS AND OTHER APPROVALS; GOVERNING LAW

          12.1 Except as to matters of federal law, this Plan and the rights of
all persons claiming hereunder shall be construed and determined in accordance
with laws of the State of New Jersey without giving effect to conflicts of law
principles.

          12.2 Except as provided in Article IX hereof the Board may make such
changes to the Plan or an Agreement as may be necessary or appropriate to comply
with the rules and regulations of any government authority.

                                       11

                                  ARTICLE XIII
                              WITHHOLDING OF TAXES

          At such time(s) as a Participant recognizes income for purposes of
income, employment, or other tax liability, the Partnership shall withhold an
amount equal to the federal, state and local taxes and other amounts as may be
required by law to be withheld by the Partnership.

                                   ARTICLE XIV
                        NO REQUIRED SEGREGATION OF ASSETS

          Neither the Partnership nor any subsidiary shall be required to
segregate any assets that may at any time be represented by Phantom Units or
Phantom Unit Distributions made pursuant to the Plan.

                                   ARTICLE XV
                           RIGHT OF DISCHARGE RESERVE

          Neither the Plan nor the establishment of any Target Grant shall
guarantee any Participant continued employment with the Partnership, or a
subsidiary, or guarantee the establishment of future Target Grants.

                                   ARTICLE XVI
                               NATURE OF PAYMENTS

          All Phantom Units awarded and Phantom Unit Distributions made pursuant
to the Plan are in consideration of services for the Partnership or its
subsidiaries. The Phantom Units and Phantom Unit Distributions constitute a
special incentive payment to the Participant and shall not be taken into account
as compensation for purposes of any of the employee benefit plans of the
Partnership or any subsidiary except as may be determined by the Committee.

                                       12

                                  ARTICLE XVII
                              CONSTRUCTION OF PLAN

     The captions used in this Plan are for convenience only and shall not be
construed in interpreting the Plan. Whenever the context so requires, the
masculine shall include the feminine and neuter, and the singular shall also
include the plural, and vice versa.

                                  ARTICLE XVIII
                                   SEVERABILTY

     If any provision of the Plan shall be held unlawful or otherwise invalid or
unenforceable in whole or in part, the unlawfulness, invalidity or
unenforceability of said provision shall not affect any other provision of the
Plan or part thereof, each of which shall remain in full force and effect.

                                   ARTICLE XIX
                                    DEFERRAL

Payments under the Plan may not be deferred by the Participants.

                                   ARTICLE XX
                            RETIREMENT OF PARTICIPANT

     It is neither the intent nor the desire of the Committee to create a
pension plan. Therefore, upon retirement, the Measurement Period with respect to
a retired Participant's Unvested Phantom Units shall cease on his Retirement
Date. The Performance Measures described in Article 5.3 shall be applied to the
abbreviated Measurement Period to determine the quantity of Vested Phantom Units
earned by the retired Participant on his Retirement Date.Within thirty days of
his Retirement Date, the retired Participant shall receive a cash payment in
accordance with Article 5.5 except that the words "the last day of the
Measurement Period" shall be substituted with "the Participant's Retirement
Date" and the Participant's Phantom Unit Distributions on said Vested Phantom
Units shall be understood to equal the quantity of the retired Participant's
Vested Phantom Units multiplied by the cumulative, per-Common Unit distribution
declared and paid by the Partnership for each quarter over the course of the
abbreviated Measurement Period.

                                       13

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