Document:

AXIA GROUP INC.
                       OCTOBER 2004 NON-EMPLOYEE DIRECTORS
                       AND CONSULTANTS RETAINER STOCK PLAN

         1. Introduction. This Plan shall be known as the "Axia Group Inc.
October 2004 Non-Employee Directors and Consultants Retainer Stock Plan," and is
hereinafter referred to as the "Plan." The purposes of this Plan are to enable
Axia Group Inc., a Nevada corporation (the "Company"), to promote the interests
of the Company and its stockholders by attracting and retaining non-employee
Directors and Consultants capable of furthering the future success of the
Company and by aligning their economic interests more closely with those of the
Company's stockholders, by paying their retainer or fees in the form of shares
of the Company's common stock, par value $0.001 per share (the "Common Stock").

         2. Definitions. The following terms shall have the meanings set forth
below:

                  2.1 "Board" means the Board of Directors of the Company.

                  2.2 "Change of Control" has the meaning set forth in Section
12.4 hereof.

                  2.3 "Code" means the Internal Revenue Code of 1986, as
amended, and the rules and regulations thereunder. References to any provision
of the Code or rule or regulation thereunder shall be deemed to include any
amended or successor provision, rule or regulation.

                  2.4 "Committee" means the committee that administers this
Plan, as more fully defined in Section 13 hereof.

                  2.5 "Common Stock" has the meaning set forth in Section 1
hereof.

                  2.6 "Company" has the meaning set forth in Section 1 hereof.

                  2.7 "Deferral" has the meaning set forth in Section 6 hereof.

                  2.8 "Deferred Stock Account" means a bookkeeping account
maintained by the Company for a Participant representing the Participant's
interest in the shares credited to such Deferred Stock Account pursuant to
Section 7 hereof.

                  2.9 "Delivery Date" has the meaning set forth in Section 6
hereof.

                  2.10 "Director" means an individual who is a member of the
Board of Directors of the Company.

                  2.11 "Dividend Equivalent" for a given dividend or other
distribution means a number of shares of the Common Stock having a Fair Market
Value, as of the record date for such dividend or distribution, equal to the
amount of cash, plus the Fair Market Value on the date of distribution of any
property, that is distributed with respect to one share of the Common Stock
pursuant to such dividend or distribution; such Fair Market Value to be
determined by the Committee in good faith.

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                  2.12 "Effective Date" has the meaning set forth in Section 3
hereof.

                  2.13 "Exchange Act" has the meaning set forth in Section 13.2
hereof.

                  2.14 "Fair Market Value" means the mean between the highest
and lowest reported sales prices of the Common Stock on the New York Stock
Exchange Composite Tape or, if not listed on such exchange, on any other
national securities exchange on which the Common Stock is listed or on The
Nasdaq Stock Market, or, if not so listed on any other national securities
exchange or The Nasdaq Stock Market, then the average of the bid price of the
Common Stock during the last five trading days on the OTC Bulletin Board
immediately preceding the last trading day prior to the date with respect to
which the Fair Market Value is to be determined. If the Common Stock is not then
publicly traded, then the Fair Market Value of the Common Stock shall be the
book value of the Company per share as determined on the last day of March,
June, September, or December in any year closest to the date when the
determination is to be made. For the purpose of determining book value
hereunder, book value shall be determined by adding as of the applicable date
called for herein the capital, surplus, and undivided profits of the Company,
and after having deducted any reserves theretofore established; the sum of these
items shall be divided by the number of shares of the Common Stock outstanding
as of said date, and the quotient thus obtained shall represent the book value
of each share of the Common Stock of the Company.

                  2.15 "Participant" has the meaning set forth in Section 4
hereof.

                  2.16 "Payment Time" means the time when a Stock Retainer is
payable to a Participant pursuant to Section 5 hereof (without regard to the
effect of any Deferral Election).

                  2.17 "Stock Retainer" has the meaning set forth in Section 5
hereof.

                  2.18 "Third Anniversary" has the meaning set forth in Section
6 hereof.

         3. Effective Date of the Plan. This Plan was adopted by the Board
effective October 22, 2004 (the "Effective Date").

         4. Eligibility. Each individual who is a Director or Consultant on the
Effective Date and each individual who becomes a Director or Consultant
thereafter during the term of this Plan, shall be a participant (the
"Participant") in this Plan, in each case during such period as such individual
remains a Director or Consultant and is not an employee of the Company or any of
its subsidiaries. Each credit of shares of the Common Stock pursuant to this
Plan shall be evidenced by a written agreement duly executed and delivered by or
on behalf of the Company and a Participant, if such an agreement is required by
the Company to assure compliance with all applicable laws and regulations.

         5. Grants of Shares. Commencing on the Effective Date, the amount of
compensation for service to directors or consultants shall be payable in shares
of the Common Stock (the "Stock Retainer") pursuant to this Plan at the deemed
issuance price of the Fair Market Value of the Common Stock on the date of the
issuance of such shares. As used herein, "Fair Market Value" means the mean
between the highest and lowest reported sales prices of the Common Stock on the

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New York Stock Exchange Composite Tape or, if not listed on such exchange, on
any other national securities exchange on which the Common Stock is listed or on
The Nasdaq Stock Market, or, if not so listed on any other national securities
exchange or The Nasdaq Stock Market, then the average of the bid price of the
Common Stock during the last five trading days on the OTC Bulletin Board
immediately preceding the last trading day prior to the date with respect to
which the Fair Market Value is to be determined. If the Common Stock is not then
publicly traded, then the Fair Market Value of the Common Stock shall be the
book value of the Company per share as determined on the last day of March,
June, September, or December in any year closest to the date when the
determination is to be made. For the purpose of determining book value
hereunder, book value shall be determined by adding as of the applicable date
called for herein the capital, surplus, and undivided profits of the Company,
and after having deducted any reserves theretofore established; the sum of these
items shall be divided by the number of shares of the Common Stock outstanding
as of said date, and the quotient thus obtained shall represent the book value
of each share of the Common Stock of the Company.

         6. Deferral Option. From and after the Effective Date, a Participant
may make an election (a "Deferral Election") on an annual basis to defer
delivery of the Stock Retainer specifying which one of the following ways the
Stock Retainer is to be delivered (a) on the date which is three years after the
Effective Date for which it was originally payable (the "Third Anniversary"),
(b) on the date upon which the Participant ceases to be a Director or Consultant
for any reason (the "Departure Date") or (c) in five equal annual installments
commencing on the Departure Date (the "Third Anniversary" and "Departure Date"
each being referred to herein as a "Delivery Date"). Such Deferral Election
shall remain in effect for each Subsequent Year unless changed, provided that,
any Deferral Election with respect to a particular Year may not be changed less
than six months prior to the beginning of such Year, and provided, further, that
no more than one Deferral Election or change thereof may be made in any Year.
Any Deferral Election and any change or revocation thereof shall be made by
delivering written notice thereof to the Committee no later than six months
prior to the beginning of the Year in which it is to be effected; provided that,
with respect to the Year beginning on the Effective Date, any Deferral Election
or revocation thereof must be delivered no later than the close of business on
the 30th day after the Effective Date.

         7. Deferred Stock Accounts. The Company shall maintain a Deferred Stock
Account for each Participant who makes a Deferral Election to which shall be
credited, as of the applicable Payment Time, the number of shares of the Common
Stock payable pursuant to the Stock Retainer to which the Deferral Election
relates. So long as any amounts in such Deferred Stock Account have not been
delivered to the Participant under Section 8 hereof, each Deferred Stock Account
shall be credited as of the payment date for any dividend paid or other
distribution made with respect to the Common Stock, with a number of shares of
the Common Stock equal to (a) the number of shares of the Common Stock shown in
such Deferred Stock Account on the record date for such dividend or distribution
multiplied by (b) the Dividend Equivalent for such dividend or distribution.

         8. Delivery of Shares.

                  8.1 Delivery. The shares of the Common Stock in a
Participant's Deferred Stock Account with respect to any Stock Retainer for
which a Deferral Election has been made (together with dividends attributable to
such shares credited to such Deferred Stock Account) shall be delivered in
accordance with this Section 8 as soon as practicable after the applicable
Delivery Date. Except with respect to a Deferral Election pursuant to Section
6(c) hereof, or other agreement between the parties, such shares shall be

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delivered at one time; provided that, if the number of shares so delivered
includes a fractional share, such number shall be rounded to the nearest whole
number of shares. If the Participant has in effect a Deferral Election pursuant
to Section 6(c) hereof, then such shares shall be delivered in five equal annual
installments (together with dividends attributable to such shares credited to
such Deferred Stock Account), with the first such installment being delivered on
the first anniversary of the Delivery Date; provided that, if in order to
equalize such installments, fractional shares would have to be delivered, such
installments shall be adjusted by rounding to the nearest whole share. If any
such shares are to be delivered after the Participant has died or become legally
incompetent, they shall be delivered to the Participant's estate or legal
guardian, as the case may be, in accordance with the foregoing; provided that,
if the Participant dies with a Deferral Election pursuant to Section 6(c) hereof
in effect, the Committee shall deliver all remaining undelivered shares to the
Participant's estate immediately. References to a Participant in this Plan shall
be deemed to refer to the Participant's estate or legal guardian, where
appropriate.

                  8.2 Trust. The Company may, but shall not be required to,
create a grantor trust or utilize an existing grantor trust (in either case,
"Trust") to assist it in accumulating the shares of the Common Stock needed to
fulfill its obligations under this Section 8. However, Participants shall have
no beneficial or other interest in the Trust and the assets thereof, and their
rights under this Plan shall be as general creditors of the Company, unaffected
by the existence or nonexistence of the Trust, except that deliveries of Stock
Retainers to Participants from the Trust shall, to the extent thereof, be
treated as satisfying the Company's obligations under this Section 8.

         9. Share Certificates; Voting and Other Rights. The certificates for
shares delivered to a Participant pursuant to Section 8 above shall be issued in
the name of the Participant, and from and after the date of such issuance the
Participant shall be entitled to all rights of a stockholder with respect to the
Common Stock for all such shares issued in his name, including the right to vote
the shares, and the Participant shall receive all dividends and other
distributions paid or made with respect thereto.

         10.      General Restrictions.

                  10.1 Restrictions. Notwithstanding any other provision of this
Plan or agreements made pursuant thereto, the Company shall not be required to
issue or deliver any certificate or certificates for shares of the Common Stock
under this Plan prior to fulfillment of all of the following conditions:

                        (i) Listing or approval for listing upon official notice
of issuance of such shares on the New York Stock Exchange, Inc., or such other
securities exchange as may at the time be a market for the Common Stock;

                        (ii) Any registration or other qualification of such
shares under any state or federal law or regulation, or the maintaining in
effect of any such registration or other qualification which the Committee
shall, upon the advice of counsel, deem necessary or advisable; and

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                        (iii) Obtaining any other consent, approval, or permit
from any state or federal governmental agency which the Committee shall, after
receiving the advice of counsel, determine to be necessary or advisable.

                  10.2 Other Compensation. Nothing contained in this Plan shall
prevent the Company from adopting other or additional compensation arrangements
for the Participants.

         11. Shares Available. Subject to Section 12 below, the maximum number
of shares of the Common Stock which may in the aggregate be paid as Stock
Retainers pursuant to this Plan is 100,000,000. Shares of the Common Stock
issueable under this Plan may be taken from treasury shares of the Company or
purchased on the open market.

         12. Adjustments; Change of Control.

                  12.1 Change in Capitalization; Change of Control. In the event
that there is, at any time after the Board adopts this Plan, any change in
corporate capitalization, such as a stock split, combination of shares, exchange
of shares, warrants or rights offering to purchase the Common Stock at a price
below its Fair Market Value, reclassification, or recapitalization, or a
corporate transaction, such as any merger, consolidation, separation, including
a spin-off, stock dividend, or other extraordinary distribution of stock or
property of the Company, any reorganization (whether or not such reorganization
comes within the definition of such term in Section 368 of the Code) or any
partial or complete liquidation of the Company (each of the foregoing a
"Transaction"), in each case other than any such Transaction which constitutes a
Change of Control (as defined below), (i) the Deferred Stock Accounts shall be
credited with the amount and kind of shares or other property which would have
been received by a holder of the number of shares of the Common Stock held in
such Deferred Stock Account had such shares of the Common Stock been outstanding
as of the effectiveness of any such Transaction, (ii) the number and kind of
shares or other property subject to this Plan shall likewise be appropriately
adjusted to reflect the effectiveness of any such transaction, and (iii) the
Committee shall appropriately adjust any other relevant provisions of this Plan
and any such modification by the Committee shall be binding and conclusive on
all persons. Pursuant to Title 17, Chapter II, Part 230.416(a), notwithstanding
anything contained in the Plan to cover the contrary, including any adjustments
discussed in this Section 12.1, the number of Shares available under the Plan
shall be anti-dilutive in the event of a reverse stock split by the Company,
i.e. a reverse stock split by the Company shall not affect or result in any
reduction in the number of Shares available under the Plan at the effective time
of such reverse stock split(s).

                  12.2 Property. If the shares of the Common Stock credited to
the Deferred Stock Accounts are converted pursuant to Section 12.1 into another
form of property, references in this Plan to the Common Stock shall be deemed,
where appropriate, to refer to such other form of property, with such other
modifications as may be required for this Plan to operate in accordance with its
purposes. Without limiting the generality of the foregoing, references to
delivery of certificates for shares of the Common Stock shall be deemed to refer
to delivery of cash and the incidents of ownership of any other property held in
the Deferred Stock Accounts.

                  12.3 Change of Control Alternative. In lieu of the adjustment
contemplated by Section 12.1, in the event of a Change of Control, the following
shall occur on the date of the Change of Control (i) the shares of the Common
Stock held in each Participant's Deferred Stock Account shall be deemed to be
issued and outstanding as of the Change of Control; (ii) the Company shall
forthwith deliver to each Participant who has a Deferred Stock Account all of
the shares of the Common Stock or any other property held in such Participant's
Deferred Stock Account; and (iii) this Plan shall be terminated.

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                  12.4 Change of Control Events. For purposes of this Plan,
Change of Control shall mean any of the following events:

                        (i) The acquisition by any individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
Act of 1934, as amended (the "Exchange Act") (a "Person") of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
of 20 percent or more of either (1) the then outstanding shares of the Common
Stock of the Company (the "Outstanding Company Common Stock"), or (2) the
combined voting power of then outstanding voting securities of the Company
entitled to vote generally in the election of directors (the "Outstanding
Company Voting Securities"); provided, however, that the following acquisitions
shall not constitute a Change of Control (A) any acquisition directly from the
Company (excluding an acquisition by virtue of the exercise of a conversion
privilege unless the security being so converted was itself acquired directly
from the Company), (B) any acquisition by the Company, (C) any acquisition by
any employee benefit plan (or related trust) sponsored or maintained by the
Company or any corporation controlled by the Company or (D) any acquisition by
any corporation pursuant to a reorganization, merger or consolidation, if,
following such reorganization, merger or consolidation, the conditions described
in clauses (A), (B) and (C) of paragraph (iii) of this Section 12.4 are
satisfied; or

                        (ii) Individuals who, as of the date hereof, constitute
the Board of the Company (as of the date hereof, "Incumbent Board") cease for
any reason to constitute at least a majority of the Board; provided, however,
that any individual becoming a director subsequent to the date hereof whose
election, or nomination for election by the Company's stockholders, was approved
by a vote of at least a majority of the directors then comprising the Incumbent
Board shall be considered as though such individual were a member of the
Incumbent Board, but excluding, for this purpose, any such individual whose
initial assumption of office occurs as a result of either an actual or
threatened election contest (as such terms are used in Rule 14a-11 of Regulation
14A promulgated under the Exchange Act) or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the
Board; or

                        (iii) Approval by the stockholders of the Company of a
reorganization, merger, binding share exchange or consolidation, unless,
following such reorganization, merger, binding share exchange or consolidation
(1) more than 60 percent of, respectively, then outstanding shares of common
stock of the corporation resulting from such reorganization, merger, binding
share exchange or consolidation and the combined voting power of then
outstanding voting securities of such corporation entitled to vote generally in
the election of directors is then beneficially owned, directly or indirectly, by
all or substantially all of the individuals and entities who were the beneficial
owners, respectively, of the Outstanding Company Common Stock and Outstanding
Company Voting Securities immediately prior to such reorganization, merger,
binding share exchange or consolidation in substantially the same proportions as
their ownership, immediately prior to such reorganization, merger, binding share
exchange or consolidation, of the Outstanding Company Common Stock and
Outstanding Company Voting Securities, as the case may be, (2) no Person
(excluding the Company, any employee benefit plan (or related trust) of the
Company or such corporation resulting from such reorganization, merger, binding
share exchange or consolidation and any Person beneficially owning, immediately
prior to such reorganization, merger, binding share exchange or consolidation,
directly or indirectly, 20 percent or more of the Outstanding Company Common
Stock or Outstanding Company Voting Securities, as the case may be) beneficially
owns, directly or indirectly, 20 percent or more of, respectively, then
outstanding shares of common stock of the corporation resulting from such
reorganization, merger, binding share exchange or consolidation or the combined
voting power of then outstanding voting securities of such corporation entitled
to vote generally in the election of directors, and (3) at least a majority of
the members of the board of directors of the corporation resulting from such
reorganization, merger, binding share exchange or consolidation were members of
the Incumbent Board at the time of the execution of the initial agreement
providing for such reorganization, merger, binding share exchange or
consolidation; or

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                        (iv) Approval by the stockholders of the Company of (1)
a complete liquidation or dissolution of the Company, or (2) the sale or other
disposition of all or substantially all of the assets of the Company, other than
to a corporation, with respect to which following such sale or other
disposition, (A) more than 60 percent of, respectively, then outstanding shares
of common stock of such corporation and the combined voting power of then
outstanding voting securities of such corporation entitled to vote generally in
the election of directors is then beneficially owned, directly or indirectly, by
all or substantially all of the individuals and entities who were the beneficial
owners, respectively, of the Outstanding Company Common Stock and Outstanding
Company Voting Securities immediately prior to such sale or other disposition in
substantially the same proportion as their ownership, immediately prior to such
sale or other disposition, of the Outstanding Company Common Stock and
Outstanding Company Voting Securities, as the case may be, (B) no Person
(excluding the Company and any employee benefit plan (or related trust) of the
Company or such corporation and any Person beneficially owning, immediately
prior to such sale or other disposition, directly or indirectly, 20 percent or
more of the Outstanding Company Common Stock or Outstanding Company Voting
Securities, as the case may be) beneficially owns, directly or indirectly, 20
percent or more of, respectively, then outstanding shares of common stock of
such corporation and the combined voting power of then outstanding voting
securities of such corporation entitled to vote generally in the election of
directors, and (3) at least a majority of the members of the board of directors
of such corporation were members of the Incumbent Board at the time of the
execution of the initial agreement or action of the Board providing for such
sale or other disposition of assets of the Company.

         13. Administration; Amendment and Termination.

                  13.1 Administration. This Plan shall be administered by a
committee consisting of two members who shall be the current directors of the
Company or senior executive officers or other directors who are not Participants
as may be designated by the Chief Executive Officer (the "Committee"), which
shall have full authority to construe and interpret this Plan, to establish,
amend and rescind rules and regulations relating to this Plan, and to take all
such actions and make all such determinations in connection with this Plan as it
may deem necessary or desirable.

                  13.2 Amendment and Termination. The Board may from time to
time make such amendments to this Plan, including to preserve or come within any
exemption from liability under Section 16(b) of the Exchange Act, as it may deem
proper and in the best interest of the Company without further approval of the
Company's stockholders, provided that, to the extent required under Nevada law
or to qualify transactions under this Plan for exemption under Rule 16b-3
promulgated under the Exchange Act, no amendment to this Plan shall be adopted
without further approval of the Company's stockholders and, provided, further,
that if and to the extent required for this Plan to comply with Rule 16b-3
promulgated under the Exchange Act, no amendment to this Plan shall be made more
than once in any six month period that would change the amount, price or timing
of the grants of the Common Stock hereunder other than to comport with changes
in the Code, the Employee Retirement Income Security Act of 1974, as amended, or
the regulations thereunder. The Board may terminate this Plan at any time by a
vote of a majority of the members thereof.

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         14.      Miscellaneous.

                  14.1 No Obligation. Nothing in this Plan shall be deemed to
create any obligation on the part of the Board to nominate any Director for
reelection by the Company's stockholders or to limit the rights of the
stockholders to remove any Director.

                  14.2 Withholding Taxes. The Company shall have the right to
require, prior to the issuance or delivery of any shares of the Common Stock
pursuant to this Plan, that a Participant make arrangements satisfactory to the
Committee for the withholding of any taxes required by law to be withheld with
respect to the issuance or delivery of such shares, including, without
limitation, by the withholding of shares that would otherwise be so issued or
delivered, by withholding from any other payment due to the Participant, or by a
cash payment to the Company by the Participant.

                  14.3 Governing Law. The Plan and all actions taken thereunder
shall be governed by and construed in accordance with the laws of the State of
Nevada.

                  14.4 Information to Stockholders. The Company shall furnish to
each of its stockholders financial statements of the Company at least annually.

         IN WITNESS WHEREOF, this Plan has been adopted effective as of October
22, 2004.

                                AXIA GROUP INC.

                                By:/s/ Jody R. Regan
                                   ---------------------------------------------
                                   Jody R. Regan,
                                   President

                                       8ExpressJet Holdings, Inc.

	
Exhibit 10.1

September 22, 2004

__________________

__________________

__________________

Dear _____________:

            In September 2004, the Board of Directors of ExpressJet
Holdings, Inc. (the “Company”) granted certain flight benefits to the non-employee members of the Board of Directors of
the Company.  The purpose of this letter agreement, as contemplated and authorized by such resolutions, is to set forth the
contractual obligations of the parties with respect to such flight benefits.  This letter agreement comprises the sole
agreement between you and the Company relating to such flight benefits and supersedes any prior arrangements, understandings and
agreements between us with respect thereto.

            Pursuant to such resolutions, you are hereby granted Flight
Benefits for the term of your service as a director of the Company on each airline operated by the Company (the “ExpressJet
system”).  As used herein, “Flight Benefits” means flight benefits consisting of:

            (1) space available passes for you and your qualifying family
members at the S200 or equivalent level and a Universal Air Travel Plan (“UATP”) card (or, in the event of
discontinuance of the UATP program, a similar charge card permitting the purchase of air travel through direct billing to the
Company or any successor or successors thereto (a “Similar Card”)) in your name for charging flights (in any fare
class) on an annual basis up to the applicable Annual Travel Limit (as hereinafter defined) with respect to such year in value
(valued identically to the calculation of imputed income resulting from such flight benefits described below) of flights (in any
fare class) on the ExpressJet system for you, your spouse, your family and significant others as determined by you;

            (2) space available passes for you and your qualifying family
members at the S200 or equivalent level and such positive space travel passes on each airline operated by Continental Airlines,
Inc. (“Continental” and such system being referred to herein as the “CO system”) as the Company is able to
secure for its non-employee directors (currently 12 positive space, round-trip, first class/business class passes on the CO system
per year per Outside Director);

            (3) a Platinum Elite OnePass Card (or similar highest
category frequent flyer card) for use during the period that the Company participates in the OnePass program and is able to secure
such OnePass card from Continental;

            (4) a membership in Continental’s Presidents Club (or
any successor program maintained in the CO system to which the Company has access or another program in the ExpressJet system if
that system no longer uses the Presidents Clubs); and

            (5) payment by the Company to you while a member of the Board
of Directors of the Company of an annual amount (not to exceed in any year the applicable Annual Gross Up Limit (as hereinafter
defined) with respect to such year) sufficient to pay, on an after tax basis (i.e., after the payment by you of all taxes on such
amount), the U.S. federal, state and local income taxes (or, if you are not subject to U.S. income tax, the national, provincial,
local and other income taxes to which you are subject) on imputed income resulting from such flights (such imputed income to be
calculated in accordance with applicable law) or resulting from any other flight benefits extended to you as a result of your
service as a member of the Board of Directors of the Company.

            As used herein, with respect to any year, the term
“Annual Travel Limit” shall mean an amount (initially $24,108), which amount shall be adjusted (i) annually (beginning
with the year 2005) by multiplying such amount by a fraction, the numerator of which shall be Continental’s average fare per
revenue passenger for its jet operations with respect to the applicable year as reported in its Annual Report on Form 10-K (or, if
not so reported, as determined by Continental’s independent auditors) (the “Average Fare”) for such year, and the
denominator of which shall be the Average Fare for the prior year, (ii) annually to add thereto any portion of such amount unused
since the year 2004, and (iii) after adjustments described in clauses (i) and (ii) above, automatically upon any change in the
valuation methodology for imputed income from flights (as compared with the valuation methodology for imputed income from flights
used by Continental on the date hereof), so as to preserve the benefit of $24,108 annually (adjusted in accordance with clauses (i)
and (ii) above) of flights relative to current valuation methodology (e.g., if a change in the valuation methodology results, on
average, in such flights being valued 15% higher than current valuation, then the Annual Travel Limit would be increased by 15% to
$27,724,

assuming no other adjustments pursuant to clauses (i) and (ii) above).  In determining any adjustment pursuant to clause
(iii) above, the Company shall be entitled to rely on a good faith calculation performed by its independent auditors based on a
statistically significant random sampling of flight valuations compared with the applicable prior valuations of identical flights,
which calculation (and the basis for any adjustments pursuant to clauses (i) or (ii) above) will be provided to you upon your
request. The Company will promptly notify you in writing of any adjustments to the Annual Travel Limit described in this
paragraph.

            As used herein, with respect to any year, the term
“Annual Gross Up Limit” shall mean an amount (initially $6,027), which amount shall be adjusted (i) annually (beginning
with the year 2005) by multiplying such amount by a fraction, the numerator of which shall be the Average Fare for such year, and
the denominator of which shall be the Average Fare for the prior year, (ii) annually to add thereto any portion of such amount
unused since the year 2004, and (iii) after adjustments described in clauses (i) and (ii) above, automatically upon any change in
the valuation methodology for imputed income from flights (as compared with the valuation methodology for imputed income from
flights used by Continental on the date hereof), so as to preserve the benefit of $6,027 annually (adjusted in accordance with
clauses (i) and (ii) above) of tax gross up relative to current valuation methodology (e.g., if a change in the valuation
methodology results, on average, in flights being valued 15% higher than current valuation, then the Annual Gross Up Limit would be
increased by 15% to $6,931, assuming no other adjustments pursuant to clauses (i) and (ii) above). In determining any adjustment
pursuant to clause (iii) above, the Company shall be entitled to rely on a good faith calculation performed by its independent
auditors based on a statistically significant random sampling of flight valuations compared with the applicable prior valuations of
identical flights, which calculation (and the basis for any adjustments pursuant to clauses (i) or (ii) above) will be provided to
you upon your request.  The Company will promptly notify you in writing of any adjustments to the Annual Gross Up Limit
described in this paragraph.

            As used herein, a year may consist of twelve consecutive
months other than a calendar year, it being the Company's current practice for purposes of Flight Benefits for a year to commence
on November 1 and end on the following October 31 (for example, the twelve-month period from November 1, 2003 to October 31, 2004
is considered the year 2004 for purposes of Flight Benefits); provided that all calculations for purposes of clause (i) in the
prior two paragraphs shall be with respect to fiscal years of the Company.

            No tickets issued on the ExpressJet system in connection with
the Flight Benefits may be purchased other than directly from the Company or its successor or successors (i.e., no travel agent or
other fee or commission based distributor may be used), nor may any such tickets be sold or transferred by you or any other person,
nor may any such tickets be used by any person other than the person in whose name the ticket is issued. You agree that, after
receipt of an invoice or other accounting statement therefore, you will promptly (and in any event within 45 days after receipt of
such invoice or other accounting statement) reimburse the Company for all charges on your UATP card (or Similar Card) that are not
for flights on the ExpressJet system and that are not otherwise reimbursable to you under the existing policies of the Company for
reimbursement of business expenses of members of the Board of Directors, or that are for tickets in excess of the applicable Annual
Travel Limit.  You agree that the credit availability under your UATP card (or Similar Card) may be suspended if you do not
timely reimburse the Company as described in the foregoing sentence or if you exceed the applicable Annual Travel Limit with
respect to a year; provided, that, immediately upon the Company's receipt of your reimbursement in full (or, in the case of
exceeding the applicable Annual Travel Limit, beginning the next following year and after such reimbursement), the credit
availability under your UATP card (or Similar Card) will be restored.

            The sole cost to you of flights on the ExpressJet system
pursuant to use of your Flight Benefits will be the imputed income with respect to flights on the ExpressJet system charged on your
UATP card (or Similar Card), calculated as required by law, and reported to you as required by applicable law.  With respect
to any period for which the Company is obligated to provide the tax gross up described above, you will provide to the Company, upon
request, a calculation or other evidence of your marginal tax rate sufficient to permit the Company to calculate accurately the
amount to be paid to you.

            You agree that your Flight Benefits are intended to be used
principally for personal reasons and may not be used for business purposes (other than business purposes on behalf of the Company,
and other than business usage that is incidental or de minimus, defined as amounting to less than 10% of the total value of flights
on the ExpressJet system charged to your UATP card (or any Similar Card) during any year), and that credit availability on your
UATP card (or any Similar Card) may be suspended if your UATP card (or any Similar Card) is used for business purposes other than
as described above and, after receiving written notice from the Company to cease such usage, you continue to use your UATP card (or
any Similar Card) for such business purposes.

            This letter agreement shall be binding upon and inure to the
benefit of the Company and any successor of the Company, including without limitation any person, association, or entity which may
hereafter acquire or succeed to all or substantially all of the business or assets of Company by any means whether direct or
indirect, by purchase, merger, consolidation, or otherwise.  This letter agreement and the benefits or obligations hereunder
may not be assigned by you.

            If you are in agreement with the terms of this letter
agreement, please execute the enclosed copy hereof and return it to the Company at the above address, whereupon this letter
agreement will become a binding obligation of the parties hereto.

Sincerely,

EXPRESSJET HOLDINGS, INC.

 

By:_________________________________

            Scott R. Peterson

            Vice President and General Counsel

 

ACCEPTED AND AGREED

as of the date first above written:

 

____________________________________

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