Document:

<PAGE>

                                                                   Exhibit 10(b)

                   Executive Group Incentive Compensation Plan
                                     (EGICP)

                                   2000 - 2004

<PAGE>

                       Airborne Freight Corporation D/B/A
                            "Airborne Express, Inc."

                   EXECUTIVE GROUP INCENTIVE COMPENSATION PLAN
                   -------------------------------------------

                  Effective January 1, 2000 - December 31, 2004

1)   Purpose
     -------
     The purpose of this Plan is to achieve Corporate goals by providing
     incentive compensation to eligible key executives who through industry,
     ability and exceptional service, contribute materially to the success of
     Airborne Express.

2)   Definitions
     -----------

     When used in the Plan, the following words and phrases shall have the
     following meanings:

     a)   Attainment - The actual results of effort to reach the Target for a
          ----------
          Performance Measure, usually stated as a percentage of Target.

     b)   Beneficiary - The beneficiary or beneficiaries designated to receive
          -----------
          the amount, if any, payable under the Plan upon the death of a
          Participant.

     c)   Board - The Board of Directors of Airborne Freight Corporation.
          -----

     d)   Compensation Committee - The Compensation Committee of the Board.
          ----------------------

     e)   Maximum - The point above Target that represents the maximum payout
          -------
          level for a particular Performance Measure.

     f)   Net Profit - Pre-tax, pre-profit sharing net profit.
          ----------

     g)   Participant - Any employee eligible to receive awards under section 4.
          -----------

     h)   Performance Measure - A specific objective measure to assess success
          -------------------
          in achieving established goals. Permitted Performance Measures are
          listed in section 5.

     i)   Plan - The 2000 - 2004 Executive Group Incentive Compensation Plan.
          ----

     j)   Plan Year - Each calendar year for which Performance Measures and
          ---------
          Targets are established for the Company.

     k)   Retirement - When an employee leaves active service and qualifies
          ----------
          under the Company's regular or early retirement programs.

     l)   Target - The point at which performance equals 100% of the stated
          ------
          objective.

     m)   Threshold - The point below Target at which incentive payout for each
          ---------
          Performance Measure begins.

3)   Administration
     --------------
     a)   The Compensation Committee will have the power to interpret the Plan
          and to make all determinations necessary or desirable for its
          administration.

     b)   The decision of the Compensation Committee on any question concerning
          the interpretation or administration of the Plan will be final and
          conclusive. Nothing in the Plan will be deemed to give any officer or
          employee, or legal representatives or assigns, any right to
          participate in the Plan except to such extent as the Compensation
          Committee may determine pursuant to the provisions of the Plan.

                                                                               2

<PAGE>

4)   Eligibility
     -----------

     a)   Positions eligible for the Executive Group Incentive Compensation Plan
          (EGICP) are:

            Senior Executive Vice Presidents
            Executive Vice Presidents (EVPs)
            Chief Executive Officer, ABX Air, Inc.
            President, ABX Air, Inc.
            Chief Financial Officer (CFO)

     Except as otherwise provided below, participants for a Plan Year must be
     employed for the entire Plan Year.

     b)   With approval of the Compensation Committee, prior to June 30 of each
          Plan Year, additional employees may be included in the Plan, with any
          award pro-rated as shall be determined by the Compensation Committee.

     c)   Participants who retire in good standing during the year will be
          eligible for a pro-rated award for the year in which they retire
          provided they are on the active payroll on June 30th or later of the
          Plan Year.

     d)   Participants who take a leave of absence will have their awards
          calculated based on actual Airborne salary earnings for the calendar
          year. Any disability insurance payments will not be included as
          earnings in calculating awards. Participants who are on a leave of
          absence for more than 90 days and who continue to receive full or
          partial salary continuance will have their awards adjusted. Any salary
          paid while on a leave of absence period over 90 days will not be
          included in the base used to calculate awards.

5)   Performance Measures

     Unless otherwise determined by the Committee, bonuses for the Executive
     Group will be based on the following Performance Measure -- assigned
     management by objectives (MBOs) that specifically relate to the individual
     executive and his/her responsibilities. The Compensation Committee will set
     annual Targets for the Performance Measure within 90 days after the
     beginning of each Plan Year and such Targets will not be changed
     thereafter. The Targets may be ratified by the Board.

     MBO is the performance measure and is the basis of 100% of the bonus
     allocation.

          (1)  Quantitatively based, but judgmentally applied.
          (2)  Meaningful - represents impact of position.
          (3)  Reporting System - uses existing reporting systems.
          (4)  Quantifiable results are subject to override by the
               Committee/CEO/CFO.

6)   Qualifiers on Performance Measures
     ----------------------------------

     a)   The amount of bonus paid on MBO achievements will be at the discretion
          of the Committee/CEO/CFO.
     b)   The bonus percentage is applied to the Participant's salary paid in
          the Plan (calendar) Year.
     c)   No bonus will be paid for Revenue Growth unless the Threshold for Net
          Profit is achieved.
     d)   To receive any award under EGICP, a Participant's individual
          performance must be evaluated as at least competent by the
          Compensation Committee.
     e)   The Committee has the discretion to reduce or increase or eliminate
          any award earned under the EGICP plan.

7)   Bonus Amounts
     -------------
     Actual bonuses will be determined by multiplying the following percentages,
     or a pro-rated portion thereof, by the Participant's annual salary.

                                    Threshold                      Maximum
Position                         (60% of Target)    Target(1)  (150% of Target)
--------------------------------------------------------------------------------
Sr. EVPs, CEO ABX Air, Inc.           26.0%          65.0%          130.0%
EVPS, President ABX Air, Inc.         24.0%          60.0%          120.0%

          (1) The Committee/CEO/CFO have the authority to increase or decrease
          the quantifiable MBO attainment percents based on their judgment of
          MBO accomplishments.

8)   Allocations
     -----------
     Unless otherwise determined under section 5, the EGICP incentive payment
     percentages for Attainment of Performance Measures are:

                          Sr. EVPs, CEO ABX Air, Inc.
                          (70% Corporate / 30% MBO)
<TABLE>
<CAPTION>
                70% Corporate                      30% MBO
   Goal                           Corp.
Attainment    Profit   Revenue    Total    MBO #1 (1)   MBO #2 (1)   MBO Total
--------------------------------------------------------------------------------
<S>           <C>      <C>        <C>      <C>          <C>          <C>
Threshold     13.65%    4.55%     18.20%      3.90%        3.90%        7.80%
Target        34.12%   11.38%     45.50%      9.75%        9.75%       19.50%
Maximum       68.25%   22.75%     91.00%     19.50%       19.50%       39.00%
</TABLE>

          (1) The Committee/CEO/CFO have the authority to increase or decrease
          the quantifiable MBO attainment percents based on their judgment of
          MBO accomplishments.

                                                                               3

<PAGE>

                          EVPs, President ABX Air, Inc.
                          (70% Corporate / 30% MBO)
<TABLE>
<CAPTION>
                70% Corporate                      30% MBO
   Goal                           Corp.
Attainment    Profit   Revenue    Total    MBO #1 (1)   MBO #2 (1)   MBO Total
--------------------------------------------------------------------------------
<S>           <C>      <C>        <C>      <C>          <C>          <C>
Threshold     12.60%    4.20%     16.80%      3.60%        3.60%        7.20%
Target        31.50%   10.50%     42.00%      9.00%        9.00%       18.00%
Maximum       63.00%   21.00%     84.00%     18.00%       18.00%       36.00%
</TABLE>

          (1) The Committee/CEO/CFO have the authority to increase or decrease
          the quantifiable MBO attainment percents based on their judgment of
          MBO accomplishments.

9)   Example
     -------
     An example incentive calculation for the EVP level is shown on Pages 6 - 7.

10)  Form of Payment
     ---------------
     Awards shall be paid entirely in cash. Payments will be made as soon as
     practicable after audited performance results are known and approved by the
     Compensation Committee, which should be on or about March 1. Award checks
     are prepared by the Payroll Department and the amounts are subject to tax
     withholding and Capital Accumulation Plan (CAP) deductions.

     If a Participant dies before the end of the Plan Year an amount equal to a
     pro-rated portion thereof as of the date of death shall be paid in one lump
     cash sum to the Participant's Beneficiary.

11)  Designation of Beneficiaries
     ----------------------------
     Each Participant shall file with the Company a written designation of one
     or more persons as the Beneficiary who shall be entitled to receive the
     amount, if any, payable under the Plan upon the Participant's death. A
     Participant may, from time to time, revoke or change his Beneficiary
     designation without the consent of any prior Beneficiary by filing a new
     designation. The last such designation received shall be controlling,
     provided, however, that no designation, or change or revocation thereof,
     shall be effective unless received by the Company prior to the
     Participant's death, and in no event shall it be effective as of a date
     prior to such receipt.

12)  Absence of Valid Designation
     ----------------------------
     If no such Beneficiary designation is in effect at the time of a
     Participant's death, or if no designated Beneficiary survives the
     Participant, or if such designation conflicts with the law, the Participant
     shall be deemed to have designated the Participant's estate as the
     Participant's Beneficiary and the Participant's estate shall receive the
     payment of the amount, if any, under the Plan upon the Participant's death.
     If the Compensation Committee is in doubt as to the right of any person to
     receive such amount, the Compensation Committee may direct retention of
     such amount, without liability for any interest thereon, until the rights
     thereto are determined or the Compensation Committee may pay such amount to
     any court of appropriate jurisdiction and such payment shall be a complete
     discharge of the liability of the Plan and of Airborne Express therefore.

                                                                               4

<PAGE>

13)  No Liability of Compensation Committee, Board Members or Officers
     -----------------------------------------------------------------
     No members of the Compensation Committee, Board or Corporate officers shall
     be personally liable by reason of any contract or other instrument executed
     by them or on their behalf nor for any mistake or judgment made in good
     faith, and Airborne shall indemnify and hold harmless each member of the
     Board and each other officer, employee or director of Airborne Express to
     whom any duty or power relating to the administration or interpretation of
     the Plan may be allocated or delegated, against any cost or expense
     (including counsel fees) or liability (including any sum paid in settlement
     of a claim with the approval of the Compensation Committee) arising out of
     any act or omission to act in connection with the Plan unless arising out
     of such person's own fraud or bad faith.

14)  Right to Amend, Suspend or Terminate Plan
     -----------------------------------------
     The Board reserves the right at any time to amend, suspend or terminate the
     Plan in whole or in part and for any reasons and without the consent of any
     Participant or Beneficiary; provided that no such amendment shall adversely
     affect rights to receive any amount to which Participants or Beneficiaries
     have become entitled prior to such amendment. Unless otherwise provided
     herein, any amendment, modification, suspension or termination of any
     provisions of the Plan may be made retroactively.

15)  No Rights to Continued Employment or Bonus
     ------------------------------------------
     Nothing contained in the Plan shall give any employee the right to be
     retained in the employment of Airborne Express or affect the right of
     Airborne Express to dismiss any employee. The adoption of the Plan shall
     not constitute a contract between Airborne Express and any employee. No
     Participant shall receive any right to be granted an award hereunder nor
     shall any such award be considered as compensation under any employee
     benefit plan of Airborne Express except as otherwise determined by Airborne
     Express.

16)  No Right, Title, or Interest in Assets
     --------------------------------------
     The Participant shall have no right, title, or interest whatsoever in or to
     any investments which Airborne Express may make to aid in meeting its
     obligations under the Plan. Nothing contained in the Plan, and no action
     taken pursuant to its provisions, shall create or be construed to create a
     fiduciary relationship between Airborne Express and any Participant or any
     other person. To the extent that any person acquires a right to receive
     payments from Airborne Express under this Plan, such right shall be no
     greater than the right of an unsecured general creditor of Airborne
     Express.

17)  Unfunded Plan: Governing Law
     ----------------------------
     The Plan is intended to constitute an incentive compensation arrangement
     for a select group of management or highly compensated personnel and all
     rights thereunder shall be governed by and construed in accordance with the
     laws of the State of Washington.

                                                                               5<PAGE>
                                                                   EXHIBIT 10(c)

            FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
            --------------------------------------------------------

         THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this
"Amendment") is dated as of the 14th day of March, 2002, among AIRBORNE EXPRESS,
INC., a Delaware corporation ("Express"), ABX AIR, INC., a Delaware corporation
("ABX"; ABX and Express each a "Borrower" and, together, jointly and severally,
the "Borrowers"), AIRBORNE, INC., a Delaware corporation (the "Parent"), the
Lenders party hereto, and WACHOVIA BANK, N.A., a national banking association,
as a Lender, the Administrative Agent, and the Collateral Agent.

                             W I T N E S S E T H :
                             - - - - - - - - - -

         WHEREAS, the Borrowers, the Parent, the Administrative Agent, the
Collateral Agent, and the Lenders are parties to that certain Amended and
Restated Credit Agreement dated as of June 29, 2001 (as the same may be amended,
restated, supplemented, or otherwise modified from time to time, the "Credit
Agreement");

         WHEREAS, the Borrowers and the Parent have requested and the
Administrative Agent, the Collateral Agent, and the Lenders party hereto have
agreed to certain amendments to the Credit Agreement, subject to the terms and
conditions hereof;

         NOW, THEREFORE, for and in consideration of the above premises and
other good and valuable consideration, the receipt and sufficiency of which
hereby is acknowledged by the parties hereto, the Borrowers, the Parent, the
Administrative Agent, the Collateral Agent, and the Lenders party hereto hereby
covenant and agree as follows:

1.          Definitions. Unless otherwise specifically defined herein, each term
            -----------
         used herein which is defined in the Credit Agreement shall have the
         meaning assigned to such term in the Credit Agreement. Each reference
         to "hereof," "hereunder," "herein," and "hereby" and each other similar
         reference and each reference to "this Agreement" and each other similar
         reference contained in the Credit Agreement shall from and after the
         date hereof refer to the Credit Agreement as amended hereby.

2.          Amendments.  (a) Section 1.01 of the Credit  Agreement is hereby
            ----------
         amended (i) by adding the following new  definition  thereto in
         alphabetical order:

               "Convertible Debt Offering" means an offering of Debt by the
          Parent, convertible into common stock (i) that, by its terms, shall
          not: (a) exceed $150,000,000 in the aggregate principal amount
          (including therein an over-allotment option); (b) bear interest per
          annum at a rate higher than 10.0%; (c) mature sooner than December 31,
          2006; (d) be secured by any collateral security or Guaranteed (other
          than by Guarantees of the Borrowers or the Subsidiaries of the Parent
          that Guarantee Debt owed to the Lenders under this Agreement) or
          otherwise violate any provision of this Credit Agreement; (e) whether
          as Debt or after any conversion as Capital Stock, be callable or
          redeemable (except in the case of a change of control with respect to
          the Parent), in either case, by the holder thereof; or (f) be issued
          by the Parent on a date after June 30, 2002, and (ii) $100,000,000 of
          the proceeds of which will be invested as permitted by Section
          6.16(g), (h), (i),

<PAGE>

          (j) or (n), and which shall be applied solely to the repayment on the
          maturity date of the notes issued under the terms of the Indenture
          that are due and payable in December 2002.

         and (ii) by amending and restating in its entirety clause (b) of the
definition of "Net Cash Proceeds" as follows:

               (b) with respect to any cash proceeds received by the Parent or
          any Subsidiary in respect of the issuance of any Capital Stock or
          Redeemable Preferred Stock or the incurring of any Debt for money
          borrowed (except Debt (i) secured by Purchase Money Liens, and (ii)
          obtained from the Convertible Debt Offering), all such cash proceeds,
          after deducting therefrom all reasonable and customary costs and
          expenses incurred by the Parent or such Subsidiary directly in
          connection with the issuance of such Capital Stock or Redeemable
          Preferred Stock or the incurring of such Debt for money borrowed.

     (b)  Section 2.12(c)(ii) of the Credit Agreement hereby is amended and
restated in its entirety as follows:

               (ii) 100% of the Net Cash Proceeds from the issuance of Capital
          Stock (other than pursuant to a bona fide employee or director stock
          option plan of the Parent), Redeemable Preferred Stock or Debt (other
          than the Loans) described in clause (b) of the definition of "Net Cash
          Proceeds"; and

     (c)  Section 6.05(b) of the Credit Agreement hereby is amended and restated
in its entirety as follows:

               (b) The Parent will not, nor will it permit any Subsidiary to,
          sell, lease or otherwise transfer any assets to, any other Person, or
          discontinue or eliminate any business line or segment, provided that
          the foregoing limitation on the sale, lease or other transfer of
          assets and on the discontinuation or elimination of a business line or
          segment shall not prohibit (i) the sale of Receivables pursuant to the
          Receivables Securitization Program; (ii) sale and leaseback
          transactions described in the definition of "Excluded Aircraft
          Financings"; or (iii) so long as no Event of Default is in existence
          and subject to Section 2.12(c), the sale, lease or other transfer of
          assets (other than Capital Stock issued by any Subsidiary of the
          Parent) not exceeding $5,000,000 in book value in the aggregate in any
          Fiscal Year among all of such assets of the Parent and the
          Subsidiaries, or $500,000 in book value in any one instance; (iv) upon
          the prior written consent of the Required Lenders, which consent shall
          not be unreasonably withheld or delayed, so long as no Event of
          Default is in existence, the sale, lease or other transfer of assets
          (other than Capital Stock issued by any Subsidiary of the Parent)
          owned by Subsidiaries (other than the Borrowers) and located at places
          of business outside of the United States not exceeding $10,000,000 in
          book value in the aggregate in any Fiscal Year; or (v) the sale of the
          Parent's and the Subsidiaries' inventory in the ordinary course of
          business.

     (d)  Section 6.15 of the Credit Agreement hereby is amended and restated in
its entirety as follows:

               SECTION 6.15. Restricted Payments.

               The Parent will not declare or make any Restricted Payment during
          any Fiscal Year; provided that, so long as no Event of Default is in
          existence before or after giving effect thereto, (a) solely with
          respect to the Parent's Fiscal Quarter ending on June 30, 2002, Parent
          may make certain Restricted Payments during such Fiscal Quarter
          consisting of (i) redemptions declared

                                       2

<PAGE>

          prior to or during such Fiscal Quarter in an amount not exceeding
          $250,000 with respect to certain shareholder rights plans of the
          Parent, and (ii) Dividends declared prior to or during such Fiscal
          Quarter in an amount not exceeding $2,000,000; and (b) for all other
          Fiscal Quarters, Parent may pay Dividends in an amount not exceeding
          $2,000,000 (plus, with respect to any common stock obtained via
          conversion in connection with the Convertible Debt Offering, an
          additional amount not exceeding $300,000) during any Fiscal Quarter
          with respect to Dividends declared prior to or during such Fiscal
          Quarter.

     (e)  A new clause (p) is hereby added to Section 6.16 of the Credit
Agreement as follows:

             (p) Investments which constitute Guarantees permitted under the
          terms of Section 6.24 of this Agreement;

     (f)  Section 6.24 of the Credit Agreement hereby is amended and restated in
its entirety as follows:

               SECTION 6.24. Permitted Debt.

               The Parent will not, nor will it permit any Subsidiary to,
          create, assume, issue, or incur any Debt other than (i) Debt existing
          on the date hereof and listed on Schedule 6.24; (ii) Debt under this
          Agreement or the other Loan Documents; (iii) Debt incurred by an
          Aircraft Financing Subsidiary in connection with an Excluded Aircraft
          Financing; (iv) Debt incurred by a Domestic Subsidiary and arising
          from any Swap Agreement relating to an Excluded Aircraft Financing;
          (v) Debt secured by Purchase Money Liens; (vi) Debt issued by the
          Parent and Guaranteed by the Borrowers and other Subsidiaries of the
          Parent pursuant to the Convertible Debt Offering; and (vii) other Debt
          in an aggregate principal amount not to exceed $1,000,000 at any time.

3.          Restatement of Representations and Warranties. The Borrowers and the
            ---------------------------------------------
         Parent hereby restate and renew each and every representation and
         warranty heretofore made by any of them in the Credit Agreement and the
         other Loan Documents as fully as if made on the date hereof (except
         that to the extent such representation or warranty is expressly made as
         of a prior date) and with specific reference to this Amendment and all
         other Loan Documents executed and/or delivered in connection herewith.

4.          Effect of Amendment. Except as set forth expressly hereinabove, all
            -------------------
         terms of the Credit Agreement and the other Loan Documents shall be and
         remain in full force and effect, and shall constitute the legal, valid,
         binding and enforceable obligations of the Borrowers and the Parent.
         The amendments contained herein shall be deemed to have prospective
         application only, unless otherwise specifically stated herein.

5.          Ratification.  The Borrowers and the Parent hereby restate,  ratify,
            ------------
         and reaffirm each and every term,  covenant and condition set forth in
         the Credit Agreement and the other Loan Documents effective as of the
         date hereof.

6.          Counterparts.  This  Amendment  may be executed in any number of
            ------------
         counterparts via facsimile transmission and by different parties
         hereto in separate counterparts, each of which when so executed and
         delivered shall be deemed to be an original and all of which
         counterparts, taken together, shall constitute but one and the same
         instrument.

                                       3

<PAGE>

7.          Section References.  Section titles and references used in this
            ------------------
         Amendment shall be without  substantive meaning or content of any kind
         whatsoever and are not a part of the agreements among the parties
         hereto evidenced hereby.

8.          No Default. To induce the Administrative Agent, the Collateral
            ----------
         Agent, and the Lenders party hereto to enter into this Amendment and to
         continue to make advances pursuant to the Credit Agreement, the
         Borrowers and the Parent hereby acknowledge and agree that, as of the
         date hereof, and after giving effect to the terms hereof, there exists
         (i) no Default or Event of Default and (ii) no right of offset,
         defense, counterclaim, claim or objection in favor of the Borrowers or
         the Parent arising out of or with respect to any of the Loans or other
         obligations of the Borrowers or the Parent owed to the Lenders under
         the Credit Agreement.

9.          Further  Assurances.  The  Borrowers  and the Parent agree to take
            -------------------
         such further actions as the Administrative Agent or the Collateral
         Agent shall reasonably request in connection herewith to evidence the
         amendments herein contained.

10.         Governing Law. This  Amendment  shall be governed by and construed
            -------------
         and interpreted in accordance  with, the laws of the State of Georgia.

11.         Conditions  Precedent.  This  Amendment  shall become  effective
            ---------------------
         only upon execution and delivery (i) of this Amendment by the
         Borrowers, the Parent, the Administrative  Agent, the Collateral Agent,
         and the Required Lenders, and (ii) of the Consent and Reaffirmation of
         Guarantors at the end hereof by each of the Guarantors.

                         [SIGNATURES ON FOLLOWING PAGES]

                                       4

<PAGE>

         IN WITNESS WHEREOF, the Borrowers, the Parent, the Administrative
Agent, the Collateral Agent, and each of the Lenders party hereto has caused
this Amendment to be duly executed, under seal, by its duly authorized officer
as of the day and year first above written.

                          BORROWERS:

                          AIRBORNE EXPRESS, INC.                    (SEAL)

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

                          ABX AIR, INC.                             (SEAL)

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

                          PARENT:

                          AIRBORNE, INC.                            (SEAL)

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

<PAGE>

                          ADMINISTRATIVE AGENT:

                          WACHOVIA BANK, N.A., as Administrative Agent
                                                                    (SEAL)

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

                          COLLATERAL AGENT:

                          WACHOVIA BANK, N.A., as Collateral Agent
                                                                    (SEAL)

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

<PAGE>

                          LENDERS:

                          WACHOVIA BANK, N.A.                       (SEAL)

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

<PAGE>

                          NATIONAL CITY BANK                        (SEAL)

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

<PAGE>

                          THE BANK OF TOKYO-MITSUBISHI, LTD.
                          PORTLAND BRANCH                           (SEAL)

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

<PAGE>

                          BANK OF AMERICA, N.A.                     (SEAL)

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

<PAGE>

                          U.S. BANK NATIONAL ASSOCIATION            (SEAL)

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

<PAGE>

                          THE BANK OF NEW YORK                      (SEAL)

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

<PAGE>

                          ABN-AMRO BANK N.V.                        (SEAL)

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

<PAGE>

                          THE INDUSTRIAL BANK OF JAPAN,
                          LIMITED                                   (SEAL)

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

<PAGE>

                  CONSENT AND REAFFIRMATION OF GUARANTORS

         Each of the undersigned (i) acknowledges receipt of the foregoing First
Amendment to Amended and Restated Credit Agreement (the "Amendment"), (ii)
consents to the execution and delivery of the Amendment by the parties thereto
and (iii) reaffirms all of its obligations and covenants under its respective
Subsidiary Guaranty Agreement or Parent Guaranty (as the case may be) dated as
of June 29, 2001, executed by it, and agrees that none of such obligations and
covenants shall be affected by the execution and delivery of the Amendment. This
Consent and Reaffirmation may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which
counterparts, taken together, shall constitute but one and the same instrument.

                          SKY COURIER, INC.

                          By:
                              -------------------------------------------------
                          Title:
                                -----------------------------------------(SEAL)

                          AIRBORNE FTZ, INC.

                          By:
                              -------------------------------------------------
                          Title:
                                -----------------------------------------(SEAL)

                          WILMINGTON AIR PARK, INC.

                          By:
                              -------------------------------------------------
                          Title:
                                -----------------------------------------(SEAL)

                          AVIATION FUEL, INC.

                          By:
                              -------------------------------------------------
                          Title:
                                -----------------------------------------(SEAL)

                          SOUND SUPPRESSION, INC.

                          By:
                              -------------------------------------------------
                          Title:
                                -----------------------------------------(SEAL)

                          AIRBORNE, INC.

                          By:
                              -------------------------------------------------
                          Title:
                                -----------------------------------------(SEAL)

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