Document:

<Page>
                                                                     Exhibit 4.1

        NUMBER                                                     SHARES

RA
---------------------          REPUBLIC AIRWAYS            ---------------------
                                  HOLDINGS
---------------------                                      ---------------------

                        REPUBLIC AIRWAYS HOLDING INC.

INCORPORATED UNDER THE LAWS                                   SEE REVERSE FOR
 OF THE STATE OF DELAWARE                                   CERTAIN DEFINITIONS

--------------------------------------------------------------------------------
                                                               CUSIP 760276 10 5

THIS CERTIFIES that

is the owner of

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             FULLY PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK,
                         PAR VALUE $.001 PER SHARE, OF

------------------------ REPUBLIC AIRWAYS HOLDINGS INC. ------------------------

transferable on the books of the Corporation by the holder hereof in person
or by duly authorized attorney upon surrender of this certificate properly
endorsed.

This certificate is not valid unless countersigned and registered by the
Transfer Agent and Registrar. CERTIFICATE OF STOCK.

WITNESS the facsimile seal of the Corporation and the facsimile signatures of
its duly authorized officers.

Dated:

/s/ Robert H. Cooper          [CORPORATE SEAL OF            /s/ Bryan K. Bedford
                        REPUBLIC AIRWAYS HOLDING INC.]
SECRETARY                                                  PRESIDENT

                                      COUNTERSIGNED AND REGISTERED:
                                         AMERICAN STOCK TRANSFER & TRUST COMPANY

                                                                  TRANSFER AGENT
                                                                   AND REGISTRAR

                                      BY

                                                            AUHTORIZED SIGNATURE

<Page>

        The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in
full according to applicable laws or regulations:

<Table>
<S>                                             <C>
TEN COM -- as tenants in common                 UNIF GIFT MIN ACT-- ______________ Custodian _____________
TEN ENT -- as tenants by the entireties                                (Cust)                   (Minor)
JT TEN  -- as joint tenants with right of                           under Uniform Gifts to Minors
           survivorship and not as tenants                          Act _______________
           in common                                                       (State)

            Additional abbreviations may also be used though not in the above list.
</Table>

FOR VALUE RECEIVED, ______________________ HEREBY SELL, ASSIGN AND TRANSFER UNTO

PLEASE INSERT SOCIAL SECURITY OR OTHER
   INDENTIFYING NUMBER OF ASSIGNEE
--------------------------------------

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

________________________________________________________________________________
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

________________________________________________________________________________

________________________________________________________________________________

_________________________________________________________________________ SHARES

OF THE CAPITAL STOCK REPRESENTED BY THE WITHIN CERTIFICATE, AND DO HEREBY
IRREVOCABLY CONSTITUTE AND APPOINT

_______________________________________________________________________ ATTORNEY

TO TRANSFER THE SAID STOCK ON THE BOOKS OF THE WITHIN NAMED CORPORATION WITH
FULL POWER OF SUBSTITUTION IN THE PREMISES.

DATED _____________________________

                                         ---------------------------------------
                                NOTICE:  THE SIGNATURE TO THIS ASSIGNMENT MUST
                                         CORRESPOND WITH THE NAME AS WRITTEN
                                         UPON THE FACE OF THE CERTIFICATE IN
                                         EVERY PARTICULAR, WITHOUT ALTERATION
                                         OR ENLARGEMENT OR ANY CHANGE WHATEVER.

Signature(s) Guaranteed:

-----------------------------------------------------
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN
ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS,
SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.<Page>

                                                                    EXHIBIT 10.2

                    CODE SHARE AND REVENUE SHARING AGREEMENT

This CODE SHARE AND REVENUE SHARING AGREEMENT (the "Agreement") is made and
entered into to be effective as of March 20, 2001 (the "Effective Date"), by and
between AMERICA WEST AIRLINES, INC., a Delaware corporation ("AWA"), and
CHAUTAUQUA AIRLINES, INC., a New York corporation ("CAI").

                                 R E C I T A L S

A. AWA holds a certificate of public convenience and necessity issued by the
Department of Transportation ("DOT") authorizing AWA to engage in the interstate
and oversees air transportation of persons, property and mail between all points
in the United States, its territories and possessions.

B. CAI holds a certificate of public convenience and necessity issued by the DOT
authorizing CAI to engage in the interstate transportation of persons, property
and mail in the United States, its territories and possessions.

C. AWA owns various trades marks, services marks and logos, including "America
West Airlines," "America West Express," and distinctive exterior color decor and
patterns on its aircraft, hereinafter referred to individually and collectively
as the "AWA Service Marks".

D. AWA and CAI desire to provide scheduled air transportation services as
America West Express using a Columbus, Ohio hub and to share in the revenue and
costs of such services as provided in this Agreement.

NOW, THEREFORE, in consideration of the promises, covenants, representations and
warranties hereinafter set forth, and for other valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, AWA and CAI agree as
set forth below.

                                A G R E E M E N T

1.       RIGHTS, RESPONSIBILITIES AND OBLIGATIONS OF CAI:

         1.1      FLIGHT SERVICE. Commencing upon the date the first Aircraft is
                  placed into Flight Services pursuant to Section 1.2 (the
                  "Commencement Date"), and continuing during the term of this
                  Agreement, CAI shall operate America West Express air
                  transportation services (the "Flight Services"), using the
                  fleet of aircraft as established pursuant to Section 1.2, to
                  and from Columbus, Ohio as the hub city ("CMH") for the Flight
                  Services, and based upon the schedule established from time to
                  time by AWA (the "Schedule") in written notice to CAI (a
                  "Schedule Notice"). AWA, to the extent reasonably practicable,
                  shall provide CAI with a Schedule Notice at least 60 days
                  prior to any Schedule change. For purposes of this Agreement,
                  "Flights" means flights operated pursuant to the Schedule. AWA
                  may change the Schedule by issuance of a Schedule Notice at
                  any time. When creating a Schedule,

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

<Page>

                  AWA shall: (i) take into account the number of Aircraft in
                  the Fleet and CAI's aircraft maintenance requirements; (ii)
                  create a Schedule which will permit CAI to schedule flight
                  crews in a manner consistent with industry operational
                  practices; (iii) schedule block times based on AWA's
                  internal block time policy; (iv) provide for a minimum of
                  30 minute turn time in CMH and 25 minute turn time in other
                  cities; (v) provide for at least [*] of the Aircraft to
                  remain overnight in CMH for a minimum of [*] hours; (vi)
                  provide for Aircraft to remain overnight at least [*] hours
                  in cities other than CMH; (vii) take into account airport
                  facilities available for Aircraft handling; (viii) provide
                  for the following Aircraft utilization: (a) an average of
                  not less than [*] block hours per day per Aircraft in the
                  Fleet during each calendar month; (b) an average of not
                  less than [*] Available Seat Miles nor more than [*]
                  Available Seat Miles per day per Aircraft in the Fleet
                  during each calendar month; and (c) an average of not less
                  than [*] departures per day per Aircraft in the Fleet
                  during each calendar month; and (ix) provide for scheduled
                  heavy maintenance on Aircraft as required from time to
                  time. CAI, to the extent reasonably practicable, shall
                  implement all changes in the Schedule contained in a
                  Schedule Notice in accordance with AWA's scheduling
                  requirements but in no event greater than 60 days after
                  receipt of a Schedule Notice. CAI or any of its affiliates
                  shall not provide any flight service from Columbus for any
                  other airline utilizing Columbus, Ohio as a hub city.
                  Except as provided in the previous sentence, CAI may
                  provide flight services for other airlines. "Available Seat
                  Miles" means one seat traveling one statute mile.

                  CAI acknowledges that AWA may Schedule Flights using ERJs
                  in and out of the Phoenix, Arizona Sky Harbor International
                  airport. Prior to CAI commencing such Flights, CAI and AWA,
                  in good faith based on prevailing market costs and
                  expenses, shall adjust the Guaranteed Costs payable
                  pursuant to Section 6.2 to take into consideration the
                  additional and increased cost of operating such Flights in
                  such location. Upon agreeing to the Guaranteed Costs
                  adjustment, AWA and CAI shall execute and attach an
                  addendum to this Agreement supplementing the Guaranteed
                  Costs Schedule. In addition to paying the increased or
                  additional Guaranteed Costs, AWA shall reimburse CAI for
                  all actual and reasonable out-of-pocket costs and expenses
                  incurred by CAI in connection with establishing Flight
                  Services out of the Phoenix, Arizona Sky Harbor
                  International Airport (the "Transition Costs"). CAI, within
                  60 days after commencement of such Flights, shall submit to
                  AWA a statement for the Transition Costs together with
                  backup documentation of such Transition Costs (the
                  "Transition Statement"). AWA shall reimburse the Transition
                  Costs within 30 days after receipt of the Transition
                  Statement.

         1.2      FLEET.

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* Confidential

                                       2
<Page>

                  1.2.1    INITIAL ERJ FLEET. CAI shall provide the Flight
                           Services using EMB 145 LR's with AE 3007 A1-P
                           engines (collectively, the "Fleet" and individually,
                           each an "Aircraft"). One Aircraft shall be
                           placed into Flight Services by CAI during or before
                           each of the following calendar months: August 2001,
                           September, 2001, October 2001 (2 Aircraft), January
                           2002, February 2002, March 2002, April 2002, May
                           2002, June 2002, July 2002, and August 2002 for a
                           total of 12 Aircraft (collectively, the "Firm
                           Aircraft"). CAI shall provide AWA with at least 90
                           days' prior written notice of the calendar week in
                           which each of the Firm Aircraft will be placed into
                           Flight Services under this Agreement (each, a
                           "Scheduled Delivery Week"). If an Aircraft is not a
                           "new" Aircraft from the manufacturer, then the
                           Aircraft shall not be older than [*] from new
                           manufacturer delivery and the interior and exterior
                           shall be decorated, painted and reconfigured to AWA
                           specifications at CAI's sole cost and expense prior
                           to the delivery date.

                  1.2.2    ERJ FLEET EXPANSION. AWA shall have the options to
                           expand the Fleet by 12 additional 50-seat ERJ
                           Aircraft from the options held by CAI to acquire
                           the Aircraft in the years 2002 and 2003 pursuant
                           to that certain agreement with the Aircraft
                           manufacturer referenced on Exhibit D, attached
                           hereto. On or before each Option Exercise Date
                           (set forth in the chart below), AWA, by written
                           notice to CAI, shall have the option to require
                           CAI to increase the Fleet by the addition  of two
                           new Aircraft in the applicable In Service Months
                           (each, a "Fleet Expansion Option"):

<Table>
<Caption>

                                    Option Exercise Date      in Service Months
                                    --------------------      -----------------
<S>                                                           <C>
                                     October 20, 2001         September,
                                                              October, November
                                                              and December 2002
                                     December 20, 2001        January and
                                                              February 2003
                                     February 20, 2002        March and April
                                                              2003
                                     April 20, 2002           May and June
                                                              2003
                                     June 20, 2002            July and August
                                                              2003
</Table>

                                    The Fleet Expansion Options are separate
                                    and individual options and may be
                                    exercised or not exercised on a separate
                                    and individual basis. The two Aircraft
                                    that are the subject of each Fleet
                                    Expansion Option shall be added to the
                                    Fleet by CAI one each in each of the
                                    applicable In Service Months.

                           (c)      CAI shall provide AWA with at least 90 days'
                                    prior written notice of the Scheduled
                                    Delivery Week for each Option Aircraft that
                                    is placed into Flight Service pursuant to
                                    this Section 1.2.2.

                  1.2.3    FLEET REDUCTION. AWA, by providing at least 180
                           days' prior written notice to CAI, amy require CAI
                           to remove from Flight Services each

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* Confidential

                                       3
<Page>

                           Aircraft after the 10th anniversary of the date
                           such Aircraft is placed into Flight Services
                           (each, a "Elimination Notice"). In addition, AWA
                           may require CAI to remove from Flight Services (i)
                           any one Aircraft after the sixth anniversary of
                           the Commencement Date, and (ii) any two Aircraft
                           after the eighth anniversary of the Commencement
                           Date, by providing CAI with an Elimination Notice
                           no less than 365 days prior to the removal date
                           (each, an "Early Elimination"). CAI shall remove
                           the applicable Aircraft from providing Flight
                           Services on the date set forth in the Elimination
                           Notice (the "Elimination Date"). From and after
                           the Elimination Date, the Aircraft shall no longer
                           be used to provide Flight Services and AWA shall
                           have no further payment obligations under this
                           Agreement for such Aircraft. In the event of an
                           Early Elimination, within 30 days after each
                           Elimination Date, AWA shall pay to CAI an amount
                           equal to [*] for each Aircraft subject to Early
                           Elimination.

                  1.2.4    SPARE AIRCRAFT. The 22nd Aircraft placed into Flight
                           Services under this Agreement shall be a spare
                           Aircraft under this Agreement. The spare Aircraft
                           shall be an Aircraft providing Flight Services for
                           all purposes under this Agreement, including, without
                           limitation, payments under Section 6.1.7 and 6.2.

                  1.2.5    FAILED DELIVERY. Notwithstanding anything in this
                           Agreement to the contrary, CAI shall not be liable
                           to AWA for the failure to deliver any Aircraft
                           during a Scheduled Delivery Week (a "FAILED
                           DELIVERY") if: (i) the failure to deliver is the
                           result of the manufacturer's failure to deliver
                           the Aircraft to CAI as a result events, facts or
                           circumstances beyond the control of CAI and not
                           directly or indirectly attributable to or arising
                           or resulting from the acts or omissions of CAI,
                           its agents, employees or contractors; (ii) CAI
                           uses commercially reasonable efforts to acquire a
                           replacement aircraft for the Aircraft that was not
                           delivered; and (iii) CAI pays to AWA any
                           compensation, damages or award obtained by Mesa
                           from the manufacturer as a result of the failed
                           delivery (an "EXCUSED FAILURE"). In the event of a
                           Failed Delivery, CAI shall use commercially
                           reasonable efforts to obtain the applicable
                           Aircraft as soon as practicable after the
                           Scheduled Delivery Week. If the Aircraft that is
                           the subject of a Failed Delivery is not delivered
                           within 90 days after the Scheduled Delivery Week,
                           then AWA shall have the option to elect not to
                           include such Aircraft under this Agreement by
                           providing written notice to CAI at any time prior
                           to the actual delivery of such Aircraft. If a
                           Failed Delivery is not the result of an Excused
                           Failure, then AWA shall have all rights and
                           remedies under this Agreement for such Failed
                           Delivery.

         1.3      PERSONNEL; TRAINING. CAI shall employ and maintain a
                  sufficient number of competent, trained personnel,
                  including, but not limited to pilots, flight attendants and
                  maintenance personnel necessary to provide the Flight
                  Services as required by this Agreement. In addition, CAI
                  shall employ and

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* Confidential

                                       4
<Page>

                  maintain a commercially reasonable number of reserve pilots
                  and flight attendants based in Columbus, Ohio Metropolitan
                  area based on the Flight Services to be provided pursuant
                  to this Agreement. CAI shall cause all CAI personnel
                  providing Flight Services to wear uniforms approved by AWA,
                  which approval shall not be unreasonably withheld, and
                  shall comply with all appearance guidelines required of all
                  AWA personnel.

                  CAI shall provide initial training, recurrent training and
                  customer service training to personnel reasonably
                  identified by AWA at programs approved by AWA. AWA shall
                  provide applicable training materials. CAI shall pay all
                  training expenses including AWA instructor travel expenses.
                  In the event AWA becomes a hazardous materials carrier,
                  CAI, at AWA's expense, shall conduct all hazardous
                  materials training required by AWA or AWA's other code
                  share partners.

         1.4      SERVICE QUALITY AND LEVEL. All Flight Services shall be
                  provided by CAI at a service quality and level of service
                  (other than first class service) equal to or greater than the
                  service quality and level of service provided by AWA to the
                  extent applicable to the type of Aircraft used to provide the
                  Flight Services.

         1.5      MAINTENANCE.

                  1.5.1    OBLIGATION. CAI, at its own cost and expense, shall
                           be responsible for the service, repair, maintenance,
                           overhauling and testing of each Aircraft: (i) in
                           compliance with the maintenance program for each
                           Aircraft as approved by the FAA and pursuant to all
                           applicable aircraft maintenance manuals applicable to
                           each Aircraft; (ii) so as to keep each Aircraft in
                           good and safe operating condition; and (iii) so as to
                           keep the Aircraft in such operating condition as may
                           be necessary to enable the airworthiness
                           certification of the Aircraft to be maintained in
                           good standing. CAI shall retain full authority and
                           control over the service, repair, maintenance,
                           overhauling and testing of each Aircraft. AWA shall
                           have no obligations or duties with respect to the
                           service, repair, maintenance, overhauling or testing
                           of any Aircraft.

                  1.5.2    LOCATION. CAI shall maintain its maintenance base for
                           the Aircraft in Columbus, Ohio. CAI shall not
                           relocate its maintenance base, without the prior
                           written consent of AWA, which consent may be withheld
                           if the new location fails to meet AWA's maintenance
                           base requirements. CAI, with the prior written
                           consent of AWA, may add maintenance bases as
                           necessary to provide the Flight Services at locations
                           which meet AWA's maintenance base requirements.

         1.6      EMERGENCY OPERATIONS. CAI and AWA shall coordinate to develop
                  a plan that complies with applicable Regulations (as defined
                  below) to be implemented in the event of any incident
                  involving personal injury or death to a passenger or crew
                  member on a Flight. The emergency response teams of AWA and
                  CAI shall coordinate their efforts and shall cooperate fully
                  in response to such emergency.

                                       5
<Page>

         1.7      FLEET CONFIGURATION. All Aircraft in the Fleet on the
                  Commencement Date and Aircraft added to the Fleet shall have a
                  passenger seating configuration and seating capacity as
                  provided in the first Aircraft in the Fleet. AWA, at AWA's
                  cost and expense, may require CAI to reconfigure or change the
                  seating capacity of an Aircraft. All such requested changes
                  shall be implemented within 180 days after CAI's receipt of
                  written request from AWA. Upon the expiration or termination
                  of this Agreement or the elimination of any reconfigured
                  Aircraft pursuant to Section 1.2.3, AWA, within 30 days after
                  receipt of written request, shall reimburse CAI for all actual
                  out-of-pocket costs and expenses incurred by CAI to
                  reconfigure any Aircraft back to the original configuration
                  existing prior to any reconfiguration requested by AWA.

         1.8      CLEANLINESS. Except as provided in Section 2.3, CAI, at its
                  sole cost and expense, shall cause all Aircraft while
                  remaining overnight at CMH to be cleaned and maintained in
                  an appearance in accordance with cleaning standards,
                  requirements and guidelines promulgated by AWA from time to
                  time.

2.       RIGHTS, RESPONSIBILITIES AND OBLIGATIONS OF AWA.

         2.1      FLIGHT MANAGEMENT ITEMS. AWA, in its sole discretion, shall:
                  (i) designate from time to time, pursuant to each Schedule
                  Notice, the routes on and destinations to which CAI is to
                  provide the Flight Services and the times of departure for the
                  Flights; (ii) set the fares to be paid for such Flights by the
                  passengers; and (iii) be responsible for the passenger
                  booking, yield management and overbooking of Flights, limited
                  only by the Fleet required to be maintained by CAI pursuant to
                  this Agreement.

         2.2      MARKETING/REVENUE. AWA, in its sole discretion and at its sole
                  cost, shall market, advertise and sell tickets on all Flights.
                  AWA shall provide all reservation services for the Flight
                  Services and shall pay all ticketing and advertising expenses,
                  credit card charges, travel agent commissions and CRS fees
                  applicable to such services. AWA shall be entitled to retain,
                  and CAI shall pay to AWA, all revenue and income generated by
                  the Flight Services. CAI shall provide to AWA all tickets and
                  other revenue documentation collected or lifted by CAI. AWA
                  shall process CAI lifted passenger lift documents using
                  standard industry pricing procedures. CAI agrees to cooperate
                  with AWA on any special pricing or reporting requirements. CAI
                  shall supply AWA with specific reporting requirements.

         2.3      AIRPORT SERVICES. AWA, at its sole cost and expense, shall:
                  (i) provide curb-side service, check-in service, ticketing
                  and security services for all Flights; (ii) transfer all
                  baggage for passengers connecting to and from AWA flights
                  and Flights; (iii) provide baggage, cargo and mail handling
                  services for all Flights; (iv) provide Aircraft ground
                  handling; (v) provide Aircraft cleaning (other than during
                  overnight turns at CMH) and provisioning during turns and
                  overnight stays; (vi) provide food and beverage supplies
                  for each Flight; and (vii) provide such other ground
                  services selected by AWA.

                                       6
<Page>

         2.4      OTHER CODE SHARE PARTNERS. AWA shall have the right to enter
                  into code share, joint marketing, charter or other
                  alliance-type agreements with any other flight service
                  commuter operator to provide flight services to any
                  destinations or for any routes. AWA may permit any of AWA's
                  other code share partners to place their code on any Flight.
                  AWA or its code share partners shall pay all costs and
                  expenses incurred by CAI in placing such other code on such
                  Flights.

         2.5      CHARTERS. AWA, at its sole discretion, may market charter
                  flights on the Aircraft. CAI shall operate such charter
                  flights provided flight crews and Aircraft are available and
                  not otherwise subject or committed to maintenance
                  requirements. CAI is required to operate the charters in a
                  manner consistent with the terms of this Agreement. In respect
                  of any charter flight, AWA and CAI, in good faith, shall
                  negotiate the costs and expenses to be paid by AWA for such
                  services.

         2.6      AIRPORT SLOTS. AWA shall provide to CAI the right to use the
                  airport slots owned by AWA at airports that are or become slot
                  controlled (the "Slots"). The Slots shall at all times remain
                  the property of AWA and upon the expiration or earlier
                  termination of this Agreement or upon the request of AWA, CAI
                  shall take all steps necessary to insure all rights acquired
                  by CAI in the Slots, if any, are conveyed to AWA or any other
                  person or entity designated by AWA.

         2.7      HANGER. AWA shall use commercially reasonable efforts to
                  provide CAI with hanger space at CAI leased by AWA (the
                  "Hanger"). Prior to entering into a lease for hanger space at
                  CMH, CAI shall meet and confer with AWA as to the availability
                  of the Hanger. If CAI executes a lease for hanger space at
                  CMH, then CAI shall not be required to use the Hanger provided
                  by AWA unless AWA reimburses CAI for all costs and expenses
                  incurred by CAI in terminating the lease and any unamortized
                  capital improvements to such space. If AWA provides the Hanger
                  to CAI, then the Guaranteed Costs shall be reduced by an
                  amount equal to the actual occupancy costs being paid by CAI
                  at CMH.

3.       COMPLIANCE WITH REGULATIONS.

         3.1      REGULATIONS. CAI shall perform its obligations and duties
                  under this Agreement, including, without limitation, all
                  Flight Services in full compliance with any and all applicable
                  laws, ordinances, codes, statutes, orders, directives,
                  mandates, requirements, rules and regulations, whether now in
                  effect or hereafter adopted or promulgated, of all
                  governmental agencies having jurisdiction over CAI's
                  operations, including but not limited to the FAA and the DOT
                  (collectively, "Regulations").

         3.2      FLIGHT OPERATIONS. CAI shall be responsible for the operation
                  of each Aircraft and the safe performance of the Flights in
                  accordance with the Regulations and airline industry standard
                  practice and shall retain full authority, operational control
                  and possession of the Aircraft to do so. CAI, its

                                       7
<Page>

                  agents or employees, for the purpose of the safe performance
                  of the Flights, shall have absolute discretion in and shall
                  have sole responsibility for all matters concerning the
                  preparation of each Aircraft for its Flights, and all other
                  matters relating to the technical operation of the Aircraft.
                  CAI, insofar as such relates to the safe operation of a
                  Flight, shall have sole and absolute discretion as to the load
                  carried and its distribution and as to the decision whether
                  such Flight shall be taken. CAI shall be solely responsible
                  for and AWA shall have no obligations or duties with respect
                  to the dispatch of all Flights.

         3.3      REGISTRATION. All Aircraft shall remain registered in the
                  United States of America in accordance with the Regulations.

         3.4      DISCLOSURE. CAI, upon 3 business days' prior written request,
                  shall provide AWA the opportunity to review all operating
                  specifications, operational regulations, manuals and
                  calculations with respect to all Aircraft and flight
                  statistics with respect to all Flights at CAI's corporate or
                  other relevant offices where such records are located.

         3.5      REVIEW/AUDIT. AWA, upon 3 business days' prior written
                  notice, may review, at CAI's corporate office, airport
                  ticket offices and other relevant offices, all records,
                  books, logs, files, documentation and information
                  maintained by CAI, or any of its maintenance or service
                  contracts, in connection with Flight operation, safety and
                  regulatory compliance, employee training, Flight dispatch,
                  Aircraft use, operation, maintenance and repair, Flight
                  incidents and governmental orders, mandates and
                  requirements.

         3.6      REPORTING. This Agreement shall be treated as a code share for
                  DOT reporting requirements. AWA, in a timely manner, shall
                  provide CAI with such information necessary for CAI to make
                  the DOT reports and disclosures.

4.       OPERATIONAL PERFORMANCE CRITERIA, INCENTIVES AND PENALTIES.

         4.1      ON TIME PERFORMANCE RATE CRITERIA. Commencing for the first
                  full calendar month after [*] is placed into Flight
                  Services under this Agreement, CAI's target minimum OTP
                  Rate for each calendar month (defined below) is set forth
                  on Exhibit B, attached hereto (the "OTP Rate Target"). The
                  "OTP Rate" is defined as the percentage determined by
                  dividing the number of flight segments not Delayed (defined
                  below) by the total number of flight segments for any
                  calendar month. For purposes of this Agreement, "Delayed"
                  means a flight segment that does not arrive at the
                  destination within 15 minutes after the scheduled arrival
                  time. All flights will be included for calculating the OTP
                  Rate, except Flights that are delayed as a result of events
                  or circumstances beyond the control of CAI, its employees,
                  agents, contractors or subcontractors, including, without
                  limitation, air traffic control delays, weather, the acts
                  or omissions of AWA, its employees, agents or contractors
                  and acts of God. For purposes of the prior sentence, all
                  Aircraft maintenance and repair events or circumstances
                  shall be deemed to be within CAI's control. [*] A flight
                  delayed at AWA's request to accommodate connecting
                  passengers is not a Delayed Flight. To the extent that
                  CAI's OTP Rate falls below the OTP Rate Target for any
                  calendar month, CAI, within 10 days after receipt of
                  written demand, shall pay to AWA the penalty set forth on
                  Exhibit B. To the extent CAI's OTP Rate exceeds the OTP
                  Rate Target set forth on Exhibit B for any calendar month,
                  AWA, within 10 days after receipt of written demand, shall
                  pay the bonus set forth on Exhibit B.

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* Confidential

                                       8
<Page>

         4.2      FLIGHT COMPLETION FACTOR. Commencing in the first calendar
                  month after [*] is placed into Flight Service, CAI's target
                  minimum FCF (defined below) for each calendar month is set
                  forth on Exhibit B. "FCF" is defined as the percentage of
                  published, scheduled Flights completed for a calendar
                  month. Flights not completed due to events or circumstances
                  beyond the control of CAI, its employees, agents,
                  contractors or subcontractors, including, without
                  limitation, weather, air traffic control failures, the acts
                  or omissions of AWA, its employees, agents or contractors,
                  the grounding of all the Aircraft as a result of a
                  governmental requirement applied to all aircraft similar to
                  the Aircraft, the failure of the Aircraft manufacturer to
                  deliver an Aircraft timely (except to the extent such delay
                  is caused by CAI ) and acts of God will not be included for
                  calculating the FCF. For purposes of the prior sentence,
                  all Aircraft maintenance and repair events or circumstances
                  shall be deemed to be within CAI's control. To the extent
                  CAI's FCF falls below the target minimum FCF for any
                  calendar month, CAI, within 10 days after receipt of
                  written demand, shall pay to AWA the penalty set forth on
                  Exhibit B (the "Monthly Payment"). To the extent CAI's FCF
                  exceeds the target minimum FCF for bonuses for any calendar
                  month set forth on Exhibit B, AWA, within 10 days after
                  receipt of written demand, shall pay the bonus set forth on
                  Exhibit B.

         4.3      RECORDS. All records of Delayed and canceled flights (the
                  "Flight Records") shall be input into AWA's internal MAPPER
                  System ("MAPPER System"). AWA shall make the Flight Records
                  available to CAI through a computer link to the MAPPER
                  System. CAI shall object to any entries in the MAPPER
                  System within 2 business days after the Flight Records are
                  recorded in the MAPPER System. If CAI does not object to
                  any entry, timely, then absent manifest error, the MAPPER
                  System Flight Records shall control. If CAI does not object
                  to any entry, timely, then absent manifest error, the
                  MAPPER System Flight Records shall control. If CAI does
                  object to any entry, timely, then CAI and AWA, in good
                  faith, shall work to correct the error within 24 hours
                  after the objection is made and if CAI and AWA agree to
                  revise the entry, then AWA shall revise the entry in the
                  MAPPER System. If CAI and AWA cannot agree to revise the
                  entry, then the entry in the Flight Records shall remain as
                  originally posted.

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         4.4      SETOFF. All undisputed sums payable by CAI to AWA pursuant to
                  this Section 4 may, at AWA's election, be setoff against
                  amounts next due by AWA to CAI pursuant to this Agreement.

         4.5      DUPLICATIVE PAYMENTS. CAI shall not be required to pay both
                  an OTP Rate penalty and FCF penalty for the same calendar
                  month and AWA shall not be required to pay both an OTP Rate
                  bonus and FCF bonus for the same calendar month. If
                  penalties or bonuses are due for both the OTP Rate or FCF
                  in any calendar month, then only the greater of the two
                  penalties or bonuses payable for such month shall be due
                  and payable.

5.       IRREGULAR OPERATIONS. If during any calendar month America West Express
         passengers misconnect to AWA flights due to Flights arriving at
         their destination more than 15 minutes after the scheduled arrival
         and, as a result, such passengers have less than the minimum
         connection time (reasonably established by AWA from time to time for
         AWA flights) to reach their next flight and the passengers miss the
         flight and during such calendar month CAI's OTP Rate is below [*],
         then CAI shall reimburse AWA for costs incurred in providing, as
         applicable, such passengers the "Misconnected PAX Benefits" given to
         AWA passengers missing connecting flights pursuant to policies
         adopted by AWA from time to time. "Misconnected PAX Benefits"
         include, but are not limited to, "Silverliner" passes, travel
         vouchers or similar service vouchers, meals and hotels for overnight
         stays. For determining actual costs, "Silverliner" passes will be
         valued at [*], increased each January 1 in accordance with the CPI
         pursuant to Section 6.4. All other costs will be at actual cost.

         AWA, by written notice given to CAI at the end of any calendar month
         in which CAI's OTP Rate falls below [*], shall invoice CAI for the
         misconnection costs and expenses incurred by AWA during such
         calendar month for which CAI is responsible pursuant to this Section
         5 (the "Denied Boarding Invoice"). CAI shall pay the sums due in
         each Denied Boarding Invoice within 30 days after receipt. The
         Denied Boarding Invoice shall be accompanied by supporting
         documentation containing reasonable detail to support the charges
         set forth in the Denied Boarding Invoice.

6.       PAYMENT OF FEES/REVENUE SHARING. Commencing on the Commencement Date,
         CAI and AWA hereby agree to pay the following sums as consideration for
         this Agreement and the provision of the Flight Services and Other
         Services provided for herein:

         6.1      CAI ACTUAL COSTS. AWA, in accordance with Section 6.5, shall
                  reimburse to CAI the following actual costs and expenses
                  actually paid by CAI with reference to the performance of
                  the Flight Services and Other Services ("Actual Costs").

                  6.1.1    Hull insurance premiums paid by CAI for each
                           Aircraft for the prior calendar month. Insurance
                           shall be allocated and paid by AWA on a monthly
                           basis equally over the applicable premium period
                           for which the insurance is paid. Insurance shall
                           be prorated by CAI in any premium period during
                           which an Aircraft is added or deleted from this
                           Agreement. If the monthly insurance payments made
                           by AWA are less than the actual premiums paid by
                           CAI, then AWA shall pay such excess in the month
                           CAI pays the insurance premiums. If the monthly
                           payments made by AWA exceed the actual insurance
                           premiums, then AWA shall be entitled to a credit
                           against the next payment of the Actual Costs in an
                           amount equal to such overpayment. CAI, within 10
                           days after receipt, shall provide AWA with copies
                           of all premium notices received for insurance
                           premiums.

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                  6.1.2    Liability insurance premiums paid by CAI for the
                           Flight Services on a revenue passenger mile basis.
                           Insurance shall be allocated and paid on a monthly
                           basis equally over the applicable premium period
                           for which the insurance is paid.  Insurance shall
                           be prorated by CAI in any premium period during
                           which this Agreement commences, terminates or
                           expires.  If the monthly insurance payments made
                           by AWA are less than the actual premiums paid by
                           CAI, then AWA shall pay such excess in the month
                           CAI pays the insurance premiums.  If the monthly
                           payments made by AWA exceed the actual insurance
                           premiums, then AWA shall be entitled to a credit
                           against the next payment of the Actual Costs in an
                           amount equal to such overpayment.  CAI, within 10
                           days after receipt, shall provide AWA with copies
                           of all premium notices received for insurance
                           premiums.

                  6.1.3    Property taxes paid by CAI for each Aircraft or the
                           Fleet. Property taxes shall be allocated and paid
                           on a monthly basis equally over the applicable tax
                           period for which the property taxes are assessed
                           and paid. Property taxes shall be prorated by CAI
                           in 2001 for the initial Fleet. If an Aircraft is
                           added to the Fleet after property taxes are
                           assessed for a tax period, then AWA shall not pay
                           property taxes on the Aircraft for such tax
                           period. If the monthly tax payments made by AWA
                           are less than the actual property taxes assessed
                           and paid by CAI, then AWA shall pay such excess in
                           the month CAI pays the property taxes. If the
                           monthly payments made by AWA exceed the actual
                           property taxes assessed, then AWA shall be
                           entitled to a credit against the next payment of
                           Actual Costs in an amount equal to such
                           overpayment. CAI, within 10 days after receipt,
                           shall provide AWA with copies of all tax notices
                           received for property taxes assessed against any
                           portion of the Fleet.

                  6.1.4    De-Icing expenses paid by CAI for each Aircraft for
                           the prior calendar month.

                  6.1.5    Fuel costs paid by CAI during the prior calendar
                           month, calculated as gallons of fuel burned per
                           hour.

                  6.1.6    Landing fees calculated per Flight departure
                           incurred during the prior calendar month.

                                       11
<Page>

                  6.1.7    Monthly lease or other finance expense for each
                           Aircraft accounted for by CAI and paid by AWA in
                           accordance with general accounting principles
                           consistently applied.

                  6.1.8    Actual costs and expenses incurred by CAI during the
                           prior calendar month as a result of Aircraft not
                           remaining overnight at least 9.5 hours in cities,
                           other than at CMH.

                  6.1.9    Repainting of Aircraft costs paid by CAI, made at
                           the request of AWA or for maintenance purposes.

                  6.1.10   Any airport taxes imposed on CAI for operating the
                           Flight services from an airport, if any.

                  CAI shall not enter into any contract with an affiliate to
                  provide the services or materials for which AWA pays the
                  Actual Costs unless such contract is on commercially
                  reasonable terms substantially similar to those available
                  in the market place for arms-length transactions with third
                  parties; provided, however, that CAI may contract with
                  Solitair Corp. for providing aircraft financing services
                  provided the charges do not exceed $500,000.00 plus
                  out-of-pocket expenses per Aircraft. In the event any of
                  the services or materials for which AWA pays the Actual
                  Costs are purchased for the Flight Services provided by
                  this Agreement and for other services provided by CAI and
                  its affiliates, then the costs of such services and
                  materials shall be equitably allocated to Actual Costs
                  payable by AWA such that AWA only pays for the portion of
                  such costs attributable to the Flight Services provided by
                  this Agreement. CAI shall use commercially reasonable
                  efforts to operate the Flight Services in an efficient and
                  cost effective manner to minimize the Actual Costs payable
                  by AWA while maintaining the quality and quantity of
                  services required by this Agreement. CAI shall take all
                  commercially reasonable actions to minimize the taxes
                  imposed on the Fleet. If requested by AWA, in writing, AWA,
                  at AWA's cost and expense, on behalf of CAI may pursue any
                  tax protest or contest for property taxes imposed on the
                  Fleet or any Aircraft in the Fleet in the manner prescribed
                  by applicable law. An "affiliate" of CAI means any person
                  or entity controlling, controlled by or under common
                  control with CAI.

         6.2      CAI GUARANTEED COSTS. Commencing on the Commencement Date,
                  AWA, in accordance with Section 6.5, shall pay to CAI the
                  amounts set forth in and determined in accordance with the
                  number of Aircraft in Flight Services as set forth in Exhibit
                  A (the "Guaranteed Costs Schedule"),

                                       12
<Page>

                  as certain amounts may be adjusted in accordance with
                  Section 6.4 below and the terms Exhibit A (the "Guaranteed
                  Costs"). If the term of this Agreement commences or
                  expires or an Aircraft is added or eliminated from the
                  Fleet on other than the first or last day of a calendar
                  month, then the Guaranteed Costs payable by AWA under this
                  Agreement, for existing Aircraft and for such additional
                  Aircraft shall be prorated based on the actual number of
                  days this Agreement is in effect, the actual number of
                  days before and after an Aircraft is added or eliminated
                  for existing Aircraft, and the number of days the new
                  Aircraft is in the Fleet during such month and the actual
                  number of days in such month. Guaranteed Costs shall not
                  be incurred for an Aircraft until it is placed into Flight
                  Services under this Agreement which in no event shall be
                  sooner that 7 days prior to the Scheduled Delivery Week
                  for an Aircraft. For purposes of prorating Guaranteed
                  Costs on existing Aircraft the actual date that an
                  Aircraft is placed into or eliminated from Flight Services
                  shall be used.

         6.3      CONTRACT NEGOTIATION. AWA, in its sole discretion, may assist
                  CAI in the negotiation of contracts for the provision of
                  materials or services, including, without limitation, fuel,
                  subject to the Actual Costs and Guaranteed Costs; provided CAI
                  is not subject to an existing contract for such services or
                  materials.

         6.4      CONSUMER PRICE INDEX ADJUSTMENT. For the purposes of
                  calculating CPI increases in certain categories of the
                  Guaranteed Costs as provided in Exhibit A and the Revenue Rate
                  pursuant to Section 6.6, the following definitions and
                  formulas shall be applied:

                  6.4.1    DEFINITION. "CPI" shall mean the Consumer Price
                           Index, U.S. City Average, All Urban Consumers, All
                           Items (base index year 1982-84 = 100) as published by
                           the United States Department of Labor, Bureau of
                           Labor Statistics. If the manner in which the Consumer
                           Price Index as determined by the Bureau of Labor
                           Statistics shall be substantially revised, including,
                           without limitation, a change in the base index year,
                           an adjustment shall be made by the parties in such
                           revised index which would produce results equivalent,
                           as nearly as possible, to those which would have been
                           obtained if such Consumer Price Index had not been so
                           revised. If the Consumer Price Index shall become
                           unavailable to the public because publication is not
                           readily available to enable the parties to make the
                           adjustment referred to in this Section, then the
                           parties shall mutually agree to substitute therefor a
                           comparable index based upon changes in the cost of
                           living or purchasing power of the consumer dollar
                           published by any other governmental agency or, if no
                           such index shall be available, then a comparable
                           index published by a major bank or other financial
                           institution or by a university or a recognized
                           financial publication.

                  6.4.2    ADJUSTMENT FORMULA. On each January 1, commencing on
                           January 1, 2002 (each an "Adjustment Date"), to
                           determine the amount of adjustment based on the
                           CPI as provided in Exhibit A or Section 5, the
                           applicable category of the Guaranteed Costs or
                           value of Silver Liner passes, as applicable, in
                           effect during the prior calendar year, shall be
                           adjusted by multiplying the applicable category of
                           Guaranteed Costs on the Guaranteed Costs Schedule
                           or value of Silver Line passes, as applicable, in
                           effect for the prior calendar year, by a fraction,
                           the numerator of which shall be the CPI for the
                           month of October immediately preceding the
                           Adjustment Date, and the denominator of which
                           shall be the CPI for the month of October in the
                           immediately preceding calendar year (the
                           "Adjustment").  CAI and AWA shall execute an
                           amendment to the Guaranteed Costs Schedule or this
                           Agreement within 10 days after each Adjustment
                           occurs.  The failure to execute such an amendment
                           shall not affect the effectiveness of any
                           Adjustment or the bases for any subsequent
                           Adjustment.  Each adjusted category of Guaranteed
                           Costs and value of Silver Liner passes shall be
                           effective until the next applicable Adjustment
                           Date.

                                       13
<Page>

         6.5      PAYMENT OF ACTUAL AND GUARANTEED COSTS. Commencing on the
                  Commencement Date, AWA shall pay to CAI the estimated
                  Actual Costs and Guaranteed Costs for each calendar month
                  based on 99% FCF (the "Estimated Costs") as follows: By the
                  20th day of each calendar month commencing July 20, 2001,
                  CAI shall provide AWA with a statement of the Estimated
                  Costs for the following month. CAI shall use its
                  commercially reasonable judgment to establish the Estimated
                  Costs for each month. For purposes of the Estimated Costs,
                  AWA's fuel cost forecasts shall apply. On or before the
                  5th, 10th, 15th and 20th day of each calendar month (or
                  next business day thereafter if any such dates is other
                  than a business day), AWA shall pay 25% of the Estimated
                  Costs for such calendar month.

                  On or before the 25th day of each calendar month, CAI shall
                  submit to AWA a statement of the actual Guaranteed Costs and
                  Actual Costs (the "Incurred Costs") payable by AWA for the
                  prior calendar month (the "Incurred Costs Statement"). If the
                  Estimated Costs paid by AWA in any calendar month exceed the
                  Incurred Costs in any calendar month, then CAI, together with
                  the Incurred Costs Statement for such calendar month, shall
                  reimburse AWA the amount by which the Estimated Costs paid by
                  AWA exceeded the Incurred Costs. If the Incurred Costs in any
                  calendar month exceed the Estimated Costs paid by AWA in any
                  calendar month, then AWA within [*] after receipt of the
                  Incurred Costs Statement, shall reimburse and pay to CAI the
                  amount by which the Incurred Costs exceed the Estimated Costs
                  paid by AWA for the subject calendar month.

         6.6      SEGMENT REVENUE SHARING. Commencing in the first calendar
                  month after the month in which the Commencement Date occurs,
                  AWA shall pay to CAI, by the 20th day of each calendar month,
                  an amount equal to the product obtained by multiplying the
                  Segment Revenue Percentage by the Segment Revenue generated
                  during the prior calendar month.

                                       14
<Page>

                  For purposes of this Agreement, the following terms have the
                  following definitions:

                  "Segment Revenue" means total fares paid by passengers
                  traveling on flights flown by CAI pursuant to this
                  Agreement, less all taxes, assessments, airport charges and
                  other governmental and quasi-governmental charges included
                  in the fares. For calculating Segment Revenue, the
                  fares shall include the portion of the revenue attributed
                  to the CAI Flight segment only, as reasonably determined by
                  AWA.

                  "Segment Revenue Percentage" means the amount set forth in
                  Exhibit C, attached hereto.

         6.7      STATEMENTS AND AUDIT RIGHTS. All Incurred Costs Statements and
                  other requests for payment made by CAI pursuant to this
                  Section 6 shall be accompanied by such supporting
                  information, documentation and calculations as AWA may
                  request from time to time. AWA, by written notice given
                  within 90 days after receipt of an Incurred Costs Statement,
                  may object to the Actual Costs set forth in an Incurred
                  Costs Statement and, within 90 days after the objection
                  and upon 2 days' prior written notice, may review and
                  audit, or cause its independent accountants to review and
                  audit all records and files (including computer data bases)
                  maintained by CAI and relevant to the calculation of
                  Actual Costs pursuant to this Agreement. If AWA's review of
                  the records and files reveals that CAI has overcharged AWA,
                  then CAI shall pay to AWA, upon demand, the overpayments
                  and the costs and expenses of AWA incurred in completing
                  such review and audit and, if such overcharge or
                  underpayment is willful or intentional or exceeds more
                  than 5% of the sums actually payable by AWA, then CAI
                  shall be in default under this Agreement. CAI shall
                  maintain all records, files, information, data and
                  documentation (including computer data bases) used in
                  calculating the Actual Costs in good condition and order
                  at CAI's corporate headquarters. AWA shall not be
                  required to pay any sums, and shall be entitled to
                  receive a refund of any sum paid, for which CAI is
                  unable to provide supporting information, documentation
                  or data. If AWA does not object to an Incurred Costs Statement
                  timely, then the Incurred Costs Statement, absent fraud,
                  shall be final.

7.       TERM AND TERMINATION. The term of this Agreement (the "Term") shall
         commence on the Effective Date and expire on the 10th anniversary of
         the date that the last Aircraft is added to the Fleet pursuant to
         Section 1.2 of this Agreement ("Expiration Date"), unless earlier
         terminated as provided in this Agreement. AWA, upon 180 days' prior
         written notice to CAI ("Termination Notice"), may terminate this
         Agreement if CAI's FCF falls below [*] months (the "Cancellation
         Event"). CAI shall have no cure rights months pursuant to Section 12
         if a Cancellation Event shall occur. Such termination right shall be
         in addition to any payments set forth in Section 4 and termination
         rights for an Event of Default pursuant to Section 12. If AWA elects
         to terminate this Agreement pursuant to this Section 7, AWA, in the
         Termination Notice, shall establish as the termination date

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         any date between 180 and 210 days after delivery of the Termination
         Notice. CAI shall continue to provide the Flight Services and Other
         Services required by this Agreement until the termination date set
         forth in the Termination Notice. AWA and CAI shall make all payments
         as required by this Agreement for the period through and including
         the termination date set forth in the Termination Notice.

8.       SERVICE MARK LICENSE FOR SERVICES PROVIDED BY CAI.

         8.1      GRANT OF LICENSE. For the payment of $1.00, AWA hereby grants
                  to CAI a non-exclusive, non-transferable license to use such
                  AWA Service Marks as AWA may designate, in writing, from
                  time-to-time in connection with the Flight Services and Other
                  Services to be rendered by CAI; provided, however, that at any
                  time prior to expiration or termination of this Agreement AWA
                  may alter, amend or revoke the license hereby granted and
                  require CAI's use of any new or different AWA Service Mark in
                  conjunction with the Services provided hereunder as AWA may
                  determine in its sole discretion and judgment.

         8.2      OPERATION UNDER AWA SERVICE MARKS. CAI shall, at its
                  expense, cause the Fleet and any replacement Aircraft
                  utilized by CAI to provide the Flight Services, to bear AWA
                  Service Marks, consisting of AWA aircraft exterior and
                  interior color decor and pattern provided by AWA and the
                  name "America West Express." Upon written notice from AWA,
                  which shall include the specifications for any such changes
                  in AWA Service Marks and exterior or interior aircraft
                  decor and patterns, CAI shall effect changes in the
                  aircraft decor and patterns within 3 months from the date
                  of such notice. AWA shall reimburse CAI for the cost of
                  repainting and redecorating the Fleet in the event that AWA
                  changes its logo and color decor and pattern from the
                  design existing as of the Effective Date. CAI shall use and
                  display suitable signs on the interior and exterior of each
                  Aircraft identifying CAI as the operator of the Services,
                  such signs shall be subject to the prior written consent of
                  AWA as to nature, size and location provided that the signs
                  shall comply with all Regulations. All announcements,
                  displays or literature used or viewed by CAI customers on
                  Flights shall highlight "America West Express." No such
                  announcements, displays or literature shall reference "CAI
                  Airlines," other than to identify CAI or the operator of
                  the Services, on briefing cards or as required by the
                  Regulations.

         8.3      TERMS AND CONDITIONS GOVERNING TRADEMARK LICENSE.

                  8.3.1    CAI hereby acknowledges AWA's ownership of the AWA
                           Service Marks, further acknowledges the validity of
                           the AWA Service Marks, and agrees that it shall not
                           do anything in any way to infringe or abridge upon
                           AWA's rights in the AWA Service Marks or directly or
                           indirectly to challenge the validity of the AWA
                           Service Marks.

                  8.3.2    To assure that the production appearance and quality
                           of the AWA Service Marks is consistent with AWA's
                           reputation for high quality and the goodwill
                           associated with the AWA Service Marks, CAI agrees to
                           maintain a level of quality consistent with AWA's
                           quality in the

                                       16
<Page>

                           Flight Services it provides pursuant to this
                           Agreement and to follow AWA's written instructions
                           regarding use of AWA's Service Marks, as they may be
                           amended from time to time.

                  8.3.3    CAI agrees that, in providing the Flight Services, it
                           shall not advertise or make use of the AWA Service
                           Marks without the prior written consent of AWA. AWA
                           shall have absolute discretion to withhold its
                           consent concerning any and all such advertising and
                           use of the AWA Service Marks in any advertising by
                           CAI. In the event AWA approves the use of such AWA
                           Service Marks in any advertising, such advertising
                           shall identify AWA as the owner of such Service Marks
                           and conform with any additional requirements
                           specified by AWA.

                  8.3.4    To the extent that CAI is licensed to use the AWA
                           Service Marks, the AWA Service Marks shall be used
                           only in connection with the Flight Services
                           specifically covered by this Agreement and not in
                           connection with any other business or activity of CAI
                           or any other entity, except for approved charters.

                  8.3.5    Nothing in this Agreement shall be construed to give
                           CAI the exclusive right to use the AWA Service Marks
                           or abridge AWA's right to use and license the AWA
                           Service Marks, and AWA hereby reserves the right to
                           continue to use the AWA Service Marks and to license
                           such other uses of the AWA Service Marks as AWA may
                           desire.

                  8.3.6    No term or provision of this Agreement shall be
                           construed to preclude the use of the AWA Service
                           Marks, including "America West Express," or the
                           aircraft exterior color decor and patterns by other
                           individuals or entities not covered by this
                           Agreement.

                  8.3.7    Upon the termination or expiration of this Agreement,
                           the license and use of the AWA Service Marks by CAI
                           shall cease and such use shall not thereafter occur.

9.       LIABILITY AND INDEMNIFICATION.

         9.1      RELATIONSHIP BETWEEN THE PARTIES. Nothing contained in this
                  Agreement will be deemed to create any agency or partnership
                  or similar relationship between AWA and CAI. Nothing contained
                  in this Agreement will be deemed to authorize either AWA or
                  CAI to bind or obligate the other. CAI and its employees
                  engaged in performing the Flight Services shall be employees
                  of CAI for all purposes, and under no circumstances shall be
                  deemed to be employees, agents or independent contractors of
                  AWA. AWA and its employees engaged in performing the
                  obligations of AWA under this Agreement shall be employees,
                  agents and independent contractors of AWA for all purposes,
                  and under no circumstances shall be deemed to be employees,
                  agents or independent contractors of CAI. Pursuant to this

                                       17
<Page>

                  Agreement, CAI shall act, for all purposes, as an independent
                  contractor and not as an agent for AWA. AWA shall have no
                  supervisory power or control over any employees engaged by CAI
                  in connection with its performance hereunder, and all
                  complaints or requested changes in procedures shall be
                  transmitted by AWA to a designated officer of CAI. Nothing
                  contained in this Agreement shall be intended to limit or
                  condition CAI's control over its operations or the conduct of
                  its business as an air carrier, and CAI and its principals
                  assume all risks of financial losses which may result from the
                  operation of the Flight Services to be provided by CAI
                  hereunder.

         9.2      INDEMNIFICATION BY CAI. CAI agrees to indemnify, defend and
                  hold harmless AWA, its directors, officers, employees, agents,
                  parent corporation, subsidiaries and affiliates for, from and
                  against any and all loss, liability, claim, damage, penalty,
                  fine, charge, cause of action, demand, cost and expense
                  (including attorneys' and consultants' fees and costs)
                  whatsoever (collectively, "Damages"), as incurred, arising out
                  of, resulting from or incurred in connection with: (i) the
                  provision of the Flight Services by CAI; (ii) CAI's breach of
                  this Agreement; (iii) damage or destruction of property of any
                  person, or injury or death of any person, caused by, arising
                  out of, or in connection with any act or omission of CAI, its
                  employees, agents, licensees, contractors, suppliers, officers
                  or directors; (iv) any taxes, impositions, assessments or
                  other governmental charges incurred by CAI in providing the
                  Flight Services or imposed on any revenue generated by this
                  Agreement (except as set forth in Section 6.1.3); (v)
                  passenger complaints or claims by passengers using the Flight
                  Services; and (vi) failure to comply with any Regulations. CAI
                  shall reimburse AWA or other Indemnified Party (as defined
                  below) for any legal and any other expenses reasonably
                  incurred in investigating, preparing or defending against any
                  claim or action arising out of or relating to any of the
                  foregoing.

         9.3      INDEMNIFICATION BY AWA. AWA agrees to indemnify, defend and
                  hold harmless CAI, its directors, officers, employees, agents,
                  parent corporation, subsidiaries and affiliates for, from and
                  against any and all Damages, as incurred, arising out of,
                  resulting from or incurred in connection with: (i) AWA's
                  breach of this Agreement; (ii) damage or destruction of
                  property of any person, or injury or death of any person,
                  caused by, arising out of, or in connection with any act or
                  omission of AWA, its employees, agents, licensees,
                  contractors, suppliers, officers or directors in performing
                  AWA's obligations under this Agreement to the extent not
                  covered by insurance required to be maintained by CAI pursuant
                  to this Agreement; and (iii) any taxes, impositions,
                  assessments or other governmental charges incurred by AWA for
                  revenue received by AWA under this Agreement. AWA shall
                  reimburse CAI or other Indemnified Party (as defined below)
                  for any legal and any other expenses reasonably incurred in
                  investigating, preparing or defending against any claim or
                  action arising out of or relating to any of the foregoing.

         9.4      CONDUCT OF INDEMNIFICATION PROCEEDINGS. The person or entity
                  claiming indemnification hereunder is referred to as the
                  "Indemnified Party" and the

                                       18
<Page>

                  party against whom such claims are asserted hereunder is
                  referred to as the "Indemnifying Party". Each Indemnified
                  Party shall give reasonably prompt notice to the
                  Indemnifying Party of any action or proceeding or assertion
                  or threat of claim commenced against it in respect of which
                  indemnity may be sought hereunder, but failure to so notify
                  the Indemnifying Party (i) shall not relieve the
                  Indemnifying Party from any liability which it may have
                  under the indemnity agreement provided in this Agreement,
                  unless and to the extent it did not otherwise learn of such
                  action, threat or claim and the lack of notice by the
                  Indemnified Party results in the forfeiture by the
                  Indemnifying Party of substantial rights and defenses and
                  (ii) shall not, in any event, relieve the Indemnifying
                  Party from any obligations to the Indemnified Party other
                  than the indemnification obligation provided under Sections
                  9.2 and 9.3 above. If the Indemnifying Party elects within
                  a reasonable time after receipt of notice, the Indemnifying
                  Party may assume the defense of the action or proceeding at
                  Indemnifying Party's own expense with counsel chosen by the
                  Indemnifying Party and approved by the Indemnified Party;
                  PROVIDED, HOWEVER, that, if the Indemnified Party
                  reasonably determines upon advice of counsel that a
                  conflict of interest exists where it is advisable for the
                  Indemnified Party to be represented by separate counsel or
                  that, upon advice of counsel, there may be legal defenses
                  available to it which are different from or in addition to
                  those available to the Indemnifying Party, then the
                  Indemnified Party shall be entitled to separate counsel at
                  the Indemnifying Party's expense, which counsel shall be
                  chosen by the Indemnified Party in its sole discretion. If
                  the Indemnifying Party does not assume the defense, after
                  having received the notice referred to in the second
                  sentence of this Section, the Indemnifying Party will pay
                  the reasonable fees and expenses of counsel for the
                  Indemnified Party. Unless and until a final judgment that
                  an Indemnified Party is not entitled to the costs of
                  defense under the foregoing provision, the Indemnifying
                  Party shall reimburse, promptly as they are incurred, the
                  Indemnified Party's costs of defense. The Indemnifying
                  Party shall not settle or compromise any claim for which an
                  Indemnified Party is entitled to indemnity without the
                  prior written consent of the Indemnified Party.

                                       19
<Page>

9.5      INSURANCE.

         9.5.1    CAI, at all times during the Agreement, shall have and
                  maintain in full force and effect, policies of insurance
                  satisfactory to AWA, of the types of coverage, and in the
                  minimum amounts stated below with insurance companies
                  satisfactory to AWA and under terms and conditions
                  satisfactory to AWA, including insurance coverage on all
                  Aircraft used to provide Flight Services. Unless otherwise
                  specified, the minimum amounts of insurance coverage required
                  hereunder shall be per occurrence, combined single limit for
                  all insurance coverage required hereunder.

<Table>
<S>                               <C>      <C>                                 <C>
                            1.    Aircraft Liability and Ground Liability      [*]
                                  Insurance (including Commercial General
                                  Liability)

                                  a.       Bodily Injury and Personal Injury   [*]
                                           - Passengers

                                  b.       Bodily Injury and Personal Injury   [*]
                                           - Third Parties

                                  c.       Property Damage                     [*]

                                                                               Per Accident
                                                                               ------------

                            2.    Worker's Compensation Insurance (Company     [*]
                                  Employees)

                            3.    Employers' Liability (Company Employees)     [*]

                            4.    All Risk Hull Insurance on Aircraft          [*]
                                  Performing Services Hereunder

                            5.    Baggage Liability                            [*]

                            6.    Cargo Liability                              [*]

                                                                               [*]

</Table>

         9.5.2    The parties hereby agree that from time to time during the
                  Term of this Agreement, AWA may require CAI to have and
                  maintain amounts of insurance coverage different from those
                  amounts set forth

---------
* Confidential

                                       20
<Page>

                  in Section 9.5.1, should AWA, in its reasonable judgment, deem
                  the circumstances and conditions of the Flight Services to
                  require increases in any or all of the foregoing minimum
                  insurance coverages.

         9.5.3    CAI shall cause all policies of insurance which it maintains
                  pursuant to this Agreement, to be duly and properly endorsed
                  by CAI's insurance underwriters as follows:

                  9.5.3.1  To provide that any waiver of rights of subrogation
                           against other parties by CAI shall not affect the
                           coverage provided hereunder with respect to AWA.

                  9.5.3.2  To provide that CAI's underwriters shall waive any
                           and all subrogation rights against AWA, its
                           directors, officers, agents and employees without
                           regard to any breach of warranty by CAI or to provide
                           other evidence of such waiver of recourse against
                           AWA, its directors, officers, agents, or employees as
                           shall be acceptable to AWA.

                  9.5.3.3  Be duly and properly endorsed to provide that each
                           such policy or policies or any part or parts thereof
                           shall not be canceled, terminated, or materially
                           altered, changed or amended by CAI's insurance
                           underwriters, until after 30 days' written notice
                           to AWA which 30 days' written notice shall
                           commence to run from the date such notice is
                           actually received by AWA.

         9.5.4    With respect to policies of insurance described as Aircraft
                  Liability and Ground Liability Insurance, CAI will provide
                  that such policies:

                  9.5.4.1  Endorse AWA, its directors, officers, agents,
                           parents, subsidiaries and employees as Additional
                           Insureds thereunder.

                  9.5.4.2  Constitute primary insurance for such claims and
                           acknowledge that any other insurance policy or
                           policies of AWA will be secondary or excess
                           insurance;

                  9.5.4.3  Cover AWA's costs of defending against such
                           insured claims including, without limitation, to
                           the extent permitted by the policies, costs
                           incurred in the retention of separate legal
                           counsel of its choice; and

                  9.5.4.4  Provide a cross-liability clause acceptable to
                           AWA, and a specific contractual liability
                           insurance provision covering liability assumed by
                           CAI under this Agreement.

                                       21
<Page>

         9.5.5    With respect to policies of insurance for coverage described
                  as Aircraft Liability and General Liability Insurance and All
                  Risk Hull Insurance, CAI shall cause its insurance
                  underwriters to provide a breach of warranty clause.

         9.5.6    All aircraft hull insurance provided pursuant to this
                  Agreement shall be provided on agreed value basis and,
                  except with the consent of AWA, shall not be subject to
                  more than the standard market deductibles. In the event of
                  loss, settled on the basis of a total loss, all losses
                  shall be payable in full.

         9.5.7    Prior to the Commencement Date and from time to time
                  thereafter upon request by AWA, CAI shall furnish to AWA
                  evidence satisfactory to AWA of the aforesaid insurance
                  coverage and endorsements, including certificates certifying
                  that the aforesaid insurance policy or policies with the
                  aforesaid policy limits are duly and properly endorsed as
                  aforesaid and are in full force and effect.

         9.5.8    With respect to policies of insurance obtained directly from
                  foreign underwriters, CAI shall cause such insurance
                  underwriters to provide that AWA may maintain against CAI's
                  underwriters a direct action in the United States upon such
                  insurance policies and to this end to provide a standard
                  service of suit clause designating an agent for service of
                  process in the United States of America.

         9.5.9    In the event CAI fails to maintain in full force and effect
                  any of the insurance and endorsements described in Section
                  9.5, AWA shall have the right (but not the obligation) to
                  procure and maintain such insurance or any part thereof.
                  The cost of such insurance shall be payable by CAI to AWA
                  upon demand by AWA. The procurement of such insurance or
                  any part thereof by AWA shall not discharge or excuse CAI's
                  obligation to comply with the provisions of Section 9.5.
                  CAI agrees not to cancel, terminate or materially alter,
                  change or amend any of the policies referred to in Section
                  9.5 without 30 days' prior written notice to AWA of its
                  intent to cancel, terminate or materially alter, change or
                  amend said policies or insurance which 30 day notice period
                  shall commence to run from the date notice is actually
                  received by AWA.

         9.5.10   AWA shall maintain cargo liability coverage, in types and
                  amounts required by law, for all air freight transported by
                  CAI under an AWA airbill on any Flights.

         9.5.11   CAI shall use commercially reasonable efforts to divide the
                  Fleet from CAI's turbo prop fleet in order to reduce its
                  liability insurance costs. AWA, in its sole discretion, may
                  elect to acquire the liability insurance required to be
                  maintained by CAI on behalf of CAI.

                                       22
<Page>

10.      CONFIDENTIALITY.

         10.1     AWA and CAI agree that the terms of this Agreement shall be
                  treated as confidential and shall not be disclosed to third
                  parties without the express written consent of AWA and CAI, or
                  as required by law. In the event of disclosure required by
                  law, only those portions of this Agreement required to be
                  disclosed shall be disclosed. The disclosing party shall make
                  good faith efforts to minimize the portions to be disclosed
                  and shall seek confidential treatment by the receiving party
                  or agency for any portions disclosed. In the event of one
                  party being served a subpoena or discovery request, prior to
                  responding to the subpoena or request, the party served shall
                  notify the other party to provide the other party an
                  opportunity to contest the disclosure of any terms of this
                  Agreement.

         10.2     "Confidential Information" means any information in any form,
                  including, without limitation, the terms of this Agreement,
                  written documents, oral communications, recordings, videos,
                  software, data bases, business plans, and electronic and
                  magnetic media, provided to or observed by AWA or CAI pursuant
                  to this Agreement, including information owned or provided by
                  either party to the other party, except for information
                  generally available to the public. AWA and CAI agree that they
                  shall maintain all Confidential Information in confidence and
                  use such Confidential Information solely for purposes of
                  performance under this Agreement. Such Confidential
                  Information shall be distributed within each party's company
                  only to personnel and to its legal counsel, auditors and other
                  consultants on a need-to-know basis for purposes related to
                  this Agreement or in compliance with a court order or
                  statutory or regulatory requirements. Except for legal counsel
                  and auditors, and as permitted by Section 10.1, in no event
                  shall either party disclose Confidential Information to any
                  third parties except subcontractors and independent
                  consultants and then only if approved by both parties in
                  writing in advance of such disclosure. Confidential
                  Information does not include information that is available to
                  the general public other than as a result of disclosure by the
                  disclosing party or information that was known or
                  independently developed by the receiving party prior to
                  disclosure, as evidenced by records kept in the ordinary
                  course of business.

         10.3     CAI acknowledges and agrees that any Confidential Information
                  shared or given to AWA pursuant to this Agreement may be
                  shared by AWA on a confidential basis with America West
                  Holdings Corporation, The Leisure Company and other
                  subsidiaries and affiliates of AWA. AWA acknowledges and
                  agrees that the terms of this Agreement and any Confidential
                  Information shared or given to CAI pursuant to this Agreement
                  may be shared by CAI on a confidential basis with Wexford
                  Capital LLC, CAI's financial partners and financial providers
                  and other subsidiaries or affiliates of CAI and may be
                  disclosed to the extent legally required or necessary.

11.      TAXES. CAI shall pay, prior to delinquency, all airport, property,
         sales, use, excise or any other taxes, impositions, assessments or
         other governmental charges incurred in connection with the provision of
         the Flight Services under this Agreement and all

                                       23
<Page>

         taxes imposed or any sums paid by AWA to CAI under this Agreement. AWA
         shall pay, prior to delinquency, all taxes imposed on any sums paid by
         CAI to AWA under this Agreement.

12.      DEFAULTS AND REMEDIES.

         12.1     DEFAULT BY CAI. The occurrence of any one or more of the
                  following events shall constitute a material default and
                  breach of this Agreement by CAI (an "Event of Default"):

                  12.1.1   The failure of CAI to make any payment required to be
                           made by CAI to AWA hereunder, as and when due, and
                           such failure continues for 5 business days after
                           receipt of written notice;

                  12.1.2   If CAI is required by the FAA or DOT to suspend a
                           substantial portion of its operations for any
                           safety reason and has not resumed such operation
                           within 10 business days of the suspension or if
                           CAI suspends a substantial portion of the Flight
                           Services for any other reason, except as a result
                           of an emergency airworthiness directive from the
                           FAA affecting all aircraft similarly equipped to
                           the Aircraft (not just those owned or operated by
                           CAI);

                  12.1.3   The failure of CAI to observe or perform any of the
                           covenants, conditions or provisions of this Agreement
                           to be observed or performed by CAI, other than as
                           described in Sections 7 or 12.1.1 or 12.1.2 above,
                           and such failure shall continue for a period of 15
                           days after written notice thereof from AWA to CAI;

                  12.1.4   (i) the cessation of CAI's business operations as a
                           going concern; (ii) the making of CAI of any general
                           assignment, or general arrangement for the benefit of
                           creditors; (iii) the failure of CAI to generally pay
                           CAI's debts as they come due or CAI's written
                           admission of its inability to pay its debts as they
                           come due; (iv) the filing by or against CAI of a
                           petition to have CAI adjudged bankrupt or a petition
                           for reorganization or arrangement under any law
                           relating to bankruptcy (unless, in the case of
                           petition filed against CAI, the same is dismissed,
                           stayed or vacated within 60 days); (v) an
                           adjudication of CAI's insolvency; (vi) appointment of
                           a trustee or receiver to take possession of
                           substantially all of CAI's assets which is not
                           dismissed, stayed or vacated within 60 days; or (vii)
                           the attachment, execution or other judicial seizure
                           of all of CAI's assets.

                  12.1.5   Upon an Event of Default, AWA may: (a) by written
                           notice to CAI (a "Default Termination Notice")
                           terminate this Agreement effective as of the date
                           set forth in the Default Termination Notice which
                           date shall not be less than 30 nor more than 180
                           days after the date of the Default unless the
                           event in 12.1.2 occurs, in which case immediate;
                           and/or (b) pursue all other rights and remedies
                           available at law or in

                                       24
<Page>

                           equity to AWA for the Event of Default, including,
                           without limitation, injunctive relief, specific
                           performance and damages. After receipt of a Default
                           Termination Notice, CAI shall continue to provide the
                           Flight Services in accordance with this Agreement
                           until the termination date set forth in the Default
                           Termination Notice. No remedy or election by AWA
                           hereunder shall be deemed exclusive, but shall,
                           wherever possible, be cumulative with all other
                           rights and remedies at law or in equity.

         12.2     AWA DEFAULT. The occurrence of any one or more of the
                  following events shall constitute a material default and
                  breach of this Agreement by AWA (an "AWA Event of Default"):

                  12.2.1   The failure of AWA to make any payment required to be
                           made to CAI by AWA hereunder, as and when due, and
                           such failure continues for 5 business days after
                           receipt of written notice;

                  12.2.2   The failure of AWA to observe or perform any of the
                           covenants, conditions or provisions of this Agreement
                           to be observed or performed by AWA, and such failure
                           shall continue for a period of 15 days after
                           written notice thereof from CAI to AWA;

                  12.2.3   (i) the cessation of AWA's business operations as a
                           going concern; (ii) the making of AWA of any general
                           assignment, or general arrangement for the benefit of
                           creditors; (iii) the failure of AWA to generally pay
                           AWA's debts as they come due or AWA's written
                           admission of its inability to pay its debts as they
                           come due; (iv) the filing by or against AWA of a
                           petition to have AWA adjudged bankrupt or a petition
                           for reorganization or arrangement under any law
                           relating to bankruptcy (unless, in the case of
                           petition filed against AWA, the same is dismissed,
                           stayed or vacated within 60 days); (v) an
                           adjudication of AWA's insolvency; (vi) appointment of
                           a trustee or receiver to take possession of
                           substantially all of AWA's assets which is not
                           dismissed, stayed or vacated within 60 days; or (vii)
                           the attachment, execution or other judicial seizure
                           of all of AWA's assets which is not dismissed, stayed
                           or vacated within 60 days.

                  12.2.4   Upon the occurrence and continuance of an AWA Event
                           of Default, CAI may: (a) by written notice to AWA
                           (an "AWA Default Notice") terminate this Agreement
                           effective as of the date set forth in the AWA
                           Default Notice which date shall not be less than
                           30 nor more than 180 days after the date of the
                           AWA Event of Default; and/or (b) pursue all other
                           rights and remedies available at law or in equity
                           to CAI for the AWA Event of Default, including,
                           without limitation, injunctive relief, specific
                           performance and damages. After receipt of an AWA
                           Default Notice, AWA shall continue to perform its
                           obligations under this Agreement until the
                           termination date set forth in the AWA Default
                           Notice. No remedy or election by CAI hereunder
                           shall be deemed

                                       25
<Page>

                           exclusive, but shall, wherever possible, be
                           cumulative with all other rights and remedies at law
                           or in equity.

         12.3     LIMITATION ON DAMAGES. In no event shall either party be
                  liable to the other party for consequential, special or
                  speculative damages, except to the extent recoverable in an
                  indemnity claim pursuant to Section 9.

13.      RECORDS AND REPORTS.

         13.1     RETENTION OF RECORDS. CAI shall keep accurate and complete
                  books and records of all Flight Services and Other Services
                  performed under this Agreement as well as any additional
                  records that the parties agree may be required in accordance
                  with AWA's procedures and the Regulations. CAI shall retain
                  such records in accordance with applicable law, AWA's
                  procedures and the Regulations.

         13.2     PROVISION OF FINANCIAL RECORDS. Upon AWA's request, and until
                  such time as AWA advises CAI that such reports are no
                  longer necessary, CAI shall furnish to AWA, within 60 days
                  following the close of the first three fiscal quarters of
                  CAI, unaudited financial statements including CAI's current
                  corporate balance sheets and profit and loss statements,
                  and within 120 days after the close of its fiscal year, CAI
                  shall furnish AWA with audited financial statements of CAI
                  (or its parent company) including, either separately or on
                  a consolidated basis, the balance sheet and profit and loss
                  statements of that party. The appropriate reports filed on
                  Form 10-Q and 10-K shall be satisfactory to fulfill such
                  obligation.

         13.3     PROVISION OF ADDITIONAL RECORDS. CAI shall promptly furnish
                  AWA with a copy of every report that it prepares and is
                  required to submit to the DOT, FAA, National Transportation
                  Safety Board ("NTSB") or any other governmental agency,
                  relating to any accident or incident involving an Aircraft
                  used in performing Flight Services under this Agreement, when
                  such accident or incident is claimed to have resulted in the
                  death of or substantial injury to any person or the loss of,
                  damage to, or destruction of any property.

         13.4     ADDITIONAL REPORTS. CAI shall promptly notify AWA in writing
                  of (i) any change in or relinquishment of control of CAI, (ii)
                  any agreement contemplating such a change or relinquishment
                  with a copy of such agreement, if in writing, to AWA, or (iii)
                  any change or contemplated change in the Chief Executive
                  Officer position of CAI.

14.      MISCELLANEOUS PROVISIONS.

         14.1     NOTICES. All notices, consents, approvals or other instruments
                  required or permitted to be given by either party pursuant to
                  this Agreement shall be in writing and given by (i) hand
                  delivery, (ii) facsimile, (iii) express overnight delivery
                  service or (iv) certified or registered mail, return receipt
                  requested. Notices shall be provided to the parties and
                  addresses (or facsimile numbers, as applicable) specified
                  below and shall be effective upon receipt, except if

                                       26
<Page>

                  delivered by facsimile outside of business hours in which case
                  they shall be effective on the next succeeding business day:

                  If to AWA:                America West Airlines, Inc.
                                            4000 E. Sky Harbor Blvd.
                                            Phoenix, Arizona 85034
                                            Attn:  Vice President and General
                                                   Counsel
                                            Telephone:        (602) 693-5805
                                            Facsimile:        (602) 693-5932

                  If to CAI:                Chautauqua Airlines, Inc.
                                            2500 S. High School Drive
                                            Indianapolis, Indiana   46241
                                            Attn:  President
                                            Telephone:        (317) 484-6047
                                            Facsimile:        (317) 484-4547\

                  with a copy to:           Wexford Capital LLC
                                            Wexford Plaza
                                            411 West Putnam Avenue
                                            Greenwich, Connecticut  06830
                                            Attn:  General Counsel
                                            Telephone:        (203) 861-7012
                                            Facsimile:        (203) 862-7312

         14.2     WAIVER AND AMENDMENT. No provisions of this Agreement shall be
                  deemed waived or amended except by a written instrument
                  unambiguously setting forth the matter waived or amended and
                  signed by the party against which enforcement of such waiver
                  or amendment is sought. Waiver of any matter shall not be
                  deemed a waiver of the same or any other matter on any future
                  occasion.

         14.3     CAPTIONS. Captions are used throughout this Agreement for
                  convenience of reference only and shall not be considered in
                  any manner in the construction or interpretation hereof.

         14.4     ATTORNEYS' FEES. In the event of any judicial or other
                  adversarial proceeding between the parties concerning this
                  Agreement, the prevailing party shall be entitled to recover
                  its attorneys' fees and other costs in addition to any other
                  relief to which it may be entitled.

         14.5     ENTIRE AGREEMENT. This Agreement constitutes the entire
                  agreement between the parties with respect to the subject
                  matter hereof, and there are no other representations,
                  warranties or agreements, written or oral, between AWA and CAI
                  with respect to the subject matter of this Agreement.

                                       27
<Page>

         14.6     CHOICE OF LAW. This Agreement shall be governed by and
                  construed in accordance with the laws of the State of Arizona.

         14.7     SEVERABILITY. If this Agreement, any one or more of the
                  provisions of this Agreement, or the applicability of this
                  Agreement or any one or more of the provisions of this
                  Agreement to a specific situation, shall be held invalid,
                  illegal or unenforceable or in violation of any contract or
                  agreement to which CAI or AWA are a party, then AWA and CAI
                  shall in good faith amend and modify this Agreement,
                  consistent with the intent of CAI and AWA, as evidenced by
                  this Agreement, to the minimum extent necessary to make it or
                  its application valid, legal and enforceable and in accordance
                  with the applicable agreement or contract, and the validity or
                  enforceability of all other provisions of this Agreement and
                  all other applications of any such provision shall not be
                  affected thereby.

         14.8     COUNTERPARTS. This Agreement may be executed in one or more
                  counterparts, each of which shall be deemed an original.

         14.9     BINDING EFFECT. This Agreement shall be binding upon and inure
                  to the benefit of AWA and CAI and their respective successors
                  and permitted assigns.

         14.10    NO ASSIGNMENT. The rights, obligations and duties of AWA and
                  CAI under this Agreement may not be assigned or delegated,
                  except as may otherwise be mutually agreed by AWA and CAI, in
                  their sole and absolute discretion.

                                          AWA:

                                          America West Airlines, Inc.,
                                          a Delaware corporation

                                          By: /s/ William A. Franke
                                             -----------------------------------
                                          Name: William A. Franke
                                               ---------------------------------
                                          Title: Chairman and CEO
                                                --------------------------------

                                          CAI:

                                          Chautauqua Airlines, Inc.,
                                          a New York corporation

                                          By: /s/ Bryan Bedford
                                             -----------------------------------
                                          Name: Bryan Bedford
                                               ---------------------------------
                                          Title: President
                                                --------------------------------

                                       28
<Page>

                                    EXHIBITS

<Page>

                                   EXHIBIT A

[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION PURUSANT TO A REQUEST FOR CONFIDENTIAL TREATEMENT]

<Page>

                                    EXHIBIT B

[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION PURUSANT TO A REQUEST FOR CONFIDENTIAL TREATEMENT]

<Page>

EXHIBIT C

[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION PURUSANT TO A REQUEST FOR CONFIDENTIAL TREATEMENT]
<Page>

                            Note to Exhibit 10.5(a)

The two additional Letter Agreements are substantially identical in all
material in all respects except to the filed Letter Agreement except as
follows:

Date of Letter Agreement             Serial Numbers Covered
------------------------             ----------------------

February 20, 2002

March 27, 2002

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}]]