Document:

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                                                                   EXHIBIT 10.21
                               DEFERRAL AGREEMENT
                                     (N85GL)

     THIS DEFERRAL AGREEMENT (this "Agreement"), dated as of November 1, 2002,
is made by and between FINOVA CAPITAL CORPORATION, a Delaware corporation
("FINOVA"), and GREAT LAKES AVIATION, LTD., an Iowa corporation ("Great Lakes").

                              W I T N E S S E T H:

     WHEREAS, FINOVA is a commercial finance and leasing company headquartered
in Scottsdale, Arizona; and

     WHEREAS, FINOVA, among other things, leases commercial aircraft to airlines
and other aircraft operators; and

     WHEREAS, Great Lakes operates as a commercial passenger airline certified
by the U.S. Federal Aviation Administration; and

     WHEREAS, FINOVA, as lessor, and Great Lakes, as lessee, entered into a
Lease Agreement [N281UE] dated as of October 19, 1995, as thereafter
supplemented and amended (the "N92GL Lease"), concerning the lease of an Embraer
model EMB-120RT aircraft, bearing manufacturer's serial number 120.092 and
current U.S. Registration No. N92GL, together with two (2) Pratt & Whitney model
PW-118 aircraft engines associated therewith; and

     WHEREAS, FINOVA, as lessor, and Great Lakes, as lessee, also entered into a
Lease Agreement [N279UE] dated as of October 19, 1995, as thereafter
supplemented and amended (the "N85GL Lease"), concerning the lease of an Embraer
model EMB-120RT aircraft, bearing manufacturer's serial number 120.085 and
current U.S. Registration No. N85GL, together with two (2) Pratt & Whitney model
PW-118 aircraft engines associated therewith (the "N85GL Aircraft"); and

     WHEREAS, certain disputes have arisen between FINOVA and Great Lakes under
each of the N92GL Lease and the N85GL Lease; and

     WHEREAS, as a result of such disputes, FINOVA filed a two-count complaint
(the "Complaint") against Great Lakes in the United States District Court for
the District of Arizona (the "Court"), Case No. CIV 02-0362-PHX-SMM; and

     WHEREAS, Count One of the Complaint concerns Great Lakes' alleged liability
under the N85GL Lease and Count Two of the Complaint concerns Great Lakes'
alleged liability under the N92GL Lease; and

     WHEREAS, the dispute between FINOVA and Great Lakes under the N92GL Lease
has been resolved pursuant to the terms and conditions of the Settlement
Agreement and Covenant Not to Execute dated as of August 1, 2002 between FINOVA
and Great Lakes (the "N92GL Settlement Agreement"); and

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     WHEREAS, FINOVA and Great Lakes wish to negotiate a settlement of the
dispute existing between them under the N85GL Lease (the "N85GL Lease Dispute");
and

     WHEREAS, while FINOVA and Great Lakes proceed with such negotiations,
FINOVA, on the terms and conditions set forth below, is willing to withdraw its
notices of default relating to the N85GL Lease Dispute and to dismiss (without
prejudice to refiling such action) Count One of the Complaint;

     NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
FINOVA and Great Lakes hereby agree as follows:

     1.   Definitions.

          (a) All of the definitions set forth in the above recitals are hereby
incorporated in this Section 1 as if fully set forth herein.

          (b) Unless otherwise defined in this Agreement, all capitalized terms
appearing herein shall have the meaning as set forth in the N85GL Lease.

     2.   Negotiations. During the term of this Agreement, FINOVA and Great
Lakes shall attempt to negotiate a final settlement of the N85GL Lease Dispute.

     3.   Withdrawal of Notices of Default and Dismissal of Complaint. In
consideration of the mutual covenants set forth in this Agreement, FINOVA and
Great Lakes agree as follows:

          (a) FINOVA hereby withdraws without prejudice all notices of default
it has sent to Great Lakes in regard to the N85GL Lease, including, without
limitation, such notices dated January 14, 2002 and January 18, 2002. Subject to
the terms and conditions of this Agreement, FINOVA hereby reserves the right to
issue or re-issue to Great Lakes notices of any and all Defaults and Events of
Default existing as of the date hereof and which may arise in the future.
Nothing in this Section 3 should be construed as a waiver by FINOVA of any
Defaults or Events of Default existing as of the date hereof or which may arise
in the future.

          (b) Upon this Agreement becoming effective pursuant to the
requirements of Section 5 hereof, FINOVA and Great Lakes shall execute and file
with the Court, pursuant to Rule 41(a), Federal Rules of Civil Procedure, a
stipulation dismissing without prejudice Count One of the Complaint. Great Lakes
agrees that, should FINOVA re-file its suit with the Court in regard to the
N85GL Dispute: (i) the applicable statute of limitations shall be tolled during
the term of this Agreement; (ii) Great Lakes shall accept service of process
through its counsel, Thomas G. Ryan, of Lewis & Roca LLP; and (iii) Great Lakes
shall not contest that the Court has jurisdiction over it and that venue is
proper.

     4.   Obligations of Great Lakes.

          (a) Until this Agreement terminates pursuant to Section 7 hereof,
Great Lakes hereby agrees to make the following payments to FINOVA in
immediately-available funds

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(without any right of set-oft) pursuant to wire transfer instructions as
provided by FINOVA to Great Lakes in writing from time to time:

              (i) On the date hereof and on the first Business Day of each
     consecutive month hereafter until and including April 1, 2003, Great Lakes
     shall make a payment to FINOVA in the amount of Ten Thousand Dollars
     ($10,000.00); and

              (ii) On May 1, 2003 and on the first Business Day of each
     consecutive month thereafter until and including October 1, 2003, Great
     Lakes shall make a payment to FINOVA in the amount of Fifteen Thousand
     Dollars ($15,000.00).

Such payments shall be applied by FINOVA pursuant to the requirements of the
N85GL Lease.

          (b) Great Lakes shall continue to store, maintain and insure the
Aircraft pursuant to the requirements of the N85GL Lease.

     5.   Effectiveness of Agreement. This Agreement shall become effective upon
(a) FINOVA's receipt of the payment due on the date hereof pursuant to Section
4(a)(i) of this Agreement and (b) the filing with the Court of the
fully-executed "Stipulation" (as defined in the N92GL Settlement Agreement).

     6.   Compliance with Agreement. So long as (a) Great Lakes makes each
payment required by Section 4(a) hereof within three (3) Business Days after the
due date for such payment, (b) Great Lakes complies with its obligations under
Section 4(b) of this Agreement, (c) Great Lakes complies with all of its
obligations under the N92GL Settlement Agreement and (d) an Event of Default
does not arise pursuant to Section 17.3, 17.4, 17.10, 17.11, 17.12 or 17.13 of
the N85GL Lease, FINOVA hereby agrees that it shall not, during the term of this
Agreement, take any action to enforce its rights or remedies under the N85GL
Lease. Should any of the foregoing events occur (a "Deferral Agreement Breach"),
or should this Agreement otherwise terminate pursuant to Section 7 hereof,
FINOVA shall have the right to proceed with the enforcement of its rights and
remedies under the N85GL Lease.

     7.   Termination.

          (a) Subject to any earlier termination pursuant to this Section 7,
this Agreement shall terminate and be of no further force and effect on and
after November 1, 2003.

          (b) Notwithstanding the withdrawal by FINOVA of its notices of Default
and Events of Default, FINOVA shall have the right during the term of this
Agreement to attempt to remarket the Aircraft (by either a lease or sale
thereof) to any third party. Should FINOVA enter into a binding agreement during
the term of this Agreement to either lease or sell the Aircraft, this Agreement
shall terminate on the effective date of such a lease or on the transfer of
title pursuant to such a sale. Great Lakes' remaining payment obligations owing
to FINOVA pursuant to the N85GL Lease (if any) shall be determined under the
N85GL Lease as if an Event of Default were in effect as of the termination of
this Agreement under this Section 7(b). Nothing in this Section 7(b), however,
shall affect the obligations which FINOVA may have pursuant to the Lease and as
a matter of law to act reasonably to mitigate its damages.

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          (c) FINOVA shall have the right to terminate this Agreement
immediately upon the occurrence of a Deferral Agreement Breach (pursuant to
Section 6 hereof).

          (d) Unless FINOVA declares otherwise in writing to Great Lakes, this
Agreement shall automatically terminate upon the occurrence of an Event of
Default pursuant to Section 17.10 or 17.11 of the N85GL Lease.

          (e) Should an Event of Loss arise in respect of the Airframe, and upon
FINOVA receiving all amounts owing to it under Section 13.1 of the Lease as a
result of such Event of Loss, this Agreement shall terminate automatically
without any further notice.

     8.   Release of Liability. In consideration of the mutual covenants set
forth in this Agreement, Great Lakes hereby releases FINOVA (and its successors
and assigns and the officers, directors, employees, attorneys and other agents
of FINOVA and its successors and assigns) of any and all liability, claims and
damages (collectively, "Claims") existing as of the date hereof, known and
unknown, relating to or arising out of the N85GL Lease or the enforcement by
FINOVA of any of its rights thereunder. Notwithstanding the foregoing, nothing
in this Section 8 shall act (a) to release FINOVA from the obligation to perform
pursuant to this Agreement or (b) to release FINOVA from any Claims which may
arise after the date hereof.

     9.   Captions. All captions and section headings used in this Agreement are
for convenience only and shall not in any manner be deemed to limit or restrict
the context of the section to which they relate.

     10.  Applicable Law. Jurisdiction and Waiver of Jury Trial.

          (a) THIS AGREEMENT SHALL BE GOVERNED BY AND BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF ARIZONA.

          (b) ALL ACTIONS OR PROCEEDINGS ARISING DIRECTLY OR INDIRECTLY OUT OF
THIS AGREEMENT SHALL BE SUBJECT TO THE EXCLUSIVE JURISDICTION AND VENUE OF THE
MARICOPA COUNTY SUPERIOR COURT FOR THE STATE OF ARIZONA OR THE UNITED STATES
DISTRICT COURT FOR THE DISTRICT OF ARIZONA, SITTING IN PHOENIX, ARIZONA. GREAT
LAKES HEREBY EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION AND
VENUE IN EITHER OF SUCH COURTS, AND EXPRESSLY WAIVES THE RIGHT TO SEEK THE
TRANSFER OF VENUE BASED UPON INCONVENIENCE.

          (c) THE PARTIES TO THIS AGREEMENT HEREBY WAIVE THE RIGHT TO TRIAL BY
JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY
RELATING TO, THIS AGREEMENT, WHETHER SUCH ACTION IS BASED ON BREACH OF CONTRACT,
TORT, OR ANY OTHER LEGAL OR EQUITABLE THEORY.

     11.  Entire Agreement. This Agreement (together with the exhibits hereto
and documents referenced herein) shall constitute the entire agreement between
FINOVA and Great

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Lakes with respect to the transactions contemplated herein, supersedes in its
entirety any prior agreements, whether oral or in writing, of FINOVA and Great
Lakes concerning the subject matter hereof, and shall not in any manner be
supplemented, amended or modified except by a written instrument executed on
behalf of the parties by their duly authorized representatives.

     12.  Waivers. The waiver by any party hereto of performance of any term,
covenant or condition of this Agreement in a particular instance shall not
constitute a waiver of any subsequent breach or preclude such party from
thereafter demanding performance thereof according to the provisions herein.

     13.  Counterparts. This Agreement may be signed in one or more
counterparts, each of which shall be an original, but all of which together
shall constitute the same instrument.

     14.  Notice Requirements. All demands, notices and other communications
allowed or required pursuant to this Agreement shall be given in English, in
writing and shall be deemed to have been duly given when personally delivered,
delivered by a nationally-recognized courier service, or sent via facsimile
(provided that, in the case of a facsimile transmission, the transmission must
be followed as soon as possible by a personal delivery or delivery by courier)
to either party as follows:

          If to FINOVA:      FINOVA Capital Corporation
                             FINOVA Corporate Center
                             4800 North Scottsdale Road
                             Scottsdale, Arizona 85251
                             Attention: Vice President-Operations
                                        Management/Transportation Finance and
                                        Vice President-Assistant General
                                        Counsel/Transportation Finance
                             Facsimile: 480-636-6729

          If to Great Lakes: Great Lakes Aviation, Ltd.
                             1022 Airport Parkway
                             Cheyenne, Wyoming 82001
                             Attention: President
                             Facsimile: 307-634-3275

or such other address as any party may notify in writing to the other.

                            [SIGNATURE PAGE FOLLOWS]

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     IN WITNESS WHEREOF, the parties have caused this Deferral Agreement (N85GL)
to be executed by their duly authorized representatives as of the date first
stated above.

                             FINOVA CAPITAL CORPORATION, a
                             Delaware corporation

                             By:  /s/ Pamela M. Hart
                                  ----------------------------------------------

                             Name:  Pamela M. Hart
                                    --------------------------------------------

                             Title: Vice President
                                    --------------------------------------------

                             GREAT LAKES AVIATION, LTD., an Iowa
                             corporation

                             By:  /s/ Douglas G. Voss
                                  ----------------------------------------------

                             Name:  Douglas G. Voss
                                    --------------------------------------------

                             Title: President
                                    --------------------------------------------<PAGE>

                                                                   EXHIBIT 10.22

                              EMPLOYMENT AGREEMENT

        EMPLOYMENT AGREEMENT ("Agreement") made this 31st day of December, 2002
by and between Great Lakes Aviation, Ltd., an Iowa corporation ("Company"), and
Douglas G. Voss ("Employee").

        WHEREAS, the Company and Employee desire to enter into this Agreement to
set forth all terms and conditions of Employee's employment by the Company.

        NOW, THEREFORE, in consideration of the premises, the mutual covenants
and agreements hereinafter set forth and other good and valuable consideration,
the receipt and sufficiency whereof are hereby acknowledged, Employee and the
Company desire to enter into this Agreement, upon the terms and conditions
hereinafter set forth.

        1.      Employment; Duties. During Employee's employment hereunder, he
shall serve at the discretion of the Board of Directors as the Company's
Chairman of the Board of Directors, and shall preside at all meetings of the
Board of Directors. As Chairman the duties will include but not be limited to
such areas as setting meeting times, agendas and coordinating board discussions
on items, voting where required and oversight of the proper recordings of such
procedures, and shall also perform such other duties as may properly belong to
the office or as shall be prescribed from time to time by the Board of
Directors. Employee will not have the day-to-day responsibilities for making
decisions relating to the Company's operations other than those related to Board
Approved Company policies and oversight matters. Employee shall be provided
support as directed by the board of directors to perform his duties as Chairman.
Employee shall perform his duties as directed by the board of directors.
Additionally, Employee shall do such traveling as may reasonably be required by
the Company in connection with the performance of his duties and
responsibilities. Employee represents and warrants to the Company that (a) his
acceptance of employment under this Agreement and his performance of the duties
contemplated herein are not in conflict with any obligation, undertaking or
agreement between Employee and any third party and (b) he has not and will not,
during the course of his employment with the Company, utilize or disclose
outside of his authorized responsibilities as an Employee any confidential or
proprietary information, trade secrets, materials, documents or company property
without authorization of the board of directors.

        2.      Term. The employment of Employee by Company as provided in
Section 1 will commence on December 31, 2002, and end on the day preceding the
second anniversary date of this Agreement ("Expiration Date"), unless terminated
as hereinafter provided or extended. A renewal or extension may be considered by
the board of directors at their discretion twelve months prior to the Expiration
Date as noted.

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        3.      Compensation and Related Matters.

                3.1     Base Salary. The Company shall pay to Employee an annual
        base salary of One Hundred Twenty Thousand Dollars ($120,000), payable
        in periodic installments in accordance with the standard payroll
        practices of the Company in effect from time to time.

                3.2     Fringe Benefits. Employee shall be entitled to
        participate in and to receive benefits on an ongoing basis as are
        customarily provided to the executive officers of the Company.

                3.3     Expenses. Company will reimburse Employee for all
        reasonable business expenses incurred in performing services hereunder,
        upon Employee's presentation to Company from time to time of itemized
        accounts describing such expenditures, all in accordance with Company's
        policy in effect from time to time with respect to the reimbursements of
        business expenses.

                3.4     Withholding. As applicable, all payments to Employee
        under this Section 3 shall be subject to required withholding for
        federal and state income taxes, FICA contributions and other required
        deductions.

                3.5     Stock Options. Employee and the Company shall enter into
        a Stock Option Agreement pursuant to the Company's 1993 Stock Option
        Plan, to be dated effective December 31, 2002, or such other date that a
        corporate restructuring is effectuated. Employee will be granted 200,000
        stock options to purchase shares of the Company's common stock at an
        exercise price of $0.40 per share. Such options shall vest ratably on
        the first and second anniversary date of this Agreement.

        4.      Termination.

                4.1     Elimination as Director. Employee's employment hereunder
        shall terminate upon a decision by the Board of Directors to terminate
        his employment as Chairman of the Board.

                4.2     Death. Employee's employment hereunder shall terminate
        upon his death.

                4.3     By Company for Disability. Subject to applicable law,
        Company shall have the right to terminate Employee's employment
        hereunder if Employee becomes Disabled, upon delivery of a Notice of
        Termination to Employee. For the purposes hereof Employee shall be
        deemed "Disabled" if: (i) as a result of Employee's incapacity due to
        physical or mental illness, including without limitation, chemical
        dependency, Employee shall have been unable to perform the major duties
        of his employment for three months (whether or not consecutive) during
        any twelve month period; or (ii) Employee is found to be permanently
        disabled by (A) any insurer pursuant to the terms of any insurance
        contract then in effect, (B) the Social Security Administration for
        purposes of Social Security

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        disability payments or (C) by any tribunal or court. Upon request of the
        Board of Directors (or if there be only two members of the Board of
        Directors) by any member of the Board of Directors, Employee agrees to
        submit to successive medical examinations by such physicians as may be
        designated by the Board of Directors and shall consent to the disclosure
        of the results of such examinations and a prognosis relative to
        Employee's condition. Any and all such examinations shall be conducted
        at the expense of the Company.

                4.4     By Company for Cause. Company may terminate Employee's
        employment hereunder for Cause. For purposes of this Agreement, Company
        shall have "Cause" to terminate Employee's employment hereunder upon (i)
        the material failure by Employee to perform his duties hereunder if such
        failure has not been cured within ten days after written demand for
        performance is delivered by Company that specifically identifies the
        manner in which Company believes Employee has not performed his duties,
        (ii) the willful engaging by Employee in conduct which evidences a
        disregard for the interests of Company, momentarily or otherwise,
        including material violation of the established rules, regulations and
        policies of Company or (iii) the commission by Employee of a felony,
        gross misdemeanor or act of dishonesty.

                4.5     By Employee for Company's Breach. Prior to the
        Expiration Date, Employee may terminate his employment hereunder for a
        failure by Company to comply with any material provision of this
        Agreement which has not been cured within ten (10) days after written
        notice of such noncompliance has been given by Employee to Company.

                4.6     Notice of Termination. Any termination of Employee's
        employment by Company or by Employee (other than termination pursuant to
        Subsection 4.2 hereof) shall be communicated by written Notice of
        Termination to the other party hereto.

                4.7     Date of Termination. "Date of Termination" shall mean:
        (a) if Employee's employment is terminated by his death, the date of his
        death; (b) if Employee is eliminated from the Board of Directors, by the
        effective date of such elimination; and (c) if Employee's employment is
        terminated for any other reason, the date on which a Notice of
        Termination is given.

        5.      Compensation Upon Termination or During Disability.

                5.1     During Disability. During any period that Employee fails
        to perform his duties hereunder as a result of incapacity due to
        physical or mental illness ("disability period"), Employee shall
        continue to receive the full compensation for which he is entitled to
        offset by his base draw(offset by any payments to Employee received
        pursuant to disability benefit plans maintained by Company or disability
        benefits from governmental entities) until his employment resumes or is
        terminated pursuant to Section 4 hereof, and upon such termination,
        Employee shall be entitled to all amounts to which Employee is entitled
        pursuant

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        to Company disability plans, programs and policies all in accordance
        with the terms thereof.

                5.2     Death. If Employee's employment is terminated by his
        death, Company shall, within ten days following the date of Employee's
        death, pay to Employee's estate or Employee's designated beneficiary the
        full amount of compensation owed to him through the Date of Termination,
        and, thereafter, payment of any other amounts to which Employee is
        entitled pursuant to Company death benefit plans, programs and policies
        in accordance with the terms thereof.

                5.3     Termination Without Cause. Employee shall be an at-will
        employee of the Company. Employee may be terminated by the Company at
        any time for any reason, or no reason, upon six months written notice.
        Employee may terminate his employment upon six months notice. If
        Employee is terminated by the Company without cause or by Employee
        because of Company's breach of this Agreement, Employee shall receive
        his regular base pay for the remainder of the contract period. Stock
        options, if any, shall continue to vest during the remainder of the
        contract period.

                5.4     Termination With Cause. If Employee is terminated with
        Cause, compensation shall be paid to Employee through the Date of
        Termination and all unvested stock options, if any, will terminate as of
        that date.

        6.      Non-Disclosure. Employee acknowledges that he has received and
will continue to receive and contribute to the production of confidential
information concerning the Company's business, or in certain cases, the business
of its customers ("Confidential Information"). Except as required by his duties
hereunder, Employee will not, either during his employment by Company or at any
time thereafter, use any Confidential Information for his own benefit or
disclose any Confidential Information to any third person. Employee agrees to
refrain from any acts or omissions that would reduce the value of the
Confidential Information. Upon termination of Employee's employment with
Company, Employee shall leave with or return to Company all records,
correspondence, compositions, articles, writing, programs, codes, devices,
equipment, other papers which incorporate, embody or disclose any Confidential
Information (whether written, prepared or made by Employee or others), including
all copies and memorializations thereof. The obligations set forth in this
Section 6 shall not apply to any information or knowledge the entirety of which
is now publicly known or subsequently becomes publicly known, other than as a
direct or indirect result of the breach of this Agreement by Employee or the
breach of a confidentiality obligation owed to Company by any third party. For
the purposes hereof:

                (a)     The term "Confidential Information" means all
        information or material proprietary to Company or designated as
        Confidential Information by Company or by a customer of the Company and
        not generally known by non-Company personnel, of or to which Employee
        obtains knowledge or access through or as a result of Employee's
        relationship (whether prior or subsequent to

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>

        the date hereof) with Company (including information conceived,
        originated, discovered or developed in whole or in part by Employee).
        Confidential Information includes, but is not limited to, the following
        types of information and other information of a similar nature (whether
        or not reduced to writing), discoveries, inventions (whether or not
        patentable), ideas, concepts, software in various stages of development,
        designs, drawings, specifications, techniques, models, data, devices,
        source codes, object codes, documentation, formulae, patterns,
        computations, diagrams, flow charts, research and development data,
        programs, processes, procedures, know-how, Trade Secrets, marketing
        techniques and materials, strategies, marketing and development plans,
        customer names and other information related to customers, price lists,
        pricing policies and financial information. Confidential Information
        also includes any information described above which Company obtains from
        another party and which Company treats as proprietary or designates as
        Confidential Information, whether or not owned by or developed by
        Company.

                (b)     The term "Trade Secrets" means information, including a
        formula pattern, compilation, program device, method, technique or
        process, that derives independent economic value, actual or potential,
        from not being generally known to, and not being readily ascertainable
        by proper means by, other persons who can obtain economic value from its
        disclosure or use, and is the subject of efforts that are reasonable
        under the circumstances to maintain its secrecy.

        7.      Intellectual Property.

                (a)     Disclosure and Assignment. Employee shall promptly
        disclose in writing to Company complete information concerning each and
        every invention, discovery, improvement, device, design, apparatus,
        practice, process, method or product, whether patentable or not, made,
        developed, perfected, devised, authored, conceived or first reduced to
        practice by Employee, either solely or in collaboration with others,
        during the term of this Agreement, whether or not during regular working
        hours, relating either directly or indirectly to the business, products,
        practices or techniques of the employer (hereinafter referred to as
        "Developments"). Employee, to the extent that he has the legal right to
        do so, hereby acknowledges that any and all of such Developments are the
        property of Company and hereby assigns and agrees to assign to Company
        any and all of Employee's right, title and interest in and to any and
        all of such Developments.

                (b)     Limitation on Section 7(a). The provisions of Section
        7(a) shall not apply to any Development meeting the following
        conditions:

                        (i)     such Development was developed entirely on
                Employee's own time; and

                        (ii)    such Development was made without the use of any
                Company equipment, supplies, facility or trade secret
                information; and

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                        (iii)   such Development does not relate (A) directly to
                the business of Company, or (B) to Company's actual or
                demonstrably anticipated research or development; and

                        (iv)    such Development does not result from any work
                performed by Employee for Company.

                (c)     Assistance of Employee. Upon request and without further
        compensation therefor, but at no expense to Employee, and whether during
        the term of this Agreement or thereafter, Employee shall do all lawful
        acts, including, but not limited to, the execution of papers and lawful
        oaths and the giving of testimony, that in the opinion of Company, its
        successors and assigns, may be necessary or desirable in obtaining,
        sustaining, reissuing, extending and enforcing United States and foreign
        Letters Patent, including, but not limited to, design patents, on any
        and all of such Developments, and for perfecting, affirming and
        recording Company's complete ownership and title thereto, and to
        cooperate otherwise in all proceedings and matters relating thereto.

                (d)     Records. Employee shall keep complete, accurate and
        authentic accounts, notes, data and records of all Developments in the
        manner and form requested by Company. Such accounts, notes, data and
        records shall be the property of Company, and, upon its request,
        Employee shall promptly surrender same to it or, if not previously
        surrendered upon its request or otherwise, Employee shall surrender the
        same, and all copies thereof, to Company upon the conclusion of his
        employment.

                (e)     Obligations, Restrictions and Limitations. Employee
        understands that Company may enter into agreements or arrangements with
        agencies of the United States Government, and that Company may be
        subject to laws and regulations which impose obligations, restrictions
        and limitations on it with respect to inventions and patents which may
        be acquired by it or which may be conceived or developed by employees,
        consultants or other agents rendering services to it. Employee agrees
        that he shall be bound by all such obligations, restrictions and
        limitations applicable to any such invention conceived or developed by
        him during the term of this Agreement and shall take any and all further
        action which may be required to discharge such obligations and to comply
        with such restrictions and limitations.

        8.      Covenant Not To Compete. Employee agrees that during his
employment by Company, while receiving compensation under this Agreement and for
one year following Employee's Date of Termination, whichever occurs later, he
shall not, unless agreed to in writing by the Company, directly or indirectly,
in any manner or capacity (whether alone or as a partner, joint venturer or
stockholder, or creditor, agent, advisor, officer, director or employee for any
person, or through any agency or by any other means whatsoever) engage in any
activity or conduct which competes with any business conducted by the Company or
call upon or otherwise solicit any Accounts or

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Customers. For the purposes hereof "Accounts" and "Customers" shall mean any
Accounts or Customers which the Company has done business with within the
24-month period preceding the termination of Employee's employment, or any
Accounts or Customers to whom the Company has made a business proposal to or
solicited business from. Employee acknowledges that this Covenant Not To Compete
was contained in Company's initial offer of employment to Employee and was an
integral part of said offer of employment.

        9.      Injunctive Relief. Employee acknowledges and agrees that it
would be difficult to compensate Company fully for damages for any violation of
the provisions of Sections 7 and 8 of this Agreement. Accordingly, Employee
specifically agrees that Company shall be entitled to temporary and permanent
injunctive relief to enforce the provisions of this Agreement, that such relief
may be granted without the necessity of proving actual damages, and that, in
connection with any such proceeding Employee shall waive and hereby waives the
defense that Company has an adequate remedy at law. This provision with respect
to injunctive relief shall not, however, diminish the right of Company to claim
and recover damages in addition to injunctive relief. If any court shall
determine that Company is entitled to injunctive relief, Company shall not be
required to furnish a bond to obtain such preliminary or temporary relief.

        10.     Arbitration. Any claims or disputes of any nature between the
parties arising from or related to the performance, breach, termination,
expiration, application or meaning of this Agreement shall be resolved
exclusively by arbitration before the American Arbitration Association, pursuant
to the Association's rules for commercial arbitration.

                (a)     The decision of the arbitrator(s) shall be final and
        binding upon both parties. Judgment on the award rendered by the
        arbitrators may be entered in any court having jurisdiction thereof. In
        the event of submission of any dispute to arbitration, each party shall,
        not later than 30 days prior to the date set for hearing, provide to the
        other party and to the arbitrator(s) a copy of all exhibits upon which
        the party intends to rely at the hearing and a list of all persons whom
        each party intends to call as witnesses at the hearing.

                (b)     This paragraph 10 shall have no application to claims by
        the Company asserting violations of or seeking to enforce, by injunction
        or otherwise, regarding the Noncompetition, Confidentiality and
        Inventions provisions of this Agreement. Such claims may be maintained
        by the Company in a lawsuit

        11.     Miscellaneous.

                11.1    Recitals. The recitals to this Agreement are true and
        correct and constitute a part of this Agreement.

                11.2    No Assignment. Neither this Agreement nor any rights or
        obligations hereunder may be assigned or delegated by any party hereto
        without the written consent of the other parties.

                                        7

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                11.3    Remedies Cumulative. No remedy conferred by any of the
        specific provisions of this Agreement is intended to be exclusive of any
        other remedy, and each and every remedy shall be cumulative and shall be
        in addition to every other remedy given hereunder or now or hereafter
        existing at law or in equity or by statute or otherwise. The election of
        any one or more remedies by any party hereto shall not constitute a
        waiver of the right to pursue other available remedies.

                11.4    Notices. All notice, requests, and other communications
        from any of the parties hereto to another shall be in writing and shall
        be considered to have been fully given or served if personally
        delivered, telecopied, sent by national overnight delivery service, or
        sent by first class, certified or registered mail, return receipt
        requested, postage prepaid, to the party at his or its address as
        provided below, or to such other addresses such party may hereinafter
        designate by written notice to the other parties: (a) if to the Company,
        to Great Lakes Aviation, Ltd., 1022 Airport Parkway, Cheyenne, Wyoming
        82001, Attention: Chief Executive Officer, or (b) if to Employee, to the
        address last shown for Employee in the records of the Company. Such
        notice shall be deemed to be received when delivered if delivered
        personally, upon receipt of electronic sent confirmation (or other
        confirmation of receipt) if telecopied, the next business day if sent by
        a national overnight delivery service, or three business days after the
        date mailed if sent by certified or registered mail. Any notice of any
        change in such address shall also be given in the manner set forth
        above. Whenever the giving of notice is required, the giving of such
        notice may be waived in writing by the party entitled to receive such
        notice.

                11.5    Governing Law. This Agreement shall be governed by,
        construed and enforced in accordance with the laws of the State of Iowa.

                11.6    Entire Agreement; Amendment. This Agreement constitutes
        the entire agreement, and supersedes all other prior and contemporaneous
        agreements and undertaking, both written and oral, among the parties
        hereto relating to the subject matter hereof. There are no
        representations, warranties, covenants, statements, conditions, terms of
        obligations other than those contained herein or relating to the subject
        matter hereof. No amendments or modifications to or variations of this
        Agreement shall be deemed valid unless in writing and executed by
        Employee and Company.

                11.7    Meanings of Pronouns; Singular and Plural Words. All
        pronouns used in this Agreement shall be deemed to refer to the
        masculine, feminine, neuter, singular and plural, as the identity of the
        person to which or to whom reference is made may require. Unless the
        context in which any word is used shall clearly indicate to the
        contrary, words used in the singular shall include the plural, and words
        used in the plural shall include the singular.

                11.8    Interpretation. When a reference is made in this
        Agreement to Sections or Subsections such reference shall be to a
        Section or Subsection of this

                                        8

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        Agreement unless otherwise indicated. Whenever the words "include,"
        "includes," or "including" are used in this Agreement, they shall be
        deemed to be followed by the words "without limitation."

                11.9    Benefit. This Agreement shall inure to the benefit of
        and be enforceable by Employee or by Employee's personal and legal
        representatives, executors, administrators, heirs, devisees and
        legatees.

                11.10   Severability; Blue Pencil. To the extent that any
        provision of this Agreement shall be determined to be invalid or
        unenforceable, the invalid or unenforceable portion of such provision
        shall be deleted from this Agreement, and the validity and
        enforceability of the remainder of such provision and of this Agreement
        shall be unaffected. In furtherance of and not in limitation of the
        foregoing, it is expressly agreed that should the duration of or
        geographical extent of, or business activities covered by, the
        noncompetition covenant contained in Section 8 be determined to be in
        excess of that which is valid or enforceable under applicable law, then
        such provision shall be construed to cover only that duration, extent,
        or those activities which may validly or enforceably be covered.
        Employee acknowledges the uncertainty of the law in this respect and
        expressly stipulates that this Agreement shall be construed in a manner
        which renders its provisions valid and enforceable to the maximum extent
        (not exceeding its express terms) possible under applicable law.

                11.11   No Waiver. No delay on the part of either party in
        exercising any right hereunder shall operate as a waiver of such right,
        nor shall any waiver, express or implied, by either party of any right
        hereunder, or of any failure to perform hereunder or breach hereof by
        either party, constitute or be deemed to constitute a waiver of any
        other failure to perform hereunder or breach hereof by either party,
        whether of a similar or dissimilar nature thereto.

                11.12   Attorneys' Fees. If any litigation shall ensue between
        the parties concerning the interpretation of or performance under this
        Agreement, the prevailing party shall recover from the nonprevailing
        party its reasonable attorneys' and other fees and expenses, if and to
        the extent fixed by the court.

                11.13   Counterparts. This Agreement may be executed in one or
        more counterparts, each of which shall be deemed to be an original, but
        all of which counterparts shall together constitute one and the same
        instrument.

                11.14   Survival. The provisions of Sections 7 and 8 shall
        survive any termination of this Agreement and the termination of
        Employee's employment hereunder irrespective of the date of occurrence.

                                        9

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

                                        Great Lakes Aviation, Ltd.

                                        By /s/ Vernon A. Mickelson
                                           -----------------------------------
                                           Vernon A. Mickelson
                                           Chairman of the Compensation
                                           Committee of the Board of Directors

Employee:

/s/ Douglas G. Voss
--------------------
Douglas G. Voss

                                       10

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