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                                  EXHIBIT 10.1

                            STOCK PURCHASE AGREEMENT

                                 BY AND BETWEEN

                             HAWAIIAN HOLDINGS, INC.

                                       AND

                                 DONALD J. CARTY

                                  JULY 26, 2004

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                                      -i-

                            STOCK PURCHASE AGREEMENT

          THIS AGREEMENT (including all exhibits and schedules) (the
"Agreement") is made as of July 26, 2004, by and between Donald J. Carty
("Purchaser"), and Hawaiian Holdings, Inc., a Delaware corporation ("Company").
Unless otherwise provided, capitalized terms used herein are defined in Article
5 below.

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

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

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the Chapter 11 Case, who has since resigned and been replaced by a replacement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

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

          WHEREAS, subject to the terms and conditions set forth herein,
Purchaser desires to acquire from the Company, a number of shares of common
stock, par value $.01 per share of the Company (the "Common Stock"), equal to
$2,000,000 divided by the product of (x) the Market Price of the Common Stock
and (y) .90 (the 'Acquired Stock"), and the Company desires to sell to Purchaser
the Acquired Stock subject to the terms and conditions of this Agreement.

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

                                    ARTICLE 1

                           PURCHASE AND SALE OF STOCK

          1.1  Purchase and Sale of Acquired Stock

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

          1.2  Purchase Price

          The aggregate purchase price for the Acquired Stock (the "Purchase
Price") is Two Million Dollars ($2,000,000).

          1.3  Manner of Payment of Purchase Price

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

          1.4  Time and Place of Closing

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

          1.5  Manner of Delivery of Shares

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

                                   ARTICLE 2

                             CLOSING AND DELIVERIES

          2.1  Deliveries at Closing

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

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

               (ii) the Instruction Letter; and

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

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

                                       2

          2.2  Purchaser's Deliveries

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

                                   ARTICLE 3

              REPRESENTATIONS AND WARRANTIES CONCERNING THE COMPANY

          The Company represents and warrants to Purchaser that:

          3.1  Organization and Corporate Power

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

          3.2  Authority

          The Company has all requisite corporate power and authority (a) to
execute and deliver this Agreement and the other Acquisition Documents to which
it is a party, and, (b) to perform its obligations hereunder (including, without
limitation, all right, power, capacity and authority to issue, sell, transfer
and convey the Acquired Stock as provided by this Agreement, subject to
applicable federal and state securities law restrictions). This Agreement
constitutes a valid and binding obligation of the Company, enforceable in
accordance with its terms, except as enforceability may be limited by bankruptcy
laws, similar laws of debtor relief and general principles of equity.

          3.3  No Violations

          Except as set forth in Schedule 3.3, neither the execution and the
delivery of this Agreement, nor the consummation of the transactions
contemplated hereby by the Company, will violate (i) any confidentiality
agreement, (ii) any Applicable Law, or (iii) any material provision of the
charter or bylaws of the Company.

          3.4  Consents

          Except for any consent described in Schedule 3.4, no permit, consent,
approval or authorization of, or declaration to or filing with, any Governmental
Authority is required in connection with any of the execution, delivery or
performance of this Agreement by the Company or the consummation of the Company
of any other transaction contemplated hereby.

          3.5  Valid Offering

          (a) Upon issuance of the Acquired Stock pursuant to this Agreement,
the Acquired Stock will be duly and validly issued, fully paid and
non-assessable, and the Purchaser

                                       3

will receive good title thereto, free and clear of all Encumbrances except (i)
under the provisions of applicable federal and foreign and state securities law
and (ii) as a result of acts of the Purchaser.

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

          3.6  Brokerage

                    There are no claims for brokerage commissions, finders' fees
or similar compensation in connection with the transactions contemplated by this
Agreement based on any agreement made by or on behalf of the Company. The
Company will indemnify the Purchaser against any claim regarding brokerage
commissions, finders' fees or similar compensation in connection with this
transaction based on any agreement made by or on behalf of the Company.

                                   ARTICLE 4

               REPRESENTATIONS AND WARRANTIES CONCERNING PURCHASER

          Purchaser represents and warrants to the Company that:

          4.1  Capacity

          Purchaser is an individual with full capacity, power and authority to
enter into this Agreement and perform its obligations hereunder.

          4.2  Authorization

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

          4.3  No Violation

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

          4.4  Consents

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

                                       4

          4.5  Brokerage

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

          4.6  Availability of Funds

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

          4.7  Part 121 Certificate

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

          4.8  U.S. Resident

          Purchaser is a citizen of the United States within the meaning of 49
U.S.C. 40102(a)(15)(C).

          4.9  Knowledge of Appointment of Trustee for HAL

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

          4.10 Knowledge and Experience.

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

                                       5

          4.11 Accredited Investor; Securities Law Restrictions.

          Purchaser is an "accredited investor" (as defined in Rule 501(a)(5)
under the Securities Act) and is acquiring the Acquired Stock hereunder for its
own account. Purchaser is purchasing the Acquired Stock for investment purposes
and not with a view to offer or sale thereof in connection with any public
distribution or in any other manner that would violate the Securities Act or the
securities or blue sky laws of any state or of any foreign jurisdiction or
require registration thereunder. Purchaser will not offer or sell or otherwise
dispose of any of the Acquired Stock so purchased in violation of the Securities
Act or the Exchange Act. Purchaser understands that the Acquired Stock is being
offered and sold in reliance upon specific exemptions from the registration
requirements of federal and state securities laws and that the Company is
relying upon the truth and accuracy of the representations and warranties of the
Purchaser set forth herein in order to determine the availability of such
exemptions. The Purchaser understands and agrees that the Acquired Stock has not
been registered under the Securities Act, or any foreign or state securities
laws and that, accordingly, will not be transferable except as permitted under
various exemptions contained in the Securities Act, foreign or state securities
laws, or upon satisfaction of the registration and prospectus delivery
requirements of the Securities Act. The Purchaser acknowledges and agrees that
it must bear the economic risk of the Acquired Stock it is acquiring hereunder
for an indefinite period of time because such stock has not been registered
under the Securities Act and therefore cannot be transferred unless subsequently
registered or an exemption from registration is available.

          4.12 No other Representations or Warranties.

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

          4.13 No Action Taken to Invalidate Private Placement.

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

                                       6

                                    ARTICLE 5

                                   DEFINITIONS

          5.1  Definitions

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

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

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

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

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

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

          "Knowledge" means: (a) with respect to the Company the actual
knowledge of Lawrence S. Hershfield and Randall L. Jenson; and (b) with respect
to the Purchaser the actual knowledge of Donald J. Carty.

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

          "Market Price" means the closing price of the Common Stock on the
American Stock Exchange on the Business Day immediately preceding the Closing
Date.

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

                                       7

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

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

          "Required Consents" shall mean those consents, if any, listed in
Schedule 3.4 that may be required in order to allow the Company to issue and
sell the Acquired Stock to Purchaser free and clear of all liens, claims and
encumbrances, and to make the other commitments set forth herein.

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

          "SEC" means the Securities and Exchange Commission

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

                                   ARTICLE 6

                                  MISCELLANEOUS

          6.1  Press Releases and Communications.

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

          6.2  Expenses.

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

          6.3  Notices.

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

                                       8

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

Donald J. Carty                     ____________________________________________

                                    ____________________________________________

                                    ____________________________________________

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

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

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

          6.4  Assignment

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

          6.5  Severability

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

                                       9

          6.6  No Strict Construction

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

          6.7  Amendment and Waiver

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

          6.8  Complete Agreement

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

          6.9  Counterparts

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

          6.10 Governing Law

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

          6.11 Submission to Jurisdiction

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

                                       10

          6.12 Descriptive Headings; Interpretation

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

          6.13 Construction of Certain Terms and Phrases

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

          6.14 No Third Party Beneficiaries

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

                                       11

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

                                             HAWAIIAN HOLDINGS, INC.

                                             By: /s/ Randall L. Jenson
                                                 -------------------------------
                                                 Name: Randall L. Jenson
                                                 Title: Chief Financial Officer

                                                 /s/ Donald J. Carty
                                                 -------------------------------
                                                 DONALD J. CARTY

                                       12EXHIBIT 10.2

                         RESTRUCTURING SUPPORT AGREEMENT

                  This RESTRUCTURING SUPPORT AGREEMENT is entered into as of
August 26, 2004 (the "Agreement") by and among Hawaiian Holdings, Inc. ("HHI"),
RC Aviation LLC ("RC Aviation," and together with HHI, the "HHI Parties") and
Joshua Gotbaum as chapter 11 trustee for Hawaiian Airlines, Inc. (the
"Trustee"), HHI, RC Aviation and the Trustee are referred to herein, each as a
"Party" and collectively as the "Parties."

                              W I T N E S S E T H:

                  WHEREAS, Hawaiian Airlines, Inc. (the "Debtor" or "HAI")
commenced a voluntary chapter 11 case on March 21, 2003 (the "Chapter 11 Case")
under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code")
in the United States Bankruptcy Court for the District of Hawaii (the
"Bankruptcy Court");

                  WHEREAS, attached as Exhibit A hereto are the material terms
of a Joint Plan of Reorganization for HAI that are acceptable to the Trustee and
the HHI Parties (the "Joint Plan");

                  WHEREAS, each of the Trustee and the HHI Parties desire to
create a plan of reorganization, disclosure statement and other definitive
documentation to facilitate the reorganization of HAI in accordance with the
terms and conditions set forth in Exhibit A, and to cause the Joint Plan to be
confirmed, to become effective and to be fully consummated;

                  WHEREAS, AWMSI ("Ansett") and the HHI Parties have negotiated
an agreement under which the HHI Parties have agreed to purchase Ansett's claim
against the Debtor, as amended, in the face amount of $107,506,114 (the "Ansett
Claim"). Ansett has advised the Trustee that it understands that the HHI Parties
may have more information concerning HAI's business and affairs than Ansett,
that the HHI Parties are currently prohibited from purchasing the Ansett Claim
using confidential information, that other prospective investors in HAI who are
also currently prohibited from purchasing claims against HHI using confidential
information have indicated an interest in purchasing the Ansett Claim and that
Ansett has nevertheless requested that the Trustee eliminate any prohibition
against the purchase of the Ansett Claim by the HHI Parties.

                  NOW, THEREFORE, in consideration of the promises and mutual
covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties hereto hereby agree as follows:

         Section 1. General. Each of the Parties agrees that

                  (a) it will negotiate in good faith all documentation
contemplated by or necessary to implement the Joint Plan described on Exhibit A,
including the Joint Plan itself, it being understood that the form of the Joint
Plan shall be based upon the plan template attached to this agreement as Exhibit
B, provided, however that where there is a conflict between the terms set forth
on Exhibit A and the terms contained in the Plan Template, the terms set forth
in Exhibit A shall be controlling;

                  (b) it shall (i) use commercially reasonable efforts to seek
approval of a Disclosure Statement relating to the Joint Plan by the Bankruptcy
Court, (ii) upon Bankruptcy Court approval of the Disclosure Statement, use
commercially reasonable efforts to solicit acceptances of the Joint Plan and
(iii) take all other commercially reasonably necessary actions to support and
obtain confirmation of and implement the Joint Plan;

                  (c) if the Joint Plan is confirmed, it will take or cause to
be taken all actions necessary to fully consummate the Joint Plan on the terms
and subject to the conditions set forth in the Joint Plan. For purposes of this
Agreement, the actions required to support, obtain confirmation of and implement
the Joint Plan include, without limitation: (a) the execution and delivery of
appropriate agreements or other documents of transfer, merger, consolidation,
restructuring, disposition, liquidation or dissolution containing terms that are
consistent with the terms and conditions set forth in Exhibit A and that satisfy
the requirements of applicable law and such other terms to which the applicable
Parties may agree; (b) the execution and delivery of appropriate instruments of
transfer, assignment, assumption or delegation of any asset, property, right,
liability, duty or obligation on terms consistent with the terms of the Joint
Plan and having such other terms as the applicable Parties may agree; (c) the
filing of appropriate certificates or articles of merger, consolidation,
continuance or dissolution or similar instruments with the applicable
governmental authorities; (d) the taking of all other actions that the
applicable Parties determine to be necessary or appropriate, including making
other filings or recordings that may be required by applicable law in connection
with such transactions, and (e) the full and timely performance by the HHI
Parties of all of the obligations imposed on them and set forth in Exhibit A,
including, without limitation, the obligation to provide the financing needed to
implement the Joint Plan as described more fully in Exhibit A hereto.

         Section 2. Support for the Joint Plan. The HHI Parties agree and
covenant that, following receipt of solicitation materials approved by the
Bankruptcy Court, to the extent they or their affiliates are the holders of
claims against or interests in the Debtor: (i) the HHI Parties shall vote, and
shall cause their affiliates who are beneficial holders of claims against or
interests in the Debtor to vote, their claims against the Debtor and interests
in the Debtor to accept the Joint Plan by delivering their duly executed and
completed ballots accepting the Joint Plan and will not change or withdraw (or
cause to be changed or withdrawn) such votes to accept the Joint Plan; (ii) each
of the HHI Parties, and their agents, representatives, professionals and
affiliates will not, directly or indirectly, (1) object to, delay, impede or
take any other action to interfere in any respect with acceptance, confirmation,
approval, or implementation of the Joint Plan, irrespective of whether
confirmation of the Joint Plan is sought pursuant to Bankruptcy Code Section
1129(a) or Bankruptcy Code Section 1129(b) and irrespective of whether any class
that includes claims or interests held by the HHI Parties or their affiliates
votes to accept or reject the Joint Plan, (2) object to the solicitation of
votes for or consents to the Joint Plan, (3) encourage any person or entity to
do any of the foregoing, or (4) propose, file, support, encourage, vote for or
engage in discussions with any person or entity concerning any restructuring,
workout or plan of reorganization for the Debtor other than the Joint Plan.

         Section 3. Sale of Claims. The HHI Parties covenant that, from the date
hereof until the termination of this Restructuring Support Agreement, it shall
not sell, pledge, hypothecate or otherwise transfer any of its Claims or
Interests in the Debtor unless: (a) the Trustee consents in writing to such
sale; and (b) any purchaser agrees prior to such transfer to be bound by all the

                                       2

terms of this Agreement with respect to the Claims being transferred to such
purchaser, such agreement to be evidenced by execution of an agreement in
substantially the same form hereof and delivered to the Debtor (at the addresses
listed in Section 15 herein) prior to consummation of such transfer. Any
additional Claims purchased by the HHI Parties, with the express written consent
of the Trustee, shall automatically be deemed to be subject to all of the terms
of this Agreement. This Agreement shall in no way be construed to preclude a
Party from acquiring additional Claims or other interests in any Debtor;
provided, however, that any such additional Claims or other interests in such
Debtor shall automatically be deemed to be subject to all the terms of this
Agreement.

         Section 4. Allowance of Ansett Claim. The Debtor and the HHI Parties
agree that the allowed amount of the Ansett Claim shall be no less than
$106,320,000. The HHI Parties shall reserve the right to assert that the allowed
amount of the Ansett Claim is equal to its face amount of $107,506,114.

Section 5. Financing Commitment. The HHI Parties shall provide all financing
necessary to make all distributions required under the Joint Plan and to assure
that the Debtor will have no less than $70,000,000 in unrestricted cash on the
date that the Joint Plan is substantially consummated. Such financing shall be
provided as described in Exhibit A or using any other manner of financing agreed
to in writing by the Trustee.

         Section 6. Purchase of Lease Related Claims. The Trustee agrees that
notwithstanding anything contained in the Confidentiality and Non-Disclosure
Agreement executed by HHI and AIP, LLC on May 21, 2004 (the "Confidentiality
Agreement"), the HHI Parties may purchase the Ansett Claim. Subject to receipt
of acknowledgements substantially similar to the acknowledgement Ansett has
provided to the Trustee as described in the preamble to this Agreement, the
Trustee agrees that notwithstanding anything contained in the Confidentiality
Agreement, the HHI Parties may purchase the claim against HAI held by any holder
of a Lease Related Claim (as defined in Exhibit A hereto).

         Section 7. Tender Offer. In the event that a plan having the material
terms set forth in Exhibit A is not confirmed and substantially consummated
prior to March 31, 2005, then in such case RC Aviation shall make an offer to
purchase (the "Tender Offer") all nonpriority unsecured claims against the
Debtor set forth on Exhibit C (which excludes Lease Related Claims) from the
holders of such claims at a price equal to 100% of the amount of such claim as
set forth in Exhibit C or, if any such claim has been actually determined by
order of the Bankruptcy Court prior to the date of the Tender Offer, the amount
of the allowed claim as determined by the Bankruptcy Court. The form of the
agreement to tender a claim in response to a tender offer shall be based upon a
customary form and shall be reasonably acceptable to the Trustee.

         Section 8. Boeing. The HHI Parties and the Chapter 11 Trustee will
exert reasonable efforts to engage Boeing to negotiate a consensual modification
of the Boeing Leases and an agreed upon amount of Boeing's claims, provided,
however, that the obligations of the HHI Parties and Boeing under this Agreement
are expressly not conditioned upon reaching any agreement with Boeing concerning
the Boeing Leases or the amount of Boeing's claims.

                                       3

         Section 9. Representations and Warranties.

                  (a) Each of the Parties severally represents and warrants to
each of the other Parties that the following statements are true and correct as
of the date hereof:

                           (1) Power and Authority. It has all requisite power
and authority to enter into this Agreement and to carry out the transactions
contemplated by, and perform its respective obligations under, this Agreement,
subject in the case of the Trustee, to the approval of the Bankruptcy Court.

                           (2) Authorization. The execution and delivery of this
Agreement and the performance of its obligations hereunder have been duly
authorized by all necessary action on its part, subject in the case of the
Trustee, to the approval of the Bankruptcy Court.

                           (3) No Conflicts. The execution, delivery, and
performance by it of this Agreement do not and shall not (i) violate any
provision of law, rule, or regulation applicable to it or its certificate of
incorporation or by-laws (or other organizational documents) or (ii) conflict
with, result in a breach of, or constitute (with due notice or lapse of time or
both) a default under any material contractual obligation to which it is a party
or under its certificate of incorporation or by-laws (or other organizational
documents).

                           (4) Governmental Consents. The execution, delivery,
and performance by it of this Agreement do not and shall not require any
registration or filing with, consent or approval of, or notice to, or other
action to, with, or by, any Federal, state, or other governmental authority or
regulatory body, except any filings and approvals required in connection with
the Chapter 11 Case or by the U.S. Department of Transportation or Federal
Aviation Administration with respect to any change of control.

                           (5) Binding Obligation. This Agreement is the legally
valid, and binding obligation of it, enforceable against it in accordance with
its terms, except as enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium, or other similar laws relating to or limiting
creditors' rights generally or by equitable principles relating to
enforceability.

                           (6) Proceedings. No litigation or proceeding before
any court, arbitrator, or administrative or governmental body is pending against
it that would adversely affect its ability to enter into this Agreement or
perform its obligations hereunder.

                  (b) The HHI Parties (on behalf of itself or any affiliate that
beneficially owns any claims against the Debtor (the "Claims")) represent and
warrant to each of the other Parties that the following statements are true,
correct, and complete as of the date hereof:

                           (1) Ownership. It is (i) the sole beneficial owner of
the Claims and Interests listed under its signature block below, having the
power to vote and dispose of such Claims and Interests on behalf of such
beneficial owners, and (ii) entitled (for its own account or for the account of
other persons claiming through it) to all of the rights and economic benefits of
such Claims and Interests.

                                       4

                           (2) Transfers. It has made no prior assignment, sale,
participation, grant, conveyance, or other transfer of, and has not entered into
any other agreement to assign, sell, participate, grant, or otherwise transfer,
in whole or in part, any portion of its right, title, or interests in the
Claims.

                           (3) Laws. It (i) is a sophisticated investor with
respect to the transactions described herein with sufficient knowledge and
experience in financial and business matters and is capable of evaluating the
merits and risks of owning and investing in securities similar to those issued
under the Plan, making an informed decision with respect thereto, and evaluating
properly the terms and conditions of this Agreement, and it has made its own
analysis and decision to enter in this Agreement, and (ii) is an "accredited
investor" within the meaning of Rule 501 of the Securities Act of 1933, as
amended (the "Securities Act").

                           (4) Financial Capacity. The HHI Parties have the
financial capacity to perform their obligations under this Agreement, based in
part on the binding funding commitments received by the HHI Parties which are
attached to this Agreement as Exhibit D. HHI represents that such funding
commitments are binding and enforceable and that the signatories thereto have
sufficient resources to perform their obligations thereon.

         Section 10. Termination by the Trustee. This Agreement may be
terminated by the Trustee on the occurrence of any of the following events (each
a "Trustee Termination Event"), by delivering written notice of the occurrence
of such event in accordance with Section 15 below to the other Parties:

                  (a) the entry of an order or orders by the Bankruptcy Court
confirming the Joint Plan pursuant to section 1129 of the Bankruptcy Code shall
not have occurred by the date that is twelve (12) months after the date of this
Agreement;

                  (b) the effective date of the Joint Plan shall not have
occurred by the date that is eighteen (18) months after the date of this
Agreement;

                  (c) the Bankruptcy Case shall have been converted to a case
under chapter 7;

                  (d) the terms of the Joint Plan and the exhibits and any
supplements thereto, not otherwise set forth on the Joint Plan attached hereto
as Exhibit A, are inconsistent with the terms set forth in Exhibit A; or

                  (e) Any HHI Party shall materially breach any of its
obligations under this Agreement under the terms of the Joint Plan, or under any
agreement entered into by such HHI party in connection with the proposal,
confirmation, or implementation of the Joint Plan.

         Section 11. Termination by HHI Parties. This Agreement may be
terminated by the HHI Parties on the occurrence of any of the following events
(each a "HHI Party Termination Event" and together with a Trustee Termination
Event, a "Termination Event"), by delivering written notice of the occurrence of
such event in accordance with Section 15 below to the other Parties:

                                       5

                  (a) the entry of an order or orders by the Bankruptcy Court
confirming the Joint Plan pursuant to section 1129 of the Bankruptcy Code shall
not have occurred by the date that is twelve (12) months after the date of this
Agreement;

                  (b) the effective date of the Joint Plan shall not have
occurred by the date that is eighteen months (18) after the date of this
Agreement;

                  (c) the Bankruptcy Case shall have been converted to a case
under chapter 7;

                  (d) the Trustee shall materially breach any of its obligations
under this Agreement under the terms of the Joint Plan, or under any agreement
entered into by such HHI party in connection with the proposal, confirmation, or
implementation of the Joint Plan; or

                  (e) the terms of the Joint Plan and the exhibits and any
supplements thereto, not otherwise set forth on the Joint Plan attached hereto
as Exhibit A, are inconsistent with the material terms set forth in Exhibit A.

         Section 12. Effect of Termination and of Waiver of Termination Event.
Subject to Section 13 of this Agreement, upon the delivery of the written notice
referred to in Sections 10 or 11 in connection with the valid termination of
this Agreement and a failure to cure any defaults or termination events subject
to cure within 10 days of such delivery of notice, the obligations of each of
the Parties hereunder shall thereupon terminate and be of no further force and
effect. Prior to the delivery of such notice the Trustee may waive the
occurrence of a Trustee Termination Event, and the HHI Parties may waive the
occurrence of an HHI Termination Event. No such waiver shall affect any
subsequent Termination Event or impair any right consequent thereon. Upon valid
termination of this Agreement under Sections 10 or 11 of this Agreement, no
Party shall have any continuing liability or obligation to the other Parties
hereunder; provided, however, that no such termination shall relieve any Party
from liability for its breach or non-performance of its obligations hereunder
prior to the date of such termination.

         Section 13. Payment of $5,000,000 by HHI Parties to Debtor As
Liquidated Damages In the Event of Termination (Other Than Pursuant to Section
11) or Default by HHI Parties. The Parties agree that, in the event that the HHI
Parties terminate this Agreement for reasons other than those set forth in
Section 11, or otherwise fail to perform their obligations under this Agreement,
that the amount of actual damages incurred by the Debtor as a result of such
termination and/or breach will be difficult to determine with precision. The
Parties further agree that, in the event that the HHI Parties terminate this
Agreement for reasons other than those set forth in Section 11, or otherwise
fail to perform their obligations under this Agreement, as liquidated damages
for loss of a bargain and not as a penalty, the HHI Parties jointly and
severally agree to pay to the Debtor the sum of $5,000,000 within three business
days of receiving written notice from the Trustee of such termination or breach
of this Agreement by the HHI Parties, provided that the HHI Parties shall not be
liable for the payment of the $5,000,000 sum if (a) the plan becomes effective
or (b) the Trustee obtains a court order providing for specific performance of
all obligations under this Agreement and the HHI Parties in fact specifically
perform.

                                       6

Section 14. Amendments. Neither this Agreement or the Joint Plan may be
modified, amended or supplemented except in writing signed by the Trustee and
the HHI Parties.

         Section 15. Governing Law; Jurisdiction. Each of the Parties hereto
hereby agrees that the Bankruptcy Court shall have exclusive jurisdiction over
all matters arising out of or in connection with this Agreement. This Agreement
shall be governed by Hawaii law, without regard for conflict of law principles.

         Section 16. Notices. All demands, notices, requests, consents, and
communications hereunder shall be in writing and shall be deemed to have been
duly given if delivered personally or by courier service, messenger, facsimile,
telecopy, or if duly deposited in the mails, by certified or registered mail,
postage prepaid-return receipt requested, and shall be deemed to have been duly
given or made (i) upon delivery, if delivered personally or by courier service,
or messenger, in each case with record of receipt, (ii) upon transmission with
confirmed delivery, if sent by facsimile or telecopy, or (iii) two business days
after being sent by certified or registered mail, postage pre-paid, return
receipt requested, to the following addresses, or such other addresses as may be
furnished hereafter by notice in writing, to the following Parties:

                           If to the Trustee, to:

                           David M. Webster, Esq.
                           General Counsel
                           Hawaiian Airlines, Inc.
                           3375 Koapaka Street, Suite G-350
                           Honolulu, HI  96819
                           Facsimile: (808) 835-3690

                           with a copy to:

                           Bruce Bennett, Esq.
                           Hennigan, Bennett & Dorman LLP
                           601 S. Figueroa Avenue, Suite 3300
                           Los Angeles, CA  90017
                           Facsimile:  (213) 694-1234

                           Tom E. Roesser, Esq.
                           Carlsmith Ball LLP
                           Pacific Tower, Suite 2200
                           1001 Bishop Street
                           Honolulu, HI  96813
                           Facsimile: (808) 523-0842

                                       7

                           If to the HHI Parties:
                           Lawrence Hershfield
                           Chief Executive Officer
                           Hawaiian Holdings, Inc.
                           c/o RC Aviation, LLC
                           12730 High Bluff Drive, Suite 180
                           San Diego, CA  92130
                           Facsimile: (858) 523-1899

                           with a copy to:

                           Jeffrey C. Krause, Esq.
                           Stutman, Triester & Glatt
                           1901 Avenue of the Stars, Suite 1200
                           Los Angeles, CA  90067
                           Facsimile: (310) 228-5788

         Section 17. Entire Agreement. This Agreement constitutes the full and
entire understanding and agreement among the Parties with regard to the subject
matter hereof, and supersedes all prior agreements with respect to the subject
matter hereof.

         Section 18. Headings. The headings of the paragraphs and subparagraphs
of this Agreement are inserted for convenience only and shall not affect the
interpretation hereof.

         Section 19. Successors and Assigns. This Agreement is intended to bind
and inure to the benefit of the Parties and their respective permitted
successors and assigns provided, however, that no Party may assign or transfer
this agreement without the prior written consent of all other Parties.

         Section 20. Specific Performance. Each Party hereto recognizes and
acknowledges that a breach by it of any covenants or agreements contained in
this Agreement will cause other parties to sustain damages for which such
parties would not have an adequate remedy at law for money damages, and
therefore each Party hereto agrees that in the event of any such breach, such
other parties shall be entitled to the remedy of specific performance of such
covenants and agreements and injunctive and other equitable relief in addition
to any other remedy to which such parties may be entitled, at law or in equity.

         Section 21. Remedies Cumulative. All rights, powers, and remedies
provided under this Agreement or otherwise available in respect hereof at law or
in equity shall be cumulative and not alternative, and the exercise of any
right, power, or remedy thereof by any party shall not preclude the simultaneous
or later exercise of any other such right, power, or remedy by such party.

         Section 22. No Waiver. The failure of any Party hereto to exercise any
right, power, or remedy provided under this Agreement or otherwise available in
respect hereof at law or in equity, or to insist upon compliance by any other
Party hereto with its obligations hereunder, and any custom or practice of the
parties at variance with the terms hereof, shall not constitute a

                                       8

waiver by such Party of its right to exercise any such or other right, power, or
remedy or to demand such compliance.

         Section 23. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which shall
constitute one and the same Agreement. Delivery of an executed signature page of
this Agreement by telecopier or email shall be as effective as delivery of a
manually executed signature page of this Agreement.

         Section 24. Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof or affecting the validity or
enforceability of such provision in any other jurisdiction.

         Section 25. No Third-Party Beneficiaries. Unless expressly stated
herein, this Agreement shall be solely for the benefit of the Parties and no
other person or entity shall be a third party beneficiary hereof.

         Section 26. No Solicitation. This Agreement is not intended to be, and
each signatory to this Agreement acknowledges that this Agreement is not, a
solicitation to the acceptance or rejection of a plan of reorganization for the
Debtor. Acceptance of the Joint Plan will not be solicited from any person until
it has received the disclosures required under or otherwise in compliance with
applicable law.

         Section 27. Settlement Discussions. This Agreement and the Joint Plan
are part of a proposed settlement of a dispute among the Parties. Nothing herein
shall be deemed an admission of any kind. Pursuant to Federal Rule of Evidence
408 and any applicable state rules of evidence, this Agreement and all
negotiations relating thereto shall not be admissible into evidence in any
proceeding other than a proceeding to enforce the terms of this Agreement.

         Section 28. Receipt of Adequate Information; Representation by Counsel.
Each Party acknowledges that it has received adequate information to enter into
this Agreement and that it has been represented by counsel in connection with
this Agreement and the transactions contemplated by this Agreement. Accordingly,
any rule of law or any legal decision that would provide any party with a
defense to the enforcement of the terms of this Agreement against such party
shall have no application and is expressly waived. The provisions of the
Agreement shall be interpreted in a reasonable manner to effect the intent of
the Parties.

                            (Signature Page Follows)

                                       9

                  IN WITNESS WHEREOF, the Parties hereto have duly executed and
delivered this Agreement as of the date first above written.

                       TRUSTEE

                       By:
                           -----------------------------------------------------
                           Name:  Joshua Gotbaum
                           Title: Chapter 11 Trustee for Hawaiian Airlines, Inc.

                       HAWAIIAN HOLDINGS, INC.

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

                       RC AVIATION, LLC

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

                                       10

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