Document:

Exhibit 10.28(c)

NEITHER THIS WARRANT NOR ANY OF THE SECURITIES
ISSUABLE UPON EXERCISE THEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES  ACT”), OR UNDER ANY APPLICABLE STATE SECURITIES LAWS,
AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, TRANSFERRED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF REGISTRATION UNDER THE SECURITIES ACT AND ANY
APPLICABLE STATE SECURITIES LAWS, OR THE AVAILABILITY OF AN EXEMPTION THEREFROM
UNDER THE PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES
LAWS.

WARRANT

TO PURCHASE SHARES OF COMMON STOCK

OF

REPUBLIC AIRWAYS HOLDINGS, INC.

Date:  March
10, 2004

THIS IS TO CERTIFY
THAT, for value received, DELTA AIR LINES, INC., a Delaware corporation (“Delta”), is entitled,
subject to the terms herein, to purchase from REPUBLIC AIRWAYS HOLDINGS INC., a
Delaware corporation (the “Company”),  four hundred eighty thousand (480,000)
fully paid and nonassessable shares of the Company’s common stock, $.001  par
value (the “Common Stock”),
at the Exercise Price (as defined below), all on the terms and conditions and
pursuant to the provisions hereinafter set forth.  The term “Warrant  Shares,” as used herein, refers to the shares of Common
Stock purchasable hereunder.  As used
herein, the term “Holder”
shall initially mean Delta, and shall subsequently mean each person or entity
to whom this Warrant is duly assigned.

1.             Exercise
of Warrant.     This
Warrant is exercisable, in whole or part, at any time or from time to time
after the date hereof until 5:30 p.m., New York time, on March 10, 2014 (the “Exercise  Period”); provided,
however,
that if the Company at any time gives Delta written notice that the Company has
scheduled a “road show” in connection with its sale of Common Stock pursuant to
an initial public offering under the Securities Act (an “IPO”), then, unless the Company, in its sole
discretion, determines otherwise, this Warrant will not be exercisable for a
period commencing on the date which is seven days after the date of the Company’s
written notice and ending on (a) the day of effectiveness of the IPO or (b) the
day of withdrawal of  the registration
statement for the IPO upon its failure to go effective (each such period, a “Blocking Period”).  The Company shall promptly notify Delta if
the IPO is not consummated, and in any event, no Blocking Period shall be
longer than forty-five (45) days.

2.             Exercise
Price.     The
per share price at which the Warrant Shares may be purchased (the “Exercise Price”)
shall be equal to:

 

 

 

(a)           if the Warrant is exercised prior to a
consummated IPO, $18.00 per share;

or

(b)           if the Warrant is exercised after or in
connection with the IPO, 95% of the price per share at which the Common Stock
was sold to the public in the Company’s IPO.

3.             Manner
of Exercise; Payment for Shares; Issuance of Certificates.

(a)           Manner
of Exercise.  Subject to the provisions of this
Warrant, the Warrant Shares may be purchased by the Holder, in whole or in
part, by the surrender of this Warrant together with a completed election to
purchase agreement in the form attached to this Warrant (the “Election Agreement”),
to the Company during normal business hours on any business day, during the
Exercise Period, at the Company’s principal executive offices (or such other
office or agency of the Company as it may reasonably designate by notice to the
Holder), and upon payment to the Company of an amount of consideration equal to
the aggregate Exercise Price of the purchased Warrant Shares  (“Total  Purchase Price”).

(b)           Payment
for Shares.  The Total Purchase Price may be
paid (i) in cash, by certified or official bank check or by wire transfer for
the account of the Company, (ii) notwithstanding (i), if the Fair Market Value
(as defined below) of the Company’s Common Stock is greater than the Exercise
Price, in lieu of exercising this Warrant by payment of cash, the Holder may
elect to receive shares of Common Stock computed as of the date of such
calculation using the following formula:

 

X=   Y(A-B)

A

Where X = the number of shares of Common Stock to be
issued to the Holder

Y = the number of
shares of Common Stock purchasable under the Warrant or, if only a portion of
the Warrant is being exercised, the portion of the Warrant being exercised and
canceled

A = the Fair
Market Value of one share of the Company’s Common Stock

B = the Exercise
Price

 

or (iii) in any
combination of the foregoing.

 

(c)           Definitions.

(i)            “Fair Market Value” shall mean, as of any date
of determination, with respect to any Common Stock, (x) if there is a Qualified
Public Market (as defined below) for such Common Stock, the value per share
determined pursuant to clause (i) or (ii) below of this definition or (y) if
there is no such Qualified Public Market, the value determined pursuant to
clause (iii) below of this definition:

 

2

 

(i)            if
such Common Stock is listed or quoted on a national securities exchange or
admitted to unlisted trading privileges on such an exchange, the average last
reported sale price (as reported in The  Wall Street Journal) of a share of such
Common Stock over the 21 trading day period immediately prior to the date of
determination or if no such sale is made on any such day, the mean of the
closing bid and asked prices for such Common Stock on such day on such
exchange; or

(ii)           if
such Common Stock is not so listed or admitted to unlisted trading privileges,
the average mean of the last bid and asked prices reported for a share of such
Common Stock over the 21 trading day period immediately prior to the date of
determination (A) by the National Association of Securities Dealers Automatic
Quotation System or (B) if reports are unavailable under clause (A) above by
the National Quotation Bureau Incorporated; or

(iii)          if
such Common Stock is not so listed or admitted to unlisted trading privileges
and bid and asked prices are not so reported, then the Company shall give
prompt written notice to the Holder of the need to determine the Fair Market
Value of such Common Stock, as well as a statement of the fair market value of
such Common Stock determined by the Board of Directors of the Company.  In such event, the Fair Market Value of such
Common Stock shall be the fair market value per share agreed to by the Board of
Directors of the Company and the Holder; provided, however, if no such
agreement is reached within thirty (30) days of the date on which the event for
which the Fair Market Value is required to be determined occurs, then the Fair
Market Value shall be determined as follows: the Company and the Holder shall
each designate promptly in a written notice to the other its determina­tion of
the fair market value of such Common Stock as of the applicable reference date,
and the Fair Market Value of such Common Stock as of the applicable reference
date shall then be determined by a nationally recognized independent appraiser
(the “Independent Financial
Expert”) selected by the Holder from a group of three appraisers
chosen by the Company (with whom the Company does not have an existing business
relationship) and the Holder assuming an arm’s-length private sale between a
willing buyer and a willing seller, neither acting under compulsion.  The determination by the Independent
Financial Expert of the Fair Market Value shall be final and binding on the
Company and the Holder.  The costs and
expenses of any such Independent Financial Expert making such valuation shall
be paid by the Company, except that such expenses shall be borne solely by the
Holder to the 

 

3

 

extent that the Independent Financial Expert concludes
that the valuation of such Common Stock made by the Board of Directors of the
Company is within ten percent (10%) of the Fair Market Value.

(ii)           “Qualified  Public  Market” shall mean with respect to the Common Stock of
the Company, an active trading market on a national securities exchange or
over-the-counter market which consists of such publicly held Common Stock in
the Company, with a minimum market value of $10,000,000 for such Common
Stock.  A “Qualified Public Market”
shall be deemed to exist if the financial parameters set forth in the
immediately preceding sentence have been met for the Common Stock for a period
of 21 consecutive days.

(d)           Issuance
of Certificates.  The Warrant Shares so purchased shall be
deemed to be issued to the Holder, as the record owner of such shares, as of
the close of business on the date on which this Warrant shall have been
surrendered, the completed Election Agreement shall have been delivered, and
payment of the Total Purchase Price shall have been made as set forth above.
Certificates for the Warrant Shares so purchased, with the legend specified in Subsection 10(f)
hereof, shall be delivered to the Holder within a reasonable time, not to
exceed three (3) business days after this Warrant shall have been so exercised.
The certificates so delivered shall be in such denominations as may be
requested by the Holder and shall be registered in the name of the Holder.  If this Warrant should be exercised in part
only, the Company shall, upon surrender of this Warrant, execute and deliver a
new Warrant evidencing the rights of the Holder thereof to purchase the balance
of the Warrant Shares issuable hereunder.

4.             Certain
Agreements of the Company. The Company hereby covenants
and agrees as follows:

(a)           Shares
to be Fully Paid.  All Warrant Shares will, upon issuance in
accordance with the terms of this Warrant, be validly issued, fully paid and
nonassessable and free from all taxes, liens and charges with respect to the
issue thereof.

(b)           Reservation
of Shares.  During the Exercise Period, the Company
shall at all times have authorized, and reserved for the purpose of issuance
upon exercise of this Warrant, a sufficient number of shares of Common Stock to
provide for the exercise of this Warrant.

(c)           Successors
and Assigns.  This Warrant will be binding upon any entity
succeeding to the Company by merger, consolidation or acquisition of all or
substantially all of the Company’s assets.

5.             Adjustment
to the Number of Warrant Shares.  During the
Exercise Period, the number of Warrant Shares and the Exercise Price shall be
subject to adjustment from time to time as provided in this Section 5.

 

4

 

(a)           Subdivision
or Combination of Common Stock.  During
the Exercise Period, if the Company subdivides (by any stock split, stock
dividend, recapitalization, reorganization, reclassification or otherwise) any
shares of Common Stock into a greater number of shares or combines (by any
reverse stock split, recapitalization, reorganization, reclassification or
otherwise) any shares of Common Stock into a smaller number of shares, then,
after the date of record for effecting such subdivision or combination, the
number of shares of Common Stock issuable upon exercise of this Warrant shall
be proportionally increased (in the case of a subdivision) or decreased (in the
case of a combination) so that the percentage of Warrant Shares, after the
subdivision or combination, of the total number of shares of Common Stock
outstanding will be equal to the percentage of Warrant Shares, immediately
prior to such subdivision or combination, of the total number of shares of
Common Stock outstanding immediately prior to such subdivision or
combination.  In addition, the Exercise
Price shall be proportionally decreased (in the case of a subdivision) or
increased (in the case of a combination) to appropriately reflect such
subdivision or combination.

(b)           Consolidation,
Merger or Sale.  During the Exercise Period, in case of any
consolidation of the Company with, or merger of the Company into any other
corporation, or in case of any sale or conveyance of all or substantially all
of the assets of the Company other than in connection with a plan of complete
liquidation of the Company, then as a condition of such consolidation, merger
or sale or conveyance, adequate provision will be made whereby the Holder of
this Warrant will have the right to acquire and receive upon exercise of this
Warrant in lieu of the shares of Common Stock immediately theretofore
acquirable upon the exercise of this Warrant, such shares of stock, securities
or assets as may be issued or payable with respect to or in exchange for the
number of shares of Common Stock immediately theretofore acquirable and
receivable upon exercise of this Warrant had such consolidation, merger or sale
or conveyance taken place.  In any such
case, the Company will make appropriate provision to insure that the provisions
of this Section 5
will thereafter be applicable as nearly as may be in relation to any shares of
stock or securities thereafter deliverable upon the exercise of this Warrant.

(c)           Notice
of Adjustment.  Upon the occurrence of any event that
requires any adjustment of the number of Warrant Shares and Exercise Price,
then, and in each such case, the Company shall give notice thereof to the
Holder, which notice shall state the increase or decrease in the number of
Warrant Shares purchasable and Exercise Price, setting forth in reasonable
detail the method of calculation and the facts upon which such calculation is
based.

6.             No
Fractional Shares.   No fractional shares of Common Stock are to
be issued upon the exercise of this Warrant. In lieu of delivering any
fractional shares to which the Holder would otherwise be entitled, the number
of shares of Common Stock shall be rounded to the nearest whole number.

7.             Issue
Tax.  The issuance of certificates for Warrant
Shares upon the exercise of this Warrant shall be made without charge to the
Holder of such shares for any issuance tax or other costs in respect thereof.

8.             No
Rights or Liabilities as a Stockholder.  This Warrant
shall not entitle the Holder to any voting rights or other rights as a
stockholder of the Company.  No
provision of this 

 

5

 

Warrant, in the
absence of affirmative action by the Holder to purchase Warrant Shares, and no
mere enumeration herein of the rights or privileges of the Holder, shall give
rise to any liability of such Holder for the Exercise Price or as a stockholder
of the Company, whether such liability is asserted by the Company or by
creditors of the Company.

9.             Investment
Representations.  Delta, as the initial Holder of this
Warrant, represents to the Company that (a) Delta is acquiring this Warrant for
its own account, for investment purposes and not with a view to the
distribution thereof, and (b) Delta is an “accredited investor” (as defined in
Rule 501(a)(1), (2), (3) or (7) promulgated under the Securities Act).

10.          Transfer
and Replacement of Warrant.

(a)           Restriction
on Transfer.  This Warrant and the rights granted to the
Holder are transferable, in whole or in part, upon surrender of this Warrant,
together with a properly executed assignment in the form attached hereto, at
the office of the Company referred to in Section 11 below; provided, that any transfer or assignment
shall be subject to the conditions set forth in Subsection 10(e).  Until due presentment for registration of transfer on the books
of the Company, the Company may treat the registered Holder as the owner and
Holder of this Warrant for all purposes, and the Company shall not be affected
by any notice to the contrary.

(b)           Replacement
of Warrant.  Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction, or mutilation of
this Warrant and, in the case of any such loss, theft, or destruction, upon
delivery of an indemnity agreement reasonably satisfactory in form and amount
to the Company, or, in the case of any such mutilation, upon surrender and
cancellation of this Warrant, the Company, at its expense, will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

(c)           Cancellation;
Payment of Expenses.  Upon the surrender of this Warrant in
connection with any transfer or replacement as provided in this Section 10, this
Warrant shall be promptly canceled by the Company.  The Company shall pay all taxes and all other expenses (other
than legal expenses, if any, incurred by the Holder) in connection with the
preparation, execution, and delivery of Warrants pursuant to this Section 10.

(d)           Register. 
The Company shall maintain, at its principal executive offices (or such
other office of the Company as it may designate by notice to the Holder), a
register for this Warrant, in which the Company shall record the name and
address of the person or business entity in whose name this Warrant has been
issued, as well as the name and address of each transferee and each prior owner
of this Warrant.

(e)           Exercise
or Transfer Without Registration.  If, at the
time of the surrender of this Warrant in connection with any exercise,
transfer, or exchange of this Warrant, this Warrant (or in the case of any
exercise, the Warrant Shares issuable hereunder) shall not be registered under
the Securities Act, and under applicable state securities or blue sky laws, the
Company may require, as a condition of allowing such exercise, transfer, or
exchange (i) that the 

 

6

 

Holder or
transferee of this Warrant, as the case may be, furnish to the Company a
written opinion of counsel, which opinion and counsel shall be reasonably
acceptable to the Company, to the effect that such exercise, transfer or
exchange may be made without registration under the Securities Act and under
applicable state securities or blue sky laws, and (ii) that the Holder or
transferee execute and deliver to the Company an investment intent
representation letter in form and substance acceptable to the Company.  Notwithstanding anything in this Subsection 10(e) to
the contrary, the Holder may transfer this Warrant to any affiliate of the
Holder without compliance with clause (i) of this Subsection 10(e).

(f)            Legends.

(i)            This
Warrant (and each new or replacement Warrant issued in accordance with the
terms hereof), unless and until such time as the same is no longer required
under the applicable requirements of the Securities Act, or any applicable
state securities laws, shall bear the following legend:

“NEITHER THIS WARRANT NOR ANY OF THE SECURITIES
ISSUABLE UPON EXERCISE THEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY APPLICABLE STATE
SECURITIES LAWS, AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, TRANSFERRED OR
OTHERWISE DISPOSED OF IN THE ABSENCE OF REGISTRATION UNDER THE SECURITIES ACT
AND ANY APPLICABLE STATE SECURITIES LAWS, OR THE AVAILABILITY OF AN EXEMPTION
THEREFROM UNDER THE PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS.”

(ii)         Each certificate or instrument (if any)
representing any Warrant Shares issued upon the exercise of this Warrant (and
each certificate or instrument representing any Warrant Shares issued to
transferees of this Warrant or such certificate or instrument), unless and
until such time as the same is no longer required under the applicable
requirements of the Securities Act, or any applicable state securities laws,
shall bear substantially the following legend:

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR UNDER ANY APPLICABLE STATE SECURITIES LAWS.  THE SECURITIES REPRESENTED BY THIS
CERTIFICATE MAY NOT BE SOLD, PLEDGED, TRANSFERRED, ASSIGNED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER
THE PROVISIONS OF THE 

 

7

 

SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES
LAWS.”

11.          Notices.   All notices, requests and other communications required or
permitted to be given or delivered hereunder to the Holder of this Warrant
shall be in writing, and shall be personally delivered, or shall be sent by
certified or registered mail or by recognized overnight mail courier, postage
prepaid and addressed, to such Holder at the address shown for such Holder on
the books of the Company, or at such other address as shall have been furnished
to the Company by notice from such Holder. 
All notices, requests, and other communications required or permitted to
be given or delivered hereunder to the Company shall be in writing, and shall
be personally delivered, or shall be sent by certified or registered mail or by
recognized overnight mail courier, postage prepaid and addressed to the office
of the Company at 2500 South High School Road, Indianapolis,
IN 46241, Attention: President, or at such other address as shall have
been furnished to the Holder of this Warrant by notice from the Company. Any
such notice, request or other communication may be sent by facsimile, but shall
in such case be subsequently confirmed by a writing personally delivered or
sent by certified or registered mail or by recognized overnight mail courier as
provided above.  All notices, requests
and other communications shall be deemed to have been given either at the time
of the receipt thereof by the person entitled to receive such notice at the
address of such person for purposes of this Section 11 or, if mailed by registered or
certified mail or with a recognized overnight mail courier upon deposit with
the United States Post Office or such overnight mail courier, if postage is
prepaid and the mailing is properly addressed, as the case may be.

12.          Governing
Law.  THIS WARRANT SHALL BE GOVERNED
AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.

13.          Miscellaneous.

(a)           Amendments. 
This Warrant may only be amended by an instrument signed by the Company
and the Holder.

(b)           Descriptive
Headings.  The descriptive headings of the several
paragraphs of this Warrant are inserted for purposes of reference only, and
shall not affect the meaning or construction of any of the provisions of this
Warrant.

(c)           Severability
and Savings Clause.  If any one or more of the provisions contained
in this Warrant is for any reason (i) objected to, contested or challenged by
any court, government authority, agency, department, commission or
instrumentality of the United States or any state or political subdivision
thereof, or any securities industry self-regulatory organization (collectively,
“Governmental Authority”),
or (ii) held to be invalid, illegal or unenforceable in any respect, the
Company and the Holder agree to negotiate in good faith to modify such objected
to, contested, challenged, invalid, illegal or unenforceable provision. It is
the intention of the Company and the Holder that there shall be substituted for
such objected to, contested, challenged, invalid, illegal or unenforceable
provision a provision as similar to such provision as 

 

8

 

may be possible
and yet be acceptable to any objecting Governmental Authority and be valid,
legal and enforceable. Further, should any provisions of this Warrant ever be
reformed or rewritten by a judicial body, those provisions as rewritten will be
binding, but only in that jurisdiction, on the Holder and the Company as if
contained in the original Warrant.  The
invalidity, illegality or unenforceability of any one or more provisions of
this Warrant will not affect the validity and enforceability of any other
provisions of this Warrant.

(d)           Counterparts.  This Warrant may be executed in any number of
counterparts, including by facsimile, and each of such counterparts shall for
all purposes be deemed to be an original, and such counterparts shall together
constitute but one and the same instrument.

 

9

 

                IN
WITNESS  WHEREOF,
the parties hereto have caused this Warrant to be duly executed, as of the date
first above written.

 

 

 

	
   

  	
  REPUBLIC AIRWAYS HOLDINGS INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert H. Cooper

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Robert H. Cooper

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President, Secretary,  Treasurer &
  CFO

  

 

 

 

	
   

  	
  DELTA AIR LINES, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

10

 

[FORM OF ASSIGNMENT]

 

(To
be executed by the registered Holder if

such Holder desires to transfer the Warrant)

FOR VALUE
RECEIVED,
                                                      
hereby sells, assigns and transfers unto

 

 

                                                                                                                                                                                

(Please print
name, address and taxpayer identification number or social security number of
transferee.)

the accompanying
Warrant, together with all right, title and interest therein, and does hereby
irrevocably constitute and appoint:

 

                                                                                                                                                                               

attorney, to
transfer the accompanying Warrant on the books of the Company, with full power
of substitution. The transferee’s tax identification or social security number
is                                       .

 

 

Dated:                          ,
20  

 

 

 

	
   

  	
  [HOLDER]

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

NOTICE

The signature to
the foregoing Assignment must correspond to the name as written upon the face
of the accompanying Warrant or any prior assignment thereof in every
particular, without alteration or enlargement or any change whatsoever.

 

 

11

 

 

[FORM OF ELECTION TO
PURCHASE AGREEMENT]

 

(To
be executed by the registered Holder if

such Holder desires to exercise the Warrant)

 

To:                               :

The undersigned hereby irrevocably elects (i) to
purchase [insert
number of shares in words] ([insert number of shares in numbers]) of
the shares of common stock of Republic Airways Holdings Inc., $.001  par
value, (“Common  Stock”), pursuant to
the provisions of Section 3(b)(i)
of the accompanying warrant (the “Warrant”), and tenders herewith payment of the aggregate
purchase price for such Warrant Shares in full; (ii) elects to exercise the
Warrant for the purchase of [insert number of shares in words] ([insert
number of shares in numbers]) of the shares of Common Stock pursuant
to the provisions of Section 3(b)(ii) (the “cashless exercise” provision) of the attached
Warrant; or (iii) elects to exercise this Warrant for the purchase of [insert
number of shares in words] ([insert number of shares in numbers]) of
the shares of Common Stock pursuant to the provisions of Section 3(b)(iii) (the “combination exercise” provision) of the
attached Warrant.  The undersigned
requests that certificates for such shares of Common Stock be issued in the
name of:

 

                                                                                                                                                                                  

(Please print name
and address.)

 

 

                                                                                                                                                                                  

(Please insert
social security or other identifying number.)

 

The undersigned hereby confirms and acknowledges that
it is acquiring the shares of Common Stock solely for investment for its own
account and not with a view to distribution, and it will not offer, sell or
otherwise dispose of any such shares of Common Stock except in compliance with
the Securities Act of 1933, as amended, or any applicable state securities
laws.

If such number of shares of Common Stock shall not be
all of the shares of Common Stock evidenced by the accompanying Warrant, the
undersigned requests that a new Warrant for the balance remaining of such
Warrant Shares shall be issued to, registered in the name of, and delivered to:

 

                                                                                                                                                                                  

(Please print name
and address.)

 

 

                                                                                                                                                                                  

(Please insert
social security or other identifying number.)

 

 

 

12

 

 

 

 

Dated:                                      ,
        . 

 

	
   

  	
  [HOLDER]

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

NOTICE

The signature to
the foregoing Election to Purchase Agreement must correspond to the name as
written upon the face of the accompanying Warrant or any prior assignment
thereof in every particular, without alteration or enlargement or any change
whatsoever.

 

 

13Exhibit
10.31(b)

 

CONFIDENTIAL TREATMENT

REQUESTED
PURSUANT TO RULE 406

 

 

AMENDMENT NUMBER TWO TO

DELTA CONNECTION AGREEMENT

 

 

This Amendment
Number Two (this “Second Amendment”), dated and effective the 30th day of
September, 2003, to the Delta Connection Agreement dated and effective June 7,
2002 as previously amended (the “Agreement”), is among Delta Air Lines, Inc.,
1030 Delta Boulevard, Atlanta, Georgia 
30320 (“Delta”), Chautauqua Airlines, Inc. (“Chautauqua” or  “Operator”), 2500 S. High School Road, Suite
160, Indianapolis, Indiana 46241 and Republic Airways Holdings, Inc.
(“Republic”), 2500 S. High School Road, Suite 160, Indianapolis, Indiana 46241.

 

WHEREAS, Delta,
Chautauqua and Republic are parties to the Agreement; and

 

WHEREAS, the
parties desire to further amend the Agreement;

 

NOW, THEREFORE,
for and in consideration of the mutual undertakings set forth herein and other
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Delta, Operator and Republic, intending to be legally
bound, hereby agree as follows:

 

1.                                    Defined
Terms.  All terms capitalized
used, but not defined, herein shall have the meaning ascribed to such terms in
the Agreement.

 

2.                                    2004
Annual Operating Plan.  The
provisions of Article [*] of the Agreement relating to the [*]
shall not apply with respect to the [*] for calendar year 2004.  In lieu of such [*], the parties agree that
the Base Rate Costs to be paid by Delta to Operator for calendar year 2004
shall be as set forth on the Chautauqua Airlines, 2004 Delta Operations, [*]
attached as Appendix 1 hereto.

 

 

CERTAIN
PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR
CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT OF 1933.  THE OMITTED MATERIALS HAVE BEEN FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

* Confidential

 

 

3.                                    Addition
of Aircraft.

 

A.                               Pursuant to Article 1(A)
of the Agreement, five (5) Embraer ERJ 145 aircraft (the “Second Additional
Aircraft”) shall be included as “Aircraft” under the terms of the
Agreement.  Exhibit A of the
Agreement is hereby amended and supplemented by adding the Second Additional
Aircraft with the delivery and in-service dates reflected on Exhibit A-1
attached hereto as Appendix 2.

 

B.                                     The
Second Additional Aircraft shall be delivered to Delta no later than the
respective dates set forth on the new Exhibit A-1, provided that [*].

 

4.                                      Warrant.  Pursuant to Article 19(D) of the Agreement,
simultaneously with the execution of this Second Amendment, Republic shall
issue to Delta a warrant to purchase 300,000 shares of Republic Common Stock in
the form attached hereto as Appendix 3 (the “Second Additional
Warrant”).

 

5.                                      Miscellaneous.

 

A.                                 This
Second Amendment, together with the Appendices attached hereto, and the Second
Additional Warrant, constitute the entire understanding of the parties with
respect to the subject matter hereof, and any other prior or contemporaneous
agreements, whether written or oral, are expressly superseded hereby.

 

B.                                   This
Second Amendment may be executed in any number of counterparts, each of which
shall be deemed an original and all of which, taken together, shall constitute
one and the same instrument.

 

C.                                   Except
as specifically stated herein, all other terms and conditions of the Agreement
shall remain in full force and effect.

 

[Remainder of page intentionally left blank]

 

* Confidential

 

 

IN WITNESS WHEREOF, the parties have executed this
Second Amendment by their undersigned duly authorized representatives:

 

 

	
  Republic
  Airways Holdings, Inc.

  	
  Delta
  Air Lines, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Bryan Bedford

  	
   

  	
  By:

  	
  /s/ Fred Buttrell

  	
   

  
	
   

  	
   

  
	
  Name:

  	
  Bryan Bedford

  	
   

  	
  Name:

  	
  Fred Buttrell

  	
   

  
	
   

  	
   

  
	
  Title:

  	
  President

  	
   

  	
  Title:

  	
  President & CEO Delta Connection

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Chautauqua
  Airlines, Inc.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Robert H. Cooper

  	
   

  	
   

  
	
   

  	
   

  
	
  Name:

  	
  Robert H. Cooper

  	
   

  	
   

  
	
   

  	
   

  
	
  Title:

  	
  EVP & CFO

  	
   

  	
   

  
							

 

 

Appendix 1

 

	
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* Confidential

 

 

Appendix 2

 

 

Exhibit A-1

 

 

	
  Aircraft Number

  	
   

  	
  Model

  	
   

  	
  Delivery
  Date

  	
   

  	
  In Service
  Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DL-35

  	
   

  	
  145

  	
   

  	
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  145

  	
   

  	
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  DL-37

  	
   

  	
  145

  	
   

  	
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  DL-38

  	
   

  	
  145

  	
   

  	
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  DL-39

  	
   

  	
  145

  	
   

  	
  Sept - 04

  	
   

  	
   

  	
   

  	
  10 days after Delivery Date

  	
   

  

 

* Confidential

 

 

Appendix 3

 

Form of Second Additional
Warrant

 

 

{see attached}

 

See Exhibit 10.28(b)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]