Document:

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                                  EXHIBIT 4.8

                    AMENDMENT NO. 2 TO THE RIGHTS AGREEMENT

     THIS AMENDMENT (this "Amendment") is made as of August 15, 2000, between
Hawker Pacific Aerospace, a California corporation (the "Corporation"), and U.S.
Stock Transfer Corporation (the "Rights Agreement"), with reference to the
following facts:

     The Board of Directors (the "Board") of the Corporation, at a meeting of
the Board duly called and held on August 15, 2000, authorized and directed that
the Rights Plan, dated as of March 10, 1999 (the "Rights Plan"), between the
Corporation and the Rights Agent be amended as provided in this Amendment.

     Accordingly, in consideration of the premises, the parties hereby agree as
follows:

     1.  Certain Definitions.  Unless otherwise defined herein, all capitalized
         -------------------
terms used in this Amendment shall have the meanings ascribed to such terms in
the Rights Agreement.

     2.  Amendment.  Paragraph (a) of Section 1 of the Rights Agreement is
         ---------
hereby amended to read in its entirety as follows:

             (a)   "Acquiring Person" shall mean any Person (as defined herein)
         who or which, together with all Affiliates and Associates (as defined
         herein) of such Person, shall be the Beneficial Owner (as defined
         herein) of 20% or more of the then outstanding Common Shares (other
         than as a result of a Permitted Offer (as defined herein)) or was such
         a Beneficial Owner at any time after the date hereof, whether or not
         such person continues to be the Beneficial Owner of 20% or more of the
         then outstanding Common Shares. Nothwithstanding the foregoing, (A) the
         term "Acquiring Person" shall not include (i) the Corporation, (ii)
         any Subsidiary of the Corporation, (iii) any employee benefit plan of
         the Corporation or of any Subsidiary of the Corporation, (iv) any
         Person organized, appointed or established by the Corporation for or
         pursuant to the terms of any such plan, (v) any of the executive
         officers of Hawker Pacific Aerospace Limited, a United Kingdom company,
         a Subsidiary of the Corporation (the "Subsidiary Officers"), (vi)
         Melanie L. Bastian or any entity owned by or controlled by Melanie L.
         Bastian, (vii) Lufthansa Technik AG or any Affiliate or Associate of
         Lufthansa Technik AG, or (viii) any Person, who or which together with
         all Affiliates and Associates of such Person, who or which together
         with all Affiliates and Associates of such Person, becomes the
         Beneficial Owner of 20% or more of the then outstanding Common Shares
         as a result of the acquisition of Common Shares directly from the
         Corporation, and (B) no Person shall be deemed to be an "Acquiring
         Person" either (X) as a result of the acquisition of Common Shares by
         the Corporation which, by reducing the number of Common Shares
         outstanding, increases the proportional number of shares beneficially
         owned by such Person, together with all Affiliates and
<PAGE>

         Associates of such Person; except that if (i) a Person would become an
         Acquiring Person (but for the operation of this subclause X) as a
         result of the acquisition of Common Shares by the Corporation, and (ii)
         after such share acquisition by the Corporation, such Person, or an
         Affiliate or Associate of such Person, becomes the Beneficial Owner of
         any additional Common Shares, then such Person shall be deemed an
         Acquiring Person, or (Y) if the Board of Directors of the Corporation
         determines in good faith that a Person who would otherwise be an
         "Acquiring Person," as defined pursuant to the foregoing provisions of
         this Section 1(a), has become such, and such Person divests as promptly
         as practicable a sufficient number of Common Shares so that such Person
         would no longer be an Acquiring Person, as defined pursuant to the
         foregoing provisions of this Section 1(a), then such Person shall not
         be deemed as "Acquiring Person" for any purposes of this Agreement.

     3.  No Other Effect.  This Amendment has been authorized in accordance with
         ---------------
Section 27 of the Rights Plan.  Except as specifically set forth in Section 2 of
this Amendment, the Rights Agreement shall remain in full force and effect.

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

Attest:                                    HAWKER PACIFIC AEROSPACE

By:    /s/  Daniel J. Lubeck               By:    /s/  David L. Lokken
    --------------------------------           -------------------------------
    Name:   Daniel J. Lubeck                   Name:   David L. Lokken
    Title:  Chairman of the                    Title:  President and
            Board and Secretary                        Chief Executive Officer

Attest:                                    U.S. STOCK TRANSFER CORPORATION

By:    /s/  Syed A. Hussaini               By:    /s/  Enrique Artaza
    --------------------------------           -------------------------------
    Name:   Syed A. Hussaini                   Name:   Enrique Artaza
    Title:  Assistant Vice President           Title:  Senior Vice President<PAGE>

                                                                  EXHIBIT 10.46A

              AMENDMENT TO MANAGEMENT INCENTIVE PROGRAM AGREEMENT

     This Amendment to the Management Incentive Program Agreement (the
"Amendment") is entered into this 15th day of August, 2000, by and between
Hawker Pacific Aerospace (the "Company") and David Clark (the "Employee") for
the purpose of amending Section 5 of the Management Incentive Program Agreement
entered into February 4, 2000, by and between the Employee and the Company (the
"MIP"). Unless expressly defined in this Amendment, all capitalized terms have
the meanings given to them in the MIP.

     Section 4 of the MIP is hereby amended by adding the following sentence to
the end of the section:

"Notwithstanding the preceding sentence, Employee expressly waives his right to
receive any payment under this Section 4 that would otherwise become due upon
the Closing Date of the transaction contemplated by the Stock Purchase Agreement
by and between Lufthansa Technik AG and the shareholders of Unique Investment
Corporation.

     This Amendment is being executed by the parties effective as of the date
and year first set forth above.

     HAWKER PACIFIC AEROSPACE                      /s/  David Clark
                                             ------------------------------
                                             David Clark

     By:    /s/  David L. Lokken
        ------------------------------

     Name:  David L. Lokken

     Title: President & CEO

                                       1
<PAGE>

AMENDMENT TO MANAGEMENT INCENTIVE PROGRAM AGREEMENT

     This Amendment to the Management Incentive Program Agreement (the
"Amendment") is entered into this 15th day of August, 2000, by and between
Hawker Pacific Aerospace (the "Company") and Peter Fuller (the "Employee") for
the purpose of amending Section 5 of the Management Incentive Program Agreement
entered into February 4, 2000, by and between the Employee and the Company (the
"MIP"). Unless expressly defined in this Amendment, all capitalized terms have
the meanings given to them in the MIP.

     Section 4 of the MIP is hereby amended by adding the following sentence to
the end of the section:

"Notwithstanding the preceding sentence, Employee expressly waives his right to
receive any payment under this Section 4 that would otherwise become due upon
the Closing Date of the transaction contemplated by the Stock Purchase Agreement
by and between Lufthansa Technik AG and the shareholders of Unique Investment
Corporation.

     This Amendment is being executed by the parties effective as of the date
and year first set forth above.

     HAWKER PACIFIC AEROSPACE                       /s/  Peter Fuller
                                             -------------------------------
                                             Peter Fuller

     By:    /s/  David L. Lokken
        ------------------------------

     Name:  David L. Lokken

     Title: President & CEO

                                       2
<PAGE>

              AMENDMENT TO MANAGEMENT INCENTIVE PROGRAM AGREEMENT

     This Amendment to the Management Incentive Program Agreement (the
"Amendment") is entered into this 15th day of August, 2000, by and between
Hawker Pacific Aerospace (the "Company") and Mary Hanley (the "Employee") for
the purpose of amending Section 5 of the Management Incentive Program Agreement
entered into February 4, 2000, by and between the Employee and the Company (the
"MIP"). Unless expressly defined in this Amendment, all capitalized terms have
the meanings given to them in the MIP.

     Section 3.2 of the MIP is hereby amended by adding the following sentence
to the end of the section:

"Notwithstanding the preceding sentence, Employee expressly waives her right to
receive any payment under this Section 3.2 that would otherwise become due upon
the Closing Date of the transaction contemplated by the Stock Purchase Agreement
by and between Lufthansa Technik AG and the shareholders of Unique Investment
Corporation.

     This Amendment is being executed by the parties effective as of the date
and year first set forth above.

     HAWKER PACIFIC AEROSPACE                      /s/  Mary Hanley
                                             ------------------------------
                                             Mary Hanley

     By:    /s/  David L. Lokken
        ------------------------------

     Name:  David L. Lokken

     Title: President & CEO

                                       3
<PAGE>

              AMENDMENT TO MANAGEMENT INCENTIVE PROGRAM AGREEMENT

     This Amendment to the Management Incentive Program Agreement (the
"Amendment") is entered into this 15th day of August, 2000, by and between
Hawker Pacific Aerospace (the "Company") and Lawrence Kameen (the "Employee")
for the purpose of amending Section 5 of the Management Incentive Program
Agreement entered into February 4, 2000, by and between the Employee and the
Company (the "MIP"). Unless expressly defined in this Amendment, all capitalized
terms have the meanings given to them in the MIP.

     Section 3.2 of the MIP is hereby amended by adding the following sentence
to the end of the section:

"Notwithstanding the preceding sentence, Employee expressly waives his right to
receive any payment under this Section 3.2 that would otherwise become due upon
the Closing Date of the transaction contemplated by the Stock Purchase Agreement
by and between Lufthansa Technik AG and the shareholders of Unique Investment
Corporation.

     This Amendment is being executed by the parties effective as of the date
and year first set forth above.

     HAWKER PACIFIC AEROSPACE                    /s/  Lawrence Kameen
                                             ------------------------------
                                             Lawrence Kameen

     By:    /s/  David L. Lokken
        ------------------------------

     Name:  David L. Lokken

     Title: President & CEO

                                       4
<PAGE>

              AMENDMENT TO MANAGEMENT INCENTIVE PROGRAM AGREEMENT

     This Amendment to the Management Incentive Program Agreement (the
"Amendment") is entered into this 15th day of August, 2000, by and between
Hawker Pacific Aerospace (the "Company") and Brad Mulvihill (the "Employee") for
the purpose of amending Section 5 of the Management Incentive Program Agreement
entered into February 4, 2000, by and between the Employee and the Company (the
"MIP"). Unless expressly defined in this Amendment, all capitalized terms have
the meanings given to them in the MIP.

     Section 4 of the MIP is hereby amended by adding the following sentence to
the end of the section:

"Notwithstanding the preceding sentence, Employee expressly waives his right to
receive any payment under this Section 4 that would otherwise become due upon
the Closing Date of the transaction contemplated by the Stock Purchase Agreement
by and between Lufthansa Technik AG and the shareholders of Unique Investment
Corporation.

     This Amendment is being executed by the parties effective as of the date
and year first set forth above.

     HAWKER PACIFIC AEROSPACE                     /s/  Brad Mulvihill
                                             ------------------------------
                                             Brad Mulvihill

     By:    /s/  David L. Lokken
        ------------------------------

     Name:  David L. Lokken

     Title: President & CEO

                                       5
<PAGE>

              AMENDMENT TO MANAGEMENT INCENTIVE PROGRAM AGREEMENT

     This Amendment to the Management Incentive Program Agreement (the
"Amendment") is entered into this 15th day of August, 2000, by and between
Hawker Pacific Aerospace (the "Company") and Brian Carr (the "Employee") for the
purpose of amending Section 5 of the Management Incentive Program Agreement
entered into February 4, 2000, by and between the Employee and the Company (the
"MIP"). Unless expressly defined in this Amendment, all capitalized terms have
the meanings given to them in the MIP.

     Section 5 of the MIP is hereby amended by adding the following sentence to
the end of the section:

"Notwithstanding the preceding sentence, Employee expressly waives his right to
receive any payment under this Section 5 that would otherwise become due upon
the Closing Date of the transaction contemplated by the Stock Purchase Agreement
by and between Lufthansa Technik AG and the shareholders of Unique Investment
Corporation.

     This Amendment is being executed by the parties effective as of the date
and year first set forth above.

     HAWKER PACIFIC AEROSPACE                       /s/  Brian Carr
                                             ------------------------------
                                             Brian Carr

     By:    /s/  David L. Lokken
        ------------------------------

     Name:  David L. Lokken

     Title: President & CEO

                                       6

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