Document:

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Exhibit 10.19
-------------

                    AMENDED AND RESTATED WORLD AIRWAYS, INC.
                             1995 STOCK OPTION PLAN

Section 1. General Purpose of Plan; Definitions.
           ------------------------------------

                  The World Airways, Inc. 1995 Stock Option Plan (the "Plan") is
designed to assist World Airways, Inc. in attracting, retaining and providing
incentives to selected key management personnel by offering them the opportunity
to acquire a proprietary interest in the Company and, thus, in its growth and
success.

                  For purposes of the Plan, the following terms shall have the
meanings set forth below:

                           (a)  "Board" means the Board of Directors of the
                                 -----
Company.

                           (b)  "Code" means the Internal Revenue Code of 1986,
                                 ----
as amended from time to time, or any successor thereto.

                           (c)  "Committee" means the Compensation Committee of
                                 ---------
the Board, or any other committee the Board may subsequently appoint to
administer the Plan as provided herein. If at any time no Committee shall be in
office, then the functions of the Committee specified in this Plan shall be
exercised by the members of the Board who are not employees of the Group.

                           (d)  "Common Stock" means shares of the common stock,
                                 ------------
$.001 par value, of the Company.

                           (e)  "Company" means World Airways, Inc., a
                                 -------
corporation organized under the laws of the State of Delaware (or any successor
corporation).

                           (f)  "Controlling Shareholder" means any person or
                                 -----------------------
entity that (i) owns at least 50% of the number of outstanding shares of Common
Stock, or (ii) possesses at least 50% of

the total combined voting power of all classes of Company stock, either directly
or indirectly, through one or more entities that are more than 50% owned by such
person or entity.

                           (g)  "Eligible Person" means a person described in
                                 ---------------
Section 4 hereof.

                           (h)  "Fair Market Value" means:
                                 -----------------

                                    (i)   if the shares of Common Stock are
         listed or admitted to trading on any securities exchange in the United
         States on the applicable determination date, the closing price, regular
         way, on such day on the principal securities exchange in the United
         States on which shares of Common Stock are traded;

                                    (ii)  if clause (i) does not apply or if no
         sale takes place on such day, the average of the closing bid and asked
         prices in the United States on such day, as reported by a reputable
         quotation source designated by the Committee;

                                    (iii) if the preceding clauses (i) and (ii)
         do not apply, the average of the reported high bid and low asked prices
         in the United States on such day, as reported in the Wall Street
         Journal (Eastern edition) or other newspaper designated by the
         Committee; or

                                    (iv)  if the preceding clauses (i), (ii) and
         (iii) do not apply, (A) in the case of a Valuation Date described in
         clause (ii) of Section 1(q), the price per share at which at least five
         percent of the total outstanding shares of Common

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         Stock are sold in an arm's-length transaction that occurred ten
         business days prior to such Valuation Date, (B) in the case of a
         Valuation Date described in clause (i) of Section 1(q), (I) the fair
         market value of a share of Common Stock, as determined by an
         independent valuation firm selected by the Committee and by WorldCorp
         (provided that the approval of WorldCorp shall not be required unless
         WorldCorp is the Controlling Shareholder) or (II) in lieu of the
         valuation provided for by the preceding clause (I) and at the election
         of the Committee (with the consent of WorldCorp, if WorldCorp is the
         Controlling Shareholder), the price per share at which at least five
         percent of the total outstanding shares of Common Stock are sold in an
         arm's-length transaction that occurred within ninety days prior to such
         Valuation Date; (C) in lieu of the foregoing clauses (iv)(A) and
         (iv)(B), the fair market value of a share of Common Stock as agreed to
         between the Committee and a Participant (provided that the consent of
         WorldCorp to any such agreed upon fair market value shall be required
         if WorldCorp is the Controlling Shareholder); or (D) in the case of the
         grant of a Stock Option, the fair market value of a share of Common
         Stock, as determined by the Committee in good faith (with the consent
         of WorldCorp if WorldCorp is the Controlling Shareholder).

                           (i) "Group" means the Company and any affiliate of
                                -----
the Company.

                           (j) "Incentive Stock Option" means a Stock Option
                                ----------------------
that is intended to qualify as an incentive stock option within the meaning of
Section 422 of the Code.

                           (k) "Initial Public Offering" means the sale of
                                -----------------------
shares of Common Stock pursuant to an effective registration statement under the
Securities Act of 1933 whereby, upon completion of such offering, at least 20%
of the total outstanding shares of Common Stock are held by public shareholders.

                           (l) "Nonqualified Stock Option" means a Stock
                                -------------------------
Option that is not an incentive stock option within the meaning of Section 422
of the Code.

                           (m) "Option Shares" means shares of Common Stock
                                -------------
acquired pursuant to the exercise of Stock Options granted hereunder.

                           (n) "Participant" means any Eligible Person who has
                                -----------
been awarded a Stock Option.

                           (o) "Stock Option" means any option to purchase
                                ------------
shares of Common Stock granted pursuant to this Plan.

                           (p) "Subsidiary" means a subsidiary corporation as
                                ----------
defined in Section 424(f) of the Code.

                           (q) "Valuation Date" shall mean (i) April 30 of each
                                --------------
calendar year; (ii) the tenth business day following any arm's-length sale (as
determined by the Committee with the approval of WorldCorp, if WorldCorp is the
Controlling Shareholder) by any shareholder of a minimum of five of the total
outstanding shares of Common Stock to any unrelated third party; and (iii) any
other date agreed to between a Participant and the Committee (subject to the
consent of WorldCorp if WorldCorp is the Controlling Shareholder).

                           (r) "WorldCorp" means WorldCorp, Inc., a corporation
                                ---------
organized under the laws of the State of Delaware (or any successor
corporation).

                                      -2-

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Section 2.   Administration.
             --------------

                  The Committee shall have plenary authority, in its discretion,
to determine the terms of all awards of Stock Options hereunder (which terms
need not be identical), including, without limitation, the exercise price of
Stock Options, the Eligible Persons to whom Stock Options are awarded, whether
an option shall be an Incentive Stock Option or a Nonqualified Stock Option, the
time or times at which awards are made, the number of shares covered by awards,
and the period during which Stock Options may be exercised. In making such
determinations, the Committee may take into account the nature of the services
rendered by the respective persons, their present and potential contributions to
the success of the Group, and such other factors as the Committee in its
discretion shall deem relevant. Subject to the express provisions of the Plan,
the Committee shall have plenary authority to interpret the Plan, to prescribe,
amend and rescind rules and regulations relating to it and to make all other
determinations deemed necessary or advisable for the administration of the Plan.
The determinations of the Committee on the matters referred to in this Section 2
shall be conclusive.

Section 3.   Stock Subject to Plan; Adjustments.
             ----------------------------------

                  The total number of shares of Common Stock reserved and
available for issuance under the Plan shall be 3,300,000, divided into two
series, herein called >Series A= and >Series B=. The Series A shares shall
consist of the 1,800,000 shares of Common Stock reserved by action of the Board
on May 24, 1995 and June 17, 1998. The Series B shares shall consist of the
1,500,000 shares of Common Stock reserved by action of the Board on April 29,
1999. Such shares, whether Series A or Series B, may consist, in whole or part,
of authorized and unissued shares or treasury shares. To the extent that any
Stock Option expires, is canceled or otherwise terminates without being
exercised, the shares covered by such Stock Option shall again be available for
issuance with subsequent awards covering shares of the same Series under the
Plan.

                  The maximum number of shares as to which Stock Options may be
granted under this Plan shall be proportionately adjusted, and the terms of
outstanding Stock Options shall be adjusted, as the Committee shall determine to
be equitably required in the event that (a) the Company (i) effects one or more
stock dividends, stock split-ups, subdivisions or consolidations of shares or
(ii) engages in a transaction to which Section 424 of the Code applies or (b)
there occurs any other event which, in the judgment of the Administrator
necessitates such action. Any determination made under this Section 3 by the
Committee shall be final and conclusive.

                  The issuance by the Company of shares of stock of any class,
or securities convertible into shares of stock of any class, for cash or
property, or for labor or services, either upon direct sale or upon the exercise
of rights or warrants to subscribe therefor, or upon conversion of shares or
obligations of the Company convertible into such shares or other securities,
shall not affect, and no adjustment by reason thereof shall be made with respect
to, outstanding Stock Options or the number of shares of Common Stock reserved
for issuance under this Plan.

Section 4.   Participation in the Plan.
             -------------------------

                  Members of the Board, employees (whether or not they are
officers or members of the Board) and consultants of the Group shall be eligible
to receive awards of Stock Options pursuant to Section 5 hereof. Awards of Stock
Options to such persons shall be made by the Committee, in its sole and absolute
discretion, as provided by Section 2 hereof.

                                      -3-

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Section 5.   Stock Option Awards.
             -------------------

                  Stock Options granted under the Plan to Eligible Persons shall
be either Incentive Stock Options or Nonqualified Stock Options; provided,
                                                                 --------
however, that Incentive Stock Options shall not be granted to persons who are
-------
not employees of the Group. No Stock Option that is intended to be an Incentive
Stock Option shall be invalid for failure to qualify as an Incentive Stock
Option. Each Stock Option granted under the Plan shall be clearly identified as
either a Nonqualified Stock Option or an Incentive Stock Option and shall be
evidenced by a written Stock Option Agreement that specifies the terms and
conditions of the grant. Stock Options shall be subject to the following terms
and conditions and such other terms and conditions not inconsistent with this
Plan as the Committee may specify:

                           (a)  Price.  The price per share of Common Stock at
                                -----
which a Stock Option may be exercised shall not be less than eighty-five percent
of the Fair Market Value of the Common Stock on the date of grant of the Stock
Option. In the case of an Incentive Stock Option, the exercise price per share
of Common Stock shall not be less than one hundred percent of the Fair Market
Value of the Common Stock on the date of grant. Notwithstanding the foregoing,
in the case of an Incentive Stock Option granted to a Participant who (applying
the rules of Section 424(d) of the Code) owns stock possessing more than ten
percent of the total combined voting power of all classes of stock of the
Company or a Subsidiary (a "Ten-Percent Shareholder"), the exercise price per
share shall not be less than one hundred and ten percent of the Fair Market
Value of the Common Stock on the date on which the option is granted.

                           (b)  Exercisability.  Stock Options granted pursuant
                                --------------
to this Plan shall be exercisable at such times and under such conditions as
shall be determined by the Committee; provided, however, that no Stock Option
                                      --------  -------
shall be exercisable after the expiration of ten years from the date the option
is granted (five years in the case of an Incentive Stock Option granted to a Ten
Percent Shareholder).

                           (c)  Payment of Option Price.  Subject to Section
                                -----------------------
5(b), Stock Options may be exercised, in whole or in part, at any time during
the term of the option by giving written notice of exercise to the Company
specifying the number of shares to be purchased, accompanied by payment in full
of the exercise price in cash. To the extent provided in the applicable Stock
Option Agreement, payment may also be made in whole or in part, in the form of
Common Stock already owned by the Participant based on the Fair Market Value of
the Common Stock on the date the Stock Option is exercised. In no event may any
shares of Common Stock that are acquired by a Participant pursuant to the
exercise of a Stock Option be delivered as payment of the exercise price of a
Stock Option, unless such shares have been held by the Participant for at least
six months.

                           (d)  Transferability of Stock Options.  No Stock
                                --------------------------------
Option shall be transferable other than by will or the laws of descent and
distribution, except to the extent required by applicable law. During the
lifetime of a Participant who has been awarded a Stock Option, such Stock Option
may only be exercised by such Participant, except as otherwise required by
applicable law.

                           (e)  Awards Covering Series B Shares. Notwithstanding
                                -------------------------------
any other provision of this Section 5 to the contrary, Stock Options as to which
Series B shares of Common Stock have been reserved and are available for
issuance shall be exercisable at one hundred

                                      -4-

<PAGE>

percent of the Fair Market Value of the Common Stock on the date of grant, and
shall vest and become exercisable on the date of grant for 10% of the underlying
shares, one year after the date of grant for an additional 30% of the underlying
shares, two years after the date of grant for an additional 30% of the
underlying shares, and three years after the date of grant for the remaining 30%
of the underlying shares.@

Section  6.       Restrictions on the Transfer of Option Shares Prior to an
                  Initial Public Offering
                  -----------------------

                           (a) Prior to an Initial Public Offering, no Option
Shares may be sold, assigned, mortgaged, transferred, pledged, hypothecated or
otherwise encumbered or disposed of (any such event is hereinafter referred to
as a "Transfer") except as permitted by Sections 6(b) through 6(e) hereof and
Section 7 hereof.

                           (b) If, prior to an Initial Public Offering, a
Participant receives a bona fide offer from an unrelated third party to purchase
all or a portion of the Participant's Option Shares, the Participant shall be
permitted to sell such shares to such third party only in accordance with the
terms of this Section 6 and after offering to sell such Option Shares to
WorldCorp and the Company in accordance with the following provisions:

                                    (i)   The Participant shall deliver a notice
         (the "Offering Notice") to WorldCorp and the Company stating (A) the
         Participant's bona fide intention to offer such Option Shares, (B) the
         number of Option Shares to be offered for sale, and (C) the price and
         terms, if any, upon which the Participant proposes to offer such Option
         Shares.

                                    (ii)  Within ten days after the Offering
         Notice is given, WorldCorp and the Company may elect to purchase from
         the Participant, at the price and on the terms specified in the
         Offering Notice, all of the Option Shares offered in the Offering
         Notice; provided, however, if the price so specified is payable in
         whole or in part in non-cash consideration, such non-cash consideration
         shall be valued at its fair market value on the date WorldCorp and the
         Company receives the Offering Notice. The purchase price for the Option
         Shares may be paid by WorldCorp or in cash or in WorldCorp Common Stock
         or by the Company in cash or in Company Common Stock (valued at fair
         market value, as hereinafter defined, as of the date of purchase by
         WorldCorp or the Company), or a combination thereof, as determined by
         WorldCorp and the Company in its sole discretion. For purposes of this
         Section 6, the fair market value of a share of WorldCorp or the
         Company's Common Stock shall be the mean between the high and low sales
         prices of a share of WorldCorp or the Company's Common Stock as
         reported on any national securities exchange as of the applicable date
         of purchase by WorldCorp or the Company. Any shares of WorldCorp or the
         Company Common Stock transferred to a Participant pursuant to this
         Section 6 shall be registered not later than ninety (90) days after the
         date of transfer pursuant to an effective registration statement under
         the Securities Act of 1933.

                                    (iii) The closing of the purchase of any
         Option Shares by

                                      -5-

<PAGE>

         WorldCorp or the Company shall take place at the principal offices of
         WorldCorp or the Company (or such other location as the parties may
         agree on) on the third business day after the expiration of the
         thirty-day period following the giving of the Offering Notice. At such
         closing, WorldCorp or the Company, as the case may be, shall (A) agree
         in writing with the Participant not to sell or otherwise dispose of
         such shares in violation of the Securities Act of 1933, as amended, and
         (B) make payment in the appropriate amount by means of a check or by a
         wire transfer to the Participant and/or the delivery of WorldCorp or
         Company stock certificates registered in the name of the Participant,
         against delivery of stock certificates representing the Common Stock so
         purchased, duly endorsed in blank by the person or persons in whose
         name such certificate is registered or accompanied by a duly executed
         stock or security assignment separate from the certificate.

                           (c) In the event that all of the Option Shares being
offered are not purchased at the closing referred to in subsection (b)(iii), the
Participant shall for a period of 180 days thereafter have the right to sell or
otherwise dispose of the number of Option Shares offered in the Offering Notice,
upon terms and conditions (including the price per share) no more favorable to
the third party purchaser than those specified in the Offering Notice. In the
event that the Participant does not sell or otherwise dispose of such Option
Shares within the specified 180-day period, the right of first offer provided
for in this Section 6 shall continue to be applicable to any subsequent
disposition of such shares to the extent provided by this Section 6.

                           (d) In the event that the right of first offer set
forth in this Section 6 is not exercised by WorldCorp or the Company, the third
party purchaser of such Option Shares shall not be bound by the terms of Section
6 hereof.

                           (e) If, on or after January 1, 1997, WorldCorp owns
less than eighty percent (but more than fifty percent) of the outstanding Common
Stock of the Company and an Initial Public Offering has not occurred, WorldCorp
will use its best efforts to assist Participants in locating a source of
liquidity for their Option Shares.

Section  7.       No Restrictions on Transfer After An Initial Public Offering;
                  Certain Repurchase Rights.
                  -------------------------

                           (a) Notwithstanding the provisions of Section 6 and
except as provided in Section 8 and Section 11(a) hereof, no restrictions shall
apply under this Plan to the Transfer of Option Shares after the occurrence of
an Initial Public Offering.

                           (b) As of any Valuation Date occurring (i) before the
occurrence of an Initial Public Offering and (ii) after termination of a
Participant's employment for cause by the Group or WorldCorp and its
Subsidiaries, the Company or WorldCorp (if WorldCorp owns eighty percent or more
of the outstanding Common Stock of the Company) may repurchase all or a portion
of the Option Shares held by such Participant or his legatee or legatees at a
price equal to the Fair Market Value of the shares to be acquired. For purposes
of this Section 7(b), a Participant's employment shall be deemed to have been
terminated for cause in the event that the Company determines that the
Participant has (i) committed a felony or a material act of fraud or dishonesty
against the Company, any other member of the Group or WorldCorp or any of its
Subsidiaries, (ii) breached his or her duties of good faith to the Company, any
other member of the Group or

                                      -6-

<PAGE>

WorldCorp or any of its Subsidiaries, or (iii) willfully failed to perform his
or her assigned duties after at least two (2) warnings specifically advising the
Participant of his or her shortcomings and providing the Participant with a
reasonable "cure" period.

Section 8.   Regulatory Approval and Compliance.
             ----------------------------------

                  The Company shall not be required to issue any certificate or
certificates for shares of its Common Stock with respect to awards under this
Plan, or record any person as a holder of record of such shares, without
obtaining, to the complete satisfaction of the Committee, the approval of all
regulatory bodies deemed necessary by the Committee, and without complying, to
the Committee's complete satisfaction, with all rules and regulations, under
federal, state or local law deemed applicable by the Committee.

Section 9.   Withholding Taxes.
             -----------------

                  The Company's obligation to deliver shares of Common Stock to
a Participant upon the exercise of a Stock Option shall be subject to the
Participant's satisfaction of any applicable federal, state and local tax
withholding requirements. The Committee may, in its discretion, and subject to
such rules as it may prescribe in its discretion, permit a Participant to
satisfy applicable tax withholding obligations by any of the following means or
by a combination of such means: (a) tendering a cash payment; (b) authorizing
the Company to withhold from the Common Stock otherwise issuable to the
Participant as the result of the exercise of a Stock Option, a number of shares
having a Fair Market Value, as of the date the withholding tax obligation
arises, less than or equal to the amount of the withholding tax obligation; or
(c) delivering to the Company already owned and unencumbered shares of Common
Stock having a Fair Market Value, as of the date the withholding tax obligation
arises, less than or equal to the amount of the withholding tax obligation.

Section 10.  Amendment and Termination.
             -------------------------

                  The Board may amend, alter or terminate the Plan in any
respect at any time. Notwithstanding the foregoing, no amendment, alteration or
termination of the Plan shall be made by the Board without approval of (i)
WorldCorp, if WorldCorp is the Controlling Shareholder at the time of the
amendment, alteration or termination, and (ii) each affected Participant if such
amendment, alteration or termination would impair the rights of a Participant
under any award theretofore granted.

                  The Board (with the consent of WorldCorp, if WorldCorp is the
Controlling Shareholder) may amend the terms of any award theretofore granted,
prospectively or retroactively, but no such amendment shall impair the rights of
any Participant with respect to such award without such Participant's consent.

Section 11.  General Provisions.
             ------------------

                           (a) The Committee may require each person acquiring
shares pursuant to awards hereunder to represent to and agree with the Company
in writing that such person is acquiring the shares without a view to
distribution thereof. The certificates for such shares may include any legend
which the Committee deems appropriate to reflect any restrictions on transfer.

                  All certificates for shares of Common Stock issued pursuant to
the Plan shall be subject to such stock transfer orders and other restrictions
as the Committee may deem advisable under the rules, regulations and other
requirements of the Securities and Exchange Commission, any stock exchange upon
which the Common Stock is then listed, and any applicable federal or state
securities laws. The Committee may place a legend or legends on any such
certificates to

                                      -7-

<PAGE>

make appropriate reference to such restrictions.

                           (b) Nothing contained in Section 6 shall prohibit a
Participant from delivering Option Shares to the Company to exercise a Stock
Option in accordance with Section 5(c) hereof or from authorizing the
withholding of Option Shares or delivering Option Shares to the Company to
satisfy applicable tax withholding requirements in accordance with Section 9
hereof. Upon the death of a Participant, Option Shares may be transferred by
will or the laws of descent and distribution to the legatee or legatees of the
Participant. The Transfer of Option Shares by such legatee or legatees shall be
subject to the provisions of this Plan as if such legatee or legatees were the
Participant.

                           (c) Nothing contained in this Plan shall prevent the
Board or Committee from adopting other or additional compensation arrangements,
subject to stockholder approval if such approval is required; and such
arrangements may be either generally applicable or applicable only in specific
cases. The adoption of the Plan shall not confer upon any employee of the Group
any right to continued employment with the Group, nor shall it interfere in any
way with the right of the Group to terminate the employment of any of its
employees at any time.

                           (d) No member of the Board or the Committee, nor any
officer or employee of the Group acting on behalf of the Board or the Committee,
shall be personally liable for any action, determination, or interpretation
taken or made in good faith with respect to the Plan, and all members of the
Board or the Committee and each and any officer or employee of the Group acting
on their behalf shall, to the extent permitted by law, be fully indemnified and
protected by the Company in respect of any such action, determination or
interpretation.

                           (e) The masculine pronoun wherever used shall include
the feminine pronoun, and the singular shall include the plural unless the
context clearly indicates the distinction.

Section 12.  Effective Date of Plan.
             ----------------------

                  The Plan shall be effective on the date it is adopted by the
Board (the "Effective Date"), subject to the approval of the Plan by the
Company's Stockholders.

Section 13.  Term of Plan.
             ------------

                  Unless the Plan shall have previously been terminated in
accordance with Section 10, the Plan shall terminate and no Stock Options shall
be granted pursuant to the Plan after the tenth anniversary of the Effective
Date. Notwithstanding the foregoing, all Stock Options granted under the Plan
prior to such date shall remain in effect until such Stock Options have either
been exercised or have expired in accordance with their terms and the terms of
this Plan.

Section 14.  Governing Law.
             -------------

                  This Plan shall be construed, administered and enforced
according to laws of the State of Delaware, without giving effect to the
principles of conflicts of law thereof.

Original Effective Date: May 31, 1995
Original Stockholder Approval Date: May 24, 1995
First Amendment Stockholder Approval Date:  June 17, 1998
Second Amendment Stockholder Approval Date:  June 9, 1999

                                      -8-<PAGE>

Exhibit 10.19
-------------

        WORLD AIRWAYS, INC. RESTRICTED STOCK PLAN FOR ELIGIBLE EMPLOYEES

                                 AWARD AGREEMENT

This Agreement, effective as of the Effective Date set forth on Attachment A, is
between World Airways, Inc., a corporation organized under the laws of the State
of Delaware (the "Company"), and the individual named on Attachment A, an
eligible employee of the company (the "Participant"). This Agreement is made
pursuant to the terms and conditions of the World Airways, Inc. Restricted Stock
Plan For Eligible Employees (the "Plan"), a copy of which will be provided to
the Participant upon request.

1.      The Plan. This Award is granted pursuant to the Plan, the provisions of
        --------
        which are incorporated into this Award Agreement by reference, and in
        the event of any conflict between this Award Agreement and the Plan, the
        terms of the plan shall govern.

2.      Grant of Award. The Company grants to the Participant the number of
        --------------
        shares of Common Stock ($0.01 per value) of the Company (the "Restricted
        Stock") set forth in Attachment A on the Effective Date, on the terms
        and conditions set forth in the Plan and in this Award Agreement (the
        "Restricted Stock Award")

3.      Restrictions. The shares comprising any Restricted Stock Award may not
        ------------
        be sold, assigned, transferred, pledged, or otherwise dispose of or
        encumbered either voluntarily or involuntarily until such shares have
        vested or the Award is amended under Paragraph 7(k). Any such purported
        sale, assignment, transfer, pledge or other disposition shall be null
        and void.

4.      Expiration.
        ----------

(a)     Restrictions. The restrictions shall not lapse earlier than when the
        ------------
        Restricted Stock shall become vested as provided in Paragraph 6.

(b)     Award. This award shall expire upon a Participant's termination from
        -----
        employment with the Company occurring prior to the date on which the
        Award becomes vested.

5.      Issuance of Stock Certificate. In connection with this Award, the
        -----------------------------
        Company shall issue a certificate for the shares of Restricted Stock
        registered in the Participant's name. The Participant will have the
        option of either having the certificate issued directly to the
        Participant or having the Company or a third party designated by the
        Committee hold the certificate for the Participant until the
        restrictions on such Restricted Stock have lapsed and the Restricted
        Stock has vested in accordance with Paragraph 6.

<PAGE>

6.      Vesting. The Participant's Award of Restricted Stock granted in this
        -------
        Award Agreement shall vest as follows:

(a)     The Restricted Stock shall become vested on the Vesting Date set forth
        on Attachment A.

(b)     Pursuant to Paragraph 7(k) the Committee may in its discretion provide
        for an earlier termination of the Plan and accelerate the time at which
        the Restricted Stock shall become vested.

(c)     Notwithstanding the preceding, the Restricted Stock shall become vested
        at the effective date of a Participant's Retirement, Disability, death,
        resignation or involuntary termination by the Company without Cause in
        accordance with the following formula. The number of vested shares shall
        be determined by dividing the amount of earnings exchanged for stock by
        $1.19375. If any such calculation results in a fractional share, the
        fraction shall be rounded up to the next whole number for purposes of
        determining the number of vested shares.

7.      Miscellaneous Provisions.
        ------------------------

(a)     Withholding Taxes. Upon the vesting of any Award, the Company shall have
        -----------------
        the right at its option to (i) require the Participant to pay or provide
        for payment of the amount of any federal, state, local or employment
        taxes which the Company may be required to withhold with respect to such
        transaction or (ii) deduct from any amount payable in cash, including
        wages, the amount of any such taxes which the Company may be required to
        withhold with respect to such cash amount.

(b)     No Rights as a Shareholder. The Participant shall have no rights us a
        --------------------------
        shareholder with respect to any shares subject to this option until the
        shares have become vested, except that the Participant may vote the
        shares on any matter submitted for a vote to all shareholders of the
        Company.

(c)     No Employment Rights. Nothing in this Award Agreement shall be construed
        --------------------
        as giving the Participant the right to be retained as an employee of the
        Company.

(d)     Tax Election. Under Section 83 of the Internal Revenue Code of 1986 (the
        ------------
        "Code), as a general rule the excess, is any, of the fair market value
        of the shares of Restricted Stock on the date the risk of forfeiture
        lapses ("Vesting"), over the amount paid for the shares of Restricted
        Stock, is taxed as ordinary income to the optionee. The Participant
        acknowledges that to the extent the shares of Restricted Stock have not
        vested, the Participant may elect to be taxed at the time the shares of
        Restricted Stock are awarded rather than when the shares of Restricted
        Stock vest by filing with the Internal Revenue Service and election
        under Section 83(b) of the Code within thirty (30) days of the
        Restricted Stock Award Date (the date on which this Award Agreement is
        mailed to the Participant). The Participant acknowledges that the
        Participant's failure to make this filing in a timely manner may result
        in the

<PAGE>

        Participant's recognition of ordinary income as the shares of Restricted
        Stock become vested, in an amount equal to the fair market value of the
        shares or Restricted Stock on the date of vesting over the amount, if
        any, paid for the shares. THE PARTICIPANT ACKNOWLEDGES THAT IT IS THEIR
        SOLE AND EXCLUSIVE RESPONSIBILITY TO FILE IN A TIMELY MANNER ANY
        ELECTION UNDER SECTION 83(b), AND THAT THE COMPANY SHALL BEAR NO
        RESPONSIBILITY WHATSOEVER FOR THAT FILING. The Participant shall
        promptly deliver to the Company a copy of any tax election relating to
        the treatment of the shares of Restricted Stock under the Code.

(e)     Further Assurances.  Each party to this Award Agreement agrees to
        ------------------
        perform any and all further acts and to execute and deliver any
        documents that may reasonably be necessary to carry out the provisions
        of this Award Agreement.

(f)     Attorney's Fees. In any legal action or other proceeding brought by
        ---------------
        either party to enforce or interpret the terms of this Award Agreement,
        the prevailing party shall be entitled to recover reasonable attorney's
        fees and costs.

(g)     Confidentiality. The Participant agrees and acknowledges that the terms
        ---------------
        and conditions of this Award Agreement, including without limitation the
        number of shares for which the Award has been granted, are confidential.
        The Participant agrees that the Participant will not disclose these
        terms and conditions to any third party, except to the Participant's
        financial or legal advisors, tax preparer or family members, unless such
        disclosure is required by law.

(h)     Governing Law. This Award Agreement shall be governed by and construed
        -------------
        in accordance with the laws of the State of Delaware applicable to
        contracts made and performed within such State.

(i)     Notices. Any notice or other communication under this Award Agreement
        -------
        must be in writing and shall be effective upon delivery by hand; or
        three (3) business days after deposit in the United States mail, postage
        prepaid, certified, or registered, and addressed to the Company or to
        the Participant at the address set forth in Attachment A. Each party
        shall be obligated to notify the other in writing of any change in that
        party's address. Notice of change of address shall be effective only
        when done in accordance with this Paragraph.

        If to the Company to:

        Attention:  General Counsel
        World Airways, Inc.
        13873 Park Center Road, Suite 490
        Herndon,VA  20171

(j)     Entire Agreement. This Award Agreement and the Plan, together with those
        ----------------
        documents that are referenced in the Award Agreement, are intended to be
        the final,

<PAGE>

        complete, and exclusive statement of the terms of the agreement between
        the Participant and the Company with regard to the subject matter of
        this Award Agreement. This Award Agreement and the Plan supersede all
        other prior agreements, communications, and statements, whether written
        or oral, express or implied, pertaining to that subject matter. This
        Award Agreement and the Plan may not be contradicted by evidence of any
        prior or contemporaneous statements or agreements, oral or written, and
        may not be explained or supplemented by evidence of consistent
        additional terms.

(k)     Amendments. The Committee may waive conditions or limitations on this
        ----------
        Award Agreement without the consent of the Participant and may make
        other changes to the terms and conditions of the Award that do not
        affect, in any manner materially adverse to the Participant, his or her
        rights and benefits under the Award. Any amendment to this Award which
        affects the Participant in any manner materially adverse to the
        Participant, any rights or benefits of the Participant or obligations of
        the Company granted under this Award Agreement shall not be made without
        the written consent of the Participant.

(l)     Severability. If any provision of this Award Agreement shall be held by
        ------------
        a court of competent jurisdiction to be invalid and unenforceable, the
        remaining provisions of this Award Agreement shall continue in effect.

(m)     Interpretation. This Award Agreement shall be construed as a whole,
        --------------
        according to its fair meaning, and not in favor of or against any party.
        By way of example and not in limitation, this Award Agreement shall not
        be construed in favor of the party receiving a benefit nor against the
        party responsible for any particular language in this Award Agreement.
        Captions are used for reference purposes only and should be ignored in
        the interpretation of the Award Agreement. Unless the context requires
        otherwise, all references in this Award Agreement to Paragraphs are to
        the paragraphs of this Award Agreement.

The Company has duly executed this Award Agreement as of the date first written
above.

WORLD AIRWAYS, INC.

By:___________________
Cathy Sigalas
Its: General Counsel

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