Document:

CERTIFICATE OF THE DESIGNATIONS,
                         POWERS, PREFERENCES AND RIGHTS
                                       OF
                            SERIES E PREFERRED STOCK
                                       OF
                             HAWAIIAN HOLDINGS, INC.

     HAWAIIAN HOLDINGS, INC., a corporation organized and existing under the
General Corporation Law of the State of Delaware (the "Corporation"), DOES
HEREBY CERTIFY THAT:

     A. Pursuant to authority conferred upon the Board of Directors (the
"Board") by Article III of the Certificate of Incorporation of the Corporation
(the "Certificate of Incorporation") and pursuant to the provisions of ss.151 of
the Delaware General Corporation Law, the Board adopted and approved the
following resolution providing for the designations, preferences and relative,
participating, optional and other rights, and the qualifications, limitations
and restrictions of the Series E Preferred Stock.

     WHEREAS, the Certificate of Incorporation provides for two classes of
capital stock, known as common stock, $0.01 par value per share (the "Common
Stock"), and preferred stock, $0.01 par value per share (the "Preferred Stock");
and

     WHEREAS, the Board is authorized by the Certificate of Incorporation to
provide for the issuance of the shares of Preferred Stock in series, and by
filing a certificate pursuant to the applicable law of the State of Delaware, to
establish from time to time the number of shares to be included in such series
and to fix the designations, preferences and rights of the shares of each such
series and the qualifications, limitations and restrictions thereof.

     NOW, THEREFORE, BE IT RESOLVED, that the Board deems it advisable to, and
hereby does, designate a Series E Preferred Stock and fixes and determines the
preferences, rights, qualifications, limitations and restrictions relating to
the Series E Preferred Stock as follows:

1.     DESIGNATION. The shares of such series of Preferred Stock shall be
designated "Series E Preferred Stock" (referred to herein as the "Series E
Stock"). The date on which the first share of Series E Stock is issued shall
hereinafter be referred to as the "Original Issue Date".

2.     AUTHORIZED NUMBER. The number of shares constituting the Series E Stock
shall be 200.

3.     RANKING. The Series E Stock shall rank, as to dividends and upon
Liquidation (as defined in Section 5(a) hereof), senior and prior to the Common
Stock and junior to the Corporation's Special Preferred Stock, as defined in the
Certificate of Incorporation of the Corporation. All equity securities of the
Corporation to which the Series E Stock ranks prior, with respect to dividends
and upon Liquidation, including, without limitation, the Common Stock, are
collectively referred to herein as "Junior Securities." The Corporation shall
not create

any class of stock ranking on parity with, or senior to, the Series E Stock,
without the affirmative vote of the holders of a majority of the shares of
Series E Stock, voting separately as a class.

     4. DIVIDENDS.

        (a) In the event any dividends are declared or paid or any other
distribution is made on or with respect to the Common Stock, the holders of the
Series E Stock as of the record date established by the Board for such dividend
or distribution on the Common Stock shall be entitled to receive dividends
("Participating Dividends") with respect to each share of Series E Stock in an
amount (whether in the form of cash, securities or other property) equal to (x)
the aggregate amount of the dividend issued with respect to each share of Common
Stock multiplied by the Aggregate Number divided by (y) the number of shares of
Series E Stock issuable under the warrants to purchase shares of Series E Stock
being issued on the Closing Date (i.e., 200). Such Participating Dividends shall
be payable to the holders of the Series E Stock on the record date for such
dividend on the Common Stock, which date shall be the record date for the
Participating Dividends, and such dividends are to be payable on the same
payment date established by the Board for the payment of such dividend on the
Common Stock to the persons in whose name the Series E Stock is registered at
the close of business on the applicable record date.

        (b) No dividend shall be paid or declared on any share of Common Stock,
unless a dividend, payable in the same consideration and manner, is
simultaneously paid or declared, as the case may be, on each share of Series E
Stock in an amount determined as set forth above. For purposes hereof, the term
"dividends" shall include any pro rata distribution by the Corporation of cash,
property, securities (including, but not limited to, rights, warrants or
options) or other property or assets to the holders of the Common Stock, whether
or not paid out of capital, surplus or earnings.

        (c) Prior to declaring any dividend or making any distribution on or
with respect to shares of Common Stock, the Corporation shall take all prior
corporate action necessary to authorize the issuance of any securities payable
as a dividend in respect of the Series E Stock.

        (d) The terms "declared dividends" and "dividends declared" or any
reference to "declared but unpaid dividends," whenever used herein with
reference to shares of Series E Stock shall be deemed to include dividends
required by Section 2(a) hereof to be declared, whether or not the same have in
fact been declared at the time in question.

        (e) Each fractional share of Series E Stock outstanding shall be
entitled to a ratably proportionate amount of all Dividends accruing with
respect to each outstanding share of Series E Stock pursuant to Section 4(a)
hereof, and all such Dividends with respect to such outstanding fractional
shares shall be payable in the same manner and at such times as provided for in
Section 4(a) hereof with respect to Dividends on each outstanding share of
Series E Stock.

     5. LIQUIDATION.

                                       2

        (a) Liquidation Procedure. Upon any liquidation, dissolution or winding
up of the Corporation, whether voluntary or involuntary (a "Liquidation"), the
holders of the shares of Series E Stock shall be entitled, before any
distribution or payment is made upon any Junior Securities, to be paid with
respect to each share of Series E Stock an amount equal to (i) the greater of
(x) the Liquidation Preference per share of Series E Stock plus (without
duplication) the amount of any declared but unpaid dividends thereon as of such
date or (y) the amount payable with respect to each share of Common Stock upon
such Liquidation, multiplied by the Aggregate Number divided by (y) the number
of shares of Series E Stock issuable under the warrants to purchase shares of
Series E Stock being issued on the Closing Date (i.e., 200). If upon
Liquidation, the assets to be distributed among the holders of Series E Stock
shall be insufficient to permit payment in full to the holders of Series E Stock
of the payment described above, then the entire assets of the Corporation shall
be distributed ratably among such holders in proportion to the full respective
payments to which they are entitled.

        (b) Remaining Assets. Upon Liquidation, after the holders of Series E
Stock shall have been paid in full the amount described above, the remaining
assets of the Corporation legally available for distribution shall be
distributed ratably among the holders of the Junior Securities then outstanding.

        (c) Mergers, Reorganizations, Etc. The holders of at least a majority of
the then outstanding shares of Series E Stock, may elect to deem the merger,
reorganization or consolidation of the Corporation into or with another
corporation or other similar transaction or series of related transactions in
which more than 50% of the voting power of the Corporation is disposed of in
exchange for property, rights or securities distributed to holders thereof by
the acquiring person, firm or other entity, or the sale of all or substantially
all the assets of the Corporation (the foregoing being referred to collectively
as an "Acquisition"), as a Liquidation for purposes of this Section 5.

     6. ADJUSTMENT OF AGGREGATE NUMBER.

        (a) Adjustments. The Aggregate Number, after taking into consideration
any prior adjustments pursuant to this Section 6, shall be subject to adjustment
from time to time as follows and, thereafter, as adjusted, shall be deemed to be
the Aggregate Number hereunder.

            (i) Stock Dividends; Subdivisions and Combinations. In case at any
time or from time to time the Corporation shall:

            (A) issue to the holders of its Common Stock a dividend payable in,
      or other distribution of, Common Stock (a "Stock Dividend"),

            (B) subdivide its outstanding shares of Common Stock into a larger
      number of shares of Common Stock, including without limitation by means of
      a stock split (a "Stock Subdivision"), or

            (C) combine its outstanding shares of Common Stock into a smaller
      number of shares of Common Stock, other than the Reverse Stock Split (a
      "Stock Combination"),

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      then the Aggregate Number in effect immediately prior thereto shall be (1)
proportionately increased in the case of a Stock Dividend or a Stock Subdivision
and (2) proportionately decreased in the case of a Stock Combination. In the
event the Corporation shall declare or pay, without consideration, any dividend
on the Common Stock payable in any right to acquire Common Stock for no
consideration, then the Corporation shall be deemed to have made a Stock
Dividend in an amount of shares equal to the maximum number of shares issuable
upon exercise of such rights to acquire Common Stock.

      A reclassification of the Common Stock into shares of Common Stock and
shares of any other class of stock shall be deemed a Distribution by the
Corporation to the holders of its Common Stock of such shares of such other
class of stock and, if the outstanding shares of Common Stock shall be changed
into a larger or smaller number of shares of Common Stock as a part of such
reclassification, such event shall be deemed a Stock Subdivision or Stock
Combination, as the case may be, of the outstanding shares of Common Stock
within the meaning of Section 6(a)(i) hereof.

            (ii) Issuance of Common Stock. If at any time or from time to time
the Corporation shall (except as hereinafter provided in this Section 4(a)(iii))
issue or sell any additional shares of Common Stock for a consideration per
share less than the Fair Market Value, then, effective on the date specified
below, the Aggregate Number shall be adjusted by multiplying (A) the Aggregate
Number immediately prior thereto by (B) a fraction, the numerator of which shall
be the sum of the number of shares of Common Stock outstanding immediately prior
to the issuance of such additional shares of Common Stock (calculated on a Fully
Diluted basis) and the number of such additional shares of Common Stock so
issued and the denominator of which shall be the sum of the number of shares of
Common Stock outstanding immediately prior to the issuance of such additional
shares of Common Stock (calculated on a Fully Diluted basis) and the number of
shares of Common Stock which the aggregate consideration for the total number of
such additional shares of Common Stock so issued would purchase at the Fair
Market Value. The date as of which the Fair Market Value shall be computed shall
be the earlier of the date on which the Corporation shall enter into a firm
contract or commitment for the issuance of such additional shares of Common
Stock or the date of actual issuance of such additional shares of Common Stock..

      The provisions of this Section 6(a)(ii) shall not apply to any issuance of
additional shares of Common Stock for which an adjustment is otherwise provided
under Section 6(a)(i) hereof. No adjustment of the Aggregate Number shall be
made under this Section 6(a)(ii) upon:

            (A) the issuance of any additional shares of Common Stock which are
      issued pursuant to (x) the exercise of other subscription or purchase
      rights or (y) the exercise of any conversion or exchange rights in any
      Convertible Securities, provided that for purposes of clauses (x) or (y)
      an adjustment shall previously have been made upon the issuance of such
      other rights or upon the issuance of such Convertible Securities pursuant
      to Section 6(a)(iii) or (iv) hereof or no such adjustment shall have been
      required upon the issuance of such other rights or Convertible Securities;

                                       4

            (B) the issuance of Common Stock in any merger or other acquisition
      of a business or Person approved by the Board of Directors of the
      Corporation;

            (C) the issuance of Common Stock in a Qualified Public Offering;

            (D) the issuance of Common Stock upon the exercise of rights issued
      in connection with the contemplated rights offering by the Corporation for
      the purpose of the redemption of the Series A Subordinated Convertible
      Notes and Series B Subordinated Convertible Notes issued by the
      Corporation (collectively, the "Subordinated Convertible Notes"), prior to
      the first anniversary of the issuance of the Subordinated Convertible
      Notes;

            (E) the issuance of up to 1,500,000 shares of Common Stock issuable
      to unions of Hawaiian Airlines, Inc., in transactions approved by the
      Board of Directors of the Corporation;

            (F) the issuance of shares of Common Stock upon the exercise of
      stock options or other awards made or denominated in shares of Common
      Stock under the Corporation's 2005 Stock Incentive Plan or any of the
      Corporation's other stock plans including any stock option, stock
      purchase, restricted stock or similar plan hereafter adopted by the Board
      of Directors of the Corporation and, if required by applicable law or
      stock exchange requirement, approved by the stockholders of the
      Corporation;

            (G) the issuance of Common Stock on exercise or conversion of
      Convertible Securities outstanding on the Closing Date; or

            (H) the issuance of Common Stock pursuant to Convertible Securities
      to financial institutions or similar entities in transactions approved by
      the Board of Directors of the Corporation, the principal purpose of which
      is not raising capital through the sale of equity securities.

            (iii) Warrants and Options. If at any time or from time to time the
Corporation shall take a record of the holders of its Common Stock for the
purpose of entitling them to receive a distribution of, or shall in any manner
(whether directly, by assumption in a merger in which the Corporation is the
surviving corporation and in which the shareholders of the Corporation
immediately prior to the merger continue to own more than 50% of the Outstanding
Common Stock immediately after the merger and for a period of 180 days
thereafter, or otherwise) issue or sell any warrants, options or other rights to
subscribe for or purchase (A) any shares of Common Stock or (B) any Convertible
Securities, whether or not the rights to subscribe, purchase, exchange or
convert thereunder are immediately exercisable, and the consideration per share
for which additional shares of Common Stock may at any time thereafter be
issuable pursuant to such warrants, options or other rights or pursuant to the
terms

                                        5

of such Convertible Securities shall be less than the Fair Market Value, then
the Aggregate Number shall be adjusted as provided in Section 6(a)(ii) hereof on
the basis that (1) the maximum number of additional shares of Common Stock
issuable pursuant to all such warrants, options or other rights or necessary to
effect the conversion or exchange of all such Convertible Securities shall be
deemed to have been issued as of the date of the determination of the Fair
Market Value as hereinafter provided and (2) the aggregate consideration for
such maximum number of additional shares of Common Stock shall be deemed to be
the minimum consideration received and receivable by the Corporation for the
issuance of such additional shares of Common Stock pursuant to the terms of such
warrants, options or other rights or such Convertible Securities. For purposes
of this Section 6(a)(iii), the effective date of such adjustment and the date as
of which the Fair Market Value shall be computed shall be the earliest of (A)
the date on which the Corporation shall take a record of the holders of its
Common Stock for the purpose of entitling them to receive any such warrants,
options or other rights, (B) the date on which the Corporation shall enter into
a firm contract or commitment for the issuance of such warrants, options or
other rights and (C) the date of actual issuance of such warrants, options or
other rights.

      No adjustment of the Aggregate Number shall be made under this Section
6(a)(iii) upon:

            (A) the issuance of any warrants, options or other rights which are
      issued pursuant to the exercise of any warrants, options or other rights
      if an adjustment shall have been made or is contemporaneously made or if
      no such adjustment shall have been required upon the issuance of such
      warrants, options or other rights, pursuant to this Section 6(a)(iii);

            (B) the issuance of warrants, options or other rights to subscribe
      for or purchase Convertible Securities in any merger or other acquisition
      of a business or Person approved by the Board of Directors of the
      Corporation;

            (C) the issuance of warrants, options or other rights to subscribe
      for or purchase shares of Common Stock or other awards made or denominated
      in shares of Common Stock under the Corporation's 2005 Stock Incentive
      Plan or any of the Company's other stock plans including any stock option,
      stock purchase, restricted stock or similar plan hereafter adopted by the
      Board of Directors of the Corporation and, if required by applicable law
      or stock exchange requirement, approved by the stockholders of the
      Corporation;

            (D) the issuance of rights to purchase Common Stock issued in
      connection with the contemplated rights offering by the Corporation for
      the purpose of the redemption of the Subordinated Convertible Notes, prior
      to the first anniversary of the issuance of the Subordinated Convertible
      Notes; or

            (E) the issuance of options, warrants or other rights to subscribe
      for or purchase Convertible Securities to financial institutions or

                                        6

      similar entities in transactions approved by the Board of Directors of the
      Corporation, the principal purpose of which is not raising capital through
      the sale of equity securities.

            (iv) Convertible Securities. If at any time or from time to time the
Corporation shall take a record of the holders of its Common Stock for the
purpose of entitling them to receive a distribution of or shall in any manner
(whether directly, by assumption in a merger in which the Corporation is the
surviving corporation and in which the shareholders of the Corporation
immediately prior to the merger continue to own more than 50% of the Outstanding
Common Stock immediately after the merger and for a period of 180 days
thereafter, or otherwise) issue or sell Convertible Securities, whether or not
the rights to exchange or convert thereunder are immediately exercisable, and
the consideration per share for the additional shares of Common Stock which may
at any time thereafter be issuable pursuant to the terms of such Convertible
Securities shall be less than the Fair Market Value, then the Aggregate Number
shall be adjusted as provided in Section 6(a)(ii) hereof on the basis that (A)
the maximum number of additional shares of Common Stock necessary to effect the
conversion or exchange of all such Convertible Securities shall be deemed to
have been issued as of the date of the determination of the Fair Market Value as
herein provided and (B) the aggregate consideration for such maximum number of
additional shares of Common Stock shall be deemed to be the minimum
consideration received and receivable by the Corporation for the issuance of
such additional shares of Common Stock pursuant to the terms of such Convertible
Securities. For purposes of this Section 6(a)(iv), the effective date of such
adjustment and the date as of which the Fair Market Value shall be computed
shall be the earliest of (1) the date on which the Corporation shall take a
record of the holders of its Common Stock for the purpose of entitling them to
receive any such Convertible Securities, (2) the date on which the Corporation
shall enter into a firm contract or commitment for the issuance of such
Convertible Securities and (3) the date of actual issuance of such Convertible
Securities.

      No adjustment of the Aggregate Number shall be made under this Section
6(a)(iv) upon:

            (A) the issuance of any Convertible Securities which are issued
      pursuant to the exercise of any warrants, options or other subscription or
      purchase rights if an adjustment shall previously have been made or is
      contemporaneously made or if no such adjustment shall have been required
      upon the issuance of such warrants, options or other rights pursuant to
      Section 4(a)(iv) hereof;

            (B) the issuance of Convertible Securities in any merger or other
      acquisition of a business or Person approved by the Board of Directors of
      the Corporation;

            (C) the issuance of Convertible Securities upon the exercise,
      conversion or the extension of the term of Convertible Securities
      outstanding on the Closing Date or the cancellation and reissuance with
      identical terms and conditions except for a longer term of any such
      Convertible Securities outstanding on the Closing Date; or

                                        7

            (D) the issuance of Convertible Securities to financial institutions
      or similar entities in transactions approved by the Board of Directors of
      the Corporation, the principal purpose of which is not raising capital
      through the sale of equity securities.

            (v) Subsequent Adjustments. If at any time after any adjustment of
the Aggregate Number shall have been made pursuant to Section 6(a)(iii) or (iv)
hereof on the basis of the issuance of warrants, options or other rights or the
issuance of Convertible Securities, or after any new adjustments of the
Aggregate Number shall have been made pursuant to this Section 6(a)(vi), then:

            (A) such warrants, options or rights or the right of conversion or
      exchange in such Convertible Securities shall expire, and a portion of
      such warrants, options or rights, or the right of conversion or exchange
      in respect of a portion of such Convertible Securities, as the case may
      be, shall not have been exercised prior to such expiration, then

            (B) such previous adjustment shall be rescinded and annulled and the
      additional shares of Common Stock which were deemed to have been issued by
      virtue of the computation made in connection with such adjustment shall no
      longer be deemed to have been issued by virtue of such computation;

            (C) simultaneously therewith, a recomputation shall be made of the
      effect of such warrants, options or rights or Convertible Securities on
      the determination of the Aggregate Number, which shall be made on the
      basis of treating the number of additional shares of Common Stock, if any,
      theretofore actually issued pursuant to the previous exercise of such
      warrants, options or rights or such right of conversion or exchange as
      having been issued on the date or dates of such exercise and, in the case
      of a recomputation of a calculation originally made pursuant to Section
      6(a)(iii) or (iv), for the consideration actually received and receivable
      therefor, and

            and, if and to the extent called for by the foregoing provisions of
Section 6(a)(v) on the basis aforesaid, a new adjustment of the Aggregate Number
shall be made, such new adjustment shall supersede the previous adjustment so
rescinded and annulled.

               (vi) Miscellaneous. The following provisions shall be applicable
to the making of adjustments of the Aggregate Number provided above in this
Section 6(a):

            (A) The sale or other disposition of any issued shares of Common
      Stock owned or held by or for the account of the Corporation or any of its
      Subsidiaries shall be deemed an issuance thereof for the purposes of this
      Section 6(a).

                                        8

      (B) To the extent that any additional shares of Common Stock or any
Convertible Securities or any warrants, options or other rights to subscribe for
or purchase any Convertible Securities (1) are issued solely for cash
consideration, the consideration received by the Corporation therefor shall be
deemed to be the amount of the cash received by the Corporation therefor or (2)
are offered by the Corporation for subscription, the consideration received by
the Corporation shall be deemed to be the subscription price, in any such case
excluding any amounts paid or receivable for accrued interest or accrued or
accumulated dividends. To the extent that such issuance shall be for a
consideration other than cash, or partially for cash and partially for other
consideration, then the amount of such consideration shall be deemed to be the
fair market value of such other consideration plus, if applicable, the amount of
such cash at the time of such issuance, determined in the manner set forth in
Section 4(d)(ii). In case any additional shares of Common Stock or any
Convertible Securities or any warrants, options or other rights to subscribe for
or purchase any Convertible Securities shall be issued in connection with any
merger in which the Corporation is the survivor and issues any securities, the
amount of consideration therefor shall be deemed to be the fair market value of
such additional shares of Common Stock, Convertible Securities, warrants,
options or other rights, as the case may be, determined in the manner set forth
in Section 4(d)(ii).

         The consideration for any shares of Common Stock issuable pursuant to
the terms of any Convertible Securities shall be equal to (x) the consideration
received by the Corporation for issuing any warrants, options or other rights to
subscribe for or purchase such Convertible Securities, plus (y) the
consideration paid or payable to the Corporation in respect of the subscription
for or purchase of such Convertible Securities, plus (z) the consideration, if
any, payable to the Corporation upon the exercise of the right of conversion or
exchange of such Convertible Securities.

         In case of the issuance at any time of any additional shares of Common
Stock or Convertible Securities in payment or satisfaction of any dividends upon
any class of stock other than Common Stock, the Corporation shall be deemed to
have received for such additional shares of Common Stock or Convertible
Securities a consideration equal to the amount of such dividend so paid or
satisfied.

            (C) The adjustments required by the preceding paragraphs of this
      Section 6(a) shall be made whenever and as often as any specified event
      requiring an adjustment shall occur, except that no adjustment of the
      Aggregate Number that would otherwise be required shall be made (except in
      the case of a Stock Subdivision or Stock Combination, as provided for in
      Section 6(a)(i) hereof) unless and until such adjustment either by itself
      or with other adjustments not previously made adds or subtracts at least
      one percent (1%) to or from the Aggregate Number immediately prior to the
      making of such adjustment. Any adjustment representing a change of less
      than such minimum amount (except as

                                       9

      aforesaid) shall be carried forward and made as soon as such adjustment,
      together with other adjustments required by this Section 6(a) and not
      previously made, would result in a minimum adjustment. For the purpose of
      any adjustment, any specified event shall be deemed to have occurred at
      the close of business on the date of its occurrence.

            (D) In computing adjustments under this Section 6(a), fractional
      interests in Common Stock shall be taken into account to the nearest
      one-thousandth of a share.

            (E) If the Corporation shall take a record of the holders of its
      Common Stock for the purpose of entitling them to receive a dividend or
      distribution or subscription or purchase rights and shall, thereafter and
      before the distribution to shareholders thereof, legally abandon its plan
      to pay or deliver such dividend, distribution, subscription or purchase
      rights, then no adjustment shall be required by reason of the taking of
      such record and any such adjustment previously made in respect thereof
      shall be rescinded and annulled.

            (b) Other Action Affecting Common Stock. In case at any time or from
time to time the Corporation shall take any action of the type contemplated in
Section 6(a) hereof but not expressly provided for by such provisions
(including, without limitation, the granting of stock appreciation rights,
phantom stock rights or other rights with equity features) other than cash
bonuses, then, unless in the opinion of the Corporation's board of directors
such action will not have a material adverse effect upon the rights of the
holders of the Series E Stock (taking into consideration, if necessary, any
prior actions which the Board of Directors deemed not to materially adversely
affect the rights of the holders of the Series E Stock), the Aggregate Number
shall be adjusted in such manner and at such time as the Board of Directors of
the Corporation may in good faith determine to be equitable in the
circumstances.

            (c) Adjustment Notice. Whenever the Aggregate Number is to be
adjusted pursuant to this Section 6, the Corporation shall promptly (and in any
event within twenty (20) Business Days after the event requiring the adjustment)
prepare a certificate signed by the Chief Financial Officer of the Corporation,
setting forth, in reasonable detail, the event requiring the adjustment and the
method by which such adjustment is to be calculated. The Corporation shall keep
at its principal office copies of all such certificates and cause the same to be
available for inspection at said office during normal business hours by the
holders of the Series E Stock.

      7. VOTING RIGHTS.

            (a) Except as required by law, the Series E Stock shall have no
voting rights except the right to vote on the approval of certain matters set
forth in Section 7(b).

            (b) So long as any shares of Series E Stock remain outstanding, the
Corporation shall not, without the written consent or affirmative vote of the
holders of at least two-thirds of the outstanding shares of Series E Stock, (i)
amend, alter or repeal, whether by

                                       10

merger, consolidation, combination, reclassification or otherwise, the
Certificate of Incorporation or By-laws of the Corporation or any provisions
thereof (including the adoption of a new provision thereof), (ii) create,
authorize or issue any class, series or shares of Preferred Stock or any other
class of capital stock ranking either as to payment of dividends or distribution
of assets upon Liquidation prior to or on a parity with the Series E Stock. The
vote of the holders of at least two-thirds of the outstanding shares of Series E
Stock, voting separately as one class, shall be necessary to adopt any
alteration, amendment or repeal of any provision of the Certificate of
Designations setting forth a copy of this Resolution, in addition to any other
vote of stockholders required by law.

            8. NOTICES OF RECORD DATE. Upon (i) any taking by the Corporation of
a record of the holders of any class of securities (including the Series E
Stock) for the purpose of determining the holders thereof who are entitled to
receive any dividend or other distribution , or (ii) any Acquisition (as defined
in Section 5(c)), or other capital reorganization of the Corporation, any
reclassification or recapitalization of the capital stock of the Corporation,
any merger or consolidation of the Corporation with or into, any other
corporation, or any Liquidation, or any other action of the type or types
requiring an adjustment to the Conversion Price or the number or character of
the Series E Stock as set forth herein, the Corporation shall mail to each
holder of Series E Stock at least twenty (20) days prior to the record date
specified therein a notice specifying (A) the date on which any such record is
to be taken for the purpose of such dividend or distribution and a description
of such dividend or distribution, (B) the date on which any such Acquisition,
reorganization, reclassification, transfer, consolidation, merger, Liquidation,
or other action is expected to become effective, and (C) the date, if any, that
is to be fixed as to when the holders of record of Common Stock (or other
securities) shall be entitled to exchange their shares of Common Stock (or other
securities) for securities or other property deliverable upon such Acquisition,
reorganization, reclassification, transfer, Liquidation, or other action. Such
notice shall also set forth such facts with respect thereto as shall be
reasonably necessary to indicate the effect of such action (to the extent such
effect may be known at the date of such notice) on the Aggregate Number and the
number, kind, or class of shares or other securities or property which shall be
deliverable upon the occurrence of such action or deliverable upon the
conversion of Series E Stock.

            9. HEADINGS OF SUBDIVISIONS. The headings of the various
subdivisions hereof are for convenience of reference only and shall not affect
the interpretation of any of the provisions hereof.

            10. NO REISSUANCE OF SERIES E STOCK. No share or shares of Series E
Stock acquired by the Corporation by reason of redemption, purchase, conversion
or otherwise shall be reissued, and all such shares of Series E Stock shall be
canceled, retired and eliminated from the shares of Series E Stock which the
Corporation shall be authorized to issue. Any such shares of Series E Stock
acquired by the Corporation shall have the status of authorized and unissued
shares of Preferred Stock issuable in undesignated Series and may be
redesignated and reissued in any series other than as Series E Stock.

            11. DEFINITIONS.

                                       11

      "Aggregate Number" means, upon the effectiveness of this Certificate of
Designations, 6,856,000 as such Aggregate Number is adjusted pursuant to Section
6 hereof; which adjustment shall occur whether the dilutive event occurs prior
to or subsequent to the date of the issuance of any shares of Series E Stock.

      "Business Day" means a day other than a Saturday, Sunday or day on which
banking institutions in New York are authorized or required to remain closed.

      "Capital Stock" of any Person means any and all shares, interests, rights
to purchase, warrants, options, participations or other equivalents of or
interests in (however designated) equity of such Person, including any Preferred
Stock, but excluding any debt securities convertible into such equity.

      "Closing Date" means June 1, 2005.

      "Common Stock" means the common stock, par value $0.01 per share, of the
Corporation or any other Capital Stock of the Corporation into which such stock
is reclassified or reconstituted.

      "Convertible Securities" means evidences of indebtedness, shares of stock
or other securities (including, without limitation, options and warrants) which
are directly or indirectly convertible, exercisable or exchangeable, with or
without payment of additional consideration in cash or property, for shares of
Common Stock, either immediately or upon the onset of a specified date or the
happening of a specified event.

      "Distribution" shall have the meaning set forth in Section 4(a)(i).

      "Fair Market Value" means, with respect to a share of Common Stock on any
date: (i) the fair market value of the outstanding Common Stock over then ten
(10) trading days prior to the date of calculation based upon (a) if the Common
Stock is listed on a national securities exchange, the closing price per share
of Common Stock on each such day published in The Wall Street Journal (National
Edition) or, if no such closing price on each such day is published in The Wall
Street Journal (National Edition), the average of the closing bid and asked
prices on each such day, as officially reported on the principal national
securities exchange on which the Common Stock is then listed or admitted to
trading; (b) if the Common Stock is not then listed or admitted to trading on
any national securities exchange, but is designated as a national market system
security, the last trading price of the Common Stock on each such day; and (c)
if there shall have been no trading on any such day or if the Common Stock is
not so designated, the average of the reported closing bid and asked price of
the Common Stock, on each such day as shown by NASDAQ and reported by any member
firm of the NYSE selected by the Corporation; or (ii) if none of (i)(a), (b) or
(c) is applicable, a market price per share determined in good faith by the
Board of Directors of the Corporation, which shall be deemed to be "Fair Market
Value".

      "Fully Diluted" shall mean, with respect to the Common Stock as of a
particular time, the total number of outstanding shares of Common Stock as of
such time as determined by treating all outstanding and "in-the-money" and then
exercisable Convertible Securities, as having been converted, exercised or
exchanged and the shares issuable thereunder as having been issued.

                                       12

      "Liquidation Preference" means $43,193 per share of Series E Stock.

      "Participating Dividends" shall have the meaning set forth in Section
2(a).

      "Person" means and includes all natural persons, corporations, business
trusts, associations, companies, partnerships, limited liability companies and
other entities and governments and agencies and political subdivisions.

      "Preferred Stock" shall have the meaning set forth in the recitals hereto.

      "Qualified Public Offering" means the consummation of a firm commitment
public offering of the Common Stock of the Corporation by a nationally
recognized investment banking firm pursuant to an effective registration
statement under the Securities Act covering the offer and sale of such
securities for cash for the account of the Corporation.

      "Stock Combination" shall have the meaning set forth in Section 4(a)(i).

      "Stock Dividend" shall have the meaning set forth in Section 4(a)(i).

      "Stock Subdivision" shall have the meaning set forth in Section 4(a)(i).

                                       13

      IN WITNESS WHEREOF, the undersigned has executed this Certificate this
2nd day of June, 2005.

                HAWAIIAN HOLDINGS, INC.

                By: /s/ Randall L. Jenson_____________
                      Name:     Randall L. Jenson_________
                      Title:    Chief Financial Officer, Treasurer & Secretary

                                       14THE OFFER AND SALE OF THE WARRANT REPRESENTED BY THIS CERTIFICATE AND THE
UNDERLYING SHARES OF STOCK HAVE NOT BEEN REGISTERED PURSUANT TO THE SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAW. NEITHER THIS WARRANT NOR
THE UNDERLYING STOCK, NOR ANY PORTION THEREOF OR INTEREST THEREIN, MAY BE SOLD,
TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS THE SAME IS REGISTERED AND QUALIFIED
IN ACCORDANCE WITH SAID ACT AND ANY APPLICABLE STATE SECURITIES LAW, OR, IN THE
OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, SUCH REGISTRATION AND
QUALIFICATION ARE NOT REQUIRED.

Warrant No. PW-1                                                    June 2, 2005

                                     WARRANT
                   to Purchase the Series E Preferred Stock of
                             Hawaiian Holdings, Inc.

      THIS CERTIFIES THAT, for value received, RC Aviation, LLC having an
address at 12730 High Bluff Drive, Suite 180, San Diego, CA 92130, or registered
assigns, is entitled to purchase from Hawaiian Holdings, Inc., a Delaware
corporation, or any successor (the "Company"), in whole or in part, at a
purchase price of $246,816 per share of Series E Preferred Stock (as herein
defined), at any time, from and after the Initial Exercise Date to and including
June 1, 2010, 200 shares of the fully paid and nonassessable Series E Preferred
Stock (as such number may be adjusted as provided herein).

      This Warrant is issued in connection with the Equity Commitment Letter.

      This Warrant is subject to the following provisions, terms and conditions:

      1. (a) Exercise of Warrant. The rights represented by this Warrant may be
exercised by the Holder hereof, in whole or in part (but not as to a fractional
share of Series E Preferred Stock), by (A) the delivery of this Warrant,
together with a properly completed Subscription Form in the form attached
hereto, to the principal office of the Company at 12730 High Bluff Drive, Suite
180, San Diego, California 92130 (or to such other address as it may designate
by notice in writing to the Holder) and payment to the Company of the Warrant
Purchase Price for the Warrant Shares being purchased by cash or by certified
check or bank draft. The Company agrees that the 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 delivered to
the Company and payment made for such shares as aforesaid. Certificates for the
shares so purchased shall be delivered to the Holder within ten (10) Business
Days after the rights represented by this Warrant shall have been so exercised,
and, unless this Warrant has expired, a new Warrant representing the right to
purchase the number of Warrant Shares, if any, with respect to which this
Warrant shall not then have been exercised, in all other respects identical with
this Warrant, shall also be issued and delivered to the Holder within such time,
or, at the request of such Holder, appropriate notation may be made on this
Warrant and signed by the Company and the same returned to such Holder.

      (b) Transfer Restriction Legend. Each certificate for Warrant Shares
issued upon exercise of this Warrant, unless at the time of exercise the offer
and sale of such Warrant Shares are registered under the Securities Act, shall
bear the following legend (and any additional legend required by applicable law
or rule) on the face thereof:

            The offer and sale of the shares of stock represented hereby have
            not been registered pursuant to the Securities Act of 1933, as
            amended, or any state securities law. Neither these shares, nor any
            portion thereof or interest therein, may be sold, transferred or
            otherwise disposed of unless the same are registered and qualified
            in accordance with said Act and any applicable state securities law,
            or, in the opinion of counsel reasonably satisfactory to the
            Company, such registration and qualification are not required.

The provisions of Section 2 shall be binding upon all holders of certificates
for Warrant Shares bearing the above legend and shall also be applicable to all
holders of this Warrant.

      (c) Expenses and Taxes on Exercise. The Company shall pay all expenses,
taxes and other charges payable in connection with the preparation, execution
and delivery of any stock certificates and substitute Warrants pursuant to this
Section 1, except that, in case such stock certificates or Warrants shall be
registered in a name or names other than the name of the holder of this Warrant,
funds sufficient to pay all stock transfer taxes which shall be payable upon the
execution and delivery of such stock certificates or Warrants shall be paid by
the Holder to the Company at the time the Company delivers such stock
certificates or Warrants to the Company for exercise.

      (d) Mandatory Exchange of Warrant. Notwithstanding any other provision of
this Warrant, upon (x) the approval by the stockholders of the Company, at the
Company's next meeting of stockholders, of an increase in the number of
authorized shares of Common Stock of the Company to at least 120 million shares
(the "Stockholder Approval") and (y) the filing with the Secretary of State of
the State of Delaware of an amendment to the Certificate of Incorporation of the
Company as contemplated by the Stockholder Approval (the "Required Filing"),
this Warrant shall be automatically exchanged for a warrant in the form attached
hereto as Exhibit A (the "Common Stock Purchase Warrant") to purchase a number
of shares of Common Stock equal to the Aggregate Number relating to the Warrant
Shares at the time of such exchange at the Common Stock Warrant Exercise Price.
Upon the Company's receipt of the Stockholder Approval and the completion of the
Required Filing, the Holder shall surrender this Warrant at the Principal Office
of the Company and receive in consideration therefor the Common Stock Purchase
Warrant. Such surrender shall not be a condition, however, to the cancellation
on the Company's books of this Warrant and the substitution on such books of the
Common Stock Purchase Warrant, which shall be deemed outstanding on and after
the date of the Stockholder Approval and shall be dated as of the date of such
Stockholder Approval.

      2. (a) Warrants and Warrant Shares Not Registered; Transferee
Restrictions. Each Holder, by acceptance thereof, represents and acknowledges
that the offer and sale of this Warrant and the Warrant Shares which may be
purchased upon exercise of this Warrant are not

being registered under the Securities Act, that the issuance of this Warrant and
the offering and sale of such Warrant Shares are being made in reliance on the
exemption from registration under Section 4(2) of the Securities Act as not
involving any public offering and that the Company's reliance on such exemption
is predicated in part on the representations made by the initial Holder of this
Warrant to the Company that such Holder (i) is acquiring this Warrant for
investment purposes for its own account, with no present intention of reselling
or otherwise distributing the same in violation of the Securities Act, subject,
nevertheless, to any requirement of law that the disposition of its property
shall at all times be within its control, (ii) is an "accredited investor" as
defined in Regulation D under the Securities Act and (iii) has such knowledge
and experience in financial and business matters that it is capable of
evaluating the merits and risks of the investments made or to be made in
connection with the acquisition and exercise of this Warrant. Neither this
Warrant nor the related Warrant Shares may be transferred except pursuant to an
effective registration statement under the Securities Act or upon the conditions
specified in Section 2(b).

      (b) Notice of Transfer, Opinion of Counsel. Each Holder, by acceptance
hereof, agrees that prior to the disposition of this Warrant or of any Warrant
Shares, other than pursuant to an effective registration under the Securities
Act, such Holder will give written notice to the Company expressing such
Holder's intention to effect such disposition and describing briefly such
Holder's intention as to the manner in which this Warrant or the Warrant Shares
theretofore issued or thereafter issuable upon exercise hereof, are to be
disposed together with an opinion of counsel as may be designated by such Holder
and reasonably satisfactory to the Company as to the necessity or non-necessity
of registration under the Securities Act. If in the opinion of such counsel, the
proposed disposition does not require registration under the Securities Act of
the disposition of this Warrant and/or the Warrant Shares issuable or issued
upon the exercise of this Warrant, such Holder shall be entitled to dispose of
this Warrant and/or the Warrant Shares theretofore issued upon the exercise
hereof, all in accordance with the terms of the notice delivered by such Holder
to the Company. The Company is entitled to rely on the most recent written
notice from the Holder with respect to the ownership of the Warrant.

      3. Representations, Warranties and Covenants of the Company.

            (a) The Company hereby represents and warrants that:

                  (A) The Company has full corporate power and authority to
            execute and deliver this Warrant.

                  (B) The execution and delivery of this Warrant and the
            consummation by the Company of the transactions contemplated hereby
            have been duly and validly approved by all necessary corporate
            action on the part of the Company.

                  (C) This Warrant has been duly executed and delivered by the
            Company and constitutes the legal, valid and binding obligation of
            the Company, enforceable in accordance with its terms.

                  (D) The Holder of this Warrant, when such Warrant is issued by
            the Company to such Holder, shall have good title thereto free from
            all taxes, liens and charges with respect to the issuance thereof.

            (b)   The Company hereby covenants and agrees that:

                  (A) Reservation of Shares. During the period within which the
            rights represented by this Warrant may be exercised, the Company
            will have at all times authorized, and reserved for the purpose of
            issue or transfer upon exercise of the rights evidenced by this
            Warrant, a sufficient number of shares of the Series E Preferred
            Stock to provide therefor.

                  (B) The Warrant Shares issued pursuant to the exercise of this
            Warrant will, upon issuance, be duly and validly issued, fully paid
            and nonassessable and the holder of such Warrant Shares shall have
            good title to such Warrant Shares free from all taxes, liens and
            charges with respect to the issuance thereof.

      4. Participation in Distributions; Changes;.

      (a) Distributions. In case at any time or from time to time the Company
shall take a record of the holders of its Common Stock and its Series E
Preferred Stock for the purpose of entitling them to receive any dividend or
other distribution, other than a distribution of Common Stock, Convertible
Securities or options, warrants or other rights to subscribe for or purchase any
Convertible Securities (collectively, a "Distribution"), of:

                        (i) Cash (other than regular quarterly dividends payable
                  out of current consolidated earnings);

                        (ii) any evidences of its indebtedness, any shares of
                  its Capital Stock (other than Common Stock) or any other
                  securities or property of any nature whatsoever (other than
                  cash); or

                        (iii) any options, warrants or other rights to subscribe
                  for or purchase any of the following: any evidences of its
                  indebtedness, any shares of its Capital Stock (other than
                  Common Stock) or any other securities or property of any
                  nature whatsoever (other than cash),

                  then the Holder shall be entitled to receive such Distribution
                  as if the Holder had fully exercised this Warrant upon the
                  exercise of this Warrant at any time on or after the taking of
                  such record, the number of Warrant Shares to be received upon
                  exercise of this Warrant determined as stated herein and, in
                  addition and without further payment, the cash, evidences of
                  indebtedness, stock, securities, other property, options,
                  warrants and/or other rights (or any portion thereof) to which
                  the Holder would have been entitled by way of such
                  Distribution and subsequent dividends and distributions
                  through the date of exercise as if such Holder (x) had fully
                  exercised this Warrant immediately prior to such Distribution
                  and (y) had retained the Distribution in respect of the Series
                  E Preferred Stock and all

                  subsequent dividends and distributions of any nature
                  whatsoever in respect of any stock or securities paid as
                  dividends and distributions and originating directly or
                  indirectly from such Series E Preferred Stock.

      (b) Changes in Series E Preferred Stock. In case at any time the Company
shall initiate any transaction or be a party to any transaction (including,
without limitation, a merger, consolidation, share exchange, sale, lease or
other disposition of all or substantially all of the Company's assets,
liquidation, recapitalization or reclassification of the Series E Preferred
Stock) in connection with which the outstanding Series E Preferred Stock shall
be changed into or exchanged for different securities of the Company or Capital
Stock or other securities of another corporation or interests in a non-corporate
entity or other property (including cash) or any combination of the foregoing
(each such transaction being herein called a "Transaction"), then, as a
condition of the consummation of the Transaction, lawful, enforceable and
adequate provision shall be made so that the Holder shall be entitled to receive
upon exercise of this Warrant at any time on or after the consummation of the
Transaction, in lieu of the Warrant Shares issuable upon such exercise prior to
such consummation, the securities or other property (including cash) to which
such Holder would have been entitled upon consummation of the Transaction if
such Holder had exercised this Warrant immediately prior thereto (subject to
adjustments from and after the consummation date as nearly equivalent as
possible to the adjustments provided for in this Section 4). The foregoing
provisions of this Section 4(b) shall similarly apply to successive
Transactions.

      (c) Notice of Proposed Actions. In case the Company shall propose (A) to
pay any dividend payable in stock of any class to the holders of its Capital
Stock or to make any other distribution to the holders of its Capital Stock, (B)
to offer to the holders of its Capital Stock rights to subscribe for or to
purchase any Convertible Securities or additional shares of Capital Stock or
shares of stock of any class or any other securities, warrants, rights or
options, (other than the exercise of pre-emptive rights by such a holder) (C) to
effect any reclassification of its Capital Stock, (D) to effect any
recapitalization, stock subdivision, stock combination or other capital
reorganization, (E) to effect any consolidation or merger, share exchange, or
sale, lease or other disposition of all or substantially all of its property,
assets or business, or (F) to effect the liquidation, dissolution or winding up
of the Company, then in each such case the Company shall give to the Holder
written notice of such proposed action, which shall specify the date on which a
record is to be taken for the purposes of such stock dividend, stock
subdivision, stock combination, distribution or rights, or the date on which
such reclassification, recapitalization, reorganization, consolidation, merger,
share exchange, sale, lease, transfer, disposition, liquidation, dissolution,
winding up or other transaction is to take place and the date of participation
therein by the holders of Capital Stock, if any such date is to be fixed, or the
date on which the transfer of Capital Stock is to occur, and shall also set
forth such facts with respect thereto as shall be reasonably necessary to
indicate the effect of such action on the Series E Preferred Stock. Such notice
shall be so given in the case of any action covered by clause (A) or (B) above
at least ten (10) days prior to the record date for determining holders of the
Series E Preferred Stock for purposes of such action and, in the case of any
other such action, at least ten (10) days prior to the earlier of the date of
the taking of such proposed action or the date of participation therein by the
holders of the Series E Preferred Stock.

      5. No Dilution or Impairment. The Company will not, by amendment of its
Certificate of Incorporation or through any reorganization, recapitalization,
transfer of assets, consolidation, merger, share exchange, dissolution or any
other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms of this Warrant, and will at all times in good faith assist in
the carrying out of all such terms and in taking of all such action as may be
necessary or appropriate to protect the rights of the Holder against dilution or
other impairment. Without limiting the generality of the foregoing and
notwithstanding any other provision of this Warrant to the contrary (including
by way of implication), the Company (a) will not increase the par value of any
shares of Series E Preferred Stock receivable on the exercise of this Warrant
above the amount payable therefor on such exercise or (b) will take all such
action as may be necessary or appropriate so that the Company may validly and
legally issue fully paid and nonassessable shares of Series E Preferred Stock on
the exercise of this Warrant.

      6. Definitions. The terms defined in this Section 6, whenever used in this
Warrant, shall, unless the context otherwise requires, have the respective
meanings hereinafter specified:

          (a) "Aggregate Number" shall mean 6,856,000, as adjusted as provided
in the Certificate of the Designations, Preferences and Rights of Series E
Preferred Stock of the Company, which adjustment shall occur whether the
dilutive event occurs prior to or subsequent to the date of the exercise of this
Warrant or the Common Stock Purchase Warrant.

          (b) "Business Day" shall mean any day other than a Saturday, Sunday or
other day on which commercial banks in The City of New York are authorized or
required by law or executive order to close.

          (c) "Capital Stock" shall mean (a) with respect to any Person that is
a corporation, any and all shares, interests or equivalents in capital stock
(whether voting or nonvoting, and whether common or preferred) of such
corporation, and (b) with respect to any Person that is not a corporation, any
and all partnership, membership, limited liability company or other equity
interests of such Person that confer on a Person the right to receive a share of
the profits and losses of, or the distribution of assets of, the issuing Person;
and in each case, any and all warrants, rights or options to purchase, and all
conversion or exchange rights, voting rights, calls or rights of any character
with respect to, any of the foregoing, including, without limitation, any rights
in respect of any change in the value of any of the foregoing, including stock
appreciation rights and similar interests.

          (d) "Common Stock" shall mean the Common Stock, par value $.01 per
share, of the Company or any other Capital Stock of the Company into which such
stock is reclassified or reconstituted.

          (e) "Common Stock Warrant Exercise Price" shall mean $7.20 per share
of Common Stock, as adjusted as provided in the Common Stock Warrant as if such
Common Stock Warrant were currently outstanding.

          (f) "Company" shall have the meaning set forth in the introductory
paragraph hereto.

          (g) "Convertible Securities" shall mean evidences of indebtedness,
shares of stock

or other securities (including, without limitation, options and warrants) which
are directly or indirectly convertible, exercisable or exchangeable, with or
without payment of additional consideration in cash or property, for shares of
Common Stock, either immediately or upon the onset of a specified date or the
happening of a specified event.

          (h) "Distribution" shall have the meaning set forth in Section
4(a)(i).

          (i) "Distribution Event" shall mean (a) a liquidation, dissolution or
winding up of the Company, (b) any transaction or series of transactions which
results in the disposition to a Person or group of affiliated Persons of greater
than fifty percent (50%) of the voting power of the Company, (c) any merger,
consolidation, share exchange or other form of corporate reorganization in which
the Company is a party in which the outstanding shares of the Company are issued
or exchanged for securities or other consideration issued, or caused to be
issued, whereby holders of the voting stock of the Company immediately prior to
such transaction hold less than fifty percent (50%) of the voting power of the
Company immediately after such transaction, or (d) the sale of all or
substantially all of the assets of the Company.

          (j) "Equity Commitment Letter" shall mean that certain agreement
between RC Aviation, LLC and the Company dated August 24, 2004 for the provision
of, among other things, equity financing to the Company in an amount up to $60
million.

          (k) "Holder" shall mean any holder of an interest in the Warrant or
the outstanding Warrant Shares who becomes a holder in compliance with Section 2
hereof.

          (l) "Initial Exercise Date" shall mean the earlier of (x) December 1,
2005 and (y) the record date for a Distribution Event, if such Warrant is not
exchangeable for the Common Stock Purchase Warrant prior to such date.

          (m) "Person" shall mean any individual, firm, corporation, limited
liability company, partnership, trust, incorporated or unincorporated
association, joint venture, joint stock company, Governmental Authority or other
entity of any kind, and shall include any successor (by merger or otherwise) of
such entity.

          (n) "Required Holders" shall mean the holders of a majority of the
Total Warrant Shares.

          (o) "Securities Act" shall mean the Securities Act of 1933, as
amended, or any similar federal statute, and the rules and regulations
thereunder as the same shall be in effect at the time.

          (p) "Series E Preferred Stock" shall mean the Series E Preferred
Stock, par value $0.01 per share, of the Company or any other Capital Stock of
the Company into which such stock is reclassified or reconstituted.

          (q) "Total Warrants" shall mean this Warrant, together with any
portions thereof assigned or transferred.

          (r) "Total Warrant Shares" shall mean the shares of Series E Preferred
Stock

issuable upon exercise of the Total Warrants and which have not been so
exercised.

          (s) "Transaction" shall have the meaning set forth in Section 4(b).

          (t) "Warrant Purchase Price" shall mean the purchase price of $246,816
per share of Series E Preferred Stock.

          (u) "Warrants" shall mean this Warrant and all Warrants issued in
exchange, transfer or replacement thereof.

          (v) "Warrant Shares" shall mean the 200 shares of Series E Preferred
Stock issuable upon the exercise of this Warrant.

          (w) As used herein, any reference to a specified percentage of
Warrants or Warrant Shares shall exclude any Warrants or Warrant Shares held by
the Company or a subsidiary thereof.

      7. Exchange, Replacement and Assignability . This Warrant is exchangeable,
upon the surrender hereof by the Holder at the office or agency of the Company
described in Section 1, for new Warrants of like tenor and date representing in
the aggregate the right to purchase the number of shares which may be purchased
hereunder, each of such new Warrants to represent the right to purchase such
number of shares as shall be designated by such Holder at the time of such
surrender. Upon receipt of evidence satisfactory to the Company of the loss,
theft, destruction or mutilation of Warrants and, in the case of any such loss,
theft or destruction, of an indemnity letter (reasonably satisfactory to the
Company) of an institutional holder of such Warrants, or in other cases, of a
bond of indemnity or other security satisfactory to the Company, or, in the case
of any such mutilation, upon surrender or cancellation of Warrants, the Company
will issue to the Holder a new Warrant of like tenor and date, in lieu of this
Warrant or such new Warrants, representing the right to purchase the number of
shares which may be purchased hereunder. Subject to compliance with Section 2,
this Warrant and all rights hereunder are transferable in whole or in part upon
the books of the Company by the registered holder hereof in person or by duly
authorized attorney, and new Warrants shall be made and delivered by the
Company, of the same tenor and date as this Warrant but registered in the name
of the transferees, upon surrender of this Warrant, duly endorsed, to the
appropriate office or agency of the Company. All expenses, taxes (other than
stock transfer taxes) and other charges payable in connection with the
preparation, execution and delivery of Warrants pursuant to this Section 7 shall
be paid by the Company.

     8. Transfer Books, No Rights as Stockholder, Survival of Rights. The Company
will at no time close its transfer books against the transfer of this Warrant or
any Warrant Shares in any manner which interferes with the timely exercise of
this Warrant. This Warrant shall not entitle the Holder to any voting rights or
any rights as a stockholder of the Company. The rights and obligations of the
Company, of the Holder of this Warrant and of any Holder of Warrant Shares
issued upon exercise of this Warrant pursuant to the terms of this Warrant shall
survive the exercise of this Warrant.

      9. Omissions and Indulgences; Amendment and Waiver.

          (a) It is agreed that any waiver, permit, consent or approval of any
kind or character on the Holder's part of any breach or default under this
Warrant, or any waiver on the Holder's part of any provisions or conditions of
this Warrant must be in writing.

          (b) Any amendment, supplement or modification of or to any provision
of this Warrant, any waiver of any provision of this Warrant and any consent to
any departure by any party from the terms of any provision of this Warrant shall
be effective only if it is made or given in writing and signed by the Company
and the Required Holders; provided, however, that no such amendment, supplement
or modification may be made without the written consent of the Holder if such
amendment, supplement or modification changes the Warrant Purchase Price or the
expiration date of this Warrant.

          (c) Any amendment or waiver consented to as provided in this Section 9
is binding upon each future holder of this Warrant and upon the Company without
regard to whether this Warrant has been marked to indicate such amendment or
waiver.

      10. Rights of Transferees. Subject to compliance with Section 2, the
rights granted to the Holder hereunder of this Warrant shall pass to and inure
to the benefit of all subsequent transferees of all or any portion of the
Warrant (provided that the Holder and any transferee shall hold such rights in
proportion to their respective ownership of the Warrant and Warrant Shares)
until extinguished pursuant to the terms hereof.

      11. Captions. The titles and captions of the Sections and other provisions
of this Warrant are for convenience of reference only and are not to be
considered in construing this Warrant.

      12. Notices. All notices, demands and other communications provided for or
permitted hereunder shall be made in writing and shall be by registered or
certified first-class mail, return receipt requested, telecopy, overnight
courier service or personal delivery:

      (a) if to the Company:

            Hawaiian Holdings, Inc.
            12730 High Bluff Drive
            Suite 180
            San Diego, California  92130

            Attention: Chief Executive Officer
            Facsimile:

            with copies to:

            Dechert LLP
            30 Rockefeller Plaza
            New York, New York 10112
            Attention: Charles I. Weissman, Esq.
            Facsimile: (212) 698-3599

      (b) if to the Holder:

            Facsimile:

            with copies to:

All such notices and communications shall be deemed to have been duly given:
when delivered by hand, if personally delivered; when delivered by courier, if
delivered by commercial overnight courier service; five (5) Business Days after
being deposited in the mail, postage prepaid, if mailed; and when receipt is
acknowledged, if telecopied.

      13. Successors and Assigns. This Warrant shall be binding upon and inure
to the benefit of the parties hereto and their respective successors or heirs
and personal representatives and permitted assigns; provided, that the Company
shall have no right to assign its rights, or to delegate its obligations,
hereunder without the prior written consent of the Holder.

      14. Governing Law. THIS WARRANT IS TO BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE AND WITHOUT
REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW OF SUCH STATE.

      15. Severability. If any one or more of the provisions contained herein,
or the application thereof in any circumstance, is held invalid, illegal or
unenforceable in any respect for any reason, the validity, legality and
enforceability of any such provision in every other respect and of the remaining
provisions hereof shall not be in any way impaired, unless the provisions held
invalid, illegal or unenforceable shall substantially impair the benefits of the
remaining provisions hereof. The parties hereto further agree to replace such
invalid, illegal or unenforceable provision of this Warrant with a valid, legal
and enforceable provision that will achieve, to the extent possible, the
economic, business and other purposes of such invalid, illegal or unenforceable
provision.

      16. Entire Agreement. This Warrant contains the entire agreement among the
parties with respect to the subject matter hereof and thereby supercedes all
prior and contemporaneous agreements or understandings with respect thereto.

      17. No Strict Construction. The Company and the Holder each acknowledge
that they have been represented by counsel in connection with this Warrant. The
Company and the Holder have participated jointly in the negotiation and drafting
of this Warrant. In the event an ambiguity or question of intent or
interpretation arises under any provision of this Warrant, this Warrant shall be
construed as if drafted jointly by the parties thereto, and no presumption or
burden of proof shall arise favoring or disfavoring any party by virtue of the
authorship of any of the provisions of this Warrant.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

      IN WITNESS WHEREOF, Hawaiian Holdings, Inc. has caused this Warrant to be
signed by its duly authorized officer effective as of June 2, 2005.

                             HAWAIIAN HOLDINGS, INC.

                              By:/s/ Randall L. Jenson
                              --------------------------------------------------
                                       Name:    Randall L. Jenson
                                       Title: Chief Financial Officer, Treasurer
                                                and Secretary

                                SUBSCRIPTION FORM

To:   Hawaiian Holdings, Inc.
      12730 High Bluff Drive
      Suite 180
      San Diego, California  92130
      Attention: Chief Executive Officer
      Facsimile:

      1. The undersigned, pursuant to the provisions of the attached Warrant,
hereby elects to exercise this Warrant with respect to ________ shares of Series
E Preferred Stock (the "Exercise Amount"). Capitalized terms used but not
otherwise defined herein have the meanings ascribed thereto in the attached
Warrant.

      2. The undersigned herewith tenders payment for such shares in the
following manner (please check type, or types, of payment and indicate the
portion of the Exercise Price to be paid by each type of payment):

      ____     Exercise for Cash ___________________
      ____     Cashless Exercise ___________________

      3. Please issue a certificate or certificates representing the shares
issuable in respect hereof under the terms of the attached Warrant, as follows:

                                        ----------------------------------
                                        (Name of Record Holder/Transferee)

and deliver such certificate or certificates to the following address:

                                        -------------------------------------
                                        (Address of Record Holder/Transferee)

      4. The undersigned represents that the aforesaid shares are being acquired
for the account of the undersigned for investment and not with a view to, or for
resale in connection with, the distribution thereof and that the undersigned has
no present intention of distributing or reselling such shares.

      5. If the Exercise Amount is less than all of the shares of Series E
Preferred Stock purchasable hereunder, please issue a new warrant representing
the remaining balance of such shares, as follows:

                                        ----------------------------------
                                        (Name of Record Holder/Transferee)

and deliver such warrant to the following address:

                                        -------------------------------------
                                        (Address of Record Holder/Transferee)

                                        -------------------------------------
                                        (Signature)

-------------------------------------
(Date)

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