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Exhibit 4.5    
  

EXHIBIT
B 

SEE
REVERSE SIDE OF CERTIFICATE

FOR RESTRICTIONS ON TRANSFERS &

MANDATORY CONVERSION EVENTS 

	[NUMBER]

PC-1	 	[LOGO]	 	[SHARES]

1
	 	 	 	 	 
	 	 	 	 	 

HAWAIIN AIRLINES, INC.

Organized under the Laws of Hawaii

Series C Special Preferred Stock, par value $0.1 per share  

       

This Certifies that Association of Flight Attendants is the record holder of One  Share of the  HAWAIIAN AIRLINES,
 INC. Series C Special Preferred Stock, par value $.01 per share  transferable on the
books of said Corporation in person or by duly authorized Attorney upon surrender of this Certificate properly endorsed or assigned.  

	Witness the seal of the

its duly authorized officers	[STAMP]	Corporation and the signature of
	Dated	 	 
	 	 	 
	[ILLEGIBLE]
 TREASURER	 	[ILLEGIBLE]
 CHAIRMAN OF THE BOARD, PRESIDENT

AND CHIEF EXECUTIVE OFFICER
	 	 	 

HAWAIIAN AIRLINES, INC. 

        The
Corporation will furnish to any shareholder upon request and without charge a full statement of the designations, preferences, limitations and relative rights of shares of each class
authorized to be issued and the variations in the relative rights and preferences between shares of each series of preferred stock so far as the same have been fixed and determined. Requests may be
directed to the Corporation in Honolulu, Hawaii. The Board of Directors of the Corporation has been authorized to fix and determine the relative rights and preferences of each series of preferred
stock subsequently created. 

NOTICE
OF RESTRICTIONS ON TRANSFER & MANDATORY CONVERSION EVENTS 

        THE
SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO (I) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, OR (II) AN APPLICABLE
EXEMPTION FROM REGISTRATION THEREUNDER. 

        THE
SALE, ASSIGNMENT OR OTHER DISPOSITION (EACH A "TRANSFER") AND VOTING OF ANY OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE RESTRICTED BY THE TERMS OF THE STOCKHOLDERS
AGREEMENT, DATED JANUARY 31, 1996, BY AND AMONG THE COMPANY, AIRLINE INVESTORS PARTNERSHIP, L.P. AND CERTAIN UNIONS, A COPY OF WHICH MAY BE INSPECTED AT THE COMPANY'S PRINCIPAL OFFICE. THE
COMPANY WILL NOT REGISTER THE TRANSFER OF SUCH SECURITIES ON THE BOOKS OF THE COMPANY IF THE TRANSFER HAS NOT BEEN MADE IN COMPLIANCE WITH THE STOCKHOLDERS AGREEMENT. 

        THE
AMENDED BYLAWS OF THE CORPORATION PROVIDE THAT A TRANSFER OF SHARES OF VOTING STOCK OF THE CORPORATION TO A PERSON WHO IS NOT A U.S. CITIZEN SHALL NOT BE VALID, EXCEPT BETWEEN THE
PARTIES TO THE TRANSFER, UNTIL THE TRANSFER HAS BEEN RECORDED ON THE BOOKS OF THE CORPORATION AND ALSO RECORDED ON THE FOREIGN STOCK RECORD OF THE CORPORATION AS PROVIDED IN THE AMENDED BYLAWS OF THE
CORPORATION. 

        A
SHARE OF THE SERIES B SPECIAL PREFERRED STOCK SHALL BE CONVERTED INTO ONE SHARE OF CLASS A COMMON STOCK AUTOMATICALLY UPON TRANSFER OF SUCH SHARE TO ANY PERSON WHO IS NOT
AN AFFILIATE (AS DEFINED IN SECTION 5(a)(1)(a) OF THE DESIGNATION OF SPECIAL PREFERRED STOCK) OF THE INITIAL HOLDER OF SUCH SHARE OF SERIES B SPECIAL PREFERRED STOCK. 

        EACH
SHARE OF SERIES B SPECIAL PREFERRED STOCK SHALL BE CONVERTED INTO ONE SHARE OF CLASS A COMMON STOCK AUTOMATICALLY IF THE HOLDER OF SERIES B SPECIAL PREFERRED
STOCK IS THE HOLDER OF RECORD OF LESS THAN 5% OF THE OUTSTANDING COMMON EQUITY INTEREST (AS DEFINED IN SECTION 5(a)(1)(a) OF THE DESIGNATION OF SPECIAL PREFERRED STOCK) OF THE STOCK OF THE
CORPORATION FOR A PERIOD OF 365 DAYS. 

THE
FOLLOWING CERTIFICATE MUST BE EXECUTED 

BEFORE
TRANSFER MAY BE MADE ON THE BOOKS OF THE CORPORATION. 

        The
undersigned hereby certifies that the assignee(s) below is (are) respectively 

        No.
of shares 

	 	A U.S. citizen	o	an alien	o	and that the beneficial owner is a U.S. citizen	o	an alien	o
	
	 	 	 	 	 	 	 	 
	 	A U.S. citizen	o	an alien	o	and that the beneficial owner is a U.S. citizen	o	an alien	o
	
	 	 	 	 	 	 	 	 
	 	A U.S. citizen	o	an alien	o	and that the beneficial owner is a U.S. citizen	o	an alien	o
	
	 	 	 	 	 	 	 	 
	 	A U.S. citizen	o	an alien	o	and that the beneficial owner is a U.S. citizen	o	an alien	o
	
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

        NOTICE    THE SIGNATURE OF THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE
CERTIFICATE, IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATEVER  

        For Value Received,
                        hereby sell, assign, and transfer
unto                                         
                                          
             
Shares of the Capital Stock represented by the within Certificate and do hereby irrevocably constitute and
appoint                                        
        Attorney to transfer the said Stock on the books of
the within named Corporation with full power of substitution in the premises.  

        Dated                        19             

                In presence of  

       

       

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Exhibit 4.6    
  

EXHIBIT
C 

SEE
REVERSE SIDE OF CERTIFICATE

FOR RESTRICTIONS ON TRANSFERS &

MANDATORY CONVERSION EVENTS 

	[NUMBER]

PD-1	 	[LOGO]	 	[SHARES]

1
	 	 	 	 	 
	 	 	 	 	 

HAWAIIN AIRLINES, INC.

Organized under the Laws of Hawaii

Series D Special Preferred Stock, par value $0.1 per share  

       

This Certifies that International Association of Machinists and Aerospace Workers is the record holder of  One  Share of the
 HAWAIIAN AIRLINES, INC. Series D Special Preferred Stock, par value $.01 per share   transferable on the books of said Corporation in person or by duly authorized Attorney upon surrender of this
Certificate properly endorsed or assigned.
  

	Witness the seal of the

its duly authorized officers	[STAMP]	Corporation and the signature of
	Dated	 	 
	 	 	 
	[ILLEGIBLE]
 TREASURER	 	[ILLEGIBLE]
 CHAIRMAN OF THE BOARD, PRESIDENT

AND CHIEF EXECUTIVE OFFICER
	 	 	 

HAWAIIAN AIRLINES, INC. 

        The
Corporation will furnish to any shareholder upon request and without charge a full statement of the designations, preferences, limitations and relative rights of shares of each class
authorized to be issued and the variations in the relative rights and preferences between shares of each series of preferred stock so far as the same have been fixed and determined. Requests may be
directed to the Corporation in Honolulu, Hawaii. The Board of Directors of the Corporation has been authorized to fix and determine the relative rights and preferences of each series of preferred
stock subsequently created. 

NOTICE
OF RESTRICTIONS ON TRANSFER & MANDATORY CONVERSION EVENTS 

        THE
SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO (I) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, OR (II) AN APPLICABLE
EXEMPTION FROM REGISTRATION THEREUNDER. 

        THE
SALE, ASSIGNMENT OR OTHER DISPOSITION (EACH A "TRANSFER") AND VOTING OF ANY OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE RESTRICTED BY THE TERMS OF THE STOCKHOLDERS
AGREEMENT, DATED JANUARY 31, 1996, BY AND AMONG THE COMPANY, AIRLINE INVESTORS PARTNERSHIP, L.P. AND CERTAIN UNIONS, A COPY OF WHICH MAY BE INSPECTED AT THE COMPANY'S PRINCIPAL OFFICE. THE
COMPANY WILL NOT REGISTER THE TRANSFER OF SUCH SECURITIES ON THE BOOKS OF THE COMPANY IF THE TRANSFER HAS NOT BEEN MADE IN COMPLIANCE WITH THE STOCKHOLDERS AGREEMENT. 

        THE
AMENDED BYLAWS OF THE CORPORATION PROVIDE THAT A TRANSFER OF SHARES OF VOTING STOCK OF THE CORPORATION TO A PERSON WHO IS NOT A U.S. CITIZEN SHALL NOT BE VALID, EXCEPT BETWEEN THE
PARTIES TO THE TRANSFER, UNTIL THE TRANSFER HAS BEEN RECORDED ON THE BOOKS OF THE CORPORATION AND ALSO RECORDED ON THE FOREIGN STOCK RECORD OF THE CORPORATION AS PROVIDED IN THE AMENDED BYLAWS OF THE
CORPORATION. 

        A
SHARE OF THE SERIES B SPECIAL PREFERRED STOCK SHALL BE CONVERTED INTO ONE SHARE OF CLASS A COMMON STOCK AUTOMATICALLY UPON TRANSFER OF SUCH SHARE TO ANY PERSON WHO IS NOT
AN AFFILIATE (AS DEFINED IN SECTION 5(a)(1)(a) OF THE DESIGNATION OF SPECIAL PREFERRED STOCK) OF THE INITIAL HOLDER OF SUCH SHARE OF SERIES B SPECIAL PREFERRED STOCK. 

        EACH
SHARE OF SERIES B SPECIAL PREFERRED STOCK SHALL BE CONVERTED INTO ONE SHARE OF CLASS A COMMON STOCK AUTOMATICALLY IF THE HOLDER OF SERIES B SPECIAL PREFERRED
STOCK IS THE HOLDER OF RECORD OF LESS THAN 5% OF THE OUTSTANDING COMMON EQUITY INTEREST (AS DEFINED IN SECTION 5(a)(1)(a) OF THE DESIGNATION OF SPECIAL PREFERRED STOCK) OF THE STOCK OF THE
CORPORATION FOR A PERIOD OF 365 DAYS. 

THE
FOLLOWING CERTIFICATE MUST BE EXECUTED 

BEFORE
TRANSFER MAY BE MADE ON THE BOOKS OF THE CORPORATION. 

        The
undersigned hereby certifies that the assignee(s) below is (are) respectively 

        No.
of shares 

	 	A U.S. citizen	o	an alien	o	and that the beneficial owner is a U.S. citizen	o	an alien	o
	
	 	 	 	 	 	 	 	 
	 	A U.S. citizen	o	an alien	o	and that the beneficial owner is a U.S. citizen	o	an alien	o
	
	 	 	 	 	 	 	 	 
	 	A U.S. citizen	o	an alien	o	and that the beneficial owner is a U.S. citizen	o	an alien	o
	
	 	 	 	 	 	 	 	 
	 	A U.S. citizen	o	an alien	o	and that the beneficial owner is a U.S. citizen	o	an alien	o
	
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

        NOTICE    THE SIGNATURE OF THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE
CERTIFICATE, IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATEVER  

        For Value Received,
                        hereby sell, assign, and transfer
unto                                         
                                          
             
Shares of the Capital Stock represented by the within Certificate and do hereby irrevocably constitute and
appoint                                        
        Attorney to transfer the said Stock on the books of
the within named Corporation with full power of substitution in the premises.  

        Dated                        19             

                In presence of  

       

       

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Exhibit 4.6

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