Document:

<PAGE>

                                                                    EXHIBIT 10.1

                        AIRCRAFT AND ENGINE USE AGREEMENT

This AIRCRAFT AND ENGINE USE AGREEMENT (hereafter the "Agreement") dated as of
September 30, 2002, is made by and between Kitty Hawk Aircargo, Inc.
("Aircargo") and the Kitty Hawk Collateral Liquidating Trust (the "Trust") by
Langdon Asset Management, Inc., its manager (the "Trust Manager"). Aircargo and
the Trust agree that Aircargo shall have the right and obligation to use certain
aircraft and engines owned by the Trust on the terms set forth herein.

     1. Minimum Utilization. For a term commencing on September 30, 2002, which
is the Effective Date (as defined therein) of the Debtors' Joint Plan of
Reorganization dated May 22, 2002 (the "Plan"), and ending on September 30, 2004
(or, for any airframe, such earlier date on which the airframe has been removed
pursuant to this Agreement from Schedule A), Aircargo will use the Airframes
identified on Schedule A (along with all records, logs, manuals and documents or
other materials of any kind relating to the condition, use, location,
maintenance or of repairs or overhauls to any part of the Airframes identified
on Schedule A, collectively referred to as the "Airframes") collectively, in
total, a minimum of 450 block hours per month (the "Minimum Airframe Usage");
provided however, that if, for any reason whatsoever, fewer than four (4) heavy
weight Airframes (the four current heavy weight Airframes being N278US, N279US,
N281KH and N284KH) are available for Aircargo's use, the Minimum Airframe Usage
for the month will be reduced by 100 hours for each of the four (4) heavy weight
Airframes not available for Aircargo's use. In the event that an Airframe is not
available for use for any reason whatsoever for only part of a month, the
reduction in the Minimum Airframe Usage for the month shall be prorated for such
part based on a thirty-day month.

     If Aircargo for any month fails to achieve the Minimum Airframe Usage
(subject to the reduction provisions set forth in the immediately preceding
paragraph), then on the date that payment for actual usage for the month is
required under Paragraph 4 of this Agreement, Aircargo shall pay to the Trust an
amount equal to the Minimum Airframe Usage block hour shortfall for the month
multiplied by $375. The Minimum Airframe Usage for the time between the
effective date of this Agreement and the last day of the month of such effective
date shall be prorated based on a 30-day month.

     2. Rates for Airframes. The block hour rate for utilization of each of the
Airframes is as follows:

                  Airframe                Rate per Block Hour
                  --------                -------------------
                   N278US                       $400.00
                   N279US                       $400.00
                   N281KH                       $400.00
                   N284KH                       $400.00
                   N69739                       $375.00
                   N69740                       $375.00
                   N854AA                       $375.00
                   N855AA                       $375.00
                   N252US                       $350.00
                    N6809                       $350.00
                    N6827                       $350.00
                    N6833                       $350.00

<PAGE>

     3. Engines and Rates for Engines. Pursuant to the terms of the Plan and
this Agreement, Aircargo shall transfer all of its right, title and interest in
certain engines that it owns to the Trust in exchange for the Trust transferring
all of its right, title and interest in certain engines currently owned by the
Trust. Schedule B identifies the engines that Aircargo will transfer ownership
to the Trust, and likewise, identifies the engines that the Trust will transfer
ownership to Aircargo. Schedule C identifies the engines that will be owned by
the Trust after the ownership transfers contemplated above and shall be the
Engines (along with all records, logs, manuals and documents or other materials
of any kind relating to the condition, use, location, maintenance or of repairs
or overhauls to any part of the Engines identified on Schedule C, collectively
referred to as the "Engines") subject to this Agreement and sets forth the block
hour rate that Aircargo will pay for the use of each of the Engines, regardless
of the airframe upon which an Engine is operated.

     Aircargo will use the Engines collectively, in total, a minimum of 1,350
block hours per month (the "Minimum Engine Usage"); provided however, that if,
for whatever reason whatsoever, fewer than four (4) heavy weight Airframes (the
four current heavy weight Airframes being N278US, N279US, N281KH and N284KH) are
available for Aircargo's use, the Minimum Engine Usage requirement will be
reduced by 300 hours for each of the four (4) heavy weight Airframes not
available for Aircargo's use. In the event that an Airframe is not available for
use for any reason whatsoever for only part of a month, the reduction in the
Minimum Engine Usage for the month shall be prorated for such part based on a
thirty-day month.

     If Aircargo for any month fails to achieve the Minimum Engine Usage
(subject to the reduction provisions set forth in the immediately preceding
paragraph), then on the date that payment for actual usage for the month is
required under Paragraph 4 of this Agreement Aircargo shall pay to the Trust an
amount equal to the Minimum Engine Usage block hour shortfall for the month
multiplied by $75. The Minimum Engine Usage for the time between the effective
date of this Agreement and the last day of the month of such effective date
shall be prorated based on a thirty-day month.

     4. Time for Payment of Hourly Rates. On or about the 10th day of each month
following the first month after the Effective Date, Aircargo will provide to the
Trust a schedule of the hours flown per Airframe and Engine and will pay to the
Trust the applicable block hour rate for each block hour each Airframe and
Engine has been used in the immediately preceding month.

     5. Maintenance. Aircargo will perform line maintenance of the Airframes and
Engines in accordance with Aircargo's maintenance program. The Airframe
maintenance for which Aircargo is responsible hereunder will be limited to "A"
checks, "B" checks, and repairs or incidental replacement of parts and rotables
not to exceed $50,000 for any check or other event. In the event that a
maintenance check, incidental repair or replacement of parts exceeds $50,000,
the Trust will determine if it wants such maintenance work to be conducted, and
if so, will be responsible for such costs. The Engine maintenance for which
Aircargo is responsible hereunder will be limited to repairs and replacement of
parts and rotables not to exceed $50,000 for any check or other event. In the
event that Engine maintenance, incidental repair or replacement of parts exceeds
$50,000, the Trust will determine if it wants such maintenance work to be
conducted, and if so, will be responsible for such costs. Aircargo shall be
required to make any repairs, replacements, or improvements to any Airframe or
Engine necessary as the result of an Airworthiness Directive or Service Bulletin
or similar requirement issued by any regulating body not to exceed $50,000 for
any Airworthiness Directive, Service Bulletin or

<PAGE>

similar requirement issued by any regulating body. In the event that any repair,
replacement or improvements to any Airframe or Engine is necessary as a result
of an Airworthiness Directive or Service Bulletin or similar requirement issued
by any regulating body exceeds $50,000, the Trust determine if it wants such
repair, replacement or improvement to be conducted, and if so, will be
responsible for such costs.

     6. Insurance. During the term of this Agreement, Aircargo shall cause the
Airframes and Engines to be covered by hull and liability insurance in
accordance with Aircargo's fleet plan which policies shall show the Trust as a
loss payee and an additional insured; provided that, for any Airframe removed
from Schedule A and the Engines mounted on such Airframe, Aircargo's obligation
to insure the Airframe and Engines shall terminate upon the Trust's receipt of
the Deliverables (defined below).

     7. Removal of Airframes and Engines from the terms of this Agreement. Upon
60 days written notice to Aircargo, the Trust may withdraw an Airframe from
Schedule A. An Airframe removed from Schedule A shall be referred to as a
"Terminated Airframe." On the 60th day of the notice period, Aircargo shall
deliver physical possession of the Terminated Airframe to a place within the
United States designated by the Trustee, along with (i) a current certificate of
airworthiness; (ii) three serviceable, unencumbered Pratt & Whitney engines of
the type appropriate for such aircraft; and (iii) all technical records,
including but not limited to current maintenance and operations records relating
to the Terminated Airframe and engines (all of the foregoing, for any Terminated
Airframe, being the "Deliverables"). In the event that Aircargo proposes to
deliver to the Trust free and clear title to an engine that is not owned by the
Trust in lieu of an Engine, the Trust shall convey an engine of similar type and
condition (determined by a comparison of engine disk profiles and limiters) to
Aircargo.

     8. Operation of Aircraft. Aircargo may operate the Airframes and Engines in
such types of service as it deems appropriate; provided that Aircargo shall not
"Dry Lease" any of the Airframes or Engines.

     9. Financial Reporting. Aircargo will provide the consolidated, unaudited
financial statements of its parent company, Kitty Hawk, Inc., on a monthly basis
delivered timely to the Trust Manager.

<PAGE>

IN WITNESS WHEREOF, this Agreement is executed by it duly authorized
representative as of the date set forth above.

KITTY HAWK AIRCARGO, INC.                 KITTY HAWK COLLATERAL
                                          LIQUIDATING TRUST

   /s/ Drew Keith                            /s/ Glen Langdon
-------------------------------           -------------------------------------
By: Drew Keith                            By: Langdon Asset Management Trust
    ---------------------------
Its: V.P.                                 By: Glen Langdon
    ---------------------------

<PAGE>

                                   SCHEDULE A

                                    Airframes
                                    ---------

                                     N278US

                                     N279US

                                     N281KH

                                     N284KH

                                     N69739

                                     N69740

                                     N854AA

                                     N855AA

                                     N252US

                                      N6809

                                      N6827

                                      N6833

<PAGE>

                                   SCHEDULE B

  Trust Engines To Be Transferred to      Aircargo Engines to be Transferred to
  ----------------------------------      -------------------------------------
               Aircargo                                 the Trust
               --------                                 ---------

                                                         655968

               687662                                    674498

               657394                                    696629

                                                         649269

               665294                                    665348

               665899                                    665230

                                                         665676

               656066                                    648784

               665591                                    653365

               653835                                    654158

               654677                                    654979
                                                         653897

                                                         653619

<PAGE>

                                   SCHEDULE C

  No.                Serial No.                       Block Hour Rate

   1                   655968                              $83.33
   2                   674498                              $83.33
   3                   687698                              $83.33
   4                   700451                              $83.33
   5                   700377                              $83.33
   6                   687659                              $83.33
   7                   702952                              $83.33
   8                   696629                              $83.33
   9                   657070                              $83.33
  10                   700522                              $83.33
  11                649269 (9a)                            $75.00
  12                   708328                          N/A-sold/paid
  13                   696499                              $83.33
  14                   685501                              $83.33
  15                   688689                              $83.33
  16                   687788                              $75.00
  17                   665348                              $75.00
  18                   665230                              $75.00
  19                   665356                              $75.00
  20                   665676                              $75.00
  21                   655829                              $66.67
  22                   657666                              $66.67
  23                   648784                              $66.67
  24                   653365                              $66.67
  25                   665275                          N/A-sold/paid
  26                   649583                              $66.67
  27                   654158                              $66.67
  28                   654792                              $66.67
  29                   654305                              $66.67
  30                   657315                              $66.67
  31                   649514                          N/A-sold/paid
  32                   654979                              $66.67
  33                   654368                              $66.67
  34                   654914                              $66.67
  35                   653897                              $66.67
  36                   653619                              $66.67<PAGE>

                                                                    Exhibit 10.2

                          Aircraft Operating Agreement

This Aircraft Operating Agreement is made as of this 19th day of December 2002,
effective as of January 6, 2003, by and between BAX Global Inc., a Delaware
corporation ("BAX"), and Kitty Hawk Cargo, a Delaware Corporation and Kitty Hawk
Aircargo, a Texas Corporation.

Agreement Details BAX:
----------------------
BAX will provide (2) DC8-71 aircraft, operated by Air Transport International
("ATI"), its subsidiary, on an ACMI basis to Kitty Hawk Cargo. The ACMI block
hour rate will be $3200.00 per block hour. The planned routings and block hours
for the ATI aircraft in the Kitty Hawk Cargo system are:
LAX-FWA-LAX at an estimated block hour use of 8.9 hours daily.
PHX-ELP-FWA-ELP-PHX at an estimated block hour use of 8.2 hours daily.
Both aircraft are expected to operate 5 nights a week, excluding holidays.

Agreement Details Kitty Hawk Aircargo:
--------------------------------------
Kitty Hawk Aircargo will provide three (3) B727-200 aircraft on an ACMI basis to
BAX. The Monthly ACMI rate per aircraft is $225,000.00 with 265 block hours
included, combined utilization. The Kitty Hawk Aircargo aircraft in the BAX
system will operate;
CLT-TOL-PHL-CLT
PHL-TOL-PHL
BRO-MEM-TOL-MEM-BRO
The BRO based aircraft is expected to operate 5 nights a week and the CLT and
PHL aircraft only 4 nights a week, excluding holidays.

Agreement duration:
-------------------
This agreement is for the year 2003, beginning January 6, and terminating
December 25. Either party may give the other party 30 days written notice
terminating the agreement prior to the planned termination date of December 25.

Payment Process:
----------------
BAX will invoice Kitty Hawk Cargo every two weeks for services performed during
the invoice period.
Kitty Hawk Aircargo will invoice BAX monthly for the services performed during
the invoice period.
Payment will be due 30 days from invoice date and payable by wire transfer.
Information concerning wire transfer is on file at each organization's account
payables office.

<PAGE>

General:
--------
Each air carrier will operate the aircraft in accordance with all applicable
laws, rules and regulations governing Aircraft Operations.
This agreement is for ACMI services only, all other customary services for
handling the aircraft is the responsibility of the system operator.
Each air carrier will cause to be carried and maintained the applicable
insurance coverage as provided for in BAX standard ACMI agreement.
Each party agrees that this Agreement and the ACMI services performed pursuant
to this Agreement are subject to the terms and conditions in the BAX standard
ACMI agreement, which are incorporated by reference and made a part of this
Agreement. A sample of which is attached.
This represents a memorandum of understanding and will be followed by a more
definitive agreement not later than March 31, 2003.

     DENNIS EITTREIM
BAX Global Inc.                         Kitty Hawk Cargo and Kitty Hawk Aircargo

Name:    Dennis Eittreim                     Name:    Robert W. Zoller
     -------------------------------               -----------------------------

Title:   President - Americas                Title:   President & CEO
      ------------------------------               -----------------------------

Date:    12/19/02                            Date:    12/19/02
     -------------------------------              ------------------------------

Signature: /s/ DENNIS EITTREIM               Signature: /s/ ROBERT ZOLLER
          --------------------------                   -------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}]]