Document:

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                                                                   Exhibit 10.60

                    PARTIAL ASSIGNMENT OF PURCHASE AGREEMENT
                         AND CONSENT (N375SK/MSN145569)

THIS PARTIAL ASSIGNMENT OF PURCHASE AGREEMENT AND CONSENT (N375SK/MSN145569)
(this "Assignment") is dated as of the ___ day of February, 2002, and is among
SOLITAIR CORP., a Delaware corporation ("Seller"), as assignor, CHAUTAUQUA
AIRLINES, INC., a New York corporation ("Buyer"), as assignee, and EMPRESA
BRASILEIRA DE AERONAUTICA S.A., a Brazilian corporation ("Embraer"), as
consenting party.

                              W I T N E S S E T H:

      WHEREAS, pursuant to that certain Purchase Agreement No.GCT-025/98 (the
"Embraer Purchase Agreement") between Seller and Embraer, Embraer has agreed to
sell to Seller, among other things, an Embraer model EMB-145 model EMB-135 KL
aircraft, Embraer's serial number 145569 and United States Registration Number
N375SK (the "Aircraft") and two (2) Allison AE3007A1/3 engines (serial numbers
CAE312062 and CAE312065) (the "Aircraft"); and

      WHEREAS, Seller wishes to assign to Buyer and Buyer is willing to accept
the assignment of, Seller's right under the Embraer Purchase Agreement to take
title to and to accept the Aircraft; and

      WHEREAS, Seller and Buyer wish to accomplish such assignment pursuant to
the terms and conditions of this Assignment, and Embraer wishes to consent to
such assignments.

      NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth herein and for other valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Seller and Buyer hereby agree (and
Embraer consents) as follows:

      1.    Seller hereby assigns and transfers to Buyer and Buyer hereby
            accepts such assignment and transfer of, (a) Seller's right, upon
            valid tender by the Manufacturer, to accept and take title to the
            Aircraft; and (b) the following warranties and indemnities to the
            extent that they relate to the Aircraft: the remaining warranties
            set forth in Articles 12, 13, 14, 15 of the Embraer Purchase
            Agreement and Attachments B and C of the Purchase Agreement
            ("Assigned Warranties").

      2.    In accordance with the Purchase Agreement, Seller's assignment
            herein is subject to the following conditions:

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            (a) Buyer is not and will not be owned, effectively controlled or
            managed by any airframe manufacturer which competes with Embraer in
            the thirty-seven (37) to seventy (70) seat turbo jet market; and

            (b) In the event Buyer subsequently transfers the Aircraft and/or
            any of Buyer's remaining rights to the Assigned Warranties with
            respect to the Aircraft, to any other entity, Buyer agrees to notify
            Embraer of the identity of such entity at least thirty (30) calendar
            days prior to such transaction (provided that if Buyer fails to
            notify Embraer within this time, Buyer may not assign its remaining
            rights without Embraer's consent, which shall not be unreasonably
            withheld) and provide Embraer with prior written notice of any
            events under such agreement that would cause any rights thereby
            assigned to revert to Buyer under such agreement; provided, however,
            that, pursuant to the Embraer Purchase Agreement, Buyer shall not
            transfer the Aircraft to an entity which is owned, effectively
            controlled or managed by any airframe manufacturer which competes
            with Embraer in the thirty-seven (37) to seventy (70) seat turbo jet
            market.

      3.    Embraer hereby consents to the foregoing assignment by Seller to
            Buyer under and pursuant to the terms and conditions of this
            Assignment.

      4.    Buyer confirms, for Embraer's benefit, that in exercising any rights
            under the Embraer Purchase Agreement or in making any claim with
            respect to the Aircraft or other goods and services delivered or to
            be delivered pursuant to the Embraer Purchase Agreement, the terms
            and conditions of the Embraer Purchase Agreement shall apply to and
            bind Buyer (and any assignee of Buyer) to the same extent as Seller.

      5.    Except as stated herein, nothing contained herein shall subject
            Embraer to any liability to which it would not otherwise be subject
            under the Embraer Purchase Agreement or modify in any respect the
            rights of Embraer thereunder.

      6.    This Assignment (and the acknowledgement and consent to be signed by
            Embraer) may be executed in separate counterparts, each of which
            when so executed and delivered shall be an original and all such
            counterparts shall together constitute one and the same instrument.

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      7.    This Assignment shall be governed by and construed in accordance
            with the laws of the State of New York without reference to any
            choice of law rules thereof that would result in a choice of law
            other than that of New York.

                                    SIGNATURE PAGE FOLLOWS

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      IN WITNESS WHEREOF, Seller, Buyer and Embraer have caused this Partial
Assignment of Purchase Agreement and Consent (N375SK/MSN145569) to be duly
executed as of the date and year first above written.

                    SOLITAIR CORP., a Delaware corporation

                    BY:
                        -------------------------------------------------------

                    NAME:
                          -----------------------------------------------------

                    TITLE:
                           ----------------------------------------------------

                    CHAUTAUQUA AIRLINES, INC., a New York corporation

                    By:
                        -------------------------------------------------------

                    Name:
                          -----------------------------------------------------

                    Title:
                           ----------------------------------------------------

                    CONSENTED TO BY EMPRESA BRASILEIRA DE AERONAUTICA S.A., a
                    Brazilian corporation

                    By:
                        -------------------------------------------------------

                    Name:
                          -----------------------------------------------------

                    Title:
                           ----------------------------------------------------

                    By:
                        -------------------------------------------------------

                    Name:
                          -----------------------------------------------------

                    Title:
                          -----------------------------------------------------

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NOTE TO EXHIBIT 10.60

The three additional Partial Assignments of Purchase Agreements and Consents
are substantially identical in all material respects to the filed Partial
Assignment of Purchase Agreement and Consent except as follows:

<Table>
<Caption>

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            TAIL NUMBER                          CLOSING DATE                     OWNER-PARTICIPANT

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<S>                                   <C>                                 <C>
              N372SK                           December, 2001                         Embraer
------------------------------------- ----------------------------------- -----------------------------------
              N373SK                           December, 2001                         Embraer
------------------------------------- ----------------------------------- -----------------------------------
              N374SK                           December, 2001                         Embraer
------------------------------------- ----------------------------------- -----------------------------------

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</Table><Page>

                                                                   Exhibit 10.61

                          REGISTRATION RIGHTS AGREEMENT

         REGISTRATION RIGHTS AGREEMENT (the "AGREEMENT") made as of this 15th
day of May, 1998 by and among REPUBLIC AIRWAYS HOLDINGS INC., a Delaware
corporation (the "COMPANY"), IMPRIMIS INVESTORS, LLC, WEXFORD SPECTRUM FUND I,
L.P., WEXFORD OFFSHORE SPECTRUM FUND, WEXFORD PARTNERS INVESTMENT CO. LLC, and
WEXAIR LLC (each, an "INVESTOR", and together, the "INVESTORS").

                              W I T N E S S E T H:

         WHEREAS, the parties hereto desire to promote the interests of the
Company and the interests of the Investors by establishing herein certain terms
and conditions upon which the Company will register the shares of Common Stock
held by each Investor.

         NOW, THEREFORE, in consideration of the premises and mutual covenants
and agreements herein contained, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

         1. CERTAIN DEFINITIONS. As used herein, the following terms shall have
    the following respective meanings:

            "COMMON STOCK" shall mean the common stock, par value $.001 per
share, of the Company.

            "COMMISSION" shall mean the Securities and Exchange Commission or
any other Federal agency at the time administering the Securities Act of 1933,
as amended (the "SECURITIES ACT").

            "HOLDER" shall mean any Investor (together referred to as
"HOLDERS").

            "RESTRICTED SECURITIES" shall mean the securities of the Company
required to bear or bearing the legend set forth in Section 2 hereof.

            "REGISTRABLE SECURITIES" shall mean (i) the Common Stock held by
each Investor and (ii) Common Stock issued to the Holders upon any stock split,
stock dividend, merger, consolidation, recapitalization or similar event,
excluding all such shares which (x) have been registered under the Securities
Act and disposed of in accordance with the registration statement covering them,
(y) have been publicly sold pursuant to Rule 144 (or any successor rule) under
the Securities Act or (z) are eligible for sale without restriction under Rule
144(k) (or any successor rule) under the Securities Act.

            The terms "REGISTER", "REGISTERED" and "REGISTRATION" shall refer to
a registration effected by preparing and filing a registration statement in
compliance with the Securities Act and applicable rules and regulations
thereunder, and the declaration or ordering of the effectiveness of such
registration statement.

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            "REGISTRATION EXPENSES" shall mean all expenses incurred by the
Company in compliance with Sections 4, 5 and 6 hereof, including, without
limitation, all registration, qualification and filing fees, exchange listing
fees, printing expenses, escrow fees, fees and disbursements of counsel for the
Company and one counsel for the Investors, blue sky fees and expenses, and the
expense of any special audits incident to or required by any such registration.

            "SELLING EXPENSES" shall mean all underwriting discounts and selling
commissions applicable to the sale of Registrable Securities and all fees and
disbursements of counsel for the Holders.

         2. RESTRICTIVE LEGEND. Each certificate representing the Common Stock
    or any other securities issued upon any stock split, stock dividend,
    recapitalization, merger, consolidation or similar event shall (unless
    otherwise permitted or unless the securities evidenced by such certificate
    shall have been registered under the Securities Act) be stamped or otherwise
    imprinted with a legend in substantially the following form (in addition to
    any legend required under applicable state securities laws):

         THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
         1933, AS AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAWS. NO TRANSFER
         OF SAID SECURITIES SHALL BE PERMITTED IN THE ABSENCE OF (I) AN
         EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND ANY APPLICABLE STATE
         LAWS COVERING THE SHARES PROPOSED TO BE TRANSFERRED OR (II) AN OPINION
         OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH TRANSFER WILL NOT
         REQUIRE COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE ACT AND OF
         ANY APPLICABLE STATE LAWS.

            Upon request of a holder of such a certificate, the Company shall
remove the foregoing legend from the certificate or issue to such holder a new
certificate therefor free of any transfer legend, if (x) with such request, the
Company shall have received either an opinion referred to in Section 3 to the
effect that any transfer by such holder of the securities evidenced by such
certificate will not violate the Securities Act and applicable state securities
laws, (y) in accordance with paragraph (k) of Rule 144, such holder is not and
has not during the last three months been an affiliate of the Company and such
holder has held the securities represented by such certificate for a period of
at least two years. The Company will use its reasonable best efforts to assist
any holder in complying with the provisions of this Section 2 for removal of the
legend set forth above.

         3. NOTICE OF PROPOSED TRANSFERS. The holder of each certificate
    representing Restricted Securities by acceptance thereof agrees to comply in
    all respects with the provisions of this Agreement. Prior to any proposed
    transfer of any Restricted Securities (other than under circumstances
    described in Sections 4, 5 and 6 hereof), the holder thereof shall give
    written notice to the Company of such holder's intention to effect such
    transfer. Each such notice shall describe the manner and circumstances of
    the proposed transfer in

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    sufficient detail, and shall be accompanied (except in transactions in
    compliance with Rule 144) by a written opinion of legal counsel who shall be
    reasonably satisfactory to the Company, addressed to the Company and
    reasonably satisfactory in form and substance to the Company's counsel, to
    the effect that the proposed transfer of the Restricted Securities may be
    effected without registration under the Securities Act and applicable state
    securities laws whereupon the holder of such Restricted Securities, shall be
    entitled to transfer such Restricted Securities in accordance with the terms
    of the notice delivered by the holder to the Company. Each certificate
    evidencing the Restricted Securities transferred as above provided shall
    bear the appropriate restrictive legend set forth above unless the opinion
    of counsel referred to above is to the further effect that no such legend is
    required in order to establish compliance with any provisions of the
    Securities Act or applicable state securities laws.

         4. REGISTRATION RIGHTS.

            4.1 (a) REQUEST FOR REGISTRATION. If, at any time following the
       180th day after any registration statement covering an initial public
       offering of the Common Stock of the Company shall have become effective,
       the Company shall receive from a Holder or Holders owning in excess of
       10% of the Registrable Securities a written request that the Company
       effect any registration with respect to all or a part of the Registrable
       Securities, the Company will, as soon as practicable, but in any event no
       later than ninety (90) days after receipt of such request, use its
       reasonable best efforts to effect such registration (including, without
       limitation, the execution of an undertaking to file post-effective
       amendments, appropriate qualification under applicable blue sky or other
       state securities laws (except that the Company shall not be required to
       qualify the offering under the blue sky laws of any jurisdiction in which
       the Company would be required to execute a general consent to service of
       process unless the Company is already subject to service in such
       jurisdiction) and appropriate compliance with applicable regulations
       issued under the Securities Act) as may be so requested and as would
       permit or facilitate the sale and distribution of all or such portion of
       such Registrable Securities as are specified in such request. The Company
       shall file a registration statement covering the Registrable Securities
       so requested to be registered as soon as practicable after receipt of the
       request.

       The registration statement filed pursuant to the request of such Holder
may, subject to the provisions of Section 4.1(b) below, include other securities
of the Company which are held by officers or directors of the Company or which
are held by persons who, by virtue of agreements with the Company now or
hereinafter in effect are entitled to include their securities in any such
registration (collectively, "OTHER STOCKHOLDERS") and may include securities of
the Company being sold for the account of the Company. The Company shall
promptly give notice of any registration proposed under this Section 4.1 to such
Other Stockholders.

       Following receipt of any notice under this Section 4.1, the Company
shall immediately notify all Other Stockholders from whom notice has not been
received and such Other Stockholders shall have 30 days from receipt of such
notice from the Company to notify the Company of their desire to participate in
the registration. The Company shall use its reasonable best efforts to register
under the Securities Act, for public sale in accordance with the method of

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distribution specified in such notices from requesting Other Stockholders, the
number of Registrable Securities specified in such notices.

                  (a) UNDERWRITING. If a Holder intends to distribute the
         Registrable Securities covered by its request by means of an
         underwriting, it shall so advise the Company as a part of its request
         made pursuant to Section 4.1(a) above and the Company shall include any
         information that it shall have received as to the nature of the
         underwriting in the written notice of the Company referred to in
         Section 4.1(a) above, including the name of the underwriter or
         representative thereof selected for such underwriting. A Holder may
         elect to include in such underwriting all or a part of the Registrable
         Securities held by it. Any underwriter selected by such Holder shall be
         subject to the Company's consent (which consent shall not be
         unreasonable withheld).

           If the Company wishes to include in any registration pursuant to
Section 4.1 securities being sold for its own account, or if the Other
Stockholders shall request inclusion in any registration pursuant to Section
4.1, the Company may offer to include the securities of the Company and such
Other Stockholders in the underwriting and (in the case of Other Shareholders)
may condition such offer on their acceptance of the further applicable
provisions of this Agreement. The Company shall (together with the Holder and
Other Stockholders proposing to distribute their securities through such
underwriting) enter into an underwriting agreement in customary form with the
underwriter or representative of the underwriters selected for such
underwriting. Notwithstanding any other provision of this Section 4.1, if the
representative of the underwriters advises the Company in writing that, in its
opinion, marketing factors require a limitation on the number of shares to be
underwritten, the Company shall so advise the Holder and the number of shares of
Registrable Securities and other securities that may be included in the
registration and underwriting shall be allocated in the following manner: (i)
the securities being sold for the account of the Company shall be excluded from
such registration and underwriting to the extent required by such limitation
(ii) if a limitation on the number of shares is still required, the securities
held by the Other Stockholders of the Company shall be excluded from such
registration and underwriting to the extent required by such limitation in
proportion, as nearly practicable, to the respective amounts of securities
requested to be registered by such Other Stockholders or otherwise as their
rights may appear and (iii) if a limitation on the number of shares is still
required, the securities held by the Holders of the Company shall be excluded
from such registration and underwriting to the extent required by such
limitation in proportion, as nearly practicable, to the respective amounts of
securities requested to be registered by the Holders or otherwise as their
rights may appear. If the Company or a Holder or any Other Stockholder who has
requested inclusion in such registration as provided above disapproves of the
terms of the underwriting, such person may elect to withdraw therefrom by
written notice to the Company. The securities so withdrawn shall also be
withdrawn from registration. If, pursuant to this paragraph, any of the
securities being sold for the account of such Holder are to be excluded from
such registration and underwriting, such Holder may withdraw its request for
such registration or underwriting and such request will not be counted as the
registration permitted under Section 4.1 of this Agreement, or such Holder may
have such securities registered as a non-underwritten "shelf" registration
pursuant to Rule 415.

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                  (b) The Company shall have the right to defer the request of a
         Holder to effect a registration for up to sixty (60) calendar days if,
         in the Company's judgment reasonably set forth in writing and delivered
         to the Holders, effecting a registration would not be in the Company's
         best interest.

           4.2 COMPANY REGISTRATION.

                  (a) If at any time following the 180th day after any
         registration statement covering an initial public offering of the
         Common Stock of the Company shall have become effective, the Company
         shall register any of its securities either for its own account or the
         account of a security holder or holders exercising their respective
         demand registration rights, other than a registration relating solely
         to employee benefit plans, a registration relating solely to a
         Commission Rule 145 transaction (covering mergers, acquisitions and
         corporate reorganizations) or a registration on any registration form
         which does not permit secondary sales, the Company will:

                  (b) within ten (10) days of such determination give to the
         Holders and the Other Stockholders written notice thereof; and

                  (c) include in such registration and in any underwriting
         involved therein, all the Registrable Securities specified in a written
         request or requests, made by a Holder or an Other Stockholder within
         twenty (20) days after receipt of the written notice from the Company
         described (a) above, except as set forth in Section 4.2(d) below. Such
         written request may specify all or a part of such Holder's or Other
         Stockholder's Registrable Securities.

                  (d) UNDERWRITING. If the registration of which the Company
         gives notice is for a registered public offering involving an
         underwriting, the Company shall so advise the Holders and the Other
         Stockholders by written notice. The Holders and the Other Stockholders
         shall (together with the Company, if distributing its securities for
         its own account through such underwriting) enter into an underwriting
         agreement in customary form with the underwriter or underwriters
         selected by the Company. Notwithstanding any other provision of this
         Section 4.2, if the representative of the underwriters advises the
         Company in writing that, in its opinion, marketing factors require a
         limitation on the number of shares to be underwritten, the Company
         shall so advise the Holders and the Other Stockholders, and the number
         of shares that may be included in the registration and underwriting
         shall be allocated first to the Company for securities being sold for
         its account and then in the following manner: (i) the securities
         requested to be registered by officers or directors of the Company
         shall be excluded from such registration and underwriting to the extent

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         required by such limitation in proportion, as nearly as practicable, to
         the respective amounts of securities requested to be registered by such
         officers and directors and (ii) if a limitation on the number of shares
         is still required, the securities being sold for the accounts of the
         Holders and the Other Stockholders shall be excluded from such
         registration and underwriting to the extent required by such limitation
         in proportion, as nearly as practicable, to the respective amounts of
         Registrable Securities which the Holders and such Other Stockholders
         had requested to be included in such registration or otherwise as their
         rights may appear. If a Holder or any Other Stockholder who has
         requested inclusion in such registration as provided above disapproves
         of the terms of the underwriting, such person may elect to withdraw
         therefrom by written notice to the Company and the underwriter.

           4.3 SUBSEQUENT DEMANDS AND REGISTRATION ON FORM S-3.

                  (a) In addition to the rights contained in the foregoing
         provisions of this Section 4, upon the Company qualifying for the use
         of Form S-3, the Holders or any of them shall have the right to request
         unlimited registrations on Form S-3. Such requests shall be in writing,
         shall state the number of shares of Registrable Securities to be
         disposed of and the intended methods of disposition of such shares by
         the Holders.

                  (b) The Company shall use its reasonable best efforts to
         qualify for registration on Form S-3 or any comparable or successor
         form.

           4.4 EXPENSES OF REGISTRATION.

      The Company shall bear all Registration Expenses and each Holder shall
bear its own Selling Expenses relating to the securities being included by such
Holder in the registration incurred in connection with any registration,
qualification or compliance pursuant to the provisions of Section 4.1 or 4.2.

           4.5 REGISTRATION PROCEDURES. In the case of the registration effected
by the Company pursuant to this Agreement, the Company will keep the Holders
advised in writing as to the initiation of the registration and as to the
completion thereof. At its expense, the Company will:

                  (a) Keep such registration effective for a period of one
         hundred twenty (120) days or until the Holders have completed the
         distribution described in the registration statement relating thereto,
         whichever first occurs; PROVIDED, HOWEVER, that in the case of any
         registration of Registrable Securities on Form S-3 which are intended
         to be offered on a continuous or delayed basis, such 120-day period
         shall be extended, if necessary, to keep the registration statement
         effective until all such Registrable Securities are sold;

                  (b) Prepare and file with the Commission such amendments and
         supplements to such registration statement and the prospectus used in
         connection with such registration statement as may be necessary to
         comply with the provisions of the Securities Act with respect to the
         disposition of securities covered by such registration statement;

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                  (c) Furnish one registration statement and such number of
         prospectuses and other documents incident thereto, including any term
         sheet or any amendment of or supplement to the prospectus, as a Holder
         from time to time may reasonably request;

                  (d) Notify the Holders, at their addresses as set forth in the
         Company's books and records at any time when a prospectus relating
         thereto is required to be delivered under the Securities Act of the
         happening of any event as a result of which the prospectus included in
         such registration statement, as then in effect, includes an untrue
         statement of a material fact or omits to state a material fact required
         to be stated therein or necessary to make the statements therein not
         misleading or incomplete in the light of the circumstances then
         existing, and at the request of a Holder, prepare and furnish to such
         seller a reasonable number of copies of a supplement to or an amendment
         of such prospectus as may be necessary so that, as thereafter delivered
         to the purchaser of such shares, such prospectus shall not include an
         untrue statement of a material fact or omit to state a material fact
         required to be stated therein or necessary to make the statements
         therein not misleading or incomplete in the light of the circumstances
         then existing;

                  (e) Cause all such Registrable Securities to be listed on
         each, if any, securities exchange on which similar securities issued by
         the Company are then listed;

                  (f) Provide a transfer agent and registrar for all Registrable
         Securities and a CUSIP number for all such Registrable Securities, in
         each case not later than the effective date of such registration;

                  (g) Make available for inspection by any seller of Registrable
         Securities, any underwriter participating in any disposition pursuant
         to such registration statement, and any attorney or accountant retained
         by any such seller or underwriter, all financial and other records,
         pertinent corporate documents and properties of the Company, and cause
         the Company's officers and directors to supply all information
         reasonably requested by any such seller, underwriter, attorney or
         accountant in connection with such registration statement; PROVIDED,
         HOWEVER, that such seller, underwriter, attorney or accountant shall
         agree in writing to hold in confidence and trust all information so
         provided;

                  (h) Furnish to each Holder a signed counterpart, addressed to
         such Holder, of an opinion of counsel for the Company, dated the
         effective date of the registration statement, and in the case of any
         underwritten public offering obtain "comfort" letters signed by the
         Company's independent public accountants who have examined and reported
         on the Company's financial statements included in the registration
         statement, to the extent permitted by the standards of the AICPA or
         other relevant authorities.

           5. INDEMNIFICATION.

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                  (a) The Company will indemnify each Holder, each of its
         officers, directors and partners, and each person controlling the
         Holder, with respect to which registration, qualification or compliance
         has been effected pursuant to Section 4 hereof, and each underwriter,
         if any, and each person who controls any underwriter, against all
         claims, losses, damages and liabilities (or actions, proceedings or
         settlements in respect thereof) arising out of or based on any untrue
         statement (or alleged untrue statement) of a material fact contained in
         any prospectus or other document (including any related registration
         statement) incident to any such registration, qualification or
         compliance, or based on any omission (or alleged omission) to state
         therein a material fact required to be stated therein or necessary to
         make the statements therein not misleading, and will reimburse the
         Holder, each of its officers, directors and partners, and each person
         controlling the Holder, each such underwriter and each person who
         controls any such underwriter, for any legal and any other expenses as
         they are reasonably incurred in connection with investigating and
         defending any such claim, loss, damage, liability or action; PROVIDED
         that the Company will not be liable in any such case to the extent that
         any such claim, loss, damage, liability or expense arises out of or is
         based on any untrue statement or omission based upon written
         information furnished to the Company by the Holder or such underwriter
         specifically for use therein or to the extent due to the failure of the
         Holder or such underwriter to provide an updated prospectus or other
         document to a purchaser at a time when the Company has informed the
         Holder or such underwriter of a material misstatement or omission in a
         prospectus or other document and has provided updated prospectuses or
         other documents correcting such misstatement or omission or the Holder
         actually knew of such untrue statement or omission.

                  (b) Each Holder will indemnify the Company, each of its
         directors and officers and each underwriter, if any, of the Company's
         securities covered by such a registration statement, each person who
         controls the Company or such underwriter within the meaning of the
         Securities Act and the rules and regulations thereunder, against all
         claims, losses, damages and liabilities (or actions in respect thereof)
         arising out of or based on any untrue statement (or alleged untrue
         statement) of a material fact contained in any such registration
         statement, prospectus or other document, or any omission (or alleged
         omission) to state therein a material fact required to be stated
         therein or necessary to make the statements therein not misleading, and
         will reimburse the Company and its directors, officers, partners,
         persons, underwriters or control persons for any legal or any other
         expenses reasonably incurred in connection with investigating or
         defending any such claim, loss, damage, liability or action, in each
         case to the extent, but only to the extent, that such untrue statement
         (or alleged untrue statement) or omission (or alleged omission) is made
         in such registration statement, prospectus or other document in
         reliance upon and in conformity with written information furnished to
         the Company by such Holder and stated to be specifically for use
         therein; PROVIDED, HOWEVER, that the obligations of such Holder
         hereunder shall be limited to an amount equal to the proceeds to the
         Holder of securities sold as contemplated herein.

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                  (c) Each party entitled to indemnification under this Section
         5 (the "INDEMNIFIED PARTY") shall give notice in writing to the party
         required to provide indemnification (the "INDEMNIFYING PARTY") promptly
         after such Indemnified Party has actual knowledge of any claim as to
         which indemnity may be sought, and shall permit the Indemnifying Party
         to assume the defense of any such claim or any litigation resulting
         therefrom, PROVIDED that counsel for the Indemnifying Party, who shall
         conduct the defense of such claim or any litigation resulting
         therefrom, shall be approved by the Indemnified Party (whose approval
         shall not unreasonably be withheld), and the Indemnified Party may
         participate in such defense at such Indemnified Party's expense. No
         Indemnifying Party, in the defense of any such claim or litigation,
         shall, except with the consent of each Indemnified Party, consent to
         entry of any judgment or enter into any settlement which does not
         include as an unconditional term thereof the giving by the claimant or
         plaintiff to such Indemnified Party of a release from all liability in
         respect to such claim or litigation and no Indemnified Party shall
         consent to entry of any judgment or settle such claim or litigation
         without the prior written consent of the Indemnifying Party. Each
         Indemnified Party shall furnish such information regarding itself or
         the claim in question as an Indemnifying Party may reasonably request
         in writing and as shall be reasonably required in connection with
         defense of such claim and litigation resulting therefrom.

                 (d) If the indemnification provided for in this Section 5 is
         unavailable to an Indemnified Party in respect of any losses, claims,
         damages or liabilities referred to therein, then each Indemnifying
         Party, in lieu of indemnifying such Indemnified Party, shall contribute
         to the amount paid or payable by such Indemnified Party as a result of
         such losses, claims, damages or liabilities in such proportion as is
         appropriate to reflect the relative fault of the Company on the one
         hand and the stockholders offering securities in the offering (the
         "SELLING STOCKHOLDERS") on the other in connection with the statements
         or omissions which resulted in such losses, claims, damages or
         liabilities, as well as any other relevant equitable considerations.
         The relative fault of the Company on the one hand and the Holder on the
         other shall be determined by reference to, among other things, whether
         the untrue or alleged untrue statement of material fact or the omission
         or alleged omission to state a material fact relates to information
         supplied by the Company or by the Holder and the parties' relevant
         intent, knowledge, access to information and opportunity to correct or
         prevent such statement or omission. The Company and the Holders agree
         that it would not be just and equitable if contribution pursuant to
         this Section 5(d) were based solely upon the number of entities from
         whom contribution was requested or by any other method of allocation
         which does not take account of the equitable considerations referred to
         above in this Section 5(d). The amount paid or payable by an
         Indemnified Party as a result of the losses, claims, damages and
         liabilities referred to above in this Section 5(d) shall be deemed to
         include any legal or other expenses reasonably incurred by such
         Indemnified Party in connection with investigating or defending any
         such action or claim, subject to the provisions of Section 5(d) hereof.
         Notwithstanding the provisions of this Section 5(d), neither Holder
         shall be required to contribute any

                                       9
<Page>

         amount or make any other payments under this Agreement which in the
         aggregate exceed the net proceeds received by such Holder. No person
         guilty of fraudulent misrepresentation (within the meaning of the
         Securities Act) shall be entitled to contribution from any person who
         was not guilty of such fraudulent misrepresentation.

         6. INFORMATION BY HOLDER. Each Holder shall furnish to the Company such
information regarding such Holder and the distribution proposed by such Holder
as the Company may request in writing and as shall be reasonably required in
connection with any registration, qualification or compliance referred to in
this Agreement.

         7. RULE 144 REPORTING. With a view to making available the benefits of
certain rules and regulations of the Commission which may permit the sale of the
Restricted Securities to the public without registration, the Company agrees to:

                  (a) use its reasonable best efforts to make and keep public
         information available as those terms are understood and defined in Rule
         144 under the Securities Act at all times;

                  (b) use its reasonable best efforts to file with the
         Commission in a timely manner all reports and other documents required
         of the Company under the Securities Act and the Exchange Act; and

                  (c) so long as any Holder owns any Restricted Securities,
         furnish to such Holder or Holders forthwith upon request a written
         statement by the Company as to its compliance with the reporting
         requirements of Rule 144 and of the Securities Act and the Exchange
         Act, a copy of the most recent annual or quarterly report of the
         Company, and such other reports and documents so filed as such Holder
         or Holders may reasonably request in availing itself of any rule or
         regulation of the Commission allowing such Holder or Holders to sell
         any such securities without registration.

         8. TRANSFER OR ASSIGNMENT OF REGISTRATION RIGHTS. The rights to cause
the Company to register the Registrable Securities held by the Holders under
Section 4 may be transferred or assigned, PROVIDED that the Company is given
written notice at the time of or within a reasonable time after said transfer or
assignment, stating the name and address of said transferee or assignee and
identifying the Registrable Securities with respect to which such registration
rights are being transferred or assigned, and PROVIDED FURTHER that the
transferee or assignee of such rights assumes the obligations of a Holder under
this Agreement.

         9. TERMINATION. The provisions of Sections 4.1, 4.2 and 4.3 of this
Agreement shall terminate at the latest to occur of (i) the date on which the
Registrable Securities total less than 5% of the outstanding Common Stock of the
Company, and (ii) the seventh anniversary of the date of the closing of the
Company's initial public offering on Form S-1.

                                       10
<Page>

         10. AMENDMENT; WAIVER. No amendment, alteration or modification of this
Agreement shall be valid unless in each instance such amendment, alteration or
modification is expressed in a written instrument executed by each Holder (so
long as a Holder is a holder of Registrable Securities) and the Company. No
waiver of any provision of this Agreement shall be valid unless it is expressed
in a written instrument duly executed by the party or parties making such
waiver. The failure of any party to insist, in any one or more instances, on
performance of any of the terms and conditions of this Agreement shall not be
construed as a waiver or relinquishment of any rights granted hereunder or of
the future performance of any such term, covenant or condition but the
obligation of any party with respect thereto shall continue in full force and
effect.

         11. SPECIFIC PERFORMANCE. The parties hereby declare that it is
impossible to measure in money the damages which will accrue to a party hereto
by reason of a failure to perform any of the obligations under this Agreement.
Therefore, all parties hereto shall have the right to specific performance of
the obligations of the other parties under this Agreement, and if any party
hereto shall institute an action or proceeding to enforce the provisions hereof,
any person (including the Company) against whom such action or proceeding is
brought hereby waives the claim or defense therein that such party has an
adequate remedy at law, and such person shall not urge in any such action or
proceeding the claim or defense that such remedy at law exists.

         12. NOTICES. All notices and other communications required or permitted
hereunder shall be in writing and shall be mailed by first-class mail, postage
prepaid, or transmitted by facsimile or delivered by nationally recognized
overnight courier, addressed:

             (a) if to a Holder, to the following address,

                                    Wexford Plaza
                                    411 West Putnam Avenue
                                    Greenwich, CT 06830
                                    Attention:  Jay Maymudes
                                    Fax:   (203) 862-7350

             and:

             (b) if to the Company, to the following address, or at such
         other address as the Company shall have furnished to the Holders,

                                       11
<Page>

                                    Republic Airways Holdings Inc.
                                    2500 S. High School Road,
                                    Suite 160
                                    Indianapolis, IN 46241
                                    Attention:  Bryan K. Bedford
                                    Phone:  (317) 484-6000
                                    Fax:  (317) 484-4747

     Alternatively, to such other address as a party hereto supplies to each
other party in writing.

         13. SUCCESSORS AND ASSIGNS. All the terms and provisions of this
Agreement shall be binding upon and inure to the benefit of and be enforceable
by the respective permitted transferees, successors and assigns of the parties
hereto, whether so expressed or not.

         14. GOVERNING LAW. This Agreement is to be governed by and interpreted
under the laws of the State of Delaware without giving effect to the principles
of conflicts of laws thereof.

         15. TITLES AND SUBTITLES. The titles of the sections of this Agreement
are for the convenience of reference only and are not to be considered in
construing this Agreement.

         16. SEVERABILITY. The invalidity or unenforceability of any provisions
of this Agreement shall not be deemed to affect the validity or enforceability
of any other provision of this Agreement.

         17. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

         18. ENTIRE AGREEMENT. This Agreement constitutes the full and entire
understanding and agreement between the parties with respect to the subject
matter hereof and supersedes all previous agreements, arrangements and
understandings, whether written or oral, with respect to the subject matter
hereof.

                                       12
<Page>

         IN WITNESS WHEREOF, the parties hereto have executed this Registration
Rights Agreement as of the date first above written.

                                    REPUBLIC AIRWAYS HOLDINGS INC.

                                    By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                    IMPRIMIS INVESTORS, LLC

                                    By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                    WEXFORD SPECTRUM FUND I, L.P.

                                    By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                    WEXFORD OFFSHORE SPECTRUM FUND

                                    By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                    WEXFORD PARTNERS INVESTMENT CO. LLC

                                    By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                    WEXAIR LLC

                                    By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                       13

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